Good morning, folks. The news flow has calmed down a bit after a pretty busy start to the week.

WATCH THIS SPACE-

#1- Cyprus is prepared to export natural gas to Europe via Egypt: Cyprus’ Energy Minister Giorgos Papanastasiou said yesterday that his country is prepared to supply natural gas to Egypt to re-export to European markets, adding that there are discussions around supplying Egypt’s local market as well, Reuters reports.

Remember: Back in September we heard that French energy company TotalEnergies wanted to supply gas from its fields in Cyprus to Egypt for liquefaction and re-export as LNG or to be fed directly into the grid. This followed news that Egypt and Cyprus were considering establishing an energy corridor that would see Cyprus send natural gas to Egypt to be liquified and exported to global markets.

#2- Oil Ministry to unveil full incentives policy framework during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2024) which is being held in the UAE until Thursday, Oil Minister Karim Badawi said yesterday. The framework will aim to promote investments in the oil, gas, refining, and petrochemicals sectors. Badawi also revealed that his ministry is preparing to launch a tender for mineral exploration in several areas of the Western Desert soon.

HAPPENING TODAY-

It’s day two of the World Urban Forum: The UN’s World Urban Forum kicked off yesterday and will run until Friday in Cairo, bringing together a global array of policymakers, urban planners, academics, business leaders, and community representatives to address today’s critical urban challenges. Co-organized by the Egyptian government, the forum will feature discussions and workshops aimed at reshaping urban policies and fostering sustainable, inclusive cities for the future. Check out the agenda via the link available on the event’s official website.

IN THE HOUSE-

#1- MPs to vote on new Criminal Procedures Law draft: MPs today will preliminarily vote on a bill amending the Criminal Procedures Law, which if passed would introduce changes to pretrial detention periods and regulations on financial compensation for wrongful detention.

What’s next? If approved in principle, MPs will proceed to a detailed review of each article in upcoming sessions over the coming weeks.

#2- Kouchouk will address MPs on fiscal policy: Finance Minister Ahmed Kouchouk is expected to deliver his first statement before the House today, with the FinMin expected to outline Egypt's current fiscal policies and economic challenges

#3- Tax dispute settlement deadline to be extended: The House is also set to vote on an amendment to extend the tax dispute settlement deadline to 30 June 2025. The amendment, drafted by the government, received approval from the House Budget Committee and the Senate last week.

DURING YESTERDAY’S MEETING, MPs gave final approval to a bill allocating Egyptian-Dutch JV Egyptian-Dutch Shipping Company (EDSCO) a 30-year concession to develop a 35k sqm dry bulk logistics zone at Alexandria Port. EDSCO — a partnership between Netherlands-based Vitra and Egypt’s El Fateh — will manage and maintain the logistics zone, which is designed for dry bulk cargo with an annual capacity of 5 mn tons.

PSA-

WEATHER- It’s another cool day in Cairo, with a high of 25°C and a low of 17°C, according to our favorite weather app.

It’s as cold in Alexandria, with a high of 25°C and a low of 20°C.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

CIRCLE YOUR CALENDAR-

Austrian trade mission incoming: A delegation of representatives from more than 15 Austrian companies will visit Cairo in March 2025 to explore cooperation in the industrial sector. It will be followed by another delegation focused on the transport sector by the end of next year, Austrian Commercial Counsellor Georg Krenn told Al Borsa. Austria is also working to prepare an MoU to be signed with the Madbouly government focused on renewable energy and green hydrogen, Krenn said, adding that several Austrian companies have expressed interest in investing in the sector, as the incentives and tax breaks draw them in.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggerbs.

CLARIFICATION- The government raised natural gas prices for households in September and has not implemented any new increases this month, the Oil Ministry said in a statement yesterday. The statement came in response to local reports we picked up yesterday about new price hikes starting this month. The ministry had not previously issued official statements regarding the price increases it said it decided on in September.

THE BIG STORY ABROAD-

It’s election day in the US of A, which means very few other stories will top headlines in the international press. Donald Trump and Kamala Harris were both in Pennsylvania overnight, where each candidate pushed final messaging in a bid to secure what is widely seen as one of the most critical swing states in the election. Meanwhile, both candidates’ campaigns continued to work on boosting voter turnout in the last stretch before today’s vote, with each taking different approaches, the New York Times notes. The Financial Times, the Wall Street Journal, Reuters, and Bloomberg also have coverage of the final campaigning push.

Speaking of (unorthodox) methods of boosting turnout: Elon Musk’s USD 1 mn daily voter giveaway — designed to encourage voter turnout — is being allowed to proceed after a Pennsylvania judge ruled that the contest was not designed as an “illegal lottery.” Reuters, Bloomberg, and Axios have more.

What we can expect: Politico has rundowns of each of Harris’ and Trump’s paths to securing the vote, while the Financial Times looks at what each outcome would mean for Trump.

REMEMBER: The Electoral College, not the popular vote, ultimately decides who becomes president. Each state is allocated electors equal to its congressional representation (senators plus representatives). Voters in each state choose electors, pledged to presidential candidates. Taking the popular vote in a state usually means a candidate gets all its electoral votes (except in Maine and Nebraska). A candidate needs 270 of 538 electoral votes to take the presidency. Bloomberg also goes deeper.

BELOW THE FOLD- Israel killed another 16 Palestinians in Gaza’s Beit Lahiya and Zawayda in airstrikes yesterday. Meanwhile, Tel Aviv has also limited aid trucks’ entry into Gaza even further, bringing the daily average to 30 — equivalent to “only 6% of the commercial and humanitarian supplies that used to enter Gaza before the war,” according to UNRWA head Philippe Lazzarini. Reuters has the story.

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We look at how Egypt will fare in the global green hydrogen race by 2030.

Tags: