Good afternoon folks, and happy Tuesday. We’ve got you covered with all the latest — from the government’s request to increase our IMF loan, to the crypto industry’s ongoing charm offensive in Washington.

THE BIG STORY TODAY

Egypt requests additional USD 700 mn for incoming IMF tranche: Egypt has reportedly asked the International Monetary Fund (IMF) to increase its next disbursement under its USD 8 bn loan program to USD 2 bn — USD 700 mn more than the originally agreed upon USD 1.3 bn, anonymous government sources tell Asharq Business. The tranche, which is set to be disbursed once the IMF completes its ongoing fourth review, had already been set to be the largest that Egypt has received from the program to date.

Remember: The move comes as Egypt seeks to re-evaluate the terms and timeline of agreed-upon reforms with the IMF — negotiations that Prime Minister Moustafa Madbouly previously indicated were not linked to any potential increase in the total size of Egypt’s loan program with the fund.

THE BIG STORY ABROAD

Big Oil 1, climate activists 0: London-based oil and gas giant Shell dodged a major emissions mandate this morning after the Hague Court of Appeal overturned a 2021 ruling that would have required the company to cut greenhouse gas emissions by 45% from 2019 levels by 2030. While the court acknowledged Shell’s obligation to limit emissions, it stopped short of enforcing specific targets for the firm — with the decision coming as world leaders kicked off the second day of the already contentious COP29 climate conference in Baku. (Financial Times, Reuters)

Donald Trump is expected to nominate Florida senator Marco Rubio as US Secretary of State, positioning the staunch China hawk and harsh critic of governments in Iran, Cuba, and Venezuela as a key foreign policy player in the coming Trump administration. The expected nomination adds another US military veteran and outspoken opponent of China’s policies in the Asia-Pacific to Trump’s foreign policy team, which is also expected to include prominent China critic Mike Waltz as National Security Advisor. (Reuters, Bloomberg, Financial Times)

And across the Atlantic, the EU is moving to prepare for an end to US support for NATO and Ukraine, with Brussels announcing a new policy that will allow nearly a third of the bloc’s common budget to be redirected to defense and military projects. Under the policy shift’s terms, the bloc’s EUR 392 bn cohesion fund — historically aimed at reducing inequality across the bloc — could now be used to bolster defense industries and upgrade infrastructure for troops and equipment, though existing rules prohibit these funds from being used to fund militaries directly.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • United Bank IPO could raise up to EGP 5.1 bn: Central Bank of Egypt-owned United Bank has set an indicative price range of EGP 12.70-15.60 per share for its upcoming IPO on the EGX, potentially raising between EGP 4.2-5.1 bn for the 30% stake on offer.
  • Another Chinese automaker gears up to assemble its cars in Egypt: The country’s sole agent for China’s Jinbei, Jinbei Royal Egypt, has landed an agreement to assemble the automaker’s models in Egypt starting in early 2025.
  • Qatar Energy expands Egypt presence: Qatar Energy has inked an agreement with US oil and gas giant Chevron to acquire a 23% operational stake in the Mediterranean’s North El Dabaa Block.

☀️ TOMORROW’S WEATHER- The mercury is rising a couple of degrees tomorrow, with an expected high of 27°C and a stable low of 17°C, according to our favorite weather app.

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