Good morning, all. It’s another calm morning in local and international business news as we inch closer to the new year. We suspect the news slowdown is here to stay until the ball drops.

BEFORE WE DIVE IN- A very Merry Christmas to all those of you celebrating today and tomorrow. We hope the cold weather and the sprinkles of red and green throughout the city have put you in a festive mood.

There’s a money story in the Gulf. Take one look at the news, and you’ll see headlines about Saudi Arabia’s rapidly changing economy, Qatar’s investment in mass infrastructure, and the UAE’s transformation into a global tech hub. The geopolitical tectonic plates are shifting.

To stay up to date on the business happening in the Gulf that is impacting the world around you, check out our friends at Semafor Gulf. Each issue uncovers the economic forces shaping the region — and the world. Subscribe without charge.

PSA-

WEATHER- Temps are on the decline in Cairo today, with a high of 19°C and a low of 13°C, according to our favorite weather app.

It’s a bit warmer in Alexandria, with a high of 20°C and a low of 11°C.

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FX WATCH-

The greenback broke the EGP 51 barrier for the first time yesterday, according to data from the central bank, marking a record low for the EGP. The EGP has been declining steadily for some time now, dipping to EGP 50.90 against the greenback earlier this month.

WATCH THIS SPACE-

#1- WiFi calls could go live before the year wraps up: WiFi calling services — which enable mobile phone users to make high-quality voice calls over internet connections, rather than via mobile networks — could launch within days, as the National Telecom Regulatory Authority finalizes approvals, sources told Al Borsa. The service aims to fix coverage gaps in dense neighborhoods and high rises and is expected to work using 4G services with support from mobile carriers.

Remember: The service — originally slated to kick off in 2023 — was reportedly being tested by mobile operators in August, with sources saying at the time that the calls would have the same rate as regular calls per each network operator.

#2- A fresh green hydrogen project incoming? The Suez Canal Economic Zone is in the process of inking a framework agreement for a USD 7.5 bn green hydrogen project, SCZone head Walid Gamal El Din said during a meeting with Prime Minister Moustafa Madbouly. The project will have a production capacity of 1.3 mn tons annually. The agreement will follow the signing of 12 other framework agreements for green hydrogen production.

#3- How many vehicles are dealerships looking to import next year? The Investment Ministry is scheduled to meet with a number of automotive agents next month to discuss the amount of cars they are looking to import throughout next year, Al Mal reports.

IN THE SENATE-

The Senate gave final approval on the draft Medical Liability and Patient Protection bill yesterday, paving the way for tighter medical liability regulations, enhanced patient safeguards, and the creation of a committee to oversee compliance. If passed, the current draft will introduce prison sentences and fines for health service providers who commit medical errors.

Health Minister Khaled Abdel Ghaffar defended the bill, noting that it won’t “get 100% satisfaction from all parties involved” but aims to “strike a balance between the rights of patients and the duties of medical service providers.” He stressed that detaining doctors would only occur under “strict conditions,” adding that “the doctor is not responsible for curing the patient, but just doing his best to achieve this end.”

What’s next: The bill now heads to the House of Representatives for a final vote as the Senate breaks until 5 January.

THE BIG STORY ABROAD-

We’re well into the Christmas news slowdown with little capturing the attention of the foreign pages this morning.

IN THE US- Ex-congressman is facing [redacted] misconduct allegations: Former Florida Congressman Matt Gaetz reportedly spent tens of thousands on illicit activities, according to a report prepared by the House Ethics Committee. The committee also found evidence Gaetz violated Florida’s laws, which protect against [redacted] activities with minors. Gaetz, who resigned last month after being tapped as attorney general by president-elect Donald Trump, denied the allegations but admitted to having “partied and womanized” earlier in life. (Reuters | Financial Times | BBC | Washington Post | CNN | AP)

CLOSER TO HOME- Saudi Arabia halts BRICS membership? The Kremlin has reportedly announced that Saudi Arabia has frozen its full membership in the BRICS group, Asharq Business reports citing Russian news agency Interfax. The Kingdom was invited to join the alliance over a year ago but has yet to formalise its membership.

*** 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 take a look at our green goals for 2024 and what progress has been made to usher in a cleaner, more sustainable economy.

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