Good afternoon all you wonderful people, and happy Monday. We have another packed issue for you today, with all the latest on Eni’s new production plans, the future of aviation and space traffic, and the ongoing misadventures of the world’s worst CIA agent.

THE BIG STORY TODAY

Production from Eni’s Noor field set to go live by mid-2026: Italian energy player Eni plans to begin producing 100 mn cubic feet per day (cf/d) of gas from its Noor field off Egypt’s northern coast by mid-2026, two unnamed government officials told Asharq Business. Eni is also planning to invest USD 80 mn in a new well in the field, with stakeholders set to conduct further seismic surveys later this year to further elucidate the size of gas reserves in the area. Eni holds a 40% stake in the 100 sq km Noor field, with BP holding a 25% stake, Mubadala holding a 20% stake, and Tharwa Petroleum holding a 15% stake.

ICYMI- Eni resumed drilling operations at the Zohr gas field — Egypt’s largest and the Mediterranean's largest-ever find — late last month after the Saipem drillship arrived in Egyptian waters.

THE BIG STORY ABROAD

Today’s int’l headlines are a mixed bag this afternoon, with no one story standing out amid a relatively quiet newsday so far.

New developments in the Russia-Ukraine ceasefire negotiations: As US Secretary of State Marco Rubio departs for Riyadh ahead of anticipated US-Russia talks in the Saudi capital on ending the Russia-Ukraine war, UK prime minister Keir Starmer has announced that the UK willofferpeacekeeping troops to Ukraine in the event of a ceasefire in a seeming acknowledgment of the larger role European countries will need to play in assuring Kiev’s security amid a burgeoning rapprochement between Washington and Moscow. The announcement comes ahead of emergency talks today in Paris on Europe’s role in a possible ceasefire, which follows US President Donald Trump's discussion with Russian President Vladimir Putin about ending the war without prior consultation with the US’ European allies.

Over in China, Xi Jinping is resetting relations with the private sector: Chinese president Xi Jinping met with some of the country’s top business players — including Alibaba’s Jack Ma — in a signal of Beijing’s renewed support for private enterprise amid slowing economic growth, an oncoming trade war with the US, and the Chinese tech industry’s seeming ascendence following the release of startup DeepSeek’s lauded new AI model. Ma’s presence in particular marks his and big tech’s political rehabilitation after four years of icy relations between the businessman and the regime, following Beijing’s crackdown on big tech in 2020. Other attendees included Huawei’s Ren Zhengfei, Xiaomi’s Lei Jun, Meituan’s Wang Xing, and Tencent’s Pony Ma. (Financial Times | Reuters)

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

  • Analysts are divided over whether the MPC will cut rates this week, with some predicting that the Central Bank of Egypt will cut interest rates by 100-200 basis points when its Monetary Policy Committee meets on Thursday.
  • Fresh tax facilities will come into effect next month: A number of tax facilities related to SMEs, simplifying tax procedures, and settling disputes will take effect in March.
  • The government will pay out USD 1 bn of arrears owed to foreign energy companies early next month. This will be followed up by the government settling all dues owed to foreign energy companies operating out of Egypt by the end of the year.

☀️ TOMORROW’S WEATHER- The capital is being treated to sunny spells and pleasant weather with the mercury expected to rise to highs of 24°C before dropping to a moderate low of 13°C.

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