Good morning, all, and welcome to a new week. Gulf investments continue to lead the news well this morning after Qatari Diar inked an agreement with the Madbouly government to set up a USD 29.7 bn integrated urban development in the North Coast, marking the largest Qatari investment in Egypt since the two sides restored diplomatic ties in 2021.

ALSO IN TODAY’S ISSUE- We speak with HSBC China Deputy CEO Ed Weeks and CEO of HSBC Egypt Todd Wilcox to better understand the growing interest of Chinese investors in Egypt.

PSA-

Tickets to the GEM for weekends and public holidays can now only be bought online via the museum’s website, following a surge in visitor numbers in the days after the museum’s opening that saw it reach full capacity, the Tourism Ministry said in a statement. For all other days, visitors will be able to buy their tickets from the museum’s ticket office as usual.

WEATHER- It’s another cloudy day in Cairo, with a high of 28°C and a low of 20°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 27°C and a low of 18°C.

Introducing EnterpriseAM MENA <> India

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If you’re investing, trading, or scouting for your next big move in MENA or India, EnterpriseAM MENA <> India delivers the strategic intelligence you need — connecting insights emerging from Arabian Sea to Mediterranean to guide your decisions.

The first edition lands tomorrow. Subscribe by tapping here.

WATCH THIS SPACE-

#1- The Oil Ministry is preparing a fresh round of incentives to boost foreign investment in gas and oil exploration in the Mediterranean and Red Sea, a government source told EnterpriseAM. The incentives will include increasing the earnings-sharing ratios for new agreements and other area-specific incentives.

The incentives are part of the government’s plan to boost gas production to 6.6 bcf/d by 2027 and become a net exporter by 2030, according to our source.

REMEMBER- Around this time last year, the ministry introduced fresh incentives for energy players, which included increasing production sharing ratios with foreign companies in exchange for new investments, enhancing exploration efforts, and increasing extraction rates to boost local production.

#2- The Finance Ministry will launch its much-anticipated second package of tax facilities at some point this month, Finance Minister Ahmed Kouchouk said at a recent AmCham roundtable. The new package is primarily focused on resolving issues experienced by the tax community when it comes to following the VAT Law through introducing new facilities and removing hurdles facing businesses, Deputy Finance Minister for Taxes Sherif Al Kilani previously told EnterpriseAM.

#3- A Romanian industrial zone? The cabinet is studying a proposal for a Romanian industrial zone after more than ten Romanian companies expressed interest in investing in sectors including food, ready-made garments, and home appliance components, Al Borsa reports, citing unnamed sources. The plan is expected to materialize soon in light of the government’s push to localize industry, the executive director of the Egyptian Businessmen’s Association told EnterpriseAM.

#4- Giant container ships are returning to the Suez Canal: The CMA CGM Benjamin Franklin became the largest container ship to pass through the canal in two years yesterday, signaling the gradual return of mega-vessels to the Red Sea route, the Suez Canal Authority (SCA) said in a statement. The 399-meter, 177k-ton, Malaysia-bound vessel passed safely through Bab El Mandab yesterday.

#5- Qalaa could take a Dina Farms-affiliated company public: Qalaa Holdings is preparing to list Dina Industrial, the food manufacturing arm of its dairy and agriculture subsidiary Dina Farms, on the EGX, Chairman Ahmed Heikal told Asharq Business (watch, runtime: 2:03). The company, which handles the production and packaging of dairy, yogurt, and cheese, is one of four Qalaa subsidiaries earmarked for public offering.

HAPPENING TODAY-

The transport and logistics exhibitionTransMEA kicks off today at the Egypt International Exhibition Center. The exhibition, organized with the Transport Ministry, will run between 9-11 November and bring together 500 global and regional players from 30 countries to showcase innovations in mobility, logistics, and smart infrastructure.

HAPPENING TOMORROW-

#1- The business community and policymakers will have their eyes on October’s inflation figures, expected to be released tomorrow. Annual headline urban inflation eased again for the fourth consecutive month in September to 11.7%, but analysts are expecting recent fuel price hikes to temporarily ratchet up inflationary pressures.

#2- Egyptians at home will head to the polls starting tomorrow for the first two-day round of the parliamentary elections, after voting for Egyptians abroad wrapped yesterday. Results from the first round will be announced on 18 November, followed by runoff elections, whose results will come out on 11 December.

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THE BIG STORY ABROAD-

Musk is getting his USD 1 tn package: Tesla shareholders approved CEO Elon Musk’s USD 1 tn pay package — the largest ever for a CEO and a figure larger than the size of most economies. This sets Musk up to become the world’s first t’naire, and to expand his stake in the EV maker to 25% or more over the next 10 years. The package is tied to targets including a significant expansion of Tesla’s market value, getting its robotaxis off the ground, and improving its car business as it continues to lose market share to Chinese competitors. (Bloomberg | Financial Times | Reuters | Wall Street Journal | New York Times)

ALSO- Swiss commodity trader Guvnor has withdrawn its USD 22 bn bid to take over Russian energy firm Lukoil’s international assets after the US blocked the transaction, criticizing the firm for being “the Kremlin’s puppet.” (FT | Reuters)

CLOSER TO HOME- Sudan’s Rapid Support Forces agreed to a ceasefire proposal put forward by Egypt, the US, the UAE, and Saudi Arabia, which would last three months and be followed potentially by an end to hostilities. The caveat? This is not the first ceasefire it has agreed to, with several previously failing to end the war against the Sudanese army which has now been ongoing for 30 months. The news comes following an escalation of violence after the RSF took over the city of El Fashir, with reports of mass killings and kidnappings. (Reuters | Guardian)

ALSO WORTH NOTING-

  • Pharma giant Pfizer snapped up obesity drug maker Metsera for USD 10 bn, after a bidding war with Danish rival Novo Nordisk. (CNBC)
  • Kazakhstan is set to join the Abraham Accords, US President Donald Trump said on Thursday, formalizing its already normalized ties with Israel. (Reuters)
  • Corporate America posted its best quarterly earnings in four years, despite tariffs. (Financial Times)
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