Good morning, wonderful people, and welcome to a new week. We have a brisk issue for you this morning as we brace for cooler weather and gloomier mornings. In today’s issue we dive into the prospects of a new green hydrogen project, courtesy of a Singaporean renewables player, and government plans to issue more local sukuk on the back of a strong appetite.

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 just as cool in Alexandria, with a high of 25°C and a low of 17°C.

WATCH THIS SPACE-

#1- Italian energy giant Eni extended its Gulf of Suez and Nile Delta concession agreement until 2040, which the Oil Ministry says will allow it to explore “full economic exploitation of the available oil and gas potential in the area,” according to a statement. Under the agreement inked with the Egyptian General Petroleum Corporation, Eni will also conduct a new 3D seismic study.

REMEMBER- The Gulf of Suez and Nile Delta concession includes the Belayim oil field, where Eni has been producing since 1954. Although being over 60 years old, the field continues to play an important role in supplying the country with energy and currently produces 60k bbl / d.

#2- DP World in talks to build a dry port in Sadat: Emirati port operator DP World is in negotiations with the Transport Ministry to secure development and operating rights for the Sadat dry port, General Authority for Land & Dry Ports head Sayed Metwally told Al Borsa. The ministry is currently reviewing the Emirati group’s feasibility studies. While Metwally didn’t disclose the cost of the port, unconfirmed reports had previously put the port’s expected investment cost at USD 160 mn.

DP World is also eyeing the Shaq El Tebaan dry port, trying to secure the contract to develop and operate the 125-feddan, USD 100 mn dry port, Metwally said. The Transport Ministry this year scrapped the tender for the port after none of the three bidders met technical requirements. At the time it was reported that the authority will instead relaunch the project through a closed-envelope auction, with technical bids due next January and financial offers the month after.

HAPPENING TODAY-

It’s day one of Cairo ICT, which is taking place at the Egypt International Exhibition Center in New Cairo and will come to a close on Wednesday. The annual event is one of the region’s most influential technology exhibitions and conferences. This year’s edition is expected to draw some 130k visitors to listen to the 320+ speakers and browse the stalls of 500+ exhibitors.

Of special interest to EnterpriseAM readers is the Payments, Fintech, and FinancialInclusion Exhibition Expo, also known as Pafix, which is taking place under the larger event’s umbrella. Pafix will gather over 1k organizations and 200 exhibitors from Egypt, the Middle East, and Africa to discuss how emerging technologies, especially AI, are transforming financial services.

For hardcore AI enthusiasts, the AIDC Expo sub-event is for you. The AI, Data Centers, and Cloud Conference and Exhibition — to use its full name — is running this year under the theme Powering Tomorrow: Shaping MEA’s Digital Future.

Have you checked out EnterpriseAM MENA <> India? It's our newest briefing tracking one of the world's most dynamic trade, investment, and cultural corridors. Every Monday, Wednesday, and Friday, we'll track the transactions, trends, and market moves connecting these two dynamic regions. The flow of capital, talent, and trade between MENA and the Indian subcontinent is one of the most important economic stories in the world — and we’re telling as only we can.

If you’re investing, trading, or scouting for your next big move in MENA or India, subscribe to EnterpriseAM MENA <> India by tapping here to get the strategic intelligence you need.

** 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.

THE BIG STORY ABROAD-

A broad sell-off took hold of equities on Thursday as concerns around extreme valuations of AI firms and the US Federal Reserve potentially slowing its easing cycle spurred market jitters. Wall Street posted its worst day in a month, with the S&P 500 sinking 1.7% and the tech-heavy Nasdaq falling 2.3%, as heavyweights like Nvidia and Tesla faced steep losses. Even BTC extended its downturn, falling below USD 100k to its lowest level since May. (Wall Street Journal | Bloomberg | Reuters)

** We have more on the possible trajectory of rate cuts in this morning’s Planet Finance, below.

.. and a flurry of trade agreements: The US secured trade frameworks with Argentina, El Salvador, Guatemala and Ecuador, as well as a dual agreement with Switzerland and Liechtenstein. Guatemala, El Salvador, and Argentina are down to a 10% tariff rate, while Ecuador, Switzerland (which committed to invest USD 200 bn in the US in the next three years) and Liechtenstein are going to stand at 15%. (Foreign Policy | Semafor)

Exemptions, too: President Trump exempted agricultural imports like coffee, cocoa, tea, beans and some beef products from tariffs, in a bid to soften the political blowback resulting from higher prices in store shelves. (CNBC)

ALSO- Jeff Bezos’ Blue Origin launched a rocket with a pair of Nasa aircraft heading to Mars, deploying the aircraft 20 minutes later and recovering its booster following its separation from the aircraft in a major milestone for the company, which is competing with Elon Musk’s SpaceX. (Reuters | Bloomberg | AP)

AND A SIGN OF THE TIMES- Three of the songs topping music charts on Spotify this week were generated by AI, with two of them by now-viral AI-generated country artist Breaking Rust. (Guardian)

Tags: