Good morning, all. We have another brisk issue for you this morning, with the news cycle showing little signs of picking up as we inch closer to the end of the year. Leading today’s issue is an unconfirmed report that Washington is trying to arrange a meeting between President Abdel Fattah El Sisi and Israeli Prime Minister Benjamin Netanyahu. We also dive into what can be expected from the stock market incentives offered under the second package of tax facilities.

PSA-

WEATHER- The Egyptian Meteorological Authority is warning of foggy skies this morning and a light chance of rain across Greater Cairo to accompany the cooling weather. The capital is in for a high of 20°C and a low of 12°C, according to our favorite weather app.

Alexandria is in for heavier rains and a high of 21°C and a low of 12°C.

WATCH THIS SPACE-

Our USD 35 bn gas export agreement with Israel will remain in limbo for another month after the Leviathan partners pushed their deadline to obtain an export permit from Israel’s Energy Ministry to 31 December, according to a press release from partner NewMed Energy (pdf). The permit is required for the USD 35 bn gas export agreement between Egypt and Israel to take effect.

The future of the agreement has been uncertain for a while now, with Israel hitting pause on it in November “until its interests are secured and a fair price for the Israeli [gas] market is agreed upon.” Israeli Prime Minister Benjamin Netanyahu also reportedly froze the agreement in September amid rising Israeli-Egyptian tensions.

Some say the permit will likely come through but possibly at lower volumes, while others argue Israel is using the delay to secure a higher export price, industry publication Middle East Economic Survey (Mees) reported, citing people it said are familiar with the talks. The proposed volumes would likely be priced broadly in line with current export rates — around USD 5.5-6 per mn Btu at today’s Brent levels. In the interim, the partners could opt for smaller initial volumes now and push to renegotiate higher-priced volumes later, Mees said.

If additional flows don’t move ahead, there are alternatives: An Egyptian official told Israeli business outlet Globes that Egypt has other alternatives and could again tap Qatari LNG. However, Cairo currently prefers shorter-term arrangements rather than the long-term contracts Doha typically seeks, Mees said.

Some also question whether increasing imports from Leviathan beyond current levels is a good idea, with one industry source warning that concentrating too heavily on a single supplier comes with risks, pointing to Europe’s experience with Russian gas, Mees added.

The agreement is about a lot more than just gas at this point: Netanyahu approving the agreement could open the door for a potential US-brokered meeting between him and President Abdel Fattah El Sisi, Axios reports citing a US official. Washington sees the potential meeting as part of a broader effort to revive Israel’s ties with Arab countries through economic diplomacy, with US officials pressing Netanyahu to first approve the natural gas agreement and other economic measures to encourage Egypt to participate.

POLICY-

The government is preparing a new package of incentives and policies aimed at boosting private sector investment across key industries, according to a cabinet statement. The package will include measures to support investment in priority sectors such as industry, tourism, ICT, agriculture, and renewable energy, alongside national initiatives like the Universal Health Ins. System.

HAPPENING TODAY-

The European Bank for Reconstruction and Development’s First Vice President Greg Guyett will land in Cairo today for his first official visit to the country in his new role, the bank said in a statement. Guyett will be accompanied by the bank’s Vice President for Banking Matteo Patrone and Managing Director for the Southern and Eastern Mediterranean region Mark Davis.

The three-day visit will see the delegation meet private sector players and senior state officials, including Prime Minister Moustafa Madbouly, Industry Minister Kamel Al Wazir, Planning and International Cooperation Minister Rania Al Mashat, and Oil Minister Karim Badawi.

AUTOMOTIVE-

EXCLUSIVE- Abou Ghali Auto Group adds electric pickups to its lineup: Abou Ghali Auto Group has secured exclusive rights to distribute Geely’s electric utility brand, Riddara, in Egypt, chairman and CEO Moustafa Abou Ghali told us last night. The agreement brings Geely Riddara ’s fully electric, double-cab pickup truck to the local market — a first in a segment traditionally dominated by heavy diesel powertrains.

It’s becoming a niche for the Abou Ghali: The move comes just months after Abou Ghali introduced the UAE-based Sandstorm — another double-cab utility vehicle — to the local market as the group doubles down on commercial mobility. Abou Ghali plans to start assembling the S24 here in 2026 and will target exports to both regional and global markets.

The market niche: Tariffs mean the Toyota Hilux and Nissan Navara are attractive only to businesses that can bring in vehicles customs-free (think: oil and gas). Abou Ghali is smartly positioning itself with lower-cost alternatives, capitalizing on trade agreements with the S24 and now the Sisi administration’s push into EVs.

Why it matters: Industry players including our friends at electrofitters Shift EV have proven there’s appetite for electrification in the commercial and fleet sectors. Abou Ghali’s launch of Geely Riddara will give construction contractors an off-the-shelf option in a sector where torque and running costs are king.

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ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at what the government is doing to restructure the industrial financing system in a bid to support local industry. Check out the story here.

THE BIG STORY ABROAD-

It’s a quiet Monday morning in the global press, with a few notable stories making headlines:

#1- Phase two of the Gaza peace agreement? Israeli Prime Minister Benjamin Netanyahu said he will meet with US President Donald Trump later this month as negotiations advance on the second phase of the Trump-backed Gaza ceasefire plan. Netanyahu said the meeting will address the plan’s next steps, which include ending Hamas’ rule in Gaza and establishing an interim technocratic Palestinian government overseen by an international body. (Reuters | Guardian | AFP)

#2- A water leak in the Louvre’s Egyptian department has damaged hundreds of rare books. The leak affected Egyptology journals and research documents from the late 19th and early 20th centuries but no heritage artefacts. The Louvre confirmed there were no irreversible losses, and the materials will be restored. (Guardian | Reuters | New York Times | Bloomberg)

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We look at what the government is doing to scale digital higher education.

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