Good afternoon, friends, and welcome to our first PM issue of the week. Thanks for bearing with us while we took a 3-day publication holiday to recalibrate and make plans for the coming year. For our PM audience you can expect new lifestyle and culture coverage and deeper dives into the business and cultural trends that make our part of the world unique.

But first, the news. The momentum on Qatari investments continues to pick up. From a huge new Sahel megaproject to investments in multiple sectors including manufacturing, it looks like 2026 is gearing up to be a very fruitful year for Qatari-Egyptian business relationships.

THE BIG STORY TODAY-

📍 Egypt expects to land c.USD 10 bn in Qatari investment by the end of 2026, a senior government official tells EnterpriseAM. The inflows will be a mix of sovereign and private capital, with the lion’s share coming from state-affiliated entities.

Officials expect Qatari companies in manufacturing, ports and logistics, and hospitality to invest a combined USD 2.0-2.5 bn, but entities affiliated with Qatar’s government are on track to cut the biggest checks. The Mediterranean coastal development Alam El Rum is expected to bring in USD 3.5 bn in immediate cash flow as part of a larger USD 29.7 bn investment envelope, and a Red Sea development widely believed to be in the pipeline could net as much as USD 4 bn.

On the private-sector end of the spectrum: A USD 200 mn SAF plant is up first. Qatari conglomerate Al Mana Group’s Green Sky Capital plans to build a sustainable aviation fuel refinery — SAFFly Egypt — by 2027. Shell Aviation has already agreed to buy the plant’s full output.

What to watch: Feedstock wars. SAFFly will rely on used cooking oil, possibly putting it in competition with the state’s planned USD 530 mn SAF facility in Alexandria. The Madbouly government is now rolling out a formal collection system to secure supply for these competing green energy hubs.

THE BIG STORY ABROAD-

🌐 US President Donald Trump ordered a “total and complete blockade” of all sanctioned oil tankers going into and out of Venezuela, he said yesterday in a lengthy post on Truth Social. Following Trump’s announcement, crude futures dipped to their lowest close since February 2021.

^^ The must-read on the topic: Trump orders blockade of sanctioned oil tankers in and outof Venezuela (BBC).

MEANWHILE- Warner Bros. Discovery is reportedly letting Paramount Skydance down gently as early as today, rejecting the studio’s latest offer in a recommitment to Netflix.

^^ Read our series on the Netflix takeover here.

☀️ TOMORROW’S WEATHER- Missed the sunshine? You’re in luck. Cairo is in for a sunny day tomorrow, with temperatures reaching a high of 22°C and a low of 12°C, according to our favorite weather app.

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