Oman postpones Iran negotiations + oil prices go up

Good afternoon, friends, and welcome back. Today we ask a question that’s been nagging at us since Le’ebet Gohannam topped Google searches across Egypt following its release a little over two weeks ago: why do we enjoy watching real tragedies play out on screen, and what does that actually do to us? We get into it below. We also have a Netflix Danish thriller whose premise involves amnesia, a shipping heiress, and no shortage of plot twists. That and more.

But first, the news…

THE BIG STORY ABROAD-

🌐 Stealing the spotlight this afternoon are the latest updates on the Hormuz negotiations with Iran. Oman has postponed a meeting with Iran and other regional countries on managing shipping through the Strait of Hormuz, citing the need to build consensus. Oman’s Foreign Minister Badr Albusaidi said the talks, which were due to take place today in Muscat, had been postponed “in the interests of consensus.” Iran’s Foreign Ministry said the delay came at the request of some regional countries. Saudi Arabia has reportedly sought amendments to an emerging Iran-Oman agreement, citing concerns that it could have lasting implications for the strait and negatively affect other Gulf Cooperation Council countries.

Following the recent Houthi attacks on Saudi Arabia, and now the stalled negotiations with Iran, oil prices saw a hike today as Brent Crude reached USD 108.4/bbl and WTI increased to USD 103.3/bbl at the time of publication.

^^ Read more on: Associated Press, Financial Times, The Guardian, and Reuters.

MEANWHILE- Still making the rounds are US President Donald Trump’s comments downplaying the AI threat after AI tech giants voiced concerns about rapid AI development. “We’re leading China on AI [...] and, frankly, I want to keep it that way,” the US president told reporters.

^^ Read more on: Associated Press, BBC, and CNN.

The mechanics of retail with Baraka’s Ahmed Ragab: After almost 50 years of competition, why would two companies choose to merge? Is it as simple as the big entity buying the smaller one, or is there more to the story?

On this episode of Making It, Ahmed Ragab, CEO and Partner at Baraka Retail Group, joins Patrick to share how things actually played out for him.

Listen to the episode on: Apple Podcasts | Spotify | Anghami | YouTube

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

• Qalaa Holdings is more than doubling its stake in subsidiary Egyptian Refining Company (ERC) to 27.1% from 13% in a transaction that will see QatarEnergy exit the refinery. Closing is penciled in for December, and shareholders are helping foot the bill through a capital hike. ERC is Qalaa’s single largest asset, producing 4.2 mn tons of liquid petroleum products a year, plus 600k tons of pet coke and sulfur;
• FinMin is surveying the road-freight companies that operate at land ports — a step toward registering them, regularizing their status, and linking them to Nafeza, the national single window for foreign trade. The aim is to fold truck-borne cargo into the same electronic system that governs sea and air freight, letting customs track shipments and vet the data on them before they reach the border;
• The Financial Regulatory Authority issued the second edition of Egypt’s real estate valuation standards — the first update in more than 11 years. The new rules replace Decision 39 of 2015, the only national framework since Egypt’s first-ever valuation rulebook came out. They take effect the day after publication in the Official Gazette — still pending;
• Battery manufacturing company BME signed a contract with Chinese battery giant CATL to set up a EGP 2 bn-plus battery systems plant. The company — established by local auto makers MCV and Auto D — plans a first phase of 1 GWh annual production capacity focused on batteries for heavy commercial vehicles. The second phase would lift capacity to 5 GWh and expand into passenger car batteries and storage systems for solar and wind power.

☀️ TOMORROW’S WEATHER- It’s another day of sun in the capital tomorrow as the mercury rises to a hot and hazy 37°C before dropping to a breezy 23°C overnight, according to our favorite weather app.