Good morning folks, and welcome to day two of the work week — buckle in for a packed news day ahead.
THE BIG STORY TODAY
Qatar Energy expands in Egypt with the acquisition of 23% of North El Dabaa block: Qatar Energy has inked an agreement with Chevron to acquire a 23% operational stake in the Mediterranean’s North El Dabaa Block for an undisclosed sum, according to a company statement. Chevron, the operator of the concession, will retain a 40% stake, while oil and gas developer Woodside and Egyptian state-owned Tharwa Petroleum will hold 27% and 10% stakes respectively. Qatar Energy and Chevron are also reportedly preparing to drill the first exploratory well in the block, Asharq Business reports.
HAPPENING NOW
President Abdel Fattah El Sisi landed in Riyadh for the Joint Arab-Islamic Summit, where leaders from the Arab League and the Organization of Islamic Cooperation are set to address the escalating conflicts in Gaza and Lebanon. On the sidelines of the summit, El Sisi met with Jordan’s King Abdullah to discuss efforts to de-escalate tensions and push for an immediate ceasefire, according to an Ittihadiya statement. Tune in to watch the livestream of the summit here.
THE BIG STORY ABROAD
COP29 kicks off in Baku as US and German political upheaval cloud the horizon: The UN’s annual climate talks kicked off in Baku, Azerbaijan this morning, with initial sessions cutting right to the chase — how much should rich countries contribute to help poorer nations adapt to climate change? While previous COPs have revolved around much the same questions, the recent collapse of Germany’s governing coalition and president-elect Donald Trump’s promises to pull the US out of the Paris Agreement have had an impact on this year’s round — which is particularly important ahead of required new emissions targets for Paris Agreement signatories early next year. “We cannot leave Baku without a substantial outcome,” UN Climate Secretary Simon Stiell told the Associated Press. “Now is the time to show that global cooperation is not down for the count. It is rising to the moment.”
China’s new USD 1.4 tn support package fails to boost investor sentiment: A USD 1.4 tndebt package unveiled by the Chinese government Friday did not get international markets’ stamp of approval this morning, with Hong Kong’s benchmark Hang Seng index — a gauge of foreign investors’ attitudes toward China — ending the day down 1.5%. The package, which is largely oriented around restructuring China’s local government debt, fell short of investors’ expectations, with many expecting broader stimulus measures like bank recapitalization and boosting consumption.
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Inflation continues inching up: Annual headline urban inflation rose 0.1 percentage point to 26.5% in October, extending its upward trajectory for a third consecutive month.
- The government now only has USD 1 bn in outstanding arrears to foreign oil and gas companies, after having cleared another USD 1 bn in arrears last week.
- Abu Qir Fertilizers saw its net income fall 35.4% y-o-y during the first quarter of the fiscal year 2024-25 to record EGP 1.3 bn on the back of a jump in operating supply costs due to exchange rate fluctuations.
☀️ TOMORROW’S WEATHER- Temperatures won’t see any deviation tomorrow, with the mercury stable at a high of 25°C and low of 17°C.





