{"id":607108,"date":"2023-09-26T00:00:00","date_gmt":"2023-09-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/this-evening-saudis-pif-is-reportedly-eyeing-aaibs-minority-stake-in-palm-hills-oil-ministry-awards-four-oil-and-gas-exploration-blocks\/"},"modified":"2023-09-26T00:00:00","modified_gmt":"2023-09-26T00:00:00","slug":"this-evening-saudis-pif-is-reportedly-eyeing-aaibs-minority-stake-in-palm-hills-oil-ministry-awards-four-oil-and-gas-exploration-blocks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/this-evening-saudis-pif-is-reportedly-eyeing-aaibs-minority-stake-in-palm-hills-oil-ministry-awards-four-oil-and-gas-exploration-blocks\/","title":{"rendered":"THIS EVENING: Saudi\u2019s PIF is reportedly eyeing AAIB\u2019s minority stake in Palm Hills + Oil Ministry awards four oil and gas exploration blocks"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Good afternoon, ladies and gentlemen, and happy almost-THURSDAY-equivalent. <\/strong> We appear to be looking at a reasonably brisk news day as we slide towards the upcoming long weekend. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> And speaking of the long weekend: <\/strong> We wish you a happy Moulid Nabawy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE BIG STORIES TODAY <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> #1- Is PIF eyeing a minority stake in Palm Hills? <\/strong> Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund (PIF), is reportedly in talks to acquire the Arab African International Bank\u2019s (AAIB) 13% stake in Palm Hills Development, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/09\/25\/1716965\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing sources it says have knowledge of the matter. PIF is looking to finalize an agreement by the end of the year, the sources are quoted as saying. Palm Hills has not yet been formally notified of the transaction,, it said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/9\/1561.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> #2- Oil Ministry awards four oil + gas exploration blocks: <\/strong> Eni, BP, QatarEnergy, and Russia\u2019s Zarubezhneft have together been awarded a total of four oil and gas exploration blocks included in the <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid02CwDVpKSzk53y6UXP87dsMLrXBHvVXywF3H5NDXFC9ua91SjAW2bTZsFkjpikaqGil\" style=\"\" rel=\"noopener\">government\u2019s latest bid round<\/a>, according to an <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid0AuTGx79ckX1DfRZb41Yja48vUNH7sXukjx1tCcg6EFWQjsNTbV5RCnSVrQJxAeFql\" style=\"\" rel=\"noopener\">Oil Ministry statement<\/a>. The ministry awarded two blocks in the Mediterranean to Eni, one block to a consortium of Eni, BP, and QatarEnergy, and one in the Delta to Zarubezhneft. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> THE BIG STORY ABROAD <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The international business press can\u2019t agree on one big story today<\/strong>, leaving us with a mixed bag. Among the headlines making the rounds: <\/p>\n<ul>\n<li>Taliban controls the world\u2019s best performing currency this quarter (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-25\/taliban-controls-world-s-best-performing-currency-this-quarter?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>) <\/li>\n<li>Russia has proved resilient to western sanctions, says Oleg Deripaska (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/3652bbb5-a0f9-4d54-adc6-03b645a44306\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/li>\n<li>Americans finally start to feel the sting from the Fed\u2019s rate hikes (<a target=\"_blank\" href=\"https:\/\/www.wsj.com\/personal-finance\/interest-rate-hikes-consumer-debt-d2b74401?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">WSJ<\/a>) <\/li>\n<\/ul>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ** CATCH UP QUICK <\/strong> on the top stories from today\u2019s <strong> EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong> New oil and gas bid round launched: <\/strong>International energy companies <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1ec344c3-9e08-4b6a-9656-143e62bbf536\" style=\"\" rel=\"noopener\">are being invited to search for new oil and gas fields in Egypt<\/a> as the Madbouly government looks to reverse declining production and draw new investment into the sector. <\/li>\n<li><strong> The International Finance Corporation (IFC) has signed off on a USD 25 mn loan to <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.kandil.com\/index.html\" style=\"\" rel=\"noopener\">Kandil Steel<\/a><\/strong><strong> . <\/strong>The funding <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b810cee1-da35-48f4-aeb0-566eed36788d\" style=\"\" rel=\"noopener\">will be used to support the company\u2019s expansion plans<\/a> amid ongoing economic headwinds.<\/li>\n<li><strong> The deputy chair of the Industrial Development Authority, Nahed Abdou,&nbsp;<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8766b850-f8da-4cf3-9299-aa16a7708af1\" target=\"_blank\" rel=\"noopener\">has been appointed acting chair<\/a>&nbsp;<\/strong>following the appointment of her predecessor, Mohamed Abdel Karim (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/mohamed-abdel-karim-350a0827\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), to become assistant trade and industry minister for industrial development.<\/li>\n<\/ul>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n  <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> \u2600\ufe0f <\/strong><strong> TOMORROW\u2019S WEATHER- <\/strong>We can expect the mercury to rise to a high of 37\u00b0C in the daytime tomorrow and drop to a cooler 27\u00b0C in the evening, according to our favorite weather app. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, ladies and gentlemen, and happy almost-THURSDAY-equivalent. We appear to be looking at a reasonably brisk news day as we slide towards the upcoming long weekend. And speaking of the long weekend: We wish you a happy Moulid Nabawy. THE BIG STORIES TODAY #1- Is PIF eyeing a minority stake in Palm Hills? Saudi [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":607109,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[633,354],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-enterprisepm","tag-palm-hills-developments","wpautop","entry"],"acf":{"mongo_id":"940db801-47ca-4c16-bea0-e946ad45feb8","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2021\/9\/971.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[607106],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.42321790-9054-416f-adf1-4dad125499fc.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: Saudi\u2019s PIF is reportedly eyeing AAIB\u2019s minority stake in Palm Hills + Oil Ministry awards four oil and gas exploration blocks - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/this-evening-saudis-pif-is-reportedly-eyeing-aaibs-minority-stake-in-palm-hills-oil-ministry-awards-four-oil-and-gas-exploration-blocks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Saudi\u2019s PIF is reportedly eyeing AAIB\u2019s minority stake in Palm Hills + Oil Ministry awards four oil and gas exploration blocks\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, ladies and gentlemen, and happy almost-THURSDAY-equivalent. We appear to be looking at a reasonably brisk news day as we slide towards the upcoming long weekend. And speaking of the long weekend: We wish you a happy Moulid Nabawy. THE BIG STORIES TODAY #1- Is PIF eyeing a minority stake in Palm Hills? Saudi [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/this-evening-saudis-pif-is-reportedly-eyeing-aaibs-minority-stake-in-palm-hills-oil-ministry-awards-four-oil-and-gas-exploration-blocks\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-26T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/971.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/this-evening-saudis-pif-is-reportedly-eyeing-aaibs-minority-stake-in-palm-hills-oil-ministry-awards-four-oil-and-gas-exploration-blocks\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/this-evening-saudis-pif-is-reportedly-eyeing-aaibs-minority-stake-in-palm-hills-oil-ministry-awards-four-oil-and-gas-exploration-blocks\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS EVENING: Saudi\u2019s PIF is reportedly eyeing AAIB\u2019s minority stake in Palm Hills + Oil Ministry awards four oil and gas exploration blocks\",\"datePublished\":\"2023-09-26T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/this-evening-saudis-pif-is-reportedly-eyeing-aaibs-minority-stake-in-palm-hills-oil-ministry-awards-four-oil-and-gas-exploration-blocks\/\"},\"wordCount\":468,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/this-evening-saudis-pif-is-reportedly-eyeing-aaibs-minority-stake-in-palm-hills-oil-ministry-awards-four-oil-and-gas-exploration-blocks\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/971.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterprisePM\",\"Palm Hills Developments\"],\"articleSection\":[\"WHAT WE\u2019RE TRACKING TONIGHT\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/this-evening-saudis-pif-is-reportedly-eyeing-aaibs-minority-stake-in-palm-hills-oil-ministry-awards-four-oil-and-gas-exploration-blocks\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/this-evening-saudis-pif-is-reportedly-eyeing-aaibs-minority-stake-in-palm-hills-oil-ministry-awards-four-oil-and-gas-exploration-blocks\/\",\"name\":\"THIS EVENING: Saudi\u2019s PIF is reportedly eyeing AAIB\u2019s minority stake in Palm Hills + Oil Ministry awards four oil and gas exploration blocks - 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We appear to be looking at a reasonably brisk news day as we slide towards the upcoming long weekend. And speaking of the long weekend: We wish you a happy Moulid Nabawy. THE BIG STORIES TODAY #1- Is PIF eyeing a minority stake in Palm Hills? 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