{"id":674801,"date":"2025-11-04T00:00:00","date_gmt":"2025-11-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/04\/qatar-to-finalize-usd-multi-bn-north-coast-project-agreement-within-days\/"},"modified":"2025-11-04T00:00:00","modified_gmt":"2025-11-04T00:00:00","slug":"qatar-to-finalize-usd-multi-bn-north-coast-project-agreement-within-days","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/04\/qatar-to-finalize-usd-multi-bn-north-coast-project-agreement-within-days\/","title":{"rendered":"Qatar to finalize USD multi-bn North Coast project agreement within days"},"content":{"rendered":"

Good morning, <\/strong>friends, and a happy Tuesday to you all. <\/strong>It\u2019s another busy morning here in Egypt, with debt leading the news well \u2014 our maiden local sukuk issuance was 5x oversubscribed and the Finance Ministry upped its local debt target for the month to over EGP 1 tn. <\/p>\n

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PSA- <\/p>\n

WEATHER- <\/strong>After a few cloudy days, the capital is in for a sunny day, with a high of 29\u00b0C and a low of 21\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s a little cooler in Alexandria<\/strong>, which is in for a high of 27\u00b0C and a low of 20\u00b0C.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> Qatar will ink its long-awaited, big ticket North Coast project \u201cin the coming <\/strong>days<\/strong>,\u201d according to a cabinet statement<\/a> detailing Prime Minister Moustafa Madbouly\u2019s visit to the Gulf nation, which included a meeting with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani.<\/p>\n

D\u00e9j\u00e0 vu? <\/strong>This isn\u2019t the first time we\u2019ve been told<\/a> to expect the project to soon be formally unveiled, but it looks like it will happen this time, with the announcement following an agreement between the two prime ministers to activate Qatar\u2019s multi-bn direct investment package.<\/p>\n

REMEMBER- The project is part of a wider USD 7.5 bn direct investment package from <\/strong>the Gulf nation<\/strong>, which was first <\/a>announced<\/a> during President Abdel Fattah El Sisi\u2019s visit to Qatar in April. Reports later suggested that Qatar was in <\/a>advanced talks<\/a> to develop a North Coast tourism project, with expectations of an agreement by year-end.<\/p>\n

The Samla and Alam El Roum area of Matrouh was named the location of the project<\/strong>, confirming earlier reports<\/a>. The cost and details of the project are still not yet out, but the Ras El Hekma-esque project will reportedly cost USD 4 bn and feature both residential areas and tourist accommodation, along with commercial and entertainment centers, a yacht marina, and advanced service facilities.<\/p>\n

Madbouly will attend the <\/strong>UN's Second World Summit on Social Development<\/a><\/strong> on day two <\/strong>of his Qatar trip<\/strong>, after attending the leaders summit of the Global Alliance Against Poverty and Hunger<\/a> yesterday, according to a separate statement<\/a> from the cabinet. <\/p>\n

FROM THE DEBT MARKETS-<\/p>\n

<\/a> CBE\u2019s second EUR t-bills issuance of 2025 oversubscribed:<\/strong> The Central Bank of Egypt auctioned off EUR 627.8 mn worth of one-year, EUR-denominated treasury bills yesterday, exceeding its EUR 600 mn target, according to the lender's website<\/a>. The CBE\u2019s second auction of EUR-denominated t-bill this year received EUR 707.8 mn in bids. The bills had an average yield of 2.25%, unchanged from the average yield offered during the first EUR issuance of the year in August<\/a>, when yields dropped 1.25 percentage points to their lowest level since 2022.<\/p>\n

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HAPPENING TODAY-<\/p>\n

<\/a> The business community and policymakers are eagerly awaiting non-oil private <\/strong>sector<\/strong> activity figures for October<\/strong>, set to be released by S&P Global later this morning. Last month\u2019s report saw the country\u2019s headline figure contracting<\/a> to 48.8, taking us further away from the 50.0 threshold that separates growth from contraction.<\/p>\n

Eighth time\u2019s the charm? <\/strong>Non-oil private sector activity has been in the red for seven consecutive months and has only entered growth territory two times since November 2020.<\/p>\n

** We will have the main takeaway from the report in today\u2019s issue of EnterprisePM and a <\/strong>full <\/strong>rundown in tomorrow\u2019s EnterpriseAM<\/strong>, so stay tuned.<\/p>\n

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SUKUK WATCH- <\/p>\n

Weekly sukuk roundup:<\/strong> The yield to maturity on our sovereign sukuk climbed to 6.64% last Friday, up from 6.32% the week before, according to the Egyptian Financial Company for Sovereign Taskeek\u2019s weekly report (pdf)<\/a>. Egyptian sovereign sukuk prices fell to USD 101.31, compared to USD 101.47 a week earlier.<\/p>\n

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THE BIG STORY ABROAD-<\/p>\n

OpenAI\u2019s endless thirst for computing power is dominating headlines this morning<\/strong>. The ChatGPT maker signed a USD 38 bn agreement with cloud arm Amazon Web Services to gain access to its Nvidia GPUs for the next seven years. The processing power \u2014 which will be immediately available to OpenAI \u2014 will help ChatGPT respond to user prompts and train newer models, with plans to expand capacity in the next few years.<\/p>\n

A vote of confidence: <\/strong>Amazon\u2019s share price jumped 4% to close at USD 254 yesterday \u2014 an all-time high and a sign of relief for investors who worried Amazon was falling behind the AI race. Chipmaker Nvidia also gained some 4.4%, landing just below USD 209. (Bloomberg<\/a> | CNBC<\/a> | Reuters<\/a> | Financial Times<\/a>)<\/p>\n

ALSO- New York is set for a showdown: <\/strong>The state\u2019s general election will see Democratic nominee \u2014 and front-runner with a double-digit lead in the polls \u2014 Zohran Mamdani go up against former governor Andrew Cuomo, who landed a late endorsement from Donald Trump. The president lashed out against \u201cCommunist\u201d Mamdani and vowed to cut federal assistance to New York under the young progressive candidate. The race \u2014 one of the most politically charged in the US in a while \u2014 is already seeing unprecedented voter turnout. (New York Times<\/a> | Fox<\/a> | Axios<\/a> | Semafor<\/a>)<\/p>\n

AND- A scandal is rocking Israel<\/strong>: Top military lawyer Yifat Tomer-Yerushalmi is now behind bars facing accusations of breach of trust and obstruction of justice. Tomer-Yerushalmi admitted last week to leaking a controversial surveillance video last year that showed Israeli soldiers severely abusing a Palestinian inmate at the notorious Sde Teiman camp. The prosecutor then disappeared for a few hours on Sunday night leaving behind a cryptic note and her car, sparking uproar, speculation and a nationwide search campaign that retrieved her safely. Prime Minister Netanyahu earlier called the leak \u201cthe most severe diplomatic attack Israel has faced.\u201d (Associated Press<\/a> | Financial Times<\/a> | Bloomberg<\/a>)<\/p>\n

ALSO WORTH NOTING THIS MORNING-<\/strong><\/p>\n