Good afternoon, friends, and welcome to the calm after the storm. The snow has melted, the winds have died down, our ports have reopened after the windy weather forced their closure, and the global markets are stabilizing as dip-buyers reemerge following yesterday’s Omicron-induced selloff.

That said, the news cycle continues to churn at pace, as we hear that some 6k private companies will be given a (brief) reprieve from complying with new minimum wage requirements, and the SCZone signs off on a USD 2.6 bn methanol plant in Ain Sokhna. Elsewhere, your Nutella supply is getting caught in the crossfire in Erdogan’s war on economics, and scientists are hoping to soon unlock the mysteries of the early universe with one extremely large, extremely powerful telescope.

The eight ports forced to close amid yesterday’s stormy weather are back in business: Ain Sokhna, Adabiya, Port Said West, Port Said East, and Al Arish were reopened today, while Port Tawfiq, El Zayteyat and Sharm El Sheikh were back up and running by last night, Reuters reports.

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WANT TO HAVE BREAKFAST WITH US? Every year, we ask our readers to weigh in on what you expect for the year ahead in our Enterprise Reader Poll. Take a few minutes to give us your take on the outlook for your business and industry, whether you’re planning fresh investments and new hires, and how your business fared in the year past. We’ll share the results with the entire community in early January to help you shape your view of the year.

We’ll be inviting eight readers who take the poll to breakfast in 2022 and another dozen of you will get your very own Enterprise mug in which to enjoy your morning beverage of choice.

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THE BIG STORIES TODAY-

#1 Some 6k private sector companies will be given a six-week reprieve from new minimum wage requirements while they are considered for exemptions, the National Council for Wages decided today, according to a cabinet statement. Companies who submitted exemption requests will not have to comply with the requirement before mid-February, while the council assesses the validity of any extension to their requests.

#2 SCZone signs off on Ain Sokhna’s USD 2.6 bn methanol plant: The General Authority for the Suez Canal Economic Zone (SCZone) has signed a land use contract with a company jointly owned by Abu Qir Fertilizers, Helwan Fertilizers, and Al Ahly Capital Holding, to establish a methanol plant at Egypt's Ain Sokhna port and industrial complex, according to a cabinet statement. First announced over the summer, the plant aims to produce 1 mn tonnes of methanol and 400k tons of ammonia annually, a portion of which will be exported. Its first phase is expected to be completed in 2025.

#3- Remittances were up 1.5% y-o-y to record USD 8.1 bn in the first quarter of the FY2021-2022 fiscal year (July-September 2021), the central bank announced in a statement (pdf). The figures tally with a recent World Bank estimate that remittances inflows are on course to hit a record high this year, continuing a trend that saw inflows shrug off the pandemic to register fresh highs last fiscal year.

HAPPENING TONIGHT-

Swvl and Magalix are holding a virtual fireside chat titled Stories of Women in the Tech Field tonight at 7pm. Connect to the event here.

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

• IDH pushes into Pakistan with landmark acquisition: Consumer healthcare giant Integrated Diagnostics Holdings (IDH) will acquire a 50% stake in one of Pakistan’s largest diagnostics providers, marking the company’s entrance into South Asia.
• Nestlé ups investment, packaging manufacturer Uflex opening here: Nestlé Egypt is investing EGP 700 mn in new production lines at its Sixth of October factory between 2021 and 2025, while Indian plastic packaging manufacturer Uflex is planning a new USD 30 mn chemicals plant in Egypt.
• Al Nowais eyes desalination + green hydrogen investments: UAE’s Al Nowais is looking to invest in desalination and green hydrogen projects in Egypt.

THE BIG STORY ABROAD- The O word is still all that anyone can talk about internationally this afternoon. Bloomberg is expecting the global economy to take a hit due to the variant, writing this morning that global growth is on course to halve to 0.7% in the final quarter of 2021 from Q3.

On the US front pages: Everyone and their mothers in the US media has Biden’s pledge to hand out mns of home covid tests front and center on their front pages. (Bloomberg | Washington Post | WSJ | Politico)

In Europe: There’s still talk of more restrictions coming into play as the variant spreads across the continent. Britain, Germany and Portugal are all considering new measures that could upend the holiday season and put more pressure on retailers and the hospitality sector. (Reuters | DW)

There’s dip-buying aplenty in the European equity markets today as investors dip their toes back into shares following yesterday’s Omicron-fuelled sell-off. Exchanges across the continent are in the green this afternoon and US futures are signalling a similar rebound when markets in New York open shortly.

A temporary calm, perhaps, given the global backdrop, but that’s more that can be said for the TRY, which is whipsawing like crazy today as traders react to new measures announced by the government to shore up the currency. Erdogan’s unorthodox monetary policy has threatened to melt down the TRY, which has plunged to record lows against the greenback in recent weeks. But in a sharp reversal, the currency has soared 25% today after the president announced a new savings-guarantee scheme, which some analysts have likened to a rate-hike via the backdoor. (Reuters | FT).

On that note, nothing is safe from the vagaries of unfettered Erdonomics — including your spoon of Nutella. More on that in this afternoon’s Commute, below.

???? CIRCLE YOUR CALENDAR-

Swvl and Magalix are holding a virtual fireside chat titled Stories of Women in the Tech Field tonight at 7pm. Connect to the event here.

Jobzella’s Fifth Career Fair is taking place at the GrEEK Campus from 11am-6pm on Saturday, 25 December.

PSA- Property owners have until Friday, 31 December to pay the second installment of their annual real estate taxes without incurring a late fee. The first installment was due between 1 January and 30 June. Homeowners whose primary residence is valued at less than EGP 2 mn are exempt from paying the tax.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- A slight chance of rain and more cold weather: Expect a daytime high of 19°C and a nighttime low of 11°C tomorrow, with a 10% chance of rain, according to our favorite weather app.