Qatar must match KSA & UAE aid to Egypt under Riyadh accord • private sector won’t expand October 2 power plant • treasury bonds may be tradeable on secondary market • Suez Canal zone development activity picking up • Dubai Parks IPO >60x oversubscribed

WHAT WE’RE TRACKING TODAY

Bahraini FM divulges details of Qatari-Arab detente: While Qatar has thus far failed to demonstrate good faith in meeting its commitments made during last month’s Riyadh agreement in terms of supporting Egypt, the specifics of what is actually expected of Qatar were disclosed in yesterday’s FT interview with Bahraini FM Sheikh Khalid al-Khalifa, who outlined the agreement’s three key demands placed on Qatar with regard to Egypt:

1. Qatar matches Saudi and Emirati financial aid to Egypt
2. Qatar ends its support for the Muslim Brotherhood
3. Al Jazeera ceases negative and anti-government coverage of Egypt (Read on FT)

King Abdullah II of Jordan arrived in Cairo yesterday for talks with President Abdelfattah El-Sisi.

Expect continued (and likely small) demonstrations against Saturday’s Mubarak trial verdicts on and around university campuses after yesterday saw everything from small gatherings and marches to outright clashes with security forces in Cairo, Zagazig, Fayoum, Alexandria and Assiyut.

Today marks the start of the two-day INTERCEM Energy Forum at the Conrad Cairo Hotel.

WHAT WE’RE TRACKING THIS WEEK

Ittihadiya issued a statement late last night addressing the dismissal of charges against Mubarak on a technicality and his acquittal on charges of corruption. The statement covers the points one would expect: affirming the independence of the judiciary while attempting to strike a conciliatory tone, promising compensation to the families of those killed in 2011 protests as well as a recommendation for a legislative review of the criminal code.

The bidding war over Egyptian biscuit maker Bisco Misr continues: Kellogg sees Abraaj’s bid for Bisco Misr and raises it by the legal minimum of 2% to EGP 82.2 / share. (Read in Reuters)

Prime Minister Benjamin Netanyahu postponed voting on a bill in the Knesset originally set to take place yesterday which, if passed, will enshrine Israel’s Jewish identity into law, despite calls from some Israeli politicians that the bill would further institutionalize discrimination against Israel’s Arab minority. This delayed vote comes against the backdrop of Netanyahu’s fraying coalition government, the possibility an early election, and a Haaretz poll showing Netanyahu’s domestic popularity has dropped from 77% in August 2014 to 38% now, although this is still high enough for most observers to assume he would be reelected.

Coming on the heels of developments in Jerusalem, the Arab League met on Saturday to express their “categorical rejection of recognizing Israel as a Jewish state,” and express support for Abbas’ drive for recognition from UN bodies, saying they will present a timeframe for Palestinian statehood to the UN Security Council within a matter of days. (Read)

On a related note, France’s parliament will hold a symbolic vote to recognize the Palestinian state on Tuesday, 2 December.

Also on Tuesday: “Egypt’s Electricity Crisis … Challenges & Opportunities” featuring the Minister of Electricity and Energy Dr. Mohamed Shaker. Cairo, Grand Nile Tower Hotel (formerly Grand Hyatt). RSVP to the Canadian Chamber of Commerce in Egypt.

On Thursday, the HSBC PMI will be released for Egypt, Saudi and the UAE.

LAST NIGHT’S TALK SHOWS

Talk show hosts continued to deal with the aftermath of the Mubarak trial verdicts. Once again, a concerted effort was made to contain the backlash, with the focus being on the groups that are seeking to “take advantage” of a sensitive situation, in the view of the hosts.

“We will not allow anyone to take advantage of the anger and frustration that some segments of our population are feeling right now. They have a right to feel angry, particularly those who have lost loved ones during the revolution, but we can not let this drag us back to where we were,” said Lamees El Hadidy. ”We must respect the rule of law.”

Mohamed Sherdy warned viewers that Egypt has many enemies who have jumped at the chance to exploit the situation: “We must not lose site of the fact that our country and the security of our country come first. A quick look at the tweets that have been ongoing since yesterday is proof that we are truly the victims of a conspiracy. What is it that unites Ikhwan, Ayman Noor and 6 April? The ikhwan are once again on the side of the revolutionaries because, once again, it suits their cause,” said Sherdy. He then aired a clip of former Ikhwani parliamentarian Umm Ayman from 2012 as she calls the revolutionaries “baltageya” and claims that their martyrs do not deserve to be referred to as such.

“Be careful: Their plan is to gradually escalate public sentiment against the government and against the army in the hope that it will reach a boiling point on 25 January 2015,” added Sherdy.

Talk show coverage of yesterday’s protests in Abdel Moneim Riad Square and Cairo University presented a picture that was relatively contained.

WORTH WATCHING

The always engaging and charming Warren Buffett is interviewed in this c. 40-minute video posted a little over a month ago during his appearance at Fortune’s Most Powerful Women event. Buffett speaks on the economy, the current health of the stock market, and his decision not to report his first wife’s credit card being stolen because the thief “was spending less than she was.” (Watch)

This Egyptian stand up comic (no, it’s not George Azmy) encapsulates the totality of Egyptian existence in a 2-minute vignette. (Watch)

SPEED ROUND

With the exception of the EGX, most regional markets witnessed a rout following OPEC’s failure to cut supply at its Thursday meeting (the decision was made public after markets closed). The EGX30 dipped slightly by 0.19% to close at 9,307 points with turnover of EGP 633 mn, just around the 90-day average. Saudi’s Tadawul dropped 4.76%, the DFM by 4.74%, ADX 2.56%, Qatar Exchange fell by 4.28%, Kuwait’s bourse fell by 3.35%, and Oman by 6.21%.

Asian markets were mixed at the start of trading earlier this morning, with China slipping on weak manufacturing data, Tokyo hitting a seven-year high on the weakening of the yen against the greenback, and oil continuing its slide.

Saudi Arabia’s Capital Market Authority all but banned Deloitte LLP from providing audits to publicly traded companies until an unspecified dispute relating to audit work for Mohammad Al-Mojil Group is resolved. The CMA is pursuing a case against officials present at Al-Mojil between 2008 and its 2011 IPO; the company’s shares were suspended in July 2012 after it failed to report adequately on losses. (Read)

EFG Hermes is hiring and has a built a backlog of Dubai-based IPOs after working on three successful transactions this year including the high-profile USD 1.6 bn Emaar Malls offering. That’s the takeaway from a brief Bloomberg interview with CEO Karim Awad. (Read)

What, exactly, is Hosni Mubarak’s legal status? Ahram Online has a useful wrap-up this morning in Q&A format. Bottom line: The state can appeal this weekend’s ruling to the Court of Cassation (the nation’s highest appeals court), and no one is quite certain whether he has served enough time on the “presidential palace case” (for which he received a three-year sentence) to go free when you count both time served post-conviction and his time in pretrial detention. (Read)

A presidential decree handed down Saturday with little fanfare establishes new limits and restrictions on activities near the nations land borders and leaves the armed forces squarely in charge of border security. (Read the brief SIS statement or a longer piece in the Daily News)

The UK has dropped travel restrictions on Beni Suef, Assiyut and Sohag according to a report by the Daily News.

Morocco is about to become the first Arab country to completely remove fuel subsidies in December, as planned by its government. (Read in Arabic) Also be sure to check out the uptick in interest in potential offshore oil and gas exploration in the country in our International section below.

Look for weakness in US markets today with just a hint of “the sky is falling” after Thanksgiving weekend sales slumped 11% despite expectations of significant growth and many stores having kicked off sales on Thanksgiving (last Thursday) rather than the now-traditional “Black Friday” extravaganzas. The slump covers both online and in-store sales, which fell to USD 50.9 bn, according to industry data. Retailers and analysts alike had anticipated a strong weekend of sales. “There are a significant number of Americans out there for whom the recession is not yet over,” said the chief executive of the National Retail Federation. (Read)

Bye-bye, hydrocarbons: Eon looks to spin off “conventional” power assets. Germany’s biggest utility will dump both its hydrocarbons and nuclear assets and take an EUR 4.5 bn writedown on impaired assets as it doubles-down on renewable power, energy distribution and services. (Read on Bloomberg or the FT)

EGYPT IN THE NEWS

Over on Wamda, Rachel Williamson explores a shift towards agricultural startups in Egypt with agritech businesses moving ahead from idea stages with hydro and aquaponic start-ups beginning to commercialize their products. (Read)

David Kirkpatrick covers last night’s presidential statement and cites an evening talk show in his wrap-up for the New York Times on the Mubarak verdicts this morning: “One Egyptian journalist stood out on Sunday. Ahmed Khair, a television presenter on a usually pro-government private network, broadcast footage of the security forces firing tear gas and driving armored vehicles toward crowds of fleeing demonstrators in Tahrir Square on Sunday night — unflattering images of the security forces that have all but vanished from Egyptian television since the military takeover in July 2013.” (Read)

International media outlets continue to follow-up on reaction to the Mubarak trials, with stories ranging from Reuters’ “Mubarak verdict fuels protests, mockery in Egypt“ to Foreign Policy’s “The Crooks Return to Cairo,” which carries the measured and in no-way sensationalist subhed “Egypt’s government is happily letting exiled billionaires and convicted Mubarak cronies buy their way back home.” More measured is the WSJ’s “Rights Groups Dismayed After Mubarak Murder Charges Dropped“.

Is Egypt ready to join growing global movement to end FGM? “Without strong messages from the Egyptian government, such as proper implementation of the law and swift punishment for the perpetrators, FGM may become more acceptable, with women’s rights increasingly subordinated at all levels,” writes the Guardian. (Read)

Squash, okay, but bridge? So it seems the Egyptian duo of Wael Mohsen and Reda Wasfi Yaacoub are a force to be reckoned with on the US Contract Bridge League circuit, coming in second in the league’s fall championship’s “Nail Life Master Open Pairs.” The designation is apparently a big-enough deal to warrant a mention in yesterday’s New York Times. (Read)

SPOTLIGHT ON: Bids to counter Daesh propaganda where it is most powerful

Given Daesh’s ability to recruit disaffected, maladjusted individuals around the world to their cause, partially through the sophisticated use of social media, various countermeasures have surfaced to combat the spread of the group’s virulent ideology and appeal. The Egyptian Cyber Army is one such effort. Although not officially sanctioned by the state, Mashable reports that the group claims former military and police officials among its membership. Its aim is to disrupt and embarrass Daesh media platforms, but Helmi Noman, a researcher with the Berkman Center at Harvard University and the Citizen Lab at University of Toronto. warns that the so-called Cyber Army is attempting to “expose anonymous online activists to identify them and facilitate their arrest.”

On the opposite end of the spectrum is the U.S. State Department’s twitter account “Think Again Turn Away“ campaign, which was completely torn apart by Rita Katz, director of the SITE Intelligence Group, who in her write-up on the Twitter account in Time Magazine titled The State Department’s Twitter War With ISIS Is Embarrassing hits several nails on the head: “The State Department account is not only a gaffe machine, but in fact some of its tweets walk dangerous ethical lines.”

ICYMI

If nothing says an old chestnut is back in vogue quite as much as a write-up in Fortune, then Africa is most certainly back after a piece originally crafted as a lengthy blog entry in September jumped to the print edition in early October. The piece chronicles how everyone from a retired white New Englander to a Nigerian expat with a good career at MTV headed off to Africa to seek their fortunes in everything from mobile banking and solar powers to Western African malls and (wait for it) flying donkeys: “In the popular imagination, there have long been two dominant visions of Africa—as a land of dire poverty and conflict, and as a place of sublime wilderness. Now there is a third cliché: ‘Africa rising.’ The phrase describes a continent whose dire limitations—such as the chronic lack of electricity, rail lines, airports, and paved roads—translate into astonishing business opportunities as economies expand. The sense that one can tap into gaping needs, often with few competitors, has not gone unnoticed by U.S. investors. (Read Is Africa’s rise for real this time?)

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Expansion plans for October 2 power plant in 6 October City cancelled
Al Borsa | 30 Nov 2014
The Electricity Holding Company has cancelled a tender to expand production of the ‘October 2’ power plant in Sixth of October City, Al-Mal reports. Government sources revealed that the ministry of electricity decided it wanted to use public funds instead of private investments for the project. Al Borsa reports that TAQA Arabia, a subsidiary of Qalaa Holdings, was the leading contender to win the bid. The project aims to add 300 megawatts to October 2, bringing total production capacity to 900 megawatts. According to Al Borsa, the Ministry of International Cooperation has been tapped with raising the finance required for the project. (Read in Arabic)

Italian energy firm Edison signs MOUs with Qalaa Holdings and EGPC to build a combined-cycle power plant in Abu Qir
Edison Press release | 27 Nov 2014
Italian energy company Edison announced the signing of MoUs with Qalaa Holdings and the Egyptian General Petroleum Corporation to build an 180 MW combined cycle gas turbine power plant which the company says will bring more efficient and sustainable energy to Egyptian consumers. Edison holds the exploration, development and production rights of the Abu Qir concession (located offshore in the Nile Delta), which is operated in joint venture with the Egyptian General Petroleum Corporation; it operates the West Wadi El Rayan license in the Western Desert and it has also a 20% interest in the Rosetta offshore concession. (Read the release)

Renewable energy projects to help supply Egypt’s energy demand within 3-5 years – EGAS
Amwal Al Ghad | 29 Nov 2014
The Head of EGAS said that Egypt’s reliance on renewable energy projects could satiate much of the country’s energy demands within the next 3-5 years. He also urged a speedier implementation of solar energy projects, praising the initiative to install solar panels atop government buildings. (Read in Arabic)

GUPCO completes 105 KWH solar power plant
Amwal Al Ghad | 30 Nov 2014
The president of Gulf of Suez Petroleum Company (GUPCO), Abed Ezz El-Regal, said his company recently completed construction of a solar power plant at the company’s administrative headquarters in Maadi with a production capacity of 105 kilowatts per hour, explaining that the new power plant is one of the largest of its kind in Egypt. (Read in Arabic)

Infinity Solar Systems to pump EGP 500 mn in solar power investments in Egypt
Al Borsa | 30 Nov 2014
Infinity Solar Systems is ready to invest EGP 500 mn in Egypt over the next two years, according to the company’s CEO. Infinity is also seeking the Ministry of Electricity’s approval to build a 50 MW solar power plant in Al Wady Al Gadeed. (Read in Arabic)

OIL & GAS

Ministry of Petroleum refuses to adjust pricing for BP’s North Alexandria project
Daily News Egypt | 30 Nov 2014
The Ministry of Petroleum refused a request by BP to increase pricing for the North Alexandria project. The rejection was based on BP’s projected prices being higher than the stipulated USD 4.1 / mbtu. (Read)

Foreign energy companies tie expansion plans to progress on debt repayments
Al Mal | 30 Nov 2014
Several foreign energy companies such as Petronas, Eni, Shell, and BP are waiting to receive partial debt payments from the Egyptian government before implementing expansion plans in the country’s oil and gas sector. Meanwhile, an official with Rashpetco said the company is waiting on orders from its foreign-energy partners to start work on the second phase of the Borollos field, which is expected to generate 400 mcf of gas per day. (The fairly lengthy piece appears only in the print edition of the paper)

Petrojet wins USD 89 mn field development contract in Algeria
Amwal Al Ghad | 30 Nov 2014
Petrojet won the rights to develop the Reihan gas field in central Algeria for RWE, Edison, Repsol, and state-owned Sonatrach. The contract is for two years and is worth USD 89 mn. (Read in Arabic)

BASIC MATERIALS & COMMODITIES

Al-Sukari and the military to start gold mining operations in Halayeb and Shalateen
Al Borsa | 30 Nov 2014
The Ministry of Investment sent the office of the Prime Minister a memo requesting his approval for the formation of a company with equity participation split between Al Sukari and the military. The company will mine for gold in Halayeb and Shalateen, according to Al Borsa. (Read in Arabic)

Size of illegal fertilizer trade reaches EGP 3 bn
Al Mal | 28 Nov 2014
Dr. Ali Ismail, head of agricultural entities and agricultural affairs and head of the fertilizers committee, confirmed that the volume of illegal transactions in fertilizers carried out by companies, associations and individuals within the past few months has exceeded EGP 3 bn at an estimated two mn tons of fertilizers. (Read in Arabic)

EGP 250 syndicated loan to BMIC for conversion to coal
Shorouk | 30 Nov 2014
The National Bank of Egypt, Banque Du Caire and HSBC Egypt will extend an EGP 250 mn syndicated loan to the Building Materials Industries Company (BMIC), Shorouk reported. The facility will be used to finance the conversion of its cement production line to run on coal power. The moves comes in line with a general trend throughout the cement industry where manufacturers are resorting to alternative fuels, namely coal and refuse derived fuels (RDF) to substitute their use of natural gas and heavy fuel oil. (Read in Arabic)

Steel producers not expecting strong profits in 2014
Daily News Egypt | 30 Nov 2014
Despite protectionist duties on imported steel, local steel companies are not expected to post high profits by the end of the year, steel producer and chairman of Egyptian Steel Group Ahmed Abou Hashima told Daily News Egypt. Abou Hashima attributed his expectation to the fact that local steel companies were negatively affected in 3Q2014 by increasing volumes of imported steel, long before the protectionist measure was applied. Abou Hashima said the anti-dumping duties were “low, as Egypt doesn’t have high customs,” adding that the imposition of the tariffs did not have a significant effect on the market. (Read)

Egypt Aluminum reports net profits of EGP 263 mn
Al Borsa | 30 Nov 2014
Egypt Aluminum reported EGP 263 mn in net profits at the end of the first half of the year and the company aims to increase production capacity by 200,000 tons despite facing increased energy prices where it rose to 4.38 piaster/KW. The aluminum complex pays EGP 2 bn annually for electricity or EGP 168 mn per month. (Read in Arabic)

REAL ESTATE

SODIC approves EGP 400 mn capital increase for SOREAL
Al Borsa | 30 Nov 2014
Real estate developer SODIC approved an EGP 400 mn capital increase for its subsidiary SOREAL, saying the move was intended to provide financing to complete a project on 301 feddans of land in New Cairo, according to Al-Borsa. The new development is expected to include 2,000 residential units at a cost of EGP 7 bn and will create 20,000 construction jobs. (Read in Arabic)

TOURISM

Egyptian Resorts Company announces consolidated results for 3Q2014
ERC earnings release | 30 Nov 2014
Egyptian Resorts Company (ERC) announced consolidated results for 3Q2014, reporting negative net revenues of EGP 35.7 mn as EGP 13.6 mn in services revenues (up 49% y-o-y) and EGP 12.8 mn in activities revenues (up 1475% y-o-y) were offset by the annulment of a land contract originally signed in 2008. The company accordingly reported a net loss of EGP 23.6 mn in the quarter, compared to a net loss of EGP 9.7 mn in the same period of last year. Occupancy rates at Sahl Hasheesh remain high and in some cases higher than the norms around the Red Sea, and consumer and investor confidence seems to be returning to the Red Sea area. The release noted “a number of positive signs that point to the nation now being at a turning point, the most important of which is the overall improvement in the political and economic condition of the country.” (Read the earnings release in pdf)

OTHER BUSINESS NEWS OF NOTE

Food Industries Holding Company injects new investments worth EGP 577 mn during current fiscal year
Amwal Al Ghad | 27 Nov 2014
Egypt’s Food Industries Holding Company’s (FIHC) president Ibrahim Hassanein revealed the company’s intention to finalize investments worth EGP 557 mn during the current fiscal year. Hassanein explained that the Sugar and Integrated Industries holds EGP 231 mn of these investments, with the goal completing both environmental and natural gas projects. Hassanein added that FIHC will look into pumping EGP 141 mn worth of investments into its holdings in the milling sector (which includes eight companies) to further renovate and expand environmental and transportation projects. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Treasury bonds to be traded on secondary market, sukuk finally coming?
Al Masry Al Youm | 30 Nov 2014
At a sit-down yesterday organized by the Accountants and Auditors Association, Minister of Investment Ashraf Salman said, “The Ministry of Finance and the Egyptian Stock Exchange are trying to promote trading on treasury bonds on the secondary market.” Shortly afterward, new legislation would be put in place to allow the issuance and trading of Shariah-compliant sukuk (debt instruments, think: bonds) and other financial instruments. As a side note: Salman claims that some 357 disputes of the 450 he handed over to Minister of Justice Mahfouz Saber for resolution have been wrapped up (Saber was acting in his capacity as head of the General Authority of Investment Dispute Settlement). This, Salman said, came despite the challenges presented by a lack of legislation covering multiple contingencies, something he hopes will be addressed in the coming period. (Read in Arabic)

Details of EGP 10 bn youth employment program to be announced mid-December — Local Dev’t Minister
Amwal Al Ghad | 30 Nov 2014
Local Development Minister Adel Labib said details of an EGP 10 bn program to create jobs for youth nationwide would be announced in mid-December. Labib said investments in the program could double to EGP 20 bn. The program aims to fund small businesses throughout in every governorate and is intended to help reduce unemployment and lessen migration from rural areas to major urban centers, adding that the program would also supports efforts to decentralize economic activity away from existing population centers. (Read in Arabic)

Suez Canal investment law to be finalized within a week — Mamish
Amwal Al Ghad | 30 Nov 2014
Vice Admiral Mohab Mamish, chairman of the Suez Canal Authority, told Amwal Al Ghad that a new investment law for the Suez Canal Development Project will be finalized within a week. Mamish explained that the new law will include incentives for investors such as simplifying procedures to launch a business and providing special advantages to help local investors acquire land parcels for their investments. Mamish also revealed that six tunnels will be built under the canal, including three in Ismailia. (Read in Arabic)

Company with EGP 500 mn in capital to be established to invest in Suez Canal Project
Al Mal | 30 Nov 2014
A group of 10 Egyptian businessmen will launch a company with paid-in capital of EGP 500 mn for the purpose of investing in the Suez Canal Development Project, according to Ahmed Sheiha, president of the International Trade Agencies & Marketing Company (ITAMCO). In statements to Al Mal, Sheiha said the new company, which will be called “Egyptians for Development and Investments” will be formally announced in mid-December and will include businessmen such as Ayman Eshary, of the Eshary Steel Group; Mohamed Baraka of the Commercial Agency Group; and ITAMCO, which is headed by Sheiha. The new group will focus on logistics, tourism and commercial projects, similar to a Saudi-Egyptian alliance known as “Gesour”, which was established with EGP 3 billion in paid-in capital and is headed by businessman Sheikh Saleh Kamel. (Read in Arabic)

3.7% rise in the number of vessels crossing Suez Canal during October 2014
Al Mal | 28 Nov 2014
1,558 vessels have crossed the Suez Canal in October 2014, a rise of 3.7% y-o-y against 1,503 vessels during October 2013. Cargo shipments rose 3.7% in October, while oil tanker shipments grew 6.3% and natural gas shipments fell 9.8%. (Read in Arabic)

EGP 557 mn Fayoum-Oases Road to be built by Arab Contractors
Amwal Al Ghad | 29 Nov 2014
According to Gen. Saad Al Geyoushi, head of the General Authority for Roads and Bridges, Arab Contractors has won the concession to build the EGP 557 mn extension to the Fayoum-Oases Road. He added that the 125 km highway will be comprised of two 4 meter lanes and is expected to be completed in August 2015. (Read in Arabic)

Ministry of Agriculture needs EGP 10 bn for 1 mn acre project
Al Mal | 30 Nov 2014
Agriculture Development Authority head Ashraf Abdel Aziz said the Ministry of Agriculture needs some EGP 10 bn to implement its “one mn acre” project. Abdel Aziz said the ministry will send an official report detailing its funding needs for the project for ratification by the Cabinet. (Read in Arabic)

Allocation of land by direct order contributes to recovery of investment
Amwal Al Ghad | 27 Nov 2014
Several investors interviewed by Amwal Al Ghad backed Minister of Trade and Industry Mounir Fakhry Abdelnour’s plan to amend the Industrial Development Authority Act to allow the allocation of land by direct order. Fouad Thabet, Chairman of the National Association of Economic Development, declared the need to amend the Social Security Act, the Labor Act, and the Bankruptcy Law to encourage investment and not stifle it. Mohamed Genaidy, president of the Industrial Investors Syndicate, echoed similar sentiments by stressing the need to enforce strict monitoring and to establish a national council for investment. Creating a national council both monitors investors and government officials, while firmly applying necessary penalty clauses on investors in cases of non-compliance. (Read in Arabic)

Formation of Egyptian PPP consortium to be announced within days
Al Borsa | 27 Nov 2014
According to Mokbel Fayyad, Chairman of the Integrated Solutions Committee of the EITESAL Association, the formation of a consortium of leading companies designed to enter into PPP agreements on mega-projects for investments over EGP 500 mn is expected to be announced within days. (Read in Arabic)

INTERNATIONAL

Morocco ultra-deep water offshore oil and gas agreement with Woodside Petroleum
Forbes | 29 Nov 2014
Australia’s Woodside Petroleum was awarded a reconnaissance license granting the company exclusive access to the Rabat Ultra Deep Offshore in the Doukkala basin, located next to a block the company farmed into with Chariot Oil and Gas in July, according to an Oil and Gas Journal report. The agreement will include a 2D survey and geological studies within 12 months, but are subject to ministerial approval. Since January, BP, Chevron and Cairn have all announced new projects or buy-ins to existing efforts, despite the country’s lackluster history of viable oil and gas discoveries. (Read)

UAE sovereign wealth funds seek Africa opportunities
Gulf News | 30 Nov 2014
UAE-based SWFs are seeing increasing opportunities in African countries and some of the leading emerging markets of the world, demonstrating a shift in the focus of their asset allocations. Emirati investments in Africa include “commitments worth USD 19 bn (AED 69.7 bn) from UAE investors, across 17 infrastructure projects,” according to Ashish Dave, KPMG Partner and head of private equity and SWFs. SWFs in the Middle East are viewing the West with caution and as a result have invested less internationally than they have done in the past while redirecting a portion of their funds from international investments back into the Middle East. This could be due to international factors such as the Eurozone debt crisis or local factors such as the Arab uprisings. (Read)

Meraas Holding’s Dubai Parks and Resorts IPO oversubscribed 60x
Reuters, Gulf News and The National | 27-29 Nov 2014
Dubai-government owned real estate developer Meraas Holding’s USD 690 mn Dubai Parks IPO to raise funds to build a UAE-based theme park was 60x oversubscribed. An unnamed advisor told The National that he expected it to be oversubscribed 75 times. Meraas Holding’s chief executive told Gulf News that the IPO has received robust response from institutional and retail investors and the company is on track for project delivery in October 2016. On 11 November, the company said Goldman Sachs Group arranged a Dh4.2 billion loan to fund the development of the theme park. The deal was underwritten by the New York-based bank, Abu Dhabi Commercial Bank, Commercial Bank International, Emirates NBD, and Noor Bank. “At the end of IPO, this will be a fully funded project. So there is no other way we are looking to fund. We will be a fully funded project by the close of the IPO,” he added. Goldman, HSBC and Emirates Financial Services are global coordinators for the offering, with EFG Hermes serving as bookrunner. The IPO, which will see shares split 60:40 between institutional and retail investors, closed yesterday. (Read in Gulf News, the National and Reuters)

ON YOUR WAY OUT

The Economist covers research from the Tinbergen Institute showing that some Dutch citizens living near the German border end up paying up to a 26% premium to live on the Netherlands’ side and are not taking advantage of cheaper real-estate in Germany by engaging in a possible house-arbitrage. (Read)

President El Sisi met with an envoy from the Union of the Comoros yesterday, with the President opening the possibility of offering scholarships to Comorian students to study in Egypt as well as the possibility of establishing an embassy in Egypt.

We told you this was a thing: The FT has a quick entry this morning on “The email detox for a cleaner, leaner working life” and highlights chat tool Slack as an alternative to your inbox. (But you’ll keep checking email to get your morning Enterprise, right?) (Read)