PM — The science speaks

Happy almost-THURSDAY, ladies and gentlemen. We’re in that final stretch before the weekend, with plenty of news (and interesting World Cup matches) to keep us busy.

THE BIG STORY TODAY-

AMEA Power gets funding to build 1 GW of renewable energy plants in Egypt: Emirati firm Al Nowais subsidiary AMEA Power has locked in USD 1.1 bn in funding for a 500 MW solar plant and 500 MW wind farm in Egypt, according to a cabinet statement. A number of banks, including Standard Chartered, the IFC and Sumitomo Mitsui Banking Corporation, provided the funds. The company plans to complete the construction of the plants within two years.

THE BIG STORY ABROAD

Eurozone inflation takes a bit of a breather: Eurozone inflation slowed for the first time in over a year in November thanks to a drop in energy prices, according to data from the European Commission’s statistics office (pdf). Despite the cool-off, analysts are skeptical this means a downward slope from here, CNBC wrote. “We would not be surprised to see the headline inflation rate rise again in December or January given the volatility in the monthly numbers,” one economist wrote in a note, adding that “there is little doubt that it will fall rapidly next year.” The Wall Street Journal and the Financial Times also have the story.

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

• ALC’s Bahaa Alieldean on why freezones are key for FDI and exports: After reading our five-step recipe for turning Egypt into a global export hub and FDI magnet, ALC’s Bahaa Alieldean told us why the enabling environment — including freezones — are a critical component of an export-focused economy.
• An international JV now represents BMW and Mini in Egypt, says it’s restarting local assembly: BMW has made Global Auto Group its new importer and agent in Egypt.
• Saudi Arabia is extending by one year its USD 5 bn deposit at the Central Bank of Egypt, which forms part of over USD 22 bn pledged in investments and deposits by our GCC neighbors.

???? CIRCLE YOUR CALENDAR-

International business expo BizNex kicks off tomorrow at Mamsha Ahl Misr. The event will run through this Saturday, 3 December.

ALSO THIS WEEKEND- French luxury fashion house Dior is hosting its men’s pre-fall collection show against the backdrop of the Giza Pyramids. The show will mark the first time Dior brings its traveling men’s pre-fall collection shows to Egypt.

The House Manpower Committee will continue hearings on the new draft Labor Act next Wednesday, 7 December. The session will see representatives from the Federation of Egyptian Industries (FEI) and the Egyptian Trade Union Federation in attendance. The bill, which was approved by the Senate in February, extends both maternity leave and notice periods, caps working hours, and changes minimum raise increments, among other things. We have more on the bill’s finer points here.

Next week’s OPEC+ meeting goes WFH: The oil cartel and allies will hold a much-discussed 4 December meeting online instead of in Vienna as planned, Bloomberg reports, citing sources it says are in the know.

Would OPEC make major policy changes over Zoom? The shift to an online meeting is leading market watchers to wager that the meeting won’t see the cartel change its October decision to cut supply by some 2 mn barrels per day. Five OPEC+ sources told Reuters that it’s likely to keep policy unchanged, while two other sources said that further cuts could be on the table in a bid to boost prices.

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

☀️ TOMORROW’S WEATHER- Expect a day much like today in the capital city. Our favorite weather app expects a sunny afternoon bringing the mercury to a daytime high of 25°C before cooling down to a nighttime low of 14°C.

The booming markets for luxury properties: Dubai, Madrid, Dublin, Lisbon, LA: Dubai’s property boom could be reaping its benefits soon, with prices of luxury properties in the city forecast to grow by 13.5% in 2023 amid a rising interest by foreign buyers, Bloomberg reports, citing a report by Knight Frank on prime residential price growth for next year. Dubai tops the ranking, with forecast growth more than double that expected for luxury Miami property, which came second with an expected 5% gain, followed by Dublin, Lisbon, Los Angeles at 4%. A relative affordability and an influx of Russia’s wealthy into the city is solidifying the Gulf hub’s growth in terms of high-end property pricing. London is set for a slowdown, with prices expected to fall by 3% next year. Yet central London, where the wealthy usually reside, is expected to grow 3.5% in 2023.

Brain fog is a real health condition: Brain fog is a cognitive dysfunction that’s common in patients with serious illnesses such as long term covid, cancer and other chronic diseases, a neural cell study shows. Patients claim that brain fog is drastically impacting the quality of their life — preventing them from engaging in regular activities such as going out with friends, talking to family, or even doing their jobs. Although brain fog symptoms are becoming more common, it still takes a strong medical team to diagnose it, The Washington Post says. In most cases, people suffering from brain fog will be dismissed as normal and typically learn to live with it.

The EGX30 rose 0.6% at today’s close on turnover of EGP 3.53 bn. Foreign investors were net sellers. The index is up 11.0% YTD.

In the green: EFG Hermes (+5.8%), e-Finance (+4.1%) and Orascom Construction (+3.9%).

In the red: Eastern Company (-7.1%), Ibnsina Pharma (-2.3%) and Palm Hills Development (-2.2%).