Auto sales up 66% in October • Mubarak release decision today? • BP to invest USD 12 bn over 5 yrs • second LNG import terminal • renewable energy + Italian trade missions in Feb • Egyptian Refining Co. 43% complete • ExxonMobil 2040 energy outlook is out

FX WATCH

The USD-EGP Bid / Ask yesterday according to the CBE was 7.14 / 7.17, near the 52-week high of 7.16. According to a trader speaking to Enterprise, the Bid / Ask in the unofficial market was 7.71 / 7.74.

WHAT WE’RE TRACKING TODAY

The odd furor over Bisco Misr’s potential sale to Kellogg made last night’s talk shows and the New York Times carries a positive piece on the Egyptian economy in its influential Dealbook blog (headlined by EFG CEO Karim Awad). Coverage of both is below.

A decision on former president Hosni Mubarak’s release could be issued sometime today, if a timeline provided by a judicial source to Ahram Online holds. The decision will take into account time served, meaning his release could happen immediately, by our calculations. In a sign of stories yet to come, the BBC’s Orla Guerin is out this morning with the epically long (by BBC website standards, at least) “Revolution a distant memory as Egypt escalates repression.”

Shares of Dubai Parks & Resorts are set to begin trading on the DFM today at 12:00 pm Cairo local time, 10:00 a.m. Dubai (GMT +4)

President Abdelfattah El-Sisi be in China on 23-24 December, per a report in Al-Ahram noting that the visit will see Cairo and Beijing significantly deepen ties just three months ahead of the Sharm El-Sheikh Investment Summit, which we understand was rescheduled to March from February to ensure it did not overlap with Chinese New Year. (See coverage below)

Security has been heightened at American embassies around the world in anticipation of backlash following the release of the heavily-redacted585-page executive summary of the 6,000-page CIA torture report, which canvasses the details of the American “enhanced interrogation techniques” (i.e.: torture) program to extract information that was for the most part useless. It is unfortunate that the United States and the world at large will most likely be unable or unwilling to accept the reality of the report’s findings: torture does not produce reliable information. (Read about the increased level of security at American embassies on Vice and an explainer of the report and its implications onVox)

There were no signs overnight that the Canadian and UK embassies had decided to re-open. Youm7 was claiming yesterday that the closures owed to a Garden City resident having won some form of court order that concrete barriers around the two embassies be removed. More coverage on the security situation around the two embassies below.

LAST NIGHT’S TALK SHOWS

Amr Adeeb and his co-host Khaled Abu Bakr completely rejected the joint statement from the 35th GCC Summit in Doha, which expressed “full support for Egypt” and for the “political program of President Abdelfattah El-Sisi,” according to media accounts (see examples here and here).

“I’m sorry, but despite the good intentions of our Arab allies, I don’t buy it. How can we believe that Qatar supports us and our President when they are still providing political asylum to the terrorists? They are still funding the terrorist organizations and Al Jazeera is still Al Jazeera. How can you compare these actions to the tremendous amount of support that we have gotten from our brothers in Saudi Arabia and the UAE. It kind of feels that they were put under pressure to sign off on the statement, but we won’t accept the half measures that are coming from the Qataris. You are either with us or against us. Your hatred of Egypt is obvious despite words to the contrary,” said Adeeb. “I prefer the Erdogan approach: No Egypt, no Sisi. At least he is clear about where he stands.”

The U.S. Senate Intelligence Committee report on the CIA’s brutal interrogation methods caught the attention of several talk show hosts last night. Both Adeeband Youssef El Houssieny speculated that the backlash against the report may have been behind the recent embassy closures in Cairo, even though the U.S. embassy hasn’t closed.

“The West is in an utter state of fear. I am against the view that they are allied with the Ikhwan. I think they are simply afraid. They knew that there could potentially be large groups of people protesting outside their door,” said Adeeb.

El Houssieny promised viewers that he would be reading and analyzing the congressional report in the days to come.

The bidding war between Abraaj and Kellogg over Bisco Misr and recent labor protests aiming to block the sale was also a main topic of discussion on last night’s talk shows.

If Amr Adeeb had hair, he would have pulled it out as he discussed the negative public reaction to potential Bisco Misr sale: “I fail to understand what the problem is. Bisco Misr is no longer a public sector company, it was a loss-making entity that was privatized, the new owners turned it around and now there are two large companies who want to buy it. Why is it anyone’s business who they sell it to,” asked Adeeb. He went on to explain the nature of the two companies, Kellogg and Abraaj, who are interested in buying it.

“This is a good thing. Millions of dollars in investments will come into the country. Instead of encouraging more of this, we are fighting it? Have you not heard that we are trying to attract FDI?

“Saying that this is part of our national heritage is ridiculous. It’s not Harrods. As a society we need to make some decisions: Are we a free market economy or are we stuck in the 1940s? If this is how we feel about the sale of Bisco Misr, then we should cancel the Sharm El Sheikh summit,” said Adeeb.

El Houssieny tried to explains in very simple, basic terms the bidding war between Abraaj and Kellogg while again stressing on the fact that its not a company that is being privatized. He did however ask, “Why is it being sold if it is profitable.”

The response came via telephone commentary from Dr. Nahed El Ashry, Minister of Manpower.

“This is a company that has been privatized since 2005. Regardless of whether or not its profitable they have a right to sell the company and do with it as they see fit. The concern on the part of Bisco Misr workers is that they will lose their jobs, particularly in light of the fact that Kellogg went out with an announcement saying that they would keep on all employees for a period of 12 months. I would however like to reassure everyone that I spoke with the managing director of Bisco Misr, who lives in the U.S. now, and he assured me that all jobs are safe regardless of who buys the company,” said El Ashry.

“We have no problem with the sale, but we have to protect the rights of our workers,” she added.

Hany Sarie El Din, former head of the Capital Markets Authority and the lawyer representing Bisco Misr, also called in to the program.

“According to the capital markets law, the acquirer has to make clear his intentions for the acquired company for a period of 12 months after acquisition. Both potential acquirers have stated that they do not intend to layoff workers,” said Sarie El Din. “The immediate problem is that as we speak 50 Bisco Misr employees (including women) are being held hostage on the company’s premises as part of the protest. We have contacted the Ministry of Interior and they promised to try to put an end to this unfortunate situation. The factory stopped functioning today. What kind of message are we sending here? This is a loss for everyone. A loss for investment, a loss for the company, and a loss for the workers.”

El Ashry promised that action would be taken and the “unacceptable hostage situation will be taken care of.”

(Editor’s note: Before we lapse into self-flagellation in the belief that it’s only the Egyptian public that is suspicious of big business, read the WSJ‘s wrap-up about how popular opposition in Canada and the US is slowing down — and possibly endangering — north of USD 50 bn in investments in oil pipelines.)

SPEED ROUND

Tuesday saw a global market sell-off that showed little sign of abating in early trading in Asia this morning.

All regional markets closed down yesterday: The EGX30 fell 1% to close at 9,482 points on turnover of EGP 1 bn, 48% above the 90-day average. The Saudi Tadawul fell 1.8%, DFM was off 3.5%, ADX down 2.4%, Qatar off 2.3%, Kuwait down 1.4% and Oman’s MSM shed 3.3%.

In the U.S., the S&P 500 and DJIA were down slightly, while the Nasdaq bucked the trend, closing up 0.54. Asian and European markets all closed Tuesday solidly in the red, and the Asian sell-off continued this morning as we prepared to dispatch.

Brent and WTI both closed up: Brent gained 0.45% and WTI 0.68%.

The New York Times Dealbook’s Landon Thomas Jr. profiles the intertwined fates of Egypt and leading regional investment bank EFG Hermes in a piece that features extended quotes from CEO Karim Awad as well as a handful of New York-based investment bankers, including the gang atAuerbach Grayson. The usual “Sisi is an autocrat” meme makes a brief appearance, but this is an exceptionally positive piece for the Egyptian economy in general (and for EFG in particular) in a forum that is (a) very well-read not just on Wall Street, but in “Corporate America” and (b) a blog through which much of the non-corporate US elite has its views on business shaped. Read: An Investment Bank Revives Along With Egypt

Abraaj offer extended: The Egyptian Financial Supervisory Authority has extended the offer period for Abraaj’s EGP 80.85 per share bid for Bisco Misr to 24 December. Kellogg is offering EGP 82.20 per. Reuters’ take: “While shareholders with 56 percent of Bisco Misr agreed to sell to Abraaj, Kellogg’s bids have forced the private equity firm to return with higher offers and then a request to extend its bidding period which would otherwise have ended on December 17.” (Read in Arabic in Al-Mal or on Reuters in English)

The brain drain at the CBE has crossed into the international media, with Reuters picking up the story yesterday, reporting, “Banking sources said at least 150 senior bankers had quit the central bank and three major state-owned banks since the cap came into force in July. More were expected to go. … Bankers said treasury, risk, credit and retail banking were hardest hit. They said there were offers being made of up to 20 times the pay cap to tempt top talent.” (Read)

50 Italian companies coming to talk trade, investment: The ambassador of Egypt’s third-largest trade partner (after the US and China) notes that companies joining the February 2015 delegation to Egypt will have a particular interest in renewable energy and logistics. (Read)

ExxonMobil’s global Outlook for Energy is out. The annual publication takes a long view through 2040, reinforcing the view that despite the current slump in prices, hydrocarbons are a long game. ExxonMobil expects global consumption of energy will grow 35% by 2040, citing the surging middle class (particularly in today’s emerging economies) and the simple fact that there will be a couple billion more people on the planet by then. It thinks oil and natural gas will account for c. 65% of total global demand growth. The fastest growing fuel sources in the coming 26 years: Wind, solar and biofuels, which will grow 6% annually to account for about 4% of global energy demand by 2040. “Renewables in total will account for about 15 percent of energy demand in 2040,” the report says. (Visit the landing page for the report, which is home to videos, presentations and downloads; download the report as a pdf or as a summary presentation in pdf; or check out the press release)

UAE’s nuclear-powered future taking shape: The first of four nuclear reactors purchased from South Korea’s KEPCO is set to come online as scheduled in 2017 in the UAE. Once completed, the four reactors should provide almost 25% of the Emirates’ energy needs by 2020. (Read)

A shakeup of the Saudi cabinet leaves the key posts of oil, finance, interior and defense were unchanged, Bloomberg reports. “We see these changes as a move to push ahead with social development plans, rather than a change in the direction in policy,” Monica Malik, chief economist at Abu Dhabi Commercial Bank, said in an e-mailed report yesterday. “We do not see a major change in macroeconomic or political policy.’ (Read)

BG Group to sell Australia LNG pipeline for USD 5 bn: The transaction is expected to net USD 2.7 bn in post-tax profit for BG. (Read)

Economist, Bloomberg play ‘musical chairs’: John Micklethwait steps down as editor-in-chief of the Economist to take the top job at Bloomberg News, where founding editor Matt Winkler (who grew the upstart into a global powerhouse) has stepped aside and will now be “editor-in-chief emeritus.” TheWSJ has solid coverage, as do the Guardian and the NY Times.

So do BMW, Volkswagen: BMW announced yesterday that it’s chief executive will step down a year early, leaving in May 2015, while Volkswagen’s chief will relinquish control of the Volkswagen brand while remaining head of the wider VW group. The WSJ and Reuters both have decent takes on the shakeups.

London’s New Scotland Yard, the headquarters of the Metropolitan Police, has been sold to Abu Dhabi Financial Group for c. USD 580 mn. There is no difference, said London Mayor Boris Johnson, between “having an investor from Abu Dhabi or having the BP pension fund do this. Anybody who thinks otherwise is, I’m afraid, completely economically illiterate.” (Read)

Citigroup faces a USD 2.7 bn legal charge this quarter as it grapples with multiple investigations across its footprint (Read).

Most boring company name ever? “Restaurant Brands International” is the new name for the Tim Hortons / Burger King lashup, approved yesterday at a meeting of shareholders.  ”We are excited to unveil the name of our new global company, which conveys our mission to create the world’s leading global restaurant business through a strong commitment to our franchisees and a consistent focus on serving guests around the world.” Writing as a Canadian citizen with a fondness for Tim Hortons food products: That’s corporate pablum as bland as the chain’s coffee. (Read the press release)

The International Islamic Council on Tuesday dumped Yusuf Qaradawi’s International Union of Muslim Scholars from its roster, along with ten other groups, citing the Union’s mixing of religion and politics and its support of terrorist groups, as reported by Ahram Online. (Read)

EGYPT IN THE NEWS

All other news stories on Egypt were once again buried under a mountain of negative press on the so-called “baths” case of yesterday:

• Egyptian TV crew criticised over police raid on Cairo bath […] (The Guardian)
• Egyptian authorities arrest men … in bath […] raid (The Independent)
• Cairo bath […] raid: How Egypt exploits […] sentiment (Christian Science Monitor)
• Living in fear: Egypt’s […] community (CNN)

Editor’s Note: We have redacted three words here because their inclusion yesterday and the week before last (individually and / or in proximity to each other) resulted in our being caught in corporate email “spam” filters and not reaching several hundred readers as a result. Our apologies for any inconvenience this act of self-censorship may cause, but we do wish to reach your inboxes. If ever your copy of Enterprise does not arrive in the morning, please (a) check your junk folder or (b) visit EnterpriseMEA.com. You may also ask your corporate IT department to specifically whitelist our email address and domain, and we’re always available to help you troubleshoot.

Spider-Man in Cairo continued to receive largely positive coverage, although there was some emphasis on how tired his commute was making him: Egypt: ‘Spider-Man’ photos aim to show daily struggles (BBC), ‘Spider-Man’ faces everyday struggles in Cairo (UPI) and readers may view the photographer’s collection on his Facebook page.

Qatar has yet to demonstrate that it is attempting to meet its commitments to the Riyadh agreement to reconcile with Egypt, writes Walaa Hussein, parliamentary news editor at Rose al-Yusuf. His piece for Al-Monitor was syndicated and picked up by the US News and World Report. Read:Egypt Cautiously Accepts Reconciliation With Qatar

Get beyond the first two paragraphs and the more academic-minded of you might enjoy Ellis Goldberg’s take on “a useful framework for understanding thedifferent outcomes of what appear to be similar processes in Tunisia and Egypt. Tunisia has garnered high praise for passing the “Huntington two-turnover” test that every other Arab country has failed: The party that dominated the government immediately after the fall of the authoritarian regime has now peacefully given way to its opposition. … This supposed success contrasts vividly with the failure of Egypt’s transition, which ended instead in intense political polarization and a military takeover.” The Washington Post picks up the piece for its Monkey Cage blog; Ellis is professor emeritus of political science at the University of Washington. (Read)

WORTH READING

Mohamed El-Erian, writing for Project Syndicate, expects next year to be “A Year of Divergence” where global economies will be split between four groups:

• A group led by the US that will experience continued improvement in economic performance
• A second group, led by China, stabilizing at lower growth rates than historical averages that will have their growth models reoriented towards more sustainability
• Europe, struggling with economic stagnation and high youth unemployment
• A “wild card” group of countries (most notably Russia and Brazil) that are large and deeply interconnected globally — he doesn’t make a clear call about them.

This world of multi-speed economic growth will mean that central banks will have a crucial role to play in order to avoid the potentially disruptive effect of the expected divergence. Read the whole piece here.

WORTH WATCHING

2014 Nobel laureate in Economic Sciences Jean Tirole gave the 2014 Prize in Economic Science’s lecture on Monday 8 December titled: The Science of Taming Powerful Firms. Running time 42:47. (Watch)

MOVES

• EgyptAir has appointed Ahmed Shahin as its general manager in Saudi Arabia, replacing Jamal Al Hazar, as reported by Zawya.
• Hilton Worldwide appointed Nasser Mokhtar to the position of Regional Director of Sales for Egypt and the Levant, according to a release by the company.
• Don’t be shy: Send us your hiring / promotion announcements — editorial@enterprise.press

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Invitation-only renewable energy trade mission in Cairo 11-12 February
MESIA | Undated, available online 09 Dec 2014
Egypt’s Ministry of Electricity and Renewable Energy, in partnership with the Middle East Solar Industry Association (MESIA), is organizing a trade mission that will take place in Cairo on 11-12 February 2015. The event is invitation only and will focus on 50 pre-selected companies that have the technical and financial resources to carry out investments of at least USD 10 mn in Egypt’s renewable energy sector. The objective is to secure a combined commitment of USD 1 bn in investments from the participating trade mission delegation. The trade mission will include participation by Prime Minister Mehleb, as well as the ministers of finance and investment. From the business community, Naguib Sawiris and Ahmed El-Sewedy will also be in attendance. (Read)

Oil Minister: Egypt is qualified to become a regional energy center
Al Masry Al Youm | 09 Dec 2014
Oil Minister Sherif Ismail said Egypt has all the attributes needed to become a regional energy center, including a unique geographic location, strong infrastructure, the Suez Canal, the SUMED pipeline and an extensive oil and gas network. Ismail added that the Mediterranean basin contains a tremendous amount of hydrocarbons. He also explained that there will be an enormous amount of demand for hydrocarbons by the year 2050 as a result of economic and population growth. Ismail’s comments were made during the opening ceremony of the Mediterranean Offshore Conference and Exhibition (MOC), which includes 59 local, regional and global participating companies. (Read in Arabic)

Qalaa Holdings draws down USD 180 for Egyptian Refining Company
Al Mal | 09 Dec 2014
Qalaa Holdings drew down USD 180 mn in financing for Egyptian Refining Company (ERC) in November, according to a company report obtained by Al Mal. The USD 3.7 bn mega-project, the daily says, is supported by a USD 2.35 bn financing package. The company report revealed that 43.8% of the project has been completed as of December 2014, including reactors, hydrocracking equipment and storage units. Qalaa Holdings forecasts that ERC is expected to deliver EBITDA of c. USD 750 mn in 2017 (its first year of operations), the newspaper says. ERC plans to produce 4.2 mn tons of refined fuel annually, including 600,000 tons of gasoline, 2.3 mn tons of EURO V diesel and 700,000 tons of jet fuel, significantly reducing Egypt’s dependency on imports. Meanwhile, Qalaa Holdings expects an EBITDA of EGP 600-650 mn by the end of 2014 and a reduction of its debt to USD 260 mn from USD 300 mn. (Read in Arabic)

Eight global companies compete for Western Damietta power plant boilers
Al Masry Al Youm | 09 Dec 2014
Eight global companies are competing for a project to deliver and install steam boilers for the 250 megawatt conversion of the Western Damietta power plant to a combined cycle operation. An official with the East Delta Electricity Production Company, said the companies include Ansaldo of France, Nooter/Eriksen of Italy, Alstom of Germany, Siemens and Thermax of India, among others. The president of the East Delta Electricity Company, Ahmed Azab, said the cost of converting the West Damietta power plant to a combined cycle will cost USD 2 billion . Several groups are providing financing for the project, including the Saudi Development Fund, the European Bank for Reconstruction and Development (EBRD) as well as funds from the East Delta Electricity Production Company. (Read in Arabic)

Brightsource considers USD 2 bn in investments in Egypt
Al Mal | 09 Dec 2014
Brightsource Energy is considering investment opportunities in Egyptian renewable energy projects worth around USD 2 bn. Brightsource is currently vetting potential local partners to be able to engage in joint ventures for solar and wind power stations, Al-Mal says. (Read in Arabic)

OIL & GAS

Egypt to tender for second LNG import terminal
Zawya | 09 Dec 2014
A source at EGAS said that Egypt will launch a tender for a second LNG import terminal in the coming weeks. This comes after finalizing a deal with Norway’s Hoëgh for a FSRU last month and other deals to import LNG from Algeria. (Read)

BP to invest USD 12 bn in Egypt over five-years, boost gas supplies
Reuters | 09 Dec 2014
BP will invest more than USD 12 bn in Egypt over the next five years, and will double its gas supplies to the local market within the next decade, according to comments made by BP Egypt’s country manager on Tuesday. Hesham Mekawi made the comments during the 7th Mediterranean Offshore Conference and Exhibition, referring to a project to develop the West Nile Delta. The conference will run until Thursday. (Read)

RWE Dea increases oil and gas production volumes in Egypt
PennEnergy | 09 Dec 2015
“North Africa is one of our strategic core regions,” said Maximilian Fellner, General Manager of RWE Dea Egypt, in remarks the MOC industry conference in Alexandria yesterday according to a company statement picked up by the trade press. “In Egypt, Dea can look back upon three decades of oil production and we recently doubled our overall production in the country through getting our onshore gas project Disouq on stream. Dea achieved first gas last year from the Disouq onshore gas development in the Nile Delta and is targeting additional production increases for 2015. (Read)

Turkey will not accept delimitation agreements between Greece and Egypt
Turkish Weekly | 09 Dec 2014
Turkish Prime Minister Ahmet Davutoglu said that his country will not accept any delimitation agreements between Egypt and Greece if Turkey’s national interests aren’t preserved. He also criticised the trilateral talks between Egypt, Turkey, and Greece (along with Israel) for their bad timing and their opportunism. Davutoglu also casted doubts about the technical and economic feasibility of a gas pipeline connecting the east Mediterranean and Europe. (Read)

OTHER BUSINESS NEWS OF NOTE

Automotive sales in Egypt reach 26,000 units in October
Al Borsa | 09 Dec 2014
Egypt’s automotive sales reached 26,000 units in October, reported the Automotive Marketing and Information Council (AMIC). The figure shows a 66% jump from the same period last year, where 15,600 units were sold. Car sales constituted 75% from total auto sales, commercial vehicles 15% and buses 10%. (Read in Arabic)

DP World expanding in Ain Sokhna
Al Mal | 09 Dec 2014
DP World began operations two weeks ago to expand its dock number three at Ain Sokhna Port, according to the company’s MD. This follows the promise to inject USD 750 to expand dock number two, a project expected to take two years. DP World Sokhna reports rising activity following a 30% decline in cargo volumes handled in 2013; the company aims to have serviced 550,000 containers by the end of 2014 and now has an annual handling capacity of 1.1 million containers. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Comprehensive cooperation strategy between Egypt and China
Al Ahram | 09 Dec 2014
President Abdel Fattah El-Sisi will sign an agreement with China elevating bilateral relations between the two countries to a comprehensive strategic partnership, during his visit to China on 23 December. Egypt’s ambassador in China, Magdy Amer, told Al-Ahram that Chinese government officials and Chinese media have described El-Sisi’s upcoming visit as “historic.” Meanwhile, Egypt’s ministers of Trade and Industry, International Cooperation, Investment, Transportation and Electricity and Renewable Energy landed in Beijing over the past few days to pave the way for President Abdelfattah El-Sisi’s visit to the Chinese capital. The two sides are expected discuss cooperation in several sectors, especially energy and railways. (Read in Arabic)

Security situation around embassies is calm, safety measures increased — public security official
Al Ahram | 09 Dec 2014
The Interior Ministry’s deputy minister for public security, Maj. Gen. Sayed Shafik, said the ministry has increased security precautions around the British and Canadian embassies at their request. Shafik said police officers and Special Operations Police have been deployed around the two embassies, noting that Egypt is committed to securing all embassies and foreign nationals in the country. He also said there were no specific threats against any diplomatic mission in Egypt. Both the British and Canadian embassies in Cairo closed their visa services again on Tuesday, citing security concerns. (Read in Arabic)

EU offers new trade agreement to Egypt and MENA countries
Daily News Egypt | 09 Dec 2014
The EU has proposed a new trade agreement for countries participating in partnership agreements with Europe last week. Ambassador Gamal Bayoumi, Secretary General of the Egyptian-European Partnership Agreement, has the new agreement offered by the EU represents an improvement over previous versions, as reported by Daily News Egypt. Bayoumi also said that the agreement includes new trade facilities between the countries participating in the partnership agreements with Europe, with the EU set to recognize certificates of quality and standards. (Read)

CBE: EU maintains position as main trade partner to Egypt
State Information Service | 09 Dec 2014
Egypt’s total foreign trade went up by 1.5% to reach USD 85.9 bn during fiscal year 2013 / 2014. According to a report by the CBE, payments surpassed commodity imports by 3.7% to reach USD 59.8 bn, with commodity exports decreasing by 3.2% to reach USD 26.1 bn. The CBE report added that the European Union is still the leading trade partner to Egypt with 30.7 % of total foreign trade, followed by Arab countries with 25.8% and Asian countries with 18.2%. (Read)

INTERNATIONAL

Iraq follows Saudi and cuts prices of crude sold to Asia
Bloomberg | 09 Dec 2014
Iraq followed Saudi Arabia in cutting prices of crude sales to Asia driving oil prices down to a five year low. Iraq will sell its Basrah Light to Asia at a USD 4 / bbl discount to the Dubai and Oman crudes – the steepest decline since at least 2003. The move is expected as Iraq, Iran, and Kuwait tend to follow Saudi Arabia’s pricing. The head of commodities research at Commerzbank told Bloomberg that this sign is “just an indication of the ongoing ‘price war’” as OPEC producers are now more concerned with market share than prices. (Read)

WFP raised enough money to resume food aid for Syrian refugees
Reuters | 09 Dec 2014
The UN World Food Programme will restart its food aid for Syrian refugees in Jordan, Lebanon, Turkey, Iraq, and Egypt after receiving enough donations to reverse the decision it took to put the programme on hold. Government donations accounted for most of the USD 80 mn raised, and the WFP will now be able to distribute around USD 30 per family member by mid-December, with some money left over for January 2015. (Read)

ON YOUR WAY OUT

The Egyptian Steel Company said that the most recent worker’s strike has cost the company EGP 35 mn in losses. (Read the company disclosure in Arabic)

Mobinil has inked a sponsorship deal with English outfit Chelsea FC which will see Mobinil sending its Egyptian subscribers the club’s news. (Read in Arabic)

The Father of Gaming, Ralph Baer, who unintentionally started a USD 100 bn industry, is dead.

**Temporarily** suspending our permanent lack of tolerance for and interest in awards and award stories: Egypt’s Electric Utility and Consumer Protection Regulatory Agency (Egypt ERA) won the Policymaker of the Year Award at the 2014 Middle East Solar Awards in recognition of Egypt’s recent feed-in-tariff program aimed at encouraging greater production of solar energy. Lamyaa Abdel Hady, Director of Solar FIT Program at the Ministry of Electricity, won the Solar Initiative of the Year award for her role in leading the roll-out of Egypt’s 4,300MW renewable energy procurement program. (Read)