Good afternoon, friends, and happy almost-THURSDAY to us all. It’s a busy news day here at home — a theme we expect to carry through until the typical end-of-December lull.

THE BIG STORY TODAY

More green hydrogen momentum: Egypt signed MoUs with seven companies and consortiums to begin conducting feasibility studies on new projects to set up facilities to produce green hydrogen and its derivatives, according to a cabinet statement. Fortescue Future Industries is separately also in talks with the Suez Canal Economic Zone over land allocation for its planned 9.2 GW green hydrogen plant, Al Borsa quotes the company’s President of Middle East, North Africa & Central Asia Moataz Kandil as saying.

THE BIG STORY ABROAD

China is officially rolling back many of its covid-zero policies, with the country’s State Council announcing today that the government will no longer require proof of negative PCR tests for travel between cities. Individuals with asymptomatic or mild cases of covid can also self-isolate at home, instead of being forced to go to a hospital or centralized isolation facility. The story is on the front pages of CNBC, Reuters, the Wall Street Journal, and the Financial Times.

SIGNS OF THE TIMES–

• Morgan Stanley cutbacks: Morgan Stanley cut 2% of its global workforce yesterday, impacting 1.6k people from the company’s 81.5k employees. (CNBC)
• In Europe, Meta will have to ask before it takes: EU privacy regulators are set to make it harder for Meta to use personal data for ads. According to a confidential decision, the social media giant will be required to get users’ consent before showing users personalized ads. (Reuters)
• Huge changes are underway in global semiconductor supply chains: Taiwanese chip giant TSMC plans to invest USD 40 bn to set up two semiconductor fabrication plants in Arizona, one of the largest foreign investments in US history. Washington has moved to reduce its reliance on East Asia as the global semiconductor manufacturing center in recent months amid concerns about a Chinese invasion of Taiwan. (CNBC)

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

• What business leaders think of the business of climate in Egypt: We discussed how to build a (potentially bn USD) climate-centered business to how to access climate finance and what is needed at the policy and regulatory levels to move the green economy forward during our inaugural Climate X Forum yesterday.
• MPs give their final approval to Competition Act amendments: The House of Representatives yesterday voted to pass amendments to the 2005 Competition Act following two days of debate.
• BII’s Sherine Shodhy on investing in the green transition + the VC ecosystem for sustainable development: After reading our five-step recipe for turning Egypt into a global export hub and FDI magnet, BII’s Sherine Shohdy tells us why the green transition should be a focal point for investments to underpin our economic growth.

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???? CIRCLE YOUR CALENDAR-

Key news triggers to keep an eye on this week and beyond:

• Inflation: Inflation data for November will land tomorrow.
• Interest rates: The Central Bank of Egypt’s Monetary Policy Committee meets on Thursday, 22 December to review interest rates.

President Abdel Fattah El Sisi is in Riyadh later this week to attend the China-Arab summit that will coincide with Chinese President Xi Jinping’s visit to the kingdom. Some 12-14 Arab leaders are expected to attend the summit on Friday.

The cabinet’s Information and Decision Support Center (IDSC) will kick off the first session of its new intellectual forum tomorrow, according to a statement. The weekly forum will see experts including government officials, academics, representatives of multilateral institutions, MPs, and national dialogue members meet to discuss key policy questions and make recommendations on them to the prime minister.

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

☀️ TOMORROW’S WEATHER- The mercury will rise to 24°C during the day tomorrow before falling to 14°C at night, our favorite weather app tells us.