Disclaimer: This morning’s wrap was written in lightening speed.
Al-Futtaim Group and Emaar Properties, two real estate developers from the United Arab Emirates, plan a 5 billion Egyptian pound ($820 million) tie-up to build a retail and entertainment complex outside Cairo, Al-Futtaim said on Tuesday.
How the Egyptian government is apparently largely standing by its trade agreements with the Jewish state, by Ben Gittleson in the Daily Beast.
Interestingly, Zawya Dow Jones reports that Egypt plans to increase its capacity to supply power to the Gaza strip by 36% within two weeks, quoting the country’s Energy and Electricity Minister Mahmoud Balbaa.
The North African country is increasing its maximum grid capacity for Gaza to 30 megawatts from 22MW, Mr. Balbaa said in a statement posted on the ministry website.
Egypt is destined to become a net importer of natural gas if the government hits the economic growth targets it has promised, making lining up overseas resources a must, reports Al Ahram, though unfortunately there is just one “expert” quoted in the entire piece. Nonetheless, it makes for interesting reading on how Egypt is turning to Qatar and Iraq for natural gas resources.
Nice feature in Reuters on the Muslim Brotherhood man who took the post once reserved for generals:
Battling corruption is a top priority for the Muslim Brotherhood man just named as a provincial governor in Egypt but he faces another problem before he even begins: while everyone knows graft is there, it has scarcely ever been investigated.
Great explainer from Una Galani at Reuters BreakingViews on Qatar’s investment interests and making sense of the complex web of subsidiaries under the sovereign wealth fund:
The best way to think about Qatar’s investment activity is as three separate government-backed institutions with separate remits: the QIA, Qatar Petroleum, and the Qatar Foundation, Galani writes.
Iraqi mobile phone company Zain Iraq plans to go ahead with a long-delayed stock market listing in Baghdad by early 2013 at the latest, its chief operating officer told Reuters on Tuesday.
Finally, as lovers of graphs, here’s some pretty graphs from Capital Economics on Saudi Arabia’s PMI:
Said Hirsh of Capital Economics says:
September’s PMI data suggest that growth in Saudi Arabia’s non-oil private sector continues to accelerate. But this contradicts other activity data, including our own proxy for the non-oil economy.
For more info, read the whole investor note here.