Good morning, wonderful people. We have a packed issue with updates from around the region this morning, but first…

IT’S TODAY- The Enterprise Finance Forum is taking place today and tomorrow at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech — and of their clients.

We’re starting the event at 8:00am with a standing networking breakfast, with the opening panels starting at 9:00am. Panel discussions will end at 1:20pm both days.

We are very grateful for the interest we’ve seen from many of you and are looking forward to meeting those attending.

** For those of you joining us, please remember to bring the personal QR code you received yesterday on both days to ensure access to the venue.

There will be plenty of parking available at the venue.

Tap or click here to view the FULL AGENDA with SPEAKERS.

** We are honored to count some of the region’s most important financial institutions as our partners for this special event. The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FABMISR, HSBC, Mashreq, Banque du Caire, CI Capital, Global Corp, Visa, Hassan Allam Utilities, the IFC, and Post for Investment.

OUE TOP CLIMATE STORY- Netherlands-based chemicals producer OCI Global — in which Egyptian bn’aire Nassef Sawiris owns a 38.8% stake — has signed an offtake agreement with US-based project developer New Fortress Energy (NFE) to purchase green hydrogen from NFE’s planned large-scale green ammonia plant in Texas.

^^ We have all the details on this story and much more in the news well, below.

THE BIG CLIMATE STORY OUTSIDE THE REGION- California is taking big oil to court for downplaying fossil fuel risks: The state of California — the world’s fifth largest economy — is suing oil majors including BP, Exxon, Chevron, Shell and ConocoPhillips for causing USD bns in economic and environmental damages by misleading the public on the impact long-standing fossil fuel extraction has on the economy and communities. The lawsuit brought forward by the state’s Attorney General Rob Bonta to San Francisco’s County Superior Court alleges big oil firms and trade groups— including The American Petroleum Institute — have known since at least the 1960s that their operations are warming the planet and causing “tens of bns of USD” in damages, and seeks to create of a carbon abatement fund aimed at mitigating the impact of continued oil and gas extraction. “For more than 50 years, Big Oil has been lying to us — covering up the fact that they’ve long known how dangerous the fossil fuels they produce are for our planet,” California Governor Gavin Newsom told the press following submission of the state’s 135-page complaint.

The story grabbed headlines in the international press: New York Times | The Guardian | AP News | Reuters | Financial Times | Bloomberg | CNN | France 24 | Deutsche Welle

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WATCH THIS SPACE #1- Algeria wants to partner with US oil giants on renewables: A delegation from Algeria’s state-owned oil firm Sonatrach and state-owned gas firm Sonelgaz are heading to the US in November to discuss potential partnerships in renewables and green hydrogen with ExxonMobil, Chevron, and Occidental Petroleum, Zawya reported on Friday. The meetings will take place from 7 to 9 November as part of the annual US-Algeria Energy Forum, attended by delegations from the relevant government ministries. “The main topic of the meeting this year is the setting up of US renewable energy projects in Algeria … we are especially interested in green hydrogen projects,” head of the Algerian-US Business Council Ismail Shaikhoon told Algeria’s state radio.

But the US isn’t a big fan of Algeria’s investment climate: The United States has criticized Algeria’s state enterprise-dominated economy, saying it has an “inconsistent regulatory environment,” an executive summary of its 2023 Investment Climate Statements on the North African country reveal. “Algerian government officials frequently encourage US companies to invest in Algeria with particular focus on agriculture, information and communications technology, mining, hydrocarbons, renewable energy, and healthcare,” the summary notes, “however certain regulations explicitly favor local firms at the expense of foreign competitors, and frequent, unpredictable changes to business regulations have added to the uncertainty in the market.”

Heavy on fossil fuels: The country’s hydrocarbon production accounts for 95% of export revenues and c. 40% of government income, the summary notes. Despite Algeria emerging as a main source of gas to European countries due to the Russian invasion of Ukraine, rising domestic energy consumption and underinvestment in production may be an obstacle for the country to boost its exports, according to the report.

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WATCH THIS SPACE #2- Oman has big green hydrogen plans: Oman is targeting 8 mn tons of green hydrogen production by 2050 in a bid to establish itself as a green industrialization hub, Director General of Renewable Energy and Hydrogen at the Ministry of Energy and Minerals Firas Al-Abduwani said in an interview with Gulf Leaders Circle. The sultanate plans to nab 8% of the global amount of tradeable green hydrogen — which is expected to reach 100 mn tons by 2050 — and aims to convert green hydrogen to synthetic aviation fuel in an effort to supply sustainable aviation fuel to the region, Al-Abduwani said. Oman also intends to reduce its carbon footprint by decarbonizing transportation, incentivizing the adoption of EVs, and establishing an electric vehicle charging network.

WATCH THIS SPACE #3- TotalEnergies could sink USD mns in Adani Green: French oil giant TotalEnergies is in talks to invest up to USD 700 mn in Adani Green’s renewable projects, Bloomberg reported on Friday, citing people with knowledge of the matter. While negotiations are currently ongoing, the investment would increase TotalEnergies presence in the Indian energy market and give Adani Green more funds to develop new renewable energy projects. TotalEnergies is the second largest shareholder of Adani Green, with a 19.75% stake, according to data compiled by Bloomberg. The company bought a 20% stake in Adani Green in 2021 as well as 50% interest in some of Adani Green’s solar farms in a USD 2.5 bn transaction that was among the largest foreign investments in India.

REMEMBER- The Qatar Investment Authority reportedly bought shares worth USD 500 mn in India’s Adani Green Energy last month, representing some 3% of Adani’s green energy arm, sources close to the matter told the Economic Times. If confirmed, the investment by QIA would provide a lifeline for Adani after alleged fraud battered investor confidence earlier this year .

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WATCH THIS SPACE #4- Beijing condemns EU probe into Chinese EV subsidies: China slammed a fresh probe by the European Commission into China’s subsidies for electric vehicles, saying it will have a “negative” impact on economic and trade ties, Reuters reported on Thursday, citing a statement by the country’s Commerce Ministry. "China believes the investigative measures proposed by the European Union are in reality to protect its own industry in the name of 'fair competition'," it said. "It is a naked protectionist act that will seriously disrupt and distort the global automotive industry and supply chain, including the EU, and will have a negative impact on China-EU economic and trade relations,” the ministry said.

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CIRCLE YOUR CALENDAR-

Morocco will host the World Power-to-X Summit from Tuesday 19 September to Thursday 21 September in Marrakech. The event brings together policymakers, industry leaders, and innovators in green hydrogen to showcase success stories in the carbonfree industry. It will also explore scaling-up projects throughout the Power-to-X value chain and hold discussions on harmonizing roadmaps of contiguous countries and adjacent regions.

Saudi Arabia will host the MENA Climate Week from Sunday, 8 October to Thursday, 12 October in Riyadh. The four-day summit will discuss climate solutions ahead of COP28. It aims to provide a platform for policymakers, businesses, and others to exchange climate solutions as well as discuss obstacles and avenues in different regions. It considers four major systems-based tracks: energy systems and industry, cities, urban and rural settlements, infrastructure and transport, land, ocean, food and water, societies, health, livelihoods, and economies. You can register here.

The UAE will host the UNCTAD World Investment Forum from Monday, 16 October to Friday, 20 October in Abu Dhabi. This year’s theme focuses on sustainable investments, with a diverse range of climate financing sessions on promoting investments in the blue economy, agrifood systems, sustainable infrastructure, carbon markets, the circular economy, strategic minerals for decarbonization, and sustainable tourism. Some sessions will tackle reform of financial institutions needed to reach net zero, such as a session on integrating nature-related risk into capital markets and financing an equitable nature economy. Public sector investments and stock exchange action on climate disclosures will also be discussed.

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