52,206EGX 30 · Sunday, Oct. 11 close (first session of the week; approximate) · −1.99%

DailyDrop.

—USD/EGP · no official rate confirmed by two sources
EGX3052,206.00▼1.99%10/11USD/EGP—S&P 5007,811.54▲0.59%10/9WTI$91.85▲0.39%10/9Gold$4,216.30▲1.43%10/9
Gulf · SecurityPress ✓ 6 outlets · Toll attributed to Saudi authorities

Second strike on Riyadh airport after Saturday’s attack that killed 12; Houthis claim responsibility, and an Egyptian flight attendant is among the victims

On Saturday, October 10, Saudi authorities announced 12 dead and 309 injured; then a projectile hit Terminal 4 on Sunday afternoon, and EgyptAir suspended its flights to Riyadh. We have not seen an independent toll.

Saudi authorities said, according to the Washington Post, the Associated Press and CBS, that the attack targeting King Khalid International Airport in Riyadh on Saturday, October 10 killed 12 people and injured 309 others. USA Today reported that the Houthis, an armed Yemeni group, claimed responsibility for the attack, and the Associated Press reported that Saudi Arabia extended the airport’s closure. This came after Thursday’s attack on October 8, which killed three Saudis according to the General Authority of Civil Aviation, and after the European Union Aviation Safety Agency widened its warning about Saudi airspace, according to Reuters.

The airport was then hit by a second strike on Sunday afternoon, October 11; the Saudi-led coalition said a projectile targeted Terminal 4 and that site authorities were dealing with the resulting fire, according to Bloomberg and the BBC. The General Authority of Civil Aviation announced that Dammam airport was targeted on Sunday evening, and the Houthis said they struck Dammam airport and Aramco facilities in the Eastern Province; there was no immediate Saudi confirmation regarding Aramco. Riyadh vowed a major response, according to the Guardian and the Washington Post, and NBC said Trump is considering joining the fighting; we have not seen a decision.

UN Secretary-General António Guterres strongly condemned the attack, according to Financial Juice, and Russia and Pakistan condemned it; Pakistan said it had tasked its embassy in Riyadh with helping its injured nationals. The Philippine Inquirer reported four Filipinos injured, three of them in intensive care. The Houthis repeated their warning to airlines, travellers and workers against using Saudi airports, according to Reuters, while the Washington Post saw Saudi Arabia facing a new level of danger amid the wider war with Iran, and the Guardian published an analysis saying the attack would force Trump to rethink his strategy.

There is a direct angle for the Egyptian reader: the Egyptian Ministry of Foreign Affairs announced the death of a 28-year-old Egyptian flight attendant in the attack, according to Al-Ahram Online, Saudi Gazette reported that she worked for flynas, and Egypt Independent reported that the victims include an Egyptian woman working as a flight attendant. EgyptAir suspended its flights from Cairo and Alexandria to Riyadh until the airport resumes operations. The Hindu reported the death of an Indian man injured in the attack; it is not clear whether he is among the twelve. The Saudi Ministry of Energy had announced the start of the 25th World Petroleum Congress in Riyadh on Sunday, and organizers said on Saturday that major Saudi conferences would go ahead despite the attack, according to Reuters; then the Financial Times said oil company chiefs had withdrawn from the energy conference, and Reuters reported that Saudi stocks fell and that a Houthi-run television channel reported a strike on Sanaa airport, whose toll we have not seen. The Sydney Morning Herald published a headline about a rising toll without a new confirmed figure. The last US crude close, on Friday, was $91.85, and we have not seen prices after the second strike. Watching today: the airport’s status and the date flights resume, the coalition’s response, and the opening of the markets.

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By the numbers
12dead in Saturday’s attack, according to Saudi authorities
309injured, according to Saudi authorities
2strikes on Riyadh airport in two days
Stock exchange · EgyptPress ✓ 3 outlets · Reason for the fall not announced

Egyptian Exchange loses about 81 billion pounds as main index falls 1.99% in first session of the week

The main index, the EGX 30, closed Sunday’s session, October 11, down 1.99% at about 52,206 points, according to Amwal Al Ghad, Cairo 24 and CNews, and the EGX 70 index of small and mid-cap shares fell 2.23% to 19,255 points, a steeper drop than among the 30 largest companies. It was the first session after Thursday’s October 8 holiday and the weekend. Shares of 189 companies fell, and market capitalisation dropped by about 80 to 81 billion pounds. Amwal Al Ghad said foreigners, Arab and non-Arab, were net buyers while Egyptians sold, and Golden Textiles was the biggest loser, down 8.19%, followed by GlaxoSmithKline at 7.27% and Delta for Printing and Packaging at 6.95%.

We found no announced reason for the fall in the coverage. It coincided with a drop in Saudi stocks after the Riyadh airport attack, according to Reuters, but we do not attribute either to the other. The last close before the session was 53,265.16 points on Wednesday, October 7, according to Arab Finance, so the announced percentage is consistent with the difference. The session comes ahead of the Banque du Caire offering, the second IPO in a month, according to Bloomberg, and after core inflation slowed to 14.1%, according to the Central Bank. We found no official dollar rate confirmed by two sources, so we left its box empty.

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Word of the day
Market capitalisationMarkets

The total value of the shares of companies listed on the exchange at market prices; it falls when prices fall, even without any actual selling by the companies.


Russia · UkrainePress ✓ 5 outlets · Moscow’s response not seen

Trump announces an “energy truce” between Russia and Ukraine; Zelensky: “news to me”; Russian strike on a power facility in Kharkiv after the announcement

US President Donald Trump announced on Sunday afternoon, October 11, Cairo time, that Russia and Ukraine had agreed to an “energy truce” effective immediately, according to Reuters, the BBC and Bloomberg. Ukrainian President Volodymyr Zelensky told Axios the announcement was news to him, that his country agrees if Russia accepts, and that it would stop hitting Russian refineries if Moscow stopped targeting Ukrainian energy facilities.

The Kyiv Independent and ABC reported that Russia struck a power plant in Kharkiv shortly after the announcement; we have not seen an official Russian response. Reuters, citing the Financial Times, reported that Washington pressed European capitals and Kyiv to stop hitting refineries, and threatened to withhold weapons. The news matters to the reader in Egypt because the country is a large importer of wheat and fuel, and global prices may move depending on how much of the truce materialises.

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Sudan · BorderPress ✓ 3 outlets · Perpetrator not seen

At least 72 Sudanese gold prospectors killed in air strike on Saturday, according to a rights monitor

The Straits Times and Financial Juice reported that at least 72 workers in artisanal gold mining in Sudan were killed in an air strike on Saturday, October 10, according to a rights monitor. Deutsche Welle published a report headlined on air strikes that killed dozens of gold workers on the Sudanese-Egyptian border. We have not seen who carried it out or the precise location of the strike.

The BBC had reported, citing a rights group, that a drone attack by Sudanese paramilitary forces killed 41 near the Ethiopian border on October 10, which is a different incident. The news matters to the Egyptian reader because Sudan is a bordering neighbour and Egypt hosts large numbers of people fleeing its war; we have not seen an official Egyptian comment.

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Egypt · The NilePress ✓ 3 outlets · Full text of the remarks not seen

Trump criticizes the Renaissance Dam, calling it a “stupid project”, and says Ethiopia “took all the water” from the Nile

Egypt Independent, Al-Ahram Online and Egypt Today reported that Trump criticized Ethiopia’s Renaissance Dam, describing it as “stupid”, and said Ethiopia “took all the water” from the Nile River, which harms Egypt. Egypt Today reported that he called the dam’s funding stupid as well. We found no agreed date and place for the remarks in the coverage, so we do not specify them.

Egypt has sought for years a binding agreement on the filling and operation of the dam, and Ethiopia says the dam is a development project. We found no Ethiopian response to this particular remark. In DailyDrop’s reading, the remark returns the file to the spotlight but does not change the dam’s status or mean actual US mediation.

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In brief
  • EgyptAir suspends its flights from Cairo and Alexandria to Riyadh until the airport resumes operationsEgypt Independent
  • Restoration of the Fayum “Portrait of the Two Brothers” in cooperation with Italy; Fayum mummy portraits to travel abroad for the first time after restorationEgypt Independent, Asharq Al-Awsat
  • Coalition: projectile fell near King Fahd International Airport in Dammam on Saturday nightFinancial Juice, ANSA
  • Strike on Sanaa airport, according to a Houthi-run television channelReuters
  • Saudi stocks fall after Riyadh airport attackReuters
  • Germany and Europe back Zelensky after Trump’s call to change the Ukrainian presidentReuters
  • Banque Misr is the seller in the Banque du Caire offering, and the proceeds do not go to the bank itselfDaily News Egypt
  • International Monetary Fund and World Bank meetings in Bangkok dominated by the Middle East war and debtReuters
Seven minutes every morning, one front page

Unverified — what we could not confirm

“Russia and Ukraine agreed an energy truce.” That is what Trump said; Zelensky said he learned of it from the announcement and is awaiting details, we have not seen Moscow’s position, and a power facility in Kharkiv was struck after the announcement.
“The death toll at Riyadh airport is 3.” That is the figure for Thursday’s attack on October 8, according to the General Authority of Civil Aviation; the toll for Saturday’s attack is 12 dead and 309 injured, according to Saudi authorities, and reports spoke of injured people dying later with no final figure.
“America funded the Renaissance Dam.” It appeared in coverage of Trump’s remarks, we found no evidence for it, and Ethiopia says the dam is a national project, so we treat it as a claim, not a fact.

Influencer watch

  • Donald Trump, US President Truth Social · 10/11Trump posted on Truth Social that an energy ceasefire between Russia and Ukraine is effective immediately and both parties have agreed.
  • Volodymyr Zelenskyy, President of Ukraine Telegram · 10/11Zelenskyy wrote on Telegram that the energy ceasefire announcement is good news for everyone and it is important that it becomes reality.
  • Volodymyr Zelenskyy, President of Ukraine Telegram · 10/10Zelenskyy wrote on Telegram that he spoke with Macron during a Russian ballistic attack on Kyiv and that the need for more air-defence packages is obvious.
  • Pavel Durov, founder of Telegram Telegram · 10/11Durov wrote on Telegram that the mockup era is over and AI tools let designers craft their ideas, not just draw them.

Statements as posted, not fact-checked.

Glossary · dotted words — economic, security and political terms explained in the context of the story. The list grows every day.
INSIDESecond strike on Riyadh airport after Saturday’s attack that killed 12; Houthis claim responsibility, and an Egyptian flight attendant is among the victimsGulf · SecurityEgyptian Exchange loses about 81 billion pounds as main index falls 1.99% in first session of the weekStock exchange · EgyptTrump announces an “energy truce” between Russia and Ukraine; Zelensky: “news to me”; Russian strike on a power facility in Kharkiv after the announcementRussia · UkraineAt least 72 Sudanese gold prospectors killed in air strike on Saturday, according to a rights monitorSudan · BorderTrump criticizes the Renaissance Dam, calling it a “stupid project”, and says Ethiopia “took all the water” from the NileEgypt · The Nile