Good morning, wonderful people, and happy Sunday. We’re starting the week off busy, with news on everything from the outlook for our economic reform program to an African diplomatic attempt to get Russia and Ukraine to the negotiating table to end their 16-month conflict.

THE BIG STORY here at home: Goldman Sachs says our FX shortage could stall economic reforms. MENA strategist Farouk Soussa thinks we need to drum up USD 5 bn to facilitate the transition to a full float of the EGP — a key condition of our delayed loan program with the IMF.

AND- There’s diplomatic developments in every direction. African leaders including our PM were in Russia and Ukraine to call for peace at the weekend; new acquaintances Saudi and Iran are getting closer; China wants to broker peace in Palestine; and the US’ top diplomat just touched down in Beijing. We bring you all the details in the newswell, below.

The Enterprise Finance Forum is our flagship gathering — the one so many of you have been waiting for. The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings. Stay tuned for more information on the location.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations just after the 30 June holiday.

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STAY TUNED for more detail about our exciting agenda in the weeks to come.

THE BIG STORY ABROAD–

Blinken in Beijing: US Secretary of State Antony Blinken’s arrival in China today is front and center in the foreign press. The trip makes Blinken the first top American diplomat to visit the country in five years — and comes as US-China tensions are running particularly high over issues from tech to trade. Blinken will meet with Chinese Foreign Minister Qin Gang and China’s top diplomat Wang Yi and potentially President Xi Jinping. “There’s a recognition on both sides that we do need to have senior level channels of communication,” a US official told reporters. (Reuters | Bloomberg | Financial Times | WaPo | AP)

HAPPENING TODAY-

International Finance Corporation managing director Makhtar Diop is in Egypt today:Diop will sign an agreement to mobilize private-sector investment and meet with Prime Minister Moustafa Madbouly, central bank governor Hassan Abdalla, and senior cabinet ministers.

HAPPENING THIS WEEK-

It’s interest rate decision week: The Central Bank of Egypt’s monetary policy committee will meet on Thursday, June 22, to set its rate policy until its next meeting in August.

The fourth week of the National Dialogue will see sessions on the law regulating civil society organizations and activity; freedom of scientific research and building partnerships with the international scientific community; reforming the management of public finances, including the budget, state spending, and upping state revenues; industrial policies; and the threats to communities and families posed by domestic violence and “online dangers.”

IN THE SENATE-

The Senate will reconvene this week ahead of the Eid break, meeting today and on Monday. Senators will discuss a report that calls on the government to unify legislation governing cooperatives and offer them tax incentives to help them boost exports.

Also in the Senate committees today:

  • The Agriculture Committee will hold meetings on smart irrigation systems, rice cultivation, and livestock wealth.
  • The Energy and Environment Committee will look into the role of circular economies in achieving sustainable development and eliminating waste and pollution.
  • The Financial and Economic Affairs Committee will review the government’s administrative reform policy.
  • The Tourism Committee will hold meetings to discuss the government’s efforts to boost visitors to the Nile Delta and Rosetta.
  • The Health Committee will review problems facing public hospitals.

The House will reconvene on Tuesday and Wednesday.

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

WATCH THIS SPACE-

Masdar-led consortium seeks consultant for mega wind farm: The UAE’s Masdar, Infinity Power, and Hassan Allam Utilities are in talks with four unnamed consulting firms — one British, one Canadian, one French, and one American — to advise on their planned 10-GW wind farm in Sohag, Al Borsa quotes Infinity General Manager Hesham El Gamal as saying. The consortium plans to sign contracts with the consultant within the next month, Gamal said, adding that they aim to complete feasibility studies and reach financial close on the project within 12 months. At a cost of USD 10 bn, the wind farm is set to be one of the largest in the world.

DATA POINT-

The National Navigation Company (NNC) posted a net gain for the first time in 14 years in 2022, according to a Transport Ministry statement. The state-owned shipping company saw net earnings of around USD 30.2 mn last year, the statement reads, without giving further details. The last time the company was in the black was 2009 — the same year it was delisted from the EGX for failing to comply with listing regulations. NNC has reportedly been mulling a return to the bourse.

MARKET WATCH-

Saudi oil tankers carrying a record volume of crude oil have been spotted off our Red Sea coast: Oil tankers carrying over 20 mn barrels of Saudi crude oil have reportedly anchored off the Red Sea coast of Egypt, marking the highest volume of stationary oil observed since the covid pandemic in 2Q 2020, according to a Vortexa note seen by Asharq Business. This increase could possibly be attributed to an increase in demand for the Saudi crude oil in Europe, Vortexa’s lead crude oil analyst Jay Maroo wrote in the note.

THE REALIGNMENT-

The Saudi-Iran thaw continues: The foreign ministers of Saudi Arabia and Iran held a joint press conference in Tehran yesterday following talks that covered cooperation in fields from regional security to trade, according to the Saudi Press Agency and Iranian state TV reports quoted byBloomberg. The visit marks the latest step in an unexpected Beijing-brokered rapprochement between the two longtime foes in March.

After the Saudi-Iran pact, China proposes Palestinian peace conference: Chinese president Xi Jinping offered to hold an international peace conference to mediate peace between Palestine and Israel, Bloomberg reports. “We must adhere to the right direction of the peace talks,” Xi told Palestinian Authority head Mahmoud Abbas last week on his visit to Beijing, calling for a “push for the holding of a larger, more authoritative and influential international peace conference,” according to the Chinese Foreign Ministry statement.

Saudi and UAE press Europe to restore ties with Assad: Saudi Arabia and the United Arab Emirates are lobbying European countries to resume diplomatic relations with Syria’s government to end the 12-year conflict and alleviate sanctions to revive its economy, people familiar with the matter told Bloomberg. The Arab League last month welcomed Syria back into the organization but Europe and the US remain against restoring relations with Damascus, the latter of which could soon introduce harsher sanctions targeting countries doing business with Damascus.

ALSO- International donors pledged more than USD 6 bn to support people in Syria and the neighboring countries hosting Syrian refugees on Thursday at the EU-hosted Brussels conference, according to Reuters.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.

That said, we’re looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

During the program you will learn:

  • The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
  • Business and finance for non-finance people: Whether it’s industry jargon or key concepts or simply how to read a balance sheet;
  • How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
  • How to develop sources that will give you the key insights needed to tell a complete story;
  • How to communicate these stories with the confidence and language of an insider.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

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