Good morning, friends, and welcome to another exceptionally busy news day.

THE BIG STORY here at home, the region, and the world at large continues to be the war in Gaza. We have the full rundown for you in this morning’s War Watch, below, but the key things to know:

  • Biden and El Sisi will meet in Jordan tomorrow, after the US leader stops in Israel to show “unwavering support”;
  • Aid convoys were moving toward the Rafah crossing at dispatch time, but there is no confirmation on when (or if) Israel will allow the border to open today;
  • Israel has yet to launch a ground offensive;
  • There are (early) signs Hamas may be considering releasing some of its hostages in a bid to ease tensions.

Egypt’s Gaza summit will take place on 21 October — and the invite list includes global and regional powers. Egypt is inviting world leaders to the new capital on 21 October to attend the summit announced Sunday that will discuss the “developments and future of the Palestinian issue.” State broadcaster Al Qahera News said yesterday that a large number of regional and international leaders are expected to attend the event, which is being called the Cairo Peace Summit (watch, runtime: 0:51).

On the guest list?Sky News Arabia reported yesterday that leaders of Arab nations and the members of the UN Security Council (China, France, Russia, UK and the US) will be invited, citing senior Egyptian officials. Separately, Asharq Business reported that Saudi Arabia, the UAE, Kuwait, Jordan, Qatar, and the Palestinian Authority have all received invites. Qatar and Kuwait have both confirmed that they’ve received invites. The news outlet also said that the US and French presidents are expected to attend.

Western countries are yet to publicly accept: US Secretary of State Antony Blinken and French Foreign Minister Catherine Colonna have both publicly welcomed the summit but stopped short of confirming attendance. German Chancellor Olaf Scholz yesterday declined to say whether he would attend when asked at a presser yesterday.

AND- Speaking of Scholz — he’s coming to Egypt: The chancellor confirmed yesterday that he will head to Egypt and Israel this week following reports from Reuters and DeutschePresse-Agentur had reported earlier that he would visit both countries on Tuesday. Scholz didn’t provide a timeframe. The visit comes following talks with the leaders of Jordan and Qatar in Berlin. German foreign minister Annalena Baerbock was in Egypt and Israel last week.

It’s fair to say that the two countries aren’t on the same page over the conflict: While Egypt has been calling for an immediate ceasefire and the entrance of humanitarian aid into Gaza, Berlin has backed Israel’s attack on Gaza, pledged to supply it with military aid, and cracked down on pro-Palestinian protests.

Another warning from Tehran: Iran’s foreign minister Hossen Amir Abdollahian yesterdaywarned that “pre-emptive” action against Israel could take place “in the coming hours” if it keeps up its assault on Gaza. Earlier he suggested that a widening of the conflict was becoming “inevitable.”

THE FRONT PAGES- The conflict continues to everywhere on the front pages this morning:

  • Biden will head to Israel and Jordan as concerns mount that Israel-Hamas conflict will spread (AP)
  • Biden to visit Israel on Wednesday; Iran issues warning (Reuters)
  • Joe Biden set to visit Israel as push to open Gaza crossing falters (Financial Times)
  • Biden to visit Israel as rocket attacks continue and Gaza crisis grows (BBC)

ALSO HAPPENING THIS WEEK-

#1- The Belt and Road Forum starts today:Prime Minister Moustafa Madbouly is in Beijing to attend the two-day Belt and Road Forum, a gathering aimed at coordinating the development of China’s ambitious Belt and Road Initiative. Representatives of more than 130 countries are expected to attend the event, which marks the 10-year anniversary of the multi-tn USD global infrastructure investment strategy aimed at deepening China’s trade ties with the world and expanding its economic influence.

Egypt has signed several agreements already:Egyptian aviation companies signed three framework agreements with China’s largest construction company to upgrade two of the country’s airports, the cabinet said yesterday. Under the agreements, the China State Construction Engineering Corporation will construct a new passenger terminal at Hurghada Airport and the two would develop Cairo International Airport including by building a new hangar.

Making its debut at the forum: The Taliban, which since its return to power in Kabul in 2021 has been trying to build economic ties with Beijing, according to Reuters. Afghanistan, which has potentially tns of USD of untapped mineral wealth, is looking to attract “large investors” into the country during the forum, a commerce ministry spokesperson.

#2- S&P is next up to review our credit rating: S&P Global Ratings will publish its review of our sovereign credit rating on Friday. Moody’s downgraded its rating for Egypt to Caa1 from B3 earlier this month due to worsening debt affordability and the FX crunch.

And Fitch makes three: The last of the big three agencies will be out with its review on 3 November.

#3- The deadline is ticking for Dar Venture’s DarE incubator applications: Submissions for the DarE Incubator program by Dar Al-Handasah’s venture capital arm Dar Ventures will come to end this Friday. The six-month program is set to accelerate the growth of promising tech startups from the region.

WATCH THIS SPACE-

#1- Eastern stake sale to wrap up soon? State-owned tobacco manufacturer Eastern Company’s parent company Chemical Industries Holding Company (CIHC) will finalize the USD 150 mn sale of a 30% stake in the company to UAE-based Global Investment Holding (GIH) by the end of October, Al Mal reported yesterday. However, a government source reportedly told Asharq Business in a story published the same day that the sale will go through by the end of the week following the approval of the House of Representatives.

Where’s the money going? The government reportedly plans to build a new fertilizers factory as well as to develop a number of state-owned fertilizer plants, according to Asharq Business. These include the factories of Delta Fertilizers, El Nasr for Fertilizers and Chemical Industries (Semadco), and Egyptian Chemical Industries (Kima), Asharq’s sources said.

#2- Could oil hit the EMX? The Egyptian Mercantile Exchange (EMX) is ready to list oil products on its electronic trading platform, EMX chair Ibrahim Ashmawy said yesterday, during a meeting with Oil Minister Tarek El Molla and EGX chair Ahmed El Sheikh, an EGX statement read. The statement did not give a timeline for when we could expect to see oil products on the exchange.

CORRECTION- We slipped up on our subsea cable story in yesterday’s issue: Our coverage yesterday said that Jordan and Egypt had scaled back their initial planned upgrade to our electricity link between the countries to 1.1 GW for the time being due to economic headwinds. Instead, they are studying channeling 1.1 GW of a total 2.2 GW link through a subsea cable as a cheaper alternative to on-land cables, according to a government source that spoke with Enterprise.

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

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: Egypt’s first locally produced EV — a low-range, low-speed commuter for urban areas — is almost ready for launch.

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