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Good afternoon friends and welcome to this Monday that brings us closer to the end of October. The focus of the local and international news cycle remains fixated on the continuing assault of Gaza.
THE BIG STORY TODAY
Your favorite car scheme is officially back: President Abdel Fattah El Sisi has signed off today on a bill that will bring back the expat car-for-FX initiative for a renewable three-month period.
FX, please: The Madbouly government expects to drum up between USD 450 mn and USD 1 bn via the new iteration of the program, a government source told us earlier this month.
You only have three months or six: Egyptians living abroad will have three months starting today to apply to import tax-free cars. But this comes with the condition that they deposit the equivalent of the saved duties and taxes in a five-year FX certificate of deposit. The new law allowed the Prime Minister to renew the initiative for another three months.
WHERE CAN I SIGN UP FOR THE INITIATIVE? You can use the apps on Google Play and the App Store.
THE BIG STORY ABROAD is still Israel’s neverending assault on Gaza, and the IDF looks like it wants to be seen as ready to fight a multi-front war. Tanks and infantry have pushed to the outskirts of Gaza, the WSJ reports. Troops are approaching Gaza from two sides, Reuters adds. Israeli forces are also raiding the West Bank, have struck targets in Syria, and are girding for more intense skirmishes along the border with Lebanon, according to the Financial Times.
The US is still not ready to call for a “pause,” let alone a ceasefire, and Joe Biden has been silent since his suggestion yesterday that Israel needs to try to “protect civilians” in this phase of the war. (Like the IDF are doing by telling folks in a hospital to evacuate before it shells it.)
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Israel halted all gas exports to Egypt earlier this month as the war in Gaza disrupts production in the Eastern Mediterranean.
- US does not support Palestinian displacement, Biden tells Sisi: Speaking with President Abdel Fattah El Sisi yesterday, US President Joe Biden expressed opposition to the displacement of Palestinians into Egypt and agreed on the need to accelerate aid deliveries to Gaza.
- Safe houses: Cairo’s residential housing market has been “gaining momentum owing to the continued fear of further devaluation” even as developers hike prices.
?️ TOMORROW’S WEATHER- Look for a cloudy day with the mercury rising to 31°C during the daytime and dropping to a cooler 22°C in the evening, tells us our favorite weather app.
