THIS EVENING: TUI forecasts an uptick in winter travel bookings to Egypt

Good afternoon, ladies and gentlemen, and welcome to what has shaped up to be a relatively calm Wednesday here at home.

THE BIG STORY TODAY

European tourists incoming this winter: TUI’s bookings to Egypt will rise again after Christmas as tourists seek out “value winter sun” destinations, CEO Sebastian Ebel said as the company reported its annual results, Reuters reports. TUI had witnessed a “temporary slight slowing” in its Egypt bookings recently due to the conflict in Gaza, Ebel said.

Background: Egypt is hoping to attract 18 mn tourists in 2024, bringing in some USD 17.5 bn of revenues for the country, Tourism Minister Ahmed Issa said recently. Tourism revenues are on track to hit USD 14 bn in 2023, Issa said, rising 15% y-o-y.

THE BIG STORY ABROAD

We’re looking at another mixed bag of international headlines this afternoon. Putin is paying a visit to the UAE and Saudi Arabia, for the first time since invading Ukraine, to discuss Russia’s role in OPEC in light of the alliance’s agreement last week to bolster prices by cutting production (Reuters | Bloomberg). Argentina’s president-elect, Javier Milei, aka El Loco, is having a friendly exchange with Beijing in a move that contradicts his earlier intentions to cut off ties to China, reports the Wall Street Journal.

ON THE BUSINESS SIDE- US consumers are financing their spending via credit cards with crazy interest rates, an economist told CNBC , so we can expect a major pullback in consumption heading into the new year. Experts disagree on whether or not this will trigger a recession, though. Also, economists polled by the Financial Times agree that the US central bank will hold off on cutting interest rates until at least July 2024, much later than Wall Street is betting on.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Three years and counting:Economic headwinds buffeting Egypt’s non-oil private sector continued in November as inflationary pressures weighed on demand and sent business confidence to record lows, according to S&P Global’s purchasing managers’ index.
• As Actis reportedly readies wind farm bid, the SFE has brought in an advisor: The Sovereign Fund of Egypt (SFE) has appointed Belgium-headquartered engineering and consultancy firm Tractebel to act as a consultant for the sale of stakes in the state-owned 580-MW Gabal El Zeit and 545-MW Zafarana wind farms.
• We have a timeline for one of the region’s largest wind projects: Infinity Power, Hassan Allam Utilities, and the UAE’s Masdar are set to start construction on their 10-GW wind farm in 1Q 2025, Infinity Power Chairman Mohamed Mansour said.

? CIRCLE YOUR CALENDAR-

The Cairo Art Fair is opening its doors on Friday 8 December at TAM Gallery at District 5. The exhibition will be showcasing over 130 artists in the largest collection of contemporary Egyptian art to date with 1.5k artworks.

The event will launch this weekend and will be open to the public from 12pm to 10pm.The artworks will stay on display until Wednesday 24 January. Find out more by clicking here.

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

?️ TOMORROW’S WEATHER- Expect the mercury to rise to 23°C at its peak during the day and drop to a cool 15°C in the evening, according to our favorite weather app.