Good morning, friends. It’s a tense morning in Cairo after the EGP hit 70 against the greenback. With the central bank set to meet tomorrow to discuss interest rates, speculation is rampant in the domestic and global press alike that we’re both edging toward devaluation and closing in on agreement with the International Monetary Fund for a larger assistance package.

We have the rundown on the state of play in this morning’s news well, below, along with a guide to the 10 things on which you’ll want to keep an eye whether on the road to a new agreement.

MEANWHILE- The EGX30 is now in bull market territory for 2024, with its year-to-date return rising to 21.9% after the index closed up 3.8% yesterday, according to market data. The index also surpassed the 30k point threshold for the first time in its history. The index has been on a months-long rally now as investors look to stocks as a hedge against high inflation and a weakening EGP.

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But what about the UAE? We’ve also got you covered with EnterpriseAM UAE.Subscribehere or you can head over to the website here.

HAPPENING TODAY-

The US Federal Reserve will announce its decision on interest rates this evening following the end of its two-day policy meeting. We dive into analyst expectations and the rationale behind them in this morning’s Planet Finance.

WAR WATCH-

One step forward, two steps backward: Israel and Hamas appear to be on completely different pages regarding the proposed agreement that would see Israel halt fighting in Gaza in exchange for Hamas releasing hostages. Hamas showed openness to the agreement, with Hamas leader Ismail Haniyeh saying that the group is studying it and that the group would consider any agreement that would see the “comprehensive cessation” of attacks on Gaza, “serious prisoner exchange,” and the IDF troops withdrawing from the enclave. Meanwhile, Israeli Prime Minister Benjamin Netanyahu rejected any agreement that stipulates withdrawing Israeli troops from Gaza or releasing Palestinian prisoners.

What’s next? A Hamas delegation is reportedly landing in Cairo today to discuss the proposal with Egyptian intelligence chief Abbas Kamel, Times of Israel wrote.

New details regarding the agreement: If implemented, the ceasefire agreement will see Israel release 100-250 Palestinians held in Israeli prisons in exchange for each Israeli held hostage by Hamas. The first phase of the agreement includes a 45-day ceasefire in exchange for the release of 35 hostages. Mediators are also hopeful that agreement will open the door for discussions regarding a permanent ceasefire.

We saw this coming: The agreement is the product of negotiations held in Paris earlier this week between Kamel and a number of US, Israeli and Qatari leaders — including head of Israeli intelligence agency Shin Bet Ronen Bar and CIA head William Burns.

The story is receiving a lot of attention: FT | Bloomberg | Associated Press | The Guardian.

THE BIG STORY ABROAD-

Saudi Aramco drops plans to boost capacity, which would have pushed its production capacity to 13 mn barrels a day by 2027.

READ BETWEEN THE LINES- “It’s the clearest sign yet that the Kingdom is moderating its expectations of global oil demand growth in the coming years,” Vanda Insights’ Vandana Hari said in a Bloomberg report.

SIGN OF THE TIMES- Elon Musk’s Neuralink implanted a brain chip into its first patient yesterday as part of the startup’s plan to enable mortals like us — with a special focus on those suffering from paralysis — to control machines with our thoughts. (The Guardian)

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We take a look at Egypt’s real estate market, its performance over the past year, and what we can expect from it this year.

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