Good morning, ladies and gentlemen. The news flow this morning is dominated by comments from Prime Minister Moustafa Madbouly that hinted at upcoming price hikes to subsidized bread, fuel, and electricity.

WATCH THIS SPACE-

Ministries to start clearing a quarter of our arrears next week: The Madbouly cabinet will begin paying back 20-25% of arrears owed to foreign partners next week, Prime Minister Moustafa Madbouly said yesterday. The payments will be made provided that the government and international partners agree on a payment schedule over a specific period of time, Madbouly added.

Remember: The central bank is expected to pour USD 6 bn of the Ras El Hekma proceeds into the banking sector, providing sufficient hard cash in the system for banks to help clear arrears and start opening up their FX allocations outside of those importing essential goods.

HAPPENING TODAY-

#1- Israel-Hamas negotiations resume in Cairo: We’re due to host a fresh round of ceasefire and hostage swap negotiations today, CNN and Reuters reported, citing anonymous sources. Egyptian and Qatari officials will mediate the talks, with participation from the US.

#2- A new wind farm inaugurated: The Electricity Ministry will inaugurate a 252-MW wind farm in the Gulf of Suez, which is set to power some 1.08 mn residential units and reduce 2.4 mn tons of CO2, local media reports. 

#3- It’s day two of the Avior-HC Egypt virtual conference, which aims to connect 25 EGX-listed companies with financial institutions from the US, Canada, Europe, South Africa, and Egypt, according to a statement (pdf). The four-day event will run until Thursday.

HAPPENING TOMORROW-

#1- The two-day Solar & Storage Live MENA conference will kick off in Cairo tomorrow, and bring together those working in utilities and independent power producers with financiers, government bodies, regulators, distributors, contractors, and more to shape the future of the region’s energy sector. Register for the event here.

#2- Day one of GITEX Africa 2024: The second edition of the tech summit GITEX Africa will kick off tomorrow in Morocco, bringing together over startups, entrepreneurs, and government officials, tech leaders, and industry experts from 130 countries. Check out the full agenda here.

HAPPENING THIS WEEK-

El Sisi will be in China: President Abdel Fattah El Sisi — along with his Emirati, Tusniain, and Bahraini counterparts — will head to China this week to attend the China-Arab forum, according to a statement from China’s foreign ministry spokesperson.

PSA-

WEATHER- It’s getting cooler in Cairo today, with a high of 32°C and a low of 21°C, according to our favorite weather app.

It’s even cooler in Alexandria, with a high of 26°C and a low of 19°C.

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THE BIG STORY ABROAD-

One story is on every front page this morning: Israel’s deadly strike in Rafah and Israeli troops exchanging fire with Egyptian forces at the Rafah crossing.

There’s been a global outcry after Israel killed at least 45 people in a Rafah tent camp. Even its closest allies in the US have piled on, though two US officials told Axios that the Biden administration is still deciding whether the attack crosses a red line. European Union foreign ministers have for the first time “engaged in ‘significant’ discussion on sanctioning Israel if it doesn’t comply with international humanitarian law,” Politico reports, citing remarks by Irish Foreign Minister Micheál Martin.

PRESENTED WITHOUT COMMENT- A “tragic mistake,” says Netanyahu: Addressing the Israeli Parliament yesterday, Prime Minister Benjamin Netanyahu said that the deaths were due to a “technical failure” and came despite Israel’s “immense efforts to avoid harming the non-involved” (watch, runtime: 0:45).

The news is everywhere this morning: Reuters | Financial Times | New York Times | Times ofIsrael | Associated Press.

AND- An Egyptian officer was shot dead during an exchange of fire between Israeli and Egyptian forces yesterday. The Egyptian Armed Forces are investigating, a military spokesman said. The two sides are in talks to de-escalate, according to a statement from the Israeli side picked up by the Financial Times.

Expect Egypt to remain firmly engaged as a mediator as diplomats resume shuttle diplomacy this week on a potential ceasefire in Gaza.

MEANWHILE- It’s crickets in the global business press this morning. Both US and UK markets were closed yesterday for national holidays.

*** 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: We look at why eco-industrial parks may not just be cleaner and greener, but also more profitable too.

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