{"id":543737,"date":"2022-02-16T03:58:21","date_gmt":"2022-02-16T03:58:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/this-morning-egyps-rolls-on-sisi-is-in-brussels-for-eu-au-summit\/"},"modified":"2022-02-16T03:58:21","modified_gmt":"2022-02-16T03:58:21","slug":"this-morning-egyps-rolls-on-sisi-is-in-brussels-for-eu-au-summit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/this-morning-egyps-rolls-on-sisi-is-in-brussels-for-eu-au-summit\/","title":{"rendered":"THIS MORNING: Egyps rolls on + Sisi is in Brussels for EU-AU summit"},"content":{"rendered":"

Good morning, wonderful people, and happy almost-THURSDAY. <\/strong>With the work week rushing to a close, we expect a final rush of news from the Egypt Petroleum Show<\/a>(Egyps), which is entering its third and final day today, capping an eventful two days that saw a slew of energy news, from fresh financing and oil field discoveries to the signing of MoUs and high-level talks.<\/p>\n

Yesterday\u2019s highlights:<\/strong> Israeli Energy and Water Minister Karine Elharrar<\/a> pledged to increase<\/strong> Israel\u2019s natural gas exports to Egypt by up to 50%<\/strong> by the end of February, while the International Islamic Trade Finance Corporation lent us a fresh USD 800 mn for petroleum imports<\/strong> as part of a bigger USD 1.5 bn financing package. On the oil discovery side, Dragon Oil <\/strong>announced it has struck oil in the Gulf of Suez<\/strong>. We have more on these stories in this morning\u2019s news well, below.<\/p>\n

ALSO-<\/strong> Environment Minister Yasmine Fouad met with International Energy Agency<\/strong> Executive Director Fatih Birol<\/strong> to discuss increasing bilateral cooperation ahead of COP27, according to a ministry statement<\/a>. Meanwhile, Schneider Electric and Aveva signed a memorandum of understanding (MoU) with the Egyptian General Petroleum Corporation to establish a digitally enabled control center to manage Oil Ministry assets and resources in the new capital, Hapi Journal<\/a> reports.<\/p>\n

The two-day EU-AU summit kicks off in Brussels tomorrow, <\/strong>where President Abdel Fattah El Sisi is set to meet with<\/a> Prime Minister Alexander De Croo to talk diplomatic relations and regional issues. The president is also scheduled to meet Belgium\u2019s King Phillipe and a group of Belgian business leaders.<\/p>\n

Also on the agenda for the summit:<\/strong> Look for El Sisi to speak about the integration of African countries into the global economy, ramping up foreign investment across the continent, and supporting developing countries in their green transition \u2014 all of which are key action points for COP27 in Sharm El Sheikh this November.<\/p>\n

SOUND SMART- That\u2019s unless everyone in Brussels takes Friday off: <\/strong>Belgian employees will be given the option to work four days a week after the country\u2019s government approved a new \u201cflexible working\u201d labor accord, Reuters<\/a> reports. Employees will have the right to request a three-day weekend by working longer hours throughout the week. The UAE <\/strong>became the first country<\/a><\/strong> to implement a 4.5-day work week in January<\/strong>, while the UK followed its lead<\/a> (kind of) with a six-month pilot of the four-day work week for 30 companies.<\/p>\n

Foreign Minister Sameh Shoukry, who is also in Brussels for the summit, met with <\/strong>European Commissioner Oliver Varhelyi<\/strong> yesterday to discuss boosting cooperation with the EU on COP27 and Egypt\u2019s green transition, the ministry spokesperson said in a tweet<\/a>.<\/p>\n

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THE BIG STORY ABROAD- The United States had telegraphed that today is the day that<\/strong> Russia was to invade Ukraine <\/strong>\u2014 but US President Joe Biden is now telegraphing that while Russian leader Vladimir Putin can still \u201cback away from the brink of war,\u201d<\/a> adding that there is still \u201cplenty of room for diplomacy.\u201d<\/a><\/p>\n

Buden used a televised speech from the White House yesterday <\/strong>to issue a stark warning to Russia of the damage that any invasion of its neighbor would bring, saying \u201cthe world will not forget that Russia chose needless death and destruction.\u201d<\/p>\n

What happened to yesterday\u2019s de-escalation talk? <\/strong>Reports that Russia had started to withdraw troops from its border have not yet been confirmed, Biden said, adding that US intelligence estimates Russia has now amassed 150k troops at the border \u2014 50k more than previous estimates. The Russian defense ministry had signaled it would start to stand down some of its troops after completing exercises yesterday, rallying global markets after days of volatility over the crisis. Meanwhile, Ukraine appeared to blame Russia for a cyberattack that yesterday targeted some of the country\u2019s banks and its defense ministry.<\/p>\n

The news is everywhere, from <\/strong>the Financial Times<\/a>, Reuters<\/a> and New York Times<\/a> to Bloomberg<\/a>, the Associated Press<\/a>, and the Washington Post<\/a>.<\/p>\n

LATER THIS WEEK-<\/strong><\/p>\n

The G20 nations\u2019 finance ministers and central bank heads will <\/strong>hold their first<\/a><\/strong>gathering of 2022<\/a><\/strong> in Jakarta tomorrow and on Friday <\/strong>against a dramatic backdrop of rising inflationary pressures and heightened expectations for rate hikes. Investors are betting on the fastest pace of interest rate hikes in over a decade across developed markets, which are now pricing in six Federal Reserve rate hikes this year, Bloomberg<\/a> reports. Policymakers across the group of wealthy nations face a tough balancing act to curb inflation while minimizing impact on the economy. It\u2019s all a far cry from the last time the group met in October, when everyone was still insisting that price hikes would be transitory.<\/p>\n

\n

CORRECTION-<\/strong> In an article<\/a> published last week, we misidentified US environmental firm Okeanos<\/a> with Okyanus, a Turkish construction company. The firm last week held talks with the government over setting up a factory for producing alternatives to plastic in partnership with Income Egypt, rather than Income International as we had originally reported. We have amended the story on our website.<\/p>\n

enterprise<\/p>\n

*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, urban development, and as social infrastructure such as health and education.<\/p>\n

In today\u2019s issue: <\/strong>Electricity oversupply is a global problem, and Egypt is no exception. We have capacity to generate almost twice our peak consumption \u2014 and that power glut is jeopardizing the chances of meeting targets to up the proportion of renewable energy in the mix. In today\u2019s Hardhat, we ask whether batteries could be part of the answer, following reports that the government could consider using industrial-scale batteries to store energy for when it's needed by the grid.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people, and happy almost-THURSDAY. With the work week rushing to a close, we expect a final rush of news from the Egypt Petroleum Show(Egyps), which is entering its third and final day today, capping an eventful two days that saw a slew of energy news, from fresh financing and oil field discoveries […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[96,530,228,925,899,72,7192,926,923,182,349,746,89,301,924,74,680],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543737","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-abdel-fattah-el-sisi","tag-belgium","tag-cop27","tag-dragon-oil","tag-egypt-petroleum-show","tag-enterpriseam","tag-eu","tag-g20","tag-gulf-of-suez","tag-inflation","tag-interest-rates","tag-international-energy-agency","tag-israel","tag-sameh-shoukry","tag-schneider-electric","tag-what-were-tracking-today","tag-yasmine-fouad","wpautop","entry"],"acf":{"mongo_id":"2eb96ad5-f3bf-4ae6-8bbe-ff349914dd4b","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[543735],"teaser":"","voice_url":""},"yoast_head":"\nTHIS MORNING: Egyps rolls on + Sisi is in Brussels for EU-AU summit - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/16\/this-morning-egyps-rolls-on-sisi-is-in-brussels-for-eu-au-summit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Egyps rolls on + Sisi is in Brussels for EU-AU summit\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people, and happy almost-THURSDAY. 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The news cycle is still taking a breather this afternoon, but we expect this is the calm before some sort of storm. THE BIG STORIES TODAY SO FAR- #1- Importers need letters of credit to buy goods starting March: Banks have begun informing importers\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":582092,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/this-morning-egyps-rolls-on-egx-sfe-and-el-sisi-all-in-the-gulf\/","url_meta":{"origin":543737,"position":1},"title":"THIS MORNING: EGYPS rolls on + EGX, SFE, and El Sisi all in the Gulf","author":"enterpriseam admin","date":"13 February 2023","format":false,"excerpt":"Good morning, wonderful people, and a very happy Monday. THE BIG STORY here at home this morning: Privatization is still getting top billing on news that the state could offer 20-30% of its new hotels company to strategic investors, while Public Enterprises Minister Mahmoud Esmat made an appearance at the\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/EL-Sisi-MBZ-2.13.23-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543722,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/last-nights-talk-shows-the-egypt-petroleum-show-edition\/","url_meta":{"origin":543737,"position":2},"title":"Last Night\u2019s Talk Shows: The Egypt Petroleum Show edition","author":"enterpriseam admin","date":"15 February 2022","format":false,"excerpt":"All eyes were on the Egypt Petroleum Show last night: President Abdel Fattah El Sisi\u2019s call to prioritize support for Africa\u2019s green transition ahead of COP27 was the highlight of the Egypt Petroleum Show\u2019s (Egyps) first day for the talking heads. Two Amanis were on the line to break down\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543709,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/this-morning-egypt-petroleum-show-rolls-on-as-oil-markets-continue-meteoric-rise-on-ukraine-crisis\/","url_meta":{"origin":543737,"position":3},"title":"THIS MORNING: Egypt Petroleum Show rolls on as oil markets continue meteoric rise on Ukraine crisis","author":"enterpriseam admin","date":"15 February 2022","format":false,"excerpt":"Good morning, wonderful people, and welcome to another really brisk newsday. PSA- Drive safely this morning: We\u2019re in for thick fog at times on the roads leading in and out of Cairo today, with more foggy mornings ahead as we wrap up the week, the national weather service forecasts. Keep\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":581438,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/14\/conference-report-flatish-lng-exports-to-eu-dana-gas-to-commit-more-to-egypt-greenifying-the-petroleum-industry\/","url_meta":{"origin":543737,"position":4},"title":"Conference report: Flat(ish) LNG exports to EU, Dana Gas to commit more to Egypt + greenifying the petroleum industry","author":"enterpriseam admin","date":"14 February 2023","format":false,"excerpt":"The EU doesn\u2019t expect to import more LNG from Egypt this year: Last year\u2019sagreement to boost natural gas exports to the EU from Israel and Egypt will allow Cairo to \u201ckeep the relatively high volumes of LNG that it delivered to Europe last year,\u201d EU Energy Commissioner Kadri Simson told\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/EGYPS-2023-2.13.23-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600646,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/what-were-tracking-this-week-and-beyond-17\/","url_meta":{"origin":543737,"position":5},"title":"What we\u2019re tracking this week and beyond","author":"enterpriseam admin","date":"5 February 2019","format":false,"excerpt":"Egypt Building Materials Summit takes place on Thursday at the Nile Ritz Carlton. The event brings together construction industry investors, developers, policymakers, service providers and consultants, and over a dozen of keynote speakers. Egypt will assume the presidency of the African Union on 10 February, according to an Ittihadiya statement.\u2026","rel":"","context":"In "Up Next"","block_context":{"text":"Up Next","link":"https:\/\/enterpriseam.com\/egypt\/category\/up-next\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543737","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543737"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543737\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543735"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543737"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543737"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543737"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543737"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}