{"id":543769,"date":"2022-02-17T03:56:04","date_gmt":"2022-02-17T03:56:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/this-morning-eu-au-summit-kicks-off-oil-prices-keep-on-rising\/"},"modified":"2022-02-17T03:56:04","modified_gmt":"2022-02-17T03:56:04","slug":"this-morning-eu-au-summit-kicks-off-oil-prices-keep-on-rising","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/this-morning-eu-au-summit-kicks-off-oil-prices-keep-on-rising\/","title":{"rendered":"THIS MORNING: EU-AU summit kicks off + Oil prices keep on rising"},"content":{"rendered":"

Well, friends, we\u2019ve nearly made it through another workweek together. <\/strong>We hope you\u2019re looking forward to a relaxing weekend with family and friends as much as we are.<\/p>\n

THE BIG STORY here at home this morning? <\/strong>It\u2019s got to be energy, with news of everything from USD 1.5 bn in financing for a refinery in Assiut to a USD 1.5 bn solar-powered desalination plant that underscores how serious the state is about shoring up water security amid the twin challenges of climate change and Ethiopia\u2019s dam. We have more on those stories \u2014 and lots, lots more \u2014 in this morning\u2019s news well, below.<\/p>\n

PSA #1- We\u2019re just over six weeks (44 days) away from Ramadan. <\/strong>We hope you\u2019re planning accordingly. And that if you\u2019re in the ad industry, things are going smoothly for you in this silly season.<\/p>\n

PSA #2- Your commute is going to be much worse on Sunday. <\/strong>Public universities begin the second term of their 2021-2022 academic year this Saturday, 19 February.<\/p>\n

WHAT\u2019S HAPPENING TODAY- <\/strong><\/p>\n

The two-day EU-AU summit kicks off in Brussels today<\/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.<\/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

In Brussels ahead of the summit:<\/strong> El Sisi discussed yesterday the protection of Egypt\u2019s coastline from erosion, cooperation in defense-related industries<\/a><\/strong> and the production of green hydrogen<\/a><\/strong> in meetings he held with Belgian business leaders, according to an Ittihadiya statement<\/a>. He also spoke<\/a> with European Council President Charles Michel about Libya<\/strong> and with Belgium\u2019s King Philippe about Belgian investment<\/strong> in Egypt as well as ways of boosting trade and commercial ties<\/strong>, according to another Ittihadiya readout<\/a>.<\/p>\n

AND TOMORROW-<\/strong><\/p>\n

THE BIG STORY ABROAD- It\u2019s still Ukraine \u2014 <\/strong>and it could be for a while<\/strong>, as the international papers tell us with one voice this morning that Russia is growing, rather than drawing down, its military presence along the border with its neighbor. Russian officials had earlier this week said that some of the c. 150k assembled troops were being withdrawn \u2014 claims that US officials are now describing as false. The US estimates Russia to have mobilized another 7k troops \u2014 and alleges the country is still looking for a pretext to invade. The news is making headlines across Bloomberg<\/a>, Reuters<\/a>, the Associated Press<\/a>, the Washington Post<\/a>, the Wall Street Journal<\/a> and the Financial Times<\/a>.<\/p>\n

CLOSER TO HOME- More ways the Ukraine crisis could directly affect us:<\/strong> Any sanctions on Russia in the event of a Ukraine invasion should also prohibit the country from exporting arms, the head of Ukraine\u2019s center for defense reforms, Oleksandr Danylyuk, writes in a letter to the Financial Times<\/a>. Egypt is both a major non-Nato ally of the US and a top-five buyer of Russian arms, Danylyuk points out. He adds that Russia should be barred from owning uranium deposits abroad \u2014 again namedropping Egypt for its under-construction Dabaa nuclear plant<\/a>, which is contracted to Russian state-owned nuclear company Rosatom. (It\u2019s not clear to us, though, that anyone is actively mining uranium here, though there are known deposits in Sinai.)<\/p>\n

If you care about oil prices, keep your eye on the crisis: <\/strong>Market watchers are now near-certain that international benchmark Brent crude will cross the USD-100 threshold, CNBC<\/a> reports. And it\u2019s likely not stopping there: \u201cThere is a scenario where we could vault past USD 120, even as high as USD 150,\u201d one analyst was quoted as saying. Brent settled 1.6% up at USD 94.81 yesterday, as the threat of war in Ukraine continues to pressure an already tight market.<\/p>\n

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CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

The <\/strong>Nebu Expo for Gold and Jewelry 2022<\/a><\/strong> kicks off this Saturday<\/strong>, 19 February and wraps on Monday, 21 February.<\/p>\n

A call for tech startups: <\/strong>The Information Technology Industry Development Agency (ITIDA) and US-based VC firm Plug and Play<\/a> have launched<\/a> an incubator and accelerator program for digital transformation-focused startups in partnership with our friends at USAID. The newly launched \u201cSmart Cities\u201d innovation hub will select 20-30 Egypt-based companies for its inaugural three-month program, which starts in March. Startups can apply here<\/a> before applications close on 28 February.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Well, friends, we\u2019ve nearly made it through another workweek together. We hope you\u2019re looking forward to a relaxing weekend with family and friends as much as we are. THE BIG STORY here at home this morning? It\u2019s got to be energy, with news of everything from USD 1.5 bn in financing for a refinery in […]<\/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":[96,72,677,941,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543769","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-abdel-fattah-el-sisi","tag-enterpriseam","tag-nuclear-energy","tag-ukraine-russia","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"f710d777-9cd8-4795-ad3d-6d6dda5e547a","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[543767],"teaser":"","voice_url":""},"yoast_head":"\nTHIS MORNING: EU-AU summit kicks off + Oil prices keep on rising - 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\/17\/this-morning-eu-au-summit-kicks-off-oil-prices-keep-on-rising\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: EU-AU summit kicks off + Oil prices keep on rising\" \/>\n<meta property=\"og:description\" content=\"Well, friends, we\u2019ve nearly made it through another workweek together. 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The question on our community\u2019s hive mind this morning: Is today the day that the Central Bank of Egypt will take long-awaited action on the exchange rate? SPEAKING IN FAVOR- The first payment from ADQ has arrived as part of its USD 24 bn acquisition of 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\/2024\/2\/2879.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592822,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/07\/what-were-tracking-on-7-november-2019\/","url_meta":{"origin":543769,"position":1},"title":"What we\u2019re tracking on 7 November 2019","author":"enterpriseam admin","date":"7 November 2019","format":false,"excerpt":"We\u2019re heading into a long weekend: Banks and the EGX are taking Sunday off in observance of Prophet Mohamed\u2019s birthday, which falls on Saturday. We\u2019re following suit and will be back in your inboxes at the usual time on Monday morning.That said: We have plenty of news in a packed\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":640849,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/06\/what-were-tracking-on-06-september-2017\/","url_meta":{"origin":543769,"position":2},"title":"What we\u2019re tracking on 06 September 2017","author":"enterpriseam admin","date":"6 September 2017","format":false,"excerpt":"If we seem a bit giddy this morning, it\u2019s because we\u2019re high on the run of excellentnews in the past 24 hours or so. From reports that the CBE has cleared its trade finance backlog, to the Russians signalling the tourists may come back (after confirmations on Daba\u2019a, of course\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":578096,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/15\/this-morning-the-imf-is-discussing-our-loan-request-tomorrow-fed-slows-rate-hikes-but-stays-hawkish\/","url_meta":{"origin":543769,"position":3},"title":"THIS MORNING: The IMF is discussing our loan request tomorrow + Fed slows rate hikes but stays hawkish","author":"enterpriseam admin","date":"15 December 2022","format":false,"excerpt":"Good morning, friends, and happy THURSDAY. We hope the week has been good for you \u2014 and those of you with spawn starting their winter break are able to pencil in some time to hang out with the kids as we head into the final weeks of the year. Extra\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\/2022\/12\/320.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":658330,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/08\/increased-production-to-cut-annual-energy-import-bill-by-usd-1-5-bn-starting-2025\/","url_meta":{"origin":543769,"position":4},"title":"Increased production to cut annual energy import bill by USD 1.5 bn starting 2025","author":"enterpriseam admin","date":"8 January 2025","format":false,"excerpt":"Good morning, folks. We hope that those who celebrated Coptic Christmas enjoyed some meaningful time with their family and friends and are ready to get back at their desks to finish off the shorter-than-usual workweek. In today\u2019s issue, we\u2019ve got important economic data, a one-on-one interview with Egyptian Tax Authority\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\/2024\/5\/313.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":648641,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/09\/sunday-morning-read-men-bet-she-would-fail-now-she-runs-a-usd-26-bn-fund\/","url_meta":{"origin":543769,"position":5},"title":"Sunday morning read: Men bet she would fail; now she runs a USD 26 bn fund","author":"enterpriseam admin","date":"9 April 2017","format":false,"excerpt":"We suggest you start your morning with a read of \u201cMen bet she would fail; nowshe runs a USD 26 bn fund,\u201d a New York Times Dealbook feature on Dawn Fitzpatrick, 47, who becomes something like the eighth or ninth chief investment officer at George Soros\u2019 Soros Fund Management since\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543769","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=543769"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543769\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543767"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543769"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543769"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}