{"id":544173,"date":"2022-02-15T13:40:43","date_gmt":"2022-02-15T13:40:43","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/this-evening-unemployment-is-down-el-sisi-heads-to-brussels-for-eu-au-summit-plus-the-beginning-of-the-end-for-russia-v-ukraine\/"},"modified":"2022-02-15T13:40:43","modified_gmt":"2022-02-15T13:40:43","slug":"this-evening-unemployment-is-down-el-sisi-heads-to-brussels-for-eu-au-summit-plus-the-beginning-of-the-end-for-russia-v-ukraine","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/this-evening-unemployment-is-down-el-sisi-heads-to-brussels-for-eu-au-summit-plus-the-beginning-of-the-end-for-russia-v-ukraine\/","title":{"rendered":"THIS EVENING: Unemployment is down + El Sisi heads to Brussels for EU-AU summit. Plus: The beginning of the end for Russia v Ukraine"},"content":{"rendered":"<p><strong>Happy hump day, ladies and gentlemen.<\/strong> As we expected, the news flow is picking up this afternoon, with a solid selection of stories to track as we slide into the second half of the week.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>#1- Unemployment falls in 4Q2021:<\/strong> Egypt's unemployment rate declined to 7.4% in 4Q2021 from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cee8e34b-3a2e-47cb-b007-bf90ced58d91\">7.5% the previous quarter<\/a>, according to the latest data by statistics agency<a href=\"https:\/\/ent.news\/2022\/2\/Egypt-Unemployment-Rate-Q42021-Capmas.pdf\">CAPMAS (pdf)<\/a>. The jobless rate has remained steady over the past year, with mild fluctuations since reaching a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/80fdf495-1342-4345-a5bd-6387379141bd\">near-two-year high<\/a> in 2Q2020 on the back of the pandemic and nation-wide lockdowns.<\/p>\n<p><strong>#2- <\/strong><strong>From London to Riyadh:<\/strong> Offshore oil and gas services company ADES International plans to IPO on the Saudi stock exchange in early 2023, less than two years after it was delisted from the London Stock Exchange following <a href=\"http:\/\/investors.adihgroup.com\/rns\/view\/711\">a Saudi-backed takeover<\/a>, <a href=\"https:\/\/bit.ly\/3JzJcKB\">Al Mal<\/a> reports, quoting the chairman of the company\u2019s majority shareholder. ADES started life here in Egypt before going public in London in 2017. In the years since, it has expanded into several markets in the region, including Kuwait and Algeria. Here in Egypt, the company <a href=\"http:\/\/resources.inktankir.com\/ades\/ADES-1H-2020-Results-presentation-FINAL.pdf\">operates (pdf)<\/a> eight rigs, an offshore barge, and a mobile onshore drilling unit.<\/p>\n<p><strong>^^We\u2019ll cover these stories<\/strong> and more in tomorrow\u2019s <strong>EnterpriseAM<\/strong>.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Importers, get your letters of credit ASAP:<\/strong> Documentary collection from exporters will no longer be accepted by banks to facilitate the import of goods into Egypt from the beginning of March, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">according to a decision<\/a> by the Central Bank of Egypt taken over the weekend.<\/li>\n<li><strong>Fintech Act is the law of the land:<\/strong> President Abdel Fattah El Sisi <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bb9e75aa-c2b9-4c01-ab85-81402f930b89\">ratified<\/a> the Fintech Act, which regulates robo-advisory, nano-finance, insurtech, and (tech-enabled) consumer finance, among other sectors.<\/li>\n<li><strong>Alameda Healthcare <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b21a81b-e5d5-49bf-8421-ad2bbb0289f9\">will purchase four surgical robots<\/a><\/strong><strong> from British medical robotics firm CMR Surgical<\/strong>, under an MoU signed between the two companies.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><strong>HAPPENING NOW- <\/strong><\/p>\n<p><strong>President Abdel Fattah El Sisi is in Brussels ahead of the two-day EU-AU Summit,<\/strong><strong> which kicks off this Thursday<\/strong>, 17 February, according to an <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/505961454225921\">Ittihadiya statement<\/a>. El Sisi is set to meet with Belgium\u2019s Prime Minister Alexander De Croo to talk diplomatic relations and regional issues. The president is also scheduled to meet a group of Belgian business leaders to discuss growing economic cooperation, trade, and investments between Egypt and Belgium.<\/p>\n<p><strong>On the agenda for the summit:<\/strong> Look for El Sisi to speak at the summit about integrating African states in the global economy, ramping up foreign investments to Africa, 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<p><strong>It\u2019s the final day of the <\/strong><strong><a href=\"https:\/\/asdweek.co\/\">Arab sustainable development week<\/a><\/strong><strong>.<\/strong> Some 400 participants including the EU, World Bank and other institutions are chewing over how to tackle in a sustainable way the development challenges of the Arab world.<\/p>\n<p><strong>AND- Orange Ventures<\/strong>\u2019 deadline to receive <a href=\"https:\/\/vc4a.com\/orange-ventures\/egypt-seed-fintech-challenge\/\">applications from seed-stage fintech startups<\/a> for its seed challenge is also today.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Russia v. Ukraine denouement?<\/strong> Russia is pulling some of its troops back from the Ukrainian border, the Russian defense ministry announced today, after conducting war games in neighboring Belarus. The move took place hours before German leader Olaf Scholz\u2019s scheduled meeting with Vladimir Putin in Moscow, as part of ongoing shuttle diplomacy efforts to avoid an invasion.<\/p>\n<p><strong>Ukraine\u2019s reaction was guarded<\/strong>, with Foreign Minister Dmytro Kuleba saying Kyiv would \u201cbelieve in de-escalation\u201d when it sees a full pullout.<\/p>\n<p><strong>Investors had a stronger response, with markets rallying on the news:<\/strong> European stocks and US futures rose on signs of the easing tensions. Shares of Tesla, Apple, Amazon, and Microsoft all rose between 1.6% and 3.0% in premarket trading, <a href=\"https:\/\/www.reuters.com\/business\/futures-jump-signs-easinng-russia-ukraine-tensions-2022-02-15\/\">Reuters<\/a> reported, along with travel stocks. This largely contradicts yesterday\u2019s trading, when major equities markets were hit by invasion fears. Russia\u2019s RUB also rose 1.5% against the USD.<\/p>\n<p><strong>Not having such a good day? Oil.<\/strong> Brent crude prices fell after reaching seven-year highs on fears that a Russian invasion of Ukraine could disrupt supplies.<\/p>\n<p><strong>The story is everywhere this afternoon:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-15\/russia-returning-some-troops-to-base-after-drills-interfax-says\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/europe\/russia-returns-some-troops-bases-areas-near-ukraine-report-2022-02-15\/\">Reuters<\/a> | <a href=\"https:\/\/www.ft.com\/content\/1d8ee52b-f596-44d3-a87b-924c9c70f38f\">Financial Times<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/live\/world-60372815?at_medium=custom7&at_custom3=%40BBCBreaking&at_custom1=%5Bpost+type%5D&at_campaign=64&at_custom2=twitter&at_custom4=EF8DDF70-8E3D-11EC-9189-C9223A982C1E\">BBC<\/a> | <a href=\"https:\/\/edition.cnn.com\/europe\/live-news\/ukraine-russia-news-02-14-22-intl\/index.html\">CNN<\/a><\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>A call for tech startups: <\/strong>The Information Technology Industry Development Agency (ITIDA) and US-based VC firm <a href=\"https:\/\/www.plugandplaytechcenter.com\/\">Plug and Play<\/a> have <a href=\"https:\/\/itida.gov.eg\/English\/PressReleases\/Pages\/ITIDA-and-Plug-and-Play-Join-Hands-with-USAID%E2%80%99s-Economic-Governance-Activity-(EGA)-to-Launch-Open-Innovation-Platformin-.aspx\">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 <a href=\"https:\/\/www.plugandplaytechcenter.com\/cairo\/#apply\">here<\/a> before applications close on 28 February.<\/p>\n<p><strong>PSA- Your commute is about to get worse. <\/strong>Public universities begin the second term of their 2021-2022 academic year this Saturday, 19 February.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/www.facebook.com\/NebuGoldExpo\">Nebu Expo for Gold and Jewelry 2022<\/a><\/strong><strong> kicks off this Saturday<\/strong>, 19 February and wraps on Monday, 21 February.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">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<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>The mercury will rise to 21\u00b0C during the day tomorrow before falling to 11\u00b0C at night, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy hump day, ladies and gentlemen. As we expected, the news flow is picking up this afternoon, with a solid selection of stories to track as we slide into the second half of the week. THE BIG STORY TODAY #1- Unemployment falls in 4Q2021: Egypt's unemployment rate declined to 7.4% in 4Q2021 from 7.5% the [&hellip;]<\/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":[7213],"tags":[96,530,330,168,928,633,78,270,1134,304,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544173","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-abdel-fattah-el-sisi","tag-belgium","tag-capmas","tag-diplomacy","tag-employment","tag-enterprisepm","tag-ipo-watch","tag-russia","tag-tadawul","tag-ukraine","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"2c38c42e-697e-4b6b-845b-c8b4c0bec7d0","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[544171],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: Unemployment is down + El Sisi heads to Brussels for EU-AU summit. Plus: The beginning of the end for Russia v Ukraine - 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\/15\/this-evening-unemployment-is-down-el-sisi-heads-to-brussels-for-eu-au-summit-plus-the-beginning-of-the-end-for-russia-v-ukraine\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Unemployment is down + El Sisi heads to Brussels for EU-AU summit. Plus: The beginning of the end for Russia v Ukraine\" \/>\n<meta property=\"og:description\" content=\"Happy hump day, ladies and gentlemen. As we expected, the news flow is picking up this afternoon, with a solid selection of stories to track as we slide into the second half of the week. 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The rate is now up slightly from 7.2% in 4Q2020.The jobless rate has remained more or less flat over the past year, with\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/216.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620109,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/15\/cha-ching\/","url_meta":{"origin":544173,"position":1},"title":"Cha-ching","author":"enterpriseam admin","date":"15 May 2024","format":false,"excerpt":"Good afternoon, folks and happy almost-Thursday. The weekend is about to creep up and a new heatwave is upon us. THE BIG STORIES TODAY #1- The second USD 20 bn tranche from the Ras El Hekma agreement has landed in state coffers, Prime Minister Moustafa Madbouly announced at the weekly\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","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\/2024\/5\/898.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600647,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/el-sisi-administrations-efforts-to-reduce-unemployment-tops-headlines\/","url_meta":{"origin":544173,"position":2},"title":"El Sisi administration\u2019s efforts to reduce unemployment tops headlines","author":"enterpriseam admin","date":"5 February 2019","format":false,"excerpt":"The El Sisi administration\u2019s efforts to reduce unemployment and create jobs is on the front page of Egypt\u2019s three main state-owned newspapers this morning (Al Ahram | Al Akhbar | Al Gomhuria). Al Ahram also takes note of Al Azhar Grand Imam Sheikh Ahmed El Tayeb\u2019s attendance of an interfaith\u2026","rel":"","context":"In &quot;ON THE FRONT PAGES&quot;","block_context":{"text":"ON THE FRONT PAGES","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-the-front-pages\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":550931,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/15\/this-evening-govt-announces-strategy-to-spur-private-sector-activity-in-the-economy-unemployment-fell-in-jan-march-europe-considers-cap-on-natural-gas-prices\/","url_meta":{"origin":544173,"position":3},"title":"THIS EVENING: Gov\u2019t announces strategy to spur private sector activity in the economy + Unemployment fell in Jan-March + Europe considers cap on natural gas prices","author":"enterpriseam admin","date":"15 May 2022","format":false,"excerpt":"Good afternoon, friends, and welcome to a busy start to the week. We have some big news for you to catch up on as you wrap up the workday, and plenty of tidbits to get you thinking, so let\u2019s get right to it.BUT FIRST, A CORRECTION- In this morning\u2019s EnterpriseAM,\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","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":639973,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/18\/energy-from-waste-could-get-pricier\/","url_meta":{"origin":544173,"position":4},"title":"Energy from waste could get pricier","author":"enterpriseam admin","date":"18 August 2024","format":false,"excerpt":"Good afternoon, all. It\u2019s an oddly quiet day on the business front for what we hope to be the start of a calm business week. 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