{"id":544207,"date":"2022-02-17T14:01:56","date_gmt":"2022-02-17T14:01:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/this-evening-zombie-cement-factory-brought-back-online-el-sisi-attends-au-eu-summit-in-brussels-plus-tensions-are-flaring-up-between-russia-and-ukraine\/"},"modified":"2022-02-17T14:01:56","modified_gmt":"2022-02-17T14:01:56","slug":"this-evening-zombie-cement-factory-brought-back-online-el-sisi-attends-au-eu-summit-in-brussels-plus-tensions-are-flaring-up-between-russia-and-ukraine","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/this-evening-zombie-cement-factory-brought-back-online-el-sisi-attends-au-eu-summit-in-brussels-plus-tensions-are-flaring-up-between-russia-and-ukraine\/","title":{"rendered":"THIS EVENING: Zombie cement factory brought back online + El Sisi attends AU-EU summit in Brussels. Plus: Tensions are flaring up between Russia and Ukraine"},"content":{"rendered":"<p><strong>Good afternoon, wonderful people.<\/strong> It\u2019s the end of a week that passed in excruciatingly slow fashion, despite being chock-full of news to keep us on our toes.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Cement production quotas bring Spegyco back from zombie status:<\/strong> <a href=\"https:\/\/www.saadeldingroup.com\/\">Saad El Din<\/a><a href=\"https:\/\/www.saadeldingroup.com\/\">Group<\/a> has restarted operations at the Spanish Egyptian Cement factory (Spegyco) after a three- year hiatus, the group\u2019s media spokesperson told Enterprise, confirming <a href=\"https:\/\/alborsaanews.com\/2022\/02\/17\/1509857\">reports<\/a> from the local press. The factory had been taken offline when the cement industry was facing a severe supply glut, but <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9d280cef-6284-40c5-853b-a30bfae11f73\">production quotas<\/a> the government introduced last year factored into the group\u2019s decision to bring it back online, CEO Mohamed Saad El Din said.<\/p>\n<p><strong>^^We\u2019ll have more<\/strong> on this and other stories in Sunday\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>Lots of <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b5c99baf-cefd-4b4a-86c1-61b8486ce0fc\">energy news<\/a><\/strong><strong> from Egyps:<\/strong> Apache Egypt expects to spend more than USD 3.5 bn in Egypt over the next five years, Vice President & General Manager David Chi said yesterday. Separately, Egypt will be receiving newly announced additional natural gas exports from Israel via a new route through Jordan, rather than the Arish-Ashkelon pipeline that Israel usually uses to ship gas to Egypt.<\/li>\n<li><strong>Gov\u2019t still mulling wheat hedging:<\/strong> The government is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d62e3f0-9d66-4bf5-8447-110e1540903c\">still studying<\/a> potentially hedging wheat, Prime Minister Moustafa Madbouly said yesterday, confirming a statement from Supply Minister Ali El Moselhy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc922ba0-67ab-4050-9920-ee1ac7d63996\">earlier this week<\/a> that \u201cuncertainties\u201d in the global wheat market could require us to start hedging the commodity.<\/li>\n<li><strong>We have more details on the CBE\u2019s new import rules:<\/strong> Imports of goods worth up to USD 5k (or the equivalent in any other foreign currency) will be exempt from the Central Bank of Egypt\u2019s decision requiring importers to get letters of credit (L\/Cs) for their purchases, the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/92c4a593-2425-41dd-8af3-42c1de9c3569\">Federation of Egyptian Banks said<\/a>. The decision will also exempt imports of certain goods, including meds, wheat, and tea.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><strong>HAPPENING NOW-<\/strong><\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/g20.org\/events\/1st-finance-ministers-and-central-bank-governor-meeting\/\">G20 nations\u2019 finance ministers and central bank governors<\/a><\/strong><strong> are gathered<\/strong> for their first meeting of the year in Jakarta, which wraps up tomorrow. The meetings <a href=\"https:\/\/twitter.com\/g20org\/status\/1494250893667364864\">included<\/a> a discussion on tax transparency in Asia.<\/p>\n<p><strong>President Abdel Fattah El Sisi is attending the two-day EU-AU summit which<\/strong><strong> kicked off in Belgium today. <\/strong>El Sisi met with President of the European Commission Ursula von der Leyen earlier today on the sidelines of the summit to discuss cooperating with the EU on renewable energy and fighting terrorism and extremism, according to an <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/507244400764293\">Ittihadiya statement<\/a>. El Sisi is <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/507297867425613\">also meeting<\/a> with Belgian Prime Minister Alexander De Croo to talk diplomatic relations and regional issues.<\/p>\n<p><strong>THE BIG STORY ABROAD-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>UKRAINE WATCH-<\/strong> Russia and Ukraine are pointing fingers at each other on reported shelling in eastern Ukraine, with Kiev blaming Russia-backed separatists for the strikes, which damaged a kindergarten. The Kremlin, meanwhile, alleged that \u201cthe first strike came from the Ukrainian side.\u201d The story is on the front pages of the <a href=\"https:\/\/www.nytimes.com\/live\/2022\/02\/17\/world\/russia-ukraine-news#us-troops-arrive-in-poland-as-biden-seeks-to-reassure-nato-allies\">New York Times<\/a>, <a href=\"https:\/\/www.ft.com\/content\/0f5d1ece-11af-4ada-a8b3-5d8d499be09a\">Financial Times<\/a>, and <a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-rebels-accuse-govt-forces-mortar-shelling-report-2022-02-17\/\">Reuters<\/a>, among others.<\/p>\n<p><strong>The Ukraine tensions factored into Turkey\u2019s central bank deciding to keep interest rates<\/strong><strong> on hold today<\/strong>, despite inflation spiraling. The Turkish central bank\u2019s <a href=\"https:\/\/www.tcmb.gov.tr\/wps\/wcm\/connect\/en\/tcmb+en\/main+menu\/announcements\/press+releases\/2022\/ano2022-14\">Monetary Policy Committee cited<\/a> \u201cuncertainty\u201d from the omicron variant and \u201cgeopolitical risks [maintaining] the downside risks to global economic activity.\u201d The situation in Ukraine is particularly relevant to Turkey, as it depends on FX revenue from Russian and Ukrainian tourists, while an open conflict between Kiev and Moscow would leave Ankara exposed to higher oil and gas prices, the <a href=\"https:\/\/www.wsj.com\/articles\/turkey-holds-rates-as-ukraine-crisis-looms-over-its-economy-11645098507\">Wall Street Journal<\/a> notes. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-17\/turkey-keeps-key-rate-unchanged-as-inflation-backlash-builds?sref=mmeFTDW1\">Bloomberg<\/a> also has the story.<\/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>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 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><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>Expect daytime highs of 20-21\u00b0C over the weekend and nighttime lows of 10\u00b0C, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, wonderful people. It\u2019s the end of a week that passed in excruciatingly slow fashion, despite being chock-full of news to keep us on our toes. THE BIG STORY TODAY Cement production quotas bring Spegyco back from zombie status: Saad El DinGroup has restarted operations at the Spanish Egyptian Cement factory (Spegyco) after a [&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":[96,530,1002,168,633,926,7196,182,349,270,9616,218,304,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544207","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-abdel-fattah-el-sisi","tag-belgium","tag-cement","tag-diplomacy","tag-enterprisepm","tag-g20","tag-industry","tag-inflation","tag-interest-rates","tag-russia","tag-spanish-egyptian-cement","tag-turkey","tag-ukraine","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"7c534882-2e41-46b7-94db-c18637775a88","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[544205],"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: Zombie cement factory brought back online + El Sisi attends AU-EU summit in Brussels. 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The factory had been taken offline due to the crippling supply glut dogging the industry, but production quotas introduced last\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630148,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/12\/el-sisi-to-inaugurate-armed-forces-usd-1-12-bn-cement-factory-in-beni-suef\/","url_meta":{"origin":544207,"position":1},"title":"El Sisi to inaugurate Armed Forces\u2019 USD 1.12 bn cement factory in Beni Suef","author":"enterpriseam admin","date":"12 April 2018","format":false,"excerpt":"President Abdel Fattah El Sisi will inaugurate tomorrow a USD 1.12 bn cement production facility in Beni Suef constructed by the Armed Forces, Al Masry Al Youm reports. The factory will have a total production output of 13 mn tonnes of cement per annum through its six production lines, making\u2026","rel":"","context":"In &quot;Manufacturing&quot;","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574715,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/20\/egyptian-cement-to-inaugurate-egp-4-5-bn-cement-factory-in-sohag-amid-supply-glut\/","url_meta":{"origin":544207,"position":2},"title":"Egyptian Cement to inaugurate EGP 4.5 bn cement factory in Sohag amid supply glut","author":"enterpriseam admin","date":"20 September 2020","format":false,"excerpt":"Egyptian Cement is planning to inaugurate a EGP 4.5 bn cement factory in Sohag next year, CEO Ahmed Abou Hashima tells Hapi Journal. Abou Hashima, who also owns and runs Egyptian Steel and Egyptian Media Group, had said earlier this year that the opening of the Sohag factory was postponed\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574840,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/23\/cement-demand-on-track-to-fall-again-in-2020\/","url_meta":{"origin":544207,"position":3},"title":"Cement demand on track to fall again in 2020","author":"enterpriseam admin","date":"23 September 2020","format":false,"excerpt":"Two more signs the cement crisis is getting worse: Demand for cement is on track to drop to 45 mn tonnes in 2020, down from 49 mn tonnes last year, Arabian Cement CEO Sergio Alcantarilla said at a presser yesterday, according to Al Mal. While Alcantarilla did not offer a\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544481,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/ukraine-crisis-and-poor-quality-petrol-top-talk-show-coverage\/","url_meta":{"origin":544207,"position":4},"title":"Ukraine crisis and \u201cpoor-quality petrol\u201d top talk show coverage","author":"enterpriseam admin","date":"6 March 2022","format":false,"excerpt":"Leading the conversation on the airwaves last night was the government\u2019s efforts to repatriate Egyptians fleeing the conflict in Ukraine. We have more information in this morning\u2019s War Watch wrap-up, above.Fuel fury: Oil Ministry spokesman Hamdi Abdel Aziz denied allegations that \u201cpoor quality-petrol\u201d sold in Egypt has resulted in \u201cvehicle\u2026","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","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":576031,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/08\/egypt-found-in-breach-of-investment-treaty-in-cement-arbitration-case-but-dodges-damages\/","url_meta":{"origin":544207,"position":5},"title":"Egypt found in breach of investment treaty in cement arbitration case but dodges damages","author":"enterpriseam admin","date":"8 November 2020","format":false,"excerpt":"DISPUTE WATCH- Egypt found in breach of investment treaty in cement arbitration case but dodges damages: The International Center for the Settlement of Investment Disputes (ICSID) has dismissed claims brought against the Egyptian government by Spanish cement group Cementos La Union despite finding Egypt in breach of a bilateral investment\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"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\/544207","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=544207"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544207\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/544205"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544207"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544207"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}