{"id":544891,"date":"2022-03-27T04:00:42","date_gmt":"2022-03-27T04:00:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/this-morning-shoukry-in-israel-for-historic-summit-usd-200-barrel-oil-this-year\/"},"modified":"2022-03-27T04:00:42","modified_gmt":"2022-03-27T04:00:42","slug":"this-morning-shoukry-in-israel-for-historic-summit-usd-200-barrel-oil-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/this-morning-shoukry-in-israel-for-historic-summit-usd-200-barrel-oil-this-year\/","title":{"rendered":"THIS MORNING: Shoukry in Israel for \u201chistoric\u201d summit + USD 200\/barrel oil this year?"},"content":{"rendered":"

Good morning, friends, and welcome to the last workweek before the start of Ramadan<\/strong>, which begins this coming Saturday. We hope you had a relaxing weekend and are looking forward to what is already shaping up as a busy week. Though hopefully not _quite_ as busy as last week, between a snap rate hike and devaluation<\/a>, a massive stimulus program<\/a>, bns of USD in investment announcements<\/a>, and confirmation that we\u2019re in talks with the International Monetary Fund<\/a> once again.<\/p>\n

Market watchers are pleased with how we\u2019re handling things so far<\/strong>, with Goldman Sachs MENA economist Farouk Soussa telling Bloomberg TV the moves should boost confidence and bring fresh inflows from foreign investors (watch, runtime: 5:56<\/a>). Last week\u2019s move on the EGP will take off the board investor concern about the risk of further devaluation \u2014 and even raises \u201cthe possibility of some appreciation in the coming months,\u201d Soussa said<\/a> last week.<\/p>\n

Meanwhile, folks are continuing to throw money at NBE + Banque Misr:<\/strong> The new 18% CDs launched by Banque Misr and the National Bank of Egypt (NBE) attracted deposits worth a combined EGP 153 bn was invested in the four days following the Central Bank of Egypt\u2019s 100-bps rate hike, Al Mal<\/a> reports. Some EGP 102 bn has been invested with NBE, while Banque Misr has seen EGP 51 bn in inflows.<\/p>\n

PSA #1- Devaluation shouldn\u2019t affect the price of your new car if you\u2019ve already <\/strong>signed on the dotted line. <\/strong>The trade and supply ministries have agreed with the Federation of Egyptian Chambers of Commerce that its members will abide by the original value of contracts signed before the EGP\u2019s depreciation and the onset of the Russia-Ukraine war, according to a cabinet statement<\/a>. The Trade Ministry has received \u201ca large number\u201d of complaints in recent days that retailers have been hiking the price of cars, electronic gadgets and white goods for which consumers had already signed and paid deposits, Trade Minister Nevine Gamea said. Supply Minister Aly El Moselhy urged buyers to reach out to the Consumer Protection Agency, which he said would take action against unjustified price hikes.<\/p>\n

If last week was all about the economy, the start of this week has a distinctly diplomacy bent to it:<\/p>\n

IT\u2019S A BIG WEEK FOR DIPLOMACY-<\/strong><\/p>\n

<\/a> Egypt is taking part in another landmark Middle East summit.<\/strong> There are reports that Foreign Minister Sameh Shoukry will be in Israel today to join the two-day Abraham Accords summit, alongside the foreign ministers of Israel, the UAE, Morocco, Bahrain and the United States. While the Israeli Foreign Ministry made no mention<\/a> of Egypt, the US State Department said<\/a> yesterday that Egypt is attending, confirming reports in the Israeli press<\/a> that suggested Shoukry would be involved in the talks. Jordan\u2019s foreign minister, Ayman Safadi, is also being pushed to attend, the reports said.<\/p>\n

This comes less than a week after President Abdel Fattah El Sisi hosted Israeli PM Naftali Bennett and UAE Crown Prince Mohamed bin Zayed<\/strong> for three-way talks<\/a> in Sharm El Sheikh that covered rising energy \/ food insecurity and regional geopolitical issues including the nuclear negotiations with Iran.<\/p>\n

Another major summit on Friday brought together El Sisi with leaders from <\/strong>Jordan, Iraq and the UAE<\/strong> to discuss<\/a> the economic repercussions of the Ukraine conflict.<\/p>\n

SPEAKING OF DIPLOMACY- It\u2019s that time of the year again: <\/strong>AmCham\u2019s Doorknock<\/a><\/strong>mission<\/a><\/strong> is kicking off \u201cwithin <\/strong>days,\u201d<\/strong> according to a cabinet<\/a> statement. The typically-annual corporate diplomacy tour has been on hiatus for the past two springs due to the pandemic. AmCham delegations accompany several members of cabinet to Washington, DC, to meet with members of the US administration, Congress, think tanks, and the media in a bid to attract private sector investment and raise Egypt\u2019s profile on the Hill. Prime Minister Moustafa Madbouly recently sat down with AmCham members to discuss Egypt\u2019s priority sectors for investment, including tech, green and renewable energy, transport, water treatment and desalination, and manufacturing, specifically EV manufacturing in light of the upcoming automotive strategy<\/a>.<\/p>\n

AND- <\/strong>Cyprus Energy Minister Natasa Pilidou is in town this week<\/strong> heading a delegation of Cypriot companies to discuss business ties with ministers and Egyptian firms, according to an official statement<\/a>. The delegation will be in town from 28-31 March.<\/p>\n

TODAY IN LEGISLATIVE AFFAIRS:<\/strong><\/p>\n