{"id":548770,"date":"2022-08-22T04:00:03","date_gmt":"2022-08-22T04:00:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/this-morning-egypt-to-host-five-way-regional-summit-today-our-wheat-import-bill-could-be-a-lot-less-than-we-originally-thought\/"},"modified":"2022-08-22T04:00:03","modified_gmt":"2022-08-22T04:00:03","slug":"this-morning-egypt-to-host-five-way-regional-summit-today-our-wheat-import-bill-could-be-a-lot-less-than-we-originally-thought","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/this-morning-egypt-to-host-five-way-regional-summit-today-our-wheat-import-bill-could-be-a-lot-less-than-we-originally-thought\/","title":{"rendered":"THIS MORNING: Egypt to host five-way regional summit today + Our wheat import bill could be a lot less than we originally thought"},"content":{"rendered":"

Good morning, wonderful people, and welcome to the new-normal for August: <\/strong>A busy morning for news with lots of investment, FX policy, and M&A news to keep us busy, whether we\u2019re reading in Cairo, on the coast or from foreign shores. All three topics have legs, we think, and we\u2019re going to be adding more investment (and likely political) news to the mix later this morning:<\/p>\n

<\/a> Egypt will today host a five-party summit bringing together the leaders of UAE, <\/strong>Bahrain, Jordan, and Iraq <\/strong>in New Alamein, Extra News reports (watch, runtime: 0:37<\/a>), citing what it says is an Egyptian source with first-hand knowledge of the plans. On the agenda are \u201cvarious regional and international challenges,\u201d the broadcaster said.<\/p>\n

Four of the five countries involved are spearheading a new <\/strong>regional indu<\/a><\/strong>strial<\/a><\/strong>partnership<\/a><\/strong>:<\/strong> Egypt, the UAE, Jordan and Bahrain are collaborating on a new regional industrial strategy that will see the four countries embark on joint industrial projects in strategic sectors to strengthen supply chains and increase production. Former Deputy Foreign Minister Mohamed Hegazy made the point in a televised interview last night, telling Al Hayah Al Youm\u2019s Lobna El Assal that the gathering will lay the foundations for a closer alliance that will strengthen regional food and energy security, and unlock investment (watch, runtime: 7:02<\/a>). The question on our minds: What are the odds of Iraq being announced as the fifth member later today?<\/p>\n

UAE President Sheikh Mohammed bin Zayed Al Nahyan was the first to land in New <\/strong>Alamein<\/strong>, holding a meeting with El Sisi yesterday, according to an Ittihadiya statement<\/a>. The pair discussed regional and international issues of common interest, with their bilateral talks focusing on cooperation to boost sustainable economic development, the statement read.<\/p>\n

PRIVATE SCHOOLS are debating what to do<\/strong> after the Education Ministry said over the<\/a>weekend<\/a> that the opening date for international schools under its jurisdiction would be 18 September. Two high-profile schools we spoke with yesterday said they would likely push their official opening dates to 18 September from much earlier in the month (and would look at doing class work online before then) while a third said it was still mulling what to do in light of the ministry\u2019s decision. Association-owned and embassy-affiliated schools seem to be continuing as scheduled. Cairo American College led the nation back into the classrooms when it opened last Wednesday.<\/p>\n

GET CLIMATE FINANCE for your business from the UK government: <\/strong>As the clock ticks down to COP27, the Climate Finance Accelerator<\/a> (CFA) is hosting a webinar today to introduce its plans to support low-carbon projects in Egypt. The CFA, backed by the UK government\u2019s International Climate Finance<\/a> (ICF), is a four-year technical assistance program designed to \u201cdevelop a sustainable pipeline of bankable and investment-ready, low-carbon projects and identify suitable financing options.\u201d The webinar is aimed at investors and developers involved in low-carbon projects in Egypt and will discuss climate finance, the CFA\u2019s plans for Egypt, and the benefits of taking part in the program. The webinar takes place today <\/strong>starting at 11:30am CLT. Register here<\/a>.<\/p>\n

ALSO HAPPENING TODAY-<\/strong> The launch event for the global ClimaTech Run competition for tech entrepreneurs, hosted by USAID-backed Business Egypt<\/a>, takes place at Le Lac du Caire at 5pm CLT.<\/p>\n

PSA- Don\u2019t follow the government\u2019s new rules on electricity use? You could get fined: <\/strong>Businesses that do not abide by the recent measures<\/a> to cut public electricity consumption will receive fines of around EGP 4k if they ignore initial warnings, Assistant Local Development Minister Khaled \u064eQassem said on Masaa DMC last night (watch, runtime: 10:56<\/a>).<\/p>\n

enterprise<\/p>\n

FOR READERS OF A CERTAIN AGE- After a 40-year absence, the DeLorean is <\/strong>making an electric comeback<\/strong>, according to CNN<\/a>. With no details on specs or pricing, the DeLorean<\/a> is mostly banking on name recognition from the 1980s movie franchise Back to the Future with its all-electric prototype Alpha5<\/a>. All the newly-revived brand says it will do is put a version of the Alpha5 into production soon.<\/p>\n

Speaking of Back to the Future:<\/strong> \u201cTom Wilson, who played Biff Tannen in \u2018Back to the Future,\u2019 wrote a song about answering the same fan questions for 30+ years and it\u2019s one of the greatest things available on the internet.\u201d (Twitter<\/a>) (That last bit might be a little bit of hyperbole, but\u2026)<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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FROM THE DEPT. OF GOOD NEWS- We could be paying less for wheat this fiscal <\/strong>year after all: <\/strong>The resumption of Ukrainian grain exports<\/a> has pushed wheat prices down to less than what the government penciled into the FY 2022-2023 budget, potentially wiping bns of USD from Egypt\u2019s import bill this year, CNBC Arabia<\/a> reports. Prices per ton are now averaging USD 272, about 18% less than the USD 330 per ton assumed in the state budget<\/a>, and closer to the USD 255 per ton penciled in last fiscal year\u2019s budget, according to the broadcaster. Easing grain shortages and growing fears of recession in advanced economies have caused wheat futures to fall more than 40% from record highs in mid-May.<\/p>\n

DATA POINT- Emirati investment in Egypt rose almost 170% y-o-y to USD 1.9 bn <\/strong>in 1H FY2021-2022<\/strong>, according to data (pdf)<\/a> from statistics agency Capmas out yesterday.<\/p>\n

THE BIG STORY ABROAD-<\/strong><\/p>\n

The war between Russia and Ukraine is back on all the front pages this morning<\/strong> after the daughter of Alexander Dugin \u2014 a prominent far-right political theorist and key Putin ally \u2014 was assassinated in a car bomb attack in Moscow on Saturday. Russia is yet to explicitly blame Ukraine for the killing. Kyiv has denied involvement. (AP<\/a> | Reuters<\/a> | NYT<\/a> | Washington Post<\/a> | WSJ<\/a>)<\/p>\n

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

A delegation of Turkish businessmen and manufacturers is scheduled to visit <\/strong>Cairo tomorrow to talk investment and cooperation<\/strong>, Al Mal<\/a> reports. The delegation includes investors in sectors including agricultural equipment, automotive components, textiles and garments, food and beverage, consumer goods, and building materials.<\/p>\n

The delegation\u2019s visit comes as Egypt and Turkey are moving towards <\/strong>warming ties<\/a><\/strong> after the two countries had cut ties in 2013 due to strategic and ideological differences between Cairo and Ankara. The visit also comes days after Turkish President Recep Tayyip Erdogan said<\/a> he wants his country to take its ties with Egypt to the \u201chighest level.\u201d<\/p>\n

The Union of Arab Banks is organizing a forum on money laundering and terrorism <\/strong>financing in Sharm El Sheikh <\/strong>from 1-3 September. Participating institutions include the Central Bank of Egypt and the Federation of Egyptian Banks, among others.<\/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

ICYMI-<\/strong><\/p>\n

Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at what the textiles and garments industry thinks<\/a> of the state\u2019s ownership policy for the sector.<\/p>\n

enterprise<\/p>\n

*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p>\n

In today\u2019s issue:<\/strong> Last week, stakeholders in the education sector took part in consultations with the government on its privatization strategy<\/a>. We got in touch with some of the key players to find out more about the discussions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people, and welcome to the new-normal for August: A busy morning for news with lots of investment, FX policy, and M&A news to keep us busy, whether we\u2019re reading in Cairo, on the coast or from foreign shores. All three topics have legs, we think, and we\u2019re going to be adding more […]<\/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":[317,168,72,127,1341,90,74,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548770","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-commodities","tag-diplomacy","tag-enterpriseam","tag-politics","tag-russia-ukraine-conflict","tag-uae","tag-what-were-tracking-today","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"a2b863eb-488f-4cbc-9ca3-94b927d4f1f5","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[548768],"teaser":"","voice_url":""},"yoast_head":"\nTHIS MORNING: Egypt to host five-way regional summit today + Our wheat import bill could be a lot less than we originally thought - 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\/08\/22\/this-morning-egypt-to-host-five-way-regional-summit-today-our-wheat-import-bill-could-be-a-lot-less-than-we-originally-thought\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Egypt to host five-way regional summit today + Our wheat import bill could be a lot less than we originally thought\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people, and welcome to the new-normal for August: A busy morning for news with lots of investment, FX policy, and M&A news to keep us busy, whether we\u2019re reading in Cairo, on the coast or from foreign shores. 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The UN climate change summit is not the big story globally this morning \u2014 it\u2019s largely been edged off the front pages by the US midterm elections (voters head to the polls tomorrow), the prospect of\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":621214,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/04\/what-were-tracking-on-4-november-2018\/","url_meta":{"origin":548770,"position":1},"title":"What we\u2019re tracking on 4 November 2018","author":"enterpriseam admin","date":"4 November 2018","format":false,"excerpt":"** Our apologies for being a few minutes late this morning, but we had some technical issues with our dispatch engine. They're solved now and we'll be back to our usual time tomorrow. It is an exceptionally busy news morning with an unprecedented six-month suspension handed on Thursday to 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\/2018\/11\/1617.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550397,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/26\/this-morning-uae-egypt-mark-50-years-of-ties-school-is-not-out\/","url_meta":{"origin":548770,"position":2},"title":"THIS MORNING: UAE, Egypt mark 50 years of ties + School is NOT out","author":"enterpriseam admin","date":"26 October 2022","format":false,"excerpt":"Good morning, friends, and welcome to another very busy news day. We\u2019re stuffed to the gills this morning, so we\u2019re going to jump right in.THE BIG STORY HERE AT HOME this morning: The state\u2019s Egypt Economic Conference wrapped yesterday. Cabinet has a long to-do list that needs both focus and\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":577160,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/this-morning-were-getting-a-breather-from-cop27-today-uae-official-pledges-a-lot-more-investment-in-egypt\/","url_meta":{"origin":548770,"position":3},"title":"THIS MORNING: We\u2019re getting a breather from COP27 today + UAE official pledges a lot more investment in Egypt","author":"enterpriseam admin","date":"13 November 2022","format":false,"excerpt":"Good morning, friends \u2014 it\u2019s a mandatory day off for folks attending COP27, but there\u2019s no rest for the wicked: We have an absolutely packed issue for you this morning, so we\u2019re going to jump right in. What\u2019s up at COP this week? Wednesday and Friday are this week\u2019s \u201cbig\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":635400,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/04\/what-were-tracking-this-week-82\/","url_meta":{"origin":548770,"position":4},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"4 December 2017","format":false,"excerpt":"Tomorrow is PMI day: The Emirates NBD \/ Markit purchasing managers\u2019 index for Egypt, the UAE and Saudi Arabia will be out on Tuesday morning at about 6:15am. Look for it here when it\u2019s released.","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555748,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/25\/this-morning-east-mediterranean-gas-forum-meeting-in-cairo-today-turkey-uae-sign-huge-investment-pact-merkel-out-scholz-in\/","url_meta":{"origin":548770,"position":5},"title":"THIS MORNING: East Mediterranean Gas Forum meeting in Cairo today; Turkey, UAE sign huge investment pact; Merkel out, Scholz in.","author":"enterpriseam admin","date":"25 November 2021","format":false,"excerpt":"Good morning ladies and gents, and welcome to the end of yet another week \u2014 and the final Thursday of November. 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