{"id":549727,"date":"2022-09-28T04:08:06","date_gmt":"2022-09-28T04:08:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/28\/this-morning-the-governments-economic-conference-is-not-happening-today-or-this-month-money-for-cop27\/"},"modified":"2022-09-28T04:08:06","modified_gmt":"2022-09-28T04:08:06","slug":"this-morning-the-governments-economic-conference-is-not-happening-today-or-this-month-money-for-cop27","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/28\/this-morning-the-governments-economic-conference-is-not-happening-today-or-this-month-money-for-cop27\/","title":{"rendered":"THIS MORNING: The government\u2019s economic conference is not happening today. Or this month + Money for COP27"},"content":{"rendered":"

Good morning, everyone, and welcome to a super-busy Wednesday. <\/strong>Let\u2019s jump straight in:<\/p>\n

NOT HAPPENING TODAY- <\/strong>The Madbouly government\u2019s economic conference<\/strong>, which was slated to take place before the end of the month but will now happen in October. That was according to President Abdel Fattah El Sisi yesterday, who was speaking at the inauguration of an investment zone in Mit Ghamr. We have more on this in this morning\u2019s news well, below.<\/p>\n

We\u2019re also on the lookout for news that the state has formed a new council of economic <\/strong>advisors.<\/strong> Word on the street is that the council will see bold-name members of the business community provide meaningful advice to the Madbouly government as it and the central bank look to guide us through our current challenges.<\/p>\n

ICYMI- Did you miss the results of our Enterprise Fall 2022 Reader Survey?<\/strong> Your expectations that 2022 would be a good year to do business in Egypt have been dampened by global and domestic conditions \u2014 but you\u2019re still optimistic that next year will bring a change in fortunes. What\u2019s your view on the M&A and IPO outlook? Do you think the government is in sync with the needs of business? Check out the full rundown<\/a> of the survey results.<\/p>\n

\n

REALLY SMART POLICY- Around 3.5 mn homes in c. 5k Egyptian villages are set to get <\/strong>access to high-speed internet<\/strong>, courtesy of a project that comes as part of the Hayah Karima (Decent Life)<\/a> initiative, Communications Minister Amr Talaat said<\/a> yesterday. The multi-bn USD initiative aims to alleviate poverty in rural communities by upgrading infrastructure.<\/p>\n

WATCH THIS SPACE- The Transport Ministry wants Mitsubishi to localize rail <\/strong>manufacturing: <\/strong>Transport Minister Kamel El Wazir met with representatives from Mitsubishi yesterday to discuss the possibility of manufacturing rolling stock and signaling systems in Egypt, the ministry said in a statement<\/a>. The minister voiced ambitions to create an industrial base for manufacturing rolling stock for export as well as for the local market. Mitsubishi is currently gearing up to begin work on Cairo Metro Line 4<\/a>. It will also provide 23 trains<\/a> for the metro line, and renovate railcars for Cairo Metro Line 1 and 2.<\/p>\n

Also in El Wazir\u2019s sights: <\/strong>The minister wants Japan\u2019s Nippon Signal<\/a> \u2014 which is providing signaling systems for the first phase of Metro Line 4 \u2014 to produce its signaling equipment in Egypt, the statement read.<\/p>\n

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

It\u2019s the second day of HSBC\u2019s webinar series on the energy transition:<\/strong> The series will look at the \u201clatest climate analysis in relation to the global energy market and transition to net zero\u201d in six different sessions covering energy security, what is required to ensure the success of COP27, financing and investment needs for the energy transition, and the scaling up of renewables in the region, among other topics. You can register for the series here<\/a>.<\/p>\n

A Spanish business delegation is in town for the Egypt-Spain Multilateral Partnership <\/strong>Forum<\/strong>, organized by the Spanish Institute for Export and Investment, according to a press<\/a>release (pdf)<\/a>. The two-day conference includes seminars and panel discussions on trade and investment in transport, energy, and water with Egyptian ministers and representatives from government bodies, alongside officials from international financing institutions and Spanish Secretary of State for Trade Xiana M\u00e9ndez B\u00e9rtolo. The agenda for the conference is available here (pdf)<\/a>.<\/p>\n

On the first day of the event:<\/strong> Industry and Trade and Industry Minister Ahmed Samir invited Spanish new and renewable energy companies to get involved in Egypt\u2019s green hydrogen plans<\/a> during a meeting with Mendes, according to a ministry statement<\/a>.<\/p>\n

The <\/strong>Arab Pensions and Social Ins. Conference<\/a><\/strong> kicks off today <\/strong>in Sharm El Sheikh, bringing together industry figures to exchange expertise on reforming and developing pension systems in the Arab region, according to a cabinet statement<\/a>. Finance Minister Mohamed Maait will be among the attendees at the two-day gathering.<\/p>\n

The UN World Food Program and the International Cooperation Ministry are hosting a <\/strong>two-day conference on food security <\/strong>at the St. Regis Cairo Hotel today and tomorrow, according to a press release (pdf)<\/a>. The conference will mainly focus on the digitization of the agricultural sector, financial inclusion and social protection.<\/p>\n

PSA- Nominations for the \u201cAfrica grows green awards\u201d are now open through 10 <\/strong>October.<\/strong> The initiative, launched by Egyptian NGO Istidama, aims to celebrate stakeholders involved in climate change action among COMESA member states, according to a statement (pdf)<\/a>. The awards also seek to develop climate entrepreneurship by connecting companies with VCs. For more information and to apply, you can visit the initiative\u2019s website<\/a>.<\/p>\n

\n

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

The turmoil in the UK is getting a lot of attention by the global business press this <\/strong>morning<\/strong> after UK Chancellor Kwasi \u201cKami-Kwasi\u201d Kwarteng yesterday tried to reassure City investors over his fiscal policy following a historic sell-off<\/a> in bonds and the GBP triggered by his plans to deficit-fund huge tax cuts. Also: The IMF yesterday called on the government to \u201creevaluate\u201d its plans while house sales are \u201ccollapsing.\u201d (Bloomberg<\/a> | Financial Times<\/a> | Wall Street Journal<\/a> | Reuters<\/a> | BBC<\/a>)<\/p>\n

Speaking of sell-offs:<\/strong> Things aren\u2019t looking pretty in Asia this morning with equities across the region deep in the red and the CNY falling to its weakest level against the greenback since 2008. The Nikkei, Hang Seng and Kospi were all down more than 2% at the time of dispatch, picking up where the US markets left off in yesterday\u2019s session, which saw equities fall deeper into bear territory. European and US shares are set to follow them later today, continuing the downward trend for global stocks triggered by growing concerns about the impact of rising interest rates on global growth.<\/p>\n

Also: Novorossiya is about to get bigger:<\/strong> Russia is getting ready to annex large parts of eastern Ukraine, claiming that people have voted to join the country in a series of referendums that Western countries have denounced as a \u201csham.\u201d Russian officials yesterday said that residents of the Donetsk, Luhansk, Kherson and Zaporizhzhia regions voted overwhelmingly to leave Ukraine, paving the way for Moscow to formally declare them part of its territory. (AP<\/a> | Reuters<\/a> | Bloomberg<\/a> | FT<\/a> | Washington Post<\/a> | WSJ<\/a>)<\/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

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

COUNTDOWN TO COP-<\/strong><\/p>\n

Money from Europe for COP27- <\/strong>The UN, EU, Denmark, Switzerland and the African Climate Foundation are helping Egypt out with the hosting of COP27 via a USD 6.2 mn project, the UN Development Programme said<\/a> yesterday. The initiative will \u201cassist Egypt in delivering on its commitments as the host of this year\u2019s conference\u201d by providing technical assistance and knowledge, it said.<\/p>\n

There are 40 days left until COP kicks off <\/strong>with the two-day world leaders\u2019 summit opening on 7 November. Thematic days<\/a> then run 9-17 November, starting with finance day.<\/p>\n

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

Kuwaiti investors are visiting next week: <\/strong>A delegation of Kuwaiti investors headed by the President of the Kuwait Chamber of Commerce, Mohammed Jassim Al Saqer, is landing in Egypt on Saturday, Egypt's ambassador to Kuwait Osama Shaltout told reporters yesterday, Masrawy<\/a> reported. The delegation will include 48 investors interested in investing in several sectors of the Egyptian economy including real estate and telecoms.<\/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

enterprise<\/p>\n

*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p>\n

In today\u2019s issue:<\/strong> We take a look at the EGP 12 bn project signed with Orascom Construction, Hassan Allam and Samcrete yesterday that will see the constructions of four warehouses for grain and other basic commodity storage.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, everyone, and welcome to a super-busy Wednesday. Let\u2019s jump straight in: NOT HAPPENING TODAY- The Madbouly government\u2019s economic conference, which was slated to take place before the end of the month but will now happen in October. That was according to President Abdel Fattah El Sisi yesterday, who was speaking at the inauguration […]<\/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":[7286,228,72,119,570,131,2478,2479,270,1341,207,112,304,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549727","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-climate","tag-cop27","tag-enterpriseam","tag-financial-markets","tag-japan","tag-manufacturing","tag-mitsubishi","tag-nippon-signal","tag-russia","tag-russia-ukraine-conflict","tag-transport","tag-uk","tag-ukraine","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"54f8a6c6-fc62-4139-941c-0b5d6501c209","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[549725],"teaser":"","voice_url":""},"yoast_head":"\nTHIS MORNING: The government\u2019s economic conference is not happening today. 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What are you doing this morning to stay warm? Most of us here at Enterprise World Headquarters believe this is the coldest winter any of us have lived through in our fair country, and it seems we\u2019re not alone: Many readers we\u2019ve\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":549621,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/25\/this-morning-to-conference-or-not-to-conference-mps-return-next-week-an-olympic-bid\/","url_meta":{"origin":549727,"position":1},"title":"THIS MORNING: To conference or not to conference? MPs return next week + An Olympic bid?","author":"enterpriseam admin","date":"25 September 2022","format":false,"excerpt":"Good morning, friends. We\u2019re back in Omm El Donia after a week in Dubai \u2014 and reveling in the fact that it is now fall (ie: The Official Favorite Season of Enterprise). The national weather service tells us that Friday was the autumnal equinox, meaning we\u2019re in for about 89\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":577236,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/15\/this-morning-four-days-to-find-an-agreement\/","url_meta":{"origin":549727,"position":2},"title":"THIS MORNING: Four days to find an agreement","author":"enterpriseam admin","date":"15 November 2022","format":false,"excerpt":"Good morning, friends, and happy hump day. There are just four days left of COP27 and it\u2019s looking tense in Sharm as negotiators look for a way to reach an agreement that will cut emissions and mobilize tons of capital for climate finance. COP27 President Sameh Shoukry reiterated yesterday his\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":549771,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/29\/this-morning-egypt-wants-to-include-loss-and-damage-on-the-cop-agenda\/","url_meta":{"origin":549727,"position":3},"title":"THIS MORNING: Egypt wants to include \u201closs and damage\u201d on the COP agenda","author":"enterpriseam admin","date":"29 September 2022","format":false,"excerpt":"Good morning, wonderful people, and happy THURSDAY. We hope the last business day of September treats you well and, as is our custom for seven of the eight years we\u2019ve been at this, we\u2019re sending off the month with Green Day\u2019s melancholic Wake me up when September ends. We hope\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":544378,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/this-morning-the-latest-from-the-war-in-ukraine-data-points-to-watch-in-march-2022\/","url_meta":{"origin":549727,"position":4},"title":"THIS MORNING: The latest from the war in Ukraine + data points to watch in March 2022","author":"enterpriseam admin","date":"1 March 2022","format":false,"excerpt":"Good morning, friends, and welcome to March. Anyone else struggling to process how we\u2019re already in the last month of Q1? Or is it just us?THE BIG STORY ABROAD for the foreseeable future is the war between two of our most important friends, Russia and Ukraine. Here\u2019s what you need\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":544463,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/this-morning-goodbye-covid-watch-imf-warns-of-global-economic-impact-of-ukraine-war-fx-reserves-rise-in-february\/","url_meta":{"origin":549727,"position":5},"title":"THIS MORNING: Goodbye Covid Watch; IMF warns of global economic impact of Ukraine war; FX reserves rise in February.","author":"enterpriseam admin","date":"6 March 2022","format":false,"excerpt":"Good morning, friends, and happy Sunday to you all. This morning\u2019s issue is a bit like drinking from a fire hose, so let\u2019s jump straight in:THE BIG STORY ABROAD THIS MORNING- The war in Ukraine and sanctions on Russia will have a \u201csevere impact\u201d on the global economy, the IMF\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\/549727","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=549727"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549727\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549725"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549727"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549727"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}