{"id":549771,"date":"2022-09-29T04:00:42","date_gmt":"2022-09-29T04:00:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/29\/this-morning-egypt-wants-to-include-loss-and-damage-on-the-cop-agenda\/"},"modified":"2022-09-29T04:00:42","modified_gmt":"2022-09-29T04:00:42","slug":"this-morning-egypt-wants-to-include-loss-and-damage-on-the-cop-agenda","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/29\/this-morning-egypt-wants-to-include-loss-and-damage-on-the-cop-agenda\/","title":{"rendered":"THIS MORNING: Egypt wants to include \u201closs and damage\u201d on the COP agenda"},"content":{"rendered":"

Good morning, wonderful people, and happy THURSDAY. <\/strong>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<\/a>. We hope October (and 4Q) is good to us all.<\/p>\n

THE BIG NEWS here at home: We have dates for the Madbouly government\u2019s economic <\/strong>conference.<\/strong> Ministers will get together with senior members of the business community 23-25 ​​October, according to a cabinet statement<\/a>. Cabinet will release a detailed agenda and launch a website to receive proposals and opinions from the public next week, according to the statement. The venue is still TBD, but we figure we\u2019re all heading to the new administrative capital for this one.<\/p>\n

WATCH THIS SPACE- The Egypt and Qatar are edging toward their first joint business <\/strong>council <\/strong>meeting in years<\/strong>.<\/strong> After agreeing in June<\/a> to revive the council, the two sides are now discussing when to hold the first meeting, cabinet said<\/a> yesterday following talks between Prime Minister Moustafa Madbouly and Qatari ambassador to Egypt Salem Mubarak Al Shafi.<\/p>\n

Remember:<\/strong> Qatar has pledged to invest as much as USD 5 bn in Egyptian companies as part of wider Gulf efforts to shore up our economy and provide us with vital FX. In recent weeks, President Abdel Fattah El Sisi has traveled to Doha<\/a> for talks with Emir Tamim bin Hamad Al Thani and Madbouly has discussed investments<\/a> with the country\u2019s sovereign wealth fund.<\/p>\n

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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?<\/p>\n

^^ <\/strong>Tap or click here for the full rundown.<\/a><\/strong><\/p>\n

PSA #1- The last gasp of summer? <\/strong>The national weather service is suggesting we\u2019re in for some warm weather through to Monday, with daytime highs of 35-38\u00b0C in the capital city and overnight lows in the 33-36\u00b0C range, it said (pdf)<\/a> yesterday.<\/p>\n

Things will then get really nice, really fast: <\/strong>Look for the mercury to drop to 32\u00b0C on Tuesday and as low as 28\u00b0C by next weekend, according to our favourite weather app.<\/p>\n

\n

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

It\u2019s the final day of HSBC\u2019s webinar series on the energy transition:<\/strong> The series looks 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

The <\/strong>Arab Pensions and Social Ins. Conference<\/a><\/strong> continues in Sharm El Sheikh<\/strong>, 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

It\u2019s the second and final day of the UN World Food Program and the International <\/strong>Cooperation Ministry\u2019s conference on food security<\/strong> at the St. Regis Cairo Hotel, according to a press release (pdf)<\/a>. The conference is mainly focusing on the digitization of the agricultural sector, financial inclusion and social protection.<\/p>\n

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

No single story has captured the imagination of the global business press <\/strong>on this fine Thursday morning.<\/p>\n

#1- The state of the UK economy is getting lots of ink <\/strong>after the central bank \u201ctook emergency action on Wednesday to avoid a meltdown in the UK pensions sector, unleashing a GBP 65 bn bond-buying programme to stem a crisis in government debt markets.\u201d The FT<\/a> and Bloomberg<\/a> have more.<\/p>\n

Want to kick the English while they\u2019re down? <\/strong>Go read Janan Ganesh\u2019s absolutely trenchant \u201cTruss learns the hard way that Britain isn\u2019t America<\/a>.\u201d We haven\u2019t felt this bad for our UK friends since Brexit.<\/p>\n

#2- Hurricane Ian has made landfall in Florida<\/strong>, knocking out power to more than 1.8 mn homes. It\u2019s one of the most powerful storms to hit the United States in decades and leads the front pages of the New York Times<\/a> and Wall Street Journal<\/a> and is getting lots of ink from Reuters<\/a>.<\/p>\n

#3- Russia will formally annex a big chunk of Ukraine as early as tomorrow. <\/strong>Billboards have been spotted claiming the Donetsk, Luhansk, Kherson and Zaporizhzhia regions as Russian. \u201cThe results are clear. Welcome home, to Russia,\u201d former Russian president Dmitry Medvedev said on Telegram. (Reuters<\/a> | AP<\/a> | Wall Street Journal<\/a>)<\/p>\n

ALSO WORTH KNOWING ABOUT- Iran is still simmering following widespread <\/strong>anti-government protests sparked by the death of a woman who was in custody <\/strong>for not living up to the country\u2019s standards for public dress. \u201cIran is open to reviewing how it applies strict Islamic laws at the heart of widespread protests \u2014 but not the values that underpin them,\u201d Bloomberg<\/a> quotes President Ebrahim Raisi as having said.<\/p>\n

\"enterprise\"<\/a><\/p>\n

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

<\/a> Egypt wants to include \u201closs and damage\u201d on the COP agenda. <\/strong>The Sisi administration wants to prioritize the conversation on compensation for countries that have experienced major economic losses on the back of climate change and its consequences, Egypt\u2019s special representative of COP27 Wael Aboulmagd told reporters yesterday. The summit needs to address this issue \u201cparticularly when it comes to finding a creative way \u2026 to find financing for countries who are in extreme need to address the immediate losses and damages that wipe out a significant part of their annual GDP,\u201d Aboulmagd said.<\/p>\n

Leave politics at the door: <\/strong>Egypt is urging nations to not let tensions over the war in Ukraine and the food and energy crises that followed distract from the issue at hand during COP, Aboulmagd said. \u201cAnimosity will have a cost. We as responsible diplomats ask everyone to rise to the occasion and show leadership \u2026 Put political differences aside and come together.\u201d<\/p>\n

FROM THE DEPT. OF GOOD NEWS- Our friends at Hassan Allam Utilities have finished <\/strong>work on a 5 MW solar plant in Sharm: <\/strong>The investment and development arm of Egypt\u2019s Hassan Allam Holding completed the construction of its 5 MW solar plant in Sharm El Sheikh, it said in a statement (pdf)<\/a> yesterday. The plant was partially financed by Afreximbank and will generate over 10 GWh of power each year. The project \u201cis the first to reach completion among other projects awarded under the [Grid to Power COP27] scheme,\u201d the statement notes. Egypt\u2019s hosting of COP27 underscores the country\u2019s \u201ccommitment to a greener future and its ability to deliver on its pledges and translate them into actual implementation,\u201d Hassan Allam Holding CEO Amr Allam said.<\/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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MARKET WATCH-<\/strong><\/p>\n

Europe\u2019s liquefied natural gas (LNG) purchases this winter could rise as much as <\/strong>40% y-o-y<\/strong> to compensate for a complete cut-off of Russian imports, Bloomberg<\/a> reports, citing a report from BloombergNEF. This increase in LNG purchase, coupled with an expected drop in demand from soaring energy prices for consumers, is expected to satisfy the continent\u2019s LNG needs, the report says. Russian LNG, meanwhile, will likely be diverted to China.<\/p>\n

Overall market supply is expected to remain tight, pushing up LNG prices<\/strong>, the report notes. BloombergNEF points to unspecified \u201csupply issues\u201d in Egypt and Nigeria, as well as delays in the US restarting its Freeport LNG facility in Texas. Egypt recently kicked off an electricity rationing strategy<\/a> in a bid to redirect some of the country\u2019s natural gas supplies for exports, particularly to Europe.<\/p>\n

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

The Egyptian Museum and the Manial Palace Museum are hosting a month-long book <\/strong>fair<\/strong>, coinciding with the 200th anniversary of the deciphering of the Rosetta Stone, Al Masry Al Youm<\/a> reports. The book fair kicked off earlier this week and is running through 27 October.<\/p>\n

PSA #2- Women entrepreneurs: Are you looking for funding? <\/strong>The Facility Investing for<\/a>Employment<\/a> is looking to write co-financing tickets in the EUR 1-10 mn range for new projects at businesses that \u201ccontribute to sustainable job creation.\u201d Its focus is on women entrepreneurs and women-led businesses, according to a press release (pdf)<\/a>. Entrants can apply starting 14 November.<\/p>\n

PSA #3- 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

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","protected":false},"excerpt":{"rendered":"

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 October (and 4Q) is good […]<\/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":[7286,228,93,72,890,125,296,151,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549771","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-climate","tag-cop27","tag-energy","tag-enterpriseam","tag-hassan-allam-holding","tag-investment-watch","tag-qatar","tag-renewables","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"00f89727-ac24-4f8e-b655-c0da142b5489","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[549769],"teaser":"","voice_url":""},"yoast_head":"\nTHIS MORNING: Egypt wants to include \u201closs and damage\u201d on the COP agenda - 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\/09\/29\/this-morning-egypt-wants-to-include-loss-and-damage-on-the-cop-agenda\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Egypt wants to include \u201closs and damage\u201d on the COP agenda\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people, and happy THURSDAY. 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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. 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It\u2019s a short workweek, so we\u2019re glad it\u2019s almost-WEDNESDAY \u2014 meaning the long weekend is just around the corner. We have what we like to call a Goldilocks news day, where it\u2019s not a torrential downpour but we can\u2019t say it\u2019s all quiet, either. *** Before\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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":543077,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/05\/tonight-parliament-had-a-busy-day-before-the-long-weekend-plus-imfs-world-economic-outlook-postponed-to-account-for-omicron\/","url_meta":{"origin":549771,"position":1},"title":"TONIGHT: Parliament had a busy day before the long weekend. Plus: IMF\u2019s World Economic Outlook postponed to account for omicron","author":"enterpriseam admin","date":"5 January 2022","format":false,"excerpt":"Mabrouk, ladies and gents. You made it through the first (albeit abridged) workweek of the year. Merry Christmas to everyone who will be celebrating this Friday \u2014 and we hope all our readers enjoy the long weekend. THE BIG STORIES TODAY- #1- First look at next fiscal year\u2019s budget: The\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","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":558467,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/11\/this-morning-cabinet\/","url_meta":{"origin":549771,"position":2},"title":"THIS MORNING: Cabinet","author":"enterpriseam admin","date":"11 August 2021","format":false,"excerpt":"Good morning, friends, and welcome to the final business day of the week. We\u2019re heading into our last long weekend until October, so we hope you plan to enjoy every minute of it.Startups are getting some very public love from cabinet, with Prime Minister Mostafa Madbouly and International cooperation minister\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":550320,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/550320\/","url_meta":{"origin":549771,"position":3},"title":"OCTOBER October: Air Sphinx, EgyptAir\u2019s\u2026","author":"enterpriseam admin","date":"23 October 2022","format":false,"excerpt":"OCTOBER October: Air Sphinx, EgyptAir\u2019s low-cost subsidiary to commence operations. 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