{"id":563295,"date":"2021-06-27T04:00:20","date_gmt":"2021-06-27T04:00:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/27\/this-morning-ratp-dev-takes-over-metro-line-3-today-busy-legislative-agenda-this-week-opec-to-disappoint-oil-market\/"},"modified":"2021-06-27T04:00:20","modified_gmt":"2021-06-27T04:00:20","slug":"this-morning-ratp-dev-takes-over-metro-line-3-today-busy-legislative-agenda-this-week-opec-to-disappoint-oil-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/27\/this-morning-ratp-dev-takes-over-metro-line-3-today-busy-legislative-agenda-this-week-opec-to-disappoint-oil-market\/","title":{"rendered":"THIS MORNING: RATP Dev takes over Metro Line 3 today; busy legislative agenda this week; OPEC+ to disappoint oil market?"},"content":{"rendered":"

Good morning, everyone, and welcome to a packed issue<\/strong> to start our holiday-shortened workweek.<\/p>\n

It\u2019s official:<\/strong> The national holiday in observance of the 30 June Revolution will take place on Thursday, 1 July, cabinet confirmed in a statement yesterday.<\/p>\n

WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n

<\/a> French transport firm <\/strong>RATP Dev<\/a><\/strong> will take the reins of Cairo Metro Line 3 today<\/strong> under a 15-year contract<\/a> agreed last year, Transport Minister Kamel El Wazir told Al Masry Al Youm<\/a>. RATP Dev \u2014 a subsidiary of RATP, or R\u00e9gie Autonome des Transports Parisiens<\/a> \u2014 was due to take over management of the line at the end of February before the hand-over process was delayed<\/a> while the sides finalized details in the contract.<\/p>\n

It\u2019s the second day of the <\/strong>Big 5 Construct Egypt<\/a><\/strong> at the Cairo International Convention Center.<\/p>\n

There are two all-Egyptian finals at the 2020-2021 <\/strong>CIB PSA World Tour Finals<\/a><\/strong>. <\/strong>Nouran Gohar<\/strong> \u2014 who knocked out reigning champion Nour El Sherbini in the quarters \u2014 booked her place in the final by defeating Australia\u2019s Joelle King yesterday. She will play world no.2 Hania El Hammamy<\/strong>, who defeat France\u2019s Camille Serme. In the men\u2019s draw, surprise finalist Mostafa Asal<\/strong> will meet fifth seed Mohamed El Shorbagy<\/strong> in the final. Asal knocked out world no.1 Ali Farag in the quarters and second seed Tarek Momen in the semi, while El Shorbagy beat New Zealand\u2019s Paul Coll yesterday to secure his place in the final.<\/p>\n

IN THE HOUSE THIS WEEK-<\/strong><\/p>\n

<\/a> MPs have at least two weeks to go before they\u2019re allowed out for summer <\/strong>vacation <\/strong>\u2014 and a packed legislative agenda to keep them busy until then.<\/p>\n

On the agenda for today: A bumper World Bank loan for the national health system:<\/strong> MPs will also today discuss taking a USD 400 mn loan<\/a> from the World Bank\u2019s International Bank for Reconstruction and Development to support the rollout of the government\u2019s national health ins. system.<\/p>\n

Also:<\/strong> SCC to get veto power over international rulings?<\/strong> The House will<\/a>discuss<\/a> in plenary session draft amendments that would give the Supreme Constitutional Court (SCC) the authority to rule on the local implementation of international court and arbitration rulings. The changes could, among other things, give the prime minister the authority to ask the SCC to rule on international verdicts that the government believes are unconstitutional. The House Legislative Committee approved the proposed changes<\/a> earlier this month.<\/p>\n

Tomorrow:<\/strong> The long-awaited Sovereign Sukuk Act<\/strong> is up for a final vote tomorrow, paving the way for the issuance of our maiden sharia-compliant bonds on local and international debt markets.<\/p>\n

Crackdown on civil servants linked to terrorism:<\/strong> The bill that would allow civil servants to be<\/a>automatically dismissed<\/a> for having ties to the banned Muslim Brotherhood is up for a final vote tomorrow. The legislation wasgiven preliminary approval<\/a> by MPs earlier this month.<\/p>\n

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THE BIG STORY ABROAD- The collapse of a 12-storey residential tower block in Florida <\/strong>on Thursday<\/strong> is everywhere in the US media this morning. Five people have been pronounced dead and more than 150 others remain missing. Reuters<\/a> I Associated Press<\/a> | Wall Street Journal<\/a> I New York Times<\/a> I Washington Post<\/a> | Bloomberg<\/a>.<\/p>\n

HAPPENING THIS WEEK-<\/strong><\/p>\n

OPEC+ meets this week \u2014 and it isn\u2019t likely to do much to halt rising prices:<\/strong> Oil exporters are likely to disappoint the market when it meets on Thursday as prices continue to surge due to low supply. Bloomberg<\/a> reports that the OPEC+ alliance of oil producers will probably increase supply only slightly, with Saudi Arabia reportedly wanting to proceed \u201ccautiously.\u201d The International Energy Agency and oil importers are urging the cartel to increase production to fill the supply shortfall.<\/p>\n

Oil prices are now at a two-year high<\/strong>, surging above USD 75 \/ bbl last week and causing a number of market players to forecast a return to USD 100 oil<\/strong>. \u201cThis market\u2019s on fire,\u201d said one analyst. \u201cThe Saudis don\u2019t seem inclined to signal a substantial increase in supplies. But even if OPEC+ adds barrels, prices are going to stay strong.\u201d<\/p>\n

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