{"id":577054,"date":"2022-11-08T04:00:09","date_gmt":"2022-11-08T04:00:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/08\/this-morning-us-midterms-are-still-eclipsing-cop27-in-the-global-press-global-golf-is-coming-to-egypt\/"},"modified":"2022-11-08T04:00:09","modified_gmt":"2022-11-08T04:00:09","slug":"this-morning-us-midterms-are-still-eclipsing-cop27-in-the-global-press-global-golf-is-coming-to-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/08\/this-morning-us-midterms-are-still-eclipsing-cop27-in-the-global-press-global-golf-is-coming-to-egypt\/","title":{"rendered":"THIS MORNING: US midterms are still eclipsing COP27 in the global press + global golf is coming to Egypt"},"content":{"rendered":"<p><strong>Good morning, friends. It\u2019s another COP-filled morning<\/strong>, but we still have a surprising amount of Egypt business news for you to consume over your morning coffee (or tea, if you must).<\/p>\n<p><strong>BUT FIRST- A quick programming note <\/strong>on how we\u2019re covering COP27 across our publications:<\/p>\n<ul>\n<li><strong>EnterpriseAM <\/strong>is focused on the most relevant-to-Egypt aspects of COP with a flavor of what the regional and global conversations are. As usual, our focus outside of Egypt will be on emerging markets.<\/li>\n<li><strong>EnterprisePM <\/strong>delivers an afternoon update on major developments out of Sharm and offer you longer takes on climate and climate-related issues \u2014 stuff that will make you feel smarter and more informed on the issues of the day.<\/li>\n<li><strong>Enterprise Climate <\/strong>is going deep on climate finance, the loss-and-damage debate, the energy transition and other topics relevant to our regional audience \u2014 Enterprise Climate is a regional publication, covering the Arab world from Morocco to Oman.<\/li>\n<\/ul>\n<p><strong>Enterprise Climate launched our <\/strong><strong><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/d34e43ce-ec5e-4c25-a11f-0a9d80d7bebe\">Climate CEO Poll<\/a><\/strong><strong> this morning. <\/strong>Today\u2019s guest: <strong>Mohamed <\/strong><strong>Saad Eldin<\/strong>, regional chief of <strong>Signify<\/strong>. We\u2019ll be running C-suite interviews on climate throughout COP27 (and probably for a few days beyond) in both Enterprise Climate and EnterpriseAM.<\/p>\n<p><strong>FROM THE DEPT. OF GOOD NEWS- Saad Eldin says Signify is looking at Egypt as an <\/strong><strong>export hub <\/strong>from which the global maker of LED lighting (formerly known as Philips Lighting) can serve demand in Africa. We love it \u2014 and will take this occasion to remind everyone that the only way forward for our economy is to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/feeda831-c0fd-43df-b197-08ddb74254e7\">transform ourselves into a magnet for FDI and exports<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>MEANWHILE- EGP WATCH<\/strong>- The EGP fell again against the greenback yesterday, ending the day 0.2% lower to trade at EGP 24.37, according to central bank figures. The currency has now dropped 23.3% since the CBE\u2019s move towards \u201ca durably flexible\u201d exchange rate at the end of October \u2014 and 54.4% since the initial devaluation in March.<\/p>\n<p><strong>AND- Global golf is coming to Egypt:<\/strong> The Asian Tour\u2019s International Series is making a stop in Egypt this Thursday, 10 November, through Sunday, 13 November. The first International Series Egypt will take place at Madinaty Golf Club, with a generous purse of USD 1.5 mn on offer.<\/p>\n<p><strong>MORE OF THIS, PLEASE: <\/strong>Some of us (at least the one editing this morning\u2026) prefer bashing fuzzy yellow balls, but we\u2019re delighted for those of you who enjoy going for long walks while swatting small, white spheroids with weighted sticks. Hats off to the people at TMG for putting us on the map of a global sport.<\/p>\n<hr class=\"grey-line\">\n<p><strong>COP 27 TODAY-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>It\u2019s the second day of the world leaders\u2019 summit in Sharm, with more national statements <\/strong><strong>on the docket:<\/strong> The session is expected to start at 10:30 am CLT (11:30 am KSA \/ 12:30 pm UAE) and continue until the end of the day, according to <a href=\"https:\/\/ent.news\/2022\/11\/Daily_Programme_Sharm-el-Sheikh2022-OD-20221107-en.pdf\">the agenda (pdf)<\/a>.<\/p>\n<p><strong>Among those speaking today<\/strong> \u2014 according to the <a href=\"https:\/\/ent.news\/2022\/11\/List-of-Speakers-First-part-of-the-high-level-segment-for-Heads-of-State-and-Government-COP-27.pdf\">list of speakers (pdf)<\/a>:<\/p>\n<ul>\n<li>Arab leaders including Libyan President <strong>Mohamed Menfi<\/strong>, Lebanon\u2019s Prime Minister <strong>Mohamad Najib Mikati<\/strong>, Tunisian Prime Minister <strong>Najla Bouden Ep Romdhan<\/strong>, Palestinian Prime Minister <strong>Mohammad I. M. Shtayyeh<\/strong>;<\/li>\n<li>European leaders, including European Council President <strong>Charles Michel<\/strong>, and European Commission President <strong>Ursula von der Leyen<\/strong>;<\/li>\n<li>South African President <strong>Cyril Ramaphosa<\/strong>.<\/li>\n<\/ul>\n<p><strong>Today\u2019s big roundtables include:<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.cop27.eg\/assets\/files\/days\/COP27%20INVESTING%20IN%20THE%20FUTURE%20OF%20ENERGY-DOC-01-EGY-10-22-EN.pdf\">Investing in the future of energy (pdf)<\/a> \u2014 green hydrogen takes center stage<\/li>\n<li><a href=\"https:\/\/www.cop27.eg\/assets\/files\/days\/COP27%20WATER%20SECURITY-DOC-01-EGY-10-22-EN.pdf\">Water security (pdf)<\/a> \u2014 75% of all natural disasters are water-related, and drought has caused more than a third of climate-related deaths and economic damage in the seven years ending 2018.<\/li>\n<li><a href=\"https:\/\/www.cop27.eg\/assets\/files\/days\/COP27%20CLIMATE%20CHANGE-DOC-01-EGY-10-22-EN.pdf\">\u201cVulnerable communities\u201d (pdf)<\/a> \u2014 in other words, all the ways in which the climate is kicking us off our land and out of our homes. 10 mn people displaced in Pakistan. 1.1 mn in Somalia. What do we think will happen here if Alexandria starts sliding into the sea?<\/li>\n<\/ul>\n<p><strong>AND THEN WHAT\u2026? Don\u2019t expect any big announcements or major breakthroughs after <\/strong><strong>leaders are done giving their speeches today.<\/strong> The key issues at play (loss and damage, emission reduction targets etc.) are being negotiated by government delegations over the next 10 days <strong>so we\u2019ll likely have to wait until 18 November for a final agreement<\/strong> to come out of COP27.<\/p>\n<p><strong>WHAT TO WATCH FOR-<\/strong><\/p>\n<p><strong>NWFE funding agreements signed today:<\/strong> Egypt will sign today several partnership agreements and letters of intent with international finance institutions and development partners to implement projects under its Nexus on Water, Food and Energy (<a href=\"https:\/\/www.sis.gov.eg\/Story\/169930\/Egypt-aspires-to-present-success-story-in-COP27?lang=en-us\">NWFE<\/a>) program, the International Cooperation Ministry said in <a href=\"https:\/\/bit.ly\/3AhXJIH\">a statement<\/a> yesterday.<\/p>\n<p><strong>Egypt will start producing green fuel today:<\/strong> The Suez Canal Economic Zone (SCZone) <a href=\"https:\/\/bit.ly\/3UeM7xH\">will announce<\/a> \u201cin the coming hours\u201d the first production of green ammonia at Sokhna Industrial Zone.<\/p>\n<p><strong>REMEMBER<\/strong>- The SCZone is expected to sign a number of agreements with international companies to establish green hydrogen and ammonia plants at the summit. Initial agreements worth some USD 33 bn have been signed this year, the most recent of which was with Maersk for a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cca9f0fa-7d56-4a59-96e2-7b21beb9e915\">huge USD 15 bn facility<\/a>capable of producing 3 mn tons of fuel a year.<\/p>\n<p><strong>New climate agreements with the IFC? <\/strong>The International Finance Corporation (IFC) is working on several climate-related agreements with Egypt, IFC VP Emmanuel Nyirinkindi told CNBC Arabia in an interview (<a href=\"http:\/\/bit.ly\/3zTBdVY\">watch, runtime: 3:58<\/a>), without providing further details. \u201cThe IFC will announce in the coming weeks a new USD 2 bn for climate projects and other innovative projects,\u201d he said separately.<\/p>\n<p class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/Climate-X-6-Dec-1600px.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>The Enterprise Climate X Forum, our first industry-specific conference is taking place on <\/strong><strong>Tuesday, 6 December. <\/strong>It\u2019s a C-suite event for CEOs and top execs, investors, bankers and development finance folks.<\/p>\n<p>In panels, live interviews and networking sessions, <strong>the Enterprise Climate X Forum will give insiders and newcomers alike the chance to talk about how to build a climate-centered business <\/strong>\u2014 and how to make sure your business continues to have access to the funds it needs to grow. Expect it to be <strong>heavy on lessons learned in Egypt and other global growth markets \u2014 and lots of success stories.<\/strong><\/p>\n<p><strong>Some of the biggest names in business and finance are on board \u2014 are you? <\/strong>The Enterprise Climate X Forum is taking place with the generous support of our friends, including:<\/p>\n<ul>\n<li><strong>Banking partners: <\/strong>HSBC | Mashreq | Attijariwafa Bank<\/li>\n<li><strong>Telecom partner:<\/strong> Etisalat by e&<\/li>\n<li><strong>Event partners:<\/strong> Hassan Allam Utilities | Infinity<\/li>\n<\/ul>\n<p><strong>DO YOU WANT TO ATTEND? The first wave of invites is going out today. <\/strong>If you\u2019re a C-suite exec, business owner, climate professional, DFI staff, investor or banker, please email us at <a href=\"mailto:climatexrsvp@enterprisemea.com\">climatexrsvp@enterprisemea.com<\/a> to signal your interest, letting us know your name, title and where you work.<\/p>\n<p><strong>You\u2019re going to love the venue when we unveil it next week.<\/strong><\/p>\n<p><strong>Want to reach our audience? <\/strong>Ping a note to Moustafa Taalab, our head of commercial, <a href=\"mailto:mtaalab@inktankir.com\">here<\/a>.<\/p>\n<hr class=\"grey-line\">\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>THE BIG STORY ABROAD-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>COP27 is continuing to take a back seat to the US midterms in much of the Western <\/strong><strong>press this morning<\/strong> as Democrats and Republicans make their final pitches to voters before the polls open today. (<a href=\"https:\/\/www.reuters.com\/legal\/election-eve-lawsuits-target-ballot-rules-key-us-states-2022-11-07\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/2022-midterm-elections-biden-donald-trump-congress-81685e6030f13360727420eaa1882a02?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_01\">Associated Press<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/elections\/2022\/11\/07\/democrats-republicans-midterms\/\">Washington Post<\/a> | <a href=\"https:\/\/www.nytimes.com\/live\/2022\/11\/07\/us\/election-midterm-news\">New York Times<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/candidates-make-last-pitches-in-final-hours-of-midterms-campaigning-11667817002\">Wall Street Journal<\/a>)<\/p>\n<p><strong>The final forecasts:<\/strong> Nate Silver\u2019s <a href=\"https:\/\/fivethirtyeight.com\/videos\/republicans-are-favored-in-our-final-midterm-forecasts\/\">FiveThirtyEight<\/a> makes Republicans the heavy favorites to take the House and has them edging the race for the Senate. <a href=\"https:\/\/www.politico.com\/2022-election\/race-forecasts-ratings-and-predictions\/\">Politico\u2019s forecast<\/a> is similar, giving the House to the GOP but saying that the Senate remains too close to call. Republicans only need to gain five seats in the House and one in the Senate to take control of both legislative bodies.<\/p>\n<p><strong>Markets are welcoming the prospect of a lame duck president:<\/strong> Shares on Wall Street rose sharply during trading yesterday as polls continued to predict strong gains for the Republicans in the House. The benchmark S&P 500 gained 1% and the tech-heavy Nasdaq rose 0.9%, with Meta shares surging 6.5% on reports that the company is preparing to lay off thousands of workers. <a href=\"https:\/\/www.reuters.com\/markets\/us\/futures-rise-focus-shifts-midterm-elections-2022-11-07\/\">Reuters<\/a> and <a href=\"https:\/\/www.ft.com\/content\/bd9560a8-af53-42d7-8c0e-0ed6745818de\">the Financial Times<\/a> have more.<\/p>\n<p><strong>Trump 2024 to launch next week?<\/strong> Former president Donald Trump said at a rally an hour ago that he will make a \u201c<a href=\"https:\/\/www.barrons.com\/news\/trump-says-making-very-big-announcement-on-nov-15-01667877306?refsec=topics_afp-news\">very big announcement<\/a>\u201d on 15 November.<\/p>\n<p><strong>ALSO HAPPENING TODAY-<\/strong><\/p>\n<p><strong>It\u2019s the final day of the <\/strong><strong><a href=\"https:\/\/alex.technesummit.com\/2022\">Techne Summit<\/a><\/strong><strong> at the Bibliotheca Alexandrina:<\/strong> The hybrid event brings together entrepreneurs and investors from various sectors in the Mediterranean region.<\/p>\n<p>The <strong>Senate Education and Telecommunications Committee<\/strong> will begin discussing the <strong>Digital Egypt Fund draft bill<\/strong> today. The draft bill, approved by the Cabinet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3f3cba0-4e3e-4ff5-b256-14c19025522f\">last year<\/a>, would set up a fund to support the Communications Ministry\u2019s <a href=\"https:\/\/mcit.gov.eg\/en\/Digital_Egypt\">Digital Egypt<\/a> initiative.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">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<p><strong>CORRECTION-<\/strong> In our coverage of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b387f20-658e-4fcc-89e6-602f5c20a966\">CIRA Education\u2019s future flow issuance<\/a> yesterday, we picked up a statement that said that Arab International Bank (AIB) subscribed to the issuance and acted as custodian and an underwriter. It has come to our attention that AIB was not involved in the transaction and that Ahli United Bank was the custodian. We have since updated the story on our website.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, friends. It\u2019s another COP-filled morning, but we still have a surprising amount of Egypt business news for you to consume over your morning coffee (or tea, if you must). BUT FIRST- A quick programming note on how we\u2019re covering COP27 across our publications: EnterpriseAM is focused on the most relevant-to-Egypt aspects of COP [&hellip;]<\/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":[228,72,6356,6357,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577054","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-cop27","tag-enterpriseam","tag-golf","tag-us-midterm-elections","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"fd451da4-eb73-43f8-a337-a4afddfb5850","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[577052],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS MORNING: US midterms are still eclipsing COP27 in the global press + global golf is coming to Egypt - 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\/11\/08\/this-morning-us-midterms-are-still-eclipsing-cop27-in-the-global-press-global-golf-is-coming-to-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: US midterms are still eclipsing COP27 in the global press + global golf is coming to Egypt\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. It\u2019s another COP-filled morning, but we still have a surprising amount of Egypt business news for you to consume over your morning coffee (or tea, if you must). 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He reiterated Shoukry\u2019s pledge earlier\u2026","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":579581,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/08\/this-evening-a-new-10-gw-wind-farm-scatec-oc-fertiglobe-launch-100-mw-green-hydrogen-plant-at-cop\/","url_meta":{"origin":577054,"position":1},"title":"THIS EVENING: A new 10 GW wind farm + Scatec, OC, Fertiglobe launch 100 MW green hydrogen plant at COP","author":"enterpriseam admin","date":"8 November 2022","format":false,"excerpt":"Good afternoon, wonderful people. It\u2019s hump day, and with COP27 well in the swing of things, it is most definitely a news dump day. 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