{"id":579607,"date":"2022-11-09T13:27:30","date_gmt":"2022-11-09T13:27:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/09\/this-evening-gb-auto-founder-raouf-ghabbour-dead-at-69-plus-alaa-abdel-fattahs-hunger-strike-makes-human-rights-a-top-focus-at-cop27\/"},"modified":"2022-11-09T13:27:30","modified_gmt":"2022-11-09T13:27:30","slug":"this-evening-gb-auto-founder-raouf-ghabbour-dead-at-69-plus-alaa-abdel-fattahs-hunger-strike-makes-human-rights-a-top-focus-at-cop27","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/09\/this-evening-gb-auto-founder-raouf-ghabbour-dead-at-69-plus-alaa-abdel-fattahs-hunger-strike-makes-human-rights-a-top-focus-at-cop27\/","title":{"rendered":"THIS EVENING: GB Auto founder Raouf Ghabbour dead at 69. Plus: Alaa Abdel Fattah\u2019s hunger strike makes human rights a top focus at COP27"},"content":{"rendered":"

<\/a> Good afternoon, friends. <\/strong>Before we get underway this afternoon, we\u2019re going to ask you all to pause for a moment and have a thought for the family of Raouf Ghabbour, who passed away earlier today at age 69 after a long battle with cancer.<\/p>\n

Raouf was one of the good guys. <\/strong>A leading figure in our community, he became CEO in 1985 of a decades-old family business that he grew and took public in a landmark IPO. Raouf went on to lead its transformation once again, taking it outside the nation\u2019s borders and turning it into a pioneer of Egypt\u2019s now-booming non-bank financial services industry as he turned the subsidiary known as GB Capital into a business that\u2019s even more compelling than the core automotive unit.<\/p>\n

He was smart, hilarious, and profane \u2014 and thoughtful, kind, and one hell of a strategist. <\/strong>Raouf was guy who reveled in the intricacies of wholesale and retail politics, but who built a world-class assembly and manufacturing business and prided himself in creating meaningful jobs that made a lasting contribution to the nation\u2019s economic development.<\/p>\n

Raouf Ghabbour was a patriot in the best sense of the word. <\/strong>He thought critically about a country he loved and \u2014 in his own, colorful way \u2014 was never shy about making sure everyone knew where we were doing well, and where we could do better.<\/p>\n

We\u2019ll miss you, Doc. <\/strong><\/p>\n

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THE BIG STORY TODAY<\/strong><\/p>\n

<\/a> Day four of jailed activist Alaa Abdel Fattah\u2019s hunger- and water-strike has<\/strong> made human rights one of the top issues at COP27<\/strong>, with Egypt\u2019s Permanent Mission to the United Nations in Geneva putting out a statement<\/a> this afternoon hitting back at UN Human Rights chief Volker T\u00fcrk, who yesterday raised concerns<\/a> about Abdel Fattah\u2019s detention. Abdel Fattah has been on a hunger strike since 2 April; his family said on Sunday that Abdel Fattah had taken his last drink of water until he dies or is released.<\/p>\n

British Prime Minister Rishi Sunak and German Chancellor Olaf Scholz have both called for Abdel Fattah\u2019s release<\/strong> and his case has set off a firestorm of criticism in the international press. Abdel Fattah\u2019s sisters and mother are continuing to lobby for his release and are asking for an update on his health, the AFP<\/a> and BBC<\/a> report this afternoon. The story is getting lots of ink in the foreign press, including Foreign Policy<\/a>, the Washington Post<\/a>, and Deutsche Welle<\/a>, among others. Politico<\/a><\/strong> reports that American President Joe Biden will press us on human rights <\/strong>when he meets on Friday with President Abdel Fattah El Sisi.<\/p>\n

MEANWHILE- The human rights narrative comes as several websites, including Human Rights Watch and Medium, have once again become accessible<\/strong> in Egypt.<\/p>\n

ALSO THIS AFTERNOON-<\/strong><\/p>\n

<\/a> #1- We just got USD 1 bn from Qatar:<\/strong> The Qatar Investment Authority (QIA) deposited USD 1 bn in the Central Bank of Egypt to provide \u201cinterim\u201d support while the QIA continues to work on procedures to acquire state-owned stakes in listed and non-listed companies, Bloomberg<\/a> reports, citing people with knowledge of the matter.<\/p>\n

#2- OC wants to add 3 GW to its Egypt wind portfolio:<\/strong> Our friends at Orascom Construction consortium, along with a consortium of France\u2019s Engie and Japan\u2019s Toyota Tsusho, signed an MoU to set up a new 3 GW wind farm in Egypt under a build, own, operate (BOO) framework, according to a statement (pdf). The consortium signed the agreement on the sidelines of COP27 today.<\/p>\n

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

The international business press is focused largely this afternoon on the US midterm<\/strong> elections, which are currently \u201ctoo close to call.\u201d <\/strong>NBC projections suggest that Republicans could secure a \u201cnarrow\u201d majority of the US House of Representatives, while the fate of the Senate still remains unclear as votes are tallied. The story is on the front pages of the Financial Times<\/a>, the Wall Street Journal<\/a>, Bloomberg<\/a>, Reuters<\/a>, and CNBC<\/a>.<\/p>\n

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

<\/a> The Finance Ministry\u2019s \u201cFinance Day\u201d is currently ongoing as we hit \u201csend\u201d on this afternoon\u2019s edition.<\/strong> Among the highlights:<\/p>\n

The launch of the <\/strong>Sustainable Debt Coalition Initiative<\/a><\/strong>, a platform bringing together debtor and creditor countries, ratings agencies, and DFIs and MDBs in a bid to increase access to affordable green finance, reduce the cost of green debt and encourage fresh green investments among developing countries.<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n