{"id":585269,"date":"2023-04-13T00:00:00","date_gmt":"2023-04-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/13\/theres-a-lot-going-on-in-the-neighborhood\/"},"modified":"2023-04-13T00:00:00","modified_gmt":"2023-04-13T00:00:00","slug":"theres-a-lot-going-on-in-the-neighborhood","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/13\/theres-a-lot-going-on-in-the-neighborhood\/","title":{"rendered":"There\u2019s a lot going on in the neighborhood"},"content":{"rendered":"

Good morning, wonderful people, and a very happy THURSDAY. <\/span>There\u2019s enough going<\/span> on here at home and in the region this morning to keep us on our toes as we slide into a much-deserved long weekend. <\/span><\/p>\n

Yes, we said long weekend: <\/span>We\u2019re taking next Sunday, 16 April off here at Enterprise HQ to <\/span>mark Coptic Easter (which is a bank holiday, though not a public holiday), as well as the Sham El Nessim public holiday on Monday, 17 April. <\/span>We\u2019ll be back in your inboxes at the appointed time on Tuesday, 18 April. <\/span><\/p>\n

THE BIG STORY here at home this morning: M&A takes top billing <\/span>today on local news <\/span>reports that PE firm AfricInvest is looking to acquire 25% of the British University of Egypt. Meanwhile, the Madbouly government is working to drum up hard currency on several fronts, as the foreign press speculates about the likelihood of a fourth EGP devaluation.<\/span><\/p>\n

There\u2019s also tons going on in the neighborhood: <\/span>The UAE\u2019s president flew into Cairo last <\/span>night, Arab foreign ministers \u2014 including Syria\u2019s \u2014 are converging on Jeddah tomorrow, and Egyptian FM Sameh Shoukry will be in Turkey at the weekend amid tectonic shifts afoot in regional diplomacy. Scroll down for all the details on the realignment. <\/span><\/p>\n

<\/a><\/span>PSA- It\u2019s official: The private sector is off from Thursday, 20 April until Tuesday, 25 April <\/span>in <\/span>observance of Sinai Liberation Day and Eid El Fitr, the Manpower Ministry <\/span>said in a statement<\/a><\/span>yesterday. Those dates have already been confirmed as off for the public sector. The central bank and the EGX should release their own announcements soon. <\/span><\/p>\n

** SO, WHEN DO WE EAT?<\/span> We\u2019ll be breaking our <\/span>fasts <\/span>at 6:21pm CLT today. You have until <\/span>4:00am tomorrow morning to hydrate and grab a bite to eat. <\/span><\/p>\n

WATCH THIS SPACE- <\/span><\/p>\n

<\/a><\/span>Is every local business getting a digital ID? <\/span>The Supply Ministry has inked an agreement with CIB <\/span>and Visa to develop the country\u2019s first digital business registry, according to<\/span> local media reports<\/span>. The registry will provide every business operating in Egypt with a unique QR code and digital identification card that companies can use to access government services and make payments and ATM withdrawals. <\/span><\/p>\n

THE REALIGNMENT-<\/span><\/p>\n

<\/span><\/a><\/span> #1- MBZ in Cairo: <\/span>UAE President Sheikh Mohammed bin Zayed Al Nahyan arrived in <\/span>Cairo yesterday for talks with President Abdel Fattah El Sisi, according to separate statements from <\/span>Ittihadiya<\/a><\/span> and Emirati state news agency <\/span>WAM<\/a><\/span>. The two leaders discussed ways to strengthen Egypt-UAE ties and developments in the region, Ittihadiya said, without providing further details. <\/span>The story received coverage <\/span>from <\/span>Reuters<\/a><\/span>, <\/span>The National<\/a><\/span>, and <\/span>AFP<\/a><\/span>.<\/span><\/p>\n

REMEMBER-<\/span> Cairo is seeking to secure FDI promised by the UAE and Saudi Arabia to help <\/span>shore up our economy amid global volatility. Gulf investors have signaled their intent to channel capital into state-owned assets through the Madbouly government\u2019s privatization program, but most of the c. USD 20 bn in pledged investment is yet to materialize amid reports that talks over some sales have stalled. El Sisi <\/span>flew to Jeddah last week<\/a><\/span> to take suhoor with Saudi Crown Prince Mohammed bin Salman. <\/span><\/p>\n

#2- Shoukry heads to Turkey:<\/span> Foreign Minister Sameh Shoukry is in Turkey this weeke<\/span>nd <\/span>to<\/span> follow <\/span>up on recent talks to normalize relations. Shoukry has in recent months held several rounds of talks with Turkey\u2019s top diplomat Mevlut Cavusoglu, who last month became the first Turkish foreign minister to visit Cairo in more than a decade. The two sides have <\/span>pledged to restore ties<\/a><\/span>, and recent press reports have claimed that the ground is being laid for Turkish President Recep Tayyip Erdogan to <\/span>visit Cairo later this year<\/a><\/span> for a face-to-face meeting with President El Sisi.<\/span><\/p>\n

<\/a><\/span>#3- Saudi Arabia and Syria are well on the path to <\/span>restoring ties<\/a><\/span>after Syrian <\/span>Foreign Minister Faisal Mekdad met his Saudi counterpart Prince Faisal bin Farhan Al Saud in Jeddah overnight. In a<\/span>joint statement<\/a><\/span> issued in the early hours of this morning, the two ministers said they \u201cwelcomed the start of procedures for resuming consular services and flights\u201d between their countries. Syrian state media also yesterday reported that the country will reopen its embassy in Tunisia. <\/span>Reuters<\/a><\/span> and <\/span>AP<\/a><\/span>have more. <\/span><\/p>\n

<\/a><\/span>#4- Syria could be on its way to reclaiming its seat in the Arab League: <\/span>Arab <\/span>foreign <\/span>ministers will gather in Jeddah on Friday to discuss Syria\u2019s return to the Arab League after 12 years in the cold, <\/span>Reuters<\/a><\/span> reports, citing a <\/span>briefing <\/span>by Qatar's foreign ministry spokesperson Majed Al-Ansari to local media. The Saudi Arabia-hosted meeting will bring together the foreign ministers of Egypt, Jordan, Iraq, and the six Gulf Cooperation Council (GCC) countries. Syria was expelled from the Arab League in November 2011 after cracking down on pro-democracy protests.<\/span>Egypt<\/a><\/span> is among a number of Arab states looking to formally <\/span>restore diplomatic ties with Damascus and end its pariah status in the region. <\/span><\/p>\n

#5- Iran + Saudi Arabia prepare to reopen embassies as ties strengthen:<\/span> An Iranian <\/span>delegation traveled to Saudi Arabia yesterday to prepare to reopen its embassy in the kingdom, according to <\/span>Iran\u2019s official news agency<\/a><\/span>. The visit builds upon their recent China-brokered <\/span>agreement to restore diplomatic ties<\/a><\/span>, and comes a few days after a Saudi delegation traveled to Tehran for similar talks.<\/span><\/p>\n

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

The IMF \/ World Bank Spring Meetings continue in Washington, DC.<\/span> The meetings wra<\/span>p on <\/span>Friday.<\/span><\/p>\n

Cabinet members at the Spring Meetings: <\/span>International Cooperation Minister Rania Al Mashat <\/span>yesterday <\/span>gave a speech<\/a><\/span> to the Group of 24, where she called for more finance for developing and emerging markets amid the global economic and climate crises. Al Mashat reminded developed nations of their unfulfilled USD 100 bn pledge of climate finance to poorer countries. She also <\/span>spoke with<\/a><\/span> US climate envoy John Kerry about the outcomes of COP27 and the latest on the government\u2019s Nexus on Water, Food and Energy (NWFE) program. <\/span><\/p>\n

<\/span><\/p>\n

\n

There\u2019s no one BIG STORY ABROAD dominating the front pages <\/span>of the international pre<\/span>ss this morning\u2013 but plenty of outlets are taking note of NPR\u2019s decision to quit Twitter. The <\/span>US-based publi<\/span>c broadcaster <\/span>said<\/a><\/span> it would stop using Twitter after the company added a \u201cstate-affiliated\u201d label to its account. Twitter moved to change the label to \u201cgovernment-funded media,\u201d but that wasn\u2019t enough for NPR, which argued the move calls into question its editorial independence. <\/span><\/p>\n

Other public broadcasters have also been affected<\/span>: Elon Musk said he would change the BBC\u2019s label from \u201cgovernment funded\u201d to \u201cpublicly funded\u201d after the British media organization protested. (<\/span>CNBC<\/a><\/span> | <\/span>Reuters<\/a><\/span>| <\/span>AP<\/a><\/span>| <\/span>Financial Times<\/a><\/span> | <\/span>BBC<\/a><\/span>| <\/span>Wall Street Journal<\/a><\/span>)<\/span><\/p>\n

<\/a><\/span><\/p>\n

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking <\/span>place on Monday, 15 May at Four Seasons, Nile Plaza.<\/span> The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help us build an export-led economy that makes us a magnet for foreign direct investment (FDI).<\/span><\/p>\n

What\u2019s the Enterprise Exports & FDI Forum?<\/span> In the wake of successive floats of EGP, exports and FDI have never been more important to our economy \u2014 or our businesses. We\u2019re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what we as a country can do to draw foreign investment and much-needed FX. <\/span>Expect it to be heavy on lessons learned in Egypt and other global growth markets \u2014 and lots of success stories.<\/span>You can learn more on our conference website here<\/a><\/span>.<\/span><\/p>\n

Some of the biggest names in business and finance are on board \u2014 are you?<\/span> If you\u2019re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please fill out the form here to signal your interest, letting us know your name, title and where you work.<\/span><\/p>\n

WANT TO BECOME A COMMERCIAL PARTNER?<\/span> Ping a note to <\/span>Moustafa, our head of commercial, here<\/a><\/span>.<\/span><\/p>\n

<\/span><\/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

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

The House of Representatives is now on Eid break: <\/span>MP<\/span>s will reconvene on Sunday, 30 April.<\/span><\/p>\n

Check out our full calendar on the web<\/a><\/span> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Signs are Syria is coming back into the Arab fold<\/p>\n","protected":false},"author":1,"featured_media":585270,"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":[155,168,72,272,6984,735,223,74,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-digitization","tag-diplomacy","tag-enterpriseam","tag-imf","tag-middle-east-politics","tag-mohammed-bin-zayed-al-nahyan","tag-rania-al-mashat","tag-what-were-tracking-today","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"56e8036d-1c7f-4216-8f33-aa7f4e861ccf","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/4\/601.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Regional diplomacy drive: MBZ in Cairo + Saudi rapprochement with Syria and Iran + Arab League meets tomorrow + FM Shoukry heading to Ankara","related_issue":[585267],"teaser":"Signs are Syria is coming back into the Arab fold","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.2d330f10-696e-4378-822e-84953caf8ac8.mp3"},"yoast_head":"\nThere\u2019s a lot going on in the neighborhood - 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We blame the confluence of the constitutional referendum here at home, the release of the Mueller report in the United States, and the Western Easter holiday weekend everywhere from Canada and the US to Italy and the UK. Speaking\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":621687,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/15\/miscellany-on-15-november-2018-premier-league-boss-lieberman-resigns-in-israel-levi-strauss-to-go-public-again\/","url_meta":{"origin":585269,"position":1},"title":"Miscellany on 15 November 2018: PRemier league boss, Lieberman resigns in Israel, Levi Strauss to go public again","author":"enterpriseam admin","date":"15 November 2018","format":false,"excerpt":"In miscellany this morning: Israeli Defense Minister Avigdor Lieberman resigned yesterday in protest of the Gaza ceasefire agreement recently signed between Israel and Palestinian factions, Reuters reported.For football fans and biz nerds: The English Premier League has tapped a new chief executive to take over when Richard Scudamore steps down\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\/2018\/11\/127.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":648640,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/09\/what-were-tracking-on-9-april-2017\/","url_meta":{"origin":585269,"position":2},"title":"What we\u2019re tracking on 9 April 2017","author":"enterpriseam admin","date":"9 April 2017","format":false,"excerpt":"We begin this morning with a holiday advisory if, perchance, the coming respite has slipped off your radar:We are just days away from the Easter \/ Sham El Neseem break \u2014 our first long weekend since January. Banks and the stock market are closed Sunday (16 April) and Monday (17\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":585002,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/this-evening-govt-says-its-keeping-subsidized-loans-for-industry-agriculture-tensions-continue-to-rise-in-jerusalem\/","url_meta":{"origin":585269,"position":3},"title":"THIS EVENING: Gov\u2019t says it\u2019s keeping subsidized loans for industry, agriculture + Tensions continue to rise in Jerusalem","author":"enterpriseam admin","date":"9 April 2023","format":false,"excerpt":"Good afternoon, friends. We\u2019re still seeing telltale signs of that long-awaited Ramadan news slowdown today, with a relatively calm Sunday to start the week. ** SO, WHEN DO WE EAT? We\u2019ll be breaking our fasts at 6:18pm CLT today. You have until 4:05am tomorrow morning to hydrate and grab a\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\/2023\/4\/370.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598736,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/03\/what-were-tracking-on-03-june-2019\/","url_meta":{"origin":585269,"position":4},"title":"What we\u2019re tracking on 03 June 2019","author":"enterpriseam admin","date":"3 June 2019","format":false,"excerpt":"It\u2019s official: We\u2019re on Eid break as of tomorrow morning \u2014 but you may still be fasting. Both the central bank and the EGX have confirmed that our five-day Eid El Fitr weekend begins tomorrow. 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We made it through another week together \u2014 and have a pleasantly quiet issue for you this Christmas Eve morning.Last orders on the NYSE and Nasdaq will be at 1pm Eastern today while the closing\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\/585269","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=585269"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/585269\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/585267"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/585270"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=585269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=585269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=585269"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=585269"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=585269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}