{"id":588904,"date":"2023-06-19T00:00:00","date_gmt":"2023-06-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/19\/el-sisi-to-meet-with-eus-top-diplomat-egypt-co-hosts-global-fundraiser-for-sudan\/"},"modified":"2023-06-19T00:00:00","modified_gmt":"2023-06-19T00:00:00","slug":"el-sisi-to-meet-with-eus-top-diplomat-egypt-co-hosts-global-fundraiser-for-sudan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/19\/el-sisi-to-meet-with-eus-top-diplomat-egypt-co-hosts-global-fundraiser-for-sudan\/","title":{"rendered":"El Sisi to meet with EU\u2019s top diplomat + Egypt co-hosts global fundraiser for Sudan"},"content":{"rendered":"

Good morning, wonderful people, and happy Monday. <\/span>The news cycle is only accelera<\/span>ting as the week continues and we have another packed issue for you today. <\/span><\/p>\n

<\/a> <\/span>PSA- Eid Al Adha will begin on Wednesday, 28 June<\/span>, Dar Al Ifta announced after confirming <\/span>the sighting of the crescent moon marking the start of the lunar month of Dhul Hijjah, in statements <\/span>here<\/a><\/span> and <\/span>here<\/a><\/span>. We\u2019re still waiting for official announcements on which days will be off to mark the holiday. <\/span><\/p>\n

BEFORE WE GET UNDERWAY- At least one of us feels very old this morning<\/span> \u2014 not <\/span>because of the passing of a significant birthday, but because <\/span>today marks the publication of the very first Enterprise story written by the Resident 15-Year-Old<\/span>, whom we are pleased to announce has joined us as a summer news intern. For context: Said 15-year-old was barely seven years of age when we launched Enterprise. It feels as if it was just yesterday. As The Colonel always said: Time accelerates as you age. <\/span><\/p>\n

THE BIG STORY here at home is the news that the International Finance Corporation<\/span> (IFC) will come on board as an advisor to the state\u2019s privatization program<\/span> under an agreement it signed with the government yesterday. We spoke with IFC Managing Director Makhtar Diop about what to expect from the partnership. <\/span><\/p>\n

Speaking of stake sales: <\/span>This morning also brings news that PE outfit B Investments is lookin<\/span>g to acquire a majority stake in financial services firm Orascom Financial Holding.<\/span><\/p>\n

AND- Our regular interest rate poll is out<\/span>: M<\/span>ost of the analysts we spoke to expect the central <\/span>bank to keep interest rates on hold when its Monetary Policy Committee meets this Thursday, 22 June. <\/span><\/p>\n

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The Enterprise Finance Forum is our flagship gathering \u2014 the one so many of you have <\/span>been waiting for. <\/span>The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings. Stay tuned for more information on the location. <\/span><\/p>\n

TAP OR CLICK <\/span>HERE<\/a><\/span> if you want to express interest in attending. <\/span>We\u2019ll be sending out the first batch of invitations just after the 30 June holiday. <\/span><\/p>\n

Do you want to become a commercial partner?<\/span> Please click <\/span>here<\/a><\/span>.<\/span><\/p>\n

STAY TUNED for more detail <\/span>about our exciting agenda in the weeks to come.<\/span><\/p>\n

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

<\/a> <\/span>The EU\u2019s foreign policy chief Josep Borrell will meet with President Abdel Fattah <\/span>El Sisi today<\/span>, an EU <\/span>statement<\/a><\/span> read. Borrell met with Foreign Minister <\/span>Sameh Shoukry<\/a><\/span> and Defense Minister <\/span>Mohamed Zaki<\/a><\/span> yesterday for bilateral talks. <\/span><\/p>\n

Assistance from EU on Sudanese refugees: <\/span>The EU is providing Egypt with \u201cimmediate assistance\u201d of EUR 20 mn to help address the \u201cnew wave of Sudanese refugees\u201d on our southern border, Borrell said in a <\/span>press conference<\/a><\/span> with Shoukry yesterday. \u201cI know this is not enough and you are going to pay much more, but at least, let us contribute a little bit in your support,\u201d he told Shoukry. <\/span><\/p>\n

<\/a> <\/span>More where that came from? <\/span>Egypt is today co-hosting a hybrid <\/span>\u201cpledging event\u201d<\/a><\/span> with the UN, Germany, Qatar, Saudi Arabia, the African Union and the EU, to raise funds to pay for humanitarian assistance to Sudan and to aid the refugee crisis the war has created. <\/span><\/p>\n

The latest in Sudan: <\/span>The Sudanese Armed Forces and the paramilitary Rapid Support Forces have agreed to a fresh 72-hour ceasefire that came into effect yesterday morning to allow for aid deliveries to take place, a <\/span>joint statement<\/a><\/span> from the US and Saudi Arabia said. <\/span><\/p>\n

IN THE SENATE-<\/span><\/p>\n

The Senate will today continue discussions it began yesterday<\/span> on unifying legislation governing cooperative and offering tax incentives to help them boost exports. <\/span><\/p>\n

<\/a> <\/span>Most parliament-watchers are expecting the Senate to break for its summer recess <\/span>after tomorrow\u2019s session. <\/span><\/p>\n

FURTHER AFIELD-<\/span><\/p>\n

<\/a> <\/span>SCZone boss heads to India:<\/span> Suez Canal Economic Zone (SCZone) Chairman Walid <\/span>Gamal Al Din is in New Delhi to kick off a promotional roadshow looking to attract Indian investments to the economic and industrial areas in Ain Sokhna and Port Said, a <\/span>statement<\/a><\/span> said. The SCZone\u2019s global tour has so far seen its representatives travel to <\/span>China<\/a><\/span>, Japan, the Netherlands, and Vietnam. President Abdel Fattah El Sisi visited India earlier this year, where he discussed <\/span>potential investment<\/a><\/span> in our infrastructure with local businesses.<\/span><\/p>\n

India wants the AU to visit next: <\/span>Indian Prime Minister Narendra Modi wants to make the African Union a permanent<\/span> member of the G20 at the group\u2019s summit in New Delhi this September, <\/span>Reuters<\/a><\/span> reports, citing an unnamed official source. The proposal comes as Modi wants to give African nations a push for more representation on the international stage, the source said. In addition to the G20\u2019s permanent membership \u2014 19 nations, along with the EU \u2014 the UN, World Bank, World Health Organization, Singapore, Nigeria, and Bangladesh will be attending the September summit as onlookers. <\/span><\/p>\n

The African Export-Import Bank (Afreximbank) will <\/span>continue holding its <\/span>annual meetings<\/a><\/span> in the Ghanaian capital today. The meetings run through to Wednesday.<\/span><\/p>\n

Afreximbank wants African nations to end reliance on USD for regional trade: <\/span>Afreximbank<\/span>expects 15-20 nations to have signed up <\/span>by the end of the year for the <\/span>Pan-African Payment and Settlement System<\/a><\/span> (PAPSS), which aims in part to cut reliance on the greenback over time in regional trade, Afreximbank President Benedict Oramah told <\/span>Bloomberg<\/a><\/span>ahead of the annual meetings. So far, nine central banks have joined the platform since it was <\/span>launched<\/a><\/span>last year. While the platform currently uses USD as an intermediary currency, a mechanism is being developed to enable direct conversions between Africa\u2019s 42 currencies, Oramah said. \u201cWhat we are doing is to domesticate intra-African payments,\u201d he said.<\/span><\/p>\n

Egypt is one of the countries expected to join:<\/span> That\u2019s according to a <\/span>source <\/span>at the Central <\/span>Bank of Egypt we spoke to yesterday, who didn\u2019t disclose a projected timeline for doing so.<\/span><\/p>\n

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

T<\/span>he House is back in ses<\/span>sion tomorrow <\/span>to discuss a bill that would establish a <\/span>national agency for intellectual property rights. On Wednesday, MPs are expected to discuss and vote on bills for oil exploration, joining an international convention on nuclear energy safety, and establishing the Egypt-based HQ of the African Space Agency. <\/span><\/p>\n

FACT CHECK-<\/span><\/p>\n

No final decision on electricity prices: <\/span>The cabinet has yet to approve new electricity <\/span>prices, <\/span>a source at the Electricity Ministry <\/span>told us yesterday, denying <\/span>media reports<\/a><\/span> over the weekend that claimed the government has decided to raise prices from next month. The prices circulating in the media are \u201cmere estimations\u201d and no final decision has been reached, they said. Recommendations for the new electricity tariffs <\/span>were sent to the cabinet for approval<\/a><\/span> almost two weeks ago. <\/span><\/p>\n

So what could we see?<\/span> Prices could rise 20-22% from the beginning of the next fiscal year, according to our source.<\/span><\/p>\n

Remember: <\/span>Residential electricity prices have <\/span>been frozen over the past year<\/a><\/span> to shield households from the rising cost of living. This has cost public finances around EGP 4 bn, our source told us. <\/span><\/p>\n

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

The eyes of the foreign press remain firmly on China<\/span> as US Secretary of State <\/span>Antony Blinken enters a second day of talks with Beijing officials. Blinken yesterday met with Chinese Foreign Minister Qin Gang, where he emphasized the need for \u201copen channels of communication across the full range of issues to reduce the risk of misperception and miscalculation,\u201d according to a US State Department spokesman. It is still not clear if Blinken will meet today with Chinese President Xi Jinping. (<\/span>Financial Times<\/a><\/span> | <\/span>Reuters<\/a><\/span>)<\/span><\/p>\n

Missed this week\u2019s Inside Industry? <\/span>In our weekly vertical exploring all things industry and <\/span>manufacturing, we asked industry players what they think of the Madbouly government\u2019s new package of business reforms. <\/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

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ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help <\/span>us build some very cool new things.<\/span> Enterprise \u2014 the essential morning read on all the important news shaping business and the economy in Egypt and the region \u2014 is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.<\/span><\/p>\n

We have tons more in the pipeline \u2014 come help us build new publications.<\/span> We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.<\/span><\/p>\n

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.<\/span><\/p>\n

That said, we're looking for gifted story-tellers from all walks of life and across all professions<\/span>, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/span><\/p>\n

NEVER WORKED IN A NEWSROOM BEFORE?<\/span> We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.<\/span><\/p>\n

During the program you will learn:<\/span><\/p>\n