{"id":608082,"date":"2023-10-15T00:00:00","date_gmt":"2023-10-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/15\/blinken-set-to-arrive-in-cairo-for-gaza-talks\/"},"modified":"2023-10-15T00:00:00","modified_gmt":"2023-10-15T00:00:00","slug":"blinken-set-to-arrive-in-cairo-for-gaza-talks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/15\/blinken-set-to-arrive-in-cairo-for-gaza-talks\/","title":{"rendered":"Blinken set to arrive in Cairo for Gaza talks"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>The news cycle didn\u2019t slow down in the slightest over the weekend as the war between Israel and Hamas accelerated and the IMF and World Bank meetings continued in Marrakech. <\/p>\n

<\/a> US Secretary of State Antony Blinken will touch down in Cairo today<\/strong> in what will be his latest stop in a breakneck tour<\/a> of regional capitals aimed at softening the Arab response to Israel\u2019s assault on Gaza \u2014 which has forced some 1 mn people from their homes and killed more than 2.2k \u2014 and prevent the conflict from escalating into a regional conflagration. Expect intense discussions on Israel\u2019s displacement of thousands of Gazans, the entrance of humanitarian aid into the enclave, and the fate of US citizens trapped at the Rafah border crossing. <\/p>\n

MPs to speak on Palestinian displacement:<\/strong> A large number of MPs are expected to take to the floor in the House of Representatives today with statements condemning Israeli aggression in the Gaza Strip and rejecting the displacement of Palestinians into Sinai. <\/p>\n

We have the rundown on the latest from the war in this morning\u2019s war watch<\/strong>, below. <\/p>\n

<\/a> THE BIG BUSINESS STORY HERE AT HOME- <\/strong>We\u2019ll know by the end of October when the IMF will review our progress on <\/strong>the terms of our <\/strong>USD 3 bn loan program<\/strong>, Finance Minister Mohamed Maait told Al Arabiya<\/a>. Bloomberg<\/a> reported Friday that an IMF mission could arrive in Cairo to start the first and second reviews this month. The minister\u2019s comments to the Saudi broadcaster followed an interview with CNBC Arabia<\/a> during which he said that the reviews will be completed before the end of the year.<\/p>\n

We may be asking the Fund for as much as USD 2 bn more under the program<\/strong>, an unconfirmed report suggests. The news comes the same weekend the fund released a report predicting that our budget deficit is going to rise to 10.7% of GDP this fiscal year, more than double the year before. We\u2019ve got the rundown on these stories and more in this morning\u2019s news well, below.<\/strong><\/p>\n

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<\/a> PRIVATIZATION WATCH- Shell and China\u2019s North Petroleum both want a piece of <\/strong>Wataniya:<\/strong> Shell Oil has teamed up with an unnamed investor owned by the Saudi government to target a stake in the military-owned filling station operator Wataniya, reports Al Borsa<\/a>, citing sources it says are in the know. China\u2019s North Petroleum also submitted an offer, the local outlet added. The Sovereign Fund of Egypt is working to sell at least 10% \u2014 and potentially as much as 100%<\/a> \u2014 of Wataniya as part of the state\u2019s privatization program. The company is currently 100% owned by the military\u2019s National Service Projects Organization.<\/p>\n

That makes six reportedly in the running:<\/strong> Taqa Arabia, Abu Dhabi National Oil Company (Adnoc), Emirates National Oil Company (ENOC), and Saudi firm Petromin have all reportedly submitted offers<\/a> for the Wataniya stake, with local media reporting that bids ranged between USD 250 mn and USD 280 mn. The Madbouly government has said that it aims to conclude the sale before the year is out.<\/p>\n

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ELECTION WATCH- It looks like the presidential election is going to be a four-person race <\/strong>afterRepublican People\u2019s Party leader Hazem Omar submitted his running papers, according to a statement<\/a> by the party. Omar joins President Abdel Fattah El Sisi, Farid Zahran (Social Democratic Party), and Abdel-Sanad Yamama (Al Wafd) in the race after the window for nominations closed on Saturday. Opposition politician Ahmed El Tantawy has dropped out of the race. <\/p>\n

What\u2019s next: <\/strong>The National Elections Authority will announce the official list of candidates tomorrow after reviewing each candidate\u2019s paperwork. Voting takes place 10-12 December in Egypt, and 1-3 December abroad.<\/p>\n

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EGP WATCH- Standard Chartered sees no devaluation, changes to interest rates before <\/strong>the end of this year:<\/strong> The bank thinks that Egypt will not see further devaluations of the EGP or changes in interest rates until the end of the year, reports Asharq Business<\/a>, citing a research note from the bank. \u201cThe way markets have understood moving forward the presidential elections from 1Q 2024 to December is that the reforms initially earmarked for 2023 will wait until after the election,\u201d Standard Chartered Bank economist Carla Slim told Asharq Business last week (watch, runtime: 8:25<\/a>).<\/p>\n

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COMMODITIES WATCH- Wheat price hedges incoming for 2024? <\/strong>\u201cThere is a good possibility that we do the wheat hedging next year,\u201d Finance Minister Mohamed Maait told Bloomberg<\/a> on the sidelines of the IMF and World Bank\u2019s annual meetings in Morocco. Maait told the outlet that the Madbouly government is already in talks with several unnamed banks about the plan.<\/p>\n

It\u2019s not the first time we\u2019ve heard about potential wheat hedges<\/strong>: As one of the world\u2019s largest importers of wheat, this isn\u2019t the first time we\u2019ve explored hedging<\/a> against volatile wheat prices. However, while wheat hedging plans are yet to see the light of day, we\u2019ve been hedging big on another important import this year \u2014 oil<\/a>.<\/p>\n

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

<\/a> The House is back in session for the 2023-2024 legislative season:<\/strong> Four bills are up for debate and vote today and tomorrow during plenary sessions in the House, including:<\/p>\n