{"id":608161,"date":"2023-10-16T00:00:00","date_gmt":"2023-10-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/16\/egypt-plans-intl-summit-to-discuss-gaza-conflict\/"},"modified":"2023-10-16T00:00:00","modified_gmt":"2023-10-16T00:00:00","slug":"egypt-plans-intl-summit-to-discuss-gaza-conflict","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/16\/egypt-plans-intl-summit-to-discuss-gaza-conflict\/","title":{"rendered":"Egypt plans int\u2019l summit to discuss Gaza conflict"},"content":{"rendered":"

Good morning, friends. <\/strong><\/p>\n

The conflict in Gaza remains the BIG STORY AT HOME on this very war-heavy morning <\/strong>after President Abdel Fattah El Sisi met yesterday with US Secretary of State Antony Blinken. There is also a report that suggests there may have been progress on talks to allow aid into the enclave, and the Biden administration says it now views the expulsion of Palestinians out of Gaza and into Sinai a \u201cnon-starter,\u201d<\/strong> the US\u2019 top diplomat said in an interview. We have a rundown on the situation on the ground and in diplomacy in this morning\u2019s news well, below.<\/p>\n

The war is set to dominate today\u2019s news cycle<\/strong>, with plenty of activity on the diplomatic front as Israel prepares for what it says will be a decisive land invasion of Gaza. <\/p>\n

<\/a> #1- Egypt wants to host a summit to address the conflict in Gaza<\/strong>, with El Sisi looking to invite regional and world leaders to Cairo to discuss \u201cthe developments and future of the Palestinian issue,\u201d Ittihadiya said<\/a> yesterday following a meeting of the National Security Council. There\u2019s no word yet on when the summit will take place or who\u2019s on the invite list. <\/strong>The summit got wide attention on last night\u2019s talk shows, from Al Hayah Al Youm (watch, runtime: 3:50<\/a> | 9:04<\/a>) to El Hekaya (watch, runtime: 3:04<\/a>) and Masaa DMC (watch, runtime: 3:39<\/a>).<\/p>\n

Blinken declined to confirm whether the US <\/strong>would attend the summit<\/strong> when asked in an interview<\/a> yesterday, saying only that the US \u201cwelcomes any efforts\u2019 to resolve the conflict.<\/p>\n

#2- New US Gaza envoy arrives in Egypt today:<\/strong>Veteran diplomat David Satterfield has been tapped to address the humanitarian situation in Gaza Blinken told reporters<\/a> yesterday. The Biden administration announced<\/a> Satterfield\u2019s appointment yesterday amid global alarm about the human cost of Israel\u2019s war against Hamas. <\/p>\n

#3- UNSC vote today:<\/strong> Russia will today push for a UN Security Council vote on its draft resolution calling for a humanitarian ceasefire and condemning terrorism and civilian deaths, according to Reuters<\/a>.<\/p>\n

The Arab League is planning a UNSC resolution of its own. <\/strong>Look for the body to present a three-pronged plan to agree a ceasefire, ensure aid into Gaza, and prevent the displacement of Palestinians, Arab League official to the UN Maged Abdel Fattah said on Ala Masouleety last night (watch, runtime: 9:53<\/a>). <\/p>\n

#4- An emergency OIC meeting this week:<\/strong> Saudi Arabia will host an emergency meeting of the<\/a>Organization of Islamic Cooperation<\/a> in Riyadh on Wednesday to discuss the escalating situation. <\/p>\n

THE ECONOMIC FALLOUT-<\/strong><\/p>\n

<\/a> A warning from Jamie Dimon: \u201cThis may be the most dangerous time the world has <\/strong>seen in decades,\u201d<\/strong> JPMorgan Chase CEO Jamie Dimon said over the weekend<\/a>, warning that the conflicts in Gaza and Ukraine could destabilize food and energy prices.<\/p>\n

<\/a> Market reaction to the war has so far been relatively \u201cmuted,\u201d<\/strong>Reuters<\/a> reports, but analysts worry that global inflation and interest rates could rise if the conflict expands to the wider region. \u201cI have no clue whether markets will remain relatively well behaved,\u201d Erik Nielsen, group chief economics advisor at UniCredit told Reuters.<\/p>\n

On the energy side of the equation, oil prices rose by 6% on Friday<\/strong> on vague concerns about output.<\/strong> Last week, Egypt\u2019s gas imports from Israel dropped 20%<\/a> after Chevron halted production of the Tamar gas field in the Mediterranean. Safe haven assets including gold and the USD are already attracting investors, with gold prices up 3% at the close of last week and the USD on a one-week high.<\/p>\n

Asian markets are stable (ish) to start off the week:<\/strong> Oil and gold prices are down slightly in Asian trading this morning, suggesting that investors aren\u2019t (yet) freaking out about the prospect of a wider war in the region. The stock markets are a different story, with most bourses in the region in the red. The Nikkei (-1.6%) is leading losses, with shares in South Korea and China also lower. Stock markets in Europe and the US will open in the green later today, according to equity futures.<\/p>\n

^^ We have the full details in this morning\u2019s War Watch, below.<\/p>\n

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

<\/a> Today in the House:<\/strong> Another three bills are due to be put to a General Assembly vote today:<\/p>\n