{"id":609359,"date":"2023-11-03T00:00:00","date_gmt":"2023-11-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/03\/your-commute-is-getting-pricier-cbe-hold-rates-us-one-of-14-countries-who-objected-to-a-ceasefire-during-the-last-un-general-assembly\/"},"modified":"2023-11-03T00:00:00","modified_gmt":"2023-11-03T00:00:00","slug":"your-commute-is-getting-pricier-cbe-hold-rates-us-one-of-14-countries-who-objected-to-a-ceasefire-during-the-last-un-general-assembly","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/03\/your-commute-is-getting-pricier-cbe-hold-rates-us-one-of-14-countries-who-objected-to-a-ceasefire-during-the-last-un-general-assembly\/","title":{"rendered":"Your Commute is getting pricier + CBE hold rates + US one of 14 countries who objected to a ceasefire during the last UN General Assembly"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning friends, and welcome to the weekend. <\/strong>We have a busy issue lined up for you with updates on our fuel prices and the CBE\u2019s decision regarding the interest rates alongside a stream of news on Israel\u2019s assault on Gaza. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In this week\u2019s Enterprise Guide: Pottery has since ancient times been an art form that <\/strong><strong>transcends time and place. <\/strong>Not only for its aesthetic value, but for its creative appeal. Molding something using your bare hands is both therapeutic and rewarding, and today, we have the lowdown on the places where you can go to do just that. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Enterprise Weekend comes out each Friday at 9:00am CLT.<\/strong> We\u2019ll be back on Sunday at 6am with EnterpriseAM. Until then: Enjoy the weekend.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HELP SUPPORT GAZANS-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Want to support relief efforts in Gaza, but don\u2019t know where to start? <\/strong><strong>We\u2019ve got you. <\/strong>More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century. <strong>The charities we\u2019re listing below are Egyptian organizations working on Gaza relief that we think you can trust <\/strong>if you want to make a donation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Egyptian Red Crescent Society <\/strong>is one of the nation\u2019s leading providers of humanitarian and emergency medical services. The Egypt Red Crescent <a target=\"_blank\" href=\"https:\/\/www.egyptianrc.org\/Donate\/online-donation\" style=\"\" rel=\"noopener\">accepts donations in EGP online<\/a> and is on Fawry with the service code 99981. You can also donate to the organization through this Banque du Caire account: 49\/403\/30 (EGP) or 1065\/601\/30 (USD \u2014 code: BCAIEGCX030).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Egyptian Food Bank:<\/strong> The food bank has launched \u201cAid Gaza,\u201d a hunger-relief campaign to supply essential food items to the people of Gaza. You can make an online <a target=\"_blank\" href=\"https:\/\/www.efb.eg\/programs\/3075\/aghath-aaagl-lahaly-ghz\" style=\"\" rel=\"noopener\">donation<\/a> through EFB\u2019s website or the unified bank account number 888777 at every bank in Egypt. <strong>Do you live abroad? <\/strong>The EFB has a list of its verified accounts at major institutions (along with account numbers) <a target=\"_blank\" href=\"https:\/\/www.efb.eg\/other-ways-to-donate\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The Mersal Foundation <\/strong>is a non-profit medical organization running medical aid convoys to Gaza. It is on Fawry using service code 9200 or you can donate through its EGP accounts at major national banks including CIB (100034654454), Banque Misr (5450001000003297), Emirates NBD (1019409332701), National Bank of Egypt (1953071376769426268), AAIB (1015996610010201), QNB <strong>(<\/strong>7352031181714268). The group lists <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Mersalfoundation\/posts\/pfbid02z1FgyEccB4ZVxfWTPeZAigZ1xxMxpf8B9MXT6Q3QX1jBfZgBND7ZzLqPZXFmkBzkl\" style=\"\" rel=\"noopener\">other ways you can donate<\/a> on its Facebook page.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Lifemakers: <\/strong>The NGO, which has a record of providing medical, educational and social care services to Palestinians, has been helping to prepare aid convoys ahead of dispatch to deliver food, medical supplies, water, blankets, clothing, and other essentials to the besieged Gaza strip since the outbreak of the Israel-Hamas war. <a target=\"_blank\" href=\"https:\/\/donate.lifemakers.org\/Donate\/DetailsAr\/162\" style=\"\" rel=\"noopener\">Donate through the foundation\u2019s website<\/a> or use Fawry code 950. Lifemakers also accepts donations for Gaza relief in EGP via CIB (account 100034226827) and NBE (0773070478998401017). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some <\/strong><strong>BREAKING NEWS before we get on to our three-minute guide to the week that was<\/strong>: <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t hikes fuel prices:<\/strong> Your commute has become pricier, as the Oil Ministry raises gasoline prices by 9-14%, it said in a statement last night. The price of diesel and natgas fuel were kept unchanged.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gasoline prices as of 8am CLT this morning:<\/strong><\/p>\n<ul>\n<li><strong>95-Octane is EGP 12.50 per liter,<\/strong> up 8.7% from the previous EGP 11.50;<\/li>\n<li><strong>92-Octane is EGP 11.50 per liter,<\/strong> up 12.2% from the previous EGP 10.25;<\/li>\n<li><strong>80-Octane is EGP 10.0 per liter,<\/strong> up 14% from the previous EGP 8.75.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Central Bank of Egypt <\/strong><strong>left interest rates unchanged yesterday,<\/strong><a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/news-publications\/news\/2023\/11\/02\/16\/16\/mpc-press-release-2-november-2023\" style=\"\" rel=\"noopener\">it said in a statement<\/a>, citing the easing of inflationary pressures worldwide as one of the factors behind its decision.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where rates stand: <\/strong>The overnight deposit rate is at 19.25%, the overnight lending rate is at 20.25%, while the main operation and disc. rates are both at 19.75%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>LAST WEEK IN 3 MINS-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story of the week: Israel stepped up its war on Gaza. Nearly half of the nearly 9k <\/strong><strong>Palestinians killed are children<\/strong>, according to data from the Gaza Health Ministry. The IDF assault, which has broadened to add troops alongside fixed and rotary-wing aircraft and drones, has damaged or flattened more than one out of every four buildings in Gaza, including some 260 healthcare facilities and 42 UN buildings. <strong>Israel\u2019s attack is now in its fourth week.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In business news: <\/strong>It was a big week for manufacturing and energy news \u2014 and the Madbouly government made important progress on the privatization front, locking in USD 800 mn from UAE wealth fund ADQ even as it built a new pipeline of investments that appears to have caught the eye of the the UAE\u2019s investment minister. (And yes, it\u2019s totally fine if you feel half-hearted about economic news right now.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KEY EVENTS IN ISRAEL\u2019S WAR ON GAZA-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Two drones crashed in Taba and Nuweiba <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/story\/facf909e-998b-49cb-981a-0e53bc3aa4b9\/\" style=\"\" rel=\"noopener\">last Friday<\/a><\/strong>, causing explosions and injuring six people. The Egyptian military said the drones had been launched from the south of the Red Sea. The incident prompted President Abel Fattah El Sisi to warn against the potential widening of the conflict.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Israel and the US were among just 14 countries that voted against a resolution calling <\/strong><strong>for <\/strong><strong>a<\/strong><strong> ceasefire <\/strong>at the UN General Assembly on Friday \u2014 while 121 countries voted in favor of the Jordan-led resolution for an \u201cimmediate, durable\u201d humanitarian truce and 44 abstained. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Israel plunged Gaza into a communications blackout on Friday<\/strong> as it stepped up its bombardment of the strip and began its ground invasion. Communications were restored two days later to parts of Gaza, though coverage over the north of the territory remained out. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- <\/strong><strong>Hamas fighters battled Israeli soldiers and tanks in northern Gaza<\/strong> as the IDF pushed deeper into the besieged enclave.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#5- <\/strong><strong>Just 272 trucks have made it from Egypt into Gaza since the conflict began on 7 October<\/strong>, the Palestinian Red Crescent said earlier this week. Israel is preventing fuel from entering the strip in addition to demanding that all cargo entering the strip be searched. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Prior to the war, Gaza was receiving 450 trucks daily through the Rafah crossing,<\/strong> shared Lynn Hastings, United Nations Humanitarian Coordinator for the Occupied Palestinian Territory, in a press briefing last week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#7- Israeli Prime Minister Benjamin Netanyahu <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/story\/29531fdd-80f2-4d2d-9e77-424d783a7f7c\/\" style=\"\" rel=\"noopener\">continued to lobby<\/a><\/strong><strong> for resettling displaced <\/strong><strong>Palestinian refugees in Sinai. <\/strong>Israeli intelligence officials have reportedly drawn up a plan to forcibly transfer the Gaza Strip\u2019s 2.3 mn population to the Sinai peninsula. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#8- Prime Minister Moustafa Madbouly on Tuesday raised the threat of hostilities if the Israeli<\/strong><strong> government tries to push ahead with the plan.<\/strong> \u201cWe are prepared to sacrifice mns of lives to ensure that no one encroaches upon [Sinai],\u201d Madbouly said in a speech in North Sinai on Tuesday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#9- <\/strong><strong>More than 1k people were \u201ckilled, injured or missing\u201d after two days of Israeli attacks on the <\/strong><strong>densely-populated <\/strong><strong>Jabalia refugee <\/strong><strong>camp<\/strong> in north Gaza, according to figures from the Gaza Health Ministry released yesterday. The neighborhood was assaulted on Tuesday and Wednesday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WE HAD SOME ECONOMY NEWS-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The private-sector minimum wage will rise by 17% starting January 2024:<\/strong>Private-sector firms <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/458f9250-681e-4b02-8276-0297c9a55908\" style=\"\" rel=\"noopener\">will have to pay<\/a> their employees a gross wage of at least EGP 3.5k a month from January, up from EGP 3k currently.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Our net foreign assets gap <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/story\/d0a25677-a886-41cd-8d9c-32f8aa80fe89\/\" style=\"\" rel=\"noopener\">widened in September<\/a><\/strong><strong> to negative USD 26.8 bn<\/strong> from negative USD 25.9 bn the month prior. This marks the first jump in net foreign liabilities since June, when they hit a record high of USD 27.1 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- We lined up some more debt<\/strong> with a facility worth <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c2bf4ab6-df22-42a9-abf1-d315809bb7ca\" style=\"\" rel=\"noopener\">nearly USD 1 bn<\/a> from the <strong>Chinese Development Bank<\/strong> hitting the CBE\u2019s coffers earlier this week. The funding is earmarked for unspecified projects under the umbrella of China\u2019s infrastructure-focused \u201cbelt and road\u201d program. The news came the same week as the House of Representatives voted to allow the Finance Ministry to conclude a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bef1d586-c5e9-4061-a227-b80ecdbff768\" style=\"\" rel=\"noopener\">USD 500 mn loan<\/a> from <strong>Deutsche Bank<\/strong> and the <strong>Arab Banking Corporation<\/strong>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A SPATTERING OF ENERGY UPDATES-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Israel <\/strong><strong>has sharply cut back natural gas exports to Egypt<\/strong><strong> earlier as the war in Gaza disrupts production in the Eastern Mediterranean. <\/strong>The Madbouly cabinet said that the country\u2019s gas imports <a target=\"_blank\" href=\"https:\/\/enterprise.news\/story\/ef901833-3643-406c-9f73-560e93c578ef\/\" style=\"\" rel=\"noopener\">have fallen to a fraction<\/a> of the previous 800 mn cubic feet of gas per day \u2014 and named it as one of the main reasons for the worsening blackouts that began last week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Energy-intensive industries have seen their gas supplies cut as a consequence.<\/strong> Fertilizer companies have reportedly seen supplies <a target=\"_blank\" href=\"https:\/\/enterprise.news\/story\/b88824c5-9f39-426c-8a60-5a3bb22b10a6\/\" style=\"\" rel=\"noopener\">reduced by 30%<\/a>. Separate reports indicate that other industries \u2014 including iron and aluminum \u2014 are also experiencing temporary supply cuts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The Electricity Ministry has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/story\/e9497fab-eef5-4114-bf5e-2656688db373\/\" style=\"\" rel=\"noopener\">reportedly extended<\/a><\/strong><strong> the duration of daily power cuts to 90 minutes from one hour. <\/strong>It isn\u2019t clear whether this is a change in policy or a one-off prompted by halted gas exports from Israel. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Italian energy giant Eni <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/story\/84d00627-fe83-44dd-9db4-aab82f6dd194\/\" style=\"\" rel=\"noopener\">expects to resume<\/a><\/strong><strong> LNG exports from Egypt when seasonal demand eases <\/strong>even as Israel\u2019s war in Gaza curbs our imports of Israeli gas.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A USD 800 MN PRIVATIZATION STORY- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADQ snapped up a minority stake in Elab, Ethydco, and EDC:<\/strong> Abu Dhabi\u2019s sovereign wealth fund ADQ <a target=\"_blank\" href=\"https:\/\/enterprise.news\/story\/dff2db56-5a9e-4579-ae83-7f347fadb67c\/\" style=\"\" rel=\"noopener\">signed contracts<\/a> with the Sovereign Fund of Egypt to finalize its acquisition of minority stakes in three state-owned oil and petrochemical companies in a transaction worth USD 800 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What did they get? <\/strong>ADQ acquired a 35% stake in Egyptian Linear Alkyl Benzene (Elab), 30% of Egyptian Ethylene and Derivatives Company (Ethydco), and 25% of the Egyptian Drilling Company (EDC). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Are we lining up a bolus of investment from the UAE? <\/strong>That was the suggestion following Prime Minister Moustafa Madbouly\u2019s meeting this week with UAE Investment Minister Mohamed Alsuwaidi (who also serves as CEO of sovereign wealth fund ADQ). There\u2019s been no word on the sectors or companies in which ADQ or other Emirati investors might be interested.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHEREAS IN MANUFACTURING-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The investment regulator-cum-promotion-agency GAFI handed out <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/story\/3473f369-0b05-4a6c-9c5c-97b42b9f00ba\/\" style=\"\" rel=\"noopener\">four golden licenses<\/a><\/strong>this week to Samsung, GASCO, Fayoum Storage and Warehouses Company, and EgyptSat Auto:<\/p>\n<ul>\n<li><strong>South Korean electronics giant Samsung will invest USD 55 mn<\/strong> in its new mobile phone assembly facility at its industrial complex in Beni Suef. <\/li>\n<\/ul>\n<ul>\n<li><strong>Local EV manufacturer EgyptSat Auto will build a EGP 300 mn factory<\/strong> in Tenth of Ramadan<\/li>\n<li><strong>State-owned Egyptian Natural Gas Company (GASCO) will invest USD 380 mn to expand its gas complex<\/strong> in Alexandria.<\/li>\n<li><strong>The Fayoum Company for Storage and Warehouses will work on a EGP 1.3 bn project to establish new strategic warehouses<\/strong> in Fayoum.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- French electrical equipment manufacturer Schneider Electric plans to invest EUR 30 mn into its Badr City factory until 2025<\/strong>. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/story\/3473f369-0b05-4a6c-9c5c-97b42b9f00ba\/\" style=\"\" rel=\"noopener\">The fresh capital will increase<\/a> the production capacity of low- and medium-voltage electrical panels and the company\u2019s smart ring connection units.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND FINALLY SOME LEGISLATION WENT THROUGH-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign investors can now become importers for a ten-year period that can be<\/strong><strong> renewed once.<\/strong> President Abdel Fattah El Sisi <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bef1d586-c5e9-4061-a227-b80ecdbff768\" style=\"\" rel=\"noopener\">this week signed<\/a> into law a bill that will allow foreign investors to hold stakes of up to 49% in trading companies that import into Egypt. The next step: We will need to see the executive regulations to the bill to understand how it will come into effect.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The second iteration of the government\u2019s car import scheme was also signed into law<\/strong>, allowing expats to import new cars tax- and customs-free provided they pay the fees in FX. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHAT\u2019S HAPPENING NEXT WEEK-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/10\/17.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Senate will be back in session on Sunday<\/strong>, 5 November following <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a8283b46-9606-47dc-af53-fe7fbd0570ae\" style=\"\" rel=\"noopener\">a two week recess<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/uac-org.org\/en\/Activities\/details\/4354\" style=\"\" rel=\"noopener\">Turkish-Arab Economic Forum<\/a><\/strong><strong> takes place on Wednesday, 8 November<\/strong> in Istanbul. Arab and Turkish business leaders, investors and government officials are expected to be in attendance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.intrafricantradefair.com\/en\" style=\"\" rel=\"noopener\">Intra-African Trade Fair<\/a><\/strong><strong>will run from 9-15 November (Thursday-Wednesday) <\/strong>at the Egypt International Exhibition Center and Al Manara International Conference Center.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Investors will be able to submit offers for Wataniya next week. <\/strong>Investors that have completed due diligence on military-owned filling station operator Wataniya will be able to submit final offers for a stake in the company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/75c231ab-51b7-42d0-963e-0ad3c2fef15b\" style=\"\" rel=\"noopener\">next week<\/a> when the state re-opens the bidding process. Bidders will have two weeks to get offers in.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>YOUR MOST CLICKED LINKS-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We are blessed to have good and generous readers: <\/strong>The two most-clicked links this week were to sites where readers can make donations to help civilians in Gaza suffering under a brutal Israeli assault:<\/p>\n<ul>\n<li><strong>Egyptian Red Crescent Society <\/strong>(<a target=\"_blank\" href=\"https:\/\/www.egyptianrc.org\/Donate\/online-donation\" style=\"\" rel=\"noopener\">online donations page<\/a>) and the <strong>Egyptian Food Bank <\/strong>(<a target=\"_blank\" href=\"https:\/\/www.efb.eg\/programs\/3075\/aghath-aaagl-lahaly-ghz\" style=\"\" rel=\"noopener\">donations page<\/a>)<\/li>\n<li><strong>A \u201ctextbook case of genocide\u201d: <\/strong>UN rights official Craig Mohkiber letter of resignation letter. A textbook case of genocide.\u201d (<a target=\"_blank\" href=\"https:\/\/twitter.com\/raminho\/status\/1719385390086271164\" style=\"\" rel=\"noopener\">On the platform formerly known as Twitter<\/a>)<\/li>\n<li><strong>Confirmation that we now have two-hour power outages.<\/strong> (<a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2yjsdxtb\" style=\"\" rel=\"noopener\">Al Mal<\/a>)<\/li>\n<li><strong>Egyptian Prime Minister Moustafa Madbouly\u2019s speech at Rafah\u2019s border crossing<\/strong> was also popular. (<a target=\"_blank\" href=\"https:\/\/tinyurl.com\/kcf5ytp5\" style=\"\" rel=\"noopener\">Cabinet Facebook page<\/a>)<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AROUND THE WORLD IN SEVEN DAYS- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/13.jpg?ssl=1\"\/><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/11\/14.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel\u2019s war in Gaza has the international business press asking what could be in store <\/strong><strong>for the global economy. <\/strong>\u201cThe higher the risk of escalation [in Gaza], the higher the risk of contagion to the rest of the world in terms of economics and finance,\u201d always-on-point markets sage Mohamed El Erian said, according to <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/10\/30\/israel-hamas-war-poses-risk-of-global-market-contagion-economist-says.html#:~:text=global%20financial%20markets.-,%E2%80%9CThe%20longer%20this%20conflict%20goes%20on%2C%20the%20more%20likely%20it,and%20finance%2C%E2%80%9D%20he%20continued.\" style=\"\" rel=\"noopener\">CNBC<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re already seeing some volatility in oil and gas markets: <\/strong>European gas prices have already risen some 40% since the war on Gaza broke out on 7 October, <a target=\"_blank\" href=\"https:\/\/www.euronews.com\/2023\/10\/30\/european-gas-prices-soar-after-egypt-reports-zero-imports\" style=\"\" rel=\"noopener\">Euronews<\/a> reported. Meanwhile, the World Bank <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4afbe190-4766-4430-bb88-f2cf280cc4c5\" style=\"\" rel=\"noopener\">sees oil prices soaring<\/a> as high as USD 140-157 a barrel if the war escalates to cause \u201clarge disruptions,\u201d which would shrink global oil supply by 6-8 mn bbl \/ day. Prices have so far risen 6% since the start of the conflict in Gaza. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The US\u2019 continued build up of troops in the region also got some attention: <\/strong>The Pentagon said that the US is <a target=\"_blank\" href=\"https:\/\/www.voanews.com\/a\/twenty-four-attacks-target-us-forces-in-iraq-syria\/7333618.html\" style=\"\" rel=\"noopener\">deploying another 300 troops<\/a> to the region, in addition to the two aircraft carrier strike groups, several thousand troops, fighter jets, and missile batteries it has already deployed to the region since 7 October as a deterrent to other regional actors from entering the conflict.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Elsewhere in the region, Sudan\u2019s warring parties\u2019 meeting in Riyadh got some coverage: <\/strong>Thegeneral Abdel Fattah Al Burhan-led Sudanese army and the Rapid Support Forces (RSF) <a target=\"_blank\" href=\"https:\/\/www.france24.com\/en\/live-news\/20231026-sudan-peace-talks-resume-in-jeddah-with-limited-goals\" style=\"\" rel=\"noopener\">resumed<\/a> the latest round of Saudi and US-mediated peace talks in Jeddah \u201cin partnership\u201d with the African Union and the Intergovernmental Authority on Development. Saudi Arabia called for the parties to abide by the Jeddah Declaration to protect civilians and a short-term ceasefire agreement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- FTX\u2019s Sam Bankman-Fried\u2019s court testimony in New York <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/sam-bankman-fried-jury-hear-ftx-founders-testimony-fraud-trial-2023-10-27\/\" style=\"\" rel=\"noopener\">generated some buzz<\/a><\/strong><strong>: <\/strong>Bankman-Fried alleged that he had little to no information regarding the financial relationship between the collapsed crypto exchange and its affiliated hedge fund Alameda Research.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n  <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HAPPENING THIS WEEKEND- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The exhibition <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.artdegypte.org\/#\/details\/42?type=exhibition\" style=\"\" rel=\"noopener\">Forever Is Now<\/a><\/strong><strong> is back again at the Pyramids<\/strong>, open 9am until 4pm daily through 18 November. Book your ticket <a target=\"_blank\" href=\"https:\/\/egymonuments.com\/ar\/locations\/details\/Pyramids\" style=\"\" rel=\"noopener\">here<\/a> or buy one on arrival. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Music enthusiasts, this one\u2019s for you:<\/strong> The annual Cairo International Jazz Festival is still going at <a target=\"_blank\" href=\"https:\/\/www.google.com\/search?client=safari&rls=en&q=auc+tahrirs+campus&ie=UTF-8&oe=UTF-8#\" style=\"\" rel=\"noopener\">AUC\u2019s Tahrir campus<\/a> and will continue until Friday, 3 November. More <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/events\/s\/cairo-jazz-festival-2023\/6795894703786923\/\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking for adventure?<\/strong> Get into the spooky spirit with <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/events\/878679839844720?acontext=%7B%22event_action_history%22%3A[]%7D\" style=\"\" rel=\"noopener\">night hiking<\/a> in Wadi Degla with the <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/ewasinitiative\/\" style=\"\" rel=\"noopener\">Egyptian Wild Animals Service<\/a> (EWAS) on Friday, 3 November. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/events\/160123127175225\/?acontext=%7B%22event_action_history%22%3A[%7B%22mechanism%22%3A%22discovery_custom_tab%22%2C%22surface%22%3A%22bookmark%22%7D]%2C%22ref_notif_type%22%3Anull%7D\" style=\"\" rel=\"noopener\">Cairocomix festival<\/a><\/strong><strong> is back<\/strong>, kicking off today, and running through Sunday, 5 November, at the Mahmoud Mokhtar Cultural Center. There is no admission fee. You can explore the program <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/CairoComix\/posts\/pfbid0kMorPFfr2sN3ox7hDbTzbZZfBeV1DYJsQs374EA1Et1KUdomxECSK33EKaDoDCmJl\" style=\"\" rel=\"noopener\">here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/CairoOperaHouse\/posts\/pfbid0UDLCqNpRGGhsLXfxJgDa6SmkV2dUuyyEthLRggqfg6dsmKzj9h7LkBaSSzXysfMcl\" style=\"\" rel=\"noopener\">Great Symphonies III x Cairo Opera House<\/a><\/strong>. The Cairo Symphony Orchestra headed by the maestro Ahmed El Saedi will be performing at the Main Hall, Cairo Opera House tomorrow. The concert will start at 8pm sharp. Book your ticket <a target=\"_blank\" href=\"https:\/\/tazkarti.com\/#\/e\/186\" style=\"\" rel=\"noopener\">here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mahmoud Saad will also host comedian Ahmed Helmy <\/strong>tomorrow, followed by a concert featuring Wust El Balad, also at <a target=\"_blank\" href=\"https:\/\/www.google.com\/maps\/place\/Theatro+arkan\/@30.0201672,31.003266,19.05z\/data=!4m6!3m5!1s0x14585b4a8513ab57:0x3ae83afb88db86d5!8m2!3d30.0203605!4d31.0035774!16s%2Fg%2F11j_8vs9gl?entry=ttu\" style=\"\" rel=\"noopener\">Theatro Arkan<\/a>. Click here to reserve your <a target=\"_blank\" href=\"https:\/\/tazkarti.com\/#\/e\/185\" style=\"\" rel=\"noopener\">tickets<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2600\ufe0f <\/strong><strong>THE WEATHER THIS WEEKEND- <\/strong>The weather will continue to be hot today, with the temperature rising to a high of 31\u00b0C and drop to a cooler 21\u00b0C. Tomorrow offers much of the same, with the mercury rising to 33\u00b0C at its peak during the daytime and dropping to a cooler 20\u00b0C in the evening, according to our favorite weather app.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning friends, and welcome to the weekend. We have a busy issue lined up for you with updates on our fuel prices and the CBE\u2019s decision regarding the interest rates alongside a stream of news on Israel\u2019s assault on Gaza. In this week\u2019s Enterprise Guide: Pottery has since ancient times been an art form [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":609360,"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":[7287],"tags":[271,93,6653,349,6654],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-week-in-review","tag-central-bank-of-egypt","tag-energy","tag-enterprise-weekend","tag-interest-rates","tag-the-week-in-review","wpautop","entry"],"acf":{"mongo_id":"b750213b-db86-43b0-b838-9f01f90a54b2","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2019\/12\/CBE-1600px.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt hikes gasoline prices + Central Bank of Egypt hold rates + US one of 14 countries who objected to a ceasefire during the last UN General Assembly","related_issue":[609357],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.a0252bcc-d381-4c47-acdc-023686c73cd5.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Your Commute is getting pricier + CBE hold rates + US one of 14 countries who objected to a ceasefire during the last UN General Assembly - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/03\/your-commute-is-getting-pricier-cbe-hold-rates-us-one-of-14-countries-who-objected-to-a-ceasefire-during-the-last-un-general-assembly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Your Commute is getting pricier + CBE hold rates + US one of 14 countries who objected to a ceasefire during the last UN General Assembly\" \/>\n<meta property=\"og:description\" content=\"Good morning friends, and welcome to the weekend. We have a busy issue lined up for you with updates on our fuel prices and the CBE\u2019s decision regarding the interest rates alongside a stream of news on Israel\u2019s assault on Gaza. In this week\u2019s Enterprise Guide: Pottery has since ancient times been an art form [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/03\/your-commute-is-getting-pricier-cbe-hold-rates-us-one-of-14-countries-who-objected-to-a-ceasefire-during-the-last-un-general-assembly\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-03T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2019\/12\/CBE-1600px.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"13 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/03\/your-commute-is-getting-pricier-cbe-hold-rates-us-one-of-14-countries-who-objected-to-a-ceasefire-during-the-last-un-general-assembly\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/03\/your-commute-is-getting-pricier-cbe-hold-rates-us-one-of-14-countries-who-objected-to-a-ceasefire-during-the-last-un-general-assembly\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Your Commute is getting pricier + CBE hold rates + US one of 14 countries who objected to a ceasefire during the last UN General Assembly\",\"datePublished\":\"2023-11-03T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/03\/your-commute-is-getting-pricier-cbe-hold-rates-us-one-of-14-countries-who-objected-to-a-ceasefire-during-the-last-un-general-assembly\/\"},\"wordCount\":2690,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/03\/your-commute-is-getting-pricier-cbe-hold-rates-us-one-of-14-countries-who-objected-to-a-ceasefire-during-the-last-un-general-assembly\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2019\/12\/CBE-1600px.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Central Bank of Egypt\",\"energy\",\"Enterprise Weekend\",\"interest rates\",\"THE WEEK IN REVIEW\"],\"articleSection\":[\"THE WEEK IN REVIEW\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/03\/your-commute-is-getting-pricier-cbe-hold-rates-us-one-of-14-countries-who-objected-to-a-ceasefire-during-the-last-un-general-assembly\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/03\/your-commute-is-getting-pricier-cbe-hold-rates-us-one-of-14-countries-who-objected-to-a-ceasefire-during-the-last-un-general-assembly\/\",\"name\":\"Your Commute is getting pricier + CBE hold rates + US one of 14 countries who objected to a ceasefire during the last UN General Assembly - 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