{"id":611386,"date":"2023-12-06T00:00:00","date_gmt":"2023-12-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/06\/flight-of-the-bnaires\/"},"modified":"2023-12-06T00:00:00","modified_gmt":"2023-12-06T00:00:00","slug":"flight-of-the-bnaires","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/06\/flight-of-the-bnaires\/","title":{"rendered":"Flight of the bn\u2019aires"},"content":{"rendered":"

Good morning, ladies and gentlemen. <\/strong>We have plenty of news for you this morning, but before we dive in\u2026 <\/p>\n

<\/a> PSA #1- Your Wi-Fi may be getting better: <\/strong>A technical malfunction in one of Telecom Egypt\u2019s main network devices disrupted internet service in a number of governorates, the company said in a statement<\/a> yesterday. The company said it has addressed the issue and service should have returned to normal last night, but we were still having glitches in the wee hours of the morning. <\/p>\n

<\/a> PSA #2- Enjoy sunshine today <\/strong>\u2014 we\u2019re heading into two days of largely cloudy weather, our favorite weather app suggests. Look for a high of 23\u00b0C today falling to 22\u00b0C with clouds all day Thursday and Friday. There\u2019s no suggestion of rain in the forecast.<\/p>\n

FROM CYPRUS TO ABU DHABI-<\/strong><\/p>\n

<\/a> One of the nation\u2019s richest men is relocating to Abu Dhabi: <\/strong>Nassef Sawiris is moving his family office NNS Group to Abu Dhabi, following in the footsteps of an increasing number of investors and bn\u2019aires relocating to the emirate, Bloomberg<\/a> reports. The OCI NV chief, who also owns stakes in Aston Villa and sports brand Adidas, said in a statement cited by the business information service that NNS Group\u2019s move to the Abu Dhabi Global Market (ADGM) \u201cwill contribute to the further development and growth of its portfolio and core activities.\u201d <\/p>\n

What gives? <\/strong>NNS will look to \u201cbuild significant stakes in a concentrated number of companies, primarily in Europe, the Middle East and North America,\u201d Bloomberg writes. The group currently has offices in Cyprus, London, Luxembourg, and New York, according to its LinkedIn<\/a> profile.<\/p>\n

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

<\/a> #1- <\/strong>Shoukry in DC<\/strong>: <\/strong>Foreign Minister Sameh Shoukry is in Washington, DC for several days of meetings with senior lawmakers, foreign policy hacks, and Secretary of State Antony Blinken to try to push for a ceasefire in Gaza, the ministry said in a statement<\/a> yesterday.<\/p>\n

<\/a> #2- It\u2019s <\/strong>day seven<\/strong> of COP28:<\/strong> Discussions today will focus on the shift to sustainable transport, building green infrastructure and cities, and looking at ways to minimize waste in the production-consumption cycle.<\/p>\n

Want to go deeper on everything happening over there? <\/strong>Enterprise Climate has got your<\/a>back<\/a>.<\/p>\n

#3- It\u2019s the third day of the <\/strong>Egypt Defence Expo (EDEX)<\/a><\/strong>, where some 35k defense and security professionals are gathering at the Egypt International Exhibition Center in Cairo. The event runs through Thursday.<\/p>\n

#4-<\/strong>Russian President Vladimir Putin touches down in the UAE and Saudi Arabia <\/strong>today for a rare trip abroad where he will meet with the UAE president and Saudi crown prince, according to the Kremlin<\/a>. Discussions will focus on the war in Gaza and oil prices after several OPEC+ members agreed to reduce<\/a>their<\/a>output<\/a> last week.<\/p>\n

HAPPENING THIS WEEK-<\/strong><\/p>\n

#1- FX reserves: <\/strong>The central bank should be out with November\u2019s foreign reserves figures thisweek.<\/p>\n

#2- The Engineering Export Council of Egypt will be heading to Saudi Arabia<\/strong> on a trade<\/a>mission<\/a> on Saturday, 9 December. The visit, organized with the help of the USAID Trade Reform and Development in Egypt project, will run through Friday, 15 December.<\/p>\n

HAPPENING NEXT WEEK-<\/strong><\/p>\n

#1- Election 2023: <\/strong>Voters here at home will head to the polls on 10-12 December to cast their ballots in the presidential election. Voting for expats wrapped earlier this week. First-round results are due on 18 December, and a runoff, if necessary, will take place in early January.<\/p>\n

#2- Inflation: <\/strong>Be on the lookout for inflation figures for November on Sunday, 10 December.<\/p>\n

#3- eGlobe Expo:<\/strong> Business leaders will gather<\/a> at St. Regis Almasa Hotel in Cairo on 10-11 December to discuss digital transformation and its application in different sectors, like e-commerce, agriculture, healthcare, education, and logistics.<\/p>\n

\n
\n
\n
\n

\n Get Enterprise<\/b> daily
\n <\/h4>\n<\/p><\/div>\n

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

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

Standard Chartered is still on track to launch Egypt operations: <\/strong>British multinational lender Standard Chartered Egypt will begin operations early 2024, Finance Minister Mohamed Maait said<\/a>. A Planning Ministry statement<\/a> out last month had us expecting the lender to start operating before the end of the year.<\/p>\n

THE BIG STORIES ABROAD- <\/strong><\/p>\n

It\u2019s a mixed picture on the global front pages this morning<\/strong>, with no single story driving the international conversation:<\/p>\n