{"id":614409,"date":"2024-02-01T00:00:00","date_gmt":"2024-02-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/01\/erdogan-coming-to-egypt\/"},"modified":"2024-02-01T00:00:00","modified_gmt":"2024-02-01T00:00:00","slug":"erdogan-coming-to-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/01\/erdogan-coming-to-egypt\/","title":{"rendered":"Erdogan coming to Egypt?"},"content":{"rendered":"

Good morning, fellow Popsicles. <\/strong>We hope you are warm and looking forward to the weekend as much as we are on this very chilly morning. <\/p>\n

Before we get underway: <\/strong>If we\u2019re cold, imagine how folks in Gaza feel today. It\u2019s a good time to remember that while we all face limits on USD use, there are good people doing good work for Gazans to whom you can donate in EGP, including the Egyptian Food Bank and Misr El Kheir. <\/p>\n

Check out <\/strong>our list of charities<\/a><\/strong> to which you can make direct donations<\/strong> via bank deposit and \/ or Fawry.<\/p>\n

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ICYMI- EnterpriseAM KSA and Enterprise UAE have joined the growing Enterprise family<\/strong> of publications. <\/strong>Our two newest additions to the Enterprise suite are written for business leaders in Saudi Arabia and the United Arab Emirates as well as investors, and others doing business or deploying capital there. You can check out EnterpriseAM KSA here<\/a> and EnterpriseAM UAE here<\/a>.<\/p>\n

And for the climate and logistics professionals out there<\/strong>, check out Enterprise Climate<\/a> and Enterprise Logistics<\/a> for a daily regional rundown of your industry.<\/p>\n

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THE BIG STORY HERE AT HOME- <\/p>\n<\/p>\n

<\/a>Erdogan is coming to town in two weeks:<\/strong> Turkish President Reccep Tayyip Erdogan is reportedly coming to Egypt on 14 February to meet with President Abdel Fattah El Sisi, Bloomberg<\/a> reports, citing Turkish officials it says are familiar with the matter. The two leaders will discuss the war on Gaza, ways to boost trade exchange, and the possibility of redrawing maritime borders between Egypt and Turkey to allow Ankara to look for more energy sources in the Mediterranean.<\/p>\n

Mending broken ties:<\/strong> Erdogan\u2019s visit will mark his first in over 10 years as the two sides work to mend a decade of tense relations triggered by a host of issues including Erdogan\u2019s support for the Muslim Brotherhood, competing interests in Libya, and tensions over gas resources in the Eastern Mediterranean. The two countries restored diplomatic ties and reappointed ambassadors<\/a> last summer after a decade of severed diplomatic ties.<\/p>\n

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

<\/a> #1- It\u2019s interest rate day: <\/strong>The Central Bank of Egypt\u2019s Monetary Policy Committee is meeting for the first time this year later today to review rates. <\/p>\n

Analysts were split<\/strong> on what the central bank\u2019s next move would be in a poll Enterprise ran this week. Four of the nine predicted<\/a> that rates will be left unchanged as inflation cools, while other analysts told us that we could see hikes between 150-200 bps.<\/p>\n

But this could all change if chatter about an agreement with the IMF is more than just <\/strong>rumors<\/strong>, with a number of analysts we spoke to telling us that updates on the future of the IMF package will play a big role in the CBE\u2019s next move. An IMF delegation has been in Cairo for two weeks to work out an agreement, and while the rumor mill went into overdrive with suggestions that we\u2019re in for a bigger package and soon, we are yet to hear anything official.<\/p>\n

Speaking of the IMF- <\/strong>\u201cThere are negotiations between the IMf team and Egyptian authorities and they are making progress,\u201d Jihad Azour, the IMF director for the Middle East, North Africa, said during a press briefing yesterday (watch, runtime: 36:27<\/a>). \u201cThe first and second revisions are being looked into. The goals of the program approved in October 2022 remain the same and that\u2019s the base of the discussions now,\u201d he explained. <\/p>\n

** Read more: <\/strong>Yesterday\u2019s issue of EnterpriseAM had a deep dive<\/a> into everything you need to know about our imminent IMF package and EGP devaluation. <\/p>\n

<\/a> #2- OPEC+ members will review the oil cartel\u2019s ongoing production cuts <\/strong>during a Joint Ministerial Monitoring Committee today, Reuters reports<\/a>. But don\u2019t expect any breaking news from the meeting, as several OPEC+ sources told the newswire that they expect any decisions regarding extending production cuts into April to come later in the month.<\/p>\n

TODAY IS ALSO THE START OF A NEW MONTH- <\/strong>Here are the key news triggers on which to keep your eyes on during the first few weeks of February. <\/p>\n