{"id":614511,"date":"2024-02-04T00:00:00","date_gmt":"2024-02-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/gem-is-preparing-for-the-grand-opening-soon\/"},"modified":"2024-02-04T00:00:00","modified_gmt":"2024-02-04T00:00:00","slug":"gem-is-preparing-for-the-grand-opening-soon","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/04\/gem-is-preparing-for-the-grand-opening-soon\/","title":{"rendered":"GEM is preparing for the grand opening soon"},"content":{"rendered":"

Good morning, wonderful people, and welcome to a new workweek. <\/strong>We get underway this morning with the central bank hiking rates by 200 bps and yet another update on prospects for an expanded IMF package, the arrival of which looks to be at least several days away. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- We\u2019re in for more funds from the EU: <\/strong>The European Union has approved additional financial and economic support to Egypt, EU CommissionerOliv\u00e9r V\u00e1rhelyi told Foreign Minister Sameh Shoukry during a phone call on Friday, according to a Foreign Ministry statement<\/a>. The statement did not disclose the details of the additional funding, but the EU welcomed<\/a> in the \u201cgolden age of EU-Egyptian relations\u201d with a EUR 9 bn investment pledge last month following a Shoukry-led delegation visiting Brussels<\/p>\n

The fine print: <\/strong>Out of the EUR 9 bn, \u201cwe have already mobilized EUR 5.8 bn in investments in Egypt,\u201d V\u00e1rhelyi said at the time. It is also unclear how much of the remaining EUR 3.2 bn is part of a concrete pledge of fresh capital from the EU and related bodies and how much is private-sector investment the EU hopes will come through. <\/p>\n

<\/a> #2- The GEM is almost <\/strong>ready<\/strong>: <\/strong>Officials are putting the final touches on the Grand Egyptian Museum (GEM) with the aim of having the museum ready by the end of this month and officially open its door to visitors shortly after that, according to a cabinet statement<\/a>. The museum has been partially open for some time now, hosting a number of events and exhibitions \u2014 Enterprise held the first business event there more than a year ago \u2014 but the galleries displaying its permanent collection have not been open to visitors.<\/p>\n

<\/a>#3- Robo-advisors are coming to Egypt: <\/strong>The Financial Regulatory Authority (FRA) will \u201cin the coming weeks\u201d publish its robo-advisor regulations and license requirements, FRA boss Mohamed Farid said yesterday, Al Borsa<\/a> reports. The license will allow local firms to integrate robo-advisors \u2014 automated and potentially AI-driven financial advisors that offer a variety of services \u2014 into their operations. <\/p>\n

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HAPPENING TODAY- <\/p>\n

#1- Senate reconvenes to discuss agricultural exports: <\/strong>After a two-week break, the Senate is reconvening todiscuss a report on the government\u2019s strategy to promote EU-bound agricultural exports. Agricultural exports increased 25% y-o-y to bring in USD 3.5 bn in 2023, which showcases the country\u2019s \u201ccapacity to double agricultural exports to European markets in the coming years in order to narrow the gap between imports and exports and generate greater revenues of FX,\u201d the report argues.<\/p>\n

Committees, assemble: <\/strong><\/p>\n