{"id":617407,"date":"2024-03-21T00:00:00","date_gmt":"2024-03-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/21\/blinken-is-landing-in-egypt-soon\/"},"modified":"2024-03-21T00:00:00","modified_gmt":"2024-03-21T00:00:00","slug":"blinken-is-landing-in-egypt-soon","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/21\/blinken-is-landing-in-egypt-soon\/","title":{"rendered":"Blinken is landing in Egypt soon"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s finally the end of what has been a very busy week. The news flow shows no sign of slowing down as we wait for US Secretary of State Antony Blinken to land in Egypt later today to meet with officials to talk Gaza. <\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> Blinken is coming to Egypt: <\/strong>US Secretary of State Antony Blinken will be landing in Egypt<\/a>today<\/a> after concluding a one-day trip to Saudi Arabia, where he met with Crown Prince and Prime Minister Mohammed bin Salman. This marks Blinken\u2019s sixth trip to the region since the war on Gaza started. <\/p>\n

On the agenda: <\/strong>Blinken is scheduled to meet with Egyptian leadership to discuss efforts to reach an immediate ceasefire agreement that secures the release of all remaining hostages, intensified international efforts to increase humanitarian assistance to Gaza, and coordination on post-conflict planning for Gaza. <\/p>\n

PSA- <\/p>\n

<\/a> PSA #1-<\/strong>The Central Bank of Egypt will not hold its regularly scheduled policy meeting on<\/strong> Thursday, 28 March<\/strong> in light of its special meeting earlier this month when it hiked interest rates by 600 basis points in tandem with the float of the EGP, it said in a statement yesterday (pdf)<\/a>.<\/p>\n

When will it meet next? <\/strong>The bank\u2019s Monetary Policy Committee is scheduled to meet on Thursday, 23 May next. <\/p>\n

PSA #2- So, when do <\/strong>we eat? <\/strong>Maghrib prayers are at 6:07 pm in the capital city, and you\u2019ll have until 4:29 am tomorrow to hydrate and caffeinate ahead of fajr.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1-Gov\u2019t to decide on a consultant for the Ras Gamila project next week: <\/strong>The Madbouly government has set up a ministerial committee that will select a consultant to manage, evaluate and market Sharm El Sheikh\u2019s Ras Gamila development project, a government source told Enterprise. The committee is expected to make its choice next week. <\/p>\n

The price tag? <\/strong>The project is expected to have an initial sale value for the development rights of USD 2-3 bn, the source said, although the figure could go up depending on the consultant\u2019s vision to maximize Ras Gamila\u2019s value. <\/p>\n

What\u2019s next? <\/strong>The government will likely open the door to receive offers within two months, the source added.<\/p>\n

Ras Gamila? <\/strong>Unconfirmed media reports<\/a> said that Egyptian authorities have been in talks with Saudi officials regarding the development rights for Ras Gamila, though negotiations are said to be at \u201cearly stages and could fall through.\u201d The Ras Gamila plot is \u201cfar smaller\u201d than Ras El Hekma but could bring in USD bns.<\/p>\n

Right across from Tiran: <\/strong>Ras Gamila is directly across the Strait of Tiran from Saudi\u2019s Neom and not far from the site of a proposed bridge that would link Neom to Sinai.<\/p>\n

<\/a>#2- Fuel prices to increase soon? <\/strong>The government\u2019s fuel pricing committee is set to meet within a week after a two-month hiatus to look into raising fuel prices, Al Arabiya Business<\/a> reports, citing an unnamed government official. <\/p>\n

It\u2019s only a matter of time <\/strong>until fuel prices increase \u2014 in fact, it\u2019s quite of a surprise it hasn\u2019t happened yet in line with the float of the EGP over two weeks ago. Finance Minister Mohamed Maait earlier this month reassured us that the government\u2019s allocation to fuel subsidies will remain unchanged until the end of the fiscal year even if fuel prices change.<\/p>\n

DATA POINT-<\/p>\n

<\/a> Egypt remains a VC favorite: <\/strong>Despite a downturn in venture capital activity in Egypt last year, the country accounted for 11% of the USD 4.5 bn African countries received from ventures capitals in 2023, according to the African Private Capital Association\u2019s 2023 Venture Capital in Africa Report (pdf)<\/a>. <\/p>\n

In numbers: <\/strong>Local startups inked a mere 22 VC agreements in 2023, compared to 63 in 2022. Egypt accounted for more than two thirds of VC activity in North Africa between 2019 and 2023, the report added.<\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

The US Federal Reserve's guidance that it is on track to deliver as many as three rate <\/strong>cuts this year <\/strong>is the big story in the global business press. We have the rundown in this morning\u2019s Planet Finance, below. <\/p>\n

Also worth knowing about: <\/strong><\/p>\n