{"id":618695,"date":"2024-04-18T00:00:00","date_gmt":"2024-04-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/18\/saudi-arabias-ajlan-bros-holding-mulls-integrated-tourism-project-in-ras-gamila\/"},"modified":"2024-04-18T00:00:00","modified_gmt":"2024-04-18T00:00:00","slug":"saudi-arabias-ajlan-bros-holding-mulls-integrated-tourism-project-in-ras-gamila","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/18\/saudi-arabias-ajlan-bros-holding-mulls-integrated-tourism-project-in-ras-gamila\/","title":{"rendered":"Saudi Arabia\u2019s Ajlan & Bros Holding mulls integrated tourism project in Ras Gamila"},"content":{"rendered":"

Good morning, everyone. <\/strong>It\u2019s been a busy week for growth forecasts with the IMF, World Bank, and now the government offering up their predictions for the current fiscal year and the next. While the government is more optimistic about the current fiscal year, it\u2019s the Fund and World Bank who are more optimistic about the coming fiscal year \u2014 so let\u2019s hope they\u2019re both half right.<\/p>\n

In today\u2019s issue<\/strong>, we\u2019ve also got news of Palm Hills Developments partnering up with Cleopatra Group for a project on the North Coast, GB Auto\u2019s new venture in Jordan, and much, much more for you this morning.<\/p>\n

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?<\/strong><\/p>\n

PSA- <\/p>\n

#1- We have another short work week ahead: <\/strong>The public and private sectors will beoff on Thursday, 25 April in observance of Sinai Liberation Day, according to a cabinet statement<\/a>. <\/p>\n

<\/a>#2- EgyptAir has temporarily suspended flights between Cairo and Dubai<\/strong> after Tuesday\u2019s bout of torrential rain<\/a> in the UAE flooded Dubai International Airport, the company said<\/a> yesterday. Flights will resume when \u201cweather conditions in Dubai improve and aircraft are allowed to land and take off again,\u201d the national flag carrier said.<\/p>\n

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WEATHER- It\u2019s slightly cooler in Cairo today<\/strong>, with a high of 30\u00b0C and a low of 18\u00b0C, according to our favorite weather app.<\/p>\n

And it\u2019s a whole lot cooler in Alexandria<\/strong>, with a high of 24\u00b0C and a low of 16\u00b0C. It\u2019s also pretty sandy in Alex and along the North Coast westwards, so be careful on the roads with limited visibility. <\/p>\n

And the sun will continue over the weekend, <\/strong>with highs of around 30\u00b0C in the capital and the cooler weather continuing for our friends on the Mediterranean with temperatures reaching the mid 20s.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Is Ajlan & Bros Holding eyeing up Ras Gamila? <\/strong> Saudi Arabia\u2019s Ajlan & Bros Holding has indicated its interest in developing an integrated tourism project in Ras Gamila in a letter to the government, reported Cairo 24<\/a>, citing unnamed sources it says are in the know.<\/p>\n

Remember:<\/strong> Rumors that Egyptian and Saudi authorities were in talks over the development rights of Ras Gamila circulated last month<\/a> around the same time that the USD 35 bn Ras El Hekma agreement was unveiled. Talks are \u201cstill at early stages and could fall through,\u201d sources told Bloomberg. <\/p>\n

<\/a> #2- Debt pressures continue to weigh on Egypt despite recent bailouts: <\/strong>Egyptian authorities are in talks with the central bank, pension funds, and the main state health insurer in order to delay repayments of some of its domestic debt owed to those entities, Finance Minister Mohamed Maait said in an interview according to Bloomberg<\/a>. The aim is to extend the average debt maturity to 4.5-5 years by June 2028, compared to 3.3 years at the end of this fiscal year, said Maait. The Finance Minister didn\u2019t specify how much of the debt would be restructured. <\/p>\n

What gives? <\/strong>The aim is to improve Egypt's financial stability and flexibility by managing its debt more effectively, because \u2014 despite securing<\/a> at least USD 57 bn of finance in the less than two months from the IMF, EU, World Bank, and Ras El Hekma agreement this year \u2014 Egypt faces a heavy debt burden, with half of state revenues going into interest payments alone. <\/p>\n

ENTERPRISE <\/strong>IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things.<\/strong> Enterprise \u2014 the essential morning read on all the important news shaping business and the economy in Egypt and the region \u2014 is looking for writers, reporters and editors to help us build out new publications. Today, we run five national editions, two regional industry publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.<\/p>\n

We have tons more in the pipeline \u2014 come help us build new publications.<\/strong> We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.<\/p>\n

NEVER WORKED IN A NEWSROOM BEFORE?<\/strong> We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.<\/p>\n

Not an internship program \u2014 a career:<\/strong> The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing Enterprise stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.<\/p>\n

Apply directly to jobs@enterprisemea.com and mention \u201cwriting development program\u201d<\/strong> in your subject line.<\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> It\u2019s day four of the <\/strong>IMF and World Bank spring meetings<\/a><\/strong> and a number of our ministers are in Washington to take part in the meetings and make the rounds. Check out the full schedule for the gathering \u2014 which kicked off in Washington on Monday and runs through 20 April \u2014 here<\/a>. <\/p>\n

On the agenda today: <\/strong>CBE Deputy Governor Rami Aboul Naga and International Cooperation Minister Rania Al Mashat are booked in for separate conversations<\/a> with the Atlantic Council.<\/p>\n

WORTH NOTING FROM DAY THREE OF THE IMF AND WORLD BANK\u2019S SPRING MEETUP-<\/p>\n

#1- Maait talks hea<\/strong>lth, private sector development: <\/strong>Finance Minister Mohamed Maait discussed<\/a> declining public health indicators as a result of international tensions, falling funding, and food scarcity during a round table with his African counterparts on the sidelines of the event. Maait also urged for<\/a> more coordination across the continent to develop African economies, make most effective use of local resources, and help build resilience against external shocks. Egypt\u2019s private sector is \u201cactive,\u201d he said, and it intends to invest more into African countries and forge stronger intra-continental ties.<\/p>\n

#2- Al Mashat + G24: <\/strong>International Cooperation Minister Al Mashat called<\/a> for the international community to support debt swaps and other alternative financing methods to support the green transition in developing countries. The minister also argued that funding climate efforts should not come at the expense of a focus on tackling poverty and promoting \u201cshared prosperity.\u201d She also addressed<\/a> the massive financing gap in global infrastructure and outlined Egypt\u2019s efforts to attract private sector investments into infrastructure projects via its NWFE program, during a separate event hosted by the Global Infrastructure Facility. <\/p>\n

CIRCLE YOUR CALENDAR- <\/p>\n

#1-<\/strong>Attentio<\/strong>n, cybersecurity geeks:<\/strong> The people behind the FDC Summit and the Egypt Cybersecurity & Defense Intelligence Systems (CDIS) expo are launching a new joint cybersecurity and digital transformation event from 19-21 May, at Egypt International Exhibitions Centre, according to a press release (<\/a>pdf)<\/a>. Titled Egypt International Summit for Digital Transformation and Cybersecurity, the three-day event will focus on integrating efforts and raise awareness on the importance of cybersecurity and digital transformation.<\/p>\n

#2- Prepare to turn your clocks an hour forward: <\/strong>Daylight saving time starts on Friday, 26 April. You\u2019ll be losing an hour\u2019s sleep as clocks jump forward one hour until the final Thursday of October.<\/p>\n

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

DATA POINT-<\/p>\n

<\/a> Investors have pledged some USD 894 mn in investments into the Suez Canal <\/strong>Economic Zone <\/strong> \u2014 40% of which came from China \u2014 during 1Q 2024, according to a SCZone statement<\/a>.<\/p>\n

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

THE BIG STORY ABROAD: WAR?<\/p>\n

To use the language of the weather forecasters: It\u2019s a mixed day for news <\/strong>around the world, with no single story holding sway and little but clouds in the sky. <\/p>\n

#1- Mattering most to our corner of the world: Israel\u2019s allies are increasingly convinced <\/strong>that it will respond militarily <\/strong>\u2014 in one form or another \u2014 to Iran\u2019s Sunday missile and drone attack.<\/p>\n

\u201cIt is clear that the Israelis are making a decision to act.<\/strong> We hope that they do so in a way that does as little to escalate this as possible,\u201d British Foreign Minister David Cameron said yesterday<\/a> as he headed into a meeting with Israel\u2019s Benjamin Netanyahu, who yesterday warned Cameron and German Foreign Minister Annalena Baerbock<\/a> (also in Tel Aviv for a visit) that \u201cwe will make our own decisions.\u201d G7 nations have still not announced the sanctions <\/strong>on Iran that they hope might convince Netanyahu to sit tight.<\/p>\n

MEANWHILE- Iran is readying its air force <\/strong>and said its navy will start escorting Iranian commercial ships in the Red Sea as it prepares for an Israeli attack on its territory or allies. <\/p>\n

AND\u0650- Some oil traders are wagering that crude will be trading at USD 250 a barrel by<\/strong> June<\/strong>, as risks of a wider regional war continue to grow, Bloomberg<\/a> reports. Despite the hype in some trading circles, Brent was trading ending the day 3.0% lower at USD 87.29 a barrel when markets closed yesterday. <\/p>\n

#2- Ceasefire talks on Gaza <\/strong>seem as stalled as ever<\/a><\/strong> (Egypt and Qatar are mediating the negotiations) and Iran-backed Hezbollah wounded 14 Israeli soldiers<\/a> in a drone and missile attack yesterday in retaliation for Israeli attacks that killed Hezbollah troops.<\/p>\n

WHILE ON THE DIPLOMATIC HOMEFRONT- Israel\u2019s \u201coutrageous use of military force\u201d on<\/strong> Gaza represents a \u201cwatershed moment\u201d<\/strong> in the region\u2019s history, President Abdel Fattah El Sisi said during a joint press conference<\/a> in Cairo with Bahraini King Hamad bin Isa Al-Khalifa.<\/p>\n

Looking ahead: The UN General Security Council will <\/strong>vote tomorrow<\/a><\/strong> on a Palestinian <\/strong>request for full membership <\/strong>in the world body. A \u201cyes\u201d vote would be tantamount to international recognition of Palestinian statehood, so expect a US veto. Palestinian President Mahmoud Abbas reportedly snubbed a request from the Biden administration<\/a> to delay the request.<\/p>\n

IN THE BUSINESS PAGES-<\/p>\n

#3- Wall Street is tempering its expectations of a Fed rate cut this year<\/strong>, with most interpreting Jay Powell\u2019s remarks earlier this week as meaning the first change in rates won\u2019t come until September at the earliest. Bank of America economists, meanwhile, say there\u2019s a \u201creal risk\u201d the central bank won\u2019t cut rates until March 2025 \u201cat the earliest.\u201d CNBC<\/a> has a solid roundup of sentiment. <\/p>\n

That comes as IMF boss Kristalina Giorgieva <\/strong>warned overnight<\/a><\/strong> that \u201ccentral banks should <\/strong>resist the temptation to lower their key interest rates too early<\/strong> and risk a resurgence of inflation and a fresh bout of policy tightening.\u201d <\/p>\n

MEANWHILE- US equities have now posted their longest losing streak so far this yea r<\/strong>after the S&P 500 and the Nasdaq fell for a fourth day in a row. <\/p>\n","protected":false},"excerpt":{"rendered":"

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