{"id":619234,"date":"2024-04-29T00:00:00","date_gmt":"2024-04-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/29\/its-day-two-of-the-world-economic-forums-riyadh-meetup\/"},"modified":"2024-04-29T00:00:00","modified_gmt":"2024-04-29T00:00:00","slug":"its-day-two-of-the-world-economic-forums-riyadh-meetup","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/29\/its-day-two-of-the-world-economic-forums-riyadh-meetup\/","title":{"rendered":"It\u2019s day two of the World Economic Forum\u2019s Riyadh meetup"},"content":{"rendered":"

Good morning, friends. <\/strong>The cabinet economic team is out in force at the World Economic Forum\u2019s Riyadh meetup that wraps today and it seems that people are eager to hear what they have to say, with many of them penciled in for meetings on the political and economic challenges facing the region.<\/p>\n

We\u2019ve got a rundown of what to look out for at the meeting today<\/strong> along with what you may have missed from yesterday. But that\u2019s not all folks, we\u2019ve also got news of the government gearing up for another incentive program to grow our tourism industry, the opening of the country\u2019s first cloud computing center, and much more for you to read through this morning.<\/p>\n

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

PSA-<\/p>\n

WEATHER- <\/strong> It\u2019s a breezy day in Cairo today with clear sunny skies, expect to see a high of 30\u00b0C and a low of 17\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s a little cooler over in Alexandria<\/strong>, with a high of 23\u00b0C and a low of 18\u00b0C.<\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> #1-<\/strong>It\u2019s the second and final day of the World Economic Forum meetup in Riyadh:<\/strong> International Cooperation Minister Rania Al Mashat has joined Prime Minister Moustafa Madbouly, Foreign Minister Sameh Shoukry, Planning Minister Hala El Said, and Finance Minister Mohamed Maait in Riyadh for the World Economic Forum\u2019s Special Meeting on Global Collaboration, Growth and Energy for Development<\/a>.<\/p>\n

Taking place today: <\/strong>Madbouly will speak at a Briefing on the Gaza Crisis<\/a> at 10:15 am Riyadh time alongside his Jordanian counterpart Bisher Khasawneh, while Shoukry will take to the stage to speak on the Middle East Under Stress<\/a> at 1:15 pm, alongside his Saudi and Jordanian counterparts. Al Mashathas a busy schedule ahead and is booked to speak at an event on human capital and reskilling initiatives, a second session on cross-border collaboration in the energy transition, and a third session on global security and economic growth, according to an International Cooperation Ministry statement<\/a>. <\/p>\n

Madbouly, Maait, and El Said also made the rounds yesterday:<\/strong> El Said argued<\/a> that successive global events including Covid-19, Russia\u2019s invasion of Ukraine, and Israel\u2019s war on Gaza, in addition to climate change have underscored the importance of \u201cresilient and agile trade policies\u201d in a meeting on What Homeland Economics Means for Trade<\/a>. Maait met with<\/a> International Islamic Trade Finance Corporation CEO Hani Sonbol to discuss regional and global challenges and their impact on emerging markets, while IMF chief Kristalina Georgieva stressed the Fund\u2019s support for the government's structural reform efforts and their effect on the economy in comments to Madbouly, according to a cabinet statement<\/a>.<\/p>\n

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#2- It's a big morning for: Our friends at <\/strong>RSM<\/a><\/strong>, the global network of audit, tax, and consulting professionals, whose 2024 MENA regional conference kicks off today in Cairo and runs through Wednesday, 1 May. On the agenda after this morning's network session are updates from across the Middle East, North Africa, and West Africa and discussion of the latest trends in artificial intelligence, cybersecurity, and global risk management. The final day of the program will see delegates engage in strategic planning and receive an update from RSM's global leadership before the handing out of regional awards. Welcome to Cairo, everyone<\/strong>, it\u2019s wonderful to have you all here. <\/p>\n

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<\/a> #3- CBE to hold USD t-bill auction: <\/strong>The Central Bank of Egypt is auctioning off USD 980 mn worth of one-year t-bills with the submission deadline penciled in for today at 11am, according to the bank\u2019s website<\/a>.<\/p>\n

HAPPENING THIS WEEK-<\/p>\n

<\/a>#1- The Immigration Ministry will reopen the door for Egyptians living abroad to settle<\/strong> unfulfilled military service obligations<\/strong> for two months starting Wednesday 1 May, according to a ministry statement<\/a>. It\u2019s unclear if the settlement cost has changed from the first iteration of the initiative, but last time round<\/a> it cost USD 5k \/ EUR 5k.<\/p>\n

#2-<\/strong>The <\/strong>Decision Makers Conference<\/a><\/strong> will be bringing together leading voices from<\/strong> both public and private sectors tomorrow<\/strong> at the St Regis Hotel in Cairo, focusing on the investment and financial sectors. Tap or click<\/a>here<\/a> to secure your ticket. <\/p>\n

WATCH THIS SPACE-<\/p>\n

#1-Gov\u2019t mulls incentives to attract foreign investors to the new capital: <\/strong>The government is reportedly looking to issue new legislation and incentives to make units offered in the new administrative capital\u2019s central business district more attractive to foreign investors, Al<\/a>Mal<\/a> reports, citing sources it said have knowledge of the matter. If the move proved effective, the government may replicate it with units in New Alamein.<\/p>\n

<\/a> #2-<\/strong>The government will soon announce the new licensing requirements for private<\/strong> sector-run <\/strong>freezones<\/strong>, General Authority for Investment and Freezone head Hossam Heiba told Al Borsa<\/a>.<\/p>\n

ATTENTION, EGYPT INVESTORS-<\/p>\n

<\/a> <\/p>\n

<\/a> Foreign investors are falling in love with Egypt again\u2026<\/strong> Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They\u2019re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that\u2019s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It\u2019s a massive consumer opportunity and a regional export hub of tomorrow.<\/strong><\/p>\n

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: <\/strong>Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are \u201clong Egypt.\u201d<\/p>\n

We\u2019ll be talking with you about the agenda over the coming couple of weeks. <\/strong>It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow\u2019s opportunities \u2014 and who aren\u2019t afraid to answer some tough questions. <\/p>\n

*** Interested in attending? <\/strong>Tap or click here<\/a><\/strong> to let us know.<\/strong> Seating is limited.<\/p>\n

DATA POINT-<\/p>\n

That\u2019s a wrap on the car import scheme: <\/strong>Expats have transferred some USD 767 mn to the government under its car-for-FX scheme, according to a statement from the Finance Ministry<\/a>. Around 28k cars have entered the country under the initiative. Registration for the scheme ends today.<\/p>\n

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ICYMI: Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at the Madbouly government\u2019s plan to boost Egyptian industry<\/a> in the next fiscal year.<\/p>\n

WAR WATCH-<\/p>\n

A Hamas delegation is expected in Cairo today for another push to secure a<\/strong> ceasefire agreement,<\/strong> a Hamas official told Reuters<\/a>. The delegation will consider a proposal that was put forward by Qatar and Egypt, which the Wall Street Journal<\/a> says involves a three-week truce in exchange for the release of 20 hostages, citing what it says are Egyptian officials.<\/p>\n

It\u2019s said that the group is now taking a different approach to talks: <\/strong>There\u2019s been a \u201cmajor change\u201d in the way hostage swap negotiations are being handled by Hamas amid increasing pressure from mediators, Arab World News Agency<\/a> reported, citing what it describes as informed sources. Israel, for its part, has claimed it will delay a long-anticipated invasion of Rafah if a hostage swap is agreed on, according to the Financial Times<\/a>. <\/p>\n

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

It\u2019s a quiet morning in the global business press<\/strong>, but don\u2019t expect that to continue into the rest of the week:<\/p>\n