{"id":653363,"date":"2024-10-15T00:00:00","date_gmt":"2024-10-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/15\/regional-conflict-investment-and-trade-on-the-agenda-as-saudi-crown-prince-mohamed-bin-salman-lands-in-cairo\/"},"modified":"2024-10-15T00:00:00","modified_gmt":"2024-10-15T00:00:00","slug":"regional-conflict-investment-and-trade-on-the-agenda-as-saudi-crown-prince-mohamed-bin-salman-lands-in-cairo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/15\/regional-conflict-investment-and-trade-on-the-agenda-as-saudi-crown-prince-mohamed-bin-salman-lands-in-cairo\/","title":{"rendered":"Regional conflict, investment, and trade on the agenda as Saudi Crown Prince Mohamed bin Salman lands in Cairo"},"content":{"rendered":"

Good afternoon, folks<\/strong>, and a happy hump day to you all.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

#1- Saudi Crown Prince Mohamed bin Salman is in town. <\/strong>The Saudi Royal Court announced in a recently released statement<\/a> that the country\u2019s crown prince has departed for Cairo. Mohamed Bin Salman is set to meet with President Abdel Fattah El Sisi to discuss strengthening \u201cfraternal relations and other issues of common interest.\u201d Trade and investment, along with Israel\u2019s wars on Lebanon and Gaza are expected to top the agenda, Reuters reports<\/a>, citing unnamed Egyptian sources.<\/p>\n

#2- Premium Healthcare subsidiary eyes Jordan expansion with new JV:<\/strong> Premium Healthcare \u2014 formerly City Labs<\/a> \u2014 subsidiary Premium Diagnostics UAE is forming a joint venture with Jordan\u2019s Qudah Consulting Laboratorie, the company said in an EGX filing (pdf)<\/a>. The newly created Premium Diagnostics for Laboratories and Medical Supplies will open 20 new branches over the next three years and be jointly owned by the two companies in a 50\/50 split.<\/p>\n

#3- Orascom Development has secured a USD 155 mn loan from the International <\/strong>Finance Corporation<\/strong> to refinance existing debt and fund growth opportunities, particularly in its hotels in El Gouna, according to an EGX disclosure (pdf)<\/a>. \u201cThis proactive refinancing reduces our cost of capital and strengthens our liquidity. The lower credit spreads achieved through this deal will improve our free cash flow and support our overall business strategy while maintaining a net debt to Adjusted EBITDA of less than 0.4x\u201d Group CFO Ashraf Nessim said. <\/p>\n

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THE BIG STORY ABROAD<\/p>\n

Global public debt is expected to surpass USD 100 tn by the end of 2024<\/strong>, accounting for around 93% of global GDP, the IMF warned<\/a> in a statement released earlier today. By 2030, the Fund sees public debt reaching approaching 100% of global GDP \u2014 a whole ten percentage point jump from before the Covid pandemic. The reality for some countries might also be worse than current projections, cautions the IMF, pointing to \u201clarge spending pressures, optimism bias of debt projections, and sizable unidentified debt.\u201d<\/p>\n

WHILE IN OUR CORNER OF THE WORLD- In a depressing new chapter in Israel\u2019s bloody<\/strong> war on Gaza,<\/strong> concern among rights groups is growing that Israel is implementing a plan \u2014 dubbed the Generals Plan \u2014 to starve north Gaza<\/a> and turn it into a closed military zone with no water, food, or medicine allowed to enter after civilians have been pushed out.<\/p>\n

AND IN OIL MARKET NEWS- Oil prices have fallen as fears of a regional escalation calm<\/strong>, with Brent crude falling 4.1% to USD 74.26 a barrel at the time of writing. Analysts have been pointing to<\/a> Israel\u2019s reassurances to the US that its anticipated strike on Iran will focus on military targets \u2014 and not on oil and even nuclear facilities, which had worryingly been suggested earlier \u2014 as the reason behind the calming of the oil market.<\/p>\n

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