{"id":653477,"date":"2024-10-17T00:00:00","date_gmt":"2024-10-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/madbouly-assures-readiness-in-case-of-regional-escalation-during-weekly-presser\/"},"modified":"2024-10-17T00:00:00","modified_gmt":"2024-10-17T00:00:00","slug":"madbouly-assures-readiness-in-case-of-regional-escalation-during-weekly-presser","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/madbouly-assures-readiness-in-case-of-regional-escalation-during-weekly-presser\/","title":{"rendered":"Madbouly assures readiness in case of regional escalation during weekly presser"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The government is preparing for all scenarios<\/strong><strong>:<\/strong> Prime Minister Moustafa Madbouly explained at his weekly <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0387GpFeNC9FwjzGpoYEwyReLKwMxKcUwsnrJt9yuXqmkYBEBmowhuqySUdvVDRVg3l\" style=\"\" rel=\"noopener\">press conference<\/a> that the government is preparing for all potential scenarios in the region amid escalating tensions around Israel\u2019s war on Gaza and Lebanon. Madbouly also provided a few more nuggets of information about what to expect from growing Egyptian-Saudi economic ties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madbouly focused on the economic impact of a broadened conflict<\/strong>, saying that the government was making contingency plans for escalation that leads to disruptions to trade, transport, and logistics networks. He also noted that the government is preparing plans for a situation in which escalating reciprocal attacks target regional oil and nuclear facilities, threatening to send the conflict spiraling out of control. Such a scenario would have \u201cfar-reaching consequences for energy prices and the movement of goods, including to Egypt,\u201d he said, adding that \u201cour role as a government is to be prepared for all eventualities.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We got some clarity on \u201cw<\/strong><strong>artime economy\u201d:<\/strong> Addressing recent discussions about Egypt\u2019s preparedness for further regional escalation, Madbouly clarified comments he <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e6beddd-7ce3-47f0-945f-ed88a70605dc\/\" style=\"\" rel=\"noopener\">made last week<\/a> about the possibility that further escalation might force Egypt into war economy mode. \u201cWhat I meant was that if the situation escalates into a regional war, Egypt would turn to what\u2019s known as a \u2018war economy,\u2019 which means directing all state resources to secure basic needs \u2026 to ensure minimal impact on the Egyptian people,\u201d he explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>His message to the people<\/strong><strong>:<\/strong> Madbouly emphasized the need for national unity in the face of regional tensions. \u201cPresident Abdel Fattah El Sisi made it clear that these regional challenges require a very high level of unity from the Egyptian people to safeguard the nation\u2019s assets and achievements,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madbouly assured citizen<\/strong><strong>s that there is no need t<\/strong><strong>o fear external threats<\/strong><strong>:<\/strong> \u201cIt\u2019s essential for the Egyptian people to remain aware of the unprecedented regional challenges and stay resilient,\u201d said Madbouly.<\/p>\n<p class=\"tag-border-left\">MORE DETAILS ON GROWING EGYPT-SAUDI ECONOMIC TIES- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the economic front,<\/strong><strong> the PM touched on the potential for <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02JWDvBoA5747MhfyYAckLYm2iMJn8QmGENq4RopP3MSSjx51bzUDuTqeLnad55fqkl\" style=\"\" rel=\"noopener\">local currency transactions<\/a><\/strong> between Egypt and Saudi Arabia. \u201cThe use of local currencies in cooperation and investment between Egypt and Saudi Arabia will be done through agreements and coordination between both countries\u2019 central banks,\u201d he said, explaining that the logistics of the move is being studied and will be implemented once a final decision is reached. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What sectors are Saudi investors interested in?<\/strong> The Saudi side will initially target the industrial, tourism, renewables, and urban development sectors, Madbouly said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The press conference came one day after President El Sisi and Crown Prince Mohammed <\/strong><strong>Bin Salman\u2019s meeting on <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7bbe0aae-ba3a-4ca8-a09e-ba17d1cfce14\/\" style=\"\" rel=\"noopener\">Tuesday<\/a><\/strong><strong>,<\/strong> where the two heads of state signed an agreement to form the Egyptian-Saudi Supreme Coordination Council, which will be co-chaired by them personally, in addition to the bilateral <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78b9247c-e3ea-40e2-8b60-117d6727695a\/madbouly,-kouchouck,-el-khatib-land-in-riyadh-on-diplomatic-mission-to-boost-trade,-investment.-plus:-egypt,%253cmark%253e-kuwait%253c%2Fmark%253e-ink-ten-mous-during-joint-committee\" style=\"\" rel=\"noopener\">Agreement on Promotion and Mutual Protection of Investments<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s not all: <\/strong>Both sides issued a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0d3fRu6vmxBjh7bnJkwnTtMqaHDT7gy3RZbyshpEm7WkmL5X1TYq1kHQRNWj214jl\" style=\"\" rel=\"noopener\">joint statement<\/a> wrapping up the crown prince\u2019s visit and highlighting future areas of cooperation \u2014 CIT, logistics, combating corruption, culture, tourism, higher education and scientific research, media, industry and mining, and environment protection.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF SAUDI INVESTMENTS- USD 15 bn worth of Saudi investments incoming? <\/strong>Egypt-bound investments from the Saudi private sector totaling USD 15 bn have already been agreed and were awaiting the rubber stamping of the agreement, chairman of the Egyptian-Saudi Joint Business Council Bandar Al Ameri told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/10\/16\/%D8%A7%D8%AA%D9%81%D8%A7%D9%82%D9%8A%D8%A7%D8%AA-%D9%84%D8%B6%D8%AE-%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1-%D8%A8%D9%82%D9%8A%D9%85%D8%A9-15-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. Al Ameri pointed to the renewables, industry, real estate, tourism, and tech sectors as targets of the investments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t hold your breath: <\/strong>The agreement will be implemented within the coming two months once the legislation receives the regulatory greenlight from both sides.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We heard that this might be in the cards: <\/strong>We <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b037f3f4-3f02-46c6-b156-8e255c10923b\" style=\"\" rel=\"noopener\">heard in September<\/a> that Madbouly\u2019s government is in talks with major private-sector companies in Saudi to invest USD 10-15 bn in Egypt in different sectors, including renewable energy and seawater desalination.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The PM also clarified what he meant by a possible shift to a \u201cwar economy\u201d in the face of further escalation<\/p>\n","protected":false},"author":1,"featured_media":653478,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8507],"tags":[168,104,72,6984,281,100,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-653477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-policy","tag-diplomacy","tag-economy","tag-enterpriseam","tag-middle-east-politics","tag-moustafa-madbouly","tag-policy","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"920bb121-ba58-40e5-87b1-ab95af2fe159","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1403.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Madbouly assures readiness in case of regional escalation during weekly presser","related_issue":[653467],"teaser":"The PM also clarified what he meant by a possible shift to a \u201cwar economy\u201d in the face of further escalation","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.5fad90fb-c6d2-4c90-b37e-2aeb5efa1dfb.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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