THIS MORNING: Israel-Palestine, a possible Suez Canal settlement and a Senate debate on the Madbouly government’s social and economic agenda dominate a slow news day
Good morning, nice people — We kick off the 21st week of 2021 with a slow weekend of news. There’s simply not a lot going on at home or abroad.
Look for the international news slowdown to continue into Tuesday our time: It’s Memorial Day in the United States and the spring bank holiday in the UK, heralding the practical start of summer and the last days of the school year. Can you, like us, smell Sahel in the air?
We’re almost at the start of a new month — here are some of the key news triggers in the coming weeks:
- PMI: May’s purchasing managers’ index for Egypt, Saudi Arabia and the UAE will be out on Thursday, 3 June.
- Foreign reserves figures for May will be out early next week.
- May inflation data will be released next week.
- Interest rates: The Central Bank of Egypt will meet Thursday, 17 June to review rates.
***CATCH UP QUICK on the top stories from Thursday’s edition of EnterprisePM:
- Misr Ins. Holding (MIH) plans to form an education platform with an initial investment capital of EGP 700-800 mn.
- Paradigm Logistics has offered to sell its 72% stake in shipping subsidiary Ostool to EgyTrans through a share swap transaction.
- Egypt could host a summit to discuss a long-term ceasefire between Israel and Palestine that would bring together officials from the Palestinian Authority, Hamas and Israel.
WHAT’S HAPPENING TODAY-
Egypt’s bid to bring about a long-term ceasefire between Israel and Hamas steps up a gear today: Israeli Foreign Minister Gabi Ashkenazi arrives in Cairo today for talks with FM Sameh Shoukry, Egypt’s foreign ministry said yesterday, without providing further details, according to Reuters. At the same time, intelligence chief Abbas Kamel will be in Tel Aviv and Ramallah to meet with Israeli PM Benjamin Netanyahu and Palestinian Authority President Mahmoud Abbas, before heading to Gaza on Monday for talks with Hamas leaders, Israeli journalist Barak Ravid reported yesterday. Egyptian officials are angling for an agreement that includes the reconstruction of Gaza, a resumption of talks between Israel and Palestine, and a prisoner swap, he said, citing Israeli officials.
Egypt played a leading role in forging a ceasefire between Hamas and Israel earlier this month, which ended 11 days of deadly violence in Gaza. Reports in Israeli media last week claimed that Egypt could soon host a summit between the Palestinian Authority, Hamas and Israel to restart the peace process.
The Suez Canal Authority (SCA) will hold a presser today to answer questions about the Ever Given debacle, Youm7 reports, citing a statement by the authority. This comes a day after the Ismailia Economic Court delayed a hearing in the compensation case filed by the SCA against the owners of the vessel to allow settlement talks to continue. We have more on this in the news well below.
FROM THE SENATE: Senators will discuss the government’s draft social and economic development plan for FY2021-2022 during plenary sessions today and tomorrow, the local press reports. A bill to establish an emergency medical services fund to supplement money allocated by the government budget is also on the agenda for the meetings.
GIZ and the Arab Women’s Enterprise Fund have launched the Agri-Digital Startup Competition to support digital agriculture in Egypt, in association with Ain Shams University, according to a statement (pdf). Entrants must be individuals or organizations providing solutions in the areas of electronic markets, extension services, or digital applications in sectors such as logistics and finance. Winners will receive up to EGP 150k, as well as business assistance services. You can register for the competition here.
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ON THE HORIZON-
Egypt will receive the final tranche of its IMF standby loan before the end of June, Finance Minister Mohamed Maait told Al Masry Al Youm yesterday. The Fund’s executive board is expected to make a final decision on the USD 1.6 bn payment during the first half of the month, paving the way for disbursement before July, he said. The IMF reached a staff-level agreement last week following two weeks of consultations with Egyptian authorities. The one-year USD 5.2 bn financing package was agreed last June to support the Egyptian economy and shore up public finances during the covid-19 pandemic.
Shipping containers arriving at Egyptian seaports that are not registered on the new National Single Window for Foreign Trade Facilitation (Nafeza) will banned from entry as of 1 July, Finance Minister Mohamed Maait said yesterday, urging importers and customs officers to sign up to the new cargo information system through this website. The new system — called Advance Cargo Information (ACI), and introduced under the recently-passed Customs Act — requires that cargo data and documents are submitted electronically at least 48 hours before shipment. As many as 400 importers have so far registered since its pilot launch on 1 April, Maait said.
Egypt will receive the first of 30 more Rafale fighter jets from France this summer, French Defense Ministry Spokesman Herve Grandjean said in an interview with Extra News (watch, runtime 2:42), under the terms of an agreement with France earlier this month. The sale also includes EUR 200 mn worth of contracts with missile provider MBDA and equipment provider Safran Electronics & Defense.
CIRCLE YOUR CALENDAR-
Egypt will host a virtual edition of Trescon Global’s World AI Show on 31 May. Held with support from the Information Technology Industry Development Agency (ITIDA), the conference will bring together AI experts, business leaders and tech heads to discuss how the latest trends in advanced technologies will impact the Egyptian economy. You can register for the event here.
The FIG World Challenge Cup in Artistic Gymnastics for men and women will take place in Egypt on 3-6 June.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.