What we’re tracking on Sunday, 4 September 2016
The Eid Al Adha vacation begins on Sunday, 11 September with the waqfa. That means the first day of Eid be Monday, 12 September, according to a statement from Dar Al-Ifta. As usual, the Powers that Be are yet to inform us when we’re officially back to work, but regulatory considerations make it impossible the whole week will be a vacation. That’s not stopping Enterprise from bridging: We’ll be off the full week and will resume publication on Sunday, 18 September.
President Abdel Fattah El Sisi is in Hangzhou, China to participate in the G20 summit. The US and China formally committed themselves to the Paris climate change agreement last night at the summit. Notes the New York Times: “Countries accounting for 55 percent of the world’s emissions must present formal ratification documents [to bring the accord into effect] and together, China and the United States generate nearly 40 percent of the world’s emissions.” The summit got off to a strained start involving an awkward confrontation on the tarmac as a Chinese official was seen angrily confronting US National Security adviser Susan Rice, requiring the Secret Service to intervene.
El Sisi met with International Monetary Fund Managing Director Christine Lagarde on the sidelines of the summit, according to a statement from Ittihadiya. The two reportedly spoke on the preliminary agreement for a USD 12 bn extended fund facility, where Lagarde reportedly “lauded the Egyptian government’s effort to develop the economy by applying the necessary economic and structural reforms,” according to the statement. The meeting was also attended by Finance Minister Amr El Garhy Central Bank Governor Tarek Amer, Foreign Minister Sameh Shoukry and Minister of Trade and Industry Tarek Kabil. Lagarde’s positive sentiment on Egypt’s reform plan was echoed in her comments to Reuters in a wide-ranging interview. We have more on the interview in today’s Speed Round.
The Arab Trade & Supply Chain Finance Conference opens today under the patronage of the Arab League at Al Saraia Hall at the InterContinental Hotel, City Stars and runs until Monday. Registration opens at 8:30 am.