On the horizon
Cyprus, Egypt to resume talks on electricity linkage project next month: A Cypriot delegation will visit Egypt next month to resume talks on the USD 4 bn project to connect the electricity grids of Egypt, Cyprus, and Greece, government sources said. Egypt and Cyprus had approved the route for the 2,000 MW subsea power cable for the connectivity project and agreed on the cable’s landing point in Egypt in March. The Cypriot delegation’s visit comes as Egypt is moving ahead with a separate interconnection project with Sudan. The Egyptian Electricity Transmission Company will issue a local and global tender for power lines and transformers for the project within days, sources had said.
Contracts to connect our electric grid to Saudi Arabia’s could also be signed by the end of June, sources say.
The IMF should issue its progress report on Egypt’s economic reform program in two weeks’ time, Deputy Chief of Media Relations Alistair Thomson tells Al Masry Al Youm. A delegation is in town until 17 May to finish a review that should unlock another USD 2 bn of the USD 12 bn IMF extended fund facility by June or July.
Uber / Careem appeal postponed to Saturday: The Supreme Administrative Court has postponed its hearing of an appeal by Uber and Careem against a lower court decision ordering the suspension of the companies’ operations to 19 May. The two companies are currently operating under a Court of Urgent Matters ruling that stayed the initial suspension. The House of Representatives had also passed last week legislation to govern ride-hailing app services.