The World Bank and International Monetary Fund’s African Caucus meetings for 2018 start today in Sharm El Sheikh, according to an Investment Ministry statement. The meetings, which run through tomorrow, are hosted by the central bank and the ministries of investment and finance and will be chaired by ministers Sahar Nasr and Mohamed Maait. A number of high-ranking IMF and World Bank officials are expected to be in attendance, as are representatives of African finance institutions. Nasr assumed the chairmanship of the World Bank’s 2018 African Caucus last year.

Foreign Minister Sameh Shoukry is meeting his Italian counterpart Enzo Moavero Milanesi in Cairo today for “political consultations,” a ministry source tells Ahram Online. Milanesi’s visit to Egypt is set to last three days, during which he will also meet President Abdel Fattah El Sisi.

Is Cleopatra Hospitals about to get a new owner? Abraaj veteran Ahmed Badreldin is leading a group of staff from the embattled private equity firm in a bid to spin off its USD 375 mn North Africa fund, according to the Wall Street Journal, citing a document seen by its reporters. The proposal to the Dubai-based firm’s liquidators asks that they consider an “amicable separation” of the fund from the rest of the firm. “The fund’s roster of investors would remain in place and an advisory firm would be appointed to supervise the new setup as a ‘guardian,’” the Journal writes. The bid comes as both hedge fund York Capital Management and the investment firm Abu Dhabi Financial Group are reportedly bidding for Abraaj’s fund-management unit. Limited partners in Abraaj’s North Africa fund include “the European Investment Bank and a unit of the World Bank Group,” the newspaper says. EGX-listed Cleopatra Hospitals is one of the North African fund’s most high-profile holdings.

Egypt and Kazakhstan are better options than Turkey for emerging market investors, in no small part because Ankara could be on the brink of a “spiral,” Nordea Asset Management tells Bloomberg. With the TRY dropping about 25% against the USD this year and bond yields hitting a new record, Turkey makes for a “prime example of an erosion of governance.”

Turkey’s most recent implosion? The US imposed sanctions on Turkey’s justice and interior ministers last Wednesday in an attempt to get Turkey to turn over an American pastor accused of backing a coup attempt against President Recep Tayyip Erdogan two years ago, Reuters reports. Turkey apparently responded in kind, freezing any assets of the US justice and interior departments in Turkey. Now in a desperate plea, Erdogan is urging foreign currency holders to turn their cash into liras to stymie the slide in the currency, according to Bloomberg.

Meanwhile: After giving NATO allies slaps across the cheek the Trump administration is pushing Arab countries to create a NATO of their own. Bloomberg’s editorial board, however, sees nothing good coming from the push to create a collective defense pact. Instead, they encourage the Trump administration to simply work on resolving current disputes between Arab states, including the Qatar smackdown.

WHAT? The public sector gets to work only four days a week? Prime Minister Mostafa Madbouly has reportedly authorized the Central Authority For Organization & Administration (CAOA) to begin studying the possibility of shortening the work week for state bureaucrats to four days, according to documents obtained by El Watan. The order established a committee headed by the CAOA chief Saleh Abdel Rahman and will include representatives of the Planning Ministry and academics and researchers to study the proposal. The stated purpose of the move was to cut costs and reduce congestion and traffic around government agencies. Madbouly’s proposal does not include a wage cut, so any savings would come from cutting operations.

Part of public sector reform drive: President Abdel Fattah El Sisi ordered the Finance Ministry last month to begin reassessing public sector wages as part of the government’s administrative reform drive. Cutting government spending is a crucial policy platform of the Finance Ministry going forward, said Finance Minister Mohamed Maait.

Food for thought #1: Wouldn’t it also make sense to speed along the retirement of public servants to cut our unreasonably high population of bureaucrats?

Food for thought #2: As radical as it may be, four day work week could be something worth considering — for the private sector. New Zealand firm Perpetual Guardian, which implemented a four day work week (with pay maintained at a five-day work week), is claiming spectacular results. Academics studying the trial say 78% of employees feel they were able to successfully manage their work-life balance, cutting stress levels and boosting commitment, according to the Guardian.

Bernie Sanders gives props to Benban: US Senator and former Democratic Party presidential nominee contender Bernie Sanders shared an LA Times story on the Benban solar park last week. “While Trump is ending America’s commitment to combating climate change, Egypt is building the world’s largest solar farm in the middle of the desert,” Sanders said in a Facebook post. “This is the kind of revolutionary technology we should be taking advantage of to grow our economy and sustain our planet for future generations.”

Apple became on Thursday the world’s first company to be valued at USD 1 tn, Bloomberg reports. The company’s shares closed the day at USD 207.39, pushing its market cap up to USD 1.002 tn. “Other tech giants are not far behind Apple today, with Amazon.com Inc., Alphabet Inc. and Microsoft Corp. worth more than USD 800 bn each,” the business information service reports.

Mo Salah fans have until tomorrow to make him one of FIFA’s top three men’s footballers for 2018. Cast your ballots here.