THIS EVENING: More investments coming our way from KSA + UK inflation hit a 40-year high of 9.1% in May
Good afternoon, wonderful people. We’re officially in that sweet, sweet slide towards the weekend — and our reward (or punishment, depending on how you see it) is another busy and interesting news day.
THE BIG STORY TODAY
There’s a lot more investments coming from our friends in KSA: A subsidiary of Saudi Arabia’s Fawaz Alhokair Group is planning to invest around USD 135 mn (SAR 500 mn) in a new renewable energy project in Egypt in partnership with our Electricity Ministry, Al Mal reports the subsidiary’s CEO Turki Alhokair as saying. The project, the details of which are still under negotiation, could produce wind power, Alhokair said. Meanwhile, a group of Saudi real estate developers are set to visit Egypt next week to kick the tires on potential fresh investments here, particularly in new cities, Al Mal reports, citing Egyptian Businessmen Association Vice Chairman Fathallah Fawzi.
THE BIG STORIES ABROAD
There’s a whole lot happening in the international business press this afternoon. First up is the ongoing energy crisis in Europe, which is getting more time in the spotlight with the International Energy Agency’s (IEA) latest World Investment Report sounding alarms over the need to accelerate investments in clean energy to both address the crisis and global climate pledges, particularly as Russia’s exit from Europe’s energy market “creates clear openings for non-Russian suppliers.” We have more highlights from the IEA’s report below, in our Commute section. The story is getting ink in Reuters and the Financial Times, among others.
Meanwhile, UK inflation hit a 40-year high of 9.1% in May as the country continues to struggle with rising global food and energy prices. This comes following another multi-decade high in April, when it sat at 9%. Inflation could rise even more, with the Bank of England saying it could hit 11% later this year when the government raises the cap on domestic energy bills. The story is getting plenty of attention in: Reuters | FT | CNBC | AP | BBC.
Also getting digital ink:
- The death toll from a massive earthquake that hit Afghanistan has surpassed 1k people, while another 1.5k others were injured. The 6.1-magnitude quake is the deadliest to hit Afghanistan in the past two decades (BBC | New York Times | Reuters | The Independent | AP).
- An oil refinery in Russia’s Rostov region caught fire after a drone attack that is believed to be part of Ukraine-backed strikes, reports the FT and Reuters. The Novoshakhtinsk refinery has suspended operations until the damage is assessed, but no casualties have been reported.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Egypt signed 14 investment agreements with Saudi Arabia worth USD 7.7 bn during Crown Prince Mohammed bin Salman’s visit to Cairo yesterday.
- MPs give the green light to FY 2022-2023 budget: The House of Representatives approved in a plenary session yesterday the state’s budget for the upcoming fiscal year that begins in July.
- “We are not yet in a recession” despite the World Bank, IMF, and others reducing their expectations for economic growth, but the risk is very much there, Finance Minister Mohamed Maait said yesterday.
The Central Bank of Egypt is set to meet tomorrow to review interest rates. The majority of analysts and economists we surveyed in our customary poll expect the central bank’s monetary policy committee to leave rates unchanged.
🗓 CIRCLE YOUR CALENDAR-
The Big 5 Construct Egypt (pdf) construction industry exhibition runs from 25-27 June at the Egypt International Exhibition Center (EIEC) in Cairo.
Amcham AGM next week: Our friends over at Amcham will hold their annual general meeting on Monday 27 June at the St. Regis Cairo Hotel. Finance Minister Mohamed Maait will address the gathering.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
☀️ TOMORROW’S WEATHER- The mercury is heading back to the 40°C range tomorrow as we’re set to see a few really hot days, our favorite weather app tells us. The temperature will fall to 24°C at night.
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