Monday, 16 January 2023

THIS EVENING: HCCD is in talks with Gulf investors + Turkey has averted its Ever Given

Good afternoon, beautiful people: The news flow at home is continuing at a crawl though there’s plenty happening abroad, with the 2023 World Economic Forum opening this evening and Turkey averting its own version of the Ever Given crisis.

THE BIG STORY TODAY-

Is HCCD planning to sell some of its land to Gulf investors? Bloomberg Asharq reported yesterday the state-owned parent of Heliopolis Housing — the Holding Company for Construction and Development — is in talks with Gulf investors who are apparently interested in purchasing some of its land bank. A source at the company we spoke to this morning refuted the report, telling us that the company is looking to partner with investors rather than sell off assets.

THE BIG STORY ABROAD- No single story is driving the conversation in the global press this afternoon, but here are some worth nothing:

  • German Defence Minister Christine Lambrecht has resigned following public scrutiny over how she handled the country’s defense policy. (Financial Times | CNBC)
  • Musk has received the Qatari stamp of approval after the head of the country’s sovereign fund voiced his support for his vision for Twitter. (Bloomberg)
  • Italian authorities arrested its most-wanted mafia boss Matteo Messina after a 30-year chase. (Bloomberg | AP | Reuters)

HAPPENING NOW-

Egypt: Only we can disrupt global trade flows by blocking major shipping routes.

Turkey: Hold my beer.

Turkey closed the Bosphorus Strait to ships this morning after a tanker ran aground on its way to Istanbul from Ukraine. Tug boats have since managed to refloat the vessel but authorities are yet to reopen the vital waterway, which connects the Black Sea to the Mediterranean. Reuters and Bloomberg have more.

Davos opens this evening: Global finance, business, politics, and media players are in the Swiss town this week for this year’s World Economic Forum where they’ll chew over the biggest challenges facing the planet. The five-day event gets underway in an hour or two before the first full day of panel discussions tomorrow. With “Cooperation in a Fragmented World” the chosen theme for this year’s World Economic Forum, expect discussions to be dominated by the war in Ukraine, deglobalization, and food and energy security. We have a full preview of the meetings in this afternoon’s Commute, below.

TOMORROW-

Cairo is hosting an Egyptian-Jordanian-Palestinian summit: Palestinian President Mahmoud Abbas and Jordan’s King Abdullah II are in Cairo today for talks with President Abdel Fattah El Sisi to discuss recent developments in Israel and the occupied territories. The meeting comes days following a series of provocations by Israel’s new far-right government, which contains ministers that have advocated deporting Arabs and annexing the country’s illegal settlements in the West Bank.

Correction: 17 January, 2023

We incorrectly wrote that the talks took place in Cairo on Monday, 16 January. The meeting will actually take place on Tuesday, 17 January.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Eni, Chevron confirm “significant” EastMed gas find: Chevron and Eni announced making a “significant” gas discovery at their Nargis offshore block off the coast of North Sinai.
  • New VAT exec regs drop: The Finance Ministry has issued the amended executive regulations for the VAT Act, which contain new targeted tax breaks designed to support manufacturing and boost exports.
  • Surprise change at MAF: Emirati retail conglomerate Majid Al Futtaim has appointed Ahmed Galal Ismail its CEO, replacing Alain Bejjani who had headed up the group since 2015.

???? CIRCLE YOUR CALENDAR-

It’s that time of year again: The Cairo International Book Fair will open its doors to the public at the International Exhibition Center in New Cairo on 26 January, according to Youm7. The event, which runs until 6 February, is expected to draw mns of visitors during the two weeks.

☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit 19°C tomorrow during the day before falling to 11°C at night, our favorite weather app tells us.

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