THIS EVENING: It’s all about Davos out there
Good afternoon, friends — we’ve just made it halfway through what has felt like the longest week on record. Maybe we all got too used to the long weekends?
DRIVING THE CONVERSATION TODAY-
It’s day two of Davos: The five-day World Economic Forum at Davos — under the theme “Cooperation in a Fragmented World” — is on day two, with sessions focused on technology, climate, and investments and it will continue on till 7pm CLT. Some of the sessions coming up this afternoon:
- A conversation with Finnish Prime Minister Sanna Marin at 4pm.
- An address by Spanish Prime Minister Pedro Sanchez at 5pm.
- A session titled Infrastructure for a Clean Energy Economy, kicking off at 5:15pm.
Things will get worse before they get better: The IMF is projecting that “2024 will be a year in which we finally see the world economy on an upside,” IMF Managing DIrector Kristalina Georgieva told CNBC on the sidelines of Davos earlier today. Growth will continue to slow throughout 2023 and bottom out by the end of the year before we move on to better things in 2024.
But most agree they will get better: “We are optimistic, but we are cautiously optimistic” about global growth, OPEC Secretary General Haitham Al Ghais said in an interview with Bloomberg, attributing his optimism to China’s resurrection after years of covid lockdowns.“The economy and the potential slowdown is still the biggest concern on everybody’s mind …I see green somewhere out there — maybe not now but in a couple of months.”
Egypt is among 45 partners pledging to help unlock the USD 3 tn of financing needed for the world to reach net zero by 2050 through the Giving to Amplify Earth Action initiative, the WEF said in a statement. “Egypt will work closely with the World Economic Forum to build effective and impactful philanthropic public private partnerships, and promote the role of the prominent ‘P’ – Philanthropy,” International Cooperation Minister Rania Al Mashat said.
Al Mashat took the stage: International Cooperation Minister Rania Al Mashat joined US climate chief John Kerry, UN climate finance envoy Mark Carney, WEF President Borge Brende and other climate experts to talk all things climate funding, in a session titled Philanthropy: A Catalyst for Protecting Our Planet (watch, runtime: 47:30). Al Mashat stressed on the importance of adaptation and resilience financing, hitting on the role multilateral development banks and philanthropy have to play in providing that money.
There’s more to come from Davos: Al Mashat will return to the Davos stage tomorrow and on Friday for sessions focused on the green transition and development finance, while Planning Minister Hala El Said will join her Saudi counterpart and the UAE’s economy minister in a session titled Between Liquidity and Fragility: Reforming in MENA on Thursday.
HAPPENING TODAY (NOT YESTERDAY)-
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: In yesterday’s edition of EnterprisePM, we incorrectly wrote that the talks took place in Cairo yesterday. The story has since been updated on our website.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Let it flow: Foreign investors have invested some USD 925 mn into our local foreign exchange market in the three days since the central bank let the EGP further depreciate against the greenback.
- Gulf investors in talks to acquire assets from HCCD: The parent company of Heliopolis Housing is in talks with undisclosed Gulf investors to sell land and other assets, two sources familiar with the discussions told Bloomberg Asharq.
- Cheap bread for all: The Supply Ministry will launch a new scheme to allow people not covered by its ration card system to buy discounted bread, Minister Ali El Moselhy said yesterday.
???? CIRCLE YOUR CALENDAR-
It’s book fair season: 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.
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 set to reach 21°C during the day tomorrow in the capital city before dipping to 10°C at night, our favorite weather app tells us.