We look this morning: the regional summit continues in New Alamein

Good morning, dear readers, and welcome to our midweek newsletter.

There is so far nothing new about the appointment of a new head of the Egyptian Stock Exchange. The stock exchange is currently run by vice-chairman Ahmed El-Sheikh, as President Abdel Fattah El-Sisi issued a decision earlier this month to appoint the stock exchange’s chairman, Mohamed Farida, as the acting president of the Financial Supervisory Authority. A number of sources Enterprise spoke to denied knowing anything new about the next president of the stock exchange, who is appointed by a decision of the Prime Minister.

Egypt is a new stop on the map of the Asian golf tour: The Asian Tour of Golf, the official governing body for golf in Asia, has expanded its international lineup, adding stops in Egypt and Morocco in the tour’s first foray into North Africa, a statement from organizers said. The prize money for both events will be $1.5 million.

The international tournament will be held for the first time in Egypt at Madinaty Golf Club from 10 to 13 November. According to the statement, which described the event as “it will be the biggest golf event ever held in the country”. The event in Egypt follows the Morocco International Championships, which will be held from 3-6 November at the Royal Rabat Golf Dar es Salaam. “The international tournament in Morocco and its counterpart in Egypt are great additions to our schedule and will provide our members with a unique opportunity to compete in a new location, while allowing the tour to expand its reach.” Cho Min, Asian Tour Commissioner and CEO, said. Than.

Stars this morning – company passed screensthe first provider of microloan services in the region, providing 100,000 loans The company announced in a statement on LinkedIn last Thursday.

Also among the stars this morning – Zamalek FC won the Egyptian Premier League for the second time in a row last night, after losing Pyramids Club to nothing against Future Club. The Egyptian league champions will travel to Qatar next month to face the Saudi league champions at the Lusail Stadium, which is scheduled to host the World Cup in November.

happening today –

President Abdel Fattah El-Sisi received the King of Jordan, the King of Bahrain and the Iraqi Prime Minister at El Alamein Airport on Monday, According to the presidential statement. Sisi was also accompanied by the President of the UAE, Sheikh Mohammed bin Zayed Al Nahyan, who arrived in Egypt earlier on Sunday. The region’s leaders visit Egypt to attend a five-way summit.

On the summit agenda: “Several regional and international challenges,” Extra News reported, citing an informed Egyptian source (watch, playing time: 0:37). Four of the five participating countries (Egypt, UAE, Jordan and Bahrain) are part of a regional industrial partnership that is expected to result in joint industrial ventures in strategic sectors to hedge supply chain disruptions and boost production.

A delegation of Turkish businessmen and manufacturers is visiting Cairo today, Tuesday, to discuss potential investment opportunities and cooperation agreements. According to the newspaper Al Mal. The delegation includes a number of investors working in various fields, including agricultural equipment, auto parts, textiles, apparel, food and beverage, consumer goods and building materials.

The government is holding a workshop today with representatives of the construction sector on the state ownership policy document. Every Sunday, Tuesday and Thursday, the government organizes workshops on how IPO plans will affect specific industries. More details on the meeting schedule here.

happen tomorrow –

The new central bank manager will meet with bank representatives tomorrow: The acting governor of the Central Bank of Egypt, Hassan Abdullah, will meet with bank managers and officials tomorrow for the first time since his appointment last Thursday, according to sources cited by Al-Mal newspaper. Abdullah replaces Tariq Amer, who resigned suddenly after nearly seven years in the post.

Coming soon –

aB Investments has less than a week to submit a competing bid for ADNOC’s acquisition of Total energies Egypt: The direct investment company B Investments will have until next Monday, August 29, to determine whether it will exercise the right of first refusal in light of the offer made by the UAE company ADNOC for a 50% stake in Total Energy Egypt for sale. ADNOC Distribution agreed last month to buy a stake in the company for $203 million, which includes the acquisition of the 15.4% stake held by B Investments in Total Energy Egypt, and the 34.6 percent stake .

The Suez Canal Economic Zone signs more memoranda of understanding on green fuels with international partners “in days”This was announced in a statement yesterday. The region has so far signed nine memorandums of understanding with international companies as part of its efforts to transform the region into a green energy hub, under its plan to “reach as many final contracts as possible” before the country’s presentation of COP27 in November, it is reported. Major global companies have signed tentative deals worth $18 billion this year for green ammonia and hydrogen projects in Ain Sukhna, as the country looks to attract growing global interest in so-called transition fuels ahead of the summit, according to our calculations.

Egypt asks its citizens in Ukraine to take the necessary care this week: In a statement yesterday, the Egyptian embassy in Kiev asked the Egyptians in Ukraine to seek shelter next week and to intensify precautions as the war escalates. It comes as the country prepares to celebrate Independence Day tomorrow, and Ukrainian President Volodymyr Zelensky has warned that Russia “could do something particularly cruel on this occasion”. (Watch 0:37 min.)

The financiers still have until August 31 to take advantage of the more than 65% of the delay and additional tax stipulated in the Stamp Duty Act, the Government Financial Resources Development Fees Act, Income Tax Act, General Sales Tax Act, Building Property Tax Act and Value Added Tax Act, provided that the remaining 35% is paid, which does not exceed this. , no later than the first of March.

The world’s most prominent news –

The global economic press shed light on the developments in the financial markets. After Wall Street stocks posted their biggest daily losses since mid-June yesterday. The S&P 500 also fell 2.1%, and the Nasdaq tech stock fell 2.5%, marking the end of a streak of gains that pushed stocks out of bear market territory.

This comes as investors are increasingly worried about what Federal Reserve Chairman Jerome Powell will sayOn inflation and aggressive rate hikes, he will deliver a speech at the annual meeting of central bank managers in Jackson Hole later this week. (Bloomberg, Financial Times, Wall Street Journal, CNBC).

and withdraw A collective of Asian shares this morning, with continued intensive selling in Tuesday’s trading. Futures trade suggests marginal gains on Wall Street at the start of trading later today, while European stocks are set to open lower.

And also – foreign newspapers were interested in the announcement of the giant American car manufacturer Ford, its intention to lay off 3,000 employees the week, as part of a major restructuring aimed at financing the company’s multi-billion dollar plan to transform the electric car industry and compete in this area with the American company Tesla. (Wall Street Journal l Bloomberg l Reuters l TechCrunch)


A new government initiative to provide financing for green projects: Yesterday, the Ministry of Planning opened the door for progress to the national initiative for smart green projects, for projects of all governorates of the Republic, Minister Hala Al-Saeed announced in a statement. Projects eligible to benefit from the initiative must use technological solutions to address climate issues, and projects will be selected based on economic feasibility, size and impact for each of them, with a separate category for projects implemented by led by women or women’s participation in the green economy, according to the initiative’s criteria.

There will be an executive committee that includes the climate pioneer for the Egyptian presidency of a summit COP27Mahmoud Mohieldin, who will select 18 projects from the final list, and this list will be presented for funding during the summit. You can apply to participate here.

in notebook –

It was decided to postpone the meeting of the National Dialogue Board of Trustees to the first week of September, instead of next week, due to the illness of a number of board members, according to the website of Cairo 24. A member of the Board of Trustees, Najad al-Borai, made the decision to postpone, without giving reasons , confirmed. A source told the website that the meeting is expected to take place on September 3. The meeting was scheduled to see the selection of the rapporteurs of all the committees and sub-committees on the social, political and economic tracks, and the preparation of the agenda and discussion topics.

The Union of Arab Banks is organizing the Anti-Money Laundering and Terrorist Financing Forum in Sharm El-Sheikh during the period from 1-3 next September. The forum will bring together more than 250 participants from 16 countries to discuss a number of topics such as cooperation between the public and private sectors to combat financial crime, the challenges and risks posed by financial technology and digital transformation and their impact on financial crime. The federation organizes the forum in collaboration with the Central Bank of Egypt, the Federation of Egyptian Banks and others.

You can see the full notebook at Our website, Here you will find a comprehensive list of upcoming news events, national holidays, conferences and everything that matters to the business and financial community.

Our appointment today with the “Green Economy” is your weekly portal to the sustainable economy in Egypt. Which every Tuesday focuses on sustainable economy activities, renewable resources and green development in the country. The scope of the “green economy” is very large and covers everything from solar and wind energy, through water and sanitation management projects to sustainable construction.

In today’s issue: With the COP27 summit approaching, Egypt is working with the United Nations to attract investor interest in climate projects in the developing country, including local ones. Today we look at the projects highlighted for climate finance so far in the pre-COP roadshow, which aims to attract funding to the regions that need it most.

Leave a Comment