MUST-READS

• Multi-Billion Gulf Power Play Focuses on Egypt as Mideast War Rages

  In barely 10 days, Egypt has gone from the brink of economic disaster to unlocking more than $40 billion of investments and loans from the United Arab Emirates and International Monetary Fund, with the likelihood of more to come from Saudi Arabia and others. On Wednesday, as part of that, it delivered its biggest-ever interest-rate hike and allowed its currency to weaken more than 38% through a long-awaited flotation. It also announced an existing IMF rescue package would be more than doubled to $8 billion.

• Minister of Commerce Chairs 18th Session of Saudi-Egyptian Joint Committee

  The 18th session of the Saudi-Egyptian Joint Committee concluded today in Riyadh, chaired by the Minister of Commerce and Chairman of the Board of Directors of the General Authority for Foreign Trade, Dr. Majid bin Abdullah Al-Qasabi, and the Egyptian Minister of Industry and Trade, Ahmed Samir. During the session, Dr. Al-Qasabi stressed the Kingdom of Saudi Arabia's keenness to strengthen trade relations with the Arab Republic of Egypt through the exchange of visits between the private sectors, holding trade exhibitions to promote opportunities and increase the Kingdom's exports to Egypt.

• Saudi bourse falls ahead of OPEC+ meet; Egypt gains

  OPEC+ will consider extending voluntary oil output cuts into the second quarter, Reuters reported last week citing three OPEC+ sources, to provide additional support for the market, and could keep them in place until the end of the year, according to two of them. Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.6%, hit by a 1.5% fall in Al Rajhi Bank and a 1.2% decline in the biggest lender, Saudi National Bank (1180.SE), opens new tab.

• Egypt clearing land, building wall near Gaza border, satellite imagery shows

  Footage and satellite imagery obtained by The Washington Post show that Egypt is clearing off, and building a wall around, a plot of land along its border with the Gaza Strip, amid fears of an Israeli offensive in the southern Gaza city of Rafah. Israeli officials reacted negatively to a Washington Post report that the United States was rushing to formulate a plan for long-term peace between Israel and Palestine that included a timeline for the creation of a Palestinian state. Some Israeli lawmakers and officials cast the purported plan for postwar Gaza as a “gift” or “prize” to Palestinians.

• Egypt Warily Eyes Gaza as War Builds Pressure on Its Border

  During past conflicts in the region, Egypt has taken in refugees from Syria, Yemen and neighboring Sudan. But in this war, it has reacted very differently to the plight of its Arab neighbors, spurred by a mix of alarm over its own security and fear that the displacement could become permanent and undermine Palestinian aspirations for statehood.

• Egyptian officials warn peace to be suspended if Palestinians flow to Sinai

  According to one source, the Egyptian message was that "if even one Palestinian refugee crosses over – the peace agreement will be nullified." According to the source, no country would agree to absorb such a large number of Palestinian refugees, and they would become "a permanent Egyptian problem."

• Saudi, Egyptian foreign ministers call for ceasefire in Gaza

  Saudi Foreign Minister Prince Faisal bin Farhan on Sunday called for an immediate ceasefire in the Gaza Strip to allow for the entry of humanitarian aid and to pave the way for a political solution to the crisis based on a two-state solution. Speaking at a press conference alongside Egyptian Foreign Minister Sameh Shoukri in Cairo, the prince said: “Today, we discussed the mechanisms of cooperation and the situation in Palestine.” The two men had earlier chaired the Egyptian-Saudi Follow-up and Political Consultation Committee meeting, which included a review of their nations’ efforts at economic integration and removing obstacles to investment.

• New US envoy to Egypt lauds Cairo’s role in fighting for Middle East peace

  America’s new ambassador to Egypt has praised the decades of “courage” shown by Cairo in fighting for peace and stability in the Middle East. And Iraq-born Herro Mustafa Garg pledged the US’ ongoing support for Egyptian efforts to bring about an end to regional conflict and broker a two-state solution for the people of Palestine and Israel. In a video posted on the US Embassy’s social media page, the envoy highlighted “the courage and conviction shown by Egypt’s leaders 45 years ago (signing the Egypt-Israel peace treaty) in giving priority to peace over conflict, elevating common understanding over violence, and investing in prosperity over strife.”

• Israel Isn’t Buying Saudi, UAE, Qatar, Egypt and Jordan’s Postwar Gaza Plan

  Five Arab nations are quietly touting a settlement for postwar Gaza for which they’ve secured the backing of the US. The problem is that the Israelis on whom the agreement depends aren’t buying it. That means the proposal, which its authors are calling the most plausible solution for long-term security in the region, is out of reach for now. Two of the many officials who spoke with Bloomberg are privately asserting that progress toward it won’t be possible so long as Prime Minister Benjamin Netanyahu’s right-wing coalition stays in power.

• Saudi bourse retreats on US CPI data; Egypt gains

  Saudi Arabia's stock market ended lower on Sunday as investors continued to parse U.S. economic data to determine when borrowing costs could fall, while the Qatari index gained. U.S. consumer prices increased more than expected in December, with Americans paying more for housing and healthcare, suggesting it was probably too early for the Federal Reserve to start cutting interest rates. Expectations for a rate cut in March were also tempered by data on Thursday showing the labor market remained fairly tight at the start of this year, with the number of new unemployment claims unexpectedly falling last week.

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