THE EARLY PHOENIX
September 5, 2024
★ EGYPT & NORTH AFRICA
Egypt’s Non-Oil Growth Leads Economic Recovery, Exports, Energy Surge
Egypt’s non-oil private sector grew for the first time in four years, with the Purchasing Managers’ Index reaching 50.4 in August. Engineering exports also surged by 29.9%, hitting $3.05 billion between January and July 2024. British BP will increase Egypt’s gas production by 200 million cubic feet daily in October, with additional expansion planned for February. Egypt approved Masdar’s $900 million solar project to build 1,000 megawatts of capacity in southern Egypt. Egypt’s government reaffirmed its commitment to Somalia’s territorial integrity, and diplomatic tensions escalated over Ethiopia’s unilateral moves on the GERD.
Sisi’s Ankara Visit Marks Turning Point in Egypt-Turkey Relations
Egyptian President Sisi visited Ankara, marking a turning point in Turkish-Egyptian relations. Turkish President Erdoğan personally received Sisi at Ankara Esenboğa Airport, a gesture violating Turkish protocol. This visit followed 12 years of strained ties after the Muslim Brotherhood’s ousting in Egypt. Social media reacted strongly, with some calling the meeting a historic moment that could reshape Middle Eastern and African politics. Others saw it as a sign of unity against injustice, particularly regarding Palestine. Sisi expressed happiness with the visit, emphasizing the deep historical ties between Egypt and Turkey. This visit follows Erdoğan’s February trip to Cairo.
Egypt’s Defensive Stance on Israel, Strengthens Military Ties with Qatar
Egypt reaffirmed its opposition to Israeli military presence along the Philadelphi Route, maintaining its firm stance in ongoing ceasefire talks. An Egyptian official confirmed Cairo’s rejection of any Israeli deployment, emphasizing its unchanged position after recent Israeli security discussions. Simultaneously, Egypt is strengthening military cooperation with Qatar to address shared regional security concerns. Egyptian Chief of Staff General Ahmed Khalifa met with Qatari officials in Doha, focusing on coordinated defense strategies. The discussions aimed to enhance joint efforts on critical security challenges affecting both nations, reinforcing Egypt’s proactive role in regional stability.
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★ Libya
Libya’s Oil Output Falls Due to Political Disputes, U.S. Pressure
Libya’s oil sector is in turmoil due to political disputes between eastern and western governments, causing a 63% drop in production. The crisis stems from the central bank governor’s removal, which led to field closures and halted exports at key ports. U.S. diplomatic pressure prompted the resumption of production at three fields—Sarir, Messla, and Nafoora—though output remains reduced. Libya’s National Oil Corporation faces major challenges in restoring production. Despite this, global oil prices have declined, driven more by China’s economic concerns than Libya’s disruptions. Brent crude futures dropped to $73.47 as market volatility continues.
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★ Algeria
Algeria Joins BRICS Bank, Arrests Espionage Suspects Before Election
Algeria has been approved to join the New Development Bank, part of the BRICS group, further strengthening its global economic ties. Dilma Rousseff, the bank’s president, confirmed the decision following the BRICS annual meeting in Cape Town. Algeria’s inclusion highlights the bank’s commitment to expanding membership and fostering international economic cooperation. Meanwhile, Algeria is addressing security concerns ahead of its September 7 presidential elections. Several individuals, including four Moroccans, were arrested for alleged espionage against Algeria. The suspects, charged with compromising national security, remain in custody. This action underscores Algeria’s focus on protecting its national stability during this critical period.
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Gulf Nations Expand Investments, Trade, and Double Production of Urea
Iranian Crude Disguised As Iraqi Oil
