Good morning, wonderful people, and happy last day of 1Q 2023 — and the end of the first full week of Ramadan. It’s another super-busy news day, so we’re going to jump right in after this brief programming announcement:

It’s a special day for us here at Enterprise World HQ as we mark the launch this morning of Enterprise Logistics, which joins Enterprise Climate in our new portfolio of MENA-focused industry publications.

Enterprise Logistics unpacks the industry that connects each and every one of our businesses, diving into everything from AI to green fuel, from ports and inland warehouses to last-mile delivery. Enterprise Logistics publishes Monday-Thursday at 4:15am CLT / 5:15am KSA / 6:15am UAE.

MORNING MUST-READ- AI makers are starting to get scared of the AI they’re making: Elon Musk, Apple co-founder Steve Wozniak, and author Yuval Noah Harari are among 1k bold-faced names demanding a temporary freeze on the development of AI systems so we can take the time to sort out what it could all mean for humanity. In an open letter penned by the Future of Life Institute, the tech heads called for a pause on the advancement of ChatGPT-like programs to take stock, warning “human-competitive intelligence” could cause “dramatic economic and political disruptions” to society.The signatories of the letter want stronger regulation and safety protocols before the tech is developed any further.

ChatGPT and its ilk are inspiring shock and awe: Some are worried AI is going to wipe out mns of jobs, while others — like Bill Gates and journalist Tom Friedman — see it as the next great leap for the evolution of the species.

SIGN OF THE TIMES- GitHub just laid off nearly its entire Indian workforce: The Microsoft-owned developer platform let go almost all its Indian engineers as part of more than 100 layoffs across South Asia as a weak economy forces firms across the tech industry to make cuts, TechCrunch reports. GitHub in February said it would look to cut around 10% of its workforce by the end of 1Q.

Developers have been at the forefront of ChatGPT adoption, but a growing number are worried that the technology could result in there being fewer future jobs for coders.

SO, WHEN DO WE EAT?We’ll be breaking our fasts this evening at 6:11pm CLT and you’ll have until 4:19am tomorrow to hydrate and have a bite to eat.

NEWS UPDATE-

More on A Developments, which just landed an agreement with our friends at the SFE to develop the former Interior Ministry HQ in Downtown Cairo: Founded by CEO Ahmed Osman, Reliance Group and SwissChem, A Developments is a newly-established real estate developer focused on adaptive reuse projects and boutique developments. The firm will invest EGP 800 mn to redevelop the Interior Ministry’s former headquarters in the downtown area of Lazoghly into a tech and business hub. The company is currently lining up funding from domestic banks for the project, Osman tells us.

Expect more announcements soon: A Developments is close to signing an agreement with a leading hotel chain to manage two buildings in the complex, including a three-star, youth-oriented hotel as well as long-stay serviced apartments, Osman tells us. The company is also in advanced talks with a leading international outsourcing company and a major US VC fund, he said, and has recorded strong interest from potential tenants.

A vision we can get behind: “Our vision is to help in transforming Downtown Cairo to become a premium destination to complement the great work done by other developers such as Al-Ismaelia and to add to the startup ecosystem created by Consoleya, the Greek Campus, and Founders Space, as well as others in the pipeline,” Osman tells us.

That’s not all: As well as landing the Lazoghly project from the Sovereign Fund of Egypt, A Developments is also working on a residential development in Sheikh Zayed featuring 29 homes.

HAPPENING TODAY-

It’s interest rate day: The Central Bank of Egypt will meet today to review interest rates. Six of seven analysts we polled expect the Monetary Policy Committee to hike rates by at least 200 bps as it tries to tamp down inflation and boost FX liquidity amid continued pressure on the EGP. A Reuters poll out earlier this week sees a median forecast 200-bps hike, while seven of 15 pundits surveyed expect a rise of 300 bps.

Will it also be devaluation day? Some analysts have speculated that the central bank may choose to devalue the EGP to coincide with the MPC meeting. A continued shortage of FX has caused USD rates in the parallel and derivatives markets to widen significantly from the official rate in recent days.

Cambodian Deputy Prime Minister and Foreign Minister Prak Sokhonnwraps up his two-day visit to Cairo today.

A first look at next year’s state budget? The Finance Ministry has to deliver the draft FY 2023-2024 budget to the House of Representatives by tomorrow at the latest. We have a few more details from the draft budget after the cabinet signed off on it yesterday. Head to this morning’s news well, below, for more details.

THE BIG STORY ABROAD- Abu Dhabi has a new crown prince: UAE President Mohammed bin Zayed Al Nahyan has issued a decree appointing his eldest son Sheikh Khaled bin Mohamed bin Zayed Al Nahyan as Abu Dhabi’s crown prince, according to state news agency WAM. His appointment marks a “generational shift” among UAE rulers, with the president choosing a son rather than a brother to take over office, Bloomberg writes.

Further afield, there is no single story dominating the global front pages this morning:

  • America + guns: Enough said. (Reuters | New York Times | Washington Post)
  • Ukraine latest: Russian forces are apparently making gains in the battle for the key city of Bakhmut. (Reuters)
  • Mark Zuckerberg did a brand switch to something even he’s already bored with: Beating us to the “Meh-taverse” zinger, the Wall Street Journal reports that companies are winding down divisions focused on Facebook’s Meta’s much-hyped Metaverse virtual reality platform and pivoting to AI. Disney and Microsoft have both abandoned their VR ventures, and even Zuckerberg himself made little mention of the Metaverse in an earnings call in February.

We are delighted to share with you that the Enterprise Exports & FDI Forum will be taking place on Monday, 15 May at the Four Seasons Hotel at Nile Plaza.

DO YOU WANT TO ATTEND? The first wave of invites is going out soon. If you’re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please TAP OR CLICK HEREto request a spot at this exclusive event.

WANT TO SHARE YOUR STORY ON STAGE? Drop a note to Patrick here and let’s talk.

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

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