Good morning, wonderful people, and a very happy almost-THURSDAY. We don’t know if it’s the Ramadan effect or anticipation for the upcoming holidays, but this week has felt like a long one.

THE BIG STORY here at home and the BIG STORY ABROAD are one and the same this morning: The IMF is out with warnings of a “hard landing” for the global economy if high inflation sticks, forcing more monetary tightening and exacerbating financial risks. The Fund’s mostly unchanged global growth forecasts hide a darker story brewing under the surface, the lender said, as it trimmed its growth forecast for Egypt once again (FT | Reuters | Bloomberg | WSJ). We have the full story in today’s news well, below.

PSA- We could see more wet weather today. We got caught out in heavy showers in the People’s Republic of Maadi last night — and there could be more where that came from today, with the Egyptian Meteorological Authority forecasting a good chance of heavier rainfall on the North Coast and the Nile Delta, and light to moderate showers in the capital.

** SO, WHEN DO WE EAT? We’ll be breaking our fasts at 6:20pm CLT today. You have until 4:01am tomorrow morning to hydrate and grab a bite to eat.

A quick April holidays reminder:

  • Banks and the EGX will be off next Sunday, 16 April to mark Coptic Easter (the day is not a public holiday);
  • We’re all off next Monday, 17 April to mark Sham El Nessim;
  • Public sector workers are off from Thursday, 20 April until Tuesday, 25 April in observance of Sinai Liberation Day and Eid El Fitr. Expect the Manpower Ministry, central bank, and the EGX to follow up with their own announcements in the coming days.

DATA POINT- Suez Canal revenues rose 35% y-o-y in 1Q 2023 to USD 2.3 bn,Ittihadiya said yesterday. The number of ships transiting the canal increased 20% y-o-y, the statement reads. 1Q also saw a daily record number of vessels cross the canal with 107 vessels transiting on 13 March, while the March set an all-time record for monthly revenues of more than USD 830 mn.

SPEAKING OF SUEZ– Is the SCZone getting serious about industrial pollution control?The Environment Ministry has signed agreements worth c. EUR 22 mn to support industrial pollution control projects with three companies operating in the Suez Canal Economic Zone, as part of its Egyptian Pollution Abatement Programme (EPAP). Read the full story in this morning’s edition of Enterprise Climate.

Want to bid in Shalateen Mineral Resources’ brownfield gold exploration tender?You’re going to have to be a major player to qualify. Companies considering entering the bid round will need to be producing more than 500k oz of gold a year and have more than 10 mn oz of gold reserves to qualify, according to a copy of the tender booklet we got hold of yesterday. The company also wants only firms with more than 10 years of experience.

REFRESHER: Announced last week, SMRC is inviting companies to bid for concessions in five areas of the Eastern Desert. The tender will close on 10 August.

The contract terms: The contracting companies will be entitled to 49% of the earnings from the concessions, while the Egyptian Mineral Resources Authority will take 31% and SMRC will get 20%. The Oil Ministry will charge the minimum 5% royalty.

HAPPENING TODAY-

Issa to speak at BEBA iftar: Tourism Minister Ahmed Issa will be guest of honor at the British Egyptian Business Association’s (BEBA Egypt) annual Ramadan iftar, which will be held at Salah El Din Citadel.

Today at the House: MPs will discuss and vote on proposed changes to the nationality law that would make it easier for foreigners to become Egyptian citizens. The amendments would:

  • Allow all Egypt-born children of foreigners from Arab or Muslim countries who were also born in Egypt to apply for citizenship, a privilege that is currently only available to the children of men from those countries.
  • Allow foreigners to acquire Egyptian citizenship in return for purchasing real estate, investing directly in local projects, or depositing money with the central bank.

The House will also vote on two USAID grants meant to stimulate trade and investment and improve economic governance.

Yesterday at the House: MPs gave preliminary approval to amendments that would tighten rules on who is eligible to enroll in the police academy.

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking place on Monday, 15 May at Four Seasons, Nile Plaza. The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help us build an export-led economy that makes us a magnet for foreign direct investment (FDI).

What’s the Enterprise Exports & FDI Forum? In the wake of successive floats of EGP, exports and FDI have never been more important to our economy — or our businesses. We’re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what we as a country can do to draw foreign investment and much-needed FX. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories.You can learn more on our conference website here.

Some of the biggest names in business and finance are on board — are you? If you’re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please fill out the form here to signal your interest, letting us know your name, title and where you work.

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

MORNING MUST READ-

Regulation is coming for the robots: ChatGPT and other artificial intelligence tools could soon have to meet more stringent checks as governments look into regulating the wildly popular new tech. ChatGPT has grown faster than any other online service in history, with more than 100 mn people now using the AI to help them work, study, and create. But tech insiders have warned that the AI could help spread misinformation and foment social unrest — and regulators are now looking into curbing its power.

Policing AI’s politics? In China, new rules mean AI-generated content will have to “embody core socialist values and must not contain any content that subverts state power.” US and EU regulators, meanwhile, are looking into “guardrails” for AI to reduce the risk of spreading harmful content. (Wall Street Journal | Bloomberg | Financial Times)

CIRCLE YOUR CALENDAR-

Japanese PM to visit Egypt in coming weeks: Japanese Prime Minister Fumio Kishida will visit Egypt as part of an African tour taking place in late April to early May, the country’s cabinet secretary said at a press conference (watch, runtime: 0:26) yesterday. Kishida will also visit Ghana, Kenya, and Mozambique. The visit comes a few weeks before Japan hosts the annual G7 summit.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We take a look at where progress stands on Dabaa, the country’s first nuclear plant.

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