Good afternoon, wonderful people. We’re getting back in the groove of work after a much-needed long weekend — but we can’t help but look forward to the upcoming long(er) weekend.

The EGX will be closed from this Thursday, 20 April through to next Tuesday, 25 April in observance of Eid El Fitr and Sinai Liberation Day, the bourse confirmed in a news bulletin today. The announcement comes after the CBE and the Manpower Ministry last week announced that the private and banking sectors will be taking those same days off.

** SO, WHEN DO WE EAT? We’ll be breaking our fasts at 6:24pm CLT today. You have until 3:53am tomorrow morning to hydrate and grab a bite to eat.

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking place on Monday, 15 May. 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 Egypt build an export-led economy that makes us a magnet for foreign direct investment (FDI).

Why exports & FDI? 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 Egypt 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.

And what better place to discuss moving our goods than Egypt’s original logistics zone — the Nile. That’s why we’re looking forward to holding the event by the river’s vistas at the Four Seasons, Nile Plaza.

Some of the biggest names in business and finance are on board — are you? The Enterprise Exports and FDI Forum is taking place with the generous support of our friends, including:

Banking partners: Banque Misr | Al Baraka Bank | Emirates NBD | HSBC

Lead partners: DB Schenker | DP World | East Port Said Development | IDG | IFC | Madinat Masr

Event partners: Beyti | Concrete | Global Corp | Grant Thornton | Hassan Allam Utilities

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

HAVEN’T REQUESTED AN INVITE YET? 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.

THE BIG STORY TODAY

Zohr gas output slumps in 2022: Gas output from Eni’s giant Zohr gas field dropped 11% y-o-y to 2.5 bn cfd in 2022, Mees reports. The diminished output from the Italian firm’s flagship field, which is 6% below the output cap set on the field in 2021 and 23% short of the field’s total production capacity, comes on the back of water breakthrough difficulties.

THE BIG STORIES ABROAD

#1- Ceasefire in Sudan? The Sudanese army and Rapid Support Forces (RSF) have agreed to a 24-hour ceasefire as of this evening, Army General Shams El Din Kabashy told Al Arabiya. The ceasefire comes after US Secretary of State Anthony Blinken urged calm and several countries in the region, including Egypt, worked to mediate between the two sides.

RSF-associated fighters attacked a convoy of US diplomats in Sudan, Blinken said, although nobody was harmed in the “reckless” incident.

Meanwhile, EgyptAir flights to Khartoum remain suspended: The national carrier hasinformedits customers that the suspension will be effective until further notice due to security instability.

#2- Putin in Ukraine: Russian President Vladmir Putin visited Russian-held territories in Ukraine yesterday. He stopped by the command post for the Russian forces in the Kherson region and the headquarters of the Russian National Guard in the Luhansk area to congratulate the military on Orthodox Easter and gift them with icons. The visit comes amidst Ukraine’s preparation for a new counteroffensive to redeem occupied territories.This marks his second trip, following his visit last month to the Crimea region and the city of Mauripol. (AP | Reuters | Financial Times | Bloomberg | WSJ)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Reform before review, IMF tells Egypt: The IMF wants Egypt to make more progress on privatizing state-owned companies and moving to a flexible exchange rate before it goes ahead with the first review of the country’s USD 3 bn assistance package.
  • French smartphone maker Ace has started producing phones at Sico Egypt’s factory in Assiut, with an initial investment of EGP 150-200 mn in its operations.
  • The Supreme Investment Council has been established: President Abdel Fattah El Sisi has issued a presidential decree to set up the Supreme Investment Council.

☀️ TOMORROW’S WEATHER- We’re going to get a bit of a reprieve from this heat tomorrow, with the mercury set to dip to a daytime high of 35°C before cooling down to 18°C in the evening.

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