Good morning, wonderful people, and a very happy Tuesday. We hope your long weekend was as relaxing as ours.

One thing that didn’t take a break: the news cycle. We’re returning from the break with updates on everything from the progress of our IMF loan review and economic reforms (out of the IMF / World Bank spring meetings in DC last week) to the latest foreign phone manufacturer setting up shop here. But first…

PSA #1- It’s the next-to-last business day of Ramadan. We have a very long weekendcoming up, running Thursday, 20 April, through Tuesday, 25 April, in observance of Eid El Fitr and Sinai Liberation Day. EnterpriseAM will be landing in your inbox at our customary time tomorrow morning and then we’ll next see you again on Wednesday, 26 April.

PSA #2- The mercury is set to peak at 35°C today, according to the Egyptian MeteorologicalAuthority, while our favorite weather app says it could get as hot as 37°C by this afternoon. Temperatures could drop as low as 20°C at night. Be on the lookout for a chance of thunder showers and blowing dust tomorrow.

PSA #3- The reintroduction of daylight saving may impact your flight schedule: The clocks are jumping forward one hour on Friday, 29 April — and so all EgyptAir flights will also depart one hour later than the previously scheduled time, according to a company statement. The airline urges its customers to review their reservations through its 1717 hotline to confirm their departure times.

** 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.

WATCH THIS SPACE-

#1- Could the state’s privatization program pick up steam following the Eid break? “We are expecting announcements of state stake sales” after Eid El Fitr, Jefferies International MENA analyst Alia Moubayed told Asharq Business (watch, runtime: 7:56). Moubayed is also expecting greater exchange-rate flexibility, which she says could work alongside recent rate hikes to boost investor confidence in the local market.

Several stories in local media are suggesting the same: Cabinet intends to choose one of two shortlisted offers for a stake in state-owned United Bank “immediately after Eid,” Asharq Business reports, citing a source it says has knowledge of the matter. Meanwhile, the Public Enterprises Ministry will release the conditions of its planned tender for a private partner to refurbish Cairo’s historic Continental Hotel after the Eid break, Hapi Journal quotes Holding Company for Tourism and Hotels head Mervat Hataba as saying last week.

#2- Customs incentives in the works to boost transit trade? The transport and finance ministries are working together to introduce amendments to the Customs Law that would introduce incentives to draw transit trade to Egyptian ports, Al Mal reports, citing unnamed sources. The sources don’t reveal any details about the proposed incentives or when we can expect to hear more.

INVESTMENT WATCH-

Hassan Allam Utilities + AP Moller Capital to launch integrated logistics platform: Our friends at Hassan Allam Utilities — the investment and development arm of Hassan Allam Holding — and AP Moller Capital have agreed to launch an integrated logistics platform for warehousing and handling services in Egypt under a strategic partnership. The partnership aims to attract c.USD 200 mn of direct investments in Egypt’s logistics, airfreight, and warehouses sectors.

Read the full story in this morning’s edition of Enterprise Logistics — our new daily roundup of news, analysis, and insight into the biggest stories from MENA logistics players, four days a week.

DATA POINT-

Egypt released USD 15 bn worth of goods from ports during 1Q 2023 despite the ongoing foreign currency crisis, Asharq Business reported Sunday. The currency shortage has hindered the import of raw materials and goods, but an official at an Egyptian port is quoted as telling the news outlet that there’s no congestion of goods, only a delay in obtaining foreign currency for some shipments.

EGYPT AT THE IMF / WORLD BANK SPRING MEETINGS-

Our BIG STORIES TODAY come courtesy of last week’s IMF / World Bank spring meetings, where the Fund, FinMin, and the Central Bank of Egypt all had things to say on the state of the Egyptian economy. Read all the details in the newswell, below.

Egypt also led a push for more climate finance to the region at the Washington, DC, get-together. Finance Minister Mohamed Maait called to make green borrowing more accessible in a meeting with the Coalition of Finance Ministers for Climate Action. International Cooperation Minister Rania Al Mashat met with:

  • Representatives from Google to discuss launching the second edition of ClimaTech Run competition in the run up to COP28, as well as potential Google involvement in the government’s Nexus on Water, Food and Energy (NWFE) climate program;
  • World Bank head David Malpass, where she asked the bank to help speed up the implementation of the loss and damage fund agreed at COP27, and increase climate finance in general;
  • EBRD President Odile Renaud-Basso and European Investment Bank President Werner Hoyerto discuss their contributions to NWFE.

There’s no one BIG STORY ABROAD driving the conversation in the international press this morning. Some of the key headlines from the business pages:

  • China’s economy grew 4.5% in 1Q 2023 as the lifting of covid restrictions boosted the economy beyond analysts’ expectations. (Financial Times | Wall Street Journal)
  • US savers pulled nearly USD 60 bn from three major financial institutions in 1Q 2023 as the banking crisis and high interest rates put pressure on bank deposits. (FT | WSJ | Reuters)
  • Another challenge to traditional banks: Apple and Goldman Sachs launched their new US savings account at a 4.15% annual yield — more than 10x the national average. (FT| WSJ)

ALSO- Some of Italy’s biggest state-controlled enterprises got new leadership last week as the country’s right-wing Prime Minister Giorgia Meloni revamps sectors ranging from energy to defense, reports Bloomberg. Of the three most significant company roles in the country, only Claudio Descalzi, CEO of oil giant Eni, is continuing for another three years in his role.

Why this matters in Egypt: Eni is a key partner for Egypt, producing 60% of our natural gas and owning a 50% stake in our Damietta LNG plant, one of the country’s two natgas export terminals.

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.

CIRCLE YOUR CALENDAR-

The African Private Equity and Venture Capital Association (AVCA) is returning to Cairo:More than 600 private-equity leaders from across Africa will gather at the Four Seasons Nile Plaza on 1-5 May for AVCA’s annual summit (pdf).

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

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: What needs to happen to boost Egypt’s burgeoning ecotourism sector?

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