Good morning, wonderful people, and a very happy THURSDAY-equivalent. Welcome to the final work day in Ramadan before we head off to celebrate Eid. The week is ending just as briskly as it began with another busy news day to see us into the extended long weekend.

The BIG STORY here at home this morning:M&A takes top billing as Egytrans moves forward with its acquisition of NOSCO. We also bring you plenty of energy news, both positive (as major firms press ahead with more exploration off our shores) and not quite so positive (output from the supergiant Zohr field reportedly dipped last year.)

BUT FIRST- The EGX will be closed from tomorrow, 20 April through next Tuesday, 25 April to mark Eid El Fitr and Sinai Liberation Day, the bourse confirmed in a news bulletin yesterday. That makes a full house: The CBE, the private sector, and the public sector have already been confirmed as getting those days off.

We wish you a very happy Eid: EnterpriseAM will be back next Wednesday morning, 26 April, at the appointed hour.

Not enough holidays for you? We’re getting yet another long weekend very soon after Prime Minister Moustafa Madbouly made Thursday, 4 May a holiday for the public and private sector to mark Labor Day, which falls on 1 May. The decision was published in the Official Gazette.

** SO, WHEN DO WE EAT? We’ll be breaking our fasts at 6:24pm CLT today. You have until 3:52am 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.

More banks launch high-interest certificates of deposit:

  • HSBC Egypt is offering a fixed, three-year CD at a rate of 17.25%, according to the bank’s website. Interest is paid monthly and the minimum deposit is EGP 10k.
  • Suez Canal Bank is offering a three-year fixed CD at a rate of up to 19%. The minimum buy-in is EGP 1k.
  • EGBank has launched three-year CDs — a fixed certificate at 19% and a declining-rate certificate that starts at 23%. Interest is paid monthly on both CDs and the minimum deposit is EGP 1k, according to the bank’s website.
  • Industrial Development Bank (IDB) has launched three-year CDs with an interest rate of 39% —equivalent to 13% annually — with the return paid in advance on the day following the purchase of the certificate, according to the bank’s Facebook page. The minimum deposit is EGP 50k.

REMEMBER– Both state-owned and private-sector banks haveintroduced new high-yield certificates of deposit in the wake of the central bank’s decision last month to raise interest rates by another 200 basis points.

FROM THE RUMOR MILL-

SFE receives offers to develop the dissolved National Party’s HQ: Four companies have responded to the Sovereign Fund of Egypt’s (SFE) tender to develop the former HQ of the defunct National Democratic Party, Al Shorouk reported yesterday, citing anonymous sources. The head of the Saudi Egyptian Development Company last year confirmed that the company had submitted a bid alongside Dubai-based ASGC Group. The other bidders include an American-Emirati consortium and two offers from Saudi and local companies, according to Al Shorouk.

AND- Another sign of movement on the privatization program? Prime Minister Moustafa Madbouly met with SFE head Ayman Soliman and chair Hala El Said as well as other sovereign fund officials to follow up on its efforts to draw investment, according to a cabinet readout. Local media has reported that we could see news on SFE and government efforts to sell down stakes in state-owned assets soon after the Eid holiday.

French wheat exports to Egypt could be in jeopardy: The French government is trying to maneuver around an imminent ban on the insecticide phosphine by the country’s health watchdog that would stop their wheat suppliers from exporting to North African countries including Egypt, RFI reports. The ban is scheduled to go into effect on 25 April. Wheat shipments to Egypt aren’t allowed into the country unless treated directly with phosphine, according to the news outlet.

THE BIG STORY ABROAD-

The two words on every front page this morning: Fox and Dominion. The international press is focusing on the USD 787.5 mn settlement reached in the e-voting company’s defamation lawsuit against Rupert Murdoch’s US news channel. Dominion filed the USD 1.6 bn defamation lawsuit in 2021 after Fox anchors aired false claims that the company had swayed the 2020 presidential election in Joe Biden’s favor. (Reuters | AP| Bloomberg| CNN| CNBC| Washington Post | Wall Street Journal | FT)

THE REALIGNMENT-

Qatar and UAE to restore diplomatic ties in coming weeks: Qatar and the Emirates are reportedly in the process of restoring diplomatic relations and reopening embassies, two years after a Saudi-led deal ended the boycott on Doha, Reutersreports, citing a UAE official and a statement from Qatar’s international media office.

When is the question: A Gulf official reportedly told the newswire that new ambassadors will be in office by mid-June while another source said that diplomatic ties will be restored within weeks.

A broader push for reconciliation: Restoring ties between Doha and Dubai comes within the broader push for reconciliation in the region. Saudi Arabia and Iran have agreed to normalize relations in a China-brokered agreement, Egypt and Turkey are preparing to reappoint ambassadors, the war in Yemen looks to be winding down, Syria is close to reentering the Arab League, and Turkey is making up with countries in the Gulf.

Speaking of Yemen: Saudi Arabia held talks in Yemen with the Houthi movement earlier this week as the two sides negotiate a permanent ceasefire agreement and an end to the nine-year war, according to Reuters. The two sides agreed to exchange around 900 detainees during the talks, which were described by the Houthi’s chief negotiator as “serious and positive.”

Saudi FM in Syria as ties warm: Saudi Foreign Minister Prince Faisal bin Farhan visited Damascus for talks with Syrian President Bashar Al Assad, according to the Saudi Press Agency, becoming the first Saudi FM to visit the country since 2011. Saudi Arabia and Egypt have in recent weeks pushed to bring Syria back into the Arab fold following more than a decade of isolation, and have held a series of talks aimed at restoring diplomatic ties.

King Salman could be heading to Iran: Iran has invited Saudi King Salman for an official visit to the country as ties between the two rivals continue to improve following last month’s shock agreement to restore diplomatic relations. Iranian president Ebrahim Raissi’s invite, announced at a presser by the country’s foreign ministry spokesperson yesterday, comes after he received a similar invite to visit Riyadh. Saudi Arabia has yet to respond to the invitation.

Looking to build on its recent diplomatic coup, China offers to mediate Palestine-Israel peace talks: China has offered to facilitate peace talks between Palestine and Israel, stating that it is willing to play a constructive role in resolving the longstanding conflict in the region. Foreign Minister Qin Gang expressed his support for a “two-state solution” during a phone call with both parties, state media agency Xinhua reported on Monday.

MARKET WATCH-

Have rumors of the greenback’s demise been greatly exaggerated? Talk of de-dollarization has been making the rounds in recent months, as a slew of major emerging markets — such as China, Russia, India, Brazil and Saudi Arabia — move towards local currency settlements for international trade. But the dominance of the greenback as the world’s reserve currency, which is used in 88% of global trade transactions, is “likely to last for the foreseeable future,” economist Tyler Cowen writes for Bloomberg. He cites a number of reasons, including the liquidity and openness of the US financial markets and the need for a unified international currency.

Tl;dr- Bloomberg chief EM economist Ziad Daoud sums up Cowen’s argument against the chances of de-dollarization in this tweet.

CIRCLE YOUR CALENDAR-

Visa Everywhere Initiative applications open in Egypt for fintech startups: Egyptian commerce and payment startups can apply until 14 May to the Visa Everywhere Initiative (VEI). The regional leg of the innovation competition offers a USD 20k top prize and the chance to progress to the global stage, as well as networking and support.

Hajj registration extended: Registration for this year’s Hajj through tourism companies has been extended to 27 April, Al Malreported citing an announcement from the Egyptian Travel Agents Association. Registration started on 12 March and was initially set to end today.

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

CORRECTION- In our coverage of Jefferies International MENA analyst Alia Moubayed’s interview with Asharq Business yesterday, we incorrectly wrote that she expects a fourth devaluation of the EGP. We’ve amended the story on our website.

*** 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 review the development of the real estate sector in FY 2021-2022.

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