Good morning, wonderful people, and a very happy end-of-week to you all. Tomorrow is off for all of our readers in Egypt as we observe Labor Day.

We have a totally stacked issue for you this morning and we’ll be back with our customary EnterprisePM check-in this afternoon. Look for the Enterprise Weekend Edition tomorrow morning. EnterpriseAM will return at our customary time on Sunday.

WATCH THIS SPACE-

#1- NUCA could again break its own securitization record: The New Urban Communities Authority (NUCA) could move forward with a huge two-tranche, EGP 30 bn securitized bond issuance, Asharq Business reports, citing two sources it says are in the know. The authority has received a guarantee from the Finance Ministry for bond, Asharq says. The sources didn’t disclose when the sale could go ahead or who is advising on the transaction.

Big on bonds: NUCA has twice set the record for the market’s biggest securitization, closing a EGP 20 bn transactionin 2022 and a EGP 10 bn salein 2020.

#2- Don’t expect ODH to make fresh investments in Egypt: Orascom Development Holding (ODH) will not be making any new investments in Egypt while uncertainty about the EGP-USD exchange rate continues, Samih Sawiris told Al Arabiya in an interview. The company will push ahead with ongoing and planned investments, but won’t be allocating further capital here for the time being. ODH is, meanwhile, looking at Saudi Arabia, he said

#3- Gold prices, live: The EGX will “within days” start sharing gold prices on its trading screens, EGX boss Ramy El Dokany is quoted as saying by Al Borsa. The move coincides with the upcoming launch of a gold-backed investment fund, which got the greenlight from the Financial Regulatory Authority earlier this week.

Gold prices have surged this year on economic uncertainty: The price of 21-karat gold has soared 60% to record highs this year, and has more than tripled since the beginning of 2022 following several large devaluations and a severe bout of inflation.

HAPPENING TODAY-

It’s day 1 of the National Dialogue: The National Dialogue will kick off today with an inaugural ceremony that will feature 20 speakers from a range of backgrounds, the dialogue’s general coordinator, Diaa Rashwan, told Kelma Akhira (watch, runtime: 7:32). The dialogue will hold three meetings a week for an unspecified duration to discuss more than 100 political, economic, and social issues Some 800 individuals have been invited to participate, Rashwan said.

Look for two discussions today: The first on the reasoning behind the 113 issues selected by the dialogue, and the second on political parties and their role in the proceedings, dialogue technical secretary Mahmoud Fawzy, told Masa’a DMC (watch, runtime: 16:47).

US counterterror chief is in Cairo: Acting Coordinator for Counterterrorism Christopher Landberg is in Cairo for three days of Global Counterterrorism Forum meetings, which Egypt is co-chairing with the EU, according to a US statement. Landberg will also hold security and counterterrorism talks with local officials. He is in town through Friday.

The African Private Equity and Venture Capital Association’s annual summit:AVCA’s annual get-together and VC summit continues at the Four Seasons Nile Plaza today. Billing itself as the world’s largest Africa-focused private capital gathering, the five-day summit is bringing together investors with more than USD 1.5 tn in assets under management. Multilateral lenders and policymakers are also attending.

HAPPENING NEXT WEEK-

It’s budget week: Finance Minister Mohamed Maait will deliver his statement for the draft FY 2023-2024 budget when the House reconvenes on Tuesday, 9 May, according to Al Mal.

What we know so far: The government plans to up spending on subsidies and socialprotection programs to offset the impact of soaring inflation on households, and has released its fiscal targets for the coming year. The draft budget was approved by the Madbouly government last month and it is currently with the House pending approval.

THE BIG STORY ABROAD -

The banking crisis is back as the Fed prepares to announce rate decision: JPMorgan’s emergency takeover of most of First Republic Bank failed to soothe market nerves over the state of the US banking system yesterday, with shares in regional banks plunging as investors looked to the next weak link. PacWest fell 28% to a new record low while Western Alliance was down 15%, dragging down benchmark US indexes by more than 1%. (Reuters |Bloomberg | Financial Times | Wall Street Journal)

The sell-off is continuing in Asia this morning with most equity benchmarks in the red this morning. US and European stock markets will open flat ahead of the Fed’s decision, according to stock futures.

What does all this mean for the Fed? The central bank is still expected to announce a 25-bps rate hike at the end of its two-day policy meeting today. The latest turmoil in the banking system will serve as another reminder of the growing financial instability caused by higher interest rates and will likely harden expectations that the Fed will call an end to its tightening cycle at its next meeting in June.

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

Expect the gathering to be heavy on lessons learned in Egypt and other global growth markets — and to feature 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? 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 | GlobalCorp | Grant Thornton | Hassan Allam Utilities | Royal Ceramica

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

HAVEN’T REQUESTED AN INVITE YET?We have a limited number of seats available. 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.

*** 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.

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