Good afternoon, friends, and happy THURSDAY-equivalent. We’re sliding into the long weekend — enjoy it, because the next holiday coming our way is Eid Al Adha at the end of June.

THE BIG STORY TODAY

PMI inches up, but remains in contraction: Activity in Egypt’s non-oil private sector remained in contraction territory in April as the depreciation of the EGP, high inflation, and import restrictions continued to weigh on inventories, according to S&P Global’s purchasing managers' index (pdf). April’s PMI score inched up to 47.3, rising from 46.7 in March. The reading means activity is still shrinking, but is the highest level the PMI has hit since last October.

THE BIG STORY ABROAD

Picking up where we left off this morning, the international business press is firmly focused on the US banking sector and the US Federal Reserve, as the Federal Open Market Committee wraps its two-day meeting later today: CNBC | Reuters | Financial Times | Wall Street Journal.

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

  • That’s a wrap on the play for Pachin: Dubai-based National Paints Holding (NPH) has acquired over 80% of EGX-listed Paint and Chemical Industries (Pachin) for around EGP 770.5 mn in its mandatory tender offer that wrapped yesterday.
  • Toyota Tsusho could set up a factory here: Toyota Tsusho, the Africa-focused trading arm of Japanese carmaker Toyota, is looking to build two car factories in Africa and is considering setting up one of them here.
  • Tourist arrivals to Egypt in the first four months of the year jumped 33% from the same period in 2022.

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). The event will take place atthe Four Seasons, Nile Plaza.

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.

ON THE AGENDA- We have seven panels where we discuss the steps these leaders and companies are taking to pull in FDI and to make their business export-driven. There will be several “lessons-learned” panels that include an Egyptian product focused one that looks at white goods, consumer electronics, fertilizers and garments. Another intends to extend the steps taken to create an export and FDI strategy through listening to the advice of other c-suite executives who have successfully made their business move in that direction. More panels include how to identify and pull in the right foreign partner, how to become part of a multinational’s supply chain, how industrial clusters can offer a way for SMEs to be part of our export economy and what industries of tomorrow we can leapfrog into. You can check out the full agenda here.

Some of the biggest names in business and finance are on board: 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 | Royal Ceramica

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 WEATHER THIS WEEKEND- Our lucky streak of sunny, warm weather continues:The mercury will rise tomorrow to a warm 36°C and 34°C on Friday, before cooling down a little to 30°C on Saturday. Expect nighttime lows starting at 23°C tomorrow that fall further to 17°C and 16°C the rest of the weekend.

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