Monday is PMI day here in Om El Donia: S&P Global will release May’s PMI figures soon after we hit ‘send’ on this morning’s newsletter. Egypt’s non-oil private sector contracted at a slower pace in April as the stable exchange rate helped to alleviate inflationary pressures.

ALSO HAPPENING TODAY-

The Innoxera EdTech summit: Sponsored by Classera, the event will bring together experts, innovators, and entrepreneurs in the field of technology and education to discuss innovations in smart learning, with a specific focus on AI. The event will take place at the Royal Maxim Palace Kempinski Hotel in New Cairo. You can register here.

FY 2023-24 development plan Senate vote: The Senate will hold a final vote on the FY 2023-2024 socioeconomic development plan today. Senators began discussing the plan yesterday, during which Planning Minister Hala El Said gave a statement and a run-down of the key aspects of the plan for the coming fiscal year. The Senate Financial and Economic Affairs Committee approved the plan last week.

At the committees:

  • The Foreign Affairs Committee will open the file on Egypt's membership of the BRICSgroup;
  • The Industrial Committee will review policies designed to generate USD 100 bn fromexports per year by the middle of the decade;
  • The Energy Committee will look into the performance of the Egyptian General Petroleum Corporation (EGPC);
  • The Tourism Committee will discuss measures necessary to put the old city of Rosetta back on Egypt's tourism map.

Hamas and Islamic Jihad in Cairo for peace talks: High-level delegations from the Hamas and Islamic Jihad movements are in Cairo today to discuss the recent Egypt-brokered ceasefire with Israel and developments in the occupied territories, Al Arabiya reported yesterday. Israel’s assassination of senior Islamic Jihad commanders sparked five days of violence in Gaza last month, forcing Egypt to step in and mediate a ceasefire between the two sides.

Apple is set to debut its first AR/VR headset + new Macs and software upgrades today: Apple’s highly anticipated annual Worldwide Developer Conference (WWDC) kicks off today at 8pm Cairo time,bringing the company’s first new product category since the Apple Watch — a new mixed reality headset that’s expected to retail for USD 3k, Bloomberg reports. The device maker is also set to introduce a slew of new Mac models, including a 15-inch MacBook Air, a new Mac Studio line, and several software upgrades for its Apple Watch, iOS 17, iPadOS 17, and macOS 17.

The event is getting coverage in: TechCrunch| CNET| Reuters | The Verge.

HAPPENING THIS WEEK-

Africa Health Excon starts Wednesday: The four-day health conference will take place at the Egypt International Exhibition Center on Wednesday. Check out the agenda here.

THE BIG STORIES ABROAD-

There’s no single story dominating the global front pages this morning:

  • Oil supply cut: Saudi Arabia’s decision yesterday to voluntarily cut oil supply is everywhere in the financial press — more on this in Planet Finance, below: Bloomberg | Financial Times | Wall Street Journal | CNBC.
  • Tensions in East Asia:Reuters covers the rising US-China tensions in the South China Sea.
  • US politics:The Associated Press and the New York Times both have stories on the impact of politically polarized state legislators as the 2024 presidential race begins to heat up.

ICYMI-

Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at what happened when a delegation from the African Association of Automotive Manufacturers visited East Port Said’s integrated industrial zone, and how the association sees Egypt taking the lead in Africa’s automotive market in the next decade.

CIRCLE YOUR CALENDAR-

IT’S A BRAND NEW MONTH: Here are some economic indicators to look out for over the coming weeks:

  • Foreign reserves: The central bank will publish foreign reserves figures for June this week.
  • Inflation: Capmas and the central bank should be out with May’s inflation data on 8 June.
  • Interest rates: The central bank will meet to review interest rates on 22 June.

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

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: With rising inflation and other macroeconomic headwinds, private sector education players are finding it increasingly difficult to finance investment and expansion plans. We look at how alternative options — including leaning into private-public partnerships, and tapping debt instruments — could help drive new investments in the sector.

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