Good morning, wonderful people. Welcome to almost-THURSDAY — and to summer. The summer solstice will occur today at 5:59pm CLT, according to the National Institute for Astronomical and Geophysical Research, which would also like you to know that this year, summer will last 93 days, 13 hours, and 52 minutes. Make the most of them, folks — starting with a nice long Eid break.

REJOICE- The public sector will have a seven-day break starting next week in observance of Eid Al Adha and the anniversary of the 30 June revolution, cabinetsaid earlier today. The holiday will run from Tuesday, 27 June until Monday, 3 July. The Manpower Ministry, Central Bank of Egypt, and EGX are yet to confirm the dates for the private sector and the banking sector.

THE BIG STORY here at home this morning: The private-sector minimum wage is rising by 11% to EGP 3k from July, marking its second increase this year amid persistently high inflation. We have all the details in the news well, below.

Also making headlines this morning: The IMF’s Georgieva wants us to strengthen our foreign reserves. “Egypt needs to “think of ways in which [it] can make [its] reserve position stronger,” International Monetary Fund (IMF) Managing Director Kristalina Georgieva told Asharq Business (watch, runtime: 2:46) in an interview yesterday. “How exactly Egypt goes about it . . . is not only an economic question; it’s also a question of political economy,” she said, adding that it “is important that actions are taken to [prevent] this leakage of foreign reserves. Otherwise, it’s like putting water in a bucket that has holes.”

…And (no surprises here) eliminate the parallel exchange rate: “When you have multiple exchange rates, you actually create privileged positions for some and not for others. We also know that when there is support for the currency but not enough foreign exchange that drains reserves and makes the situation of the country more difficult,” Georgieva said. She also reiterated the IMF’s view that the state should up its efforts to reduce its economic foothold, making way for the private sector.

Not all negative: Georgieva told Asharq yesterday that the country “had done many things right” in its economic reform agenda and said she was “confident” there would be progress in the IMF’s talks with the government, adding that she has “high respect” for President Abdel Fattah El Sisi. The Fund has postponed the first review of our USD 3 bn loan program, which was due in mid-March, due to a lack of progress in the country’s commitments to float the currency and raise bns of USD via sales of state-owned assets.

The Enterprise Finance Forum is our flagship gathering — the one so many of you have been waiting for. The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings. Stay tuned for more information on the location.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations just after the 30 June holiday.

Do you want to become a commercial partner? Please click here.

STAY TUNED for more detail about our exciting agenda in the weeks to come.

HAPPENING TODAY-

The Egypt Infrastructure and Water Expo and the Big 5 Construct conclude today at the Egypt International Exhibition Center. The conferences bring together contractors, financial institutions, policymakers and consultants to discuss potential projects in Egypt’s infrastructure and construction sectors. The three-day events close tomorrow.

IN THE HOUSE-

The House is today set to discuss and vote on four bills allowing the Egyptian General Petroleum Corporation and Trident Petroleum to explore for oil in the Gulf of Suez; and two presidential decrees on Egypt joining an int’l convention on nuclear energy safety and establishing the Egypt-based HQ of the African Space Agency.

Also in the House committees:

  • The Economic Affairs Committee will review the role of consumer cooperatives in mitigating the impact of inflation and high prices on vulnerable people.
  • The Industry Committee will discuss a draft unified industrial law that aims to unify industrial legislation and eliminate obstacles facing industrial investors.
  • The Energy and Environment Committee will look into questions on the rise in prices of engine oils and used by contracting companies.
  • The Agriculture Committee will review the role of agricultural cooperatives in boosting exports.
  • The Housing Committee will discuss and vote on loan agreements from the African Development Bank to rehabilitate Upper Egypt’s sewer networks.

HAPPENING THIS WEEK-

It’s interest rate week: The Central Bank of Egypt is expected to leave interest rates unchanged when it holds its policy meeting on Thursday. That’s according to our customary rate poll, where seven of nine analysts forecast a pause due to slowing global tightening and lower prospects of a near-term EGP deval.

CNBC + Reuters agree: Seven of the 10 people polled by CNBC Arabia forecast a hold, while all of 17 analysts surveyed by Reuters said the same.

Modi in town: Indian prime minister Narendra Modi will land in Egypt for a two-day visit on Saturday, 24 June, according to Indian media.

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

There’s no one BIG STORY ABROAD dominating the international headlines this morning:

  • The US press is focused on Hunter Biden: The son of US President Joe Biden has struck an agreement with US federal prosecutors that sees him plead guilty to misdemeanor tax and firearms charges, likely avoiding a prison sentence. (AP | WaPo | WSJ| NYT| Reuters)
  • Hopes are dwindling for a rescue of the submersible that went missing on a trip to view the remains of the Titanic. The combined search and rescue capabilities of several countries as well as private firms are scouring a 10k-mile area for signs of the submersible, which has five passengers aboard. (AP)

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.

That said, we're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

During the program you will learn:

  • The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
  • Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;
  • How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
  • How to develop sources that will give you the key insights needed to tell a complete story;
  • How to communicate these stories with the confidence and language of an insider.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

*** 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: Real estate players are angling for more incentives and government support. We break down what they say is needed to keep the sector afloat.

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