Good morning from Dubai, where we’re looking forward to the start of the EFG Hermes One on One in a couple of hours' time. Some 670 investors and 250 global institutions are also in town for the conference to meet with senior execs from more than 215 companies from 29 nations. We’ll have coverage for you on the ground starting tomorrow and continuing into next week.

** And don’t forget, If you’re in Dubai and want to have coffee or pitch us on an interview, hit us up on 1x1@enterprisemea.com.

Over in Egypt, the EGP is continuing to pick up the pace on the parallel market as the Ras El Hekma effect carries on bringing us some encouraging news on the economy. The government is now studying doubling the remainder of the Suez Canal. On the investment front, medical tourism is back on the agenda with freshly inked contracts with regional healthcare players and an ambitious national plan announced by the prime minister. We’ve also got automotive news for the petrol heads out there and so much more, so let’s jump in.

IT’S THE FIRST WEEK OF MARCH. Here are the key news triggers on which to keep youreyes on in this month:

  • Inflation: Capmas and the CBE will publish the latest inflation data on Sunday, 10 March.
  • Foreign reserves: The central bank should release February’s foreign reserves figures this week.
  • MPC meeting: The CBE’s Monetary Policy Committee will be meeting on the last Thursday of the month, 28 March.

EGPWATCH-

#1- The EGP continues to strengthen on the parallel market: The USD was changing hands at EGP 41 on the black market yesterday, down from EGP 49 last week and from over EGP 70 briefly in January, as the currency continued to recover thanks to FX inflows from the USD 35 bn Ras El Hekma agreement, Al Borsa wrote.

#2-Yields on EGP-denominated one-year bills hit a record high 30.061% during thecentral bank’s latest auction held on Thursday, according to CBE data. The average return stood at 29.913%, while the lowest return was 26.0%, out of a total 320 accepted bids.

#3- B’naire Samih Sawiris said he has no interest in investing in Egypt until there’s a uniform exchange rate and urged the government to devalue the currency in an interview with Al Arabiya.

Remember: The businessman had said back in May that Orascom Development Holding will not be making any new investments in Egypt while uncertainty about the EGP-USD exchange rate continues.

HAPPENING TODAY-

Trade Minister Ahmed Samir is in Riyadh to participate in the Saudi-Egyptian Joint Committee chaired by his Saudi counterpart Majid bin Abdullah al Qasabi, according to a statement from the Trade Ministry. The committee will discuss enhancing cooperation in commerce, industry, housing, oil, education, and tourism.

HAPPENING TOMORROW-

It’s PMI week: S&P Global will publish Egypt’s PMI figures for February tomorrow. The index last clocked in at 48.1 in January, marking a three-month low and the 38th straight month of contraction for the country’s non-oil private sector.

CIRCLE YOUR CALENDAR-

#1- You can now apply to the Australian government’s master’s scholarship program,Australia Awards. The scholarship program, which grants funding for Egyptian, Sudanese, and Eritrean citizens to study climate change, agriculture and food security, mining and energy, foreign policy and international security, and gender, disability, and social inclusion, according to a statement (pdf). Applications are open until 30 April, 2024, and women, people with disabilities, and marginalized groups are encouraged to apply. You can find out more about the program here and apply here.

#2- Flat6Labs, Organon kick off round two offemtech accelerator program:Applications are open until 16 May to join the second round of the Women’s Health Accelerator Program (pdf) run by Flat6Labs and women’s healthcare firm Organon. You can register at this link.

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

WAR WATCH-

It’s day two of ceasefire talks in Cairo: Israel skipped ceasefire talks in Cairo yesterday after Hamas refused its request for a list of hostages who are still alive, Israeli news outlet Ynet reports. Despite Israel boycotting the talks, the Hamas delegation that did arrive in Cairo yesterday for negotiations through Egyptian, Qatari, and American mediators to reach a ceasefire before the start of Ramadan, said that a truce could be made in the next two days if Israel agrees to its demands.

But the US says it's Hamas who are getting in the way of an agreement: “There is a deal on the table, and as we have said, Hamas needs to agree to that deal. Let's get a ceasefire,” US Vice President Kamala Harris said at an event yesterday (watch, runtime: 17:24).

BIG STORY ABROAD-

OPEC+ extends production squeeze: OPEC+ producers led by Saudi Arabia and Russia yesterday agreed to extend voluntary oil supply cuts of 2.2 mn barrels per day (bpd) for another three months until the end of 2Q 2024 in a bid to prevent a global surplus and stabilize market prices. “The decision sends a message of cohesion and confirms that the group is not in a hurry to supply volumes, supporting the view that when this finally happens, it will be gradual,” the Financial Times quoted Jefferies analyst Giacoma Romeo as saying. (Reuters | Bloomberg | NY Times | CNBC)

MEANWHILE IN NON-US ELECTION NEWS- Iran’s parliamentary elections registered a record-low voter turnout of 40.6% in a poll dominated by hardliners. (Financial Times | Reuters | The Guardian | Washington Post)

ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we interviewed Mark Wyllie, CEO of dairy and juice producer Beyti.

*** 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:We take a look at the Higher Education Ministry’s newly-established investment arm.

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