Good morning, friends. In today’s issue, we’ve got news of the World Bank downgrading our growth forecast for the current fiscal year, the CBE raising daily withdrawal limits, unconfirmed reports that the government is gearing up to offer up and sell the other half of the Zafarana wind farm by end of this year, and much more for you to read through this morning.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

WATCH THIS SPACE-

Bidding for the second half of Zafarana could open this year: The New and Renewable Energy Authority and the Sovereign Fund of Egypt are planning to open up bidding for the second half of the Zafarana wind farm in the latter half of the year, unnamed sources told Al Borsa. Several companies have reportedly already expressed interest in submitting bids and the winning bid will be chosen before the end of the year, the sources added.

Remember: It looks like the sale of the first half of Zafarana could be wrapping soon, as shipping giant Maersk has reportedly begun due diligence for the 545-MW wind farm in February ahead of submitting a final offer.

PSA-

WEATHER- It’s another summery day in Cairo today, with a high of 31°C and a low of 19°C, according to our favorite weather app.

It’s much the same in Alexandria, with a high of 30°C and a low of 18°C.

HAPPENING TODAY-

It’s day two of the IMF and World Bank spring meetings and Finance Minister Mohamed Maait will take the stage to discuss the country’s “recent policy experience following a series of external shocks.” Titled Egypt: Lessons in Restoring Macroeconomic Stability, the talk will see Maait hold a one-on-one conversation with the IMF’s Middle East and Central Asia head Jihad Azour.

Go deeper: Check out the full schedule for the gathering — which kicked off in Washington yesterday and runs through 20 April — here.

Also to look out for: The IMF will release its Outlook and part of its Global Financial Stability report today and its fiscal monitor tomorrow.

And on Maait’s Washington schedule: Maait is also attending the World Bank’s three-day annual health financing forum that wraps up tomorrow and the G20 finance ministers’ meeting running tomorrow and Thursday, according to a statement from the Finance Ministry.

EGP WATCH-

EGP weakens against the greenback on the first day back after Eid break: The EGP fell 1.6% to around 48.30 against the USD yesterday.

In perspective: After falling to around EGP 50 against the greenback after the float of the EGP in March, the national currency has been steadily gaining against the USD. Even with the USD gaining occasionally on the pound in recent weeks, the EGP is still up nearly 3.5% against the USD since the float and a far cry away from pre-float highs of up to EGP 70 against the USD on the now-defunct parallel market.

FACT CHECK-

No, the Roads and Bridges Authority has not taken on the role of transport minister: The Transport Ministry has shot down rumors circulating in local media yesterday that the chairman of the General Authority for Roads and Bridges was granted the same power and responsibilities as the transport minister, in a statement released yesterday. A recent ministerial decision only authorizes the authority to remove encroachments on its properties and land, the statement clarified.

CIRCLE YOUR CALENDAR-

#1- Attention, culture vultures: The AUC’s Tahrir CultureFest — held at AUC Tahrir Square from Wednesday to Monday — is a celebration of the Cairene spirit. Panel discussions about Cairo’s history, people, and evolving culture will kick off the festival, and will be accompanied by live music, a book bazaar, a local market, and art exhibitions. Register for the event here.

#2- Prepare to turn your clocks an hour forward: Daylight saving time starts on Friday, 26April. You’ll be losing an hour’s sleep as clocks jump forward one hour until the final Thursday of October.

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

THE BIG STORY ABROAD-

Israel’s senior military officer signaled yesterday that “missiles into the territory of the State of Israel will be met with a response.” Herzi Halevi was speaking in a carefully choreographed set piece, standing in front of an F-35 fighter jet on one of the air bases Iran had targeted in the Sunday missile and drone attack.

WHERE WE STAND NOW: Officials in the Arab world and the West are still working overtime to try to tamp things down, with the United States, the European Union, Germany, France, and the UK all urging Israel to hold back. (FT | WSJ | NYT | Politico)

The tone abroad: A dangerous turning point in the Middle East (FT)

Regional markets were mixed as traders took things in stride: The EGX was up nearly 4%, while the Tadawul and ADX were up slightly and the DFM was largely flat.

US markets reacted much as Mohamed El Erian suggested they would, with major benchmarks sagging at the closing bell. Traders of European equities took things with a bit more equanimity as major benchmarks closed up or little changed yesterday. Oil and gold were up a little bit in overnight trading.

The EnterpriseAM Hyperbole Award™: “We’re now in the prelude to World War III precisely when humanity should rebuild its economy towards the rapid goal of decarbonization.” CNBC used the “prelude to World War III” bit in its front-page coverage of sentiment.

Other headlines worth knowing about:

  • Sales of Apple’s iPhone lineup may have fallen as much as 10% in 1Q 2024, according to independent data, losing a bit of ground as Samsung launched its S24 lineup and Chinese manufacturers Xiaomi and Transsion picked up steam in their home market. (Financial Times)
  • Tesla is laying off up to 10% of its global workforce, CEO Elon Musk said in a memo to employees. The company’s shares were down 3% on the news. (CNBC)
  • Goldman Sachs’ 28% bottom-line growth beat analyst expectations, sending its stock up 3%. Advisory work, underwriting fees, and bond trading fueled income growth. (Reuters)

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We sat down with Co-CEO of EFG Hermes and CEO of Vortex Energy Karim Moussa to discuss EFG Hermes’ plans for Vortex Energy and what’s next in its investment strategy.

Tags: