Good afternoon folks, and happy hump day. We are at the midpoint of the week and can’t decide if we should keep that jacket on or embrace the heat.

THE BIG STORY TODAY

Egypt’s exports rise in 1Q 2024: Egypt’s exports grew 5.3% y-o-y in the first three months of the year to total USD 9.6 bn, up from USD 9.1 bn a year before, according to data from the General Authority for Export and Import Control. The government’s six-year strategy dubbed EgyExTriple 10 aims to increase exports to USD 145 bn by 2030.

Behind the data: Turkey topped the list of importers of Egyptian commodities in 1Q 2024, importing some USD 874 mn in goods, followed by Saudi Arabia, the UAE, Italy and USA. Meanwhile building materials were the most in-demand export in 1Q 24, accounting for 20% of Egypt’s total exports followed by food industries, chemical products and fertilizers and agricultural crops.

THE BIG STORY ABROAD

Tension around Israel’s reaction to Iran’s attack on Saturday continues to dominate the headlines today, on the back of the Israeli war cabinet not reaching a decision after holding two meetings to discuss a response. Potential escalation has put Jordan on edge, whose airspace separates the two states. US President Joe Biden has urged Israeli PM Benjamin Netenyahu to contain the situation, emphasizing that the US would not partake in an Israeli counter-attack. (Reuters | Bloomberg | NYT | CNBC)

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

  • World Bank downgrades growth outlook for the current fiscal year yet again: The international lender has penciled in growth slowing to 2.8% in the state’s FY 2023-24 — a 0.7 percentage point drop from its previous forecast in January and a whole 1.0 percentage point drop from the previous fiscal year.
  • Egypt’s current account position has weakened over 441% y-o-y to USD 9.6 bn in 1H FY2023-24, from USD 1.8 bn recorded the same period last year.
  • Qalaa offloads 18% of its stake in Taqa Arabia in debt settlement agreement: Qalaa Holdings has signed a debt settlement agreement with a number of banks to settle the entirety of its EGP 4.5 bn debt in exchange for a 17.68% stake — 239 mn shares — in Taqa Arabia and a land plot overlooking the Nile.

☀️ TOMORROW’S WEATHER- The heat is on tomorrow, with the mercury climbing to 37°C and cooling down to 18°C later on, according to our favorite weather app.

Dusty weather ahead? For our friends with allergies, take caution as there is the possibility of high winds that can cause sandstorms tomorrow and hinder vision, according to the Egyptian Meteorological Authority.

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