Good afternoon, folks, and happy Monday. We hope the heat wave isn’t wearing you out as we reach the mid-way mark of this shorter business week.

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and our competitive advantages are clear to many of them: We’re a massive consumer opportunity and the regional export hub of tomorrow.

…but here at home, our community is in a rut. The enthusiasm gap between domestic business leaders and global investors is stark.

We’d all do well to remember: It’s a chicken-and-egg kind of thing. Foreign strategic investors will be reluctant to commit capital here until they see Egyptian businesses leading the way.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks.It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

*** Interested in attending? Tap or click here to let us know. Seating is limited.

THE BIG STORY TODAY

We could be in line for some USD 400 mn in UK support: Egypt could see USD 400 mn in budget support from the UK over the next two years, with the first USD 200 mn expected to be dispersed in tandem with USD 500 mn in budget financing from the World Bank by July, International Cooperation Minister Rania Al Mashat told Bloomberg. The World Bank funds are part of a wider three-year USD 6 bn financing package.

The second tranche: A second payment of USD 200 mn from the UK and USD 500 mn from the World Bank will be disbursed in the next fiscal year.

Pending approval: The funds will land in the nation’s coffers after the House gives its greenlight, Al Mashat said.

More to come? The International Cooperation Ministry is also looking to secure funds from the Asian Infrastructure Investment Bank and may soon begin talks with the bank over budget support, Al Mashat added.

THE BIG STORY ABROAD

It’s a mixed bag of news today, but the chief of Israeli military intelligence handing in his resignation today is leading the conversation. According to the IOF, Aharon Haliva, the head of Israeli intelligence operations, has resigned over the failure to prevent the retaliation attack by Hamas on 7 October. Haliva is the first senior official to step down over the Hamas attack, reportedly accepting responsibility for failing to prevent it. But he isn’t out of office yet — Haliva vowed to “bring about the defeat of Hamas” and other groups aligned against Israel before the end of his term. (Bloomberg)

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

  • Ajlan & Bros eyes an initial investment of USD 1.5 bn in Ras Gamila project: Saudi Arabia’s Ajlan & Bros Holding has filed an offer to the Madbouly government to secure a land plot at Sharm El Sheikh’s Ras Gamila for the establishment of ten hotels with 3k keys in the first phase of a bigger development plan.
  • Energy firms seem to be excited about P2P renewables projects: Some 20 private sector energy players have voiced their interest in supplying electricity to other private sector companies through renewable energy projects under the recently approved peer-to-peer (P2P) system that was given the regulatory greenlight only last month.
  • Saudi Waja Group to manufacture EVs in Egypt: Saudi multi-industry outfit WajaGroupwill form a joint venture with the Arab Organization for Industrialisation (AOI) to produce EVs in Egypt under a framework agreement both parties signed.

☀️ TOMORROW’S WEATHER- Brace yourself for a scorching heat wave in Cairo tomorrow with the mercury heading to a high of 40°C before dropping to 21°C at night, according to our favorite weather app.

Tags: