Good morning, friends. The cabinet economic team is out in force at the World Economic Forum’s Riyadh meetup that wraps today and it seems that people are eager to hear what they have to say, with many of them penciled in for meetings on the political and economic challenges facing the region.

We’ve got a rundown of what to look out for at the meeting today along with what you may have missed from yesterday. But that’s not all folks, we’ve also got news of the government gearing up for another incentive program to grow our tourism industry, the opening of the country’s first cloud computing center, and much more for you to read through this morning.

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

PSA-

WEATHER- It’s a breezy day in Cairo today with clear sunny skies, expect to see a high of 30°C and a low of 17°C, according to our favorite weather app.

It’s a little cooler over in Alexandria, with a high of 23°C and a low of 18°C.

HAPPENING TODAY-

#1-It’s the second and final day of the World Economic Forum meetup in Riyadh: International Cooperation Minister Rania Al Mashat has joined Prime Minister Moustafa Madbouly, Foreign Minister Sameh Shoukry, Planning Minister Hala El Said, and Finance Minister Mohamed Maait in Riyadh for the World Economic Forum’s Special Meeting on Global Collaboration, Growth and Energy for Development.

Taking place today: Madbouly will speak at a Briefing on the Gaza Crisis at 10:15 am Riyadh time alongside his Jordanian counterpart Bisher Khasawneh, while Shoukry will take to the stage to speak on the Middle East Under Stress at 1:15 pm, alongside his Saudi and Jordanian counterparts. Al Mashathas a busy schedule ahead and is booked to speak at an event on human capital and reskilling initiatives, a second session on cross-border collaboration in the energy transition, and a third session on global security and economic growth, according to an International Cooperation Ministry statement.

Madbouly, Maait, and El Said also made the rounds yesterday: El Said argued that successive global events including Covid-19, Russia’s invasion of Ukraine, and Israel’s war on Gaza, in addition to climate change have underscored the importance of “resilient and agile trade policies” in a meeting on What Homeland Economics Means for Trade. Maait met with International Islamic Trade Finance Corporation CEO Hani Sonbol to discuss regional and global challenges and their impact on emerging markets, while IMF chief Kristalina Georgieva stressed the Fund’s support for the government’s structural reform efforts and their effect on the economy in comments to Madbouly, according to a cabinet statement.

#2- It’s a big morning for: Our friends at RSM, the global network of audit, tax, and consulting professionals, whose 2024 MENA regional conference kicks off today in Cairo and runs through Wednesday, 1 May. On the agenda after this morning’s network session are updates from across the Middle East, North Africa, and West Africa and discussion of the latest trends in artificial intelligence, cybersecurity, and global risk management. The final day of the program will see delegates engage in strategic planning and receive an update from RSM’s global leadership before the handing out of regional awards. Welcome to Cairo, everyone, it’s wonderful to have you all here.

#3- CBE to hold USD t-bill auction: The Central Bank of Egypt is auctioning off USD 980 mn worth of one-year t-bills with the submission deadline penciled in for today at 11am, according to the bank’s website.

HAPPENING THIS WEEK-

#1- The Immigration Ministry will reopen the door for Egyptians living abroad to settle unfulfilled military service obligations for two months starting Wednesday 1 May, according to a ministry statement. It’s unclear if the settlement cost has changed from the first iteration of the initiative, but last time round it cost USD 5k / EUR 5k.

#2-The Decision Makers Conference will be bringing together leading voices from both public and private sectors tomorrow at the St Regis Hotel in Cairo, focusing on the investment and financial sectors. Tap or clickhere to secure your ticket.

WATCH THIS SPACE-

#1-Gov’t mulls incentives to attract foreign investors to the new capital: The government is reportedly looking to issue new legislation and incentives to make units offered in the new administrative capital’s central business district more attractive to foreign investors, AlMal reports, citing sources it said have knowledge of the matter. If the move proved effective, the government may replicate it with units in New Alamein.

#2-The government will soon announce the new licensing requirements for private sector-run freezones, General Authority for Investment and Freezone head Hossam Heiba told Al Borsa.

ATTENTION, EGYPT INVESTORS-

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 its competitive advantages are clear to many of them: It’s a massive consumer opportunity and a regional export hub of tomorrow.

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.

DATA POINT-

That’s a wrap on the car import scheme: Expats have transferred some USD 767 mn to the government under its car-for-FX scheme, according to a statement from the Finance Ministry. Around 28k cars have entered the country under the initiative. Registration for the scheme ends today.

ICYMI: Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at the Madbouly government’s plan to boost Egyptian industry in the next fiscal year.

WAR WATCH-

A Hamas delegation is expected in Cairo today for another push to secure a ceasefire agreement, a Hamas official told Reuters. The delegation will consider a proposal that was put forward by Qatar and Egypt, which the Wall Street Journal says involves a three-week truce in exchange for the release of 20 hostages, citing what it says are Egyptian officials.

It’s said that the group is now taking a different approach to talks: There’s been a “major change” in the way hostage swap negotiations are being handled by Hamas amid increasing pressure from mediators, Arab World News Agency reported, citing what it describes as informed sources. Israel, for its part, has claimed it will delay a long-anticipated invasion of Rafah if a hostage swap is agreed on, according to the Financial Times.

THE BIG STORY ABROAD-

It’s a quiet morning in the global business press, but don’t expect that to continue into the rest of the week:

  • The US Federal Reserve will discuss interest rates Tuesday and Wednesday (see Planet Finance, below) — pundits will scour Jay Powell’s every utterance after the meeting on Wednesday;
  • Earnings seasons continues (Amazon.com, Apple, HSBC are among the bold-face names releasing this week);
  • England holds local elections on Thursday (look for mayoral elections in London, Birmingham, and Manchester);
  • We’ll get growth estimates for the EU, France, Germany, Italy and Spain tomorrow.

SPEAKING OF SPAIN- We should know in the next few hours whether Spanish Prime Minister Pedro Sánchez will step down. He went into seclusion last week, saying he was debating whether to call it quits after a far-right group brought what most observers agree are trumped-up court proceedings against his wife. “I urgently need to answer a question that I keep asking myself: Is it worth it for me to remain [in office] in spite of the right and far-right’s mudslinging?”

All of Europe is waiting with baited breath to see whether the continent’s fifth-largest economy enters a “new period of political instability,” Politico writes in a must-read piece.

WHILE OVER IN OUR REGION OF THE WORLD- Israeli officials are spooked by the prospect that the ICC could be readying arrest warrants, reports the New York Times. Netanyahu could be among those named in a warrant on charges of preventing the delivery of aid and the country’s “excessively harsh” assault on Gaza.

ALSO- Elon is in China trying to drum up business, authorities in the US continue to crack down on pro-Palestine protests on university campuses, and Israel may delay its assault on Rafah if hostages are released. At least 13 Palestinians were killed in Israeli strikes yesterday.

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.

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.

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 on subject matter knowledge, while also working on constructing and filing Enterprise 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 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 dive into the government’s spending and investment plans for education in the coming fiscal year.

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