Good afternoon, ladies and gentlemen, and happy hump day. In today’s issue, we look into how job applicants exploit AI to get into recruiters' inboxes — but still don’t get the job. We also have the latest stats on our auto sales.

THE BIG STORY TODAY-

Auto sales fall to five-year low: Auto sales in March fell to their lowest level since at least January 2019, noting a 43% m-o-m drop to 4.2k units, according to figures from the Automotive Marketing Information Council (AMIC). The figure is the lowest we’ve seen since we started keeping track of auto sales in the country in January 2019.

February went a little differently: Sales saw a rebound in February from a 10-month low recorded in January with distributors selling some 7.4k units.

The breakdown: The dip was driven by a 53% m-o-m decrease in passenger car sales, with just 2,750 units sold throughout the month. Truck sales were also down 10% m-o-m to 920 units, while bus sales remained flat at 522 units.

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 ABROAD

Leading the conversation in the international business press this afternoon: HSBC CEO Noel Quinn has unexpectedly stepped down after almost five years at the UK-based bank. Quinn’s tenure saw the lender’s stock price and bottomline soar throughout the pandemic as operations were redirected to focus on Asia, while drastic restructuring led to 35k layoffs in the past five years. Quinn, who has been at HSBC for 37 years, made the decision to step down around March, citing the need for a better work/life balance. He will be retaining his role as CEO until a successor has been chosen and has agreed to be on call until the end of his notice period in April 2025. Lebanon-born Georges Elhedery, currently CFO, is reportedly a leading candidate for the position. (Bloomberg | Financial Times | Reuters)

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☀️ TOMORROW’S WEATHER- The mercury will peak at 31°C and drop to a low of 18°C, according to our favorite weather app.

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