Good afternoon, ladies and gentlemen, and happy Monday. Seems like the newswire will be picking up the pace earlier this business week.

THE BIG STORY TODAY

Madbouly to form new government: Prime Minister Moustafa Madbouly has been tapped to form a new government after tendering his government’s resignation after nearly six years in office, according to an Ittihadiya statement out today. It’s not yet clear which posts will see new appointments, with the statement noting that the new government will continue to pursue economic reform with a focus on attracting investment, encouraging private sector development, and addressing inflation.

This isn’t too much of a surprise: Word of a shuffle has been making the rounds since the inauguration of El Sisi’s third term in early April, The Madbouly cabinet has seen three previous shuffles, with the last shakeup in August 2022 seeing 13 new faces.

The foreign press also picked up the story, with Bloomberg calling the shuffle “expected” and Reuters highlighting the economy as a key file for the incoming cabinet.

THE BIG STORY ABROAD

Mexico’s first female president makes history: Claudia Sheinbaum was elected president of Mexico in a landslide victory that saw the former Mexico City mayor garner at least 58.3% of the vote, according to preliminary results. A protege of left-leaning incumbent Andres Manuel Lopez Obrador, Sheinbaum’s election likely signals policy continuity ahead of the 2024 US elections, which are expected to have significant ramifications for the US’s largest trade partner. (NYT | Reuters)

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

  • The Standard Chartered take on what’s next for the Egyptian economy: The lender’s MENA economist Carla Slim shared what the bank sees in Egypt’s future — touching on private sector borrowing, inflation and growth predictions, and future mega investments.
  • Subsidized sugar price hikes next? Supply Minister Ali El Moselhy has proposedhiking the price of subsidized sugar to EGP 18 from EGP 12.6 per kilo.
  • QR code payment coming to Instapay: The central bank’s digital payment platform Instapay will “within days” roll out QR code payment services.

☀️ TOMORROW’S WEATHER- It’s getting hotter with the mercury rising to a high of 39°C before dipping to a low of 26°C, according to our favorite weather app.

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