Good morning, folks. Investments coming our way from the Gulf is once leading the local business news cycle — this time from Qatar. Also in today’s issue a new EGP 30 bn financing initiative offering industrial player 15% interest rates, a new big-ticket development courtesy of Majid Al Futtaim, and much, much, more.

WEATHER- The weather will continue to hover around the mid-twenties in Cairo today, with a high of 25°C, a low of 15°C, and the odd cloud in the sky, according to our favorite weather app.

It’s much the same in Alexandria — albeit a little cooler — with a high of 22°C and a low of 14°C.

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WATCH THIS SPACE–

#1- Incoming Saudi projects will get the golden license treatment, Prime Minister Moustafa Madbouly told Saudi investors yesterday, according to a cabinet statement. “Any new Saudi project will be immediately presented to cabinet for golden license approval,” Madbouly said, promising fast-tracked procedures to bring projects online swiftly.

Madbouly’s pledge comes hot on the heels of the Egyptian-Saudi Investment Forum, where some 100 Saudi investors were in town this week exploring potential investments and hearing our investment case. Saudi-Egyptian Joint Business Council Chairman Bandar Al Ameri suggested Saudi investments in Egypt could rise by as much as USD 15 bn to hit USD 50 bn in the coming four years.

#2- Vodacom International and others in South African business delegation are working on upping their Egypt investments, with a particular focus on cyber security and data centres, according to a statement from the CIT Ministry. Vodacom CEO Shameel Joosub pointed to improvements in the investment climate, availability of digital transformation projects, and government support as reasons behind the company’s decision to increase its investments through its local arm Vodafone Egypt.

HAPPENING TODAY-

The House will take its final vote to approve the final balance sheet for the FY 2023-24 state budget and to discuss how well the country tried to balance the books during the last fiscal year.

Revenues rose 18.7% more than expected, coming in at with the budget for the fiscal year at EGP 2.6 tn, after having initially pencilled in EGP 2.1 tn for the year. Expenditures also outpaced expectations, with the amount the state spending rising 13.7% more than expected.

Non-tax revenues — excluding grants — increased 65.9% to EGP 1.0 tn, while tax revenues came in at the expected EGP 1.5 tn. However, eating away at the state’s finances were debt servicing costs, to come in 21.8% higher than expected at EGP 1.4 tn, in addition to more modest increases on spending for wages, commodities, social protection and other expenses.

If you’re wondering why, the reason is inflation. The budget for the last fiscal year was built around the assumption that inflation would reach an annual average of 16.0% — but that was certainly not the case. Headline inflation for the year instead came out as an average of 33.6%, which helped push up the amount the state spends and also the amount it brings in — especially what we are talking about is priced in FX.

CIRCLE YOUR CALENDAR-

The IMF and World Bank’s spring meetup will kick off in six days time amid the global economy grappling with mounting trade tensions and tariff escalations. The six-day 2025 Spring Meetings of the IMF and World Bank Group will bring together policy makers, central bankers, economists, private sector leaders, and more to discuss what the year ahead holds.

We’re yet to hear who will be representing Egypt at the meetup, but we’re expecting some of the most senior members of the cabinet to soon be jetting off to Washington DC for the event.

You can check out the full schedule on the event’s official website.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

THE BIG STORY ABROAD-

What else could it be? Tariffs are still top of mind for the global press — with US President Donald Trump laying down the foundation for a levy on chips and pharma, after launching a probe into the industries. The probes began at the start of the month and could take months to conclude, though Trump and other officials have said it could end quickly, with Trump even suggesting tariffs on imported chips could come as soon as next week. (Bloomberg | FT | Reuters | NYT)

PLUS- Trump also signaled he could modify the 25% tax on foreign auto parts, saying he’s a “flexible guy” and that automakers need some time. (AP)

Market reax: Auto shares rose on the news, with General Motors closing 3.5% higher and Ford closing 4.1% higher. Big Tech also seems to still be cheering the temporary reprieve from the tariffs, with Apple now up 2.2% after losing more than 9% over the past two weeks.

ALSO GETTING ATTENTION- Meta CEO Mark Zuckerberg took the stand yesterday in an antitrust trial that accuses it of building a social media monopoly and could force the company to sell off Instagram and WhatsApp. (AP | WSJ | NYT)

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We spoke to SEKEM CEO Helmy Abouleish about why the homegrown agribusiness is placing a bold wager on the idea that sustainable agriculture is not just good ethics — it’s good economics.

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