Good morning, all. The international business press may be consumed by the gloomy global forecasts coming out of the IMF — but in very welcome news, Egypt seems to be one of the rare exceptions with its projections up from the Fund’s last Egypt outlook.

In today’s issue, we dig deep into the IMF’s growth projections for Egypt, the wider region, and the globe, cover the country’s latest outsourcing expansion, look into upcoming VAT changes for sugar, and more.

PSA-

#1- In case you missed the memo, tomorrow is off in observance of Sinai Liberation day for the private sector, public sector, and banks — and that includes us here at EnterpriseAM Egypt HQ. But we will see you all again on Sunday morning as we kick off the workweek with all the latest local business updates delivered directly to your inbox.

#2- Don’t forget to turn your clocks forward an hour this Friday with the return of daylight savings time shifting to GMT+3 from GMT+2 starting midnight on Thursday, 24 April.

#3- Owners of unauthorized buildings are getting six more months to legalize the status of their properties under the Building Reconciliation Act, with the window that was due to come to a close on 5 May now pushed to the start of November, according to a Local Development Ministry statement.

WEATHER- It’s another hot and summer day in Cairo today, with a high of 35°C and a low of 20°C, according to our favorite weather app.

It’s more than ten degrees cooler in Alexandria, with a high of 24°C and a low of 17°C.

And over the long weekend, expect to see temperatures drop to the high 20s and for temperatures to remain around the same mark for our friends on the Mediterranean.

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

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

HAPPENING TODAY-

#1- It’s day three of the IMF and World Bank’s spring meetup and the event has been making waves in the international business press with the release of the Fund’s much anticipated World Economic Outlook report. Leading the headlines are its warnings of a “significant slowdown” in the global economy with a half a percentage point downgrade of the Fund’s global growth projections on the back of tariff uncertainty and disruption.

** We’ve picked apart the report’s forecasts for Egypt in the news well below — and if that isn’t enough for you, we’ve also got a rundown of its outlook across the globe in today’s Planet Finance section.

Representing Egypt at the event today is Finance Minister Ahmed Kouchouk, who will hold talks with his G20 counterparts and international financial institutions to discuss global economic outlooks, sustainable development financing, and debt relief for developing nations — all while highlighting Egypt’s improving macro indicators and investment climate.

Yesterday saw Planning and International Cooperation Minister Rania Al Mashat sit down with IFC President Makhtar Diop to discuss ongoing joint efforts to support the private sector, according to a cabinet statement. Among the topics of conversation were our airport privatization push — which we have tapped the IFC to give a helping hand — ongoing structural reforms, IFC investments in the country, and a move to unify corporate taxes under a presidential directive. We also found out that Diop will touch down in Egypt in June.

Al Mashat also met with several senior World Bank executives — including VP for Western and Central Africa Ousmane Diagana, Chief Economist Indermit Gill, and Senior Managing Director Axel van Trotsenburg — to discuss cooperation on structural reforms, investment climate diagnostics, and support for Egypt’s digital and AI transformation, according to a separate statement.

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

#2- CIT Minister Amr Talaat is in the UAE to take part in Machines Can See 2025 — the region’s largest annual artificial intelligence summit, which kicks off today at Dubai’s Museum of the Future, according to a ministry statement. Held as part of Dubai AI Week, the two-day event brings together some 5k AI leaders, including ministers, tech execs, researchers, and global experts to discuss the future of artificial intelligence, its ethical frameworks, and its role in building safer, more sustainable societies.

FACT CHECK-

The central bank rejected social media speculation that it has stopped printing polymer EGP 10 and EGP 20 notes, after an image of a paper banknote appearing to show a recent production date led users to allege that the bank was now reversing course and phasing out the recently introduced polyester notes. “All EGP 10 and EGP 20 bank notes, both polymer and paper, will continue to circulate alongside each other” the bank said.

CIRCLE YOUR CALENDAR-

Three Chinese business delegations are headed to Cairo next month to discuss investment across multiple sectors, Asharq Business reports, citing two unnamed sources. The move comes as China is looking to expand its presence abroad after the Trump administration imposed average tariffs of 145% on incoming Chinese goods, majorly disrupting trade with its biggest export market.

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-

The general theme in the news today? Backtracking — whether it’s US President Donald Trump denying plans to sack US Federal Reserve Chair Jerome Powell (and hinting at lower tariffs on China), Elon Musk saying he’ll take a step back from the US government to focus on Tesla, or Russian President Vladimir Putin saying he is prepared to halt his invasion of certain parts of Ukraine.

US stock futures reacted positively to Trump’s shift in tone on both Powell and China, rallying on the news as the USD also pared some of its losses following an earlier slump on Monday. (Reuters | Financial Times | WSJ)

Also rallying yesterday were Tesla’s shares, after Musk said he’ll be “significantly scaling back” his work with the government as he wraps up preparations for the Department of Government Efficiency (aka DOGE) to focus on Tesla, which reported a 9% y-o-y drop in revenues in its 1Q 2025 earnings report. Net income also plummeted 71% from a year earlier on the back of lower average selling prices and a need for manufacturing upgrades, according to Musk. (Financial Times | CNBC | Bloomberg | Reuters | WSJ)

Over in Russia and Ukraine, Putin reportedly said he’d be willing to give up parts of Ukraine that it does not control in return for an agreement with the US that could see it acknowledge Russia’s de facto control over Crimea, which was seized by Russia in 2014. Ukrainian officials are set to meet with representatives from the EU and the US in London later today to discuss the proposal. (FT)

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We take a look through the state’s infrastructure spending targets for FY 2025-26 to get an idea of what to expect in the fiscal year to come.

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