Good morning, folks. It’s been a busy month for local business news — and it shows few signs of slowing as we enter the last workweek of the month. In today’s issue, we’ve got news that Kuwait is eyeing turning its deposits at the central bank into direct investments, an improved growth outlook from the World Bank, a rundown of recently introduced SME-focussed tax reforms, and more.

PSA-

#1- We’ve got yet another shorter-than-usual workweek, with Thursday, 1 May off forLabor Day for both the public and private sector. EnterpriseAM Egypt will also be taking a break from your inboxes over the long weekend, but we will be back with all the must-know local business updates bright and early on Sunday.

#2- Summer opening hours for shops, malls, cafes, restaurants, and workshops begin this Friday, according to a statement from the Local Development Ministry. Shops and malls will now be open to 11pm on weekdays and 12pm weekends, restaurants and cafes will keep the light on until 1am, and workshops will be able to operate in residential areas until 7pm.

WEATHER- It’s continuing to cool down in Cairo today, with a high of 28°C, a low of 17°C, and partly cloudy skies, according to our favorite weather app.

The partly cloudy skies extend all the way to Alexandria, which is in store for a high of 25°C and a low of 16°C.

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WATCH THIS SPACE-

#1- American President Donald Trump is demanding that American military and commercial vessels pass the Suez Canal and Panama canal “free of charge,” he wrote in a post on Truth Social. “I’ve asked Secretary of State Marco Rubio to immediately take care of, and memorialize, this situation.”

Trump also claimed that the two canals “would not exist without the United States of America,” — a claim that has left us scratching our heads in the case of the Suez Canal.

The move could have more to do with countering Chinese influence than it does with the cost of the Suez Canal. Trump protested China’s presence around the Panama Canal with a threat to “take it back,” which led to pressure on a Hong Kong-based company to sell two Panama ports and other assets to a BlackRock-led alliance in a yet-to-be finalized transaction that could total USD 18 bn.

#2- Attention, logistics players. The Transport Ministry is offering up 23 dry ports and logistic zones investment projects, it said in a statement. The projects on offer span the country from North to South and from East to West, and include projects in Sadat City, Borg El Arab, Sohag, Qena, Kom Abu Rady, Beni Suef, Toshka, Abu Simbel, Arish, Ras Sudr, El Tor, Taba, Bir Al Abd, and more.

Want to know more? Interested investors should go the General Authority for Land and Dry Ports at the Ministry of Transport in the new capital to find out more about the projects on the table.

GDP WATCH-

Analysts and economists polled by Reuters trimmed Egypt’s GDP growth outlook for the current fiscal year to a median forecast of 3.8% y-o-y, down 0.2 percentage points from the newswire’s January outlook. The latest poll mirrors the International Monetary Fund’s latest projection, where it upgraded its forecast last week 0.2 percentage points to 3.8%.

Fingers were firmly pointed at Trump’s trade war for the less optimistic outlook, with the country set to be indirectly affected by a downturn in investor sentiment and business activity more generally, Abu Dhabi Commercial Bank’s Sri Virinchi Kadiyala said. The Institute of International Finance’s Ivan Burgara similarly argued that while the country won’t be affected too much directly, “the main shock would come via the secondary impact on global growth, particularly in Europe.”

Forecasts for the coming fiscal year were also down, trimmed 0.1 percentage point from their January forecast to 4.6% for FY 2025/26. Despite the downgrade, the median forecast was 0.3 percentage points up from the IMF’s current forecast.

Other notable forecasts:

  • The EGP is expected to weaken to 51.87 against the USD by June 2025 and 53.10 by June 2026.
  • Headline inflation is forecast to average 20.48% this fiscal year and 12.2% in the following fiscal year.
  • The central bank’s overnight lending rate is expected to be cut to 24.25% by June 2025 and 17.75% by mid-2026.

HAPPENING TODAY-

Today is your last chance to apply for the MINT Incubator three-month program in partnership with Alex Angels. Selected startups will get the chance to take part in workshops, mentoring sessions, panel discussions, meet with potential investors, and more. The top three startups will receive grants, and a partnership with EGBank is also in the cards.

CIRCLE YOUR CALENDAR-

The deadline for the Australian government’s master’s scholarship program Australia Awards is fast approaching, with the application window coming to a close on 30 April. The scholarship program grants funding for citizens of certain African nations — including Egypt — to study climate change, agriculture and food security, mining and energy, foreign policy and international security, and gender, disability, and social inclusion. You can find out more about the program here (pdf) and apply through the Australia Awards website.

The Social Education Summit 2025 will kick off next month, bringing together the public and private sectors, NGOs, and global leaders in the field on 25 May to discuss the future of social education, how technology can help ensure education for all, sustainable financing models, and more. You can check the agenda and register for the event through their 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-

The world’s press descended on the Vatican for the Pope’s funeral — but of course Trump managed to steal the spotlight. A meeting between US President Donald Trump and Ukrainian President Volodymyr Zelenskyy — their first since their February White House spat — is leading the digital front pages this morning. In a marked change of tone, Trump took to Truth Social to state that his Russian counterpart Vladimir Putin may not “want to stop the war” and may need to “dealt with differently.” (Wall Street Journal | Financial Times | Bloomberg | Reuters | New York Times | Guardian)

And in our corner of the world, Palestinian President Mahmoud Abbas appointed longtime confidant Hussein Al Sheikh as his deputy — and likely successor — in a move seen as an attempt to quell mounting US, Arab, and international pressure for a clear succession plan. (New York Times | Reuters | Guardian)

Our Foreign Ministry welcomed Al Sheikh’s appointment, describing it as a step that would help “bolster Palestinian internal unity and restore Palestinian rights during a critical period for the Palestinian cause.”

While in Iran, a massive explosion tore through a port in Bandar Abbas killing at least 14 people and injuring more than 700 others, according to Iranian state media. Authorities said the blast — which unleashed a giant mushroom cloud and shattered windows kilometers away — was likely triggered by the ignition of improperly stored chemicals inside shipping containers. (Reuters | Financial Times | Guardian)

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