Good morning, folks. We close out our last workweek before welcoming Ramadan with a brisk issue, led by privatization news.

We lead today’s issue with two exclusives: The Madbouly government has set a new privatization target — it now plans to raise USD 10.3 bn from selling off stakes in state-owned companies and assets by mid-2027. We also look at what will happen to the firms that were under the now-dissolved Public Enterprises Ministry — sources tell us that the Sovereign Fund of Egypt and a cabinet unit will take over.

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We’re hiring a technology reporter: EnterpriseAM is looking for a tech reporter to own the beat across Egypt, the UAE, Saudi Arabia, and beyond.

This is a reporting job — not a desk job. You’ll be working sources, breaking stories, and writing about trendlines (not just headlines) in our voice and with the authority our readers expect. AI and digital infrastructure are huge features of the beat, but our interests are broad: fintech, telecoms, regulation, SaaS, and the bajillion ways tech is reshaping how businesses operate across the region.

We want someone who can pick up the phone or WhatsApp, get people talking, and turn what they say into stories that senior decision-makers need to read. We also expect you to attend industry events and maintain relationships with PR folks across the industry without selling out. If you’ve got 2-3 years of experience and the hunger to build a beat from the ground up, we want to hear from you. We’re also interested in hearing from veteran reporters. Spoken Arabic is strongly preferred.

The role is based in Cairo, though we’re open to remote for the right candidate. If you’re reading EnterpriseAM, you know what we’re about: a no-BS daily news outlet that tells busy execs, investors, founders, and ambitious people what they need to know about the trends shaping business, economy, finance, regulation, and public policy across our region. We write stories that have impact — about issues that matter — for a global audience of decision-makers.

Do we sound like the type of place where you want work? Send your CV and three clips to jobs@enterpriseamea.com. Also enclose a great cover letter that tells us who you are, what you do, and why you’d be a great fit for this job.

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Happening today

Nine out of eleven analysts and economists polled by EnterpriseAM expect the Central Bank of Egypt’s Monetary Policy Committee to cut rates when it meets later today, with projections ranging from a cautious 100 bps to a more aggressive 200 bps, which would bring the deposit rate down from its current 21.00%.

Analysts who called for a cut will be undoubtedly emboldened after inflation was shown to have fallen 0.4 percentage points in January, its lowest level since September.

Not everyone is expecting a cut, including Thndr’s Esraa Ahmed, who told us she believes the CBE might “prefer to be more cautious for now,” citing episodes of Brent price increases due to geopolitical risks, upward pressure on some prices, and relatively slow net buying of domestic debt by foreigners in the secondary market.

It’s the final day of Gitex Global’s AI Everything Middle East & Africa summit at the Egypt International Exhibition Center, convening startups, investors, and policymakers from more than 60 countries to explore investments and innovation in the AI sector. The two-day event features a ministerial AI policy summit, exhibitions, panel discussions, networking sessions, and a hackathon.

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ENERGY — The Oil Ministry is preparing a new contracting framework to accelerate oil and gas exploration, a senior government source tells EnterpriseAM. The plan introduces simplified contracts — drafted alongside companies — and stricter rules designed to push faster decisions.

Use it or lose it: Development lease contracts will now be limited to an initial two-year maximum, with the EGPC and Egas then given the right to take back the concession without compensation in a bid to stop companies from sitting on potential discoveries, our source said. But in the event of a commercial discovery, the lease is converted to a 20-30-year contract, with long-term sales agreements establishing volumes, distribution ratios for domestic use and export, and fair pricing structures.

Why this matters: The 24-month window to push energy companies to drill or depart is part of the government’s carrot-and-stick approach to reverse production slumps and meet an increasingly difficult goal of halting energy imports by 2030 and having natural gas production hit 6.6 bcf/d.

Foreign companies will also be able to deduct costs and file simplified tax returns via a single government entity. Full customs exemptions on equipment will continue under the temporary release system, clearing the way for advanced drilling tech.

What’s next? Preparations are underway for a bid round covering the Mediterranean, Western Desert, and West Delta, with a separate Red Sea tender expected to be settled before the end of June.

SUKUK — Yields on domestic sovereign sukuk dropped on Tuesday to 20.9% on average, down from 21.5% in previous auctions, according to central bank data. The dip prompted the Finance Ministry to accept EGP 6.1 bn in bids, surpassing its target of EGP 5 bn, a senior government source tells EnterpriseAM.

The uptick in demand was attributed to the recent decision to activate a secondarymarket for sovereign sukuk, helping bolster appetite for shariah-compliant debt instruments, our source tells us.

The Finance Ministry and the central bank are also exploring further diversification of their shariah-compliant toolkit to include variable-rate sukuk, aligning with the CBE’s easing cycle and potential interest rate cuts. The government also plans to roll out sukuk with varied tenors — both short- and long-term — to broaden the investor base and capture more liquidity.

What’s next?Fixed-rate ijarah sukuk will hit the EGX for secondary market trading on Sunday.

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WISH THIS MORNING’S ISSUE was a podcast? We’ve got you. Tap or click here to listen to Morning Drive, a 10-minute version of today’s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.
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PSA-

WEATHER– Get your masks out and brace for a possible blustery, dust-filled day in Cairo today, with a high of 26°C and a low of 17°C, according to our favorite weather app.

It’s clearer in Alexandria, with a high of 25°C and a low of 16°C.

And over the weekend, expect to see sustained windy and dusty skies in the capital and potential showers for our friends on the Mediterranean.

Correction: In yesterday’s version of EnterpriseAM, we mistakenly said that Gen. Abdel Meguid Saqr had kept his role as defense minister in the cabinet shuffle. Instead, he was replaced by Gen. Ashraf Salem Mansour. The story has been updated on our website.

The big story abroad

Gold slippedas much as 0.6% in early trading today after surprisingly strong US labor data reduced the likelihood of imminent Fed rate cuts. January marked a sharp drop in US unemployment to 4.3% with the addition of 130k jobs. The precious metal — remaining above the USD 5k per ounce mark — is expected by many banks to rise in the coming months in light of continued geopolitical turmoil, threats to the Fed’s autonomy, and a pivot away from traditional assets.

The US and Israel are yet to adopt a unified strategy on Iran, after a meeting between US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu seemingly ended without an agreement. Trump affirmed his preference to continue negotiations with Tehran in a TruthSocial post yesterday, despite reports that the Pentagon has ordered a second aircraft carrier strike group to prepare before being deployed to the region.

MEANWHILE- Switzerland may cap its population: Switzerland is voting on a proposal to place limits on its population on June 14. Originally conceived by the right-wing Swiss People’s Party, the proposal could wind up leading to a blanket ban on arrivals if the population exceeds 10 mn. It stands today at roughly 9 mn.

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