Good afternoon, friends. We’re still seeing telltale signs of that long-awaited Ramadan news slowdown today, with a relatively calm Sunday to start the week.

** SO, WHEN DO WE EAT? We’ll be breaking our fasts at 6:18pm CLT today. You have until 4:05am tomorrow morning to hydrate and grab a bite to eat.

THE BIG STORY TODAY

Gov’t isn’t scrapping EGP 150 subsidized loan program for industry + agriculture: The government is planning to move ahead with its planned EGP 150 bn loan program for industry and agriculture players in FY 2023-2024, despite the fiscal burden it will incur, according to a Finance Ministry statement. The loans will be offered at a subsidized 11% rate, which will cost state coffers some EGP 13 bn, the statement says.

THE BIG STORY ABROAD

Israel hit multiple military targets in Syria after rockets were fired overnight towards Israeli occupied territories in Golan Heights yesterday, according to Reuters. Syrian state media reported explosions near the capital Damascus with no casualties. Of the three rockets that were fired, two fell on open ground and the third was intercepted, Israeli officials said. The story is also getting ink in Bloomberg and CNBC.

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

  • World Bank revises downward its Egypt economic growth forecast: The World Bank now expects Egypt’s economy to grow at a 4.0% clip during the fiscal year 2022-2023, according to its April MENA Economic Update.
  • Feed suppliers can now register to buy yellow corn through the EMX: The Supply Ministry is selling imported yellow corn to poultry feed factories through the Egyptian Mercantile Exchange (EMX).
  • New high-yield CDs: Emirates NBD Egypt and United Bank of Egypt have brought new, high-interest rate certificates of deposit to the market.

enterprise

*** It’s Inside Industry day —your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: We look at the different steps being taken to develop the domestic tire industry and address our outsized reliance on imports to meet local consumption.

? CIRCLE YOUR CALENDAR-

Good news for the tired souls among us: This will be our last full work week of the month.

  • Coptic Easter falls on Sunday, 16 April. It’s typically a bank holiday, but not a national holiday (though it should be);
  • Monday, 17 April is a public holiday for both the public and private sector to mark Sham El Nessim. Look for confirmation this week that the EGX and central bank will follow suit;
  • Eid El Fitr should land on or around Friday, 21 April,and Tuesday, 25 April is Sinai Liberation Day.

The caveat: Cabinet has yet to make clear what days we will observe as national holidays in the 21-25 April window. Are you planning to bridge?

PSA- We’re bringing back daylight saving time (yet again) on Friday, 28 April. You’ll be losing an hour’s sleep as clocks jump forward one hour until the final Thursday of October.

☀️ TOMORROW’S WEATHER- We’re heading into a week of changeable weather with a good chance of wind and rain in much of the country throughout the week, particularly on the North and Red Sea coasts. In the Greater Cairo Area, things are starting off hot, with the Egyptian Meteorological Authority (EMA) forecasting a daytime high of 28°C and a nighttime low of 15°C tomorrow.

We are delighted to share with you that the Enterprise Exports & FDI Forum will be taking place on Monday, 15 May at the Four Seasons Hotel at Nile Plaza.

DO YOU WANT TO ATTEND? If you’re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please TAP OR CLICK HEREto request a spot at this exclusive event.

WANT TO SHARE YOUR STORY ON STAGE? Drop a note to Patrick here and let’s talk.

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

Tags: