Good afternoon, friends. We’ve just wrapped up our Enterprise Exports and FDI forum minutes before hitting “send” on this afternoon’s edition of EnterprisePM. Keep an eye out for exclusive coverage of the event and our insightful discussions in tomorrow morning’s editions of EnterpriseAM and Enterprise Logistics.

THE BIG STORY TODAY

Our debt swap program with Italy could get an extension: The USD 100 mn third phase of the Italian-Egyptian debt-for-development swap program could be extended to December 2024, after International Cooperation Minister Rania Al Mashat and Ambassador of Italy to Cairo Michele Michele Quaroni signed letters of intent earlier today, according to a ministry statement. The extension seeks to ensure the completion of all projects under the program’s third phase, whose 11-year term was initially scheduled to end this month.

Debt swap? The debt swap agreement allows Egypt to channel its debts into development projects instead of paying back the Italian government.

THE BIG STORY ABROAD

The Turkish elections are still dominating the front pages of the foreign press, as the country braces for a run-off on 28 May after the two candidates failed to receive the 50% of the vote needed for victory. The latest count saw President Recep Tayyip Erdogan receiving 49.4% of the vote, while his main rival Kemal Kilicdaroglu received 45.0% during yesterday’s election results. (Associated Press |Reuters | Financial Times | Bloomberg)

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

• It’s official: TE stake sold. Egypt has got its privatization program up and running with the sale of a 9.5% stake in Telecom Egypt to institutional investors.
• ADQ’s Agthia makes a bid for Safi: ADQ-owned Emirati F&B company Agthia is among several bidders for military-owned bottled drinks firm Safi.
• US draft bill targets Lebanon gas plan as part of new anti-Assad sanctions: Draft US legislation aimed at preventing countries from normalizing ties with the Syrian government would make it harder for Egypt to export natural gas to Lebanon under a plan agreed in 2021.

WANT TO START A CAREER IN INVESTOR RELATIONS ADVISORY?Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell the stories of exciting companies. Enterprise Advisory is the region’s leading investor relations advisory company and works on investor and strategic communications issues that take you deep inside the c-suite. Our clients are in Egypt, Saudi Arabia, the UAE and beyond. Egyptian and foreign nationals alike are welcome to apply.

NEVER WORKED IN INVESTOR RELATIONS OR ADVISORY BEFORE? We have the Enterprise Advisory Development Program. The four-month program will see full-time, paid participants take part in workshops and lectures from veteran investor relations and advisory professionals, while also applying their knowledge in a practical setting. Those who successfully complete the program will be offered full-time positions on staff for a chance to work in a flexible and supportive — but still fast-paced — work environment that eschews micromanagement and rewards good work. Enterprise Advisory offers the chance to build a network of high-ranking individuals across some of the largest and most influential companies in the region through direct exposure to clients.

During the program, you’ll learn:

• Finance for non-finance people;
• How to analyze businesses, their business models, their strategic advantages, and their strategies;
• How to take that information and then tell an audience of investors, journalists, and analysts a compelling and well-developed story;
• How to frame individual companies’ stories within the wider macroeconomic environment.

Career switchers are very welcome.

Apply directly to jobs@enterprisemea.com and mention “advisory development program” in your subject line.

⛅TOMORROW’S WEATHER- Expect it to be warmer — but less sunny — tomorrow, as our favorite weather app expects a daytime high of 38°C and a nighttime low of 21°C.