Good afternoon, dearest readers, welcome to the first full workweek of April, and happy Palm Sunday to those who celebrate. We’ve been sent good weather (and lots of news to unpack).

Today’s issue may be a little packed, but it’s one that’ll fly by. We ask the International Finance Corporation’s Cheick-Oumar Sylla what makes a great leader, dissect the politics behind music in one of our new favorite podcasts, explore the impact of the regional war on Egypt’s garment sector, and, you guessed it, much more.

Without further ado, let’s dive right in — and as usual, first up is the news…

THE BIG STORY TODAY-

📍 Egypt’s non-oil private sector hit a 23-month low in March as the S&P Global Egypt PMI fell to 48.0, marking the quickest deterioration in operating conditions since April 2024, according to an S&P report. The downturn was fueled by the regional conflict, which has hardened into a primary macroeconomic drag, dampening client demand and triggering the sharpest spike in input costs since late 2024.

Firms responded by raising selling prices at the quickest pace in 10 months, while business sentiment turned negative for the first time on record amid heightened uncertainty. Still, S&P Global Senior Economist David Owen pointed to a silver lining, noting that “the latest figure of 48.0 still relates to annual GDP growth of around 4.3%,” suggesting that, despite the slowdown, the non-oil sector remains on a “solid underlying growth path.”

^^ We’ll have more details in tomorrow’s edition of EnterpriseAM.

THE BIG STORY ABROAD-

🌐 Dominating the headlines this afternoon: US President Donald Trump confirmed that the US airman who went missing in Iran on Friday has been rescued. The airman was the second crew member of a downed F-15E fighter jet, whose crash prompted a two-day search. Trump said he sustained some injuries but will be “just fine.”

^^Read more on: CNBC, Reuters, and the Guardian.

MEANWHILE- OPEC+ has agreed to raise oil output by 260K barrels per day for May. However, the hike will likely remain theoretical as the US-Israel-Iran war continues to halt production and cut exports from key members, including Saudi Arabia, the UAE, Kuwait, and Iraq.

^^Read more on: CNBC and Reuters.

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

  • The CBE put its easing cycle on ice as inflation risks resurfaced, with the Monetary Policy Committee keeping interest rates unchanged at its latest meeting on Thursday, in line with analyst expectations;
  • We may soon see a bank-led rush on the country’s finance sector, as the Central Bank of Egypt expands the list of companies in the sector that are exempt from a previous 40% cap on how much equity banks can own;
  • The government submitted listing documentation for five state-owned firms to the EGX. The proposed listings include a 30-40% stake in El Nahda Industries and an expected stake of up to 20% in Egyptian Ferroalloys Company.

enterprise

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

In today’s issue: We take a look at the impact of the US-Israel-Iran war on Egypt’s garment sector with Egyptian Cotton Association Chairman Wael Olama.

☀️ TOMORROW’S WEATHER- You might want to drop a layer, seeing as we’re in for a warm day in Om el Donia’s capital city tomorrow. Temperatures in Cairo are set to peak at 25°C, with a low of 14°C, according to our favorite weather app.

Tags: