Good afternoon, wonderful people. We hope your first day back at work after Ramadan and a (very) long Eid weekend has been smooth sailing — and are happy to remind you that the weekend is once again within arm’s reach.
THE BIG STORY AT HOME + ABROAD
Egypt, UN call for ceasefire as rumors swirl about Al Bashir’s whereabouts: Egypt urged the Sudanese Armed Forces and Rapid Support Forces (RSF) to abide by the ceasefire the two sides had previously agreed to, with Egypt's Permanent Representative to the UN Osama Abdel Khalek saying in a speech to the UN Security Council that Egypt hopes the armed forces and RSF will engage in dialogue to resolve the conflict. UN Secretary General Antonio Guterres also called for an immediate deescalation in Sudan, condemning the violence and calling for greater international action to push the two parties to engage in talks, Bloomberg reports. Meanwhile, Sudan’s Armed Forces issued a statement this morning confirming that former President Omar Al Bashir is being held at a military hospital. Al Bashir’s whereabouts were called into question after Ahmed Haroun — a former minister from Al Bashir’s government — said yesterday that he had escaped prison with other former officials. Both Al Bashir and Haroun are wanted by the International Criminal Court for crimes against humanity in Darfur.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- S&P Global Ratings has cut its outlook on Egypt’s debt to negative, warning that the country risks not being able to meet its external funding needs if it doesn’t deliver on economic reforms tied to its IMF assistance program.
- The Madbouly government is set to increase spending on subsidies and social safety programs by almost 50% in FY 2023-2024 as it looks to offset the impact of soaring inflation on household budgets.
- Imports worth EGP 23 bn have been released from our ports since January, with priority continuing to be given to key commodities, food, medicine, and manufacturing components, Finance Minister Mohamed Maait said.
The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking place on Monday, 15 May. The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help Egypt build an export-led economy that makes us a magnet for foreign direct investment (FDI).
Why exports & FDI? In the wake of successive floats of EGP, exports and FDI have never been more important to our economy — or our businesses. We’re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what Egypt as a country can do to draw foreign investment and much-needed FX. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories.You can learn more on our conference website here.
And what better place to discuss moving our goods than Egypt’s original logistics zone — the Nile. That’s why we’re looking forward to holding the event by the river’s vistas at the Four Seasons, Nile Plaza.
Some of the biggest names in business and finance are on board — are you? The Enterprise Exports and FDI Forum is taking place with the generous support of our friends, including:
Banking partners: Banque Misr | Al Baraka Bank | Emirates NBD | HSBC
Lead partners: DB Schenker | DP World | East Port Said Development | IDG | IFC | Madinat Masr
Event partners: Beyti | Concrete | Global Corp | Grant Thornton | Hassan Allam Utilities
WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.
HAVEN’T REQUESTED AN INVITE YET? If you’re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please fill out the form here to signal your interest, letting us know your name, title and where you work.
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? CIRCLE YOUR CALENDAR-
PSA #1- Daylight savings is coming this Friday: That’s right, folks. Get ready for some semi-jet lagged confusion and tardiness. Friday, 28 April, will be the first day of daylight savings — our first since 2016 — which will see Cairo Local Time (CLT) pushed forward by one hour. Daylight savings will remain in effect until 11:59pm on Thursday, 26 October, Cabinet said in a statement. The move, which breezed through the House of Representatives earlier this month, was made with an eye towards potentially cutting down our natural gas consumption.
PSA #2- Next week is another short one: We’ve got a three-day weekend next week to ease us all back into work mode, after Prime Minister Moustafa Madbouly made Thursday, 4 May, a holiday for the public and private sector to mark Labor Day, which falls on 1 May.
The NBA Basketball Africa League Nile Conference group phase kicks off today, 26 April, and runs through 5 May at Hassan Moustafa Sports Hall in Sixth of October City, according to a Youth and Sports Ministry statement. Six African teams will go head-to-head in Cairo to secure one of four slots in the playoffs and finals in Kigali, Rwanda in May, where they will face the top four teams from the Sahara Conference group phase that took place in Senegal in March, the NBA said.
☀️ TOMORROW’S WEATHER- The mercury will rise again tomorrow to peak at 24°C during the day before falling to a low of 17°C in the evening, our favorite weather app says.





