Good afternoon, friends. We have a rather busy issue for you to sink your teeth into at the start of the week, so let’s get right into it.

We’re looking at a short work week: The country’s banks will be closed this Thursday, 26 January in observance of Police Day and the 25 January revolution, the Central Bank of Egypt confirmed in a statement today, following announcements from Prime Minister Moustafa Madbouly and the Manpower Ministry. We expect the EGX to follow up with its own announcement later today or tomorrow.

THE BIG STORY TODAY

valU is gearing up for its second securitization program: EFG Hermes’ buy-now-pay-later platform valU is studying a new EGP 5 bn securitization program which it hopes to start later this year, CEO Walid Hassouna told us.

DRIVING THE CONVERSATION- The global financial press is banging the drum of optimism, post-Davos: In an about turn from the doom and gloom of the past 12 months, a string of positive PMI data, China’s re-opening, and growing evidence that the global economy has passed peak inflation has produced a mood shift among the Davos elite, financial markets, and the financial press alike. “The worst fears for global growth may be subsiding,” declares Bloomberg. “Things are looking up for the global economy,” says the Financial Times. Kristalina Georgieva, head of the IMF, summed up the newfound optimism at last week’s World Economic Forum: “it is less bad than we feared a couple of months ago.”

THE BIG STORY ABROAD-

Dominating the front pages of the international press this afternoon: 10 people were killed and at least 10 others were injured following a mass shooting in California’s Monterey Park last night, according to police reports. The attack came following Lunar New Year celebrations and forces are currently working to locate the suspected gunman. (Reuters | CNBC | BBC | NPR)

HAPPENING NOW- Water and Irrigation Minister Hany Sewilam is in Sudan to discuss cooperation on water resources between the two countries. Sewilam arrived in Khartoum yesterday for a two-day visit — his first since he assumed office as minister in August last year, according to a statement.

COME TO OUR NEXT ENTERPRISE FORUM-

We’re excited to unveil our next C-level event: The Enterprise FDI + Exports Forum, where we will take a deep dive into two of the most critical topics affecting our community.

Exports and foreign direct investment (FDI) have never been more important to our economy — or our businesses — than in the wake of the float of the EGP. We think we have a once-in-a-lifetime chance to build an export-led economy that makes us a magnet for FDI and all the benefits that will come with it for our nation.

The Enterprise FDI + Exports Forum asks a simple question: Where do we go from here?

The Enterprise FDI + Exports Forum is the latest in our series of must-attend, invitation-only gatherings for C-suite-level business leaders, where they can talk openly and honestly about important issues in key parts of the economy. The gathering, which will take place in May 2023, will focus on how to start making moves across continents, including:

• What do we have to sell to global markets, including products and services? What should our priority industries be?
• How can you break into an export market? How can you make your business a component of the global supply chain? Hear directly from potential partners and buyers about what they’re looking for.
• How to leverage big domestic trends — and turn them into even massive export opportunities.
• How to climb the value-add ladder in a way that matches up with trends in key export markets.
• How do you choose an export market? What countries should Egyptian businesses be looking at as export targets — and why?
• What are foreign investors looking for? How can you pitch them on a JV — or on investing in your business?

Think of the Enterprise FDI + Exports Forum as a hands-on lab for how to turn the float of the EGP into something that will turbocharge your company.

COMING IN MAY — stay tuned for updates.

Want to partner with us on the conference? Ping a note to Moustafa Taalab, our head of commercial, here.

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

• Higher yields + weaker EGP could bring foreign investors back to the market: Foreign investors who sold out of Egypt last year are once again looking at Egypt’s debt market on the back of a cheaper EGP and record yield.
• GB Capital sells a 45% stake in GB Lease to Chimera Investments: GB Capital has finalized an agreement to indirectly sell 45% of its leasing business, GB Lease, to our friends at Chimera Investments for EGP 855 mn.
• EGX-listed private equity firm B Investments intends to invest EGP 2 bn in the healthcare and food sectors in 2023, with plans to close an acquisition of a healthcare company in 1Q 2023, followed by a transaction in the food sector in 2Q 2023.

*** 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: A government decision to implement fresh 11% subsidized loans for industry and agriculture this week is giving manufacturers a sense of optimism amid a wave of turbulence for struggling industries.

🗓 CIRCLE YOUR CALENDAR-

The Cairo International Book Fair will open its doors to the public at the International Exhibition Center in New Cairo this Thursday, 26 January. The event runs until 6 February.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- Tomorrow’s going to be slightly warmer than today, with our favorite weather app telling us to expect a daytime high of 23°C and nighttime low of 14°C.