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AI + Innovation (MENA) 
Infrastructure 
THIS WEEKEND: Madbouly government downgrades Egypt’s growth forecast
Good morning, folks, and happy Friday. How is the second month of the year coming so close to an end?…
Shift EV eyes larger 50k annual capacity factory. PLUS: GB Auto Jordan expansion, El Gouna solar power, oil and gas news, debt news, regulations news, NBE earnings
The home-grown startup is also considering setting up shop abroad, with an eye on Southern Europe and the GCC
Fed seen cutting rates in June
Since September, analysts have pegged the Fed’s first rate cut around the middle of 2024
Foreign direct investment in China hits lowest level since 1993
China’s crackdown on sharing information with int’l consultancies is partly to blame for driving investors away
BP has USD 1.5 bn of investments in the pipeline for Egypt. PLUS: TAQA eyes offshore expansion, USD 1.5 bn ITFC top-up, EFG Corps-Solutions to provide EGP 10 bn financing, GoBus launches KSA arm
BP could also invest an additional USD 5 bn over the coming years
Maait unveils more details on the new Unified Budget Act
The amendments will help improve the state’s financial indicators
EKH wants in on the state’s privatization program. PLUS: Sawari Ventures USD 150 mn fund, Evolve gold investment fund, Fincart KSA HQ, Tamar ups production, Marakez loan
EKH also wants to set up electricity distribution stations under build-own-transfer agreements with the government
Arab International Company for Hotels and Tourism eyes asset sales to pay off debts. PLUS: Egyptian-Chinese cars by 2025, Egypt commits to Eni payments, MSC eye logistics investments, Real Estate Tax Authority + E-Tax, Banque Misr SME platform
Unconfirmed media reports in 2023 said that the company had received a USD 320 mn offer from a Qatari group…
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