Good morning, folks. We’ve got an unusually export- and import-heavy issue for you today, with some promising developments that many of you exporters out there will be happy to hear.

But, of course, that’s not all. New details on Act Financial’s upcoming IPO — and what it plans to do after — have emerged, the prime minister’s claim that Egypt spends USD 10 bn hosting refugees has caught the attention of the commentariat, and negotiations for a Gaza ceasefire may kick off later today. We’ve got a packed issue today, so let’s jump right in.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

DATA POINT-

The EGX30 rose 5.6% at yesterday’s close after four straight days of losses on turnover of EGP 2.8 bn amid a buying spree from international and regional investors that saw all the index’s components closing in the green. The main index jumped to a four-year intraday high yesterday, according to Reuters, as the Finance Ministry refuted again rumors about capital gain taxes on EGX transactions.

PSA-

Another long weekend is around the corner: The public and private sectors and all banks will be off on Sunday, 5 May and Monday, 6 May in observance of Labor Day and Sham El Nessim, according to statements from the cabinet and central bank.

WEATHER- It’s much the same in Cairo today as yesterday, with a high of 30°C and a low of 17°C, according to our favorite weather app. There’s a small chance of rain this morning, so be careful on your drive to work.

As usual, it’s a little cooler and breezier in Alexandria, with a high of 25°C and a low of 16°C.

WATCH THIS SPACE-

#1- A successful USD t-bill auction: The Finance Ministry has raised some USD 997.6 mn from the auction of one-year t-bills at an average yield of 5.149% yesterday, according to data on the central bank’s website.

#2- Supply Ministry to offer up internal trade investment prospects: Supply Minister Ali El Moselhi will offer investors the chance to invest in several internal trade projects on Wednesday, MENA reports, without diving deeper into the details.

FROM THE WORLD ECONOMIC FORUM’S RIYADH MEETUP-

That’s a wrap on the World Economic Forum meetup in Riyadh. Yesterday was the second and final day of the World Economic Forum’s Special Meeting on Global Collaboration, Growth and Energy for Development and the cabinet economic team were out in force on the stage on the sidelines of the event.

International Cooperation Minister Rania Al Mashat called for increased investment in renewable energy for developing countries during a session on the energy transition, according to a statement from the ministry. She argued that EMs receive a disproportionately small share of climate investments and that just financing mechanisms need to be expanded to support developing and emerging nations. Al Mashat also took part in a session on human capital and called for investments to prepare for an evolving global job market.

Foreign Minister Sameh Shoukry met with his British and Bahraini counterparts, David Cameron and Abdullatif bin Rashid Al Zayani, at the sidelines of the event in Riyadh to discuss regional and international efforts to stop the war on Gaza and increase humanitarian aid into the enclave, according to the ministry readouts (here, here).

Prime Minister Mostafa Madbouly delivered a speech on where things stand in Gaza, according to a cabinet statement. “What is happening in Gaza contradicts everything we have learned and heard from the West about human rights, basic human needs, democracy, and all other matters that the West embraces,” the prime minister said. Over 85% of all humanitarian aid that has entered Gaza has been on the part of the Egyptian gov’t and civil society, he added.

ATTENTION, EGYPT INVESTORS-

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It’s a massive consumer opportunity and a regional export hub of tomorrow.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks. It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

*** Interested in attending? Tap or click here to let us know. Seating is limited.

HAPPENING TODAY-

The Decision Makers Conference will be bringing together leading voices from both the public and private sector today at the St Regis Hotel in Cairo, focusing on the investment and financial sectors. Tap or click here to secure your ticket.

CIRCLE YOUR CALENDAR-

You’ll soon be able to take the monorail from Nasr City to the new capital: The Transport Ministry is preparing for the trail run of the East Nile monorail — a 56-km line extending from Nasr City to the new administrative capital — in October, Al Mal reports, citing Transport Minister Kamel El Wazir.

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

SIGN OF THE TIMES-

Red Sea detours have produced an extra 16.6 mn tons of carbon emissions over the past four months, as shipping lines reroute vessels around South Africa’s Cape of Good Hope to avoid Houthi attacks, Bloomberg reports, citing a report from supply chain management consultancy Inverto. That's as much pollution as roughly 9 mn cars would produce in the same timeframe.

THE BIG STORY ABROAD-

Gaza leads the front pages of the global business press, with hope rising in some quarters that an Egypt-brokered ceasefire agreement may be near.

Could fresh talks begin as soon as today in Cairo? Israel has reportedly agreed to send a team of negotiators, and Hamas said it is “studying” a ceasefire proposal, but hasn’t yet confirmed it will participate.

The downside risk: An unconfirmed report by Al Qahera News claims the Hamas delegation left Cairo overnight and will respond in writing to the proposal (watch, runtime: 0:22).

The hope: We could see something along the lines of a 40-day ceasefire in Gaza and the freeing of some Palestinian prisoners held in Israeli jails in return for the release of c. 33 Israelis held by Hamas. The exact details vary from report to report.

Antony Blinken sounded like a hawker in Khan El Khalili as he told Hamas to accept Israel’s “extraordinarily generous” offer, hinting it wouldn’t be on the table for long. The US Secretary of State is expected to leave Riyadh for Jordan and Israel, staying close to the region after meeting yesterday with Arab foreign ministers. Egyptian Foreign Minister Sameh Shoukry would say only that he’s “hopeful.”

The spin: Israel has “significantly softened” its stance.

Joe Biden put in calls to President Abdel Fattah El Sisi and Qatari Emir Sheikh Tamim bin Hamad Al Thani to push forward the talks, while Secretary of State Antony Blinken met yesterday in Riyadh with Crown Prince Mohammed bin Salman. El Sisi pushed for more humanitarian aid flowing into the enclave and reiterated the need for a two-state solution.

MEANWHILE- US politicians are circling the wagons and threatening the International Criminal Court “with US retaliation” if it goes ahead with plans to issue arrest warrants for Israeli officials over the conduct of the war in Gaza. Some lawmakers are already preparing legislation that would make the sanctions real. The Biden administration has claimed the ICC doesn’t have jurisdiction over events in Gaza and said that arrest warrants could stop movement toward a ceasefire.

AND- At least 20 lawyers in the Biden administration are breaking ranks with the White House, calling on the president to block further arms shipments to Israel.

AWAY FROM GAZA- Worries are mounting about the chances of mass killing in Darfur. | Spanish Prime Minister Pedro Sánchez is not resigning. | The FT’s obsession with Chinese spies continues.

SIGN OF THE TIMES- All Dubai government entities will appoint chief AI officers as part of a new AI blueprint aimed at adding AED 100 bn from digital transformation to the emirate’s economy, according to an X post by Dubai Crown Prince Sheikh Hamdan bin Mohammed. The blueprint will also see the emirate introduce a comprehensive program geared towards attracting data centers, AI company licenses, as well as AI incubators, the crown prince said, without disclosing further details.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing Enterprise stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

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

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We take a look at Egypt’s targets and spending plans for the green economy in FY 2024-25.