Good morning, friends. It’s a busy-but-brisk kind of news day with no sign of the usual Ramadan news slowdown in sight.

MORNING MUST READ- Are you, like us, are trying to get your head around what artificial intelligence could mean to your business, to your job— and to your kids’ future? Go read The age of AI has begun, by Microsoft founder Bill Gates. It’s a 15-min read or so, and largely worth every moment.

“The development of AI is as fundamental as the creation of the microprocessor, the personal computer, the Internet, and the mobile phone. It will change the way people work, learn, travel, get health care, and communicate with each other. Entire industries will reorient around it. Businesses will distinguish themselves by how well they use it,” Gates writes.

A competing piece by Tom “Taxi Driver Journalism” Friedman is getting more traction on our socials right now (Our new promethean moment), wherein he likens the rise of AI to invention of the printing press, nuclear weapons, “the agricultural revolution combined with the industrial revolution” — you name it. But take it from inveterate iSheep like us: Gates is one of the world’s clearest thinkers on technology and society.

SO, WHEN DO WE EAT?We’ll be breaking our fasts tonight at 6:10pm and Fajr prayers are at 4:22am tomorrow.

PSA- Start planning next month’s holidays now:

• Coptic Easter falls on Sunday, 16 April;
• Sham El Nessim is on Monday, 17 April;
• Eid El Fitr should land on or around Friday, 21 April (it’s still not clear what days will be official holidays);
• Tuesday, 25 April, is Sinai Liberation Day, for which we’ll likely have a day off on Thursday, 27 April.

WATCH THESE SPACES-

#1- Eight more green hydrogen agreements in the works? Eight industry players have expressed interest in setting up green hydrogen plants in Egypt, and MoUs are soon expected to be signed, Suez Canal Economic Zone (SCZone) CEO Walid Gamal El Din told CNBC Arabia (watch, runtime: 5:06). Gamal El Din didn’t provide any details about which companies could be involved or when agreements could be signed.

We already signed a spate of agreements last year, including nine frameworkagreements and another seven MoUs for green hydrogen plants and ammonia facilities in the SCZone. Most recently, China Energy earlier this month said that it could begin working on its USD 5.1 bn plant as soon as May. We haven’t heard much on the other proposed projects, though we’re hoping the release of the government’s long-awaited green hydrogen strategy may push some of them forward.

#2- More golden licenses coming? The General Authority for Freezones and Investment (GAFI) is looking into applications for golden licenses submitted by 40 companies, GAFI head Hossam Heiba told Al Arabiya. The authority has so far awarded 13 golden licenses to projects including a USD 5.5 bn green ammonia plant in Ain Sokhna and an EGP 8.8 bn home and electrical appliances manufacturing and assembly facility in Menoufia.

REMEMBER- Golden licenses fast-track new industrial and infrastructure projects. Also known as “single approval licenses,” they allow investors to require only one approval that covers everything from establishing the project, land allocation and building licensing, through to operation and management.

#3- The Industrial Development Authority (IDA) is preparing to allocate new industrial land as soon as next month, IDA head Mohamed Abdel Karim told Al Borsa. The authority is currently studying some 500 requests for industrial land from local and foreign investors, he said.

REMEMBER- The government is moving to a new online land allocation system that allows developers to purchase and resell land, instead of the previous system which allocated land directly to companies.

ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at how the new system could help bring in more industrial investment.

DEBT WATCH-

Egypt is scheduled to repay more than USD 5 bn in central bank deposits to Kuwait and the UAE over the next six months. Half of the USD 4 bn deposited at the Central Bank of Egypt (CBE) by Kuwait matures in April, while the remaining USD 2 bn will now come due in September after the Gulf state agreed to extend the maturity last year, according to the CBE’s latest external position report (pdf). Meanwhile, USD 1 bn is due to be paid to the UAE in July as well as some of a USD 2 bn deposit next month.

SOUND SMART- We expect Gulf countries to roll over their deposits ahead of the repayment deadlines. Arab countries currently have USD 28.2 bn in short- and long-term deposits at the central bank. Almost half of this is money deposited by Saudi Arabia, the UAE and Qatar last year to shore up Egypt’s reserves following the outbreak of war in Ukraine. KSA’s long-term USD 5 bn deposit doesn’t come due until October 2026, and we’re set to gradually repay USD 5.7 bn to the UAE.

DATA POINT-

Users have transferred some EGP 112.7 bn through InstaPay over the last year, according to a Central Bank of Egypt infographic(pdf). The digital payment app — think of it as Egypt’s answer to Venmo — was used to make 20.3 mn transactions and now has 2.2 mn users, it said.

The central bank wants to see usage expand: The CBE recently increased the limits on single, daily and monthly transactions in response to growing demand. Users can now transfer up to EGP 70k in one go and can send a maximum of EGP 120k per day and EGP 400k per month.InstaPay has zero transaction fees through the end of 2023.

FROM THE RUMOR MILL-

Abu Dhabi Ports (ADP) wants to invest some EUR 500 mn to develop Egypt’s river transport infrastructure, Al Borsa reported yesterday, citing sources it said were familiar with the matter. The capital spend would fund new fuel stations for barges, developing river boats, and bringing amphibious buses to Egypt, according to the newspaper’s sources. ADP already has a foot in the local river transport business, having signed an agreement to manage and operate a port in Minya.

Egypt wants to harness the private sector to develop its river transport infrastructure, last year passing legislation that modernizes river transport regulations, allowing the River Transport Authority to bring more private sector companies into the sector.

HAPPENING TODAY-

EU Vice-President Margaritis Schinas is in Egypt until Tuesday, 28 March to discuss skills, education and migration. Schinas, who arrived yesterday, will today meet with Education Minister Reda Hegazy after holding talks with Foreign Minister Sameh Shoukry and Manpower Minister Hassan Shehata yesterday.

Climate talks are happening in Luxor: The committee set up to continue discussions on the landmark loss and damage fund agreed at last year’s COP27 summit will hold its first meeting in Luxor today through to Wednesday. Representatives from 33 developing and developed countries are attending the talks, which will be led by Egypt’s lead climate negotiator, Amb. Mohamed Nasr.

On the Senate agenda:

• The Economic and Financial Affairs Committee will discuss the impact of the real estate tax on industry and investments;
• The Energy and Environment Committee will review progress on establishing green hydrogen projects at the Suez Canal Economic Zone;
• The Agriculture Committee will discuss the high cost of agricultural credit and its impact on farmers;
• The Youth and Sports Committee will hold a session focused on encouraging young people to set up SMEs;
• The Defence and National Security Committee will continue reviewing the National Telecommunications Regulatory Authority’s efforts to fight cybercrime.

HAPPENING THIS WEEK-

It’s interest rate week: The Central Bank of Egypt will meet on Thursday to review interest rates. Six of seven analysts we polled expect the Monetary Policy Committee to hike rates by at least 200 bps as it tries to tamp down on inflation and boost FX liquidity amid continued pressure on the EGP.

We can expect to get our first proper look at the state’s spending plans for the coming fiscal year when the Finance Ministry delivers the draft FY 2023-2024 budget to the House of Representatives.

Cambodian Deputy Prime Minister and Foreign Minister Prak Sokhonn will visit Cairo this Wednesday and Thursday for talks, the Cambodian foreign ministry said Friday. Sokhonn will visit Morocco on Monday and Tuesday before arriving in Egypt.

THE BIG STORY ABROAD-

It’s a big news day in the global press, with three big stories that folks here in MENA need to know about:

Israel’s political crisis deepens after Netanyahu fires defense minister:Israeli Prime Minister Benjamin Netanyahu has dismissed his defense minister a day after he called for a halt to the government’s controversial plans to overhaul the judiciary. The plans have triggered large-scale protests and caused divisions within the Israeli military, prompting the now ex-defense minister, Yoav Gallant, to describe them as a “clear, immediate and tangible threat to the security of the state.” His dismissal triggered fresh protests in Tel Aviv and Jerusalem, with protesters gathering outside Netanyahu’s residence, and Israel’s consul general in New York quit in protest.

The story is dominating the front pages of the foreign press this morning: AP | Reuters | Bloomberg | Financial Times | New York Times | Washington Post | | BBC | Wall Street Journal | CNN.

BANKING CRISIS- IMF chief warns of rising threats to financial stability: IMF Managing Director Kristalina Georgieva warned yesterday of increasing financial instability following the recent banking failures in the US and Europe. Speaking at a conference in Beijing, the IMF boss spoke of “exceptionally high” uncertainty driven by deglobalizing trends, and said that the medium-term forecast for the global economy will “remain weak.” Reuters, Bloomberg and the Financial Times all have the story.

FROM THE REGION- The Saudi and Iranian foreign ministers will meet during Ramadan, Saudi state news agency SPA said early this morning. The two sides agreed to the meeting following a phone call yesterday, according to the report. This comes a few weeks after the countries agreed to restore diplomatic ties and reopen embassies in a landmark agreement brokered by China.

MARKET WATCH-

It’s looking like it’s going to be another rocky week in the global markets, as concerns continue to mount over the health of the US and European banking systems following the collapse of three mid-sized US lenders earlier this month, Bloomberg writes in its week-ahead preview. The sell-off among European banks continued on Friday, with giant German lender Deutsche Bank particularly hard hit as traders look for the next weak link following UBS’s emergency takeover of Credit Suisse. Expect more volatility in stocks and bonds and for safe haven assets to be bid up, the news outlet writes.

Asian markets are mixed this morning “as banking sector stress lingers,” CNBC reports. Futures suggest European shares will open in the green (with the exception of France, which is being rocked by labor unrest). Wall Street and Bay Street also look set to post gains when trading opens later today.

We are delighted to share with you that the Enterprise Exports & FDI Forum will be taking place on Monday, 15 May at the Four Seasons Hotel at Nile Plaza.

DO YOU WANT TO ATTEND? The first wave of invites is going out soon. If you’re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please TAP OR CLICK HEREto request a spot at this exclusive event.

WANT TO SHARE YOUR STORY ON STAGE? Drop a note to Patrick here and let’s talk.

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

CIRCLE YOUR CALENDAR-

The National Dialogue will kick off on Wednesday, 3 May, the dialogue’s board said in a statement yesterday. The dialogue was expected to kick off on 14 January, but was postponed after political parties failed to name their representatives to the sessions on time. The dialogue’s 19 subcommittees are set to meet 3-6 times per week to discuss around 122 issues in total, Dialogue General Coordinator Diaa Rashwan said earlier this year.

The dialogue’s first order of business: Reviewing National Elections Authority’s mandate to supervise elections, which is due to expire on 17 January 2024. The board of trustees said it will submit a draft law to the House, which if passed would see the NEA supervise next year’s presidential elections.

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

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: School’s not out, but summer camps are already on the cards. We have a rundown of a range of educational, creative, and sports-focused summer camps available for children of varying ages this year.