Good morning, all. We’re wrapping up what has been a pretty busy Ramadan with another packed issue led by the growth figure for the second quarter of the current fiscal year and the cabinet greenlighting next fiscal year’s EGP 4.6 tn budget. We also have news of yet another big-ticket Chinese project and a move to introduce sector-specific tax guidelines.
So, when do we eat? Maghrib prayers are at 6:11pm in the capital, and you’ll have until 4:22am tomorrow to hydrate and caffeinate ahead of fajr.
IT’S THE LAST WORKDAY BEFORE EID BREAK- The public and private sectors will have Saturday to either Tuesday or Wednesday off for Eid El Fitr depending on when Eid officially starts. Schools will be off for the entire week.
THAT INCLUDES US TOO- EnterpriseAM Egypt will be off for the whole of next week, but we will be back in your inbox bright and early on Sunday, 6 April.
PSA-
WEATHER- It’s a pretty sunny day in Cairo today, with a high of 36°C and a low of 24°C, according to our favorite weather app.
It’s a little cooler in Alexandria, with a high of 34°C and a low of 17°C.
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WATCH THIS SPACE-
The government will announce the revamped export subsidy program within weeks, Prime Minister Moustafa Madbouly said during his weekly presser yesterday (watch, runtime: 34:39). The new program was finalized this week and will be presented to export councils following the Eid break. “We plan on wrapping up consultations and announcing the program over the two weeks after Eid,” Madbouly said. The three-year program is expected to come into effect with the new fiscal year on 1 July. It is designed to encourage and support local industries, Madbouly said, adding that subsidies will be tied to increases in the local component ratio.
DATA POINT-
Egypt’s interest payments on debt rose by 18.4% to EGP 939 bn in 1H FY 2024-25, according to the Finance Ministry’s Monthly Finance Report (pdf). Interest payments also made up 5.5% of GDP during the period, according to the ministry’s General Economic and Financial Outlook (pdf).
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FACT CHECK-
Raya Holding has denied recent local media reports claiming ongoing negotiations with Saudi entities for the sale of a majority stake in the company, the company said in a disclosure to the EGX (pdf).
THE BIG STORY ABROAD-
The latest on Trump’s tariffs is dominating headlines this morning: US President Donald Trump said yesterday that a 25% tariff on all imported cars and light trucks will come into effect 3 April, he said during a presser at the White House, framing the move as a step to revive the domestic auto industry and raise revenues to support his tax cut agenda.
The reaction: European Commission President Ursula von der Leyen called the move “bad for businesses, worse for consumers” and Canadian Prime Minister Mark Carney slammed it as “a direct attack” on Canadian workers. Meanwhile, the United Auto Workers union backed the measure as a win for blue-collar jobs. (Reuters | New York Times | AP | Axios | CNBC | Bloomberg)
AND- Gaza sees rare protests calling for Hamas to step down: Thousands of Palestinians took to the streets across Gaza yesterday in a rare wave of anti-Hamas protests, demanding the group relinquish control of the territory to help end the war with Israel. The demonstrations began Tuesday in Beit Lahiya and spread to Gaza City and central Gaza yesterday. (Bloomberg | Reuters | AP | Washington Post | BBC | New York Times)




