{"id":581323,"date":"2023-02-08T00:00:00","date_gmt":"2023-02-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/this-morning-egypts-on-oil-exports-were-up-50-last-year-is-bing-finally-about-to-get-good\/"},"modified":"2023-02-08T00:00:00","modified_gmt":"2023-02-08T00:00:00","slug":"this-morning-egypts-on-oil-exports-were-up-50-last-year-is-bing-finally-about-to-get-good","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/this-morning-egypts-on-oil-exports-were-up-50-last-year-is-bing-finally-about-to-get-good\/","title":{"rendered":"THIS MORNING: Egypt\u2019s on-oil exports were up 50% last year + Is Bing finally about to get good?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good morning, friends. We have a big issue for you this morning \u2014 and it\u2019s just the prelude to what we think could be an even bigger day ahead. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Two stories everyone will want to keep an eye on<\/span><span style=\"font-weight:400;\">, regardless of the industry in which you work:<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">#1- FROM THE DEPT. OF GOOD NEWS- <span id='wwtt1'>Get ready for Madbouly\u2019s big privatization presser today<\/span>:<\/span><span> Prime Minister <\/span><span>Moustafa Madbouly is today expected to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/02\/well-get-the-names-of-20-companies-in-the-listing-pipeline-next-week-95285\/\" style=\"\">unveil the list of 20+ state-owned companies<\/a><\/span><span style=\"font-weight:400;\"> in which the government plans to offer stakes to strategic investors and \/ or on the EGX this year. Look out for a press conference after the weekly cabinet meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EGX chief Rami Dokany is feeling positive about the plans:<\/span><span style=\"\"> \u201cI think the [state offering <\/span><span>program] will play a big role in making things happen,\u201d El Dokany told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.thenationalnews.com\/business\/markets\/2023\/02\/07\/egx-chairman-says-state-ipo-programme-will-spur-capital-inflows\/\" style=\"\">the National<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">\u201cThis is a cashflow situation\u2026once the cash flow has been resolved, we\u2019re going to see more interest and more inflows happening\u2026 Any policy is only as good as its execution plan \u2026 but I think the government is quite serious about it.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">We have plenty of questions, but the big three to watch out for:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">How many of the companies are marked for IPO, how many are listed companies in which the state will sell down positions, and how many for sale to strategic investors? <\/span><\/li>\n<li><span style=\"font-weight:400;\">How many of the names are \u201cnew\u201d and of those, how \u201chigh quality\u201d are they? <\/span><\/li>\n<li><span style=\"font-weight:400;\">Is the state willing to sell 51% or more of an attractive company to a strategic investor, which by definition will want management control and the ability to consolidate the results of whatever they\u2019re buying?<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Our take: <\/span><span style=\"\">Selldowns of state positions in already-listed companies as well as direct <\/span><span style=\"font-weight:400;\">stake sales to strategics can happen anytime. But don\u2019t expect IPOs before May \/ June at the absolute earliest \u2014 September is a more likely timeframe. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- FROM THE DEPT. OF LET\u2019S SEE\u2026 <span id='wwtt2'>After 13 years, people might be about to start using Bing<\/span>:<\/span><span> Microsoft will today unveil new <\/span><span>versions of its search engine Bing and Edge web browser integrated with OpenAI's powerful ChatGPT artificial intelligence software. It has scheduled a press event startin<\/span><span>g 8pm CLT \/ 1pm EST<\/span><span style=\"font-weight:400;\">. The changes will reportedly see the company introduce a more advanced version of ChatGPT into its search ecosystem. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Everyone is talking about this in the business press:<\/span><span style=\"\"> Having tried out the tech, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/i-tried-microsofts-new-ai-powered-bing-search-will-never-be-the-same-11675799762?mod=hp_lead_pos9\" style=\"\">WSJ<\/a><\/span><span style=\"\"> is firmly <\/span><span>on board the Microsoft hype train: \u201cSearch will never be the same,\u201d gushes a front-page headline. The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/2d48d982-80b2-49f3-8a83-f5afef98e8eb\" style=\"\">Financial Times<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-08\/microsoft-s-new-search-with-openai-chat-technology-debuts-with-hits-misses?srnd=premium\" style=\"\">Bloomberg<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cnbc.com\/2023\/02\/07\/microsoft-will-offer-chatgpt-tech-for-companies-to-customize-source.html\" style=\"\">CNBC<\/a><\/span><span style=\"font-weight:400;\"> all have front-page stories on the unveil.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The big question: Can we use this in Egypt?<\/span><span style=\"\"> OpenAI is yet to make ChatGPT available to <\/span><span style=\"font-weight:400;\">Egyptian users (and though you can make an account with a VPN, you\u2019ll need a mobile number in a supported country to complete your registration). We\u2019re hoping to get an indication today on whether this will change when the technology is embedded into Microsoft\u2019s native browser and when it will roll out to other countries.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">MEANWHILE- Google is also seeding its first GPT rival \/ AI search helper to the market<\/span><span style=\"\">, but has yet to announce plans to make it available to more than a small handful of beta testers. You can read more about its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/blog.google\/technology\/ai\/bard-google-ai-search-updates\/\" style=\"\">Bard in a blog post here<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DATA POINTS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">#1- <span id='wwtt3'>Non-oil exports rose more than 50% in 2022<\/span>.<\/span><span style=\"\"> That\u2019s according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3JT6Pkv\" style=\"\">figures released<\/a><\/span><span> yesterday by the cabinet, which put the total value of non-oil exports at USD 35.6 bn last year. That\u2019s up 51% from<\/span><span> USD 23.5 bn <\/span><span style=\"font-weight:400;\">in 2021.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Driving growth:<\/span><span style=\"\"> <\/span><span style=\"\">Chemicals and building materials, followed by textiles, engineering products <\/span><span>(think: all of the stuff Samsung and friends assemble here) and agricultural products, according <\/span><span style=\"font-weight:400;\">to the statement.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- <span id='wwtt4'>The value of Egypt\u2019s automotive imports plunged by nearly 70% y-o-y in November 2022<\/span><\/span><span> to USD 97.5 mn, down from USD 324.3 mn a year earlier, according to Capmas data picked up by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3HMp20F\" style=\"\">Youm7<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER<\/span><span>- Car sales nosedived in 2022 on the back of global supply constraints and Egyptian  import restrictions (thank you, FX crunch). <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/02\/auto-sales-fall-73-in-december-95289\/\" style=\"\">Industry data<\/a><\/span><span> out last week showed that total vehicle sales fell more than a third during the year. Sales are expected to pick up later this year after the central bank revoked <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/02\/importers-can-now-turn-the-page-on-l-cs-92524\/\" style=\"\">import restrictions<\/a><\/span><span style=\"font-weight:400;\"> brought in last spring to conserve hard currency.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.surveymonkey.com\/r\/FMGPJ3G\" style=\"\">TAKE OUR JANUARY ENTERPRISE READER SURVEY<\/a><\/span><span style=\"font-weight:700\"> and get a chance to break bread with us:<\/span><span style=\"font-weight:400;\"> Give us your thoughts on how 2022 panned out for your business and industry, and what you\u2019re expecting in the year ahead in our Enterprise Reader Survey.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">You can <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.surveymonkey.com\/r\/FMGPJ3G\" style=\"\">take the Reader Survey here<\/a><\/span><span style=\"font-weight:400;\"> \u2014 it won\u2019t take more than a few minutes to complete.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Want to have a meal with us?<\/span><span style=\"font-weight:400;\"> Leave your name, email, mobile number, and where you work in the box for \u201cIs there anything else you want to tell us.\u201d We\u2019ll be inviting eight participating readers to a meal at one of our favorite restaurants. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">THE SURVEY CLOSES TOMORROW<\/span><span> \u2014 so jump in now if you want to have a meal with us.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\"><span id='wwtt5'>Latest round of Libya talks continue in Cairo<\/span>: <\/span><span style=\"\">Two days of UN-sponsored talks with <\/span><span>the 5+5 Libyan Joint Military Commission \u2014 which brings together representatives from Libya\u2019s two rival governments \u2014 kicked off in Cairo yesterday, according to state news agency <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.mena.org.eg\/ar\/news\/dbcall\/table\/textnews\/id\/10007079\" style=\"\">MENA<\/a><\/span><span style=\"font-weight:400;\">. This round of talks will address the removal of mercenaries and foreign forces from the country. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THIS WEEK-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Inflation:<\/span><span style=\"font-weight:400;\"> The CBE and Capmas are expected to publish inflation data for January on Thursday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The damage?<\/span><span style=\"\"> The median projection in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/poll-egyptian-inflation-5-year-high-seen-accelerating-january-2023-02-07\/\" style=\"\">Reuters poll<\/a><\/span><span style=\"\"> of analysts is 23.75%, up <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/11\/inflation-hits-new-high-on-weaker-egp-93299\/#:~:text=Figures%20released%20yesterday%20by%20state,just%205.9%25%20in%20December%202021.\" style=\"\">21.3%<\/a><\/span><span style=\"\"> in <\/span><span>December. This would be the highest r<\/span><span>ate since November 2018<\/span><span>. Five analysts expect core inflation, which strips out volatile items such as food, to rise to 26.6% in January from 24.4% a month earlier, the highest since <\/span><span>October 2018<\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">NEXT WEEK-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">President Abdel Fattah El Sisi will be in Dubai next week<\/span><span style=\"\"> to attend the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worldgovernmentsummit.org\/events\/world-government-summit-2023\" style=\"\">World Government<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worldgovernmentsummit.org\/events\/world-government-summit-2023\" style=\"\">Summit<\/a><\/span><span>, which runs 13-15 February. Twenty heads of state will be in town for the Davos-like gathering, which will see policymakers from around the world discuss global trends, according to Emirati state news agency <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/wam.ae\/en\/details\/1395303125158\" style=\"\">WAM<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Petro-show next week:<\/span><span style=\"\"> Oil and gas industry figures from Egypt and the region will congregate <\/span><span>at the Egypt International Exhibition Center for the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egyps.com\/\" style=\"\">Egypt Petroleum Show (Egyps)<\/a><\/span><span style=\"font-weight:400;\"> starting next Monday. The three-day conference runs 13-15 February.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE BIG STORIES ABROAD-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The latest on the earthquake in Turkey and Syria continues to dominate the global <\/span><span style=\"font-weight:700\">conversation:<\/span><span> The death toll from the earthquake that hit southern Turkey on Monday is nearing 8k, making it one of the deadliest natural disasters of the 21st century. The figure is expected to rise further in the coming days as rescue workers continue to search for survivors amid freezing winter conditions. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/science-politics-disaster-planning-and-response-middle-east-syria-c727c62abe97d9f6171462351dc4584c?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_01\" style=\"\">AP<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/turkey-quake-rescue-teams-comb-through-wreckage-iskenderun-hospital-2023-02-06\/\" style=\"\">Reuters<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nytimes.com\/2023\/02\/07\/world\/middleeast\/earthquake-turkey-syria.html\" style=\"\">NYT<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.washingtonpost.com\/world\/2023\/02\/06\/turkey-syria-earthquake-death-toll-live-updates\/\" style=\"\">Washington Post<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-07\/quake-latest-turkish-rescuers-race-against-time-in-cold-weather?srnd=premium-middle-east\" style=\"\">Bloomberg<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/c71a4837-9df8-4537-997e-3d1f51fe5b01\" style=\"\">FT<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/livecoverage\/turkeyearthquake\" style=\"\">WSJ<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Egypt sends aid:<\/span><span style=\"\"> President El Sisi offered his condolences during phone calls with Turkish <\/span><span>leader <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3x4Ylze\" style=\"\">Recep Tayyip Erdogan<\/a><\/span><span> and Syrian President <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3leQmgg\" style=\"\">Bashar Al Assad<\/a><\/span><span> yesterday, according to Ittihadiya. Five planes of emergency military aid are en route to the area to assist in recovery efforts, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/mena.org.eg\/ar\/news\/dbcall\/table\/textnews\/id\/10007963\" style=\"\">state-run MENA news agency<\/a><\/span><span style=\"font-weight:400;\"> reported. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Two Egyptians among the dead: <\/span><span style=\"\">T<\/span><span style=\"\">wo Egyptians were among victims of the <\/span><span>earthquake, the Foreign Ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3HLbFh9\" style=\"\">said<\/a><\/span><span style=\"font-weight:400;\"> yesterday. The ministry didn\u2019t disclose their identities or any other details.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Leading the conversation in the business press this morning:<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">US rates could rise higher than expected: <\/span><span style=\"\">The Federal Reserve might continue to go strong <\/span><span>on interest rates on the back of strong US labor data, central bank chair Jerome Powell said yesterday. \u201cThe reality is if we continue to get strong labor market reports or higher inflation reports, it might be the case that we have to raise rates more\u201d than is forecast, Powell said in statements to the Economic Club of Washington. He forecast a \u201csignificant\u201d drop in inflation this year, yet warned that the Federal Reserve is seeing only \u201cthe very early stages of disinflation.\u201d (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/10b6d4f2-d48f-401f-8407-8d5688d1e226\" style=\"\">FT<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-07\/powell-says-further-rate-hikes-needed-amid-strong-labor-market\" style=\"\">Bloomberg<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/feds-jerome-powell-to-address-economic-outlook-with-hiring-surge-in-spotlight-11675781503?mod=hp_lead_pos1\" style=\"\">WSJ<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.washingtonpost.com\/business\/fed-chair-powell-sees-significant-inflation-drop-in-2023\/2023\/02\/07\/d6e78a0c-a714-11ed-b2a3-edb05ee0e313_story.html\" style=\"\">AP<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/us\/powell-jobs-report-was-stronger-than-expected-shows-why-this-will-be-long-2023-02-07\/\" style=\"\">Reuters<\/a><\/span><span>| <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cnbc.com\/2023\/02\/07\/fed-chief-powell-says-the-the-disinflationary-process-has-begun-but-has-a-long-way-to-go.html\" style=\"\">CNBC<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><span style=\"font-weight:400;\"> <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">COME TO OUR NEXT ENTERPRISE FORUM- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/Export-FDI-Forum_1600.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We\u2019re excited to unveil our next C-level event: <\/span><span>The Enterprise Exports & FDI Forum, where we will take a deep dive into two of the most critical topics affecting our community.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Exports and foreign direct investment (FDI) have never been more important to our economy<\/span><span> \u2014 or our businesses \u2014 than in the wake of the float of the EGP. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/issues\/2022\/10\/18\/am-a-five-step-recipe-to-boost-exports-fdi-and-make-sure-egypt-never-has-to-ask-the-imf-for-another-cent\/\" style=\"\">We think we have a once-in-a-lifetime chance to build an export-led economy<\/a><\/span><span> that makes us a magnet for FDI and all the benefits that will come with it for our nation. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Want to join the conversation? <\/span><span>Drop us a line on <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"mailto:events@enterprisemea.com\" style=\"\">events@enterprisemea.com<\/a><\/span><span>.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">CIRCLE YOUR CALENDAR-<\/span><span style=\"font-weight:400;\"> <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Hey, agri-tech startups: <\/span><span style=\"\">The European Bank for Reconstruction and Development <\/span><span>(EBRD) has launched its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ebrd.com\/starventure\/agventure\" style=\"\">AgVenture challenge<\/a><\/span><span><a href=\"https:\/\/www.ebrd.com\/starventure\/agventure\" style=\"\">, offering startups operating in the agri-tech sector the chance to snag up up to EUR 80k<\/a><\/span><span>worth of advisory services and additional grants worth EUR 10k. Eligible startups have until 1 March to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/airtable.com\/shrDgxyki6u9wuXLz\" style=\"\">apply<\/a><\/span><span>. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Who\u2019s eligible? <\/span><span style=\"font-weight:400;\">Startups that have been operating in the agri-tech sector for less than 5 years, have an annual turnover of less than EUR 1 mn, and who operate primarily in countries where EBRD has a presence.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Fuel price announcement when?<\/span><span style=\"\"> We\u2019re still waiting to hear what the government plans to do <\/span><span>with fuel prices this quarter. Its fuel pricing committee was supposed to meet at the beginning of January to set prices for 1Q. The government has increased prices at the pump by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/23\/no-quarterly-fuel-price-hike-for-the-first-time-in-18-months-84733\/\" style=\"\">23-28%<\/a><\/span><span style=\"font-weight:400;\"> since April 2021, and decided on a rare fuel oil price hike last July.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Expect prices to rise:<\/span><span style=\"\"> The government has committed to changing local fuel prices in line with <\/span><span>movements in the global markets under the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/11\/imf-breaks-down-the-details-on-our-usd-3-bn-loan-93298\/\" style=\"\">USD 3 bn loan agreement<\/a><\/span><span style=\"font-weight:400;\"> with the IMF.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\" style=\"\">Check out our full calendar on the web<\/a><\/span><span style=\"font-weight:400;\"> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/span><span style=\"font-weight:400;\"> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In today\u2019s issue: <\/span><span style=\"\">Contractors are coming out in opposition to requirements that they join the<\/span><span> government\u2019s e-invoicing system, saying the sector has unique challenges that make it difficult to comply with the system\u2019s requirements. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Put the total value of non-oil exports at USD 35.6 bn last year<\/p>\n","protected":false},"author":1,"featured_media":581324,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[7094,6641,72,462,281,81,132,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-ai","tag-chatgpt","tag-enterpriseam","tag-microsoft","tag-moustafa-madbouly","tag-privatization-watch","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"c9a5f541-1d25-4eb8-a568-93bc1276d350","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/2\/earthquake-syria-turkey-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt\u2019s on-oil exports were up 50% last year + Is Bing","related_issue":[581321],"teaser":"Put the total value of non-oil exports at USD 35.6 bn last year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.ae402ca2-468b-431d-9438-e590ed33a3c7.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS MORNING: Egypt\u2019s on-oil exports were up 50% last year + Is Bing finally about to get good? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/this-morning-egypts-on-oil-exports-were-up-50-last-year-is-bing-finally-about-to-get-good\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Egypt\u2019s on-oil exports were up 50% last year + Is Bing finally about to get good?\" \/>\n<meta property=\"og:description\" content=\"Put the total value of non-oil exports at USD 35.6 bn last year\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/this-morning-egypts-on-oil-exports-were-up-50-last-year-is-bing-finally-about-to-get-good\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-08T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/earthquake-syria-turkey-1600px.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/this-morning-egypts-on-oil-exports-were-up-50-last-year-is-bing-finally-about-to-get-good\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/this-morning-egypts-on-oil-exports-were-up-50-last-year-is-bing-finally-about-to-get-good\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS MORNING: Egypt\u2019s on-oil exports were up 50% last year + Is Bing finally about to get good?\",\"datePublished\":\"2023-02-08T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/this-morning-egypts-on-oil-exports-were-up-50-last-year-is-bing-finally-about-to-get-good\/\"},\"wordCount\":1745,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/this-morning-egypts-on-oil-exports-were-up-50-last-year-is-bing-finally-about-to-get-good\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/earthquake-syria-turkey-1600px.jpg?fit=%2C&ssl=1\",\"keywords\":[\"AI\",\"ChatGPT\",\"EnterpriseAM\",\"microsoft\",\"Moustafa Madbouly\",\"privatization watch\",\"trade\",\"What We're Tracking Today\"],\"articleSection\":[\"What We're Tracking Today\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/this-morning-egypts-on-oil-exports-were-up-50-last-year-is-bing-finally-about-to-get-good\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/this-morning-egypts-on-oil-exports-were-up-50-last-year-is-bing-finally-about-to-get-good\/\",\"name\":\"THIS MORNING: Egypt\u2019s on-oil exports were up 50% last year + Is Bing finally about to get good? 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It\u2019s got to be IPOs, where Macro now looks set to pull the trigger next week and senior government officials continue to talk\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546646,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/this-morning-shoukry-el-molla-at-davos-mbs-in-egypt-next-month\/","url_meta":{"origin":581323,"position":1},"title":"THIS MORNING: Shoukry + El Molla at Davos; MbS in Egypt next month","author":"enterpriseam admin","date":"24 May 2022","format":false,"excerpt":"Good morning, wonderful people, and welcome to another very heavy news day in which business news again tops our tl;dr \u2014 including M&A news and a massive raise by one of the newest citizens of Planet Startup. We have the rundown on everything in this morning\u2019s news well, below. WHAT\u2019S\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599575,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/03\/what-were-tracking-on-03-january-2019\/","url_meta":{"origin":581323,"position":2},"title":"What we\u2019re tracking on 03 January 2019","author":"enterpriseam admin","date":"3 January 2019","format":false,"excerpt":"News is slow this morning as more than a handful of members of the community are either \u201cbridging\u201d until after Coptic Christmas or simply taking it a bit easy. That makes Apple\u2019s rare warning that it will fall short of its sales forecast the story of the day. And as\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578468,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/02\/this-morning-welcome-to-2023-folks\/","url_meta":{"origin":581323,"position":3},"title":"THIS MORNING: Welcome to 2023, folks","author":"enterpriseam admin","date":"2 January 2023","format":false,"excerpt":"Good morning, wonderful people \u2014 and a very warm welcome to a brand new year. We\u2019re kicking off 2023 with plenty of positive news. Since we last indeed in your inboxes, there have been strides forward to solve the issues that dogged imports last year. And there are more fresh\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/2.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582092,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/this-morning-egyps-rolls-on-egx-sfe-and-el-sisi-all-in-the-gulf\/","url_meta":{"origin":581323,"position":4},"title":"THIS MORNING: EGYPS rolls on + EGX, SFE, and El Sisi all in the Gulf","author":"enterpriseam admin","date":"13 February 2023","format":false,"excerpt":"Good morning, wonderful people, and a very happy Monday. THE BIG STORY here at home this morning: Privatization is still getting top billing on news that the state could offer 20-30% of its new hotels company to strategic investors, while Public Enterprises Minister Mahmoud Esmat made an appearance at the\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/EL-Sisi-MBZ-2.13.23-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628615,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/09\/what-were-tracking-on-9-may-2018\/","url_meta":{"origin":581323,"position":5},"title":"What We\u2019re Tracking on 9 May 2018","author":"enterpriseam admin","date":"9 May 2018","format":false,"excerpt":"The biggest story of this morning: US President Donald Trump announced overnight that the US is withdrawing from the 2015 multi-country nuclear pact with Iran, calling it \u201cone of the worst and most one-sided transactions the United States has ever entered into.\u201d Washington will move to reinstate \u201cthe highest level\u201d\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=581323"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581323\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/581324"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581323"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581323"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}