{"id":584384,"date":"2023-03-30T00:00:00","date_gmt":"2023-03-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/30\/this-morning-its-interest-rate-day-plus-introducing-enterprise-logistics\/"},"modified":"2023-03-30T00:00:00","modified_gmt":"2023-03-30T00:00:00","slug":"this-morning-its-interest-rate-day-plus-introducing-enterprise-logistics","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/30\/this-morning-its-interest-rate-day-plus-introducing-enterprise-logistics\/","title":{"rendered":"THIS MORNING: It\u2019s interest rate day. PLUS: Introducing Enterprise Logistics."},"content":{"rendered":"

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Good morning, wonderful people, and happy last day of 1Q 2023 <\/span>\u2014 and the end of the first <\/span>full week of Ramadan. It\u2019s another super-busy news day, so we\u2019re going to jump right in after this brief programming announcement:<\/span><\/p>\n

<\/a> <\/span>It\u2019s a special day for us here at Enterprise World HQ as we mark the launch this morning <\/span>of <\/span>Enterprise Logistics<\/a><\/span>, which joins <\/span>Enterprise Climate<\/a><\/span> in our new portfolio of MENA-focused industry publications. <\/span><\/p>\n

Enterprise Logistics unpacks the industry that connects each and every one of our <\/span>businesses<\/span>, diving i<\/span>nto everything from AI to green fuel, from ports and inland warehouses to last-mile delivery. Enterprise Logistics publishes Monday-Thursday at 4:15am CLT \/ 5:15am KSA \/ 6:15am UAE. <\/span><\/p>\n

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<\/a><\/span> MORNING MUST-READ- <\/span>AI makers are starting to get scared of the AI they\u2019re making: <\/span>Elon Musk, Apple co-founder Steve Wozniak, and author Yuval Noah Harari are among 1k <\/span>bold-faced names<\/span> demanding a temporary freeze on the development of AI systems so we can take the time to sort out what it could all mean for humanity<\/span>. In an <\/span>open letter penned by the Future of Life Institute<\/a><\/span>, the tech heads called for a pause on the advancement of ChatGPT-like programs to take stock, warning \u201chuman-competitive intelligence\u201d could cause \u201cdramatic economic and political disruptions\u201d to society.The signatories of the letter want stronger regulation and safety protocols before the tech is developed any further. <\/span><\/p>\n

ChatGPT and its ilk are inspiring shock and awe: <\/span>Some are worried AI is going to wipe out <\/span>mns of jobs<\/a><\/span>, while o<\/span>thers \u2014 like <\/span>Bill Gates and journalist Tom Friedman<\/a><\/span> \u2014 see it as the next great leap for the evolution of the species.<\/span><\/p>\n

SIGN OF THE TIMES- GitHub just laid off nearly its entire Indian workforce: <\/span>The <\/span>Microsoft-owned developer platform let go almost all its Indian engineers as part of more than 100 layoffs <\/span>across South Asia as a weak economy forces firms across the tech industry to make cuts, <\/span>TechCrunch<\/a><\/span> reports. GitHub in February said it would look to cut around 10% of its workforce by the end of 1Q. <\/span><\/p>\n

Developers have been at the forefront of ChatGPT adoption<\/span>, but a growing number are worried that the technology could result in there being fewer future jobs for coders.<\/span><\/p>\n

SO, WHEN DO WE EAT?<\/span>We\u2019ll be breaking our fasts this evenin<\/span>g at 6:11pm CLT and you\u2019ll <\/span>have until 4:19am tomorrow to hydrate and have a bite to eat.<\/span><\/p>\n

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NEWS UPDATE-<\/span><\/p>\n

<\/a> <\/span>More on A Developments, which <\/span>just landed an agreement<\/a><\/span> with our friends at the SFE to develop the former Interior Ministry HQ in Downtown Cairo:<\/span> Founded by CEO Ahmed Osman, <\/span>Reliance Group<\/a><\/span> and <\/span>SwissChem<\/a><\/span>, A Developments is a newly-established real estate developer focused on adaptive reuse projects and boutique developments. The firm will invest EGP 800 mn to redevelop the Interior Ministry\u2019s former headquarters in the downtown area of Lazoghly into a tech and business hub. The company is currently lining up funding from domestic banks for the project, Osman tells us. <\/span><\/p>\n

Expect more announcements soon:<\/span> A Developments is close to signing an agreement with a leading hotel chain to manage two buildings in the complex, including a three-star, youth-oriented hotel as well as long-stay serviced apartments, Osman tells us. The company is also in advanced talks with a leading international outsourcing company and a major US VC fund, he said, and has recorded strong interest from potential tenants.<\/span><\/p>\n

A vision we can get behind: <\/span>\u201cOur vision is to help in transforming Downtown Cairo to become a premium destination to complement the great work done by other developers such as Al-Ismaelia and to add to the startup ecosystem created by Consoleya, the Greek Campus, and Founders Space, as well as others in the pipeline,\u201d Osman tells us. <\/span><\/p>\n

That\u2019s not all:<\/span> As well as landing the Lazoghly project from the Sovereign Fund of Egypt, A Developments is also working on a residential development in Sheikh Zayed featuring 29 homes. <\/span><\/p>\n

HAPPENING TODAY-<\/span><\/p>\n

<\/a> <\/span>It\u2019s interest rate day:<\/span> The Central Bank of Egypt will meet <\/span>today<\/span> to review interest rates. Six of seven analysts <\/span>we polled<\/a><\/span> expect the Monetary Policy Committee to hike <\/span>rates by at least 200 bps<\/span> as it tries to tamp down inflation and boost FX liquidity amid continued pressure on the EGP. A <\/span>Reuters<\/a><\/span> poll out earlier this week sees a median forecast 200-bps hike, while seven of 15 pundits surveyed expect a rise of 300 bps.<\/span><\/p>\n

<\/a> <\/span>Will it also be devaluation day?<\/span> Some analysts <\/span>have speculated<\/a><\/span> that the central bank <\/span>may choose to devalue the EGP to coincide with the MPC meeting. A continued shortage of FX <\/span>has caused USD rates in the parallel and derivatives markets to widen significantly from the official rate in recent days.<\/span><\/p>\n

Cambodian Deputy Prime Minister and Foreign Minister Prak Sokhonn<\/span>wraps up<\/a><\/span> his <\/span>two-day visit to Cairo <\/span>today. <\/span><\/p>\n

A first look at next year\u2019s state budget?<\/span> The Finance Ministry has to deliver the draft FY <\/span>2023-2024 budget to the <\/span>House of Representatives by tomorrow at the latest. We have a few more details from the draft budget after the cabinet signed off on it yesterday. Head to this morning\u2019s news well, below, for more details.<\/span><\/p>\n

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THE BIG STORY ABROAD- <\/span>Abu Dhabi has a new crown prince: <\/span>UAE President Mohammed <\/span>bin Zayed Al Nahyan has issued a decree appointing his eldest son Sheikh Khaled bin <\/span>Mohamed bin Zayed Al Nahyan as Abu Dhabi\u2019s crown prince, according to state news agency <\/span>WAM<\/a><\/span>. His appointment marks a \u201cgenerational shift\u201d among UAE rulers, with the president choosing a son rather than a brother to take over office, <\/span>Bloomberg writes<\/a><\/span>. <\/span><\/p>\n

Further afield, there is no single story dominating the global front pages this morning:<\/span><\/p>\n