{"id":619689,"date":"2024-05-08T00:00:00","date_gmt":"2024-05-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/08\/this-evening-non-oil-private-sector-activity-slows-again-in-april\/"},"modified":"2024-05-08T00:00:00","modified_gmt":"2024-05-08T00:00:00","slug":"this-evening-non-oil-private-sector-activity-slows-again-in-april","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/08\/this-evening-non-oil-private-sector-activity-slows-again-in-april\/","title":{"rendered":"THIS EVENING: Non-oil private sector activity slows again in April"},"content":{"rendered":"

Good afternoon, wonderful people.<\/strong> It\u2019s not a particularly busy Wednesday here at home as everyone appears to still be shaking off the cobwebs after a series of long weekends and holidays. <\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

Egypt\u2019s non-oil sector activity contracts again in April:<\/strong> Egypt\u2019s purchasing manager index (PMI) figure \u2014 which tracks the country\u2019s non-oil business sector \u2014 fell to 47.4 in April from 47.6 in March<\/a>, according to S&P Global\u2019s Egypt Purchasing Managers\u2019 Index (pdf).<\/a> This reflects \u201ca renewed fall in employment as well as sustained downturns in output and new orders,\u201d said Phil Smith, S&P Global Economics Associate Director.<\/p>\n

New order volumes and business activity \u201cmarkedly\u201d dropped again in April,<\/strong> albeit at slightly slower rates than in March, as firms are weighed down by \u201cweak demand conditions, high prices and volatile exchange rates,\u201d the index shows.<\/p>\n

On the bright side:<\/strong> There was a notable easing in cost inflation, as improved FX availability tied to the recent EGP float contributed to the slowest rise in input costs in over 3 years.<\/p>\n

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Foreign investors are falling in love with Egypt again\u2026<\/strong> Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They\u2019re 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\u2019s taking shape after the float of the EGP, and our competitive advantages are clear to many of them: We\u2019re a massive consumer opportunity and the regional export hub of tomorrow.<\/strong><\/p>\n

\u2026but here at home, our community is in a rut.<\/strong> The enthusiasm gap between domestic business leaders and global investors is stark. <\/p>\n

We\u2019d all do well to remember: It\u2019s a chicken-and-egg kind of thing. <\/strong>Foreign strategic investors will be reluctant to commit capital here until they see Egyptian businesses leading the way.<\/p>\n

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: <\/strong>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 \u201clong Egypt.\u201d<\/p>\n

We\u2019ll be talking with you about the agenda over the coming couple of weeks.<\/strong>It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow\u2019s opportunities \u2014 and who aren\u2019t afraid to answer some tough questions. <\/p>\n

*** Interested in attending? <\/strong>Tap or click here<\/a><\/strong> to let us know.<\/strong> Seating is limited. <\/p>\n

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THE BIG STORY ABROAD<\/p>\n

Cracks emerge in<\/strong>Washington\u2019s unconditional support for Israel:<\/strong> The White House has withheld a shipment of 2k- and 500-pound bombs to Israel amid Tel Aviv\u2019s full-scale invasion of Rafah, and concerns over how the heavy explosives will be applied to the dense urban environment, where over 1 mn civilians are seeking shelter, Reuters<\/a> reports, citing a US official. <\/p>\n

Israel claims that it has reopened the Kerem Shalom crossing into Gaza,<\/strong> which has served as a key entry point for humanitarian aid but was closed over the weekend after a Hamas rocket killed four Israeli soldiers \u2014 but no aid has yet entered since its reopening and there is no one to receive the aid, says the UNRWA, according to the Associated Press<\/a>.<\/p>\n

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