Good afternoon ladies and gentlemen. It’s a relatively quiet Monday so far, but we’d hazard a guess that probably won’t last for too long.

THE BIG STORY TODAY

Foreign Minister Sameh Shoukry visited both Syria and Turkey today to pledge more Egyptian support in the aftermath of two deadly earthquakes earlier this month, according to a series of tweets by Foreign Ministry Spokesperson Ahmed Abu Zeid.

Shoukry met with Syrian President Bashar Al Assad in the first visit to Syria by an Egyptian foreign minister in more than a decade, then sat down with his Turkish counterpart Mevlut Cavusoglu in Adana.

“The goal of the visit is primarily humanitarian, and to pass on our solidarity – from the leadership, the government and the people of Egypt to the people of Syria,” the international press reports Shoukry as telling reporters in Damascus. He did not respond to questions about whether Egypt would support Syria’s reintegration into the Arab League after years of isolation. Bringing the country back into the fold was the subject of talks at a meeting of high-level Arab lawmakers earlier this week in Syria. AP, Reuters, and Bloomberg have more.

THE BIG STORY ABROAD–

There isn't a single unifying story dominating the discussion in the international business press right now. Among the stories on front pages:

• China urges peace in Ukraine after US warns against aiding Russia (Reuters)
• Elon Musk axes more key Twitter staff in weekend cull (Financial Times)
• Israeli settlers rampage through Palestinian towns in revenge for shooting (Washington Post)

HAPPENING NOW- Egypt + Qatar sign dual taxation elimination agreement to help boost investments: Officials from Egypt and Qatar signed an agreement today to eliminate dual taxation on capital gains, interest, income tax, corporate profits, and dividends, according to a cabinet statement. The agreement will help create a “tangible” impact on boosting and encouraging Qatari investments in Egypt, Qatari Prime Minister Khalid Bin Khalifa Bin Abdulaziz Al Thani was quoted as saying in a separate statement.

The agreement came during Prime Minister Moustafa Madbouly’s visit to the country, which saw him and other key cabinet members meet with the Qatari PM and Emir Sheikh Tamim bin Hamad Al Thani, along with other members of the Qatari cabinet, today, according to two separate cabinet statements (here and here). The Qatari Emir vowed that the “coming period” will see “increased Qatari investments” in Egypt, as Madbouly showcased some potential areas of investment and highlighted the government’s efforts to boost local and foreign investments in the country.

REMEMBER- The visit comes a few weeks after Planning Minister Hala El Said and Sovereign Fund of Egypt head Ayman Soliman visited the Gulf country to discuss sought Qatari investments, which have failed to make progress in recent weeks.

Accompanying the PM: The finance, planning, health, and trade and industry ministers, as well as the heads of the Suez Canal Economic Zone and GAFI are part of the delegation, cabinet said earlier. The visit will also see Egyptian officials meet with representatives from the Qatari Businessmen Association and the country’s chamber of commerce and industry, the cabinet said today.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Scatec + Norway propose another Egypt-Europe interconnector: The CEO of Norwegian renewable energy developer Scatec proposed a new electricity interconnection project between Egypt and Europe.
• Egypt, UAE, Jordan + Bahrain sign agreements for USD 2 bn worth of industrial projects: The four countries signed agreements to establish nine joint industrial projects at an investment cost of USD 2 bn.
• MNHD earnings surge in 2022 on record sales: Madinet Nasr Housing and Development’s (MNHD) net income more than doubled in 2022 on the back of a surge in revenues.

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ICYMI:

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 HERE to request a spot at this exclusive event.

What’s the Enterprise Exports & FDI Forum? It is the latest in our series of must-attend, invitation-only gatherings for C-suite-level business leaders. The Enterprise Exports & FDI Forum will discuss the critical topics of exports and foreign direct investment (FDI) in Egypt.

We will be taking an in-depth look into some of the most vital industry topics, including:

• How to effectively break into new export markets
• How to leverage domestic trends in order to create export opportunities
• What foreign investors are looking for
• What the government's role should be

Why now? Exports and foreign direct investment (FDI) have never been more important to our economy — or our businesses — than in the wake of the float of the EGP. We think we have a once-in-a-lifetime chance to build an export-led economy that makes us a magnet for FDI, and all the benefits that will come with it for our nation.

Think of the Enterprise Exports & FDI Forum as a hands-on lab for how to turn the devaluation of the EGP into something that will turbocharge your company and our economy.

Who’s on board? Some of the biggest names in business and finance are on board — are you? If you’d like to partner with us on the conference, ping a note to Moustafa Taalab, our head of commercial, here.

???? CIRCLE YOUR CALENDAR-

The AUC Business Forum continues today and tomorrow. The event features five roundtables on the changing role of business schools and how to remain relevant and impactful in society, with a lineup of scholars, practitioners, policymakers, and executives from Egypt and abroad. You can follow the forum as it unfolds on the AUC School of Business Facebook page.

☀️ TOMORROW’S WEATHER- Put on your summer clothes. Temperatures in Cairo will hit a sunny 31°C tomorrow during the day before falling to 16°C at night, our favorite weather app tells us.