Good afternoon, wonderful people. We’re getting the week started on a Goldilocks type of day, wherein the news flow is neither mind-numbingly slow, nor is it particularly heavy.

THE BIG STORY TODAY

Activity in Egypt’s non-oil private sector contracted at a slower pace in February, according to S&P Global’s purchasing managers’ index (pdf). February’s PMI reading came in at 46.9, rising from 45.5 the previous month but remaining in contraction territory for the 27th month in a row. The month saw cost inflation cooling, although “output levels continued to contract at a sharp pace” amid weak consumer demand.

THE BIG STORY ABROAD

Still leading the front pages of the international business press this afternoon is China setting a modest economic growth target of 5%, following three years of slow growth on the back of covid-19 and a prolonged slump in its property sector: CNBC | Reuters | Wall Street Journal | Financial Times

HAPPENING NOW- Iraqi PM arrives in Egypt: Iraqi Prime Minister Mohammed Shia Al Sudani landed in Cairo today in his first visit to Egypt since he took office last October, according to a cabinet statement. Al Sudani is scheduled to discuss with Prime Minister Moustafa Madbouly proposals on ways to strengthen ties between the two countries.

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

• A new program of public-sector wage hikes, pension increases + tax breaks as inflation toll mounts: President Abdel Fattah El Sisi announced a new round of public-sector wage and pension hikes designed to mitigate the impact of soaring inflation on the public
• Egytrans wants NOSCO: Transport player Egytrans expects to wrap a majority acquisition of trucking firm National Company for Transportation and Overseas Services (NOSCO) before the end of 1H 2023
• Sawiris partners with local, Emirati players to redevelop Morocco hotel. Samih Sawiris is leading the redevelopment in Morocco of the Mogador resort in Morocco’s Essaouira in a drive worth upwards of MAD 4 bn.

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: The government has taken a number of steps in recent months to reduce our reliance on imports and cut down on the trade deficit. How effective have their efforts been? Today’s Inside Industry looks at these new changes and how they’ve affected export growth.

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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.

WANT TO ATTEND? Hit this link to let us know.

WANT TO SHARE YOUR STORY ON STAGE? Drop a note to Patrick here and let’s talk.

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

???? CIRCLE YOUR CALENDAR-

We have a date for CIFF: The Cairo International Film Festival (CIFF) will kick off at the Cairo Opera House on Wednesday 15 November and run through to Friday 24 November, the festival’s admins said in a statement last week.

Thanaweya Amma exam schedules are out: Thanaweya Amma exams are scheduled to take place between 12 June and 15 July, the Education Ministry said last month.

☀️ TOMORROW’S WEATHER- Au revoir, heatwave: Expect a pleasant daytime high of 24°C tomorrow and a nighttime low of 12°C, according to our favorite weather app.