PM — Say goodbye to the heatwave

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.

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.

Space oddities unlikely: Leading astrobiologists believe that simple life is widespread across the universe — but more advanced intelligent life is less likely, reports the Financial Times. The claims come from scientists forming the Origins Federation, a scientific collaboration for research on the emergence and early evolution of life on Earth and its presence in the cosmos, established last week. Several of the scientists in the Origins Federation are conducting research on the development of alien life forms using our own early evolutionary emergence as a starting point. “Chemistry is itching to make life,” but that doesn’t ensure survival, said one federation member. Intelligent life equipped with advanced technologies might tend to destroy itself: “As you get more knowledge, it becomes easier to destroy yourself,” says the federation’s leader Didier Queloz.

Life is embedded into the laws of physics of the universe, says Queloz, a co-discoverer of the first known exoplanet — a planet orbiting a star other than our sun. Since the discovery in the 1990s, more than 5k exoplanets have been identified — a game changer providing a diverse range of biosignatures for scientists to study.

A focus on women’s rights is China’s latest endeavor to boost falling birth rates in the country, which plummeted last year to an all-time low of 6.77 births per 1k people, Reuters reports. Members of China’s top political body have been proposing a host of incentives to boost population growth, including allowing unmarried women to access fertility services like egg freezing, enabling them to register newborns, providing education without charge to families with a third child born after 2024, and expanding maternity and paternity leaves to facilitate co-parenting.

The culprit behind China’s shrinking population? China’s one child policy, which was implemented between 1980 and 2015. The strict policy subjected mns of women to forced contraception, abortion, and sterilization, imposing hefty fines on families that broke the rules. Even now that the policy has been scrapped, couples are more likely to have fewer children due to high childcare and education costs, Reuters reports.

???? ON THE TUBE TONIGHT-
(all times CLT)

Feeling nostalgic? Indulge in a rewatch of Ugly Betty: The 2006 dramedy is a 2000s staple known for its questionable fashion choices, over the top drama, and mockery of the fashion world. The series stars America Ferrera as Betty Suarez, aka Ugly Betty, along her ensemble cast including Vanessa Williams and Eric Mabius. The four-season show takes its audience into the cruel fashion world and the very out-of-place protagonist's adventures as she navigates her way through in hopes of making it big as a journalist. Despite its at times obscure storyline, it makes for the perfect comfort show, with its lovable characters and their overlapping lives.

⚽ The biggest rivalry in the English Premier League kicks off at 6:30pm: English football giants Liverpool and Manchester United will go head-to-head this evening in the most anticipated match this game week in the English Premier League. Regardless of where the two teams currently stand on the league table, this particular match has special historical significance. While Man Utd is trying to close the gap with neighbors and rivals Man City for second place, Liverpool needs the three points to pass Newcastle and compete for the Champions League qualifying spots. Also today: Nottingham Forest will play Everton shortly after we hit dispatch at 4pm.

Join the Enterprise Fantasy League for a chance to earn a special prize. To join the action, click here or enter this code 8o4sut.

The most notable European league matches today:

Barcelona v Valencia (5:15pm)

Real Betis v Real Madrid (10pm)

Inter Milan v Lecce (7pm)

Roma v Juventus (9:45pm)

And on the home front, Haras El Hodood will face Ceramica Cleopatra at 6pm in Gameweek 21 of the Egyptian Premier League.

????EAT THIS TONIGHT-

Craving Italian? La Pizza Alforno is the spot for you: Located in Street 88 Palm Hills and City Stars, La Pizza Alforno offers a great variety of Italian dishes and delicious wood-fired pizzas. The Chicken Alfredo Pasta is especially delicious — the chicken is tender and succulent, and the pasta is cooked to perfection with just the right amount of sauce. The Shrimp Truffle Pizza is also excellent and unique with a thin and crispy dough, while the truffle topping provides an earthy flavor that plays beautifully against the sweetness of shrimp. The zucchini fries are a great side dish — they have a light crunch on the outside and are full of flavor on the inside. And finally: Panna Cotta for dessert offers up silky smooth creaminess infused with subtle notes of vanilla and Lotus spread; one bite won’t be enough.

???? OUT AND ABOUT-
(all times CLT)

Gen Z and the arts: Ubuntu Art Gallery will host an engaging discussion at 6pm tonight about the traits and trends of the Gen Z creative voices emerging from Egypt. Mahmoud Talaat, Karim El Hayawan, and Farida Youssef will each offer their perspectives.

She Arts Orchestra will take center stage at AUC Tahir Cultural Center this Tuesday at 8pm. The night will feature two renowned soloists — Manal Mohie Eldain from Egypt on harp and Ginevra Rizzi from Italy as soprano — all under the baton of Italian conductor Isabella Ambrosini.

Experience a musical fusion of spiritual and cultural traditions this Wednesday at 7pm with Abu Al Gheit Ensemble — a unique amalgamation of Sufi and Zar traditions rooted in the Delta of Egypt. The mystical sounds originate from Tariqa Ahmadiyya Gitaniyya, a sufi order founded by dervish Hassan Abu al-Gait at the dawn of 19th century. The live show will be held at Al Sehemy House‎.

One night, two brilliant performances at Cairo Jazz Club 610: Ahmad El Haggar and Wust El Balad will take the stage this Wednesday at 9pm for a fusion of classical Egyptian sounds infused with jazz & neo soul from the former, as well as upbeat indie pop hits from the latter.

Get ready to be inspired by some of Egypt's most talented female artists with Art d’Egypte’s Kaon exhibition at the Arts’ Hub in Zamalek. Taking place from this Thursday, 9 March through Thursday, 23 March, the exhibition is held in celebration of International Women's Day.

Catch Cirque du Soleil’s OVO next month: The event features 100 performers taking the stage with their acrobatic acts. OVO will host 16 shows between 8-18 March at Cairo international Stadium Hall, courtesy of real estate developer Madinet Nasr for Housing and Development (pdf).

???? UNDER THE LAMPLIGHT-

The Sudanese civil war retold in A Long Walk To Water. The short novel follows two parallel timelines, both based on true stories — the stories of Salva Dut in 1985 and Nya in 2008. Dut is a young boy who gets separated from his family during the Sudanese civil war, spending weeks on the run in hopes to find his family again until he reaches a refugee camp in Ethiopia. Dut spends the remainder of his childhood in the camp until he is relocated to New York to live with an American family and from there the two timelines connect and the story comes full circle. The short novel is a peek into the struggles of the Sudanese who witnessed the civil war, the losses they endured, and the sacrifices they had to make.

MARKET NEWS-

Domty’s net income increased 267% y-o-y to EGP 265.7 mn in 2022, according to a disclosure (pdf). Revenues reached EGP 5.2 bn in 2022, rising 55.3% y-o-y.

MARKET ROUNDUP-

The EGX30 fell 0.1% at today’s close on turnover of EGP 1.39 bn (31.5% below the 90-day average). Local investors were net buyers. The index is up 15.3% YTD.

In the green: Telecom Egypt (+7.7%), Sidi Kerir Petrochemicals (+1.9%) and Abu Dhabi Islamic Bank (+1.0%).

In the red: Madinet Nasr Housing and Development (-2.3%), Qalaa Holdings (-2.2%) and GB Auto (-1.8%).