Good afternoon, ladies and gents. We’ve made it halfway through this shortened work week, with Thursday confirmed to be a day off for all of us. The EGX will be closed this Thursday, 26 January, in observance of Police Day / the 25 January revolution anniversary, according to a statement released earlier today.

THE BIG STORY TODAY

We could be getting legislation to regulate social media platforms: The Supreme Council for Media Regulation is planning to draft new legislation that would, if passed, require social media platforms to obtain licensing to be able to operate in Egypt, council head Karam Gabr told the Senate earlier this week.

THE BIG STORY ABROAD

It’s a mixed bag in the international business press this afternoon. Among the stories getting top billing on the front pages is Spotify announcing layoff plans, making it the latest tech company to move towards cutting staff (CNBC | Reuters | The Wall Street Journal).

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

• Travco wants to capitalize on the tourism rebound + Gov’t calls for USD 30 bn investments to reach 30 mn guests: High-profile tourism firm Travco Group plans to invest EGP 7 bn this year to raise its hotel capacity amid expectations of an increase in tourist arrivals, while the government wants to invest USD 30 bn to grow the sector 25-30% annually by 2038, Tourism Minister Ahmed Issa told the Senate yesterday.
• More imports money from the ITFC: The government has signed a fresh USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC) to fund energy and basic commodities imports.
• ValU is gearing up for its second securitization program: EFG Hermes’ buy-now-pay-later platform valU is studying a new EGP 5 bn securitization program which it hopes to start later this year.

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COME TO OUR NEXT ENTERPRISE FORUM-

We’re excited to unveil our next C-level event: The Enterprise FDI + Exports Forum, where we will take a deep dive into two of the most critical topics affecting our community.

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.

The Enterprise FDI + Exports Forum asks a simple question: Where do we go from here?

The Enterprise FDI + Exports Forum is the latest in our series of must-attend, invitation-only gatherings for C-suite-level business leaders, where they can talk openly and honestly about important issues in key parts of the economy. The gathering, which will take place in May 2023, will focus on how to start making moves across continents, including:

• What do we have to sell to global markets, including products and services? What should our priority industries be?
• How can you break into an export market? How can you make your business a component of the global supply chain? Hear directly from potential partners and buyers about what they’re looking for.
• How to leverage big domestic trends — and turn them into massive windows for export.
• How to climb the value-add ladder in a way that matches up with trends in key export markets.
• How do you choose an export market? What countries should Egyptian businesses be looking at as export targets — and why?
• What are foreign investors looking for? How can you pitch them on a JV — or on investing in your business?

Think of the Enterprise FDI + Exports Forum as a hands-on lab for how to turn the float of the EGP into something that will turbocharge your company.

COMING IN MAY — stay tuned for updates.

Want to partner with us on the conference? Ping a note to Moustafa Taalab, our head of commercial, here.

Subscribe to Enterprise

FOR TOMORROW-

El Sisi heads to India: President Abdel Fattah El Sisi will lead a delegation including ministers and other officials on a three-day visit from tomorrow to this Thursday, 26 January at the invitation of Indian Prime Minister Narendra Modi. El Sisi will be honored as “chief guest” at celebrations to mark the country’s 74th Republic Day.

CORRECTION- 23 January, 2023

An earlier version of this story incorrectly said India is celebrating the 74th anniversary of its independence. 

???? CIRCLE YOUR CALENDAR-

WATCH THIS SPACE- The Supply Ministry is set to finalize the “fair prices” of a number of food and consumer commodities this month, Al Mal reports, adding that it is “close to putting the finishing touches” to the indicative price list.

REFRESHER- The Supply Ministry was reportedly set to announce the price list at the end of December after setting up a committee to advise on fair prices to clamp down on price gouging amid soaring inflation.

The Cairo International Book Fair will open its doors to the public at the International Exhibition Center in New Cairo this Thursday, 26 January. The event runs until 6 February.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- We’re in for a sunny day tomorrow, with temperatures in Cairo expected to hit 23°C during the day before falling to 12°C at night, our favorite weather app tells us.