Good morning, wonderful people, and a very happy Monday. If you’re among our Egypt-based readers, you need only get through today and you’ll officially be halfway through this shorter week.

THE BIG STORY here at home: It’s all tourism as Travco Group says it will spend some EGP 7 bn to up its hotel capacity 13%. That will be music to the ears of Tourism Minister Ahmed Issa, who yesterday told the Senate that the private sector needs to lead the way on some USD 30 bn of investments to get annual visitor arrival numbers up to 30 mn by 2028.

Remember: Tourism isn’t just a volume game. As the leaders of industry players including Travco and Somabay have told us before, it’s also about the average spend per tourist. We need to be targeting high-spenders and ramping up the quality of our overall tourism offering, from the airport experience (including dutyfree shopping), to the experiences we sell visitors, to the roads those visitors travel down to get to those experiences.

Investor appetite for EGX continues to grow post-float of the EGP: Turnover was up by more than a quarter on the 90-day average in the benchmark EGX 30 yesterday, which closed up 0.3%. The index has gained 10.4% YTD. The EGP was effectively unchanged yesterday at 29.89, according to the official central bank exchange rate. The EGP started the year at 24.70 to the greenback.

PSA- CBE confirms the long weekend: Banks will be off this Thursday in observance of Police Day and the 25 January revolution, the Central Bank of Egypt said in a statement yesterday. Look for a similar announcement from the EGX later in the week.

WHAT’S HAPPENING TODAY-

Anybody want to offer private lessons for tutors on taxation? The Senate is set to discuss the possibility of imposing a 10% income tax on teachers who provide private tutoring, with the proceeds to be spent on improving public schools. Education Minister Reda Hegazy will also deliver a statement on education reform.

The national handball team faces Denmark tonight at 9:30pm CLT for its last group-stage game of the International Handball Federation’s 2023 World Championship. Whatever happens, we’re already through to the quarter-finals.

HAPPENING 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 Tuesday, 24 January to 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 74th anniversary of Indian independence.

Moves to come on mortgages + sale of real estate to folks living abroad? The central bank, the Financial Regulatory Authority, and the government’s Social Housing Fund have been tasked with putting together a plan to support real estate finance, as well as boost real estate sales to folks living abroad in a bid to bring FX inflows to the sector, according to a cabinet statement.

In context: The central bank’s subsidized mortgage scheme for middle-income earners was cut back in November, in tandem with the scheme’s move to the Housing Ministry as requested by the IMF. Meanwhile, the government has been exploring ways to sell land plots in return for hard currency, one of several measures meant to give a boost to the nation’s stock of foreign exchange.

Some government employees have been given the keys to their apartments in the new administrative capital, Youm7 reports, citing unnamed sources it says are in the know. Some 30k civil servants are set to move to their new offices in the new administrative capital by mid-March.

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.

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 export opportunities.
• 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.

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FROM THE GLOBAL BUSINESS PRESS- It’s not just tech: Bank layoffs are giving us flashbacks to 2008. More banks are expected to follow in the footsteps of lenders including Credit Suisse, Goldman Sachs, Morgan Stanley, and Bank of New York Mellon, who have already begun cutting more than 15k jobs, the Financial Times reports.

Though not everyone in finance is feeling the pinch: Ken Griffin’s hedge fund Citadel ended last year USD 16 bn in the green — the largest USD gain ever made by a hedge fund, Bloomberg and the FT report.

Four still-brewing international stories worth keeping an eye on:

• Brazil and Argentina are mulling establishing a common currency (Financial Times)
• Sweden is worried about Turkish opposition to its Nato membership bid after officials in Stockholm allowed a “Qur’an-burning protest” (FT)
• There may be a chance that the Fed dials back its next rate increase when it meets next week (Wall Street Journal)
• Is this the next big activist fight? Elliott Management has taken a stake in Salesforce (WSJ)

ICYMI-

Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at the positive reception among manufacturers for the government’s recent decision to implement fresh 11% subsidized loans for industry and agriculture.

CIRCLE YOUR CALENDAR-

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.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: How is the FX crunch affecting university students both at home and abroad?