Good afternoon, wonderful people. We have a relatively brisk start to this first full work week of February, with a little bit of everything happening.

THE BIG STORY TODAY

Private sector starts the year with sharper contraction: Activity in Egypt’s non-oil private sector contracted at a quicker pace in January, according to S&P Global’s purchasing managers’ index (pdf). January’s PMI reading fell to 45.5 in January from 47.2 a month earlier — marking the 26th consecutive month of contraction — as high inflation and the weakening EGP continue to weigh on businesses.

THE BIG STORY ABROAD

Picking up where we left off this morning, the international business press is still mostly leading with the US shooting down a suspected Chinese spy balloon. The story is on the front pages of the Financial Times, CNBC, Bloomberg, and the Wall Street Journal.

HAPPENING NOW-

Former Prime Minister Sherif Ismail’s military funeral is currently underway, with President Abdel Fattah El Sisi and several government officials in attendance, according to an Ittihadiya statement. Ismail passed away yesterday at the age of 67 following a battle with illness.

TAKE OUR JANUARY ENTERPRISE READER SURVEY and get a chance to break bread with us: Give us your thoughts on how 2022 panned out for your business and industry, and what you’re expecting in the year ahead in our Enterprise Reader Survey.

We’re asking you to share your expectations on the EGP / USD rate in 2023, how you’re managing expenses amid the rising cost of living, where you see your industry as a whole heading, and whether you expect to make fresh investments — among a few other questions we ask our community on a regular basis. As is our custom, we’ll be sharing the results with all of you in a few weeks’ time to help you shape your view of the year.

You can take the Reader Survey here — it won’t take more than a few minutes to complete.

Want to have a meal with us? Leave your name, email, mobile number, and where you work in the box for “Is there anything else you want to tell us.” We’ll be inviting eight participating readers to a meal at one of our favorite restaurants.

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

• CBE unexpectedly holds interest rates steady in its first meeting of the year: The Central Bank of Egypt (CBE) left interest rates unchanged on Thursday, defying expectations of a third consecutive hike.
• Egypt’s current account deficit narrowed by 20% to USD 3.2 bn in 1Q 2022-23 on the back of higher FDI, exports, and tourism revenues, according to CBE figures.
• Govt lays out the details of in-school tutoring scheme: The Education Ministry will launch an in-school tutoring scheme across all governorates at the start of the second semester of the academic year next week, Education Minister Reda Hegazy told reporters on Thursday

*** 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: After a bumper 2022, the fertilizer industry in Egypt is broadly expected to have another strong year in 2023 — albeit with a slight slowdown as market dynamics shift.

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FOR TOMORROW-

Operation Save Lebanon: Egyptian officials are attending an international meeting in Paris called by France to discuss how to end a political impasse in crisis-hit Lebanon, AFP reported, citing statements by the French Foreign Ministry’s spokesperson. Officials from Saudi Arabia, Qatar and the US will also be in attendance.

???? CIRCLE YOUR CALENDAR-

Palestine talks in Cairo: Hamas leader Ismail Haniyeh is expected to fly into Cairo this week to hold talks with Egyptian intelligence chief Abbas Kamel and other security officials, a Hamas spokesperson said in a statement picked up by the Jerusalem Post. The secretary of Palestinian Islamic Jihad was in Cairo yesterday for talks, the Israeli newspaper reported. The invite came days after Kamel visited Ramallah for talks with Palestinian President Mahmoud Abbas and other officials in a bid to end the recent violence in the West Bank and Jerusalem.

The key remaining news triggers this month:

• Foreign reserves: The central bank will release January’s foreign reserves figures this week.
• Inflation: The CBE and Capmas will publish inflation data for January at the end of this week.

Unis go back this week: The second semester of the 2022-2023 academic year begins for public universities on 11 February.

Petro-show next week: Oil and gas industry figures from Egypt and the region will congregate at the Egypt International Exhibition Center for the Egypt Petroleum Show (Egyps) starting next Monday. The three-day conference runs 13-15 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- It’s getting chillier: Expect the mercury to dip to a high of 16°C during the day, with our favorite weather app bracing us for some strong winds. The temperature will drop to a nighttime low of 9°C.