We follow this morning: The Prime Minister is holding an important press conference today

Good morning, dear readers, and welcome to another day full of news about the economic repercussions of the Russo-Ukrainian war. Egyptian. The government is expected to hold a press conference today to review the efforts being made to counter the economic consequences of the war. This comes at a time when inflation continued to cause a decline in business activity during the month of April, and also while the government continued to meet its needs for basic commodities, including wheat.

weather condition – Forecasts indicate that temperatures will rise today and reach 35 degrees Celsius in Cairo and 28 degrees Celsius in Alexandria.

happens today –

Can we expect an important announcement from the Prime Minister today? Cabinet said in a statement yesterday that Prime Minister Mostafa Madbouly was scheduled to hold a press conference this weekend to announce new details on the state’s plan to deal with the global economic crisis caused by the Russian war in Ukraine. .

The plan includes “the implementation of urgent measures to improve the investment climate and attract foreign direct investment in infrastructure, energy, health, education and digital transformation.”According to the statement without disclosing any further details. The Prime Minister said last month that the government was preparing the details of the state’s strategy to step out of a number of sectors of the economy to open the door to the promotion of private sector activity in a press conference after the Eid to announce al-Fitr holiday.

The state has put the program of proposals at the forefront of its policy agenda in recent days. In his speech before the “Egyptian Family Iftar” before Eid al-Fitr, President Abdel Fattah El-Sisi said that he had instructed the government to launch a program for the private sector’s participation in state-owned assets at $ 10 billion annually for a period of 4 years, and also instructed the government to list a number of army-owned companies on the stock exchange before the end of this year. Hisham Tawfik, Minister of Public Affairs, said in his statements on Saturday that the government plans to list interests in state-owned companies on the Egyptian stock exchange from September. The government hoped to list up to 10 state-owned companies on the Egyptian stock exchange this year, before the Russian invasion of Ukraine disrupted the world economy.

This comes at a time when Egypt is in talks with the International Monetary Fund. The removal of barriers to private sector participation in the local economy was one of the main requirements of the International Monetary Fund during its previous talks with the Egyptian government on obtaining loans. It will therefore come as no surprise if more reforms of state-owned enterprises are brought to the table while the government seeks a third six-year support program.

Further – The PMI data for Saudi Arabia and the UAE will be released this morning (you can see the reports from here as soon as it is released), while Qatar data will be released tomorrow.

“Financial control” extends working hours: The Financial Supervisory Authority has decided to extend the number of working hours to nine hours per day until five o’clock in the evening, from Monday, to facilitate the stakeholders involved in non-bank financial activities. (statement)

Tomorrow we follow –

Inflation data for April will be released tomorrow: The annual inflation rate in Egyptian cities rose to its highest level in three years during March, as the repercussions of the Russo-Ukrainian war continued to affect the Egyptian economy. With commodity prices still affected by the repercussions of the conflict, the depreciation of the pound and the usual inflationary pressures during Ramadan, we do not expect the figures to be better in April.

Foreign exchange reserves rose to $ 37.12 billion at the end of April, of $ 37.08 billion at the end of March, according to data released by the Central Bank yesterday. Foreign reserves fell for the first time since the outbreak of the pandemic in March. The Central Bank said at the time that it had “used part of the foreign exchange reserves to cover the Egyptian market’s foreign exchange needs and to cover the exit of foreign investments and international portfolios,” referring to what it described as “intensive sales in emerging markets “. “as a result of the war in Ukraine.

The most prominent news in the world –

Russia celebrates World War II victory over Nazi Germany as its war against Ukraine continues. It comes a day after Russian forces were accused of bombing a school in Ukraine, and at a time when the Group of Seven major countries had confirmed their intention to ban Russian oil imports. More details via Reuters, Associated Press, Bloomberg and The Washington Post.

The eyes of many, including politicians and business leaders, turn to Moscow’s Red Square Later in the day, Vladimir Putin will preside over the traditional military parade at the event. Analysts believe that Putin will use the opportunity to make threats to the West – and also to indicate what may happen next with regard to the war in Ukraine. More in the Wall Street Journal, Reuters.

Expectations of further declines in technology stocks arouse the interest of bear market investors. As we have recently noted, more new businesses are laying off employees and cutting their spending as their profitability drops dramatically. Investors in the market are now wondering whether technology companies are moving to drastically cut costs or whether growth is slowing from its pandemic peak, the Wall Street Journal reported.

Saudi Aramco lowers prices for the first time in four months: Saudi oil giant Aramco cut Arab Light crude oil sales to Asia by $ 4.40 a barrel above the benchmark price in June, from $ 9.35 in May, Bloomberg reported. The company also reduced prices for almost all Mediterranean and northwestern European countries, although sales prices for crude oil to US buyers remained unchanged. Saudi oil has reached record levels over the past two months after prices jumped above $ 100 a barrel on the back of the Russo-Ukrainian war.

From the news of start-up companies –

Eight Egyptian beginners were among the 45 biggest African companies finalists in the first edition of the AfricaTech Awards, Launched by VIVA Tech in partnership with the International Finance Corporation, according to a press release for VIVA Tech. The competition announces beginners working in the fields of Fintech, Health Technology and Climate Technology and selects 15 companies from each sector from more than 300 companies that have applied for the competition.

The eight companies are: cry | Bok Duk | healing | Farmtopia | my guild | Siafu | Sun Pave | Wellbeing.

Egypt was among the African countries with the highest participation rates, reads the statement. The names of the winning companies, one in each category, will be announced at the first AfricaTech Awards Gala, which will be held during the 2022 edition of Fifa Technology on June 15-18 in Paris.

in notebook –

The U.S. Chamber of Commerce’s green technology business delegation is visiting Egypt next week for a three-day visit. The delegation includes officials from more than 40 U.S. companies and will discuss green investment in Egypt and potential partnerships in sectors such as energy, healthcare, agriculture, aviation, construction and water resource management. The high-level delegation will meet with members of the business community and senior government officials. The delegation is led by David Thorne, a senior official in the office of the US Special Presidential climate envoy, and Jake Levine, chief climate officer at the US International Development Finance Corporation.

The Central Bank of Egypt’s Monetary Policy Committee will hold its next meeting On May 19 to review key interest rates.

The season for companies listed on the Egyptian Stock Exchange to announce their financial results ends on 31 MayFollowing the decision of the Financial Supervisory Authority to extend that period by another two weeks.

You can view the full notebook at Our website, In which you will find a comprehensive list of upcoming news events, national holidays, conferences and everything that affects the business and financial community.

We follow this morning: The Prime Minister is holding an important press conference today

This morning we are offering you Blackboard again. Enterprise’s first specialized newsletter Focus on education in EgyptFrom pre-primary education to higher education. It contains a mix of news, analysis, data and figures, to enrich the dialogue between specialists in this sector and to inform non-specialists of its key developments. Blackboard comes out every Monday and you can get it at the end of the newsletter.

in today’s issue: With inflation continuing to rise, what is the future of the maximum tuition increase for private schools? Since 2019, private schools have faced stricter restrictions on tuition increases after parents put pressure on the Ministry of Education to put an end to what they said were “unfair” fee increases. School operators are now allowed to increase prices by just 7% each year, down from 14% previously. Three years later, the limit is still in place, but private schools are facing greater cost pressures as inflation rises and the pound depreciates. Today we look at how schools can respond to costs without increasing tuition by more than 7%, and whether adjusting the limit is an option.

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