Good afternoon ladies and gentlemen to this chilly Tuesday afternoon. It’s another relatively calm start to the day so far here in Omm El Donia.

** EnterprisePM is off tomorrow: We’re going to be taking a publication break tomorrow to have some time for some team-building here at Enterprise HQ, but will be back in your inboxes on Thursday afternoon.

THE BIG STORY TODAY

Ezdehar acquires majority stake in SETA Textiles: Egypt-based private equity firm Ezdehar Management has purchased a majority stake in clothing company SETA Textiles, as part of Ezdehar’s expansion plan for 2024, the companies announced in a joint press release (pdf). The transaction will see Ezdehar acquiring an 80% stake in SETA, Asharq Business quotes founder Emad Barsoum as saying.

The acquisition includes a primary capital investment in SETA Textiles, aiding the retail apparel company’s plans to expand both in Egypt and overseas, the statement read. Ezdehar has plans to invest some USD 70 mn in 2024, Barsoum said.

THE BIG STORY ABROAD

Leading the conversation in the international press is the appointment of France’s youngest prime minister, Gabriel Attal. Currently the education minister, Attal will replace Elisabeth Borne. The Macron and Borne regime was on the rocks throughout 2023 after making a move to raise the retirement age in France and struggled to pass their immigration bill. With his disapproval rate at a high 68%, President Emmanuel Macron’s move to appoint Attal, the most popular minister in cabinet, will be a strategic move ahead of the European Parliament elections in June. (Reuters | CNBC)

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

  • Secured loans are getting pricier: The Central Bank of Egypt (CBE) has instructed all banks to charge a minimum interest rate of 24% on secured loans.
  • Fintech startups can now obtain a temporary, two-year license to provide non-bank financial services if they have at least EGP 15 mn in issued and paid-up capital following a new decision issued by the Financial Regulatory Authority (FRA) yesterday.
  • Cosco puts Israel on the red list: Container shipping giant China Cosco Shipping Corp — the fourth largest in the world — has suspended shipping to Israel as Yemen’s armed Houthi group continued to attack vessels crossing the Red Sea.

HELP GAZA-

Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.

The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.

Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.

?️ TOMORROW’S WEATHER- Expect a sunny day tomorrow with some patches of clouds in the afternoon along with a high of 20°C dropping down to a low of 14°C later in the evening, according to our favorite weather app.

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