Good afternoon, friends, and happy almost-Thursday. The weekend is peering at us over the horizon as the first full week in Om El Donia comes to an end.

THE BIG STORY TODAY

Alshaya Group is downsizing in Egypt: Retail conglomerate Alshaya Group is shutting down some of its stores in Egypt due to our economic conditions, the company said in an internal note to employees, Asharq Business reports. Alshaya pointed to challenges including “USD sourcing and transferring money out of the country,” in addition to inflation pressures, according to Asharq Business.

THE BIG STORY ABROAD

It’s a mixed bag of headlines in the international press today.Concern about the region’s security after Houthi attacks on vessels passing through the Red Sea that have heightened regional tensions were shared by Foreign Minister Prince Faisal Bin Farhan in Davos. He also called for a ceasefire and for international powers to step in, according to Bloomberg. Meanwhile, Qatar and France worked out a plan to send important medication to Israeli hostages and aid to Gazans, the Washington Post tells us, starting today. Hamas agreed on the condition of no Israeli inspections of the deliveries before they enter the strip. Over in the US: the New Hampshire Republican primaries could change the narrative for runners-up Nikki Haley and Ron De Santis as it is a less conservative and more urban state than Iowa where the majority voted for the Donald, says the Associated Press.

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

  • General Atlantic is on track to buy Actis to form USD 96 bn asset manager: US private equity firm General Atlantic has agreed to acquire London-based, emerging markets-focused infrastructure fund manager Actis. The move will add USD 12.5 bn worth of assets under management to General Atlantic’s USD 83 bn portfolio.
  • Fresh funds to boost our food and energy security:Egypt will receive a USD 250 mn sharia-compliant trade loan facility from the Africa Finance Corporation (AFC) and International Islamic Trade Finance Corporation (IFTC) to support Egypt’s food and oil security, the AFC said in a statement.
  • Shell hits pause on Red Sea shipments: Global oil giant Shell has suspended shipments through the Red Sea indefinitely amid fears of further escalations in the waterway after the US and UK launched air strikes on Houthi facilities across Yemen on Friday.

?️ TOMORROW’S WEATHER- Look for a partly cloudy day with a high of 22°C during the day and dropping to a cool 11°C in the nighttime, according to our favorite weather app.

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