Good afternoon, friends, and happy almost-THURSDAY. It’s a busy Wednesday in the domestic news cycle, with more developments on our ongoing foreign currency crunch.

THE BIG STORIES TODAY

#1- Fresh import controls coming? The Madbouly government and the Central Bank of Egypt are reportedly mulling imposing new restrictions on imports to help alleviate our FX crunch, Al Arabiya Business reports, citing unnamed sources it says have knowledge of the matter (watch, runtime: 3:22). The restrictions under consideration include entirely barring imports of certain personal goods, including new cars, for a set period of time.

Other options include limiting how and what businesses are allowed to import. The proposed rules would reportedly require that companies only import goods and materials that are directly related to their operations. As it currently stands, companies are able to use their foreign currency proceeds from exports to finance any business-related imports. Some companies that are not import reliant have been using their export proceeds to import goods for other companies, a practice which the government is now looking to clamp down on.

#2- Desalination tender pushed: Six desalination plants will be offered up to the private sector in June, after being pushed back from March, Al Arabiya reports, citing an unnamed government source. The six plants would be the first phase of the government’s plan to tender 21 plants in total.

THE BIG STORY ABROAD

There’s no single unifying story or theme in the international business press this afternoon. A handful of stories to keep an eye on:

  • Alibaba shares whipsaw in premarket trade after revenue miss, USD 25 bn boost to buyback plan (CNBC)
  • Ørsted suspends dividend, cuts jobs and exits offshore wind markets (Financial Times)
  • US commercial real estate contagion is now moving to Europe (Bloomberg)

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

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 slightly warmer, partly cloudy day with a high of 24°C and a low of 14°C, according to our favorite weather app.

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