Happy THURSDAY, friends. It’s a relatively slow and calm send-off into the weekend, with few happenings to take note of.

THE BIG STORY TODAY

Vodafone gets CBE greenlight to up its stake in Basata: Vodafone Egypt has received approval from the Central Bank of Egypt to raise its stake in B Investments subsidiary and fintech platform Basata Holding for Financial Investments to 20%, from 10% previously, according to a disclosure (pdf). Basata, which was initially named Ebtikar, was established as a JV between B Investments, BPE Partners, and MM Group for Industry and International Trade in 2017.

Background: Vodafone Egypt had acquired the initial 10% stake in Basata in 2022, with the stake split between Bee and Masary before they were merged into Basata. Vodafone has planned to acquire 20% of Basata under an MoU signed in 2021.

HAPPENING NOW-

Lula is in town: President Abdel Fattah El Sisi received Brazilian President Luiz Inácio Lula da Silva today at the Ittihadiya palace in his first visit to Egypt in 20 years, Al Qahera News reports (Watch, runtime: 5:58). Lula will head next to Addis Ababa to take part in an African Union meeting with heads of states.

THE BIG STORY ABROAD

No one story is dominating the international headlines, but one thing getting ink is the UK falling into a recession in 2H 2023. The British economy contracted 0.3% in 4Q 2023, marking a steeper decline than the 0.1% decline economists had forecast for the quarter. The disappointing data puts Prime Minister Rishi Sunak in hot water, as his campaign was largely built on the promise to grow the economy as the Conservative Party has historically done, but now trust is shifting to the Labour party. (Reuters | CNBC)

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

  • A “new chapter” of Egyptian-Turkish relations: Turkish President Recep Tayyip Erdogan landed in Cairo for the first time since 2012 yesterday, “opening a new chapter between the two countries.”
  • Adnoc and BP team up on a new gas JV in Egypt: Abu Dhabi National Oil Company (Adnoc) and global energy giant BP have agreed to form a joint venture that will target the development of natural gas assets in Egypt.
  • Egypt has lost some USD 508 mn in Suez Canal revenues due to ongoing Red Sea disruptions, according to estimates from Bloomberg Intelligence.

HELP GAZA-

Want to support relief efforts in Gaza, but don’t know how? We’ve got you. Nearly 2 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- Look out for a partly cloudy day with a high of 19°C and a low of 11°C, according to our favorite weather app.

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