Good afternoon, ladies and gentlemen, and happy hump day. The news cycle is beginning to gain traction as we steamroll to the weekend and the start of March.

THE BIG STORY TODAY

QIB, KFH wrap up due diligence on United Bank:Qatar Islamic Bank and Kuwait Finance House concluded due diligence on United Bank in December ahead of plans to acquire a stake in the CBE-owned lender, Asharq Business reports, citing four sources it says have knowledge of the matter. United Bank is reportedly close to finalizing the transaction, which could reel in the equivalent of EGP 22 bn (USD 711.9 mn) in hard currency.

The exchange rate is still a sticking point: One of the potential bidders remains on the fence about the acquisition due to difficulty in calculating the exchange rate at which the transaction will be made, one of the sources said, noting the discrepancy between the official and parallel market rates.

Remember: United Bank — in which the CBE owns a 99.99% stake — is in the lineup of 35 state companies and assets earmarked for privatization via stake sales to strategic investors, the EGX, or a mix of both.

THE BIG STORY ABROAD

US President Joe Biden’s comments on a ceasefire are getting some ink in the international press this afternoon. POTUS foresees a 40-day Ramadan truce agreement as early as next week after talks in Paris between Israel, the US, and mediators Qatar and Egypt. But Hamas says there is still some ground to cover before this arrangement can be realized. The terms would involve Hamas releasing 40 hostages in exchange for 400 Palestinian prisoners, withdrawal of Israeli troops from populated areas, Gazans (except adult men) permitted to return to their homes, and increased aid. Hamas says there are “still gaps to be bridged,” including a permanent withdrawal of the IDF and a plan for the remaining hostages. (Reuters | Bloomberg)

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

  • Gov’t wants to shake up airport management: The government will soon launch an international tender for the management and operation of all the airports in the country.
  • Telecom Egypt, Huawei announce partnership to deploy 5G services in Egypt: Telecom Egypt and Chinese tech giant Huawei have announced a strategic partnership for the deployment of 5G networks.
  • House votes to amend Consumer Protection Law: The House gave final approval to an amendment to the 2018 Consumer Protection Law that will see those hoarding key food commodities facing sentences of one year in prison and fines between EGP 150k-3 mn.

🌤️ TOMORROW’S WEATHER- Expect more of the same with the mercury climbing to 23ºC during the day and a low of 12ºC at night, according to our favorite weather app.

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