Good afternoon, ladies and gentlemen, and happy hump day. We’re passing the midweek point with more local business news cropping up, as we suggested this morning when we last wrote to you.

So, when do we eat? Maghrib prayers are at 6:10 pm in the capital city, and you’ll have until 4:23 am tomorrow to hydrate and caffeinate ahead of fajr.

THE BIG STORY TODAY

EXCLUSIVE- We may be just hours away from a major shuffle of the leadership of at least six state-owned banks, a source with knowledge of the situation told us today.

What can you expect? Our source says new leaders could be appointed at banks where the state retains substantial control, including: the National Bank of Egypt, Banque Misr, Banque du Caire, AAIB, EBank, and Suez Canal Bank.

SOUND SMART- NBE, Banque Misr, and Banque du Caire are the “big three” state-owned institutions. BdC and AAIB are both perennial candidates for stake sale or IPO as part of the Sisi administration’s privatization program.

The caveat: The source cautioned that the roster of changes and which banks are involved in the shuffle is not final and could change before it is announced. In some cases, we could see proven execs move from one bank to another. It is unclear how many other c-suite leaders could find themselves moving in the days to come.

The changes could be announced “within hours,” our source says — that’s press shorthand for “any moment now, but please don't hold your breath.”

THE BIG STORY ABROAD

Bridge collapse in Baltimore: A major bridge in Baltimore collapsed, snapping and falling into the Patapsco River sending numerous vehicles into the water after a cargo ship collided with the structure today. Rescue efforts are searching for up to 20 people and have so far pulled up two people from the water, with one in critical condition.

The story dominated int’l headlines across the board:New York Times | CNBC | Reuters | Washington Post | Bloomberg | BBC

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

  • The war on commodity prices continues: The government has directed local manufacturers, suppliers, and retailers to slash commodity prices by up to 30% over a series of meetings between the Supply Ministry, the Federation of Egyptian Chambers of Commerce, and the Federation of Egyptian Industries.
  • Mubadala acquires full stake in Adwia parent company Kelix bio from DPI, BII, and EBRD consortium: Abu Dhabi sovereign wealth fund Mubadala has fully acquired pan-African biopharma platform Kelix bio.
  • Concrete, GTEX off to a good start on the EGX: Our friends at Concrete Fashion Group for Commercial and Industrial Investment and spin off subsidiary GTEX Holding closed in the green with double digit share price jumps yesterday, following their EGX debuts a day earlier after the demerger of Arafa Holding last week.

?️ TOMORROW’S WEATHER- Expect a warmer day with a high of 31°C and a low of 18°C, according to our favorite weather app.

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