Good morning, friends. It’s an econ-heavy morning here in Egypt as we bring you the latest from the central bank and IMF.

WATCH THIS SPACE-

#1-Vivo Energy in the running for Wataniya stake: UK-based and Africa-focussed petroleum firm Vivo Energy has reportedly submitted an offer of around USD 100 mn for 174 gas stations currently owned by state-owned fuel retailer Wataniya, Cairo24 reports, citing a source it says is familiar with the negotiations.

Remember: Wataniya has received seven international and local acquisition offers, Planning Minister Hala El Said told Asharq Business last week, adding that the government is filtering the offers for the long-awaited stake sale and will select one soon. Taqa Arabia remains to be the only firm to have publicly declared interest in the filling station operator.

#2- Cabinet calls on ministries and agencies to trade in FX for EGP: The Madbouly government has reportedly instructed ministries and associated agencies to exchange any USD they have with the Central Bank of Egypt for EGP, Al Arabiya reports, citing what it says is a document it obtained detailing the instructions.

But what should they do when they’ve got bills to pay in FX: Any ministry or agency that needs to source foreign currency will need to approach the central bank with the equivalent amount in EGP to gain access to FX, according to the outlet.

#3- T-bill trading through brokerage firms? Trading of treasury bills will be made available through brokerage firms on the bourse within the next three to four months, bourse head Ahmed El Sheikh told Asharq Business. The bourse is working with the Financial Regulatory Authority and the Finance Ministry to make this happen, El Sheikh added. Currently, only a select group of banks are allowed to trade in the government debt instrument.

HAPPENING TODAY-

#1- It’s day two of the Techne Summit at the Cairo International Stadium. The investment- and entrepreneurship-focused event is hosting some big name speakers from leading VC firms and companies from the region and across the globe. The summit continues until tomorrow and you can register to attend here.

#2- Calling renewable energy enthusiasts: The USAID-backed Center of Excellence forEnergy will hold its stakeholder’s meeting on Egypt’s energy transition today at the Cairo Marriott Hotel in Zamalek. You can view the full agenda here (pdf).

PSA-

WEATHER- It’s looking like another hot day in Cairo, with a high of 36°C and a low of 23°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 35°C and a low of 22°C.

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CORRECTION- In Thursday’s issue of EnterpriseAM Egypt, we mistakenly said that Act Financial will price its shares at EGP 3.65 for its upcoming market debut. The investment management company instead set the maximum offering price per share at EGP 3.65. The story has been amended on our website.

THE BIG STORY ABROAD-

Is the G7 angling for a trade war with China? Finance ministers meeting in Italy yesterday warned that they are upset with the role China is playing in global business — and could move to take action. “While reaffirming our interest in a balanced and reciprocal collaboration, we express concerns about China’s comprehensive use of non-market policies and practices that undermines our workers, industries, and economic resilience. We will continue to monitor the potential negative impacts of overcapacity and will consider taking steps to ensure a level playing field.” Bloomberg has more.

MEANWHILE- Israel continues to attack Rafah despite the International Court of Justice (ICJ) order to immediately cease all military operations in Rafah on Friday. The court also ordered Israel to open the Rafah crossing to aid and allow investigators into the area. The court’s non-binding rulings come days after the ICJ chief prosecutor requested arrest warrants for a number of Israeli and Hamas officials.

Egypt welcomed the court’s decision, saying it holds Israel “fully responsible for the deteriorating humanitarian conditions in the Gaza Strip as the occupying power,” a Foreign Ministry statement said.

Another round of talks ahead? Mediators are expected to return to the negotiating table this week, one official with knowledge of the matter told Reuters. Negotiations will reportedly discuss “new proposals led by the mediators, Egypt and Qatar and with active US involvement,” the official said. Israeli, Qatari, and US officials met in Paris over the weekend for preliminary discussions.

El Sisi, Biden discuss ways to deliver aid: President Abdel Fattah El Sisi and US President Joe Biden discussed the latest developments in Gaza during a phone call on Friday, agreeing to deliver aid and fuel to the United Nations at the Karam Abu Salem Crossing until an agreement is reached to reopen the Rafah crossing, according to an Ittihadiya statement.

Not working: The USD 320 mn pier built by US forces, who are not allowed by White House policy to set foot in Gaza to help distribute aid. The equivalent of 71 truckloads of aid made it in through the pier last week — far short of the 90 per day US officials were hoping for. The Wall Street Journal has a deep dive.

AND IN AI NEWS- Google’s AI Overview is under fire for being extremely flawed. AI Overview shows users quick summaries when they Google a question, supposedly saving users a lot of scrolling, but it has become the subject of scrutiny online for its complete nonsense results. AI Overview has suggested users use glue to ensure their cheese sticks to their pizza base or recommended users consume “at least one small rock a day.” Google is taking swift action to tackle the issue, a company spokesman told CNBC — an approach that right now involves taking down some of the dumbest suggestions by hand.

Not seeing AI Overview on your search results page? The feature is only widely available in the US right now.

Expect a quiet news day out of the USA today and tomorrow: Our American friends are off through Monday for a three-day weekend in observance of Memorial Day.

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