Good morning, folks. We have a brisk issue for you this morning led by our conversation with Karim Hussein, managing partner of Algebra Ventures on what we can expect next from the VC and the local startup scene.

WATCH THIS SPACE-

#1- ECA to roll out pre-approval system for M&As next week: Companies planning mergers and acquisitions will need to secure the Egyptian Competition Authority’s (ECA) approval before proceeding starting 1 June, according to an ECA statement. The new regulations seek to crack down on economic concentrations in a bid to attract local and foreign investment, facilitate market entry, and bolster competition. The ECA has set up a specialized economic concentration control department to oversee the new system.

#2-GoBus plans to go public: Local bus service GoBus plans to list 30% of its shares on the EGX within the next two years, the company’s CEO Fady Nassif was quoted as saying by local news outlets (here and here). The company is currently valued at EGP 5 bn according to preliminary valuations, Nassif said.

The company also eyes offshore expansion: GoBus is gearing up to launch its Saudi arm by June or July of this year, Nassif said yesterday. The company is also looking to enter the UAE and Greek markets by the end of 2024, he added.

HAPPENING TODAY-

#1- A big week ahead for Arab diplomacy? The foreign ministers of Egypt, Saudi Arabia, the United Arab Emirates, Jordan and Qatar will join their 27 European Union counterparts in Brussels today for talks. Look for the war in Gaza and the post-war order there to take center stage.

#2- It’s the final day of the Techne Summit at the Cairo International Stadium. The three-day investment- and entrepreneurship-focused event is hosting some big name speakers from leading VC firms and companies from the region and across the globe. You can still register for the event here.

#3- Avior-HC Egypt virtual conference kicks off: HC Brokerage and Avior Capital Markets are kicking off their virtual conference today, according to a joint statement (pdf). The four-day event brings representatives from 25 EGX-listed companies together with financial institutions from the US, Canada, Europe, South Africa, and Egypt to discuss potential investment.

#4- It’s day two of ProPakMENA, an annual event on all things processing and packaging in the F&B manufacturing industry. The event will see over 350 companies from 20 countries gathered at the Egypt International Exhibition Center in New Cairo, according to a statement (pdf). The exhibition ends tomorrow.

#5- A weeklong meeting of African Development Bank members kicks off in Kenya and will run through Friday. The relatively unwieldy title for the AfDB’s annual meeting: “Africa’s transformation, the African Development Bank Group, and the reform of the global financial architecture.” International Cooperation Minister Rania Al Mashat will be speaking. More on the event’s website here.

PSA-

WEATHER- It’s still very hot in Cairo, with a high of 35°C and a low of 22°C, according to our favorite weather app.

It’s cooler in Alexandria, with a high of 26°C and a low of 18°C.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

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ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at how our freezones perform compared to the UAE and Turkey. Check out the story here.

THE BIG STORY ABROAD-

It’s a reasonably quiet morning in the global business press, as is often the case on Mondays — and even more so when it’s a long weekend: Markets are closed today in both the United States (Memorial Day) and the UK (spring bank holiday).

Hamas fired rockets at Tel Aviv yesterday for the first time since January in what defense analysts are saying is a demonstration of resilience, the Associated Press reports. Eight rockets were launched from Rafah and several were intercepted, the Israeli military said.

Israel, in turn, killed dozens in airstrikes on Rafah hours after Hamas’ attacks. At least 35 people were killed and dozens injured.

Negotiations due to resume in Cairo tomorrow: Another round of ceasefire and hostage swap negotiations is due to kick off in Cairo tomorrow, CNN and Reuters report, citing unnamed officials. Egyptian and Qatari mediators will lead the talks with US involvement.

Aid delivery resumes: Some 200 aid trucks and four fuel trucks departed from Egypt to enter Gaza through the Kerem Shalom crossing yesterday, bypassing the Rafah crossing that has been closed for several weeks, Al Qahera News reports.

A bad morning for nervous flyers: The press is picking up on the idea that significant in-flight turbulence is becoming more common thanks to global warming after a dozen people were injured yesterday on a Qatar Airways flight that ran into turbulence over Turkey. The incident came just days after dozens were hurt in a similar Singapore Airlines incident. The story is on all front pages this morning.

Signs of the times: Hedge fund managers are blaming slow fundraising on the slow pace of exits by their counterparts in private equity. Both rely on pension plans, foundations, and endowments for assets under management, but with PE exits slowing, limited partners have less cash to put into hedge funds and other asset classes, the Financial Times writes.

Keep an eye on: Closing arguments in Donald Trump’s hush-money trial, which begin on Tuesday, and parliamentary elections in South Africa, which start on Wednesday.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We spoke to industry insiders from the private and public sector to find out what are global university rankings and if they really matter.

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