Good afternoon, ladies and gentlemen, and happy almost-Thursday. The newswire is starting to buzz even though we are one day away from the weekend.

THE BIG STORIES TODAY

#1- El Sisi, Jinping talk Gaza, water security: President Abdel Fattah El Sisi participated in a summit in Beijing alongside his Chinese counterpart Xi Jinping, where they discussed the ongoing situation in Rafah, Egypt’s water security, as well as efforts to strengthen ties between the two countries, according to an Ittihadiya statement. The event saw the signing of a number of cooperation agreements between the two sides — with a particular emphasis on cooperation in the tech sector — as well as an agreement on a joint development plan for China’s Belt and Road initiative. It also witnessed the joint announcement of the “Year of the Egyptian-Chinese Partnership,” which will include “a variety of diplomatic, economic and cultural activities,” the statement read.

#2- Subsidized bread set to quadruple in price next month: A loaf of subsidized bread will be sold at EGP 0.20 starting next month, up from its current price of EGP 0.05, Prime Minister Moustafa Madbouly announced today. This came two days after Madbouly hinted at cutting down spending on bread subsidies to bring the selling price closer to the “massive” cost of production.

#3- USD 180 mn MAFI agriculture freezone is off the ground: MAFI Agricultural Produce Industries (MAFI) has gotten the greenlight from the Madbouly government to set up a private freezone spanning 155k sq-km for agricultural products in Sadat City, according to a statement. All of the project’s output will be for export, with MAFI aiming to export USD 200 mn in the first phase and double that in the second phase of operations.

Remember: MAFI founder Ahmed Abou Hashima signed contracts with several international companies in January to set up the agri-food industrial complex. It’s slated to be the largest in the Middle East and could create as many as 7k direct and indirect jobs.

THE BIG STORY ABROAD

Donald Trump’s criminal trial is coming to a close. The former US president and current electoral candidate has been on trial for 34 counts of felony due to falsifying business records in the first degree, marking the first criminal trial against an American president. His fate lies in the hands of 12 jurors, whose decision may be reached within hours, or take as long as several weeks. If convicted, Trump is expected to spend four years in prison, or face probation — but it would not disqualify him from his electoral bid, or from serving as president if elected. (NYT | CNN | Washington Post)

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

  • Price hikes to hit pharma sector: Some 200 pharma products could be subject to price hikes ranging from 5-20% starting next week, an industry source told Enterprise.
  • Thndr heads to the UAE: Homegrown digital investment platform Thndr has receivedthe greenlight from the Abu Dhabi Global Market Financial Services Regulatory Authority to enter the Emirati market.
  • Tasaheel issues social sustainability bonds for the second time this year: MNT-Halan microfinance subsidiary Tasaheel Finance has issued its second EGP 3.8 bn tranche of a wider three-year EGP 13 bn program.

☀️ TOMORROW’S WEATHER- Expect sunny skies tomorrow as the mercury rises to 32°C in Cairo before dipping to 20°C, according to our favorite weather app.

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