Good afternoon all you wonderful people, and happy Wednesday. Read on for all the latest on the Banque du Caire stake sale, the world’s most valuable companies in 2024, and solid recs to kick off the new year.

THE BIG STORY TODAY

The long-awaited Banque du Caire stake sale could soon be kicking into gear: Banque Misr is preparing to appoint an advisor for the offering of its subsidiary Banque du Caire, with the decision to come in a matter of days, a senior banking source told EnterpriseAM. The advisor will determine the structure of the sale, including allocations for public and private placements, with the offering expected to occur in 1H 2025 — earlier than the 2H kickoff we’d heard about previously.

Emirates NBD is reportedly eyeing a stake: Emirates NBD is reportedly considering the acquisition of a controlling stake in BdC, with informed sources telling Al Mal that the bank is currently in the final stages of due diligence with the acquisition expected to go through in 1Q 2025. Our source noted that multiple offers from investors and banks are currently under consideration, but refused to name any of the interested parties as all discussions remain in the early stages.

The sale has been a long time coming: Plans to list Banque du Caire have been floated — and repeatedly delayed — since 2018, with adverse market conditions often singled out as the culprit. Despite the stop-start nature of the privatization process, the government has continued to position BdC as a prime privatization target, with Prime Minister Moustafa Madbouly highlighting it last month as one of ten state-owned companies — alongside fellow banking sector stalwart Alexbank — as among those slated for stake sales in 2025.

THE BIG STORY ABROAD

The international headlines are a mixed bag today, with a number of stories vying for top billing. Wildfires in the Los Angeles area have forcedtens ofthousands to evacuate their homes in the affluent coastal neighborhood of Pacific Palisades and the Pasadena region in the latest fire-related disaster to afflict southern California. Over in South Korea, acting president Choi Sang-mok has encouraged security forces to pursue the arrest of impeached president Yoon Suk Yeol, who has barricaded himself within the presidential residence with the help of his personal security services. And closer to home, intensified Israeli strikes on Gaza killedat least22 today, as the US, Egypt, and Qatar continue last-ditch talks to secure a ceasefire prior to the inauguration of president-elect Donald Trump on 20 January.

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

  • Net foreign assets in Egypt’s banking sector dropped to USD 5.96 bn in November, down from USD 9.2 bn in October, marking a sharper monthly decline of 35.2%.
  • Egypt’s non-oil private sector activity contracted for the fourth consecutive month in December, falling to 48.1 from 49.2 in November.
  • More reports of companies joining in with the end-of-year securitization rush have emerged, with news that Aman Consumer Finance, Aman Microfinance, and Erada Microfinance also hit the securitization markers.

☀️ TOMORROW’S WEATHER- The mercury will see a brief uptick in the capital tomorrow, with the weather reaching 23°C in the morning and 12°C in the evening, according to our favorite weather app.

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