Good morning, all, and congratulations for making it to the end of January. To wrap up a busy first month of the year, we’ve got a suitably busy issue for you this morning. We’ve got plenty of local business news to get through and strong words from El Sisi rejecting in clear terms the forced displacement of Palestinians into Egypt or anywhere else — more on this and more in the news well below.

We’re struggling to fit everything in this morning, so let’s jump right in and not waste any more digital ink.

PSA-

WEATHER- The sun is out in Cairo today, with a high of 22°C and a low of 13°C, according to our favorite weather app.

It’s an overcast day in Alexandria, with a high of 21°C and a low of 11°C.

And over the weekend, expect to see temperatures stay at around the same point in both the capital and Alexandria.

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

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

WATCH THIS SPACE-

#1- Six US- and UK-linked ships have passed through the Red Sea safely since 19 January, after Yemen’s Houthis announced they would only target Israeli-linked vessels following the ceasefire agreement between Israel and Hamas, Bloomberg reports citing Joint Maritime Information Center data.

But six ships is just a drop in the bucket when compared to traffic the canal was used to, with shipping giants Maersk, MSC, and Mitsui OSK still avoiding the Red Sea, citing security risks.

** We dove into if, when, and how Suez Canal traffic will pick up following the Gaza ceasefire in a story published earlier this month. Check out the story here

#2- The EGX is considering launching a T-bills index to meet rising investor interest, according to an EGX statement (pdf). The proposal is being developed in collaboration with the Central Bank of Egypt and will focus on longer-term issuances, Al Borsa reports, citing unnamed sources.

HAPPENING TODAY-

The Egyptian and Iraqi governments will today ink a number of cooperation agreements across various sectors — energy, housing, taxes, customs, and transportation — today during the final day of the Egyptian-Iraqi Joint Higher Committee meetings in Baghdad, four unnamed government sources told Asharq Business. Prime Minister Moustafa Madbouly will be in attendance to oversee the signing of the agreements and partake in discussions to secure mazut shipments from Iraq under favorable terms to meet domestic demand.

HAPPENING NEXT WEEK-

Go Green to become 2025’s first new entrant on the EGX next week? Agriculture, construction, and mining machinery manufacturer Go Green for Agricultural Investment and Development aims to start trading on the EGX through a direct offering next week, Hashem El Sayed, CEO of financial advisor Odin Investments told Zawya. Go Green got the green light from the EGX’s listing committee to list its shares, amending its temporary listing status granted in July.

CIRCLE YOUR CALENDAR-

Investors and VCs will gather next week for the two-day Egypt VC Summit set to take place at the Sofitel Cairo Downtown Nile on 4-5 February, according to a joint statement (pdf) from the organizers. Hosted by the Egyptian Private Equity And Venture Capital Association and German development agency GIZ, the event will bring together global and regional investors to attend talks, network, and partake in roundtable discussions. You can check out the agenda on the website for the event.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

THE BIG STORY ABROAD-

AI is on everyone’s minds this morning after Meta and Microsoft reported their earnings for 2024, and as the DeepSeek craze continues.

#1- Meta’s shares rebounded on CEO Mark Zuckerberg’s comments that Meta AI will become the most widely used AI in the industry this year, despite the company giving a disappointing sales forecast that had weighed on the stock earlier. The question now is again whether the company’s AI investments will pay off — especially after Chinese AI startup DeepSeek proved it is possible to create an AI model with a fraction of the cost. (Bloomberg | CNBC)

Speaking of DeepSeek, OpenAI said it has found evidence that the Chinese AI startup used its proprietary models to train its own large-language model, according to the Financial Times. Meanwhile, US President Donald Trump is looking at ways to further curb chip exports from Nvidia to China, Bloomberg reports.

#2- Microsoft’s shares tumbled 5% in afterhours trading after the tech giant reported slower growth than expected for its cloud business, despite the company beating revenue estimates. (Wall Street Journal | Barron’s)

In other earnings news, Tesla’s shares also rebounded on an optimistic forecast for growth in 2025, despite missing estimates for the fourth quarter of 2024. (Bloomberg | CNN)

OVER IN THE US, the White House revoked its freeze of federal aid due to legal challenges, though the administration still plans to cut spending to programs opposed by Trump. (Reuters)

AND IN SYRIA- The Syrian rebel group that ousted Bashar al Assad named its leader Ahmed Al Sharaa as the country’s new president for a transitional period, after the group dissolved the parliament, the military, and constitution. (Bloomberg | New York Times | AP)

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