Good morning, friends. We are kicking off the week with a brisk issue, diving into what USAID’s pullback from Egypt means for its employees and programs, what went down during the VC Summit, and Maersk’s take on when Red Sea traffic may pick up.

Mr. Beast takes over the pyramids: The highly-anticipated video of mega YouTuber Mr. Beast spending 100 hours exploring the Giza Pyramids in now live (watch, runtime: 21:42). The video documents Mr. Beast (Jimmy) and his crew’s time setting up camp near the pyramids and spending 100 hours exploring the inside of the pyramids with a tour guide that helped guide them through it all.

A star-studded video: The video saw the gang being shown around the pyramids by Egyptian archaeologist and former Antiquities Minister Zahi Hawass and Ashraf Mohie Eldin, the director of the Giza Plateau.

PSA-

WEATHER- It’s another cold day in Cairo, with a high of 18°C and a low of 11°C, according to our favorite weather app.

It’s a tad colder in Alexandria, with a high of 17°C and a low of 10°C.

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WATCH THIS SPACE-

#1- The IMF’s Executive Board to sign off on our fourth review “in the coming weeks,” IMF Communications Director Julie Kozack said in a briefing to the press. The meeting will also see the board look into a set of fresh funds under the IMF’s Resilience and Sustainability Facility, which provides “affordable long-term financing to countries undertaking reforms to reduce risks to prospective balance of payments stability, including those related to climate change and pandemic preparedness.” The IMF executive board has yet to put Egypt on its public calendar.

Remember: The IMF reached a staff level agreement with Egyptian authorities on the fourth review of its USD 8 bn loan program in December. The agreement will grant Egypt access to USD 1.2 bn — the biggest tranche of the program so far — after the Executive Board gives its stamp of approval.

It’s still unclear how large the additional tranche of funds could be, with Kozack saying that she couldn’t confirm the exact size of the fresh set of funds at this stage when asked if the amount would reach up to USD 1 bn.

#2- Are the wheels finally turning on the Banque du Caire stake sale? Emirati and Kuwaiti financial institutions have begun due diligence to acquire at least 60% of Banque du Caire, sources with knowledge of the matter told Al Shorouk. The state is looking to exit the lender in 2Q 2025 — be it through a stake sale or a listing on the EGX if none of the offers it receives are worth pursuing. CI Capital has been appointed as the financial advisor for the sale. Last we heard, Emirates NBD is reportedly considering the acquisition of a controlling stake in BdC.

Remember: EnterpriseAM last month reported that Banque Misr has started preparing to appoint an advisor for the offering of its subsidiary. Plans to list Banque du Caire have been floated — and repeatedly delayed — since 2018, with adverse market conditions often singled out as the culprit.

#3- EGX, EBRD team up to boost market liquidity: The EGX and the European Bank for Reconstruction and Development (EBRD) are working together on a project to boost market liquidity in the EGX, according to a statement(pdf). The project will see both sides studying liquidity in the market and introducing new financial instruments and trading strategies. The project also aims to develop mechanisms such as a more active securities lending and borrowing system, easier access to lendable shares, and enhanced hedging tools.

IN THE HOUSE-

The House is back in session today after a two-week break: MPs will resume their discussion of 540-article Criminal Procedures Law today and vote on articles 277 to 338. They will also vote on two oil exploration agreements — one in the Western Desert involving EGPC, Eni’s IEOC Production, and Apex International, and the other in East Port Said with EGAS, IEOC, BP, and Qatar Energy.

The House will also review two foreign agreements — one allowing Egypt to increase its subscription to the African Development Bank and another with China to implement the third phase of the 10th of Ramadan railway project. Meanwhile, the Manpower Committee will hold six meetings throughout the week to finalize discussions on the re-drafted labor law before referring it to a plenary vote.

HAPPENING TODAY-

#1- Go Green to start trading on the EGX: Agriculture, construction, and mining machinery manufacturer Go Green for Agricultural Investment and Development will start trading on the EGX today, according to an invite sent to EnterpriseAM. Go Green got the green light from the EGX’s listing committee to list its shares, amending its temporary listing status granted in July.

#2- Nation council to review the private sector minimum wage: The National Wages Council will meet later today to discuss the minimum wage for the private sector, according to a Planning Ministry statement. The council last raised the minimum wage for private sector workers to EGP 6k a month, up from EGP 3.5k last May.

How big of an increase could private sector employees be looking at? “We expect the council to raise the minimum wage to around EGP 7k,” council member Alaa El Sakty told Kelma Akhira’s Lamees El Hadidi (watch, runtime: 4:51). “That way the employer would be bearing half of the current inflation figure,” he added.

Remember: A raise in the public sector minimum is already in the works, with an upcoming social protection package expected to raise the minimum wage by EGP 1.5k to EGP 7.5k.

CIRCLE YOUR CALENDAR-

South Sinai’s St. Catherine will launch the first phase of its Great Transfiguration project by the end of 2025, with 85% of it already complete, South Sinai Governor Khaled Mubarak told Asharq Business. Previous reports said trial operations will kick off in April or May.

Remember: The cabinet last March announced that Steigenberger inked an agreement with the New Urban Communities Authority to manage and operate an integrated tourist city in St. Catherine.

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-

It’s a relatively calm morning in the international press, with headlines focusing on Trump’s unexpected moves, the latest on Gaza’s ceasefire, and Lebanon’s new government.

Trump’s latest targets: The US president’s latest executive order cuts all financial aid to South Africa, citing domestic land policy allegedly targeting white South Africans, as well as Cape Town’s genocide accusations against Israel at the International Court of Justice. This comes after an earlier order Trump signed on Thursday imposed sanctions on the International Criminal Court for targeting the US and its allies. (NBC News | Reuters)

IN GAZA- Hamas released three Israelis on Saturday, while Israel released 183 Palestinians, the fifth exchange in the first phase of an increasingly fraught ceasefire agreement. Israeli forces are due to withdraw from the key Netzarim corridor today, allowing freedom of movement between the strip’s north and south. (Reuters | New York Times | The Guardian)

MEANWHILE- A new government in Beirut with a tough mandate: Lebanon appointed Amer Bisat, BlackRock’s head of emerging-markets fixed income, as its economy minister. Bisat — along with new finance minister and lawmaker Yassine Jaber — will be tasked with laying down a recovery plan for Lebanon’s deeply-troubled economy, hoping to unlock much needed funding from the IMF. (Bloomberg | ABC News)

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