Good morning, all. We have another busy issue for you this morning with the news flow showing no signs of slowing down.

PSA-

You can now book train tickets through the Egyptian National Railways’ new 24/7hotline. To reserve or make inquiries, call 1661 from a mobile phone, or 09000661 on a landline. Payments also can be made through Fawry, with more payment options in the pipeline.

WEATHER- It’s another sunny day in Cairo, with a high of 22°C and a low of 13°C, according to our favorite weather app.

It’s a little colder in Alexandria, with a high of 19°C and a low of 12°C.

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

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WATCH THIS SPACE-

#1- Twenty German companies are planning to invest in Egypt’s manufacturing sector, a high-ranking government source told EnterpriseAM. A delegation of the companies met with government officials last week to discuss the proposed investments that include projects in the auto feeder industry and electrical engineering.

The pull? Cheaper energy and lower taxes than in Germany is what persuaded the companies to consider setting up shop in Egypt, according to the source.

#2- Egypt will ink an agreement to rent a floating regasification unit from Cyprus next month, with the ship, which will have a daily processing capacity of 500 mn cubic feet per day (mcf/d), set to dock in Egypt to cover high energy demand in the summer months, Asharq Business reports citing an unnamed government official.

That makes five: Egypt reportedly chartered a third floating storage regasification unit to process LNG imports to dock at Ain Sokhna by June 2025 and a fourth unit from Turkey to dock for the duration of the summer.

DATA POINT-

Gold prices hit an all time high: The price of 24 karat gold surged to EGP 4,714 per gram and 21 karat gold rose to EGP 4,125 per gram yesterday, which gold trading platform iSagha CEO Saied Embaby attributed to heightened demand as people look to the precious metal as a hedge amid ongoing geopolitical uncertainty.

HAPPENING TODAY-

It's the closing day of the Egypt Energy Show, where private and public energy players from around the world have gathered at the Egypt International Exhibition Center in Cairo. The three-day event — coming this year under the theme of Building a Secure and Sustainable Energy Future — brings together 47k visitors, features 300 speakers, and hosts more than 500 participating companies.

HAPPENING TOMORROW-

#1- Will tomorrow be the day the Central Bank of Egypt starts cutting rates? The central bank’s Monetary Policy Committee will meet tomorrow to decide on whether to kick off the year with an interest rate cut after having kept rates stable since its March hike that coincided with the float of the EGP.

Analysts are split on which way the committee will go, with some telling us in our customary interest rate poll that they expect the bank to cut interest rates by 100-200 basis points (bps) on the back of a strong positive base effect and slowing inflation. While others believe that the recent inflation data will prompt the bank to wait until the next time the committee meets in April.

#2- Egypt-Switzerland economic cooperation is on the agenda tomorrow at the online event Innovate Together: Business Opportunities Between Egypt and Switzerland, organized by the Egyptian-Swiss Business Circle and Switzerland-based Kickstart Innovation. The event will gather startups, investors, and public and private players from both nations to explore potential business prospects between the two countries.

THE BIG STORY ABROAD-

Talks on the Russia-Ukraine war held in Riyadh are in the spotlight this morning, as senior delegates from the US and Russia agreed to start laying the groundwork for an agreement that ends the war.

Saudi Arabia hosted talks between senior US and Russian officials yesterday, spearheaded by US Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov. The two sides agreed to chart a way towards normalizing their diplomatic missions and ending the Ukraine war.

Europe is trying to catch up: The EU — notably missing from the talks — is set to join the table “at some point” to iron out details regarding sanctions on Russia, Rubio said.

Ukraine is not on board: “Nobody decides anything behind our back,” Ukrainian President Volodymyr Zelensky said in a press conference after the US-Russia meeting was concluded. Zelensky, who was due in Saudi today for a separate trip, postponed his visit to the Kingdom in a move to avoid “any coincidences.” US President Donald Trump signaled he wants to see elections in Ukraine once the war ends, and said that Ukraine’s leadership “allowed a war to go on that should have never happened.” (Reuters | Associated Press | EC | Semafor | FT)

MEANWHILE IN GAZA- Israel confirmed negotiations on the second phase of the ceasefire agreement will begin this week, after securing an agreement in Cairo that will see Hamas release six living captives instead of three next Saturday. Israeli Foreign Minister Gideon Saar said Israel will reject any arrangements that do not involve disarming Hamas and all other factions, adding that rule in Gaza will not be transferred to the Palestinian Authority. (Bloomberg | Reuters)

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We look at BMI’s key themes shaping the construction sphere this year.

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