Good morning, all. After the fourth review of our IMF loan program kept us busy for the past few days, the news cycle has slowed down once again. In today’s issue we have news of Arab ministers presenting Gaza’s reconstruction plan to the US special envoy to the Middle East, the state tapping an advisor to manage Chill Out’s stake sale, more on Bonyan’s long-awaited IPO, and Egypt’s request to host some matches during the 2034 World Cup.

So, when do we eat? Maghrib prayers are at 6:02pm in the capital, and you’ll have until 4:40am tomorrow to hydrate and caffeinate ahead of fajr.

PSA-

Fresh housing units will hit the market after Eid: The Madbouly government will unveil 400k housing units for sale after Eid Al Fitr, some will be ready for immediate delivery and others will be delivered in up to two years, Prime Minister Moustafa Madbouly said.

WEATHER- We’re in for a warm sunny day in Cairo, with a high of 31°C and a low of 19°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 29°C and a low of 17°C.

And over the weekend, expect to see a high of 31°C and a low of 17°C in the capital.

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

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Arab foreign ministers, US special envoy discuss Gaza reconstruction in Doha: Foreign Minister Badr Abdelatty joined his counterparts from Saudi Arabia, Jordan, UAE, and Qatar, and the US Special Envoy to the Middle East Steve Witkoff in Doha to discuss Egypt’s USD 53 bn Gaza reconstruction plan. And while the statement out following the meeting was short on details, it said that the Arab ministers “agreed with the US envoy to continue consultations and coordination on this plan as a basis for the reconstruction efforts in the sector.”

WATCH THIS SPACE-

#1- In line with IMF directives, the government is committed to have energy prices reach cost recovery levels by the end of the year, Prime Minister Moustafa Madbouly said during his weekly presser yesterday (watch, runtime:30:24).

REMEMBER- Adjusting energy prices is part of the structural reforms mandated by the International Monetary Fund under our USD 8 bn loan program in a bid to “create space for more productive spending.”

#2- Madbouly government has tapped CI Capital to manage Chill Out’s IPO, an unnamed source told Al Borsa. The government is currently working on moving the company’s ownership from the National Service Projects Organization’s (NSPO) National Roads Company subsidiary to the Sovereign Fund of Egypt, once this step is completed the fund will start restructuring the fuel retailed ahead of its planned IPO, the sources said. The exact stake to be offered will be determined after the company completed its third phase of expansion. Additionally, ADSERO (Ragy Soliman and Partners) was appointed legal counsel for the offering.

A long time coming: Then-Planning Minister Hala El Said earmarked Chill Out for a sale back in December 2023. The firm is on the list of state-owned companies destined for stake sales this year.

#3- The country’s four mobile network operators will get the green light to launch 5G services by 2Q 2025, a government source told EnterpriseAM. Operators are conducting final network tests and are expected to announce operation in April, the source added. Residential areas with decent infrastructure will be first in the phased rollout of the service, before the service is expanded to cover more of the country.

REMEMBER- The National Telecom Regulatory Authority last year inked USD 600 mn worth ofagreements granting 5G service licenses to Vodafone Egypt, Orange Egypt, e& Egypt, and Telecom Egypt.

DATA POINT-

Cairo is the city of a thousand minarets, 7.2k mn’aires, and 4 bn’aires, according to data from investment migration-focused firm Henley & Partners. The nation’s capital topped the list of the wealthiest cities in Africa by both the number of bn’aires and centimn’aires (30). In terms of the number of mn’aires, Cairo came in third place, behind South Africa’s Johannesburg and Cape Town.

Despite an impressive standing in the tables, the longer-term view isn’t as positive, with the number of mn’aires calling Cairo their home dipping 21% in the ten years between 2013 and 2023.

THE BIG STORY ABROAD-

It seems like we can’t go a single morning without bringing up the Trump tariffs: US President Donald Trump threatened to introduce additional tariffs on EU imports, after the bloc responded to his 25% tariff on steel and aluminum, saying it would increase tariffs on USD 28 bn worth of US goods starting April. “Whatever they charge us with, we're charging them,” Trump said in response to the news. (Reuters | Bloomberg | AP | BBC)

“Tariffs are taxes. They are bad for business and worse for consumers,” EU President Ursula von der Leyen said, adding that “nobody needs that — on both sides, neither in the European Union nor in the United States.”

CLOSER TO HOME- Israel and Lebanon kicked off US-backed talks over their border and the possible withdrawal of Israeli troops. Delegates from the two sides met earlier this week in the presence of US and French mediators (Bloomberg)

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