Good afternoon, everyone, and a happy hump day to you all. We’re bracing ourselves for yet another hike in fuel bills next month, and following news of international acquisitions and industry shakeups.

THE BIG STORY TODAY

Fuel bills could go up again next month: The government is expected to raise fuel prices in April as it looks to resume the phase-out of fuel subsidies, a government source told EnterpriseAM. The fuel pricing committee is expected to raise prices by EGP 1-1.25 to bridge the gap between selling prices and production costs. The anticipated move is part of the government’s plan to have energy prices reach cost recovery levels by the end of the year.

REMEMBER- The committee last raised fuel prices in October, bumping up bills by 8-17% in what was the third and final fuel hike of 2024.

More hikes to follow: The fuel pricing committee is expected to meet four times this year as it works to end subsidies by the year’s end, our source said.

THE BIG STORY ABROAD

Death toll from Israel’s renewed airstrikes on Gaza rises: Israeli airstrikes launchedacross Gaza today have killed 404 people and injured 562, according to updated statistics by the Palestinian Health Ministry. The attack broke a nearly two-month ceasefire between Israel and Hamas, killing hope that it would be extended into a second phase that was initially scheduled for the start of March. Israeli Prime Minister Benjamin Netanyahu said he instructed the military to take "strong action" against Hamas due to their unwillingness to free the remaining hostages and their rejection of ceasefire proposals.

Google parent company Alphabet has acquired Israeli cybersecurity firm Wiz, marking the tech giant’s largest ever acquisition. Last year, negotiations fell through due to concerns over the host of antitrust cases filed against Alphabet, but earlier this year, the Google parent laid an offer of USD 32 on the table, reports Reuters, which went through earlier this afternoon. During their last funding round in 2022, Wiz raised USD 1 bn at a USD 12 bn valuation from investors, and the company’s valuation reportedly jumped to USD 16 bn in an employee tender offer late last year, making the USD 32 bn offer a substantial premium.

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

  • TCI Sanmar has big investment plans for Egypt: Indian chemicals producer TCISanmar has plans to invest an additional USD 300 mn into its Egypt operations, bringing its total investments in the country to around USD 2 bn.
  • TBS’s baked goods are headed to Saudi Arabia: Homegrown TBS Holding is set toopen a commercial-scale bakery in Saudi Arabia in partnership with Saudi food and beverage player Shahia Investments after the two companies inked a strategic partnership.
  • Energean’s USD 945 mn asset sale to Carlyle is at risk of being scrapped: LSE-listed oil and gas company Energean’s USD 945 mn agreement to offload assets in Egypt and other countries to global investment firm Carlyle is at risk of falling through as some regulatory approvals remain outstanding just days before the sale’s 20 March deadline.

☀️ TOMORROW’S WEATHER- We’re seeing another drop in temperature in the capital, with the mercury set to reach only 25°C tomorrow before settling on 13°C at night, according to our favorite weather app.

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