Good afternoon, friends, and happy almost-weekend. We’ve got a packed issue for you today. At home, oversight of 110 companies is moving to Egypt’s Sovereign Fund following the dissolution of the Public Business Sector Ministry. In the business press, financial firm stocks are in the red after another sell-off.

Also in today’s issue: We take a look at why Chinese SUVs might be the new luxury go-to, and dive into what might just be Maadi’s hottest comedy night.

THE BIG STORY TODAY-

📍 New cabinet, new oversight: Following the official dissolution of the ministry in yesterday’s cabinet reshuffle, the government is set to transfer oversight of public business sector companies to Egypt’s Sovereign Fund and the Cabinet-affiliated State-Owned Enterprises Oversight Unit, three government sources tell EnterpriseAM. The Sovereign Fund will assume responsibility for around 110 companies, either by attracting new capital or by integrating them into the government’s IPO program, sources tell us.

ALSO- Yields on domestic sovereign sukuk dropped on Tuesday to 20.8% on average, down from 21.5% in previous auctions, according to CBE data. The dip prompted the Finance Ministry to accept EGP 6.06 bn in bids, exceeding its target of EGP 5 bn, a government source told EnterpriseAM. The uptick in demand is largely attributed to the recent upgrade of the secondary market for public debt — and its subsequent trading on the Egyptian Exchange (EGX) — significantly boosting liquidity.

^^ Read more details on these stories and more in tomorrow’s edition of EnterpriseAM.

We’re hiring a technology reporter: EnterpriseAM is looking for a tech reporter to own the beat across Egypt, the UAE, Saudi Arabia, and beyond.

This is a reporting job — not a desk job. You’ll be working sources, breaking stories, and writing about trendlines (not just headlines) in our voice and with the authority our readers expect. AI and digital infrastructure are huge features of the beat, but our interests are broad: fintech, telecoms, regulation, SaaS, and the bajillion ways tech is reshaping how businesses operate across the region.

We want someone who can pick up the phone or WhatsApp, get people talking, and turn what they say into stories that senior decision-makers need to read. We also expect you to attend industry events and maintain relationships with PR folks across the industry without selling out. If you’ve got 2-3 years of experience and the hunger to build a beat from the ground up, we want to hear from you. We’re also interested in hearing from veteran reporters. Spoken Arabic is strongly preferred.

The role is based in Cairo, though we’re open to remote work for the right candidate. If you’re reading EnterpriseAM, you know what we’re about: a no-BS daily news outlet that tells busy execs, investors, founders, and ambitious people what they need to know about the trends shaping business, economy, finance, regulation, and public policy across our region. We write stories that have impact — about issues that matter — for a global audience of decision-makers.

Do we sound like the type of place where you want work? Send your CV and three clips to jobs@enterpriseamea.com. Also, enclose a great cover letter that tells us who you are, what you do, and why you’d be a great fit for this job.

THE BIG STORY ABROAD-

🌐 The launch of a new tax planning tool from tech platform Altruist — said to help advisors “create fully personalized tax strategies for clients” — shook up financial firms, as stocks wobbled amid investor concerns about potential AI disruption to advisory and banking services. LPL Financial tumbled 8.3%, Charles Schwab lost 7.4%, and Morgan Stanley dropped 2.4%.

AND- BTC’s downward trajectory continues, trading just below USD 66k this morning. Crypto markets are pressured by the volatility of US technology stocks and the latest sell-off.

^^Read more on Bloomberg and CNBC (here and here).

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

  • We have a new Cabinet with several new faces taking over ministries. The shuffle introduces 13 new ministers and bids farewell to 11 others. Prime Minister Mostafa Madbouly will continue to head the cabinet, making him one of the longest-serving prime ministers in the country’s history;
  • Annual urban inflation stood at 11.9% in January, marking its lowest level since September and a 0.4 percentage point drop from December. The reading gives us reason to believe the Central Bank of Egypt will move forward with a rate cut when its Monetary Policy Committee meets to review rates;
  • Beltone Holding completed its largest transaction to date with the EUR 197.6 mn acquisition of 100% of Baobab Group. The acquisition marks Beltone’s first major cross-border expansion and sets the foundation for its evolution into a Pan-African financial services platform.

☀️ TOMORROW’S WEATHER- It’s another cool day in Cairo, with temperatures set to peak at a high of 24°C before cooling down to 16°C, according to our favorite weather app.

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