Good afternoon, folks, and happy almost-Thursday. As we move towards the end of the week, the news cycle is staying consistent with its focus on the government’s agreement with ADQ on Ras El Hekma.

THE BIG STORY TODAY

The Central Bank of Egypt has received the first batch of funds from Abu Dhabi sovereign wealth fund ADQ, which agreed to pay USD 35 bn for the Ras El Hekma development rights, President Abdel Fattah El Sisi said today during a conference, reports Masrawy. A second payment will drop in our coffers on Friday, El Sisi said, without confirming the value of either portion.

The two deposits should total USD 15 bn: ADQ agreed to make the first USD 15 bn payment for the rights within a week of signing the agreement, which took place last Friday. Of the first payment, USD 10 bn will be fresh inflows with an additional USD 5 bn in the form of a previous UAE deposit at the CBE. The remaining USD 20 bn will be paid within two months in the form of fresh funds and existing deposits.

THE BIG STORY ABROAD

The run for POTUS continues to take over headlines in the international press. Both Donald Trump, who’s been dominating the Republican primaries, and incumbent Joe Biden, came out on top in their respective party’s primaries in Michigan last night. But, it won’t necessarily be smooth sailing for the candidates going forward considering Nikki Haley’s still-significant level of support, and the widespread disapproval of Biden’s handling of Israel’s war on Gaza reflected in the more than 100k “uncommitted” votes. Michigan was the last major primary ahead of Super Tuesday on 5 March. (Associated Press | Washington Post | New York Times)

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

  • New investors in the running for United Bank: Qatar Islamic Bank (QIB) and Kuwait Finance House completed their due diligence for United Bank in December.
  • Goldman Sachs offers its two cents on the economy: Goldman Sachs wrapped its investor trip to Egypt earlier this week to meet with analysts, market participants, and policymakers with five “key takeaways” on where they think the Egyptian economy is going.
  • More encouraging talk from the IMF: The IMF has resolved key issues with Egypt in a review of its previous USD 3 bn loan program from the Fund, setting the stage for an augmented financing package “within weeks.”

☀️ TOMORROW’S WEATHER- Look for sunny skies with a high of 27ºC during the day and dropping to a low of 14°C during the night, according to our favorite weather app.

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