Good afternoon folks, happy almost-Thursday. The newscycle is starting to pick up as we come close to the end of this businessweek in Om El Donia.

THE BIG STORY TODAY

Gov’t is working to get the SFE’s industry sub-fund off the ground: The government is working with seven local investors across different industries to launch the Sovereign Fund of Egypt's (SFE) industry-focused sub-fund, Planning Minister Hala El Said told Al Masdar on the sidelines of the joint annual meetings of Arab financial institutions.

Some of the discussions underway: The government is in talks with feeder industries to feed the National Egyptian Railway Industries Company’s (NERIC) manufacture of railway and train supplies. In the meantime, discussions with industries focused on food, engineering, and building materials will wrap up in June, paving the way for a project launch in July.

Gov’t could also be making headway on the Wataniya stake sale: State-owned fuel retailer Wataniya has received seven international and local acquisition offers, El Said told Asharq Business. The government is reportedly filtering the offers for the long-awaited stake sale and will select one soon.

That’s more than double the offers than we knew of: Prime Minister Mostafa Madbouly held a meeting back in February to look at offers submitted for Wataniya. Last we heard, there were three final offers remaining on the table for a 30% stake in the company, according to unconfirmed local media reports.

ICYMI: Taqa Arabia — in which the military’s National Service Projects Organization (NSPO) holds a 20% stake — is the only firm to have publicly declared interest in the filling station operator, and Shell has reportedly also made a bid. Wataniya has been on the market for the last four years.

THE BIG STORY ABROAD

Israel has recalled its ambassadors to Spain, Ireland, and Norway after the three European countries pledged that they would recognize Palestinian statehood, joining around 140 countries around the world that already recognize a Palestine state. Israeli Foreign Minister Israel Katz decried the trio’s decision, saying that “Ireland and Norway intend to send a message to the Palestinians and the whole world today: Terrorism pays,” he said in a statement prior to Spain’s announcement that it too would recognize the state of Palestine. Irish Prime Minister Simon Harris said he was “confident” that more nations would soon follow suit. (Bloomberg | FT | Reuters)


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

  • What we can expect next from the economy and decision makers: We had a chat with HSBC’s Simon William on rate cuts, what his clients are asking about Egypt, and how he sees things unfolding from here.
  • EGX-listed fintech giant e-Finance has acquired minority stakes in two digitalpayment companies, Al Ahly Momkn and EasyCash for Digital Payments. Al Ahly Pharos acted as the exclusive sell-side advisor for Al Ahly Momkn co-founders in the transaction, the investment bank said in a statement today (pdf).
  • Egypt’s construction sector calls for updated contract standards to keep up with changing industry.

☀️ TOMORROW’S WEATHER- The heat wave continues, bringing us a high of 40°C and astill-warm low of 31°C in Cairo, according to our favorite weather app.

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