Good morning, ladies and gentlemen. After a busy start to the week, the news cycle has shifted down a gear, giving us here at EnterpriseAM HQ a very welcome breather. But what today’s issue may lack in quantity, we hope we will make up with quality with exciting news of CIRA Education branching out into the care economy, Nas Investment Holding eyeing a 90% stake in EgyFert, and more in today’s issue.

PSA-

WEATHER- Temperatures are on the up in Cairo today, with a sunny day forecast along with a high of 23°C and a low of 13°C, according to our favorite weather app.

It’s a similar story in Alexandria, with sunny skies, a high of 22°C, and a low of 11°C forecast .

But don't fool yourself that this is signalling the end of winter just yet, with temperatures set to fall again starting Wednesday.

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

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ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we spoke to Fine Hygienic Holding CCO Nadel Alzatari for our Manufacturer of the Month. Check out the story here.

WATCH THIS SPACE-

#1- A group of Qatari investors and one Egyptian investor are looking into establishing a USD 100 mn iron and steel factory, with a target to kick off operations at the beginning of next year, unnamed sources tell Al Borsa. The unnamed Egyptian investor is set to provide the land and construction in exchange for a 51% stake in the project, while the Qatari side will be responsible for financing the purchase of production lines and raw materials and will hold a 49% non-controlling stake in the plant, the sources noted.

As is increasingly the case and now the norm for industrial projects, exports are the priority, with the company planning to export around 80% of its output to Arab, African, and Turkish markets, with the remaining production designated for the local market.

Going forward, the company will apply for a license to produce rebar and steel sections from the Industrial Development Authority during the first half of the year. Upon securing the license, the firm will contract with Italy’s Danieli to procure production lines.

#2- Serial entrepreneur Mohamed Aboulnaga “Nagaty” is setting up a AI-focused investment fund with a target size of USD 500 mn, he told Al Mal’s CEO Level podcast (watch, runtime: 1:07:33). The fund has already received pledges amounting to USD 100 mn from individual and institutional investors and is planning to reach final close after ten years.

DATA POINT-

Foreign investors’ net purchases of Egyptian debt came in at EGP 875 bn during 2024 — split between EGP 625 bn in short-term debt purchases and the remaining EGP 250 mn for long-term debt purchases — according to the EGX’s 2024 report.

CIRCLE YOUR CALENDAR-

#1- Arla Foods’ deadline for submitting a purchase offer for Domty has been extended by 60 working days starting 9 January, after the Financial Regulatory Authority greenlit Arla’s request according to a statement (pdf) from the authority. Denmark-based Arla Foods said last October that it wants to acquire up to 100% of local cheesemaker Domty’s shares for an estimated EGP 8.9 bn, with plans to delist the company from the EGX post-acquisition.

#2- This year’s edition of the Cairo International Book Fair will run from 23 January to 5 February at its usual spot at the Egypt International Exhibitions Center, according to a Culture Ministry statement. The fair will host over 1.3k publishers and 6.2k exhibitors, with Oman as this year's guest of honor.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

THE BIG STORY ABROAD-

The Los Angeles wildfires are still getting top billing in the foreign press this morning, as a brief respite over the weekend is expected to give way to more destructive fires later today and tomorrow, spurred on by a fresh round of dry Santa Ana winds. Firefighters made some headway in containing the fires over the weekend, though 16 people have been reported dead and at least 16 people in the area are missing, with over 150k people in evacuation. (Bloomberg | Reuters | WSJ | France24 | FT)

As most foreign outlets look into how much of the impact of the wildfires can be attributed to climate change, new data shows that the 1.5°C global temperature benchmark was breached last year, making it the hottest year on record, and raising fears that the target is unattainable in the long term. (France24 | Reuters | Semafor)

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We take a look at CIRA Education’s bid to transform the care economy in Egypt through its newly launched arm CIRA Care.

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