Good afternoon, friends, and congratulations on making it to the weekend. We’ve got a full issue for you to round out your week — let’s dive in.

THE BIG STORY TODAY

#1- Prime Minister Moustafa Madbouly touched down in Baghdad today to attend the Egyptian-Iraqi Joint Higher Committee, where the PM and his Iraqi counterpart Mohammed Shia' Al Sudani are helming investment discussions and will chair a high-profile economic forum bringing together business leaders from both countries, according to a cabinet statement.

Twelve cooperation agreements have been signed so far: The PM oversaw the signing of 12 cooperation agreements in the areas of land transport, anti-monopolistic practices, local development, antiquities, trade standardization, municipalities, ICT, financial markets, grain silos, national archives, national culture, and commerce.

#2- CIRA Education saw its net income rise 87% y-o-y during the company’s 1Q ending 30 November 2024, with the education outfit’s bottom line soaring to EGP 181.7 mn according to CIRA’s latest earnings release (pdf). Revenues for 1Q also saw significant growth, rising 44% y-o-y to some EGP 1.02 bn off the back of higher enrollment rates across higher education institutions, K-12 schools, and nurseries, alongside the company’s ongoing expansion drive.

#3- Private equity firm RMBV plans to invest USD 100 mn in Egypt in 2025, targeting minority stakes in 4-5 midsized companies, Asharq Business reports. The firm is particularly interested in investments in the industrial sector, with a focus on food production, medical tourism, and businesses that specialize in exports or import substitution. “Our investment strategy is based on acquiring stakes ranging from 20% to 40% in each company,” Managing Partner Ahmed Badreldin told the outlet.

THE BIG STORY ABROAD

The deadly collision of an American Airlines passenger jet carrying 64 people with a US army Black Hawk helicopter is the main story on int’l headlines today, with most if not all passengers believed to be deceased after the plane plunged into the icy waters of the Potomac River following impact. The accident occurred as the jet was on course to land at Reagan Washington National Airport in Washington, DC. An official death toll has not yet been released, with the US Pentagon reportedly set to open an investigation into the incident.

Closer to home, Hamas has handed over three Israeli detainees today, per the conditions of its ceasefire agreement with Israel. Under the terms of the agreement, Israel should release 110 Palestinian prisoners once the three Israeli detainees are received.

AND IN BUSINESS NEWS- Japanese tech investor SoftBank is in talks with OpenAI to invest up to USD 25 bn in the company, a sum that would make these Japanese firm the ChatGPT-maker’s largest backer, the Financial Times reports. The news comes a week after it was announced that the two companies would be teaming up to helm AI infrastructure initiative Stargate, the salmon-colored paper writes.

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

  • El Sisi rejects calls for forced displacement of Palestinians: At a joint press conference, President Abdel Fattah El Sisi stated that Egypt would not participate in the forced displacement of Palestinians, adding that pushing Palestinians into Egypt and Jordan would not just lead to a humanitarian catastrophe but could destabilize national and regional security.
  • Gov’t to release all cars held at ports over ACI violations: The Egyptian Customs Authority is releasing passenger vehicles that have been held at ports for violating the registration rules of the Advanced Cargo Information (ACI) system, provided owners pay owed dues and a fine.
  • Remittances from Egyptians abroad continued their upward pace, hitting USD 2.6 bn in November, jumping 65.4% y-o-y.

☀️ TOMORROW’S WEATHER- Temperatures are warming up a bit in the capital with the mercury set for a high of 22°C, expected to dip to 12°C at night according to our favorite weather app.

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