Good afternoon folks, and happy Monday. We have another busy issue for you today — let’s get into it.

THE BIG STORY TODAY

Qalaa Holdings opens new herb drying facility with EGP 400 mn in investments: EGX-listed Qalaa Holdings has inaugurated a new herb drying facility for its subsidiary Dina Farms, marking the completion of the EGP 400 mn first phase of the project, according to a press release viewed by EnterpriseAM. The factory has reportedly received all international certifications to begin production for export.

The company also added an EGP 27 mn glass wool pipe factory: Qalaa also announced the inauguration of a new EGP 27 mn glass wool pipe insulation production line at Glass Rock Insulation, a subsidiary of Qalaa’s ASEC Holding.

Both factories stand to boost the company’s FX revenues: “We expect export revenues from insulation products and the new herb drying facility to reach around USD 40 mn,” Qalaa Holdings founder and chairman Ahmed Heikal noted, adding that the company’s export revenues had reached USD 47.7 mn in the first nine months of 2024.

HAPPENING TONIGHT-

Enjoy a night of unfiltered comedy with Open Mic Comedy Night, set to kick off tonight at 8pm at The Atrium in Maadi. Make a reservation by calling the venue at 01010917745.

THE BIG STORY ABROAD

Today’s int’l headlines are being dominated by news of the German right’s anticipated victory in the country’s parliamentary elections. Germany’s center-right Christian Democrats (CDU/CSU) bloc have garnered the highest portion of votes at 28.5%, leaving the center-right coalition in need of just one other party to secure a parliamentary majority. Negotiations could see the center-right coalition partner with either the far-right Alternative for Germany (AfD) — who came in second in the vote with its best-ever showing of 20.8% — or the center-left SPD, which garnered 16.4% of the vote. The election comes after the incumbent center-left alliance headed by the SPD’s Olaf Scholz collapsed in December amid budget disputes and two years of economic contraction.

The CDU/CSU’s victory comes as Europe scrambles to protect its interests amid an increasingly tense relationship with the US. The center-right coalition’s leader, Friedrich Merz, has said that he plans to “unite Europe” and “achieve independence from the US,” noting that he believes that US president Donald Trump and his administration are “largely indifferent” to Europe’s fate. (FT | Bloomberg | Reuters | WSJ)

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

• FinMin to complete sukuk issuance of up to EGP 3 bn within a month: The Finance Ministry is gearing up to complete its first sovereign sukuk issuance of the year within the next month, with the issuance set to be around EGP 2-3 bn.
• AMEA to set up 1.5 GWh energy storage in Benban, Zafarana: UAE’s AMEA Power has signed an agreement with the Egyptian Electricity Transmission Company to develop two battery energy storage systems (BESS) with a combined capacity of 1.5 GWh.
• EGX looks to revise or eliminate post-IPO lock-up period: The EGX and the Financial Regulatory Authority are mulling a regulatory update to either scrap or revise the duration of the lock-up period on the ownership of substantial shareholders post-IPO, especially for government-owned companies.

☀️ TOMORROW’S WEATHER- We’re back to chilly weather as temperatures cool in the capital tomorrow, with the mercury set to rise to 17°C in the morning and 8°C at night, according to our favorite weather app.