Good afternoon, friends. That busy news flow we’ve been signposting since yesterday morning is taking shape with some big news coming in here at home.
THE BIG STORY TODAY
Saudi Arabia’s sovereign wealth fund could close in on a USD 600 mn acquisition of state-owned United Bank as soon as this month, Bloomberg reports, citing sources it says have knowledge of the matter. The Public Investment Fund (PIF) is nearly done with due diligence on the transaction, and plans to purchase the bank through its Egypt-based investment vehicle, the Saudi Egyptian Investment Company, the business news service reports.
THE BIG STORY ABROAD
The international business press has another mixed bag type of afternoon, with no single story dominating headlines. Among the stories getting front-page coverage: Microsoft purchased a 4% stake in the London Stock Exchange Group and will help provide data and analytics infrastructure for the bourse as part of a 10-year partnership (CNBC); Aramco is in the market for investors for a planned USD 110 bn gas development project (Bloomberg); Credit Suisse extended a USD 140 mn loan to doomed financial services company Greensill Capital and accepted “suspicious” invoices claiming non-existent business activities (Financial Times).
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Gulf sovereign wealth funds are among 28 bidders vying for contracts to build the 21 desalination plants the government is tendering to the private sector, Atter Hannoura, director of the Finance Ministry’s PPP unit, told Enterprise.
- Shop owners won’t be able to go legit without getting security clearance: Almost all shops required to go legit under the newly-introduced Public Shops Act won’t be granted licenses unless they receive security approvals.
- Make local investors happy and the foreigners will come, says Moataz Sedky, general manager of Travco Holidays: After reading our five-step recipe for turning Egypt into a global export hub and FDI magnet, Travco Holidays’ Moataz Sedky tells us why he thinks improving the investment climate for local investors is critical to attract FDI from international investors.
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Enactus Egypt and the Citi Foundation launched the second phase of social entrepreneurship program Impact@Work, according to a press release (pdf). Some 54 university teams representing 9.7k students from various governorates will participate in the competition in July 2023 to demonstrate their efforts in generating a social impact based on their entrepreneurial ideas. The winning team will compete in the Enactus World Cup in the Netherlands in October 2023.
PSA- Companies have until Thursday to register with the Tax Authority’s e-invoicing system. Only 150k companies had signed up to the new system ahead of the previous deadline of 15 December, according to the Tax Authority’s most recent tally at the end of November, which is well below a sought goal of 1 mn companies to register under the system.
REMEMBER- This deadline no longer applies to the self-employed: The Finance Ministry pushed the deadline for self-employed professionals — including doctors, pharmacists and lawyers — to 30 April 2023 after widespread opposition to the system.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
☀️ TOMORROW’S WEATHER- Expect a mainly sunny day tomorrow with a daytime high of 23°C and a nighttime low of 15°C, according to our favorite weather app.




