Your top 5 pieces of business and economic news in February:

• A blockbuster acquisition: First Abu Dhabi Bank offered to buy a majority stake in leading financial services corporation EFG Hermes in an all-cash acquisition that values it at EGP 18.5 bn (c. USD 1.2 bn).
• Inflation on the up: Annual urban inflation hit its highest level in almost two and a half years in January due to rising food prices and an unfavorable base effect.
• Bad news for importers: As of this month, documentary collection from exporters will no longer be accepted by banks to facilitate the import of goods into Egypt, forcing importers to use more-costly and less-accessible letters of credit.
• CBE holds firm on interest rates: The CBE left interest rates on hold at its first policy meeting off 2022, as forecasts for tougher global monetary conditions and heightened inflation in the coming months grow.
• Made-in-Egypt mRNA: Egypt was among six African countries chosen by the World Health Organization to receive technology to manufacture Pfizer / Moderna-esque mRNA covid vaccines.