Good morning, friends, and welcome to your final Ramadan workday of 2022. We hope the holy month has been good to you all — and that you’re looking forward to some time off as much as we are.

The whole of next week will be a bank holiday in observance of Eid al Fitr. The country’s banks will be closed from Sunday, 1 May through Thursday, 5 May. Shortened Ramadan hours will end when banks reopen for business as usual on Sunday, 8 May. With banks closing for the week, you can expect an announcement any moment now from the EGX that it’s following suit — the exchange can’t run if the banking system is closed.

REMINDER- The private sector won’t be taking the entire week off for Eid, unlike the public sector. Folks at private (non-bank) businesses will officially get Labor Day (that’s Sunday, 1 May) and the first two days of Eid (Monday and Tuesday) as paid vacation days, the Manpower Ministry has said. But as CEO, you’re going to let your people bridge, right?

You’re gonna bridge, right? We are. All of us here at Enterprise will be off next week to recharge our batteries. After today’s issue of EnterprisePM, we’ll next be in your inbox on Sunday, 8 May at our customary hour.

SO, WHEN DO WE EAT? You’ll be breaking your fast at 6:30pm CLT this evening in the capital city, and fajr prayers are at 3:41am.

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THE BIG STORY ABROAD- Are we staring down the barrel of World War III? That’s the suggestion in the New York Times, which writes that fear is growing in Washington and in European capitals that Russia’s war in Ukraine “may soon escalate into a wider war — spreading to neighboring states, to cyberspace and to NATO countries suddenly facing a Russian cutoff of gas.”

SPEAKING OF GAS- The global business press is still laser focused on gas markets this morning after Russia started to make good on its promise to turn off the tap to “unfriendly” clients unless they pay in RUB.

European gas futures jumped as much as 20% yesterday on the news that Moscow had cut off supplies to Poland and Bulgaria, the Financial Times writes

A warning from the EU to importers of Russian gas: Don’t even think about cracking out the RUBs. European companies who switch their payments to RUB are in breach of sanctions against Russia, European Commission chief Ursula von der Leyen said in a presser (watch, runtime: 6:32), adding that around 97% of contracts strictly stipulate payment in either EUR or USD.

“It comes as no surprise that the Kremlin uses fossil fuels to try to blackmail us,” von der Leyen said, adding that the EU was prepared with an “immediate, united, and coordinated” response. This comes following news that four European gas buyers have already complied with Russia’s demand for RUB payments, while another 10 firms are gearing up to follow suit.

And the UK took things a step further: Foreign Minister Liz Truss raised eyebrows yesterday suggesting that NATO should protect Taiwan, too, Politico reports.

ON THE SUBJECT OF ALTERNATIVES TO RUSSIAN GAS- We’re sending LNG to Argentina for the first time in nearly a decade: Two Egyptian LNG cargoes have set sail for Argentina from the ports of Damietta and Idku, marking the country’s first Egyptian LNG purchase since 2013, Reuters reports, citing Refinitiv trade data. Scores of nations are looking to non-traditional energy sources as the fallout of war in Ukraine threatens continued supply from Russia, squeezing the global market. While it’s not known how much Argentina paid for the Egyptian gas, the South American country — like most others — has been paying over the odds in recent tenders, Reuters notes.

A VERY THOUGHTFUL GIFT- It’s been 100 years since the start of diplomatic relations between Egypt and the US of A. To honor the occasion, US Secretary of State Antony Blinken gifted Foreign Minister Sameh Shoukry the original telegrams sent from then-US President Warren Harding and Secretary of State Charles Evan Hughes congratulating Egypt on its independence as a sovereign state.

LOOKING AHEAD-

The long-awaited Ghazl El Mahalla FC micro-IPO could go ahead in May: The prospectus for the football club’s EGP 98 mn public offering to retail investors will be released after the Eid break, Mohamed Maher, head of bookrunner Prime Holding, confirmed to Enterprise. The shares’ EGX debut is slated to follow shortly after, but could take more than a month as Ghazl El Mahalla will need to get approval for its capital increase first, Maher said, adding that the process for listing newly issued shares takes longer than when offering existing shares.

We’ve been expecting Ghazl El Mahalla to wrap up its IPO for some months now, after the state-owned club attracted EGP 37 mn from institutional investors during the private placement back in November. The company is offering a 67.5% stake overall and is expected to raise EGP 135 mn. While diminutive in IPO terms, the transaction is significant as it marks the first time a football club is taken public in the Arab world. Insiders expect it could pave the way for Al Ahly to follow suit.

BUT BEFORE THAT-

PSA- Businesses have just three days left to file their corporate tax returns. Companies with financial years ending 31 December have to file their returns by Saturday, 30 April.

ALSO THIS SATURDAY- The fixed customs exchange rate introduced last month following the EGP devaluation will be lifted. Greenbacks used for importing essential items such as basic commodities and materials used for manufacturing are currently changing hands at a fixed rate of EGP 16, a move introduced to minimize exchange rate volatility in the wake of the devaluation.