Happy Monday, friends. It’s hard to believe it’s only Monday, but here we are — and it’s still a relatively busy news week.

THE BIG STORY TODAY

Brmaja Innovation raises planned IPO stake: Saudi tech firm Brmaja’s Egypt-based subsidiary Brmaja Innovation is now looking to list 35% of its shares on the EGX within the next few months, up from a planned 20% previously, investment director Ahmed Said confirmed to Enterprise.

^^We’ll have more on this and other stories in tomorrow’s edition of EnterpriseAM.

PSA- Your daily commutes could get a bit pricier as Uber Egypt raises its rates: The ride hailing app announced it is revising upwards its pricing structure “in light of the new record-high fuel prices drivers are facing,” according to an email sent out to its users. In Cairo, the base fare for UberX rides is now EGP 8.50, rising EGP 0.50, while the minimum fare per trip now stands at EGP 14, up from EGP 13 previously. In Alexandria, the base fare is rising by EGP 0.30 to EGP 8.30, while the minimum fare now stands at EGP 12, from EGP 11 previously.

THE BIG STORY ABROAD

No more Happy Meals in Russia? McDonald’s has “initiated the process” to sell its business in Russia, after operating in the market for three decades, over Russia’s ongoing invasion of Ukraine. The fast food chain — which is often viewed as a symbol of American cultural imperialism — cited “the humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment” as reasons for making its continued operation in Russia “no longer tenable,” according to a statement. McDonald’s “expects to record a charge … of approximately USD 1.2-1.4 bn to write off its net investment in the market and recognize significant foreign currency translation losses.” The story is on the front pages of the Wall Street Journal, Reuters, Bloomberg, and others.

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

• A fresh IMF program could be sealed in a few months: The government expects to reach an agreement with the IMF on a fresh support package “within months,” Prime Minister Moustafa Madbouly said at a presser yesterday.
• The gov’t is trying to make life easier for tech startups: New rules will sweep aside obstacles for would-be tech entrepreneurs, government officials said yesterday, as part of the Madbouly government’s drive to attract private capital and drive growth of the domestic tech industry. The changes will make it easier for people to set up tech companies and offer a handful of tax exemptions and preferential customs treatment to some companies.
• Egypt to receive 500k tons of Indian wheat despite export ban: Egypt has agreed to buy 500k tons of wheat from India, Supply Minister Ali El Moselhy said, adding that an export ban introduced by New Delhi last week in response to surging local prices and a severe heat wave will not impact the shipment.

???? CIRCLE YOUR CALENDAR-

Budget season is in full swing at the House: The House of Representatives will begin holding committee-level discussions of the draft FY 2022-23 budget and economic and social development plan this week, Ahram Online’s Gamal Essam El-Din reports. If approved, the budget will be signed into law by the president. Head here for a refresher on the draft budget’s key figures.

SOUND SMART- Our latest Enterprise Explains column has everything you need to know about how an Excel sheet turns into a budget, and then the law of the land.

Need to get your head around the new e-receipt system? Lynx Strategic Business Advisors are following up their recent webinar on e-invoicing with a session introducing the Finance Ministry’s new e-receipt system, which is set to officially roll out on 1 July. The webinar will feature FinMin tax development advisor Yasser Taymour, as well as reps from Talabat, Jumia, Yoco, and the World Bank. It takes place on 18 May at 12:00-1:30pm CLT. Register here.

Venture capital 101: The Egyptian Private Equity Association (EPEA) is hosting a paid crash course in all things venture capital at the Zamalek Marriott on 21-23 May. Led by Avanz Capital Egypt MD Hany Assaad, the three-day course will cover everything you need to know about Planet VC, from fund structures and portfolio-building to due diligence and valuations.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

LATER THIS WEEK-

It’s interest rate week here at home: The Central Bank of Egypt will likely raise interest rates when it meets this Thursday, according to a near consensus of analysts and economists we surveyed last week. Six of the seven respondents see the Monetary Policy Committee going ahead with a rate hike to combat inflation and stem portfolio outflows, with five forecasting rates to rise by up to 200 bps.

☀️ TOMORROW’S WEATHER- Expect a daytime high of 34°C and a nighttime low of 18°C tomorrow in the capital city, our favorite weather app tells us.

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