Good afternoon, ladies and gentlemen, and a very happy THURSDAY to all of you. After what felt like a particularly long workweek, we are so ready for the weekend.

THE BIG STORIES TODAY–

#1– Egypt Kuwait Holding plans to invest USD 170 mn across at least three sectors this year, following record 2022 earnings, CEO Sherif El Zayat told Asharq Business. The investment company – which is dual listed on the Egyptian and Kuwaiti stock exchanges – will target the oil and gas, electricity and manufacturing sectors, in addition to raising EKH's stakes in its affiliated businesses. The news follows the announcement of EKH’s record net income last year, which jumped 41% to USD 241 mn. EKH will self-finance 60%–70% of the investments, with bank financing covering the remaining 30-40%.

#2- Is a new electricity interconnection project between Egypt and Europe coming? Norway’s renewable energy developer Scatec discussed an Egypt-Europe electricity interconnection project in a meeting with Prime Minister Moustafa Madbouly earlier today, according to a cabinet statement. The project would be backed by the Norwegian government, the statement said, and would export electrical renewable energy to Europe with a capacity of about 3 GW, the statement quotes Scatec CEO Terje Pilskog as saying.

THE BIG STORY ABROAD

As Ukraine approaches the anniversary of the invasion one year ago, the war dominates the front pages of the international press. Reports from Western officials indicate that they expect Russia to launch an offensive before the anniversary, bringing in hundreds of reservists who have been called up in recent months for large-scale attacks. Yet Ukraine’s military leaders are less convinced, telling the press that they believe Moscow no longer has the capacity for a dramatic show of force. Putin turned to nuclear rhetoric this week, announcing Russia's withdrawal from the New START arms control treaty, having little to offer his nation in the way of significant military victories. There is also coverage of US President Biden’s surprise visit to Kyiv in a show of support ahead of the anniversary.

The story got coverage from: Reuters | New York Times | Bloomberg | FT | BBC.

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

• Twenty-five percent of new hotels company up for grabs: The government will offer a 20% stake in its new hotels company to strategic investors, followed by an offering of 5% on the bourse.
• Almarai now owns 100% of Beyti: Saudi dairy producer Almarai has bought PepsiCo’s entire 48% stake in the parent company of juice and dairy producer Beyti for SAR 255 mn (c. USD 68 mn).
• Egypt’s debut USD 1.5 bn sovereign sukuk issuance wraps 4x oversubscribed: The Finance Ministry successfully closed its maiden sukuk issuance yesterday morning, attracting an order book of USD 6.1 bn, the ministry said. This narrowed the final yield to 10.875% from an initial guidance price of 11.625%.

CORRECTION- We made an error while reporting Netflix’s price changes for Egyptian users in yesterday’s EnterprisePM. The price of the basic plan in Egypt went down from EGP 100 to EGP 70 (not EGP 50), while the price of the standard plan was reduced from EGP 165 to EGP 120 (not EGP 100), and the premium plan went down from EGP 200 to EGP 165 (not EGP 150). We apologize for the error, and have made the amendment to the story on our website.

COME TO OUR NEXT ENTERPRISE FORUM-

We’re excited to unveil our next C-level event: The Enterprise Exports & FDI Forum, where we will take a deep dive into two of the most critical topics affecting our community.

Exports and foreign direct investment (FDI) have never been more important to our economy — or our businesses — than in the wake of the float of the EGP. We think we have a once-in-a-lifetime chance to build an export-led economy that makes us a magnet for FDI and all the benefits that will come with it for our nation.

CIRCLE YOUR CALENDAR-

El Gouna Film Fest is back after a one-year hiatus: El Gouna Film Festival (GFF) will return for its sixth installment this year, and will be held from 13-20 October, according to a statement out yesterday. The festival was postponed last year on the back of what the organizers described as “current global challenges.”

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

☀️ THE WEEKEND’S WEATHER- Make outdoor plans this Saturday: We’re in for a pleasant couple of days, with the mercury hitting a daytime high of 20°C tomorrow and a sunny 21°C on Saturday, before dipping to 9°C tomorrow evening and Saturday evening.