THIS EVENING: Safi + Wataniya are each selling 10% stakes + US inflation accelerates as Fed grapples with SVB
Happy hump day, wonderful people. The steady newsflow we’ve grown accustomed to over the past couple of weeks is still holding up as we hit the midweek mark.
THE BIG STORY TODAY
Safi + Wataniya are each seeing 10% stake sales: The Madbouly government is reportedly planning to sell a minimum of 10% in each of military-owned bottled drinks firm Safi and fuel retailer Wataniya, Asharq Business reports, citing an unnamed source it says has knowledge of the matter. An undisclosed UAE-based strategic investor is in line to snap up a stake in Wataniya, the news outlet reports, citing a separate source it says has knowledge of the matter.
THE BIG STORY ABROAD
The international business press is broadly focused this afternoon on what rising inflation rates in the US mean for the US Federal Reserve as it continues to grapple with the fallout from the collapse of Silicon Valley Bank. Consumer price inflation came in at 6% y-o-y in February, which comes at a “tricky” time for the Fed, which is stepping in to contain the SVB crisis and now needs to more closely consider its monetary policy decisions moving forward. The story is on the front pages of CNBC, Bloomberg, the Financial Times, Reuters, and the Wall Street Journal.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Hassan Allam Utilities + Agility to build logistics parks: Hassan Allam Utilities has formed a joint venture — dubbed Yanmu — with regional warehousing and industrial developer Agility to set up and operate logistics parks in Egypt.
- Does ADQ want a piece of Delta Sugar Company? Abu Dhabi sovereign wealth fund ADQ is reportedly in early talks with the government to snap up a 10-15% stake in the state-owned Delta Sugar Company.
- The FRA is out with new regs for the upcoming futures exchange: The Financial Regulatory Authority has issued amendments to rules on the establishment of the company that will manage the new futures exchange and its clearing company.
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???? CIRCLE YOUR CALENDAR-
Egypt is playing host to PPP MENA Forum: The two-day Public-Private Partnership MENA Forum kicks off at the Nile-Ritz Carlton in Cairo on 19 March, bringing together over 300 regional and international PPP players to discuss new partnership models and projects to advance the region’s socio-economic growth. Discussions held under the patronage of Prime Minister Moustafa Madbouly will include policies for infrastructure projects, private funding for national projects, governance, and best practices.
☀️ TOMORROW’S WEATHER- The sun will be out in full force tomorrow, give us a daytime high of 22°C and nighttime low of 12°C, according to our favorite weather app.