We really can’t seem to a catch a break from the barrage of news that 2022 is throwing our way: We have another update on the potentially huge acquisition of EFG Hermes by First Abu Dhabi bank while more pieces are falling into place ahead of this year’s COP27 summit in Sharm El Sheikh.

Meanwhile, US business leaders are warning that 2022 might be even tougher for corporates than 2020 as labor problems cause headaches for CEOs and have them fear for their jobs. And another reminder of the potential for covid to interrupt business-as-usual landed just a few hours before dispatch time when the Jordanian prime minister tested positive for the virus following today’s Egyptian-Jordanian Joint Higher Committee meeting.

THE BIG STORIES TODAY-

EFG Hermes greenlights FAB due diligence + appoints Goldman Sachs to advise on acquisition bid: EFG Hermes has appointed US investment bank Goldman Sachs to advise it on First Abu Dhabi Bank’s bid to purchase a minimum 51% stake, it announced (pdf) this morning. Per the disclosure, the board has also given the Emirati lender the green light to conduct due diligence ahead of a potential acquisition that values EFG at around EGP 18.5 bn. White & Case was also named as EFG’s legal advisor on the transaction.

The Egyptian-Jordanian Joint Higher Committee meeting didn’t go quite according to plan: Jordanian Prime Minister Bisher Al Khasawneh has tested positive for covid-19 during his visit to Egypt to co-head today’s Egyptian-Jordanian Joint Higher Committee meeting alongside PM Moustafa Madbouly. The announcement was made by Jordan’s information minister several hours ago, who said in a statement picked up by the country’s state news agency Petra that the prime minister had tested positive following the meeting during which several bilateral agreements were signed.

So far, no spread: The Egyptian delegation all tested negative following the meeting, Madbouly said in a statement following the meeting.

Meeting with El Sisi canceled: Al Khasawneh was due to meet with President Abdel Fattah El Sisi for talks during his visit but the meeting has now been canceled.

US climate envoy John Kerry is also wrapping up his visit to Egypt today during which he held talks with Foreign Minister and COP27 President Sameh Shoukry. The two sides have agreed to set up a joint working group to coordinate climate policies ahead of this year’s COP27 summit which will be held in Sharm El Sheikh in November.

^^ We’ll have more on all of these stories in tomorrow’s EnterpriseAM.

THE BIG STORY ABROAD-

Another day, another Credit Suisse scandal: A whistleblower from the Swiss bank has leaked data on more than 18k accounts that allegedly show its business ties to human rights abusers, narcotics traffickers, sanctioned businessmen, and people with questionable backgrounds. The accounts were opened from the 1940s to the 2010s, and they collectively held more than USD 10 bn.

Credit Suisse denies any wrongdoing: Scrambling to contain the fallout, the bank said that around 90% of accounts in question have been closed, and that the reports are based on “partial, inaccurate or selective information taken out of context,” in a statement released yesterday. Credit Suisse is already under pressure after it became the first-ever Swiss bank to answer criminal charges in an ongoing money-laundering trial. The bank’s shares fell as much as 3% on the Swiss Exchange as of dispatch time.

The leak has launched one of the world’s largest investigations into the mysterious world of Swiss banking. Dubbed the #SuisseSecrets, at least 47 news organizations around the world are dissecting the data, which is getting ink everywhere, including: New York Times | Reuters | Bloomberg | BBC | The Guardian.

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

• More moves from the central bank to ease in new import rules: The Central Bank of Egypt (CBE) is launching an initiative with the Credit Guarantee Company (CGC) to help “cover the risks associated with issuing letters of credit from banks,” the CBE wrote in a letter.
• Interested in an acquisition in the non-bank sector? Get FRA sign-off for DD first: Anyone looking to invest in a non-bank lender will need the green light from the Financial Regulatory Authority or its board before accessing the company’s internal documents and data for due diligence, according to a new decision (pdf) from the authority.
• Real estate brokers could face tighter regulation: The House of Representatives’ Economic Affairs Committee gave preliminary approval to amendments to the law regulating real estate brokerage, Al Mal reports. The changes would set up a registry for licensed brokers and regulate their fees, among other moves to professionalize the largely informal sector.

CORRECTION- In our coverage of Compass Capital-owned real estate developer Bonyan for Development and Trade’s acquisition of six office buildings in this morning’s edition of EnterpriseAM, we linked to the wrong website for Bonyan. The developer does not currently have a website. The story has been amended on our website, or you can check out the full press release here (pdf).

???? CIRCLE YOUR CALENDAR-

A call for tech startups: The Information Technology Industry Development Agency (ITIDA) and US-based VC firm Plug and Play have launched an incubator and accelerator program for digital transformation-focused startups in partnership with our friends at USAID. The newly launched “Smart Cities” innovation hub will select 20-30 Egypt-based companies for its inaugural three-month program, which starts in March. Startups can apply here before applications close on 28 February.

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

☀️ TOMORROW’S WEATHER- Expect a daytime high of 23°C tomorrow and a nighttime low of 13°C, our favorite weather app tells us.