Good afternoon, wonderful people. We have another issue stacked with updates from Ukraine today, as well as a few pieces to get you thinking about the bigger picture on the conflict and its fallout. But first, on the home front…

THE BIG STORY TODAY

Uber subsidiary Careem is investing an undisclosed amount into Egyptian homegrown food ordering platform Elmenus, the Dubai-based company said in a statement cited by Bloomberg. The investment will “extend our reach in one of our largest ride-hailing markets,” Careem co-founder and CEO Mudassir Sheikha reportedly wrote in the statement, adding that the move also helps it take a further step towards launching its super app across the region. The service is currently available in cities across Saudi Arabia, the UAE, Jordan, Pakistan and Qatar. The company had flagged last month its plans to expand into food delivery — a market worth an estimated USD 2.8 bn in Egypt.

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

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

• War in Ukraine threatens GASC’s latest tender: Traders have warned GASC of supply difficulties ahead of today’s wheat tender as conflict rages between major growers Russia and Ukraine, with some saying they won’t be able to offer Black Sea wheat due to the turmoil.
• FinMin looks to roll out B2B e-invoicing for Cairo by June, fully digitize tax system by December: All B2B invoices issued by businesses based in the Greater Cairo Area will be automated by June and B2C invoices across the country will be fully automated by December, as will B2B invoices from firms in the Delta, Lower Egypt and Upper Egypt, director of taxpayer services at the Tax Authority Mohsen El Gayar told Enterprise.
• Plenty of interest in desalination projects: Eleven companies, including the familiar faces of Metito Holdings, ACWA Power, Al Nowais, Schneider Electric, and Orascom Construction, are reportedly planning to bid on desalination projects worth a combined USD 2.8 bn.

THE BIG STORY ABROAD

WAR WATCH- Talks between Russian and Ukrainian officials at the Belarusian border are currently underway, after kicking off a couple of hours ago, Reuters reports. Ukraine went in with the aim of reaching an immediate ceasefire and the withdrawal of Russian forces from the country, Ukraine’s interior ministry said, while the Kremlin has been more tight-lipped on what it’s angling for in the talks.

Not very conducive to a ceasefire: Russia’s defense ministry has placed its nuclear missile forces, its Northern and Pacific fleets, and long-range aviation on “enhanced combat duty” today, following Russian President Vladimir Putin’s orders yesterday to put the country’s nuclear forces on high alert, according to Russia’s Interfax news agency.

There are also reports of “strong shelling” in Kharkiv, Ukraine’s second-largest city, as the ceasefire talks are ongoing, Ukraine’s interior ministry said, according to Sky News. Ukrainian forces have so far repelled Russia’s attempts to take over the capital city of Kyiv and Kharkiv.

The talks began after Russian forces took over two small cities Berdyansk and Enerhodar in southeastern Ukraine and the Zaporizhzhya region and the area surrounding its nuclear power plant, Interfax reported. Operations at the plant are continuing normally, according to Interfax, which reported Ukraine refuting that Russia has seized the plant.

More sanctions from the UK: Foreign Secretary Liz Truss is due to make a statement to the UK House of Commons on further sanctions against Russia at 5:30pm CLT, Sky News reports. A statement on corporate transparency and economic crime measures will also be made by Business Secretary, Kwasi Kwarteng. Among the fresh sanctions London is slapping on Moscow: Banning any UK entities from doing business with the Russian central bank, finance ministry and wealth fund. Russian financial institutions and companies will be barred from issuing transferable securities and money market instruments in the UK per the new sanctions.

Russia clapped back with its own measures, blocking off its airspace from airlines from 36 countries, including Britain, Germany, Spain, Italy and Canada in response to sanctions, Reuters reports.

Meanwhile, on the economic front: The Bank of Russia hiked its interest rates to their highest since 2003 as it looks to contain the economic fallout from the invasion in Ukraine and ensuing Western sanctions, according to a statement. The bank raised key interest rates to 20% from 9.5%.

The Russian central bank also imposed some controls on capital flow, including temporarily barring brokers from selling orders of securities held by foreigners on the exchange. It also imposed mandatory hard-currency revenue sales for exporters. The emergency move comes after the US and the European Union approved penalizing Moscow through shutting off around USD 640 bn in international reserves of the Russian central bank and cutting off some Russian banks from the SWIFT global payment system.

The Russian-Ukrainian war has led the RUB to plunge to a record low, falling nearly 30% against the USD in offshore trading today. The currency dropped to almost 118 against the USD, according to Bloomberg data. The RUB had already suffered heavily last week, sliding to lows after the invasion and tough US and EU sanctions. The central bank called off this morning’s FX, money market, and repo trading session at the Moscow Exchange.

On the energy front, European natural gas futures jumped around 36% amid worries that the imposed sanctions could lead to energy shortages, Bloomberg reports.

On the humanitarian front: Some 500k people have fled Ukraine since the invasion began last week, the UN refugee agency UNHCR head Filippo Grandi announced on Twitter.

Ukrainians fleeing the war may be granted by the EU the right to stay for up to three years, Reuters reports, citing senior EU and French officials. The move would provide protection similar to one provided under the EU temporary protection directive, which has never been used so far. The protection directive provides a residence permit, jobs access, social welfare and medical treatment for 1-3 years in all EU states. EU ministers will meet on Thursday to agree on the details related to the protection.

Airbnb also wants in, offering to provide temporary housing for up to 100k Ukrainian refugees fleeing the war to neighboring states at no charge. The housing will be funded by the company, donors, and hosts on the app.

???? CIRCLE YOUR CALENDAR-

EFG Hermes’ 5th Virtual Investor Conference kicked off today under the headline Change and Opportunity in FEM. The online event will bring together executives from 226 companies representing 35 countries as well as over 750 investors representing 277 financial institutions. The conference will run until 8 March.

It’s your last day to apply for the incubator and accelerator program for digital transformation-focused startups from the Information Technology Industry Development Agency and US-based VC firm Plug and Play, in partnership with our friends at USAID. The “Smart Cities” innovation hub will select 20-30 Egypt-based companies for its inaugural three-month program, which starts in March.

The Future of Data Centers Summit takes place today and tomorrow at the InterContinental CityStars.

Contemporary art and culture center Darb1718 is hosting its 3031 Art Festival from 4-12 March on its premises in Fustat, Old Cairo. Unique collections of multidisciplinary art will be on display along with live music, dance, theater performances, and interactive workshops. Guest speakers Adsum Art Consultancy will be on hand to discuss investing in art. Catch a full day of activities from 1:00pm–9:30pm on weekends and weekdays from 4:00pm–10:00pm.

Consoleya is holding its second Women Meet-up this Wednesday, 2 March to discuss topics including inclusivity in investment. The agenda includes a panel discussion on gender-lens funding here in Egypt.

The Diarna Handicrafts Fair kicked off last Thursday and runs through 7 March at Cairo Festival City from 10am until 10pm daily.

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

☀️ TOMORROW’S WEATHER- You won’t get too cold tomorrow evening, as the nighttime low is at 15°C — higher than it has been in a while, our favorite weather app tells us. The day also promises to be warm, with the mercury rising to 25°C.