Happy almost-THURSDAY, wonderful people. We have a relatively quiet news cycle here at home, coupled with the mandatory developments on the war in Ukraine as we collectively hold our breaths on more potential knock-on economic effects.

THE BIG STORY TODAY

Lekela Power is eyeing investing up to USD 1 bn in Egypt over the next four years, Al Borsa quoted the renewable energy firm’s general manager for Egypt Faisal Issa as saying. The renewables company inaugurated its USD 350 mn, 250 MW wind farm in West Bakr last November, and said in 2020 that it would funnel most of its investments to Egypt in “the coming period.” Private equity giant Actis, which backs Lekela, did not respond to Enterprise’s request for comment before dispatch time.

CORRECTION + UPDATE- We incorrectly said in the TL;DR section of today’s EnterpriseAM that First Abu Dhabi Bank (FAB) and Abu Dhabi Islamic Bank (ADIB) were considering a potential merger. The story was about a potential merger between FAB and Abu Dhabi Commercial Bank (ADCB). We apologize for the typo — the entry has been updated on our web edition.

The two UAE lenders have also since denied the news altogether, with FAB and ADCB saying in separate disclosures (here and here) to the Abu Dhabi Securities Exchange that media reports of the potential merger are false. FAB “currently has not entered discussions with ADCB to pursue any merger activity,” it said. A transaction would have created the region’s largest banking entity in terms of assets with more than USD 350 bn.

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

• Gov’t weighs price controls to temper rising bread prices: The government could consider introducing price controls on unsubsidized bread through a mechanism similar to how the government regulates fuel prices on a quarterly basis according to global market movements.
• New IMF support program? Analysts at JPMorgan think that there is a “reasonable probability” the Madbouly government will open talks with the IMF on an assistance package to help us get through the fallout from Russia’s war in Ukraine in the event that “market conditions continue to deteriorate.
• Your morning commute isn’t as bad as you think (relatively speaking): Cairo was the 41st most-congested city in 2021, making it less congested than the likes of Paris, Dublin, Osaka, and Athens, with our average annual congestion level dipping one percentage point last year.

THE BIG STORY ABROAD

The news out of Ukraine is focused primarily on civilian evacuation attempts and fresh sanctions, alongside analysis on what the endgame could look like.

ON THE GROUND- Evacuations of civilians in Ukraine resumed this morning after Moscow and Kyiv agreed to set up humanitarian corridors out of some of the worst-hit cities, including Mariupol, Kharkiv, Kyiv, Chernihiv, and Sumy, Reuters reports. However, the corridor out of Sumy appeared to be the only one to open successfully, with local Ukrainian authorities reporting routes out of the other cities saying that Russia has not been abiding by ceasefire agreements.

The choppy evacuation plans come as Ukraine is running low on medical supplies, while Russia is reportedly stepping up attacks on ambulances and healthcare facilities, WHO officials said.

THE ENDGAME? Scholars and analysts suggest that Russia may be forced to go the “full destruction” route in Ukraine to score a victory, while a Ukrainian government official says that Kyiv needs to hold down the fort for another week to 10 days “to deny Moscow any kind of victory.”

ON THE DIPLOMACY FRONT- President Abdel Fattah El Sisi discussed the war in Ukraine with Russian President Vladimir Putin in a phone call earlier today, according to an Ittihadiya statement. El Sisi urged Putin to find a diplomatic resolution to the conflict and offered Egypt’s diplomatic support as part of a unilateral or multilateral mediation effort.

Meanwhile, the UK slapped more sanctions on Russia today, adding an aviation export ban to its list of punitive measures against Moscow. The new sanctions also ban Russian aircraft from flying over or landing in the UK.

Companies in China could also get dragged into the sanctions web if they are found to be “supporting” Russia in defiance of Western sanctions, including supplying Moscow with tech products such as chips, US Secretary of Commerce Gina Raimondo said, according to Reuters.

It takes two to tango, Moscow says: Russia is thinking “seriously” about its response to the raft of sanctions imposed by Western governments, particularly after the US and UK announced overnight they would ban the import of Russian fossil fuels, Kremlin spokesperson Dmitry Peskov told reporters, according to Reuters.

FOR TOMORROW- US Deputy Secretary of State Wendy Sherman will be in town for two days this week starting tomorrow. Sherman will meet with Foreign Minister Sameh Shoukry and “other senior officials,” including National Council for Human Rights chief Moushira Khattab.

Inflation figures for February will be released tomorrow: Annual urban inflation hit its highest level in almost two and a half years in January due to rising food prices and an unfavorable base effect.

Our fellow coffee nerds may wish to attend the three-day 2022 National Barista Championship, which gets underway tomorrow at the Egypt International Exhibition Center. Hit up IG for more.

???? CIRCLE YOUR CALENDAR-

Contemporary art and culture center Darb1718 is hosting its 3031 Art Festival until this Saturday, 12 March on its premises in Fustat, Old Cairo.

Green energy forum: The German Arab Chamber of Industry and Commerce is hosting the Egyptian German Green Energy Forum on Tuesday, 22 March. Planning Minister Hala El Said, Vice Minister of Finance Ahmed Kouchouk and German Ambassador Frank Hartmann are among those slated to attend. The event runs 5:30-9pm CLT at the InterContinental Cairo Semiramis.

Interest rates: The Central Bank of Egypt will hold its next monetary policy meeting on Thursday, 24 March.

(Much) further afield: Egypt will host the World Urban Forum in 2024 in cooperation with UN Habitat. Prime Minister Moustafa Madbouly yesterday met with the regional director of the UN Habitat, Erfan Ali, to discuss preparations for the event, the two sides announced (here and here). The forum aims to discuss rapid urbanization and its impact on communities, cities, economies, climate change and policies. This year’s edition will be held in Poland this June.

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

☀️ TOMORROW’S WEATHER- Tomorrow will be our last semi-warm day before a cold spell, with temperatures to reach 20°C during the day before falling to 10°C at night and staying in the teens until the end of next week, our favorite weather app tells us.