Good afternoon, ladies and gentlemen, and a very happy THURSDAY to you all. This week has been quite a whirlwind, so we’re looking forward to a relaxing weekend to decompress.

THE BIG STORY TODAY

Al Ahly Pharos closed a EGP 700 mn securitized bond issuance on behalf of the National Bank of Egypt’s Al Ahly Leasing Company, marking the company’s first securitized offering, Hapi Journal reports. Dreny and Partners acted as advisor for the issuance, KPMG Hazem Hassan was auditor.

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

• Swvl to invest USD 15 mn in Argentina expansion: Mass transit firm Swvl is investing USD 15 mn in Argentina over the next three years to scale the company’s operations in the country, CFO Youssef Salem told Enterprise. The investments will target research and development, and supply and customer acquisition.
• Misr Life IPO could go ahead in October: State-owned Misr Ins. Holding (MIH) will float 25% of its life ins. subsidiary on the EGX in October, Public Enterprises Minister Hisham Tawfik said.
• El Nasr, NATCO to set up Egypt’s first EV dealership: State-owned firms El Nasr Automotive and the National Automotive Company will jointly set up Egypt’s first electric car distributor, the Public Enterprises Ministry said.

THE BIG STORY ABROAD

Russia accused of killing civilians in Ukraine + name calling begins: US and Ukrainian officials accused Russia of killing civilians taking shelter in a theater in the besieged city of Mariupol and others waiting for bread in Chernihiv today, Reuters reports. The shelling reportedly left many trapped and feared dead, although the exact death toll remains unclear. At least 500 people were using the theater as shelter, Human Rights Watch said.

US President Joe Biden described Vladimir Putin as a “war criminal,” leaving the Kremlin furious, describing Biden’s comments as “unacceptable and unforgivable rhetoric,” Russian news agency Tass reports. Moscow can use its power to “put all of our brash enemies in their place,” the deputy secretary of Russia’s security council said, according to Reuters.

On the ground, the Russian invasion is “largely stalled,” with “minimal progress on land, sea or air in recent days,” UK military intelligence said. Russian forces have still failed to take control of any major cities in Ukraine so far. Despite the wall Russia appears to be hitting, Moscow doesn’t appear to be taking any measures to de-escalate the aggression, White House spokesman Jen Psaki said, according to Reuters.

Meanwhile, Ukrainian President Volodymyr Zelensky is appealing to Germany to end the war in Ukraine, urging German Chancellor Olaf Scholz to tear down a (metaphorical) wall separating Europe. Speaking to the Bundestag through video conference, he invoked Holocaust survivors’ motto, “never again.”

No NATO intervention in Ukraine: The alliance will not intervene through military force in the Ukrainian war, Germany’s Scholz said at a joint news conference in Berlin with NATO Secretary General Jens Stoltenberg today, CNN reported.

FOR TOMORROW- Members of the public will be able to take a stroll along the Ahl Masr promenade for the first time tomorrow when the government opens the first, 1.8-km section running between Imbaba Bridge and the 15 May bridge. The two-level walkway will house restaurants, cafes and shops, as well as a theater and three parking lots.

???? CIRCLE YOUR CALENDAR-

The CBE will hold its policy meeting next Thursday, 24 March, and almost all the analysts we’ve heard from so far are expecting policymakers to hike interest rates. We’ll have more for you on this on Sunday when we publish our customary interest rate poll.

EV-charging bid deadline extended: The Public Enterprises Ministry has extended the deadline for sending in expressions of interest for experienced companies that would like to manage the soon-to-be-established EV charging stations company, the cabinet announced in a statement. Interested companies have until Thursday 24 March to send in their letters. Three companies have told the government they want to take part in the project so far, according to the statement.

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

☀️ TOMORROW’S WEATHER- The weather over the weekend will reach 22-23°C during the day before falling to 10°C at night, our favorite weather app tells us.