It’s another busy news day on all fronts as we sprint to the weekly finish line, ladies and gentlemen, with stake sales and investments topping headlines locally, and ongoing global energy concerns leading headlines abroad.

THE BIG STORY TODAY

#1- BREAKING- Abu Dhabi wealth fund ADQ is reportedly acquiring unspecified state-held stakes in Abu Qir Fertilizers, Mopco, and Alexandria Container & Cargo Handling, Bloomberg reports, citing a source it says has knowledge of the matter. The reported sale would be part of a USD 2 bn investment from ADQ in snapping up state-held stakes in five EGX-listed companies, which Bloomberg reported earlier this week would include up to 18% of leading private sector bank CIB, an unspecified stake in fintech darling Fawry, and three other unnamed companies.

Speaking of Fawry and stake purchases: State-owned Banque Misr has purchased an 8.85% stake in the fintech company in a EGP 1.47 bn block transaction, according to a disclosure to the EGX (pdf). The bank purchased 151.10 mn shares at an average price of EGP 9.75 per share. The transaction brings Banque Misr’s total stake in Fawry to 15.78%.

#2- EFG Hermes-led Vortex Energy, RX Healthcare, and Education Fund eyeing fresh investments + acquisitions: EFG Hermes’ Egypt Education Fund, and its healthcare arm, RX Healthcare, are studying new investments and acquisitions over the coming period, head of Private Equity and Asset Management Karim Moussa told Enterprise. These plans include some USD 30-40 mn the education fund plans to invest over the next 18 months, while RX Healthcare Management is looking into two or three majority stake acquisitions of pharma companies in transactions valued at between USD 200-500 mn apiece. Vortex Energy is also planning to reach a USD 550 mn second close for its Vortex Energy IV fund within the next two years, Moussa told us.

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

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

• GDP forecast downgraded as cabinet signs off on 2022-2023 budget: Egypt has revised downwards its GDP forecast for FY 2022-2023, according to figures in the draft budget that was approved by ministers yesterday.
• More chatter that we are, indeed, going to talk to the IMF about a new program: Analysts, including at Goldman Sachs, Moody’s and Capital Economics, are speculating that the fiscal stimulus package and monetary policy measures announced Monday will pave the way for a fresh IMF program as the ongoing commodity price shock puts strain on the economy.
• Suez Canal transit fees to rise in May: The Suez Canal Authority will raise fees for ships transiting the waterway from the beginning of May.

THE BIG STORY ABROAD-

Russia could cut its oil supply by about 1 mn barrels per day, Russian Deputy Energy Minister Pavel Sorokin said in a statement shared by the Russian news agency TASS. This comes as the country is working to repair its storm-damaged oil loading facilities at the Caspian Pipeline Consortium terminal — which makes up 2.5% of global seaborne oil trade. Depending on the damage, the repairs could take up to two months, during which the pipeline could slash its oil supply by about 1 mn bbl/day, putting the already vulnerable oil prices in a risky position, where they could rise even more. Europe is already facing a “systemic” shortage of diesel due to sanctions on Russia that could force governments to ration fuel as energy traders fear that western sanctions on Moscow could remove as much as 3 mn bbl/day of oil and petroleum products from the market. European gas prices continued its upward trend today on the back of talks of new sanctions, with Dutch gas futures rising 4.1% and British futures jumped 4%, reports Bloomberg.

A glimmer of hope: European gas is “likely to remain highly volatile but with a downside bias,” according to a Citigroup note cited by Bloomberg. Germany refusing to enforce natural gas sanctions on Russia will help cap the price increases, while China’s likelihood to increase coal production will decrease the demand for LNG, the note added.

And the US could soon offer a solution: US President Joe Biden “will announce joint action on enhancing European energy security and reducing Europe’s dependence on Russian gas at long last,” White House national security adviser Jake Sullivan said in a presser, as Biden heads to Brussels for talks with European officials.

MEANWHILE- Chinese authorities have found one black box from the deadly Boeing 737 plane crash after two days of searching, reports Reuters. The box was found “severely damaged” — so much so that authorities can’t determine if it is the flight data recorder or the cockpit voice recorder at this stage. The flight nosedived into a mountainside on Monday, and new reports suggest that the pilot failed to answer calls from Chinese air-traffic controllers during the incident, according to Mint. All 123 passengers and nine crew are presumed dead.

HAPPENING TOMORROW-

EV-charging bid deadline is tomorrow: Tomorrow is the deadline for companies applying to manage the soon-to-be-established company for EV charging stations. The deadline was originally set for 17 March but was extended for one week. Three companies so far have expressed their interest in the project.

REMINDER- There’s no MPC meeting tomorrow: The Central Bank of Egypt has canceled (pdf) Thursday’s regularly scheduled Monetary Policy Committee meeting after enacting a surprise 100 bps rate hike at a special meeting early Monday morning.

???? CIRCLE YOUR CALENDAR-

The Egypt International Mining Show (EIMS 2022) kicks off next Monday. The virtual event will wrap on Tuesday.

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

WEATHER-

???? PSA- We’re in for some chilly weather and rain tonight, according to the Egyptian Meteorological Authority. Greater Cairo could experience light rainfalls at night while coastal regions are in for a full blown thunderstorm. Tomorrow’s weather will likely be the same at 19°C during the day and 8°C at night, but there’s less of a chance of rain, our favorite weather app tells us. Temps in Cairo are on track to rise to the high 30s by the end of next week and to 41°C on Saturday, 2 April (probably the first day of Ramdan).