Good afternoon, ladies and gents. We’re just easing back into the flow of things on the first workday of the new year (and training our brains to write the correct year), but the news cycle here at home is already off to a strong start.

THE BIG STORIES TODAY

GB Auto approves GB Lease stake sale: GB Auto’s board has approved plans to sell a 45% stake in GB Lease to Abu Dhabi-based investment firm Chimera Investments for EGP 855 mn after approving the results of the fair value study (pdf), GB Auto said in an EGX disclosure (pdf).

#2- Misr Italia Properties has closed its second EGP 986 mn issuance as part of its EGP 2.5 bn securitization program, EFG Hermes, which advised the real estate developer on the transaction, said in a statement (pdf). The issuance is backed by a receivables portfolio of around EGP 1 bn from two of Misr Italia’s subsidiaries.

THE BIG STORY ABROAD

The international business press is still shaking off the new year daze, with no story driving the conversation. Among the headlines: Ukraine is shooting down drones launched by Russia in the third consecutive day of attacks from Moscow (Reuters); economists at major US banks are penciling in a recession this year or next (Wall Street Journal); retail investors are piling into commodities trading on the back of “bumper returns” (Financial Times).

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

• Importers can now turn the page on L/Cs: The Central Bank of Egypt (CBE) announced Thursday that it had lifted the requirement to use letters of credit to finance imports in an effort to clear a longstanding backlog of imports.
• New year, new private-sector minimum wage: The National Council for Wages has raised the minimum wage for private-sector workers by 12.5% to EGP 2.7k per month amid soaring inflation.
• The EGX dethrones the ADX as the region’s best-performing stock market: The EGX was the best-performing stock market in the Middle East in 2022 thanks to a bull run in 4Q sparked by the IMF agreement that erased losses.

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???? CIRCLE YOUR CALENDAR-

The EGX will be trialing an update (pdf) to its trading platform on Wednesday, 4 January and Thursday, 5 January from 3pm to 4:30pm. The update includes changes to the way stocks’ daily closing price is calculated and approved.

The Egyptian-Qatari Business Forum will launch during 1Q 2023, sources reportedly told Mubasher last month.

This could coincide with new investments from Qatari firms: The Sovereign Fund of Egypt is expecting more investments from the Qatari Investment Authority (QIA) early next year. The wealth fund is currently doing due diligence and finalizing agreements to purchase as much as USD 2.5 bn worth of state-held stakes in unlisted companies.

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

☀️ TOMORROW’S WEATHER- 2023 is off to a sunny start with temperatures in Cairo expected to hit 21°C tomorrow during the day before falling to 12°C at night, our favorite weather app tells us.