Good morning folks, and happy almost-THURSDAY. We know we just had a long weekend, but this one still can’t come soon enough.

THE BIG STORIES OF THE DAY here at home include news that Qatar’s Al Kuwari Group could be looking to snap up the Ramses Hilton hotel in Cairo for a reported USD 320 mn. Meanwhile, the EGX is drumming up interest in IPOs of state-owned companies it hopes could come this year.

AND- Supply Minister Aly El Moselhy spent seven hours in the hot seat yesterday, telling MPs we’re not going back to the days of Nasser as they criticized his ministry for not doing enough to tamp down rising consumer prices.

^^ We have more on all three stories below.

THE BIG STORY ABROAD is the political drama still unfolding in the US House of Representatives yesterday, as Republican leader Kevin McCarthy failed in three rounds of votes to be elected as speaker of the GOP-controlled chamber. Divisions in the Republican party, which won a slim majority in the lower chamber in November’s midterm elections, saw McCarthy become the first majority party leader in a century to lose a first ballot for the post.

What’s next? The House will have to keep on voting until it can elect a speaker — whether McCarthy or another candidate — in the latest display of dysfunction on Capitol Hill in a polarized political climate. (Washington Post | Financial Times | BBC | AP | WSJ)

AND- FTX’s Sam Bankman-Fried pleaded not guilty to all eight criminal charges he is facing after the collapse of his cryptocurrency exchange and affiliated hedge fund Alameda in a Manhattan federal court. His trial has been set for October, the Wall Street Journal reports.

WHAT’S HAPPENING TODAY-

It’s PMI day: We’ll find out how Egypt’s private sector performed in December this morning when S&P Global publishes the first purchasing managers’ index of 2023. We’re expecting business activity in the private sector to have contracted for the 25th consecutive month amid surging inflation caused in part by the weakening of the EGP. The release is due to land at 6.15 am CLT, shortly after we hit ‘send’ on this morning’s issue — you’ll find it here. The index for the UAE is due out at the same time.

Saudi’s economy continues to grow: Saudi employment numbers jumped to near five-year highs in December on the back of a “sharp expansion” in non-oil business activity, according to the PMI (pdf). The index came in at 56.9, well above the 50.0 mark that separates expansion from contraction, but below the 58.5 recorded in November.

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

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DATA POINT- Egypt’s foreign reserves rose by more than USD 500 mn to register just over USD 34 bn at the end of December 2022, up from USD 33.5 bn in November, according to central bank data released yesterday. Reserves have been on the rise for four consecutive months and have now risen by more than USD 850 mn since the end of August, a reversal after falling 20% earlier in the year on the back of the war in Ukraine and tightening financial conditions globally.

Foreign residents won’t have to cough up FX to board a train: Foreigners residing in the country will not be charged in USD to book train tickets in the country, a source at the Transport Ministry told Enterprise yesterday. The decision to charge foreigners for train tickets in USD, announced last week, will only apply to tourists, the person said.

Here’s how much they’ll be charged: A price list published this week by the Egyptian National Railways Authority shows that tourists will be charged between USD 15 and USD 65 depending on the route and travel class. The move comes as officials continue to hunt for foreign exchange as Egypt looks to start emptying ports of backed-up goods.

WATCH THIS SPACE- Movement on our COP green hydrogen agreements: The New and Renewable Energy Authority (NREA) is reportedly set to allocate land for the green hydrogen and green ammonia projects signed on the sidelines of COP27 during 1H 2023, Al Borsa reports, citing unnamed NREA officials. The authority is set to meet with the companies that signed MoUs within two months to agree on next steps, the news outlet reports.

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CIRCLE YOUR CALENDAR-

The key news triggers as we start a new month:

• Foreign reserves figures for December should be out later this week.
• Inflation figures for December will be released on Tuesday, 10 January.
• The national dialogue will kick off on Saturday, 14 January.
• The government’s fuel pricing committee will meet this month to decide quarterly fuel prices.
• Global movers and shakers will descend on Davos for the World Economic Forum’s annual meetings on 16-20 January.
• The IMF will publish an updated World Economic Outlook towards the end of the month.

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

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: What does 2023 have in store for infrastructure players?