Good afternoon, wonderful people. We’re now in the throes of that dreaded two-month stretch without any holidays or long weekends to speak of. (Is that the world’s smallest violin we hear?)

**TAKE OUR 2022 ENTERPRISE READER SURVEY and get a chance to break bread with us: Give us your thoughts on how 2022 panned out for your business and industry, and what you’re expecting in the year ahead in our Enterprise Reader Survey.

We’re asking you to share your expectations on the EGP / USD rate in 2023, how you’re managing expenses amid the rising cost of living, where you see your industry as a whole heading, and whether you expect to make fresh investments — among a few other questions we ask our community on a regular basis. As is our custom, we’ll be sharing the results with all of you in a few weeks’ time to help you shape your view of the year.

You can take the Reader Survey here — it won’t take more than a few minutes to complete.

Want to have lunch with us? Leave your name, email, mobile number, and where you work in the box for “Is there anything else you want to tell us?” We’ll be inviting eight participating readers to a meal at one of our favorite restaurants.

THE BIG STORY TODAY

CIB gets greenlight to close Mayfair acquisition: CIB has received approvals from the Central Bank of Egypt and the Central Bank of Kenya to close its acquisition of the remaining 49% of Kenyan bank Mayfair for USD 40 mn, according to a statement. CIB had previously acquired 51% back in 2020.

THE BIG STORY ABROAD

The international business press isn’t focusing on one singular story this afternoon. The two stories currently making the rounds:

• A military factory in Iran was reportedly targeted by bomb drones, its Defense Ministry said. (CNBC | Reuters)
• Memphis has disbanded a specialized police unit after five of its members fatally beat a Black man earlier this month. (Reuters | Wall Street Journal)

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

• The Central Bank of Egypt (CBE) is likely to hike interest rates when it meets on Thursday as inflation continues to run high, according to our interest rate poll.
• The economy could grow more than the gov’t thinks this fiscal year: The economy will grow at a 4.8% clip in FY 2022-2023, according to a Reuters poll of economists.
• S&P Global Ratings has affirmed Egypt’s B credit rating with a stable outlook, saying it expects fresh financial support from the IMF and the GCC will help us meet our external funding needs.

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: Following last year’s expansion of the golden license system, the General Authority for Freezones and Investment is now looking at introducing tiered diamond and silver licenses for manufacturers.

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It’s interest rate week here at home… The Central Bank of Egypt (CBE) is likely to hike interest rates when it meets on Thursday, 2 February as inflation continues to run high, according to our latest interest rate poll. Get the full story in our Economy section, below.

…And in the US: Expectations are high that the Federal Reserve will continue to slow the pace of its interest rate hikes when it holds its two-day policy meeting on Tuesday and Wednesday. The market is pricing in a 93% chance that the central bank raises rates by 25 bps this week — down from 50 bps in its December meeting — after a gauge of consumer prices last week showed inflation continuing to slow last month.

Light at the end of the tunnel? Economists are now projecting the Fed to call time on its tightening cycle later this quarter after making two 25-bps hikes at its January/February and March meetings, according to a Reuters poll.

EBRD + EU + GCF are holding a green finance event on Tuesday: The European Bank for Reconstruction and Development, the EU, the Green Economic Financing Facility, and the Green Climate Fund will hold a green finance event on Tuesday, 31 January at the Nile Ritz Carlton Hotel.

There’s still no word on when we’ll hear from the government’s fuel pricing committee: We’re still waiting for an announcement on when the committee will meet to decide on fuel prices for the current quarter. The committee usually meets at the beginning of every quarter to decide on fuel prices for the coming three months. The government has increased prices at the pump by 23-28% since April 2021, and decided on a rare fuel oil price hike last July.

Expect more hikes: The government has committed to changing local fuel prices in line with movements in the global markets under the USD 3 bn loan agreement with the IMF.

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

☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit 22°C tomorrow during the day before falling to 11°C at night, our favorite weather app tells us.