Good afternoon, wonderful people, and a very happy hump day to you all. We have another brisk news day here in Omm El Donia to mark the mid-point of the week — and the last day of January.

THE BIG STORY TODAY

IDH scraps IDC acquisition bid: LSE- and EGX-listed consumer healthcare firm IDH has pulled the plug on negotiations to acquire a majority stake in the Islamabad Diagnostic Center (IDC), IDH said in a disclosure to the EGX (pdf). The negotiations between IDH and IDC ultimately fell through due to “extensive delays in the regulatory review process, the challenging global economic environment and the condition precedent related to repatriating funds,” IDH said in a disclosure to the LSE. IDH had signed a share purchase agreement in December 2021 that would have seen it acquire 50% of the Pakistani diagnostic provider for USD 72.35 mn.

THE BIG STORY ABROAD

The eurozone recorded higher-than-expected growth in 2022, buoyed by positive growth in 4Q 2022, despite analyst forecasts that the bloc would record negative GDP figures during the final three months of last year. Across the full year, the eurozone’s GDP grew at a 3.5% clip, outpacing the US and China. The story is broadly leading the conversation in the international business press this afternoon: CNBC | Financial Times | Reuters | Wall Street Journal

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

• A unit of Qatar’s sovereign wealth fund is eyeing majority stakes in two state-owned terminal operators as investment bankers angle for IPO mandates in what could be the first sign so far this year of significant new activity in the Madbouly government’s privatization program.
• Blinken talks Egypt-US partnership, Israel-Palestine conflict with El Sisi, Shoukry: US Secretary of State Antony Blinken held talks with President Abdel Fattah El Sisi and Foreign Minister Sameh Shoukry yesterday before heading to Israel for the final leg of a three-day Middle East tour.
• Transport Minister defends spending record at the House: Transport Minister Kamel El Wazir defended his ministry’s spending on trains and rail infrastructure at the House yesterday, responding to wide-ranging questions from MPs.

** TAKE OUR JANUARY ENTERPRISE READER SURVEY and get a chance to have lunch 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 breakfast at one of our favorite restaurants.

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COME TO OUR NEXT ENTERPRISE FORUM-

We’re excited to unveil our next C-level event: The Enterprise FDI + Exports Forum, where we will take a deep dive into two of the most critical topics affecting our community.

Exports and foreign direct investment (FDI) have never been more important to our economy — or our businesses — than in the wake of the float of the EGP. We think we have a once-in-a-lifetime chance to build an export-led economy that makes us a magnet for FDI and all the benefits that will come with it for our nation.

Want to join the conversation? Drop us a line on events@enterprisemea.com.

???? CIRCLE YOUR CALENDAR-

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 as inflation continues to run high, according to our interest rate poll.

We’re still waiting to hear what’s happening with fuel prices this quarter: The government’s fuel pricing committee was due to meet earlier this month to set fuel prices for 1Q 2023. 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 prices to rise: 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- Expect a mainly sunny day tomorrow with temperatures in Cairo expected to hit 18°C during the day before falling to 9°C at night, our favorite weather app tells us.