Happy hump day and Valentine’s Day, all rolled into one, friends. It’s one of those unexpectedly brisk midweek days here in Omm El Donia as we race towards the weekend.

THE BIG STORY TODAY

Where United Bank, Pachin, and Helwan Fertilizers’ privatization plans currently stand: Two Saudi banks — Tadawul-listed Riyad Bank and Al Rajhi Bank — are reportedly looking to either fully acquire or buy stakes in United Bank as part of the Madbouly government’s plans to sell stakes in 32 companies by the end of 1Q 2024, Al Mal quotes MP Fakhry El Fiky as saying. Meanwhile, Helwan Fertilizers could see as much as 20% of its shares sold to Gulf strategic investors in the privatization push, and bidders who were previously looking to acquire stakes in Pachin are revisiting their positions, Al Mal reported in separate stories (here and here).

THE BIG STORY ABROAD

It’s a mixed bag of nuts in the international business press this afternoon, but another shooting in the US is beginning to make the rounds. A man who appears to have had no connection to Michigan State University killed three people and himself on campus. Five other people were also injured in the shooting. The story is on the front pages of the Wall Street Journal and Reuters.

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

• The EU doesn’t expect to import more LNG from Egypt this year: Last year’s agreement to boost natural gas exports to the EU from Israel and Egypt will allow Cairo to “keep the relatively high volumes of LNG that it delivered to Europe last year,” EU Energy Commissioner Kadri Simson said.
• MPs approved bills on tourism, development finance, and fresh oil exploration yesterday, while various committees of the House were busy with everything from carbon trading to a bid to tighten controls on Netflix and other streamers.
• Flat6Labs reached first close on its USD 20 mn Saudi seed fund with the participation of the Saudi Venture Capital Company (SVC) and the Public Investment Fund’s Jada Fund of Funds.

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???? CIRCLE YOUR CALENDAR-

Cairo Photo Week is still running through this Saturday, 18 February.

Art Cairo wraps up at the Grand Egyptian Museum today.

The Naguib Mahfouz Festival kicks off tomorrow at Zawya Cinema in downtown.

Find our regular business calendar, which includes a comprehensive listing of upcoming news events and news triggers, in EnterpriseAM and on the web.

⛅ TOMORROW’S WEATHER- Expect another mixed day tomorrow, alternating between sun and clouds. Our favorite weather app tells us the daytime high will reach 17°C before falling to 10°C in the evening.