Good morning, friends and happy Friday. Despite the short business week we remained busy with a slew of economic and geopolitical updates towards the end of it.

As you know, productivity, whether at home or at work, has generally been an aspect that we can always improve or enhance. Especially when Mr. Procrastination’s tempting head emerges over our laptop screens promising to stop us from doing what we are supposed to do.

But, not all hope is lost, folks. We can still get back to work with some of the tried-and-tested pointers that we will give you in our guide to ensure that you are as productive as imaginably possible — at your home or in the office.

AND- we need all the productivity as we tool up for the official launch of EnterpriseAM UAE in the coming few days.

If you haven’t already: Sign up for the UAE edition here. Our report, produced in the UAE and in Cairo, is written for decision makers in the UAE as well as executives, investors, and others doing business or deploying capital there.

EnterpriseAM UAE is available to you without charge thanks to the generous support of our friends at Mashreq and is published by 7am UAE time Monday through Friday.

** THAT’S NOT ALL: EnterpriseAM Saudi Arabia is launching later this month. You can sign up here to let us know you’d like to be on the list on launch day. More details soon.

LAST WEEK IN 3 MINS-

THE SHORT WEEK WAS BUSY WITH ECONOMY NEWS-

#1-New credit card restrictions: At least three private banks have announced yesterday new monthly credit card limits for international transactions inside or outside Egypt. The new limits for international credit cards transactions from within Egypt now range from the equivalent of USD 65 at CIB to USD 50 at Abu Dhabi Islamic Bank.

#2- Inflation is easing: Annual headline inflation slowed to 33.7% in December from 34.6% in November according to the latest figures from statistics agency Capmas on Wednesday. That was slightly higher than the median 33.4% prediction by analysts polled by Reuters. Inflation has been cooling since a historic high of 38.0% in September, although analysts have cautioned that inflation might pick up again in the widely-anticipated case of a devaluation of the EGP.

Remember: The CBE’s average inflation target is 7% (±2%) by 4Q 2024 and 5% by 4Q 2026.This target has been in place since December 2022.

#3- World Bank knocks our growth forecast: The World Bank downgraded Egypt’s growth outlook for the current fiscal year owing to persistent economic problems, in its Global Economic Prospects reports (pdf). Real GDP growth is expected to slow to 3.5% in FY 2023-2024, down 0.2% from its last forecast in October, when it penciled in growth of 3.7%.

#4- FX is big on the agenda for President Sisi’s third term: The government came out with a very ambitious target this week to increase FX inflows to USD 300 bn by 2030 — nearly triple the current annual foreign currency revenues — in a report (pdf) from the Cabinet Information and Decision Support Center (IDSC) outlining the state’s strategy.

The roadmap includes:

  • Growing exports by at least 20% each year to reach USD 145 bn.
  • Raising tourism revenues by 20% annually to USD 45 bn.
  • Increasing remittances from Egyptians abroad by 10% annually to USD 53 bn.
  • Increasing foreign direct investments (FDI) — including investment in real estate — by 10% annually to USD 19 bn.
  • Boosting Suez Canal revenues — including revenues from maritime services — by 10% annually to USD 26 bn.
  • Ramping up outsourcing revenues by 10% annually to USD 13 bn.
  • Securitizing up to a quarter of USD revenues to raise up to USD 10 bn annually.
  • Converting 38% of current external debt to FDI by swapping debt for stakes in state-owned companies.

Monday’s AM edition has the full story here.

The Madbouly government began to audit costs of caring for migrants, of which there are an estimated 9 mn in Egypt. The measures aren’t aimed to increase the burden on “guests,” but rather to help rationalize resources, understand refugee needs, and facilitate the process of communications with donor agencies and countries, Cabinet spokesperson Mohamed El Homsani told Kelma Akhira on Monday.

ENERGY-

ACWA Power + Hassan Allam Utilities secure land for their USD 1.5 bn wind farm in Egypt: A consortium led by Saudi’s Acwa Power and includes Egypt’s Hassan Allam Utilities, signed a 25-year land usufruct agreement with the New and Renewable Energy Authority (NREA) for its 1.1 GW wind farm in the Gulf of Suez, according to a statement (pdf) released yesterday. The consortium is set to begin site studies for the USD 1.5 bn project, which is expected to begin commercial operations by the end of 2026.

PLANET STARTUP-

Kuwaiti edtech company Baims acquired 100% of Egyptian edtech startup Orcas, the companies announced in a statement (pdf) this week without disclosing the value of the agreement.

We sat down with Orcas CEO and co-founder Hossam Taher, now the consolidated company’s chief strategy officer, to break down the strategic acquisition, the consolidated company’s future plans, and the landscape for the edtech sector in the region.

AROUND THE WORLD IN SEVEN DAYS-

A NEW FRONT IN THE WAR-

The US and UK have carried out strikes against Houthis in Yemen a few hours ago, retaliating against the recent attacks on Israeli-connected vessels in the Red Sea by the Iran-baked group. “Today, at my direction, U.S. military forces — together with the United Kingdom and with support from Australia, Bahrain, Canada, and the Netherlands — successfully conducted strikes against a number of targets in Yemen used by Houthi rebels to endanger freedom of navigation in one of the world’s most vital waterways,” US President Joe Biden said in a statement overnight.

BLINKEN’S MIDEAST TOUR-

Blinken’s shuttle diplomacy in the region wrapped up yesterday: US Secretary of State Anthony Blinken visited the UAE, KSA, Israel, Qatar, Turkey, Greece, Jordan, and Egypt this week in a scrambling bid to prevent regional escalation, coming as the diplomat’s fourth visit to the region since October.

What he said…

  • … on Palestinian displacement: Palestinian civilians “must be able to return home as soon as conditions allow … They cannot, they must not be pressed to leave Gaza,” he said during his visit to the Qatari capital on Sunday, according to the BBC.
  • …on postwar plans: Saudi Arabia, Jordan, Qatar, the UAE, and Turkey have agreed to start planning the “reconstruction and governance” of Gaza when the war ends, the diplomat said in Saudi Arabia, Associated Press reports.
  • … on Houthi attacks: “if it continues, as it did yesterday, there will be consequences”, Blinken said on Wednesday, one day before beginning the military operation in Yemen.

GENOCIDE CASE AGAINST ISRAEL-

The International Court of Justice (ICJ) began hearing South Africa’s case against Israel yesterday. In the 84-page filing (pdf) South Africa accuses the Israeli government and military of “killing Palestinians in Gaza, causing them serious bodily and mental harm, and inflicting on them conditions of life calculated to bring about their physical destruction”. The case described the Israeli acts as “ genocidal in character because they are intended to bring about the destruction of a substantial part of the Palestinian national, racial and ethnic group.”

UNITED AIRLINES BOEING FIASCO-

United Airlines said it found loose bolts and other issues on its grounded 737 Max planes following safety checks after a piece of fuselage from a Boeing 737 Max 9 blew off during an Alaska Airlines flight last week. Boeing shares have plunged as industry analysts warn that the airplane maker could face a widening crisis over its 737 Max model.

The company eventually said it needed to own “our mistake”as airlines and regulators around the world ordered safety inspections of the 737 Max model after the incident.

☀️ THE WEATHER THIS WEEKEND- A sunny weekend lies ahead with the mercury peaking at 19°C during the day and dropping to 12°C at night. Saturday will give us more of the same, with a high of 20°C in the daytime and cooling to a chilly 10°C at night.

HAPPENING THIS WEEKEND-

FILM-

The Panorama of European Film is back. The annual awaited event for film lovers is running from Thursday, 11 January to Saturday, 20 January. Films will be screened at Zawya, Cima Arkan, Point 90, and Zamalek Cinema. You can find the schedule as well as other important information here.

Director Marwan Hamed will be joining Mahmoud Saad in an interview live on stage at the Falaki Theatre in Tahrir on Saturday, 13 January. Mohamed Mohsen will be providing some additional entertainment for the audience with the performance of some Arabic ballads to the tune of Maestro Aziz Al Masry. Keep in mind that this is a no-phone experience, and you will be asked to leave your devices with security. You can book tickets here.

Film aficionados, get ready to walk through 100 years of Egyptian cinema. On Saturday, Qahrawya will take you to famous shooting locations, old cinemas, and the film studios of yore, and to show you the film studios that are doing great work today. You can find the details here, but if you’re already sold on the experience, you can register to join the tour here.

FAIRS-

The Cairo Flea Market is back this Saturday at the Zamalek Fish Garden. There, you’ll have the chance to browse the products of more than 170 local vendors selling handmade products, antiques, secondhand items, and more. It only happens once a month so be sure not to miss it. The market runs from 11am to 7pm but we’d recommend getting there early to avoid the crazy crowds.

MUSIC-

Ready for some nostalgia? If you grew up watching Spacetoon, you won’t want to miss this. ElMashrou3 Band are performing the theme songs you belted along with growing up at ROOM Art Space at Garden City this Saturday. The band will also be playing originals that you haven’t heard yet, and have some surprises up their sleeves. Book your ticket here.

WORKSHOPS-

Practice your knitting and needling skills at a crochet workshop at the Monalisa ArtStudio. This three-hour course will teach you all the crooks and crannies from basic stitching shapes to making scarfs. The course will be taking place every Saturday and Wednesday until Wednesday, 28 February from 1-4pm. Check out their Facebook page for more information.

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