Good morning, folks, and happy Friday. We don’t know about you all, but we’re quite relieved the weekend is finally here.

We’re at the time of year when most new year’s resolutions have already failed, most likely including resolutions for improved eating habits. While there are plenty of reasons this resolution in particular tends to fall through — not least of which is the temptation of takeout when you don’t have the time, energy, or skills to cook for yourself at home.

Some people have taken to meal-prepping — which has recently gained popularity on social media — but in reality, it is time-consuming and the gear is expensive, plus kitchen and fridge space is also an issue. So let’s bid adieu to kitchen chaos with our list of Egypt’s meal prep services, the ultimate convenience of having chef-crafted, healthy meals delivered straight to your doorstep.

Enterprise Weekend comes out each Friday at 9:00am CLT. We’ll be back on Sunday at 6am with EnterpriseAM. Until then: Enjoy the weekend.

LAST WEEK IN 3 MINS-

ECONOMY-

#1- Everyone is sitting tight waiting for the IMF agreement: IMF staff and Egyptian officials are close to finalizing a new financial support package for Egypt, the Fund’s Managing Director Kristalina Georgieva said during a media roundtable last week. “We are in this very last stretch where we are working on the details of implementation … we’re not talking about a long protracted period at all,” Georgieva said.

But no word on how big the package will be: There’s no consensus on how big the loan will be, with local and international outlets putting the figure between USD 6-12 bn, with the latest report suggesting we could get USD 6 bn from the IMF and another USD 6 bn from “development partners.” Our sources agree, with seven who have knowledge of the talks putting the package in that range. It appears we have two options: Go for a gradual, managed float and take on less funding — or go for a full float and get a larger assistance package.

#2- El Sisi announces EGP 180 bn social safety net package: The government willimplement a set of measures from the beginning of March including public-sector wage hikes, income tax breaks, pension increases, and a 50% rise to the public-sector minimum wage to EGP 6k. The package also includes early bonuses for civil servants, better wages for educators, doctors, and nurses, and personal income tax breaks.

#3- (Some) closure on Ras El Hekma: The General Authority for Freezones and Investments (GAFI) has tapped a consortium of unnamed Emirati investors to take over the USD 22 bn development of a plot of land in the North Coast’s Ras El Hekma, GAFI head Hossam Heiba said on Wednesday.

The two sides have wrapped negotiations and are gearing up to sign contracts, Heiba said, days after local and social media were awash with rumors about the government planning to sell a huge piece of land in Ras El Hekma. Prime Minister Moustafa Madbouly alluded to the agreement at yesterday’s cabinet meeting, saying a legal and technical team are reviewing investment offers “yielding significant foreign currency revenues,” without specifying further.

#4- Our net foreign asset deficit hit a new record high in December, as pressures keep mounting on the country’s external position. Our net foreign asset deficit inched up to over USD 27.2 bn, after retracting to USD 27 bn in November, according to Enterprise calculations of Central Bank of Egypt figures.

#5- Inflation decelerated for the fourth consecutive month in January, falling below the 30% mark for the first time since January 2023. Annual urban inflation came in at 29.8%, cooling from 33.7% in December.

PRIVATIZATION-

Curtain closes on bidding for Wataniya: Planning Minister and Sovereign Fund of Egypt (SFE) Chair Hala El Said told Asharq Business on Tuesday that investors have 48 hours to submit their final bids for the military-owned filling station operator. The fuel retailer sale — along with that of the bottled water company Safi — has been in the works for the past three years. Taqa Arabia was the only firm to have publicly declared interest in the fuel retailer, but several other companies have been said to be lodging bids, including Abu Dhabi National Oil Company (Adnoc) and Shell.

MANUFACTURING-

Sherif El Zayat stepped down as CEO of EK Holding last week to start a new chapter that will see him focusing on the growth of two family-owned packaging businesses and other ventures that could see him deploy tens of mns of USD in Egypt in the years to come.

** We sat down with Sherif El Zayat after the announcement to talk about his time at EK Holding, his future plans, and why he believes in Egypt as a promising hub for exports to Europe and beyond.You can check out the full interview here.

TOURISM-

The GEM is almost ready: Officials are putting the final touches on the Grand Egyptian Museum to wrap up preparations for the opening by the end of this month and officially receive visitors shortly after that.

WAR WATCH

El Sisi + Blinken on Gaza ceasefire: US Secretary of State Antony Blinken was in Egypt on Tuesday to meet President Abdel Fattah El Sisi for Gaza and Red Sea attacks-centered talks. The meeting “focused on developments in unyielding efforts aimed at reaching a ceasefire in the Gaza Strip, exchanging detainees and providing access to needed relief aid,” according to an Ittihadiya statement.

Israeli Prime Minister Benjamin Netanyahu scuttled all hope of an imminent ceasefire on Wednesday evening by rejecting Hamas’ ceasefire terms presented the day before, telling reporters that “there is no other solution but a complete and final victory” (watch, runtime; 23:00).

AROUND THE WORLD IN SEVEN DAYS-

Our region was once again in the spotlight of the international press this week — but unfortunately for all the wrong reasons: The US carried out more airstrikes on Yemen on Sunday, days after it launched airstrikes on some 85 targets in Iraq and Syria with reported ties to Iran’s Revolutionary Guards Corps (IRGC), killing 40 and compounding fears of regional escalation, Reuters reported.

The increase in hostilities further dwindled Red Sea freight traffic:The Suez Canal’s monthly receipts in January fell 47% y-o-y to USD 428 mn, as the number of ships passing through the waterway dwindled to almost 37% to 1.4k last month because of Houthi attacks on vessels in the Red Sea and US-led strikes in the region.

And prospects for the resumption of global trade are looking grim: Japanese shipping firm Mitsui OSK Lines thinks Red Sea escalations could hold up global trade for up to a year, CEO Takeshi Hashimoto told Bloomberg. “The situation will continue at least for the coming two or three months. And as a worst case scenario, six months or one year,” Hashimoto said. Meanwhile, Maersk said yesterday it’s suspending share buybacks in light of “high uncertainty” about future earnings because of the Red Sea conflict.

WHILE IN BUSINESS NEWS- McDonald’s 4Q revenues fall short of estimates amid MidEast boycotts,according to its latest earnings release (pdf). The company’s sales in its international developmental licensed markets segment edged up just 0.7% during the quarter, compared to estimates of 5.5%, according to LSEG data cited by Reuters.

THE EGYPT ANGLE- McDonald’s is one of several Western goods and brands that have been subject to boycotts in the Middle East due to its perceived support for Israel. McDonald's Egypt has been trying to get in Egyptian’s good grace — reiterating the fact that it is 100% Egyptian-owned and announcing an EGP 20 mn donation to those in need in Gaza.

AND OVER IN THE UK- King Charles III has been diagnosed with “a form of cancer” at the age of 75, a year and a half after coming to the throne, according to a statement released by Buckingham Palace yesterday.

⛅ THE WEATHER THIS WEEKEND- Look out for partly cloudy days this weekend with today bringing us a high of 23°C and tomorrow peaking at 22°C, with both days set to see a nighttime low of 10°C.

HAPPENING THIS WEEKEND-

Ebni is back at Rawabet Art Space: The play, an adaptation of God of Carnage by Yasmina Reza, demonstrates how two different families react when their children get into a fight,and as the play unfolds their true colors are revealed. Catch the performance starting today, or next Tuesday and Wednesday, 13 and 14 February at 8pm and on Saturday, 10 February at 5pm. Book your tickets here.

Head to The Tap West for It’s Not Unusual, a two-day showcase of live performances, good food, and drinks hosted by ACT Theatre Group. The event runs today and tomorrow, starting at 7pm. Send The Tap West or ACT a message to reserve.

The Grand Egyptian Museum will be hosting Tunisian songstress Emel Mathlouthi tonight, so hurry and grab a ticket. The Voices of Hope concert will start promptly at 9pm.

Hamza Namira will be dropping his album at a concert hosted by ZED park tonight at 8pm. The park’s gates will open at 2pm but the concert gates will open later at 6pm. You can get your tickets here, with the option of regular standing, VIP standing, or VIP seated.

Egyptian independent artist and multi-instrumentalist ASH will be performing at Le LacDu Caire tonight. Hosted by CRCL, the event will start at 1pm and doors will close at 4pm. Get your tickets here.

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