Good morning, wonderful people, and happy Friday to you all.

WE HAVE A PROGRAMMING NOTE before we jump into our three-minute wrap up of the week — we’d be grateful if you could take a moment to read on.

Please join us in welcoming Dar Ventures to the Enterprise family. Dar Ventures is the venture capital arm of Dar Al-Handasah (Shair and Partners), the world-class design and engineering consultancy born here in the Arab world and founder of the award-winning top 10 international design firm Sidara.

Dar Ventures shares our values: Whether you’re an exec, a rising manager, or an entrepreneur, Dar Ventures love working with people who have ambition — who want to make the world a better place. They empower innovators and researchers to deliver innovative solutions and products that won’t just reimagine the architecture, construction, and engineering industries, but do right by people and the planet.

We’ve known folks at various arms of Dar for years and know they’re as passionate as we are about tech, sustainability, and building great businesses.

We love Dar Ventures not just because they’re tech nerds (as we are), but because they explicitly want to change the physical world in which we live. Less than 5% of global VC funding gets allocated to businesses that want to change the so-called “built-up environment” — a figure we think is even lower in our part of the world.

Creative thinking about how to make our cities, public spaces, homes, offices, and factories better places isn’t optional — it’s an imperative. From rising temperatures to rising sea levels, few countries in the world are as exposed to the impact of climate change as we are.

The Enterprise Weekend Edition is available without charge solely thanks to the generous support of our advertisers. We’re delighted that the folks at Dar Ventures have chosen to help support our community.

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

LAST WEEK IN 3 MINS-

ECONOMY-

#1- Goldman Sachs says we’re not ready for a devaluation: Under current conditions, it is unlikely that a managed devaluation would meet the Madbouly government’s policy objectives, nor does the bank see a full float taking place, it said in a report seen by Enterprise. Egypt should act now “to curb FX demand and build liquidity buffers ahead of any prospective attempt to clear the market through a devaluation of the official FX rate,” the bank advised.

#2- Reviews of Egypt’s IMF loan program near completion: The Fund’s long-stalled first and second reviews of Egypt’s loan program are in their final stages and are expected to be completed “in a few short weeks,” IMF Managing Director Kristalina Georgieva told reporters this week on the sidelines of the World Governments Summit in Dubai. The Fund is preparing a “large amount” of additional funding to “give a dose of confidence to the Egyptian economy by enhancing the size of the support program.” Georgieva said. The Fund’s talks with Egypt have been about a more flexible exchange rate, but not a float of the EGP, she added.

PRIVATIZATION WATCH-

#1- New privatization program targets: Egypt aims to raise some USD 6.5 bn through the privatization of state-owned companies and assets by the end of the year, Finance Minister Mohamed Maait said at the Annual Arab Fiscal Forum in Dubai. The target refers only to finalized sales made during 2024, a government source confirmed to Enterprise.

A large chunk of the USD 6.5 should be raised by June through stake sales of Wataniya, Gabal El Zeit wind farm, Port Said and Damietta Container & Cargo Handling companies, United Bank, and a Siemens-built power plant in Beni Suef, our source told us.

#2- More details came to light regarding the potential Ras El Hekma sale: The government and Talaat Moustafa Group could together retain a 20% stake in the North Coast’s Ras El Hekma after Abu Dhabi takes over the USD 22 bn project.

Refresher: Earlier in the week, GAFI head Hossam Hieba confirmed that officials were in talks about a potential investment and its size after days of rumors regarding the project and that an Emirati consortium had been picked to develop the 180 mn sqm parcel of land.

WAR WATCH-

Cairo played host to another round of Israel-Hamas ceasefire talks on Tuesday, featuring a number of Israeli, US, Qatari, and Egyptian officials, including CIA’s William Burns, head of Israeli intelligence agency Shin Bet Ronen Bar.

Yet still no breakthrough on a ceasefire agreement: Negotiations on a ceasefire agreement were left unresolved, but mediators claimed to make “relatively significant” progress in the latest talks and are now focusing on “crafting a final draft” over a six-week ceasefire agreement, an unnamed Egyptian official said.

Attacks on Rafah:Israel launched airstrikes in Rafah this week, killing at least 100 Palestinians and injuring hundreds more. More than 1 mn displaced Palestinians are currently sheltering in the southern city of Gaza. Many of the Gazans in Rafah — originally designated as a safe zone by the Israeli military — have now begun to flee amid Israeli shelling and airstrikes this week and in growing anticipation of a ground invasion.

DIPLOMACY-

#1- Erdogan was in Cairo for the first time since 2012: Israel’s war on Gaza and the occupied Palestinian territories topped the agenda when President Recep Tayyip Erdogan met with President Abdel Fattah El Sisi. The two sides also discussed economy, trade, tourism, energy, and defense.

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#2- Brazilian President Luiz Inácio Lula da Silva kicked off his Africa tour in Egypt: The president of fellow Brics member Brazil was in Egypt for two days of meetings this week. Lula met with President Abdelfattah El Sisi yesterday and the two sides signed MoUs on scientific research and livestock imports.

WHAT’S HAPPENING NEXT WEEK-

The Madbouly government could name the new shareholder of Wataniya next week, after it received three final bids for a 30% stake of the fuel retailer, Al Masry Al Youm reported on Wednesday, citing what it said are senior government sources. Wataniya has been in the works for the past three years. Taqa Arabia was the only firm to have publicly declared interest in the filling station operator, but several other companies have been said to be lodging bids, including Abu Dhabi National Oil Company (Adnoc) and Shell.

The Egypt Energy Show is kicking off on Monday, 19 February at Egypt International Exhibition Center, New Cairo. The three-day event will gather 35k energy industry professionals and host over 80 conferences on energy transition and sustainable production.

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

AROUND THE WORLD IN SEVEN DAYS-

We questioned how old the leader of a country should be, after US President Joe Biden mistakenly described President Abdel Fattah El Sisi as the president of Mexico (watch, runtime; 12:35) at a press conference called to address claims in a special prosecutor’s decision not to recommend Biden be charged with mishandling state secrets. Not to be outdone, Trump has also recently confused the leaders of Hungary and Turkey, said he defeated Barack Obama (not Hilary Clinton) for the presidency, and confused his primary challenger, Nikki Haley, with former house speaker Nancy Pelosi.

EU foreign policy head Josep Borrell called on the US to cut weapon sales to Israel in response to a question about US President’s Biden’s comments last week that “the conduct of the response in the Gaza Strip has been over the top.” Meanwhile, a Dutch court has banned the sale of F-35 spare parts to Israel, upon ruling that there was “a clear risk” that the plane was being used for serious violations of international law in Gaza.

Global leaders and decision makers descended on the UAE to attend the World Governments Summit in Dubai, including several Egyptian officials who took to the stage. Madbouly was center stage for a 10-minute speech, where he touched on the private sector’s role in the economy and Egypt boosting its renewables capacity.

☀️ THE WEATHER THIS WEEKEND- It’s going to be partly cloudy in the capital city today, with a high of 19°C, before it hits a nighttime low of 11°C. You can catch some sun tomorrow, with a high of 20°C and a nighttime low of 12°C.

HAPPENING THIS WEEKEND-

Don’t miss out on Mohamed Mounir, Ramy Sabry, and Sharmoofers taking the stageatFamily Park. The event will take place tonight with gates opening at 1pm and performances starting at 7pm. Get your tickets through Tazkarti.

Oud player Saad Al Oud and his band will be playing at Theatro Arkan this Saturday. The night of classical Egyptian music will open its doors from 7:30pm and begin at 8pm. You can get your tickets at Ticketsmarche.

Experience three days of three types of love at HydeOut with Bonds of Love. It started yesterday with Laugh is in the Air, followed by yesterday’s The Family Circle, and ending with Self Love tonights. Each day will feature live performances, immersive activities and endless delicious food. Get your tickets here.

In another of Mahmoud Saad’s live interviews, Ashraf Abdelbaki will be featured on stage this Saturday. Accompanying entertainment will be provided by Mai Farouk. Before you grab a ticket, keep in mind that this is a no-phone, filmed experience, meaning that you should expect to hand your phone over at the gate and be seen by friends and family on their TV screens at home.

HAPPENING NEXT WEEKEND-

Double Dribble Leagues has got all basketball enthusiasts covered. Running until next Friday, 23 February, the weekly mixed league hosted at the Maadi Sporting and Yacht Club is for anyone who wants to live out their baller dreams or stay fit while having fun.

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