Good morning, ladies and gentlemen, and happy Friday. It is the last weekend before Ramadan and if you are observing you might find yourself dreading the endless iftars that you will have to host.

But fear not, most cherished reader, we put together an entire list of local names that will help you curate that cozy Ramadan experience down to the t.

Enterprise Weekend 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-

The float has been the word on everyone’s lips since Wednesday morning after the Central Bank of Egypt (CBE) decided to allow the exchange rate to be determined by market forces. The bank announced it during a special meeting at which the CBE’s Monetary Policy Committee also decided to hike key policy rates by 600 bps. The USD is now settling at EGP 49.7-49.4 from EGP 30.95 on the day before the float.

A few hours later, Madbouly’s government sealed an agreement for a USD 8 bn program with the International Monetary Fund (IMF) that could add another USD 1-1.2 bn in climate finance if separate negotiations translate into an agreement, Prime Minister Moustafa Madbouly said at a press conference on Wednesday afternoon with Central Bank of Egypt Governor Hassan Abdalla and IMF mission chief for Egypt Ivanna Hollar (watch, runtime: 18:13).

Cabinet agreed with the IMF to implement structural reforms that would also include “a new framework to slow down [public] infrastructure spending, including projects that have so far operated outside regular budget oversight,” Hollar explained. The government will introduce a ceiling on public investment for FY 2024-25, where the total of all public investment spending — that includes all ministries, economic bodies, the Public Enterprise Ministry’s companies, and state-owned companies — will not exceed EGP 1 tn, according to Madbouly.

New high-interest CDs: State-owned Banque Misr and National Bank of Egypt have rolled out high-interest certificates of deposit (CDs) (here and here, pdf). The three-year CDs carry a declining rate, offering buyers an annual payment of 30% for the first year, 25% for the second year, and 20% for the third year, or quarterly or monthly payouts at reduced annual rates. Quarterly payouts start at a 27% annual rate, declining 400 bps each year, while monthly payouts start at 26% and decline 350 bps each year.

FX spending limit revisited: The CBE told banks they can ease over time limits on foreign-currency transactions. The central bank is leaving each institution to ease restrictions at its own pace. The CBE is also allowing banks to ease curbs on the use of EGP credit cards for FCY-transactions in Egypt. It remains unclear when it will scrap limits on the use of EGP debit cards abroad.

Portfolio investors are coming back: Egypt local-currency bonds are now offering the third highest among 23 developing economies, according to data tracked by Bloomberg. “The return of portfolio inflows would lock in the final piece of the funding puzzle for Egypt,” the news service wrote. JP Morgan recommended buying our one-year t-bills at auction yesterday, Reuters reports citing a note from the bank, in another sign that the Egyptian debt will be once again lucrative to foreign investors following the float and the jumbo-sized 600 bps rate hike.

LOGISTICS-

Egypt to launch project to double the remainder of the Suez Canal: The government has conducted preliminary studies on a project to duplicate the remainder of the Suez Canal to better support two-way traffic, Suez Canal Authority (SCA) boss Osama Rabie said on Sunday. Engineering consulting companies ACE Moharram Bakhoum and Dar Al Handasah are working on the feasibility studies and identifying what partners the government can work with before the matter is once again raised to the president, Rabie said.

PRIVATIZATION-

Gov’t sets the wheels in motion on the first post-float privatization project: Cabinet has given Nilus Hotel and Commercial Services and Nilus Residential Services approval to build two commercial and residential towers on the National Democratic Party’s (NDP) former headquarters, according to a decision published in the Official Gazette this week. The two projects, reportedly worth a combined USD 5 bn, are due for completion in 2Q 2028.

Mystery Emirati company submits bid for 40% stake in Misr Life Ins.: An unnamed Emirati company is looking to snap up a 20% stake in the Misr Ins. Holding subsidiary, before upping its stake to 40% after a year, a government official reportedly told Arab World Press. The company has finished reviewing the ins. company’s files and has requested certain amendments. However, the Sovereign Fund of Egypt (SFE) — which currently fully owns Misr Ins. Holding — wants to keep a controlling stake in the subsidiary, the source added.

ENERGY-

South Korea’s SK ecoplant to build USD 2 bn green ammonia plant in Egypt: South Korean construction and plant operation company SK ecoplant will work with China’s state-run construction giant China State Construction Engineering Corporation (CSCEC) to build a green hydrogen and green ammonia plant in the Suez Canal Economic Zone (SCZone). The companies will set up and use 778 MWs of renewables — 500 MW of solar energy and 278 MW of onshore wind energy — to produce 50k tons of green hydrogen and 250k tons of green ammonia a year by 2029 when the project is slated to be fully operational.

WHAT’S HAPPENING NEXT WEEK-

We will know on Sunday whether Ramadan will begin on Monday or Tuesday when Dar Al Ifta holds its traditional crescent sighting. (Our money is on the Monday after the National Research Institute for Astronomy and Geophysics called the ball.)

Ramadan hours kick in next week: Shops, malls, restaurants, and cafes will be allowed to stay open until 2 am during the month of Ramadan and the Eid Al Fitr holiday, according to a Local Development Ministry decision published in the Official Gazette. The extended hours will come into effect on Sunday.

Bank hours will run 9:30am-1:30pm through Ramadan (9am to 2pm for staff), The CBE said in a statement yesterday.

Meanwhile, at government offices: Public sector employees will be heading to work from 9 am to 2 pm during the holy month, according to a cabinet statement.

Inflation: Capmas and the CBE will publish the latest inflation data on Sunday.

AROUND THE WORLD IN SEVEN DAYS-

Apple has been slapped with a USD 2 bn fine by the European Commission for breaching EU antitrust laws by preventing music streaming apps from informing iPhone users about cheaper subscription options paid for outside iPhone apps. The whopping fine for “abusing its dominant position” is designed to deter Apple and other giant companies from taking similar actions in the future. (Reuters | CNBC | Associated Press)

Powell hints at rate cut this year: Federal Reserve Chair Jay Powell said it was “not far” from the confidence it needs in a sustained decline of inflation to 2% before considering rate cuts, Reuters reported. Powell’s remarks helped spur investor confidence in a potential June rate cut, leading to a rally in the S&P 500 that led to a record closing high yesterday, Reuters writes. The Nasdaq also hit an intraday record high and narrowly missed a closing high, settling up 1.5%.

Republican challenger Nikki Hailey drops out of the race for the White House, after Trump and Biden sailed to resounding victories on Super Tuesday. “The time has now come to suspend my campaign,” the former UN ambassador told her supporters, paving the way for a Biden-Trump rematch on 5 November.

☀️ THE WEATHER THIS WEEKEND- Look out for a partly cloudy weekend in Cairo with Friday bringing a high of 23°C and a low of 12°C. While Saturday warms up a bit to a high of 25°C with an early morning low of 13°C, according to our favorite weather app.

HAPPENING THIS WEEKEND-

FILM-

Don’t miss Egyptian classic Khalli Balak Min ZouZou at 7pm today and tomorrow at Zawya Cinema, Downtown Cairo. Get your tickets here.

ENTERTAINMENT-

Share a laugh or two at Room Art Space NC’s Stand-Up night with Cairo Comedy Clubtomorrow from 9pm. Get your tickets here.

MUSIC-

Tablet El Sitt are taking the stage alongside our ancestors at the Grand Egyptian Museum (GEM) today from 7pm. The all-female band is dedicated to resurrecting Egypt’s ancient musical heritage, immersing you in the rich tapestry of Egyptian folk rhythms, vibrant singing, and dynamic dance performances. Get your tickets here and don’t miss out on this celebration of culture and tradition.

Let your inner star shine at Cairo Jazz Club 610’s Karaoke Nighttomorrow from 8pm. Gather your friends and take the stage this weekend to sing your favorite tunes. For reservations, message them on their Facebook page.

EVENTS-

Bibliothek Egypt is having a book signing and discussion of The Chimera by Hossam Badrawy tomorrow at 6:30pm. There are also offers on a selection of books in honor of International Women’s Day and Mother’s Day.

COMMUNITY SERVICE-

Join Ultra Ibex on their Wadi Degla clean-up event tomorrow. All you have to do is wear your trainers, sunglasses, and refillable water bottles and head down to Wadi Degla Protectorate at 10am. You can sign up here.

HAPPENING NEXT WEEKEND-

Osana’s upcoming bazaar is a two-in-one Ramadan and Mother’s Day theme. Happening on Saturday, 16 March, you’ll find gifts, decorations, and Ramadan essentials as well as a Sohour between 7pm and 11pm.

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