Good morning, ladies and gentlemen, and happy Friday. The weekend is finally here and we are getting into gear for the prospect of the Eid vacation to come. And like you, we didn’t know where to start.

And this is where our handy holiday kit guide comes in. We went on a scavenger hunt to discover what we needed for the summer holidays and prepared a comprehensive list for you to make you packing experience easier.

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

LAST WEEK IN 3 MINS-

CABINET WATCH-

New cabinet in the works: President Abdel Fattah El Sisi instructed Prime MinisterMoustafa Madbouly to form a new government on Monday, after Madbouly submitted his government’s resignation. While new appointments and departures from the cabinet are yet to be announced, policy continuity seems to be the order of the day, with promoting private sector growth, attracting local and foreign investment, and getting inflation under control already high on the agenda.

ECONOMY-

#1- FX reserves blew past pre-pandemic levels: Net foreign reserves increased by alittle over USD 5 bn in May to a record USD 46.1 bn as the country starts to see funds from the Ras El Hekma on its balance sheets. Reserves may reach USD 49.7 bn in the current fiscal year and USD 53.3 bn in the next, according to credit ratings agency Fitch Ratings.

INVESTMENT-

Al Ahly’s new home to anchor world-class sports city in Sheikh Zayed: A new 44-k seat home stadium for Al Ahly will anchor a world-class city in Sheikh Zayed that is being brought together by a consortium of more than a dozen companies led by Al Qalaa Al Hamra Co. and exclusively advised by our friends at Beltone Investment Banking. The complex will reportedly cost north of EGP 12 bn to build out over the course of four years.

LEGISLATION WATCH-

MPs passed next year’s budget: The House of Representatives gave its seal ofapproval to the FY 2024-2025 state budget and socioeconomic development plan on Monday, with Finance Minister Mohamed Maait reiterating that no new taxes would be introduced this year. The budget will now be sent to President Abdel Fattah El Sisi to ratify.

WHAT’S HAPPENING NEXT WEEK-

Inflation to ease for a third consecutive month? Capmas and the Central Bank of Egypt are expected to publish inflation data for May on Monday. Policy makers and the business community will be hoping that headline inflation cools again in May, after having eased on the back of slower food price increases as traders continued to price in a lower exchange rate than in the now-defunct parallel market

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-

Mexico took the polls to elect its first woman president, with leftist and former climate scientist Claudia Sheinbaum winning with a commanding 30 percentage point lead over the candidate in second place. A protege of left-leaning incumbent Andres Manuel Lopez Obrador, Sheinbaum’s election likely signals policy continuity — a prospect that sent the peso tumbling after the scale of Sheinbaum’s victory became clear.

The world’s largest democracy is also set to re-elect Narendra Modi as prime minister, but the Indian prime minister’s victory is bittersweet as it marks the first time in ten years that his Bharatiya Janata Party outright parliamentary majority.

WHILE IN THE BUSINESS PRESS- OPEC+ agreed to extend production cuts until 2025 — cuts of 3.66 mn barrels a day will be extended until the end of 2025, while voluntary cuts of 2.2 mn barrels a day will run through the end of September.

AND- Half of the CEOs running S&P 500 companies surveyed by AP made at least 196x what their median employee earned last year, up from 185x in 2022. Data from the newswire also showed that CEOs’ median pay package rose 12.6% to USD 16.3 mn in 2023, while wages of private sector workers rose just 4.1% during the same period.

☀️ THE WEATHER THIS WEEKEND- Today is a scorcher with a high of 43°C in Cairo, falling to a slight low of 24°C. Tomorrow, the mercury will slightly fall to 39°C during the day and to a low of 27°C at night, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Take your seat as the curtains pull away for The Greek National Opera Βallet at the CairoOpera House tonight. In cooperation with the NGO Greek Action Africa, prepare for two nights of ballet in the Opera’s Main Hall. Get your tickets on Tazkarti for the first night and second night.

Step into the past with the MisrIskindireyaExhibition. It’s currently ongoing and will be ending on Monday, June 10, the exhibition will showcase the vibrant yet fleeting essence of Alexandria during the 1970s and 80s. The exhibition will start at 6:30pm tomorrow at Radio Theatre in Downtown Cairo and then will be open daily from 11am to 9pm.

Experience the first-ever 4×4 Snow Rally in the Middle East and Africa at Ski Egypt, Mall of Egypt. Prepare to witness over ten teams race in the snow, conquering challenging obstacles on their quest to be crowned the Rally Snow Champion. The race will take place tomorrow at 4pm. Grab your tickets here.

The Italian Cultural Institute in Cairo’s Italian Cinema in Cairo film festival has begun. It’s a 10-day affair, showcasing Italian films. The screenings started last week and will continue until Sunday, 9 June. They’re bringing classics and some 2023 releases to explore Italian cinematic heritage. The screenings are at Zamalek Cinema and the Italian Cultural Institute, and you can check out their schedules here and here.

El Galsa: Healing Is Not Linear is a play that will make you feel all the emotions. It navigates through a therapy session and discusses challenges, childhood, hopes, and dreams. It is quite a comfort show with moments of comedy and emotional moments. Catch the play at Rawabet Art Space tonight and tomorrow.

Cairo Flea Market is back this weekend at the Aquarium Grotto Garden in Zamalek tomorrow. The market, which includes local products and antiques, will begin at 11am to 10pm.

The Comedy Bunker’s line-up at AlMalahy is sure to leave you in stitches. Mohamed Moula, Alaa ElSheikh, and Mohamed Helmy will be taking to the stage tomorrow at 8pm. Get your tickets here to secure your seats.

Head to Bibliothek for their Arabic Book Club. This week, Bibliothek will be discussing Ahmed Morsi’s novel A Gambling on the Honor of Lady Mitzi tomorrow at 9pm.

HAPPENING NEXT WEEKEND-

Save some energy for a concert this Eid featuring Muslim, Omar Kamal, 3enba at CairoStadium, on Friday, 14 June. Get your tickets here.

If you’re more inclined to fusing Arab and Western tunes make your way to CJC 610. On Friday, 14 June, LA-based DJ/Producer Habibeats and Bubblegum Kollectiv will be playing all the mixed modern tunes. For reservations message their Facebook page.

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