Good morning, all, and a very happy Friday. We are ready to do some resting and relaxing as we enjoy one of our last weekends of the season.

In the Enterprise Guide this week: Maximizing your productivity could mean seeking a new workspace outside your office — or home — even if only for a few days. Today, we’ve put together a list of workspaces and work-friendly cafes, where you can go to lock in and focus in Cairo.

LAST WEEK IN 3 MINS-

ENERGY-

It was a really busy week on the energy front, with a whole lot of news regarding the Imminent electricity price hikes.

Electricity prices to rise by an average of 30% next month: The Electricity Ministry has completed its study on increasing electricity prices, with plans to introduce the hike in September following cabinet approval, a ministry source told Enterprise. Prices will rise by an average of 30%, with higher consumption households set for larger increases and lower consumption households in line for smaller price hikes.

Why wait until September? The Electricity Ministry has reportedly begun implementing hikes that will see household electricity prices rising by 14-40%, ministry sources told media outlets. The hikes have reportedly come into effect for those in the highest consumption bracket using prepaid meters — with brackets below this to follow soon — while those billed monthly will see these increases reflected in their bills starting September. This marks the second round of electricity price increases this year, following earlier hikes in January.

And it doesn’t stop here: The government is set to hike electricity prices for the industrial sector for the first time in four years on the back of record-high electricity production costs, a government source told Enterprise. The price will rise by EGP 0.55 per kWh to EGP 1.94 per kWh, with the 39.6% increase slated to come into effect this month.

ALSO FROM THE ENERGY SPHERE- The government is set to sign contracts with eight local-foreign consortiums to produce a total of 1.7 bn Kw/h of electricity from municipal solid waste across a number of governorates, Waste Management Regulatory Authority (WRMA) consultant Khaled Elfarra told Enterprise. The waste-to-energy projects will come at a total cost of USD 900 mn-1.2 bn.

ECONOMY-

Unemployment was down 0.5 percentage points y-o-y in the second quarter of the year: Egypt’s unemployment rate fell to 6.5% of the total workforce in the second quarter of this year, falling 0.2 percentage points from the previous quarter, according to data released by state statistics agency Capmas.

M&A-

AD Ports subsidiary acquires majority stake in Safina: AD Ports’ Noatum has acquired amajority stake in maritime, logistics, and cargo services provider Safina Shipping Services. The agreement to acquire the stake in the “key player in the Egyptian maritime industry” will close in 3Q 2024.

AROUND THE WORLD IN SEVEN DAYS-

The week was busy with ceasefire talks: Senior government officials from Egypt, Qatar, and the US met up in Doha last Friday in hopes of securing a ceasefire in Gaza and agreed to reconvene in Cairo shortly after to finalize an agreement based on the proposal presented in Doha. Hamas voiced its objection to the proposal, which included allowing Israel to keep its troops stationed at Gaza’s border with Egypt, alongside new terms for swapping hostages for prisoners.

And Blinken made the rounds: US Secretary of State Antony Blinken spent the week in Israel, Qatar, and Egypt — where he met President Abdel Fattah El Sisi — in efforts to push for a ceasefire.

AND IN BUSINESS NEWS- After their worst day in years, global stocks record their best week in nine months: Global stocks saw their best week since November of last year after better-than-expected inflation figures from the US helped calm recession fears triggered by “alarming” US economic data. This comes as markets rebound from a “brutal” sell-off during the first week of August that saw some indexes hit multi-year lows and wiped USD tns from global stock markets.

☀️ THE WEATHER THIS WEEKEND- Yet another hot weekend in Cairo with a high of 36°C and a low of 26°C today, with the same temperature continuing into tomorrow. It will be a bit cooler in Sahel with highs of 33°C and lows of 23°C during the weekend.

HAPPENING THIS WEEKEND-

Let your inner child roam at The Play Festival Vol.2 at D-Bay today starting 2pm. After the success of Vol.1, this edition promises to come back with bigger interactive experiences and live content from Peace Cake. Tickets are available here.

Witness both the origin of love and its future in Kaif Badaa El Hob: fi sanat 3000. The play will take place today and tomorrow starting 8pm at Rawabet Art Space. Grab your tickets here.

The iconic Cairokee will be performing at the festival with Tul8te opening for them tonight at 10pm. Find your tickets to the band’s show here.

The Bond-Firewill strengthen family ties. The day will start with diverse activities for artistic souls, thrill seekers, or rhythm lovers and end with a cozy bonfire experience where families can tell stories, laugh, and develop closer relationships. The event will take place tomorrow at D-Bay, starting at 2pm.

HAPPENING NEXT WEEKEND-

None other than Wegz to close out the iconic new Alamein Festival. The concert will take place Friday, 30 August at 10pm at the U-Arena. You can grab your tickets here.

End Sahel season on a high note with Adriatique at AHM Club in Silversands, where you can dance the summer away, or what’s left of it. The event will take place on Saturday, 31 August, and you can get your tickets here.

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