Good morning folks, and happy Friday to you. Read on for all the key headlines off the local and international presses this week, alongside fresh recs for you to check out this weekend.

The end of the year is always a time for reflection — and this week’s guide is set to help you reflect on all the shows, reads, eats, games, and pods you didn’t watch (and need to catch up on) before we dive into a fresh year of content in 2025.

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- CBE keeps interest rates unchanged for the sixth consecutive meeting: The Central Bank of Egypt’s Monetary Policy Committee (MPC) concluded its last meeting in 2024 yesterday by keeping interest rates unchanged for the sixth consecutive meeting, in line with analysts’ expectations. The decision “remains appropriate to maintain a tight monetary stance until a significant and sustained decline in inflation is achieved,” the committee said in a statement following its meeting yesterday.

The MPC also decided to extend the current inflation targets to be 7% ±2 percentage points on average by 4Q 2026 and 5% ±2 percentage points on average by 4Q 2028.

Remember: The CBE’s previous inflation targets were 7% ±2 percentage points on average by 4Q 2024 and 5% ±2 percentage points on average by 4Q 2026.

Where interest rates currently stand: The overnight deposit rate stands at 27.25%, the overnight lending rate at 28.25%, and the main operation and disc. rates at 27.75%. Rates have remained unchanged since the committee delivered a 600 bps rate hike following a surprise monetary policy meeting in March, which was soon followed by the float of the EGP and the approval of a larger loan package from the IMF.

#2- The government reached a staff-level agreement with the IMF for the fourth review of our USD 8 bn loan program, unlocking a USD 1.2 bn tranche, pending executive board approval. It also secured revised terms for our loan program, with our primary surplus now expected to come in at 4% in the fiscal year 2025-26, down from the 4.5% penciled in pre-revision, and then increase to 5% in the following fiscal year. The revised agenda emphasizes tax reforms, reducing the state’s economic role, fast-tracking privatization, and improving the business environment.

#3- The EGP briefly slipped past the 51 mark against the USD this week for the first time, before stabilizing at an average of EGP 50.92 to the greenback yesterday.

#4- The EU approved a EUR 1 bn macro-financial assistance package for Egypt to support its reform agenda, marking the first phase of a EUR 5 bn concessional loan package running through 2027. The funds aim to ease external financing constraints, support budget needs, and boost FX reserves amid regional tensions. Discussions are underway for a second EUR 4 bn tranche set to be disbursed between 2025 and 2027.

POLICY-

Prime Minister Moustafa Madbouly held a televised meeting with a number of prominent players in the local private sector on Wednesday (watch, runtime: 2:21:47) The two sides discussed the challenges facing the private sector and the measures private sector players want from the state in the years to come.

Among the challenges: “The private sector cannot bear the 32% interest rates for long,” TMG Holding’s Hisham Talaat Moustafa said. Ezz Steel’s Ahmed Ezz, meanwhile, touched on the topic of construction, saying that “70% of Egyptians are not allowed to build houses because of bans on construction permits… The state cannot build apartments and buildings on its own.” Some 2,360 companies moved from Egypt to the UAE in the first six months of 2024 because of the business environment, said the National Bank of Egypt CEO Mohamed El Etreby.

What can we expect moving forward: Madbouly agreed with a proposal to form specialized sectoral groups to work alongside the cabinet, adding that the cabinet can start with forming groups for sectors at the top of its list of priorities ie. tourism.

All of Egypt’s airports are now up for privatization, with the International Finance Corporation (IFC) set to spearhead the project after getting the Cabinet greenlight, Prime Minister Mostafa Madbouly said during the meeting. Madbouly also noted that the IFC’s offerings of airports’ managements and operations should be accompanied by the private sector’s establishment of new airlines, which will help Egypt expand its aviation fleet. The move brings the number of airports on offer up from the previously announced five.

FINANCIAL MARKETS-

Beltone greenlit an EGP 10.75 bn capital increase to boost growth: Beltone Holding’s board agreed to increase the company’s capital by EGP 10.75 bn with an eye to supporting the company’s growth strategy and expanding its product offerings. This marks the company’s second major capital increase in two years, with its last EGP 10 bn raise coming shortly after Chimera Investments acquired a 56% stake and revamped its leadership team in 2022.

TELECOMS-

Your mobile bill is about to get even pricier: The National Telecom Regulatory Authority has given mobile operators the greenlight to hike prices of their bills by up to 30%, a government source told EnterpriseAM. The move comes a little over two weeks after mobile operators hiked the prices of their prepaid mobile plans by up to 31%.

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-

The end-of-year slowdown extended to the int’l press this week, with precious little gaining sustained traction on the world’s front pages despite ongoing upheaval in Syria and around the globe.

Assad loyalists clashed with Syria’s de facto authorities as a new status quo solidified: Forces loyal to ousted Syrian president Bashar Al Assad reportedly attacked security personnel of Hayat Tahrir Al Sham (HTS), the former rebel group that has become Syria’s de facto ruling authority, killing 14 individuals. The incident marked the greatest unrest the country has seen since Assad’s ouster over two weeks ago.

Trump courted controversy with Panama Canal comments: US president-elect Donald Trump threatened to reassert US control over the Panama Canal in a speech in which he criticized what he called the waterway’s high fees. Panamanian president Jose Raul Mulino rejected the comments, emphasizing Panama’s sovereignty.

And an attack in the German city of Magdeburg sparked tensions: A car-ramming attack at a Magdeburg Christmas market last Friday left five dead and over 200 injured after an anti-Islam Saudi national with far-right sympathies, drove through the market.

IN BUSINESS NEWS- Honda and Nissan signed an MoU to explore a USD 54 bn merger that, if implemented, would create the world’s third-largest automaker by sales. Mitsubishi Motors is also mulling joining the agreement.

☀️ THE WEATHER THIS WEEKEND-

It’s a cloudy weekend with temperatures similar to the ones we saw this week. We’re expecting a high of 19°C today in the capital, with a low of 10°C tonight. The mercury will warm up ever-so-slightly on Saturday to reach 20°C in the capital, with a low of 11°C.

HAPPENING THIS WEEKEND-

Release the negativity with the Drum Circle Festival at Gusour Cultural Center today. The circle is a unique experience where you play tabla or drums following an instructor while hanging out and connecting with the group. The event has two rounds, one at 6pm and another at 7pm. Tickets are available on site.

Get in the festive spirit by building a gingerbread house. Hana Bakes is collaborating with Brunch and Cake for a Gingerbread House Making Workshop. The workshop will take place at the Brunch and Cake Lakeview branch at 8pm. Book your spot by messaging Hoogculture on Instagram.

It’s that time of year again... The Nutcracker is returning to the opera. Celebrate the season with The Nutcracker Ballet, performed by the Cairo Opera Ballet Company and Orchestra. The performances will run until Tuesday, 31 December. Tickets are available on Tazakarti.

Egyptian rapper Afroto will be performing at ElMalahy today from 8pm. Tickets are available on Ticketsmarche.

Tablet El Sitt band is coming back with some more folklore but Christmas themed. The show will take place at Theatro Arkan today at 8pm. Tickets are available on Ticketsmarche.

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