Good morning folks, and welcome to another wintry weekend. We’ve got your weekly news roundup ahead, alongside recs to help you settle into the weekend state of mind.

Whether you’re a frequent business flyer, a digital nomad, or an occasional vacationer, this week’s guide will help you build a travel kit that makes for a stress-free trip.

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-

ECONOMY-

#1- Inflation dipped to 24.1% in December: Annual headline urban inflation fell 1.4percentage points to 24.1% in December, marking inflation’s second drop in two months and Egypt’s lowest inflation reading since December 2022, according to data from state statistics agency Capmas. Food and beverage price inflation — the largest component of the basket of goods and services used to calculate headline inflation — fell 4.3 percentage points throughout the month to an annual rate of 20.3%.

#2- December’s PMI reading saw non-oil private sector output contract at its fastest rate in eight months: Egypt’s non-oil private sector activity in December fell to 48.1 from 49.2 in November, according to S&P Global’s latest Purchasing Managers’ Index (PMI) report. The downturn marked the sector activity’s fourth consecutive month of contraction and the sharpest contraction in sector output in eight months. Driving the decline were rising prices amid a weakening EGP against the USD, which saw demand and new order volumes fall, particularly in the construction and wholesale & retail sectors.

#3- Net foreign assets fell 35% to USD 5.96 bn in November: Egypt’s net foreign assets fellto USD 5.96 bn in November, down from USD 9.2 bn the previous month and marking the figure’s second consecutive monthly drop. Driving the decline was the worsening deficit in the net foreign assets of commercial banks, which dropped to a deficit of USD 5.84 bn, compared to USD 1.4 bn in October. The central bank helped cushion the fall, with the bank recording both a decrease in its liabilities and slight increase in its foreign assets in November. The country’s net foreign asset surplus has shrunk 58% since its May 2024 peak of USD 14.3 bn.

#4- Net foreign reserves came in at USD 47.1 bn at the end of December 2024, marking an increase of USD 157 mn from November, according to data from the Central Bank of Egypt. Net foreign reserves have now increased month on month for 28 consecutive months.

#5- GDP growth was up 0.8 percentage points y-o-y in 1Q FY 2024-2025, coming in at 3.5% y-o-y for the three month period. The figures marked a recovery from the slowdown in 1Q FY 2023-2024, which had declined sharply from the 4.4% a year earlier amid global economic headwinds and domestic challenges.

ENERGY-

The gov’t greenlit the construction of a 252 MW extension to the Gabal El Zeit wind farm: The New and Renewable Energy Authority (NREA) secured government approval to build a 252 MW wind power extension at the Gabal El Zeit wind farm, increasing its capacity by 43.5%. The news comes amid unconfirmed reports that the government is in talks with UK-based private equity giant Actis over the acquisition of the longtime privatization target.

POLICY-

The gov’t announced a plan to clear outstanding dues to exporters: The Finance Ministry and the Investment Ministry announced a new mechanism to clear EGP 60 bn in overdue payments to exporters through the Export Development Fund. The plan covers arrears tied to shipments made up to 30 June 2024 and involves a combination of cash-based disbursements and offset arrangements.

AROUND THE WORLD IN SEVEN DAYS-

It was a busy week in the int’l press, with a number of stories vying for top billing.

Israeli airstrikes killed hundreds in Gaza this week as Egypt, Qatar, and the US returned tothe negotiating table in a last-ditch attempt to hammer out a ceasefire agreement before the end of the outgoing US administration’s term on 20 January. While sources speaking to Reuters indicated that the talks were progressing, no agreement had been reached as of writing late Thursday.

Natural disasters shook the world: Wildfires erupted in multiple areas of Los Angeles on Tuesday, leading to evacuation orders for over 100k LA residents by Thursday afternoon. Meanwhile, over a hundred were killed and over 40k displaced after a 7.1 magnitude earthquake struck western China and Nepal on Tuesday.

Trump raised ire around the world with threats to annex Canada, Greenland: In separate comments throughout the course of the week, US president-elect Donald Trump suggested annexing both Canada and and Denmark-ruled Greenland. Trump’s remarks, which followed news that the president-elect will be sentenced on 10 January on charges that he allegedly paid hush money to a celebrity, sparked widespread backlash from the countries’ top officials and observers throughout the world.

That wasn’t the only political crisis on Canada’s horizon, though: Prime Minister Justin Trudeau announced that he would be resigning as prime minister and as leader of the country’s Liberal Party after coming under pressure from fellow party members to step down. Trudeau’s decision, which will end a nine-year run in office, follows a series of dismal polls that predict a decisive Conservative victory in elections set to take place by the end of this year.

Meta drops fact-checking, shifts to user moderation: Meta CEO Mark Zuckerberg announced this week that Facebook and Instagram would be ditching fact-checking in favor of user-generated community notes — like those relied upon by Elon Musk’s X — to flag false information. Framed as a move to “restore free expression,” the change comes as Zuckerberg seeks to mend fences with US president-elect Donald Trump ahead of the latter’s inauguration on 20 January.

☀️ THE WEATHER THIS WEEKEND-

Temps are expected to stay steady in the capital this weekend, with a high of 19°C and a low of 11°C today and tomorrow.

HAPPENING THIS WEEKEND-

Treat your ears to some Egyptian folk music: Sohba Semsemia brings you a vibrant singing and dancing show featuring traditional simsimiyya and tanbura music. Their performances at Rawabet Art Space will continue until tomorrow. Tickets are available on Ticketsmarche.

Step into a fun, interactive children’s show where you choose what’s right and wrong. Through fun, laughter, and engaging storytelling, Aywa Aywa La2a La2a at Rawabet Art Space encourages children to learn and embrace social and cultural values that matter. The show will continue to run until tomorrow. Tickets are available on Ticketsmarche.

Don’t miss out on Ramy Sabry and Ilmond taking the stage at Open Air Mall’s Winter Festival tonight starting at 7pm. Get your tickets through Ticketsmarche.

End your weekend with a bit of exploring. On Qahraweya’s Wrapped in Silk tour, you’ll witness artistry firsthand as you tour the creative heritage of Al Haraneya and Dahshour. You’ll even get to use your hands to create date based products, bake in an oriental oven, and craft with Halfa grass. The tour will take tomorrow and get your tickets by messaging their page.

HAPPENING NEXT WEEKEND-

Tour the land of the stars with Qahraweya. Join their Cosmos Cinema tour on Friday, 17 January where you’ll tour the world of Egyptian cinema through the ages to get a glimpse behind the curtain at the magic and mastery of filmmaking in Egypt’s golden age and beyond. Details on how to reserve your spot can be found on their Facebook page.

Catch some laughs at Ahmed Khairy’s first standup comedy special. On Friday, 17 January the comedian will take the stage with a special show called “Made In Egypt” at El Rihany Theatre. Get your tickets on Ticketsmarche.

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