Good morning folks, and happy Valentine's Day. Today we have another packed issue for you, with our weekly news roundup and wide variety of recs here to help you get your day of love started off on the right foot.

LAST WEEK IN 3 MINS-

DIPLOMACY-

Egypt plans to “present a comprehensive vision for the reconstruction of the Gaza Strip in a manner that ensures the Palestinian people remain in their homeland and aligns with their legitimate and legal rights,” the Foreign Ministry said in a statement on Tuesday. The statement came a few hours after US President Donald Trump reiterated his plan to forcibly displace Palestinians, saying that they could settle on a “parcel of land” in Jordan, another in Egypt, with other countries potentially hosting more refugees. more on Trump's comments in Around the World in 7 Days, below.

ECONOMY-

#1- The private sector minimum wage will rise to EGP 7k starting March: The National Wages Council decided to raise the minimum wage for private sector workers to EGP 7k a month, up from EGP 6k, starting March. The council also introduced a minimum wage for part-time employees, who will now make no less than EGP 28 per hour.

#2- Egypt’s foreign debt inched up 1.5% q-o-q toUSD155.2 bn during the first quarter of the current fiscal year, up from the USD 152.9 bn recorded at the end of FY 2023-24, according to data from the Central Bank of Egypt. On an annual basis, the country’s external debt fell by just under 5.7% from the USD 164.5 bn recorded in the first quarter of the last fiscal year.

#3- Inflation dropped in January, while F&B prices were up: Annual headline urban inflation dipped to 24.0% in January, marking a 0.1 percentage point drop from the 24.1% recorded in December. Food and beverage price inflation inched up 0.5 percentage points to 20.8%. On a monthly basis, inflation rose 1.3 percentage points to 1.5% and food and beverages prices were up by 1.8%.

DEVELOPMENT FINANCE-

The US Agency for International Development (USAID) placed its foreign employees in Egypt on indefinite leave, as it remains unclear whether the agency will fully resume operations. Some employees have already departed Egypt.

INVESTMENT-

Egypt to establish two industrial zones in Libya: Egypt is moving forward with plans to setup two industrial zones in Libya with investments of USD 250 mn. Twenty-two local players have already expressed interest in setting up shop in the new zones, which will be established on a 1.2 mn sqm plot already secured by the Egyptian side.

REGULATION-

New caps on ins. company investments, higher maximum credit limit for micro enterprises: The Financial Regulatory Authority (FRA) introduced new investment allocation requirements for ins. and rein. companies, with ins. players required to immediately halt additional investments in asset classes where they have exceeded the new caps and afforded six months to meet the rest of the new investment thresholds. Separately, the FRA raised the borrowing limit for micro enterprises by 10% to EGP 266k — its first hike since it raised the limit to EGP 242k in 2024.

WHAT’S HAPPENING NEXT WEEK-

Exploring business potential between Egypt and Switzerland: The Egyptian-Swiss Business Circle and Kickstart Innovation are hosting a series of online events on 20 February under the theme Innovate Together: Business Opportunities Between Egypt and Switzerland. The events aim to strengthen business ties between the two nations, bringing together startups, investors, and public and private players.

The central bank’s Monetary Policy Committee will meet to discuss interest rates on Thursday, 20 February. Some analystsbelieve that inflation’s sustained downward trajectory suggests that there is room for the central bank to start its monetary easing cycle, although the slight dip could probably affect the size of the potential cut.

Impact investor Catalyst Partners’ SPAC, Catalyst Partners Middle East (CPME), will begin trading on the EGX on Sunday, 16 February, with shares priced at its par value of EGP 10 a pop, according to an EGX bulletin. Trading is open only to qualified and institutional investors, as the private placement will see CPME raise its issued and paid-up capital to EGP 235 mn, up from EGP 10 mn.

The three-day Egypt Energy Show will kick off at the Egypt International Exhibition in Cairo on Monday, 17 February. The event could see French energy company TotalEnergies and Italian energy giant Eni ink agreements with the Madbouly government to transport Cypriot gas to Egypt to be liquefied and exported.

The African Union Summit kicks off tomorrow and wraps up on Sunday, 16 February in Ethiopia’s capital, Addis Ababa. Prime Minister Moustafa Madbouly will be leading a delegation to the summit on behalf of President Abdel Fattah El Sisi, according to a cabinet statement.

The German-Egyptian Joint Economic Committee will next take place on 18-19 February in Cairo.

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-

President Trump dominated international headlines throughout the week, with his plans for taking over Gaza and newly raised tariffs crowding the front pages of major news publications.

Trump doubled down on his plan to forcibly displace Gazans in an impromptu press conference with King Abdullah II of Jordan. “We’re gonna have Gaza … there’s nothing to buy. Gaza is a war-torn area,” Trump said, responding to a question regarding where the money will come from and who the US will buy Gaza from. Gazans will be resettled in a “parcel of land” in Jordan, another in Egypt, with other countries potentially hosting more refugees, Trump added. Trump also seemed to walk back earlier statements about cutting aid to Egypt and Jordan if they don't take in forcibly displaced Gazans, saying “I don’t have to threaten that, I think we’re above that.” Egypt responded a few hours later, saying in Foreign Ministry statement that it will “present a comprehensive vision for the reconstruction of the Gaza Strip in a manner that ensures the Palestinian people remain in their homeland and aligns with their legitimate and legal rights.”

Gaza truce is hanging in the balance: Hamas said it will delay the release of Israeli captives indefinitely, citing Israel opening fire on Palestinians, as well as delays in allowing return to northern Gaza and delivering humanitarian aid. Israel denied any violations, and instructed its military to prepare “for any possible scenario.”

Trump advised Israel to cancel the agreement and “let hell break loose” if Hamas does not comply by Saturday at noon.

Roiling affairs with South Africa: The US president issued an executive order to cut allfinancial aid to South Africa, citing domestic land policy allegedly targeting white South Africans, as well as Cape Town’s genocide accusations against Israel at the International Court of Justice.

… And with trade partners: The latest trade salvo saw the US president impose 25% tariffs on all imports of steel and aluminum, in a move that will impact Mexico and Canada as the US’ top foreign metal suppliers. The new measures are reportedly set to take effect on 4 March.

Russo-Ukranian peace talks to kick off: Trump agreed — in his first publicly announced phone call with Russian president Vladimir Putin — to start negotiations aimed at ending the war “immediately” and reaching a long-term settlement. The two presidents are set to meet later in Riyadh to iron out the details.

CLOSER TO HOME- Lebanon appointed Amer Bisat, BlackRock’s head of emerging-markets fixed income, as its economy minister as it looks to unlock much needed funding from the IMF to shore up its deeply troubled economy.

IN THE BUSINESS WORLD- Elon Musk and a group of co-investors submitted a whopping USD 97.4 bn bid to fully acquire ChatGPT maker OpenAI. “No thank you,” CEO Sam Altman responded in a post on X. Musk was one of OpenAI’s co-founders, before leaving in 2018.

☀️ THE WEATHER THIS WEEKEND-

It’s a sunny weekend with temperatures higher than the ones we saw this week, but the evenings are getting colder. We’re expecting a high of 20°C today in the capital, with a low of 9°C tonight. The mercury will warm up slightly on Saturday to reach 22°C, with a low of 11°C.

HAPPENING THIS WEEKEND-

The weekend of love. Head to The Grand Theatre in EDNC by Sodic for Cupid’s Theatre. Taking place today and tomorrow these nights will feature burlesque shows, live performances, and DJs to get you on the dance floor. Book your spot by calling the number in The Grand Theatre’s Instagram bio.

Act Theatre Group are back with a new edition of the Famous For Fifteen Minutes Festival. Under the name of Twisted Ties, the festival will feature a number of short plays from Egyptian and American writers — where it’ll be taking place tonight at Rawabet Art Space at 8pm. Tickets for tonight's show are available on Ticketsmarche.

A romantic movie night under the stars. Attend a screening of the movie Me Before You this Valentine's Day, tonight at The Wadi Degla Proctorate in Maadi starting at 5:30pm. Book your spot through the Proctorate’s website.

An Argentinian night of jazz and tango: In honor of Valentine’s Day, the Argentinian show TangoAfter Dark is coming to Egypt for the first time. Enjoy a night of jazz music and tango as part of the Layali Misr chain of events. The show will take place at the Waldorf Astoria Theatre in Heliopolis tonight at 9pm. You can also catch the show at the Cairo Opera House on tomorrow and Sunday 16 February at 8pm. Tickets for the first, second, and third shows are available on Tazkarti.

The weekend of love. Head to The Grand Theatre in EDNC by Sodic for Cupid’s Theatre. Taking place tonight and tomorrow, these nights will feature burlesque shows, live performances, and DJs to get you on the dance floor. Book your spot by calling the number in The Grand Theatre’s Instagram bio.

Craving a taste of Asia? The Thai Food Bazaar will have top Thai chefs preparing their signature dishes live — so you can watch, savor, and maybe even steal a secret or two. The event will take place at Al Horreya Park in Zamalek for four days which started yesterday and continues till Sunday, 16 February, with the event set to run from 12pm to 8pm each day.

HAPPENING NEXT WEEKEND-

The Animatex Festival is back for its fifth edition. It’s bringing a packed program including screenings of both short and feature animated films, discussions, panel talks, and workshops for animation enthusiasts — and those looking to network with local and international industry leaders. The festival will take place at the AUC Tahrir campus from Thursday, 20 February until Tuesday, 25 February. You can grab your tickets from Ticketsmarche.

Cairokee x New Capital: Cairokee will perform in El Nahr El Akhdar Park in the New Administrative Capital at 8pm on Friday, 21 February. Tickets are available on Ticketsmarche.

Get dreamy with Ghostly Kisses. The French-Canadian pop band Ghostly Kisses will return to Cairo later this month for a performance at the Mövenpick Media City Theater in 6th of October. After their initial concert on Friday, 21 February sold out, the band announced that it will be adding a second performance date on Thursday, 20 February as part of their 2025 world tour. Get your tickets to the show on Ticketsmarche.

Massar Egbari is preparing to celebrate the release of their latest album, Maba’etsh Akhaf on Friday, 21 February at 7pm. The event will take place at El Sawy Culturewheel Theatre at Nile University in Sheikh Zayed. Tickets are available through El Sawy Culturewheel’s website.

For the gamers and the cosplayers. EGYCON 12 is taking place on Friday, 21 February at Family Park, New Cairo. The event will feature Japanese live performances, trivia games, a fire show, a merch bazaar, and a whole lot more. Grab your ticket from the link in the event description.

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