Good morning all you wonderful people, and welcome to the weekend. We have a short and snappy issue for you today, with all you need to get the chilly weekend started off right.

With Ramadan drawing ever closer, our guide this week compiles a list of some of the key fitness challenges local gyms are offering during the holy month, to help kickstart a month of physical as well as spiritual renewal.

LAST WEEK IN 3 MINS-

ECONOMY-

The Central Bank of Egypt’s Monetary Policy Committee decided to leave rates unchanged during its meeting yesterday, the bank said in a statement . The committee said that its decision remains appropriate at the present time to maintain a sufficiently restrictive monetary policy and “ensure the projected disinflation path is achieved. 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%.

DIPLOMACY-

President Abdel Fattah El Sisi is in Riyadh today to take part in talks on the Palestinian issue with Saudi, Jordanian, Emirati, Kuwaiti, Bahraini, and Qatari leaders, according to a statement from Ittihadiya. Today’s meetings are expected to set the stage for the Arab League summit on 4 March.

Egypt is putting forward a plan to rebuild Gaza, which will reportedly call for a national Palestinian committee to govern Gaza without Hamas, international reconstruction efforts that don't involve displacing Palestinians, and progress towards a two-state solution, three unnamed Egyptian sources told Reuters earlier this week.

The reconstruction plan can be completed in three years, Prime Minister Moustafa Madbouly said on Wednesday. While Madbouly didn’t disclose the cost of rebuilding Gaza, earlier this month, Talaat Moustafa Group CEO Hisham Talaat Moustafa proposed a USD 27 bn plan to rebuild Gaza. And a Reuters report out earlier this week put the price tag at some USD 20 bn.

ENERGY-

#1- The Oil Ministry inked two agreements with Cyprus to liquify and re-export Cypriot natural gas on the sidelines of the first day of the Egypt Energy Show. The agreements involve Cyprus’ Aphrodite and Cronos fields and will see Cyprus ship natural gas from its offshore fields to be liquefied in facilities in Idku and Damietta before being re-exported to foreign markets.

#2- Egypt will reportedly ink an agreement to rent a floating regasification unit from Cyprus next month. The ship, which will have a daily processing capacity of 500 mn cubic feet per day (mcf/d), is set to dock in Egypt to cover high energy demand in the summer months.

TAX-

A number of tax facilities that have to do with SMEs, simplifying tax procedures, and settling disputes will take effect in March. President Abdel Fattah El Sisi ratified three new laws — mentioned in October — that will expand the scope of tax exemptions for small and medium enterprises, simplify tax procedures, and help settle disputes.

REAL ESTATE-

Emaar Misr Properties inked an agreement with Midar Investment to set up the EGP 100 bn New Mivida residential project in New Cairo. The project will include 2.9k apartments and villas, a school, and a sports club. Emaar has already invested an initial USD 80 mn in the project.

RENEWABLES-

Saudi renewables giant Acwa Power is setting up a 2 GW wind farm in South Hurghada with investments of SAR 8.6 bn (c. USD 2.3 bn), Saudi energy minister Abdulaziz bin Salman said during the first day of the Egypt Energy Show. The company inked a power purchase agreement with the Egyptian Electricity Transmission Company for the project, he added.

CONSTRUCTION-

Organi Group inked a partnership with China State Construction Engineering Corporation to set up construction and infrastructure projects in Egypt and abroad. The two sides aim to secure contracts worth USD 5 bn in Egypt and Libya, with plans to enter the Saudi and Emirati markets, Organi Group CEO Essam Al Organi said.

HEALTHCARE-

Italian leading hospital group San Donato Group wants to set up a USD 100 mn hospital and an international medicine-focused university. The 140-bed hospital will be set up in New Cairo and will be equipped with the latest tech and offer advanced medical services on par with global standards.

M&A-

Dubai-based classifieds giant Dubizzle Group acquired homegrown online car marketplace Hatla2ee. The move will see Dubizzle fold Hatla2ee’s platform into its operations in Egypt — which already include Dubizzle and Bayut — thereby expanding its footprint in the country’s fast-growing automotive market and digital classifieds scene. The financial terms of the takeover and post-acquisition leadership lineup were not disclosed.

AROUND THE WORLD IN SEVEN DAYS-

This week was defined by diplomatic maneuvering, shifting global alliances, and mounting geopolitical tensions, as world leaders braced for the ripple effects of Washington’s new stance on Gaza, Ukraine, and the global economy.

In the run-up to Tuesday’s meeting between US and Russian officials in Riyadh to begin negotiations to end the Russia-Ukraine war, US secretary of state Marco Rubio stopped in Israel, standing alongside Prime Minister Benjamin Netanyahu to reaffirm their shared commitment to “eradicating” Hamas and blocking a nuclear Iran. Netanyahu called President Donald Trump’s plan for forcibly displacing Palestinians “the only viable option” to reshape the region’s future.

The relationship between the US and their erstwhile Ukrainian allies deteriorated ahead of and after the talks, with Ukrainian president Volodymyr Zelensky rejecting the US’ strictly bilateral negotiations — which excluded both Ukraine and the EU — in Riyadh, denying a US request for control over more than half of Ukraine’s mineral resources, and exchanging harsh words with the US president publicly.

Riyadh’s talks provided the basis for further negotiations: Tuesday's talks between Rubio and veteran Russian diplomats in Riyadh saw the negotiators agree to form negotiating teams and restore the normal functioning of each other's diplomatic missions — a stark shift in long-frosty relations between the two countries.

Meanwhile, European leaders gathered inParis to discuss a unified stance on Washington’s unilateral engagement with Russia and the future of European defense. The conference exposed deep rifts in the EU over Ukraine, with UK prime minister Keir Starmer’s idea of sending peacekeeping troops to Kyiv sparking heated debate.

Closer to home, Hamas and Israel pushed forward with the latest prisoner exchange, releasingthree Israelis in return for 369 Palestinians and later, on Thursday, four deceased Israelis for several hundred Palestinians. After a brief deadlock that threatened to upend the fragile ceasefire, Hamas recommitted to the deal following mediation efforts by Qatar and Egypt.

Meanwhile, Israel has insisted on maintaining a presence in five “strategic” positions inside Lebanon, claiming that Hezbollah has not met disarmament commitments. Beirut has said it considers this a clear violation of the withdrawal terms.

☀️ THE WEATHER THIS WEEKEND-

Expect a cold wave in the capital this weekend with a high of 17°C on both days but a low of 10°C on Friday and 9°C on Saturday, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Cairokee x new capital: Cairokee will perform in El Nahr El Akhdar Park in the new administrative capital at 8pm tonight. Tickets are available on Ticketsmarche.

Welcome in the holy month of Ramadan with the finest dates at the CairoInternational Date Festival, under the theme From Egypt to the World. The festival started yesterday and will continue till Tuesday, 25 February at Al Horreya Park in Zamalek. Admission to the festival is free, with entry requiring a park ticket that costs 20 EGP.

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 started yesterday at the AUC Tahrir campus and will continue until Tuesday, 25 February. You can grab your tickets from Ticketsmarche.

Massar Egbari is preparing to celebrate the release of their latest album, Maba’etsh Akhaf tonight 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 tonight 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.

The Ain Gamal comedy show is back with comedian Omar El Gamal at Kamelizer, District 5, tonight, at 8:30pm. Tickets available on Ticketsmarche.

For Pink Floyd fans, take part at The Floyd Paradox, a tribute concert by the Egyptian band Paranoid Eyes, celebrating the legendary rock group. The show kicks off tonight, at 8pm at Room Art Space, Garden City. Tickets available on the venue's website.

Want to support Gaza’s artisans in Cairo? Don’t miss the Gazan Artisan Craft Fair at KMT House in Maadi, featuring products crafted by Palestinian artisans here in Cairo. The fair will take place tomorrow from 11am to 6pm.

HAPPENING NEXT WEEKEND-

Attend a classic ballet opera. Sleeping Beauty will be showing at the Cairo Opera House at the end of the month. Tickets for shows on the 24, 25, 26, and 27 February are available on Tazkarti.

The Loran Gang are back. For all Kefaya Ba2a fans, this is your chance to catch a special live episode with the legendary Loran Gang on Thursday, 27 February at Theatro Arkan. Come for raw takes, big laughs, and an unforgettable night. Grab your tickets now on Ticketsmarche.

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