Good morning, friends, and welcome to the weekend. We hope this warm Friday treats you well.

We’re halfway through Ramadan, which means it’s time to tackle a small but significant aspect of our gatherings: excess desserts. We’ve all contributed to overwhelming hosts with platters of the latest konafa creations, but the gift you bring doesn’t have to be coated in syrup or dusted with powdered sugar. This week’s guide lists thoughtful gifting alternatives your host can enjoy long after iftar is over.

LAST WEEK IN 3 MINS-

ECONOMY-

#1- Annual headline urban inflation plunged to 12.8% in February, marking an 11.2 percentage point drop from the 24.0% recorded in January. The figure marked the nation’s lowest inflation reading since March 2022 when inflation recorded 10.49%. On a monthly basis, inflation fell by 0.1 percentage points to 1.4%.

#2- IMF greenlit our fourth review: The IMF completed its fourth review of Egypt’s USD 8 bn loan program, unlocking a USD 1.2 bn tranche. The IMF also approved the disbursal of USD 1.3 bn in climate funds under the Resilience and Sustainability Facility, with the financing set to be disbursed in tranches rather than as a lump sum.

MANUFACTURING-

Elsewedy Electric to build a USD 500 mn subsea cable factory: Elsewedy Electric will builda USD 500 mn subsea cable factory in the newly announced zone in Dameitta Port. The factory is expected to be the first of its kind in the region and only the sixth in the world, and is set to span 500k sqm and include a 180 meter cable manufacturing tower. All of the factory’s production will be earmarked for export.

M&A-

#1- Talabat fully acquired Instashop for USD 32 mn: DFM-listed Talabat acquired 100% of Dubai-based on-demand online grocery delivery platform Instashop in a USD 32 mn related-party transaction with its Berlin-based parent company and majority shareholder Delivery Hero as part of a restructuring push. Instashop will continue to operate as an independent brand, under Talabat’s grocery and retail vertical.

#2- Al Organi Group’s ODI acquired a 26.25% stake in Misr National Steel (Ataqa) in a EGP 1.9 bn transaction. The acquisition, subject to regulatory approvals and due diligence, valued Ataqa at EGP 7.2 bn.

IPO WATCH-

Bonyan will be on the road after Eid to market its upcoming IPO to local institutional investors, before expanding to Gulf buyers in Saudi Arabia, the UAE and Oman. The Financial Regulatory Authority is currently reviewing the offering’s documents. Bonyan will be the first real estate operating company (REOC) to hit the EGX.

ENERGY-

#1- New LNG pricing and payment conditions: The gov’t reportedly sent global LNG suppliers new pricing and payment conditions for securing direct contract offers for the 155-160 shipments of LNG the country plans to import in 2025. The conditions include capping the price of LNG at USD 14 per mn British thermal units (BTU); a one-year grace period before receiving payments, plus a USD 2 per mn BTU surcharge as a premium for the deferred payments; and no Russian LNG imports.

#2- Shell and its partners exited their two Egyptian Red Sea exploration blocks, Red Sea 3 and Red Sea 4. Only Red Sea Block 1 — operated by Chevron, Woodside, and Tharwa — remains active in the area.

SPORTS–

Egypt’s spending on international transfers was dwarfed by Saudi in 2024: Egypt’s total spending on international transfers registered just USD 7.4 mn in 2024, coming in fourth place regionally as Saudi Arabia lead the region with USD 465 mn. Local spending on international players was down 22.1% y-o-y over the 12-month period.

AROUND THE WORLD IN SEVEN DAYS-

It was another busy week in the int’l presses, with US President Donald Trump’s policy moves continuing to top global headlines.

Trump’s tariffs rattled US markets: Markets took a hit this week as US President Donald Trump’s new tariffs came into effect, with business leaders expressing increasing concern about the US president’s economic policies. The tariffs triggered a market selloff, with the S&P 500 sliding 2.7% Monday and tech stocks registering their worst losses since 2022.

Trump also threatened to introduce additional tariffs on EU imports after the bloc responded to his 25% tariff on steel and aluminum, saying it would increase tariffs on USD 28 bn worth of US goods starting April.

But he did back down on one of his tariff plans, scrapping a 50% hike on Canadian steel and aluminum just hours after its announcement following assurances that Canada would not go through with a planned 25% surcharge on electricity exports to the US. Both Canada and the EU announced retaliatory tariffs, however, targeting some CAD 29.8 bn (USD 20.7 bn) and EUR 26 bn worth of American goods respectively.

And speaking of Canada- Former central banker Mark Carney was chosen by the country’s Liberal Party to succeed Justin Trudeau as party leader ahead of the country’s general elections slated for this year.

US and Ukrainian officials met in Saudi Arabia this week to hash out Ukrainian concessions as part of the US’ bid to end the Russia-Ukraine war. Trump agreed to resume military aid to Ukraine after Kyiv accepted the US-backed 30-day ceasefire proposal, with the plan yet to get the Russian side’s greenlight.

Israel-Gaza ceasefire talks were also back in focus this week, as Israeli representatives met with US officials in Qatar and Hamas representatives held discussions in Cairo. Hamas signaled progress toward the second phase of the ceasefire, while a US envoy suggested an agreement could be reached within weeks. Meanwhile, Israel continued to block aid and cut electricity to Gaza in a cynical bid to pressure Hamas into accepting changes to the truce’s terms.

Arab foreign ministers chimed in: Foreign Minister Badr Abdelatty joined his counterparts from Saudi Arabia, Jordan, UAE, and Qatar, and the US Special Envoy to the Middle East Steve Witkoff in Doha to discuss Egypt’s USD 53 bn Gaza reconstruction plan.

And over in Syria, fragile governing arrangements in the country saw a major setback aftermore than 1k people were killed in two days of clashes between forces loyal to the interim Syrian government and Assad loyalists in Latakia. The clashes, which reportedly included retributive killings of members of Assad’s Alawi sect by government-aligned forces, was followed by news that the interim government had signed an agreement with US-backed Syrian Democratic Forces to bring the latter under the nascent state’s umbrella.

☀️ THE WEATHER THIS WEEKEND-

Temperatures in the capital are giving us a taste of the upcoming spring, with highs of 32°C today and Saturday. The mercury will be dropping to 16°C tonight and 17°C on Saturday.

HAPPENING THIS WEEKEND-

Unwind under the Ramadan night sky with a brush in one hand and a paddle in the other. The special Ramadan edition of Pottery Painting & Kayaking is happening today and Thursday, 20 March, at 9pm at Mountain View Hyde Park. Book your spot through their page on Instagram.

Hakim at Hekaytna Helwa. The musical icon is one of many artists set to be featured at Hekaytna Helwa Ramadan tent’s shows this year, with Hakim’s concert set to take place tonight at 10pm. Get your tickets from Ticketsmarche.

Don’t miss out on the third edition of CSA and ALKEMIA Boutique’s annual Fenoun Festivities, happening today at CSA Maadi, in collaboration with Cairo Jazz Club. Join in celebrating Ramadan and diverse Egyptian talent, from art to food to whirling dervishes, all to the tune of Casino Badi3a ’s folklore music and Shereen Abdo’s serenades.

Hekaytna Helwa will also see a performance from Hamid El Shaeri and Hisham Abbas, with the two set to perform as part of the Suhour shows at Hekaytna Helwa Ramadan tent today. Tickets are available on Ticketsmarche.

Join in for some laughs with the GOATs of comedy. Comedians Marwan Fares, Mohamed Moula, Marwan El Moslemany, and Mohamed Halim are bringing their interactive comedy show to east Cairo for the first time. The show will take place at Kamelizer tonight at 9pm. Tickets are available on Ticketsmarche.

Eshtry Menny EXP returns with Ba’ad Shoo’a — a comedy podcast presented in a live show. Hosts Badr Nour, Abdelrahman Mohamed, and Gamal Ramzy, will be joined by a distinguished guest star: Ashraf Abdel Baky. The show will start at 9pm tonight at the Rihany Theater in Downtown. Grab your tickets from Ticketsmarche.

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