Good morning, friends, and welcome to the weekend. With last weekend’s hotter-than-ever weather behind us, we can finally get out there and enjoy the summer sun.

As the heat rises, so do our cravings for all things cool. In this week’s edition of The Enterprise Guide, we’re sharing our favorite cool, sweet treats you can get your hands on whether you’re in Cairo, on the coast, or chilling in El Gouna.

LAST WEEK IN 3 MINS-

TOURISM-

The grand opening of the even grander Grand Egyptian Museum will take place on Saturday, 1 November, Prime Minister Moustafa Madbouly announced on Wednesday. The museum is expected to attract up to 5 mn visitors a year and provide a boost to a sector that employs around 10% of Egypt’s workforce.

ENERGY-

Egypt to import more Israeli gas for USD 35 bn through 2040: Egypt will import an additional 130 bcm of Israeli natural gas under an amended agreement with the Leviathan field partners, in a transaction worth USD 35 bn that extends supply through 2040. The amended agreement builds on a 2019 contract between Egypt’s Blue Ocean Energy and Leviathan partners Chevron and Ratio Energies.

No more electricity subsidies by FY 2028-2029? The Madbouly government plans togradually bring electricity subsidies down to zero by the fiscal year 2028-2029, with the aim of freeing up funds previously earmarked for petroleum and electricity subsidies and channel the money back into “targeted social programs”.

The Finance Ministry is studying a new package of incentives to support the solar energy sector, which includes exempting solar power plant components from customs duties and value-added tax, Hatem Tawfik, secretary general of the sustainable energy division at the Cairo Chamber of Commerce and managing director of Cairo Solar, told EnterpriseAM. The proposed incentives also include exempting solar plant contracts from taxes, replicating previously applied incentives for green hydrogen projects.

ECONOMY-

Non-oil private sector activity declined for the fifth consecutive month in July, although the rate of decline eased from the prior month, with businesses reporting weaker rates of contraction in activity and new orders.

DEBT-

New sukuk issuance on the horizon? Egypt may tap the international debt markets with a new USD 1 bn sovereign sukuk tranche by September or October, a government source told EnterpriseAM. The upcoming sukuk issuance will mark our first international issuance of the current fiscal year, and is part of the country’s USD 5 bn international sovereign sukuk program.

AUTOMOTIVE-

Abou Ghali Auto announced on Tuesday the launch of the Sandstorm S24 — a made-in-the-UAE double-cab pickup truck that it will start producing in Egypt in 2026 for export to regional and global markets. Abou Ghali is importing the S24 already-assembled from the UAE until local assembly ramps up next year.

The Madbouly government is also preparing three incentive programs to boost the local production of vehicles including trucks, light commercial vehicles, minibuses, and electric taxis.

MEANWHILE- The government is preparing to restrict imports of Chinese-made electric vehicles so that only officially licensed agents are able to get their hands on them. The decision aims to ensure that all EVs imports comply with local environmental and safety regulations.

IPO WATCH-

The National Printing Company began trading on the EGX on Tuesday under the ticker NAPR.CA following a secondary sale that was 23.6x oversubscribed. The stock debuted at EGP 21.25 per share — a markdown from its fair value, which was set at EGP 28.27 a pop. The company made a stellar trading debut with shares jumping to a high of EGP 23.69 before settling at EGP 23.25 — up 9.4% from the IPO price — ranking among the top five performers on the bourse.

TRADE-

Egyptian exports to the US will continue to enjoy the baseline 10% tariff, remaining unaffected by the list of new tariffs unveiled by US President Donald Trump last week. Qualifying Industrial Zone (QIZ) exports are also expected to retain preferential access — but US officials have yet to offer confirmation here. A team of officials has been holding talks with their US counterparts to clarify the treatment of exports of products under the agreement.

AROUND THE WORLD IN SEVEN DAYS-

Israel on the brink of full Gaza occupation: Israeli Prime Minister Benjamin Netanyahu is reportedly pushing his security cabinet to approve a “full conquest” of the Gaza Strip. The push for a full takeover comes as Gazans are increasingly starving to death, and faces significant opposition from Israel’s own military chief Eyal Zamir, who warned that such an operation would put an unbearable weight on the Israeli army and endanger the remaining captive.

US President Donald Trump has published a list of tariffs that are now in effect. Trading partners are sorted into three groups depending on trade surplus, with most of the Gulf falling to the first group hit by the minimum 10%. Canada will be slapped with a 35% tariff, higher than the earlier announced 25%, as diplomatic friction between the country continues and after it said it would recognize a Palestinian state; Switzerland was slapped with a 39% tariff; and India will be subject to a 25% tariff.

Trump also raised tariffs on India to 50% to take effect starting 27 August, a punishment for its purchases of Russian oil which the White House says is fueling the war in Ukraine. Trump also said he is planning a potential 100% tariff on semiconductor chips from countries that do not have manufacturing operations in the US, a move seen as targeting China.

OVER IN THE BUSINESS PRESS- Disney’s ESPN will acquire NFL Network and other media assets from the National Football League, in exchange for the NFL taking a 10% equity stake in the sports network. Disney did not disclose the values of the sale, analysts estimate it lands in the ballpark of USD 2-3 bn.

☀️ THE WEATHER THIS WEEKEND-

Stay cool and grab an ice cream cone. Temperatures in Cairo are set to peak at 36-37°C over the weekend, before cooling down to 23-24°C. If you’re headed up north, you’re in for cooler weather, with temperatures reaching highs of just 29°C and lows of 26°C, according to our favorite weather app.

HAPPENING THIS WEEKEND-

In the mood for an outdoor movie night this weekend? Tonight, travel agency Desert Adventures is hosting an open-air movie night in the Wadi Degla Protectorate — and they’re screening none other than noughties’ cult classic Hob El Banat. You can book your spot through their website.

You get a mango, you get a mango, everybody gets a mango. Today, Ismailia’s famed mango festival is kicking off with a series of mango markets, parades, and curated mango bazaars across the city. To find out more, head to the festival’s Facebook page.

Tamer Hosny is heading to Kiki’s. Tonight, the Egyptian megastar will be performing his signature hits up north at Kiki’s Hacienda White, joined by local selector George Gehad. Tickets can be purchased through Kiki’s website.

Sahel fun is still going strong at Porto Golf Alamein City with powerhouse performances from Hamid El-Shaeri, Masar Egbari, and Sharmoofers tonight. Still got some fuel in your tank? Make sure to get your tickets at Ticketsmarché.

Get caffeinated and grab your polaroid camera, because tonight, &ME — one fifth of Keinemusik — is bringing the beats all through the night until sunrise at North Coast’s Sol Beach. Promising to have you dancing till the sun’s up, the German EDM DJ and producer will be going solo this time around. Tickets can be purchased through Ticketsmarché.

Dream a little dream at Ras El Hekma’s ESCĀ Beach Club tonight, as Brooklyn-hailing party series All Day I Dream lands in Sahel. If there’s anything these folks know how to do, it’s how to party by the beach. British DJ Lee Burridge, German EDM artist Nils Hoffman, Belgian DJ Lost Desert, and Russian producer Amonita will be whipping up their signature beats — so you best believe it’s going to be a wild night. You can grab your tickets from Ticketsmarché.

Tomorrow, Kuwaiti megastar Nabeel Shuail will be paying the Address Beach Resort a visit as part of the Layali Marassi festival. Shuail will be joined by maestro Medhat Khamis. Tickets can be purchased through Ticketsmarché.

HAPPENING NEXT WEEKEND-

Marwan Pablo and Lege-cy are bringing a rap night to New Alamein on Friday, 15 August. The two artists will perform at U Arena as part of the New Alamein Festival. Tickets can be purchased through Tazkarti.

What do Amal Maher and Ahmed Saad have in common? On Saturday, 16 August, they will share the stage at the Address Beach Resort. You can secure your spot by visiting Ticketsmarché.

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