USD rebounds against EGP

Good morning, friends, and happy weekend. As temperatures rise, so do our collective desires to stay in, pick up a book, and lose ourselves in fiction. On that note…

In this week’s edition of The Enterprise Guide, we’re taking a deep dive into Cairo’s literary scene — from off-the-beaten-path bookstores, to bookish communities you might just want to join (with a few plot twists here and there).

🗞️ LAST WEEK IN 3 MINS-

EGP WATCH-

The USD has rebounded against the EGP, in an attempt to claw back some of its losses after a few weeks of steady declines. The USD was changing hands around EGP 48.45-48.55 at state and private banks by the end of yesterday’s trading.

ENERGY-

Oil production in Egypt saw its lowest output since the early 1980s, dropping to 513k bbl/d in 2Q 2025. The decline is cutting into a key source of state revenue and forcing the country to lean more heavily on oil imports to cover domestic consumption. The drop comes alongside a slump in gas output, which fell to a nine-year low of 4.2 bcf/d in 2Q.

CAPITAL MARKETS-

Tax breaks on IPO proceeds? A full tax exemption on IPO proceeds is at the top of a package of incentives the government is preparing to boost liquidity on the EGX ahead of the next phase of its privatization program.

MOVES-

Hassan Abdalla will stay on for another year: President Abdel Fattah El Sisi has reappointed Hassan Abdalla as the acting governor of the Central Bank of Egypt for another one-year term. El Sisi met with Abdalla on Monday to discuss efforts to continue curbing inflation and strengthening the country’s FX reserves.

TAX-

What’s the plan for taxing crude oil? The Finance Ministry is looking to register crude oilsuppliers before implementing recent VAT amendments that would see them face a 10% tax, a senior government source told EnterpriseAM.

BANKING-

Egypt’s first digital bank to see the light soon: Banque Misr’s Misr Digital Innovation (MDI) has received approval from the Central Bank of Egypt to transform into onebank, the country’s first fully digital-native bank. The move is expected to accelerate our transition toward a digital economy.

🌎 AROUND THE WORLD IN SEVEN DAYS-

The disjointed conversations over ending the Russia-Ukraine war got plenty of ink this week, as Russia and the US’ summit on Ukraine in Alaska ended with no ceasefire agreement on Saturday — but with Russian President Vladimir Putin reportedly demanding more land in Ukraine.

Trump is now arranging a meeting between Ukraine’s Zelensky and Russia’s Vladimir Putin after Trump and Zelensky agreed that the US would help ensure Ukraine’s security in any peace agreement with Russia. Zelensky and Putin could meet in Hungary in the next two weeks, with that meeting expected to be followed by a trilateral meeting with Trump to reach a final agreement to end the war between Kyiv and Moscow.

OVER IN THE US ECONOMY– Federal Reserve policymakers are equally concerned about the twin risks of rising inflation and falling employment levels, but ultimately decided that inflation is the greater risk of the two. The meeting came two days before the Labor Department released data showing the unemployment rate rose in July, followed by a revision to employment estimates that has undermined the notion that the US’ job market remains strong.

REGIONALLY-– Israel is stepping up its offensive, confirming that it has “begun the preliminary operations and the first stages of the attack on Gaza City.” The Israeli army is now “holding the outskirts of Gaza City,” marking a step towards implementing a widely criticized plan to take over the city. This came as Israel called on 60k reserve troops to join the war, even as it is considering its response to the latest ceasefire proposal.

OVER IN THE BUSINESS PRESS– Intel is getting a USD 2 bn investment from SoftBank, which is buying a c.2% stake in Intel — some 87 mn shares — at USD 23 apiece. The share price is slightly below Intel’s closing price on Wednesday of USD 23.66, but is widely seen as a “lifeline” for the US chipmaker, which reported net losses last year for the first time in nearly four decades. SoftBank’s investment, which makes it Intel’s fifth-largest shareholder, also comes as the US government is reportedly in talks to snap up a 10% stake in Intel.

The White House is “ironing out the details” of a potential acquisition of a 10% stake in Intel. The US government appears to be looking to get the stake in Intel in exchange for grants the company received under the Biden administration, with Treasury Secretary Scott Bessent saying, “The stake would be a conversion of the grants and maybe increase the investment into Intel to help stabilize the company for chip production here.”

☀️ THE WEATHER THIS WEEKEND-

We’re in for a warm weekend, with temperatures in Cairo set to peak at 36-38°C over the weekend, before cooling down to 23-24°C. Up north, we’re in for breezy weather, with a high of 29°C and a low of 27°C, according to our favorite weather app.

🎙️ HAPPENING THIS WEEKEND-

The 33rd edition of the Citadel Festival for Music and Singing kicked off last weekend and is set to conclude tomorrow. Don’t miss out on the diverse lineup of opera and pop singers at the Salah El-Din Citadel. Get your tickets at the door or through Tazkarti.

Stage powerhouse Wegz is back again for another epic performance at New Alamein Festival at U Arena. Don’t miss this electric night tonight. Get your tickets on Tazkarti.

ESCĀ Beach Club is about to serve up a slice of European summers tonight in Ras El Hekma. Italian DJ duo Fideles will be doubling down on energy — electrifying all those in attendance with their signature techno beats. Joining them is Berlin-based Russian DJ Yulia Niko — and in case that wasn’t enough, Egyptian DJs Ashmawy and Mohasseb will be playing back to back. You can secure your spot through Ticketsmarché.

Ready for a Bedouin night in Sahel? Well, it’s not exactly what you think it is — it’s even better. Tonight, Brooklyn-hailing self-proclaimed nomadic DJ duos Bedouin will be bringing the sonic sandstorm to North Coast’s D-Bay. Think deep house with Middle Eastern influences…and a lot more. Tickets are available on Ticket Egypt.

Tamer Hosny is on a roll this summer, performing once more in Sahel alongside Shamy at the Address Beach Resort for Layali Marassi tomorrow. Grab your tickets from Ticketsmarché.

🎙️ HAPPENING NEXT WEEKEND-

Icons Ruby and Ramy Sabry to light it up at the Tiatro Romano Festival on Thursday, 28 August. Keep the fun Sahel summer nights going and get your tickets through Ticketsmarché.

Hitmaker Tul8te to wrap up the New Alamein Festival on Friday, 29 August. Enjoy an unforgettable night of his captivating pop melodies at U Arena. Head to Tazkarti for tickets.

The beloved Cairokee are also making an appearance at this year’s New Alamein Festival. Sing along to the band’s bittersweet ballads and rock hits for an unforgettable Sahel night on Friday, 29 August at U Arena. Tickets available on Tazkarti.

Nostalgia called, and Nancy Ajram and Hamaki are picking up on Saturday, 30 August at the Address Beach Resort. The duo will be performing back to back as part of the Layali Marassi festival. Tickets can be purchased through Ticketsmarché.

Solomun is ending the Sahel season with one heck of a bang. On Friday, 29 August, the Bosnian-German DJ will be headlining the season’s closing party at D-Bay. A global deep house and techno icon, Solomun is going to make sure Sahel 2025 will be a tough act to follow. You can get your tickets from Ticket Egypt.