Good morning, friends, and happy weekend. We’re being treated to cooler-than-usual weather this weekend, and to that we say: thank you, August, and see you next year.

Speaking of next year, how about you take some time to plan out your finances this weekend? In this week’s edition of the Enterprise Guide, we’re taking a look at ways you can save, budget, and plan ahead.

🗞️ LAST WEEK IN 3 MINS-

ECONOMY-

#1- The Central Bank of Egypt cut interest rates by 200 bps in its Monetary Policy Committee meeting yesterday. The bank attributed its decision to signs of economic recovery, stable inflation expectations, and continued monetary easing by both advanced and emerging market central banks.

The move was widely expected as the vast majority of analysts surveyed by EnterpriseAM ahead of the meeting had penciled in a cut of between 100 and 300 bps.

Where rates currently stand: The overnight deposit rate currently stands at 22.00%, the overnight lending rate at 23.00%, and the main operation and disc. rates at 22.50%.

#2- Remittances from Egyptians abroad posted a record high of USD 36.5 bn in FY 2024-2025, climbing 66.2% y-o-y, according to a statement from the Central Bank of Egypt. Remittances jumped 34.2% y-o-y during the last quarter of the fiscal year to hit USD 10.0 bn.

TAX-

The Finance Ministry has been meeting with contractors and real estate developers to finalize the executive regulations for the latest VAT amendments. The meetings addressed several key issues, including the interconnection of the e-invoicing system, the awarding entities, and the tax calculation method for projects that were awarded before the VAT amendments passed or those still under construction.

INVESTMENT WATCH-

China’s Everfar Textile Egypt is investing USD 130 mn to set up a textile andready-made garments facility at the Qantara West Industrial Zone. The project aims to produce over 7.5 mn tons of processed fabrics, more than 20 mn meters of garment fabrics, 3.6 mn ready-made garments, and large quantities of garment accessories annually. All output will be exported, with the factory expected to create more than 3.2k jobs.

ALSO- Turkish textile manufacturer Nil Örme will establish a USD 35 mn textile and garment manufacturing project in the Qantara West Industrial Zone.

MOVES-

A new face at the helm of the EGX: Prime Minister Moustafa Madbouly has appointed Islam Azzam as chairman of the Egyptian Exchange for a one-year term, according to a statement from the bourse. Azzam succeeds Ahmed El Sheikh, who has served as chairman since 2023.

In the fourth issue of our Destination Sahel series, we’re bringing you the latest updates on New Alamein City and a look at the best investments in Sahel today. We also investigate the growing issue of beach erosion and its impact on our shores.

Look for Destination Sahel, Issue IV, in your inbox on Wednesday, 3 September.

Missed the first three issues? Tap here to read the full series.

🌎 AROUND THE WORLD IN SEVEN DAYS-

US President Donald Trump’s hefty 50% tariffs on imports from India are now in effect. The punitive 25% tariffs, dealt to India over its purchases of discounted Russian oil, add to an existing 25% already in effect since earlier this month. This brings the total tariffs to 50%, putting them among the highest ever charged by the US — and on par with the tariffs on Brazil and China. The move risks significant damage to India’s economy and global supply chains.

Trump’s feud with the Fed continues: Ousted governor Lisa Cook said she will not acceptPresident Trump’s decision to fire her from the board. Cook is filing a lawsuit against the decision, the first of its kind in the independent institution’s history, with her lawyer arguing the alleged “deceitful and potential criminal conduct,” as Trump put it in his posts, has no basis in facts or law. Trump said he has a list of replacement candidates ready, and he is looking forward to having “a majority very shortly” on the Fed’s board.

OVER IN THE BUSINESS PRESS- A new coffee giant is coming: US-based Keurig DrPepper is taking over JDE Peet for USD 18 bn, in what is set to be the largest M&A transaction in Europe in more than two years.

China’s Evergrande — once the biggest real estate firm in the country — saw its shares delisted from the Hong Kong stock exchange early Monday. The giant developer, which was valued at USD 51 bn at its peak in 2018, was crushed under a pile of USD 300 bn in liabilities amid a wider property crisis that started in 2021 and saw homebuyers and investors incur hefty losses.

CLOSER TO HOME- Famine declared in Gaza: The Integrated Food Security Phase Classification (IPC), the world’s leading hunger monitor, has declared that a quarter of the enclave’s population of 2mn aresuffering from famine, accusing Israel of the “systematic obstruction” of food supplies.

Two back-to-back Israeli strikes on Nasser Hospital in Southern Gaza killed at least 20 people on Monday, including rescue workers and five journalists. Among the killed were Mariam Dagga, a visual journalist for the Associated Press, as well as Reuters contract photographer Hussam al-Masri, Al Jazeera cameraman Mohammed Salama, and freelance reporters Moaz Abu Taha and Ahmed Abu Aziz.

OVER AT THE WHITE HOUSE– US and Israeli officials met to discuss “post-war Gaza,” with President Trump set to chair a separate meeting for a “comprehensive plan” for the next day, US envoy Steve Witkoff said. The meetings come amid a stall in negotiations and an imminent planned evacuation of Gaza City that is expected to compound the humanitarian situation and famine in the strip.

IN TECH– The US government snapped up a 10% stake in chipmaker Intel for USD 8.9 bn by converting government grants into equity. The transaction came at a discounted share price, and was preceded by White House demands for CEO Lip-Bu Tan to resign over his ties to Chinese firms.

ALSO– Meta and Google have struck a USD 10 bn cloud computing agreement that will see the Facebook owner use Google Cloud’s servers, storage, networking and other services as it looks to bring online more AI services.

☀️ THE WEATHER THIS WEEKEND-

We’re in for a cool weekend, with temperatures in Cairo set to peak at just 34°C over the weekend, before cooling down to 23°C. It’s even cooler up north, with a high of 28°C and a low of 25°C, according to our favorite weather app.

🎙️HAPPENING THIS WEEKEND-

Tul8te to wrap up the New Alamein Festival tonight. Enjoy an unforgettable night of his captivating pop melodies at U Arena. The beloved Cairokee are also making an appearance alongside Tul8te. Tickets are available on Tazkarti.

Calling all Wegz superfans: The chart-topper is launching his newest album at Kiki’s Sage in Hacienda Heneish. Don’t miss out on this special live performance from the rap artist tonight. Book your tickets on Kiki’s Sage’s website.

Missing One Direction? El Sawy Culturewheel is hosting a One Direction tribute night tonight. Book your tickets through El Sawy Culturewheel’s website.

Up for some heavy drama? Rawabet Art Space is hosting the play Never Again tonight. Get yourself in the mood for an emotion-packed performance and book your tickets through Ticketsmarché.

Solomun is ending the Sahel season with one heck of a bang. Tonight, 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.

Nancy Ajram and Hamaki are hitting the stage tomorrow 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.

Roll up your sleeves and get creative with Dahlia El Nile’s Alfakhoura pottery workshop at Cairo Jazz Club 610 tomorrow afternoon. You can reserve your spot through CJC’s website.

🎙️HAPPENING NEXT WEEKEND-

Calling all aspiring opera singers: Soprano Amira Selim is holding a singing masterclass at Khayal Arts and Music Academy from Monday, 1 September to Sunday, 7 September.

We’re in for another operatic night with Medhat Saleh led by Maestro Amro Selim alongside a performance by Mai Farouk at Marassi’s Address Beach Resort. Don’t miss it on Saturday, 6 September and get your tickets through Ticketsmarché.

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