Good morning, friends, and a happy Friday to you all. We hope your AC units haven’t gone into hibernation yet — this heatwave is giving us flashbacks to Sahel, sans the sea.

Most people wait until New Year’s to commit to improving their lives. But those with entrepreneurial mindsets know that 4Q offers the chance to charge into the new year. This week’s guide is the first of a series that will serve as your roadmap for the coming 90 days. Instead of just surviving the last few months of the year, why not transform your life?

🗞️ LAST WEEK IN 3 MINS-

ECONOMY-

#1- The Central Bank of Egypt cut interest rates by 100 bps in its sixth Monetary Policy Committee meeting of the year yesterday, according to a statement. This marks the second consecutive cut, after the CBE cut rates by 200 bps in its previous meeting in late August.

Where rates currently stand: The overnight deposit rate now stands at 21.0%, the overnight lending rate at 22.0%, and the main operation and disc. rates at 21.5%. Rates are now down a whole 625 bps since the bank began its easing cycle in April.

#2- The economy grew at a 4.4% clip during the fiscal year 2024-2025, outpacing the 4.2% targeted in the draft budget and the 2.4% growth recorded in FY 2023-2024. However, the figure is 0.1 percentage point below the preliminary figure announced by Finance Minister Ahmed Kouchouk in August, and below the European Bank for Reconstruction and Development’s (EBRD) growth forecast for 2025 of 4.8%, which it raised this week 0.8 percentage points from its May estimates.

#3- The government is preparing a new integrated package of legislation to support the business community, which will be submitted to the House of Representatives once finalized. The package aims to make it easier for businesses to operate by removing tax, customs, and procedural barriers.

INVESTMENT WATCH-

Nearly half of Qatar’s USD 7.5 bn direct investment pledge will gotoward a Red Sea project, which will be undertaken by the Qatar Investment Authority-owned Qatari Dair and Marriott-owned hospitality chain St. Regis. Details on the proposed USD 3.5 bn project are still few and far between, but it could be part of previously reported negotiations with unnamed Gulf sovereign wealth funds to launch big-ticket projects in the 174 sq km Ras Shukeir zone on the Red Sea.

REAL ESTATE-

Gov’t rethinks North Coast land pricing: The New Urban Communities Authority (NUCA) has suspended new land allocations on the North Coast to allow for a comprehensive update of pricing policies of plots around Ras El Hekma through to Alam El Roum. The move comes as the government reviews land valuations in light of new road networks and the flagship Ras El Hekma project.

DEBT WATCH-

Egypt’s return to the international debt market is off to a good start, with its USD 1.5 bn sukuk offering receiving over USD 9 bn in subscription requests. The dual-tranche sukuk issuance — scheduled for 7 October — is split between a USD 700 mn, 3.5-year tranche and a USD 800 mn, seven-year tranche.

INDUSTRY-

Local ceramic and porcelain producers are awaiting a decision from the Investment Ministry on whether to impose safeguard tariffs on imports of Chinese origin — even if they enter via Arab countries — after filing a complaint three months ago. The case is in its final stages with the authorities, and a decision is expected within a month, which our source believes would protect local industry from dumping practices and restore balance to the market.

COMMODITIES-

#1- No electricity price hikes before January -Esmat confirms: The Madbouly government will keep electricity prices unchanged until the start of 2026. A new tariff structure will then be set based on actual costs.

#2- A fuel price hike incoming? The government could raise fuel prices in the coming days as part of its plan to fully liberalize pricing and recover production costs.The government has kept fuel prices unchanged for the past six months since the last hike in April.

AROUND THE WORLD IN SEVEN DAYS-

OVER IN THE US- Following a bitter spending deadlock between US President Donald Trump and Democrats in Congress, the US federal government shut down after failing to reach a funding agreement by the midnight deadline, marking the first shutdown since 2019 and triggering widespread disruptions to federal services.

The shutdown disrupts the jobs of hundreds of thousands of US citizens and upends many public services, with an estimated 750k government employees facing temporary furloughs. Key economic reports will be delayed, national parks will largely be closed, and new federal loans for small businesses and homebuyers will be paused. Social Security, Medicare, and Medicaid benefits are expected to continue uninterrupted, and air traffic controllers and TSA agents will remain on the job, though unpaid.

ALSO- US President Donald Trump ordered to deploy troops in Portland and immigration detention facilities nationwide, authorizing what he called “full force, if necessary” in a bid to confront what he described as “domestic terrorists” targeting federal immigration sites. Trump’s move comes days after a deadly shooting in an ICE field office in Dallas and marks his most aggressive domestic security escalation to date.

CLOSER TO HOME- UN sanctions on Iran came back on Saturday after European powers triggered the so-called “snapback” mechanism, accusing Tehran of breaching its 2015 nuclear commitments. The move restores bans on uranium enrichment, missile-related activity and arms sales — and has already sent Iran’s IRR to record lows. Tehran recalled its ambassadors to the UK, France and Germany for consultations and warned of a “harsh response.”

Trump and Israeli Prime Minister Benjamin Netanyahu have agreed on a US-brokered peace framework for Gaza — a 20-point plan that calls for an immediate ceasefire. Trump warned Hamas that Israel would have Washington’s “full support” to destroy Hamas if it rejects the deal. The US president later gave Hamas three to four days to respond to his proposed peace plan for Gaza, warning of a “very sad end” if it does not accept the proposal.

ALSO- Israel intercepted a number of vessels from the Global Sumud Flotilla, which was on its way to Gaza to deliver aid, moving some of the activists on board to an Israeli port. The passengers also said Israel was using “active aggression” on their fleet and trying to sink one of the boats.

MEANWHILE IN THE BUSINESS PRESS- Warren Buffett’s Berkshire Hathaway is reportedly closing in on a USD 10 bn deal to buy Occidental Petroleum’s petrochemicals arm OxyChem — a move that would be the conglomerate’s largest acquisition in three years.

☀️ THE WEATHER THIS WEEKEND-

We’re in for a sweltering start to the weekend, but Saturday promises an incoming cooldown. Cairo residents will be seeing highs of 35°C today and 33°C on Saturday, with both nights settling on a cool 23°C.

🎙️HAPPENING THIS WEEKEND-

In need of some comedy therapy? Join Mina Nader for an interactive show at Theatro Arkan tonight. Get ready for a night of laughter-packed stories. Tickets are selling out, so we’d suggest you move fast. Secure your spot now on Ticketsmarché.

Ready for another Indigo Night? Tonight, Belgian-Egyptian singer Tamino Moharam Fouad is dropping by Cairo to perform his latest album Every Dawn’s a Mountain at the Cairo International Convention Center. Tickets can be purchased from Tamino’s own website.

Grill Setup’s O Setup is making its Cairo comeback at O West tonight. Enjoy this picnic experience with nature, friends, family, and sizzling BBQ. Spots are limited — book yours through Knot.

The Downtown Contemporary Arts Festival returns from Wednesday, 1 October to Sunday, 26 October, bringing Cairo to the forefront through a series of performances, panel discussions, and workshops. Catch the production of Electroflamenco 3.0 on Saturday, 4 October. Head to Ticketsmarché now to secure your spot.

The SheArts Festival returns to spotlight talented women, starting tonight and running until Sunday, 5 October. Expect an exciting lineup of musical performances and plays, along with a series of public workshops you won’t want to miss. Tickets for live shows are available on Ticketsmarché, and you can sign up for workshops through the festival’s Instagram before spots fill up.

🎙️HAPPENING NEXT WEEKEND-

Prepare yourself for a transcendent night by the Giza Pyramids with Anyma and his show Quantum Genesys on Friday, 10 October. Get tickets to this ultimate electronic music experience on Ticket Egypt now.

Comedian Mohamed Moula is inaugurating his first standup show in Egypt with MoulaWet2asam Nosin at El Rihany Theater on Friday, 10 October, promising a night of non-stop laughter. You can grab your tickets on Ticketsmarché.

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