Good morning, friends. The pleasant weather is ushering in a long weekend that is undoubtedly well-deserved.

In this week’s edition of The Enterprise Guide, we’re listing our favorite landmarks and activities for souls wishing to dive a little deeper into the iconic coastal city of Alexandria.

🗞️ LAST WEEK IN 3 MINS-

DIPLOMACY-

Israel and Hamas have reached an agreement in Sharm El Sheikh on the first phase of US President Donald Trump’s peace plan, paving the way for a ceasefire and for hostages and prisoners to be exchanged within 72 hours. The breakthrough in talks — which began three days ago, and were brokered by Egypt, the US, Qatar, and Turkey — should also see Israel withdraw its troops to an “agreed upon area,” and the resumption of humanitarian aid to Gaza.

Hamas confirmed the agreement had taken place, and thanked the brokers, including Trump, in a massive shift in tone, while Israel is set to convene its government today to ratify the agreement.

Trump said he may head to the region and — most likely — visit Egypt on Sunday, as negotiators work in the meantime to reach a final agreement.

The caveats are still there: Earlier ceasefires have broken down due to Israel’s ongoing attacks in Gaza, so Hamas will be looking for clearer timelines and assurances of Israel’s withdrawal. The question of Hamas’ disarmament — which was one key point in Trump’s plan — and the interim government of technocrats, are still contentious, and will need time to iron out.

The story is everywhere in the foreign press: Bloomberg | Financial Times | Reuters | Wall Street Journal | New York Times | AP

SPORTS-

Egypt has qualified for the FIFA World Cup for the fourth time in its history. The Pharaohs cruised to a comfortable 3–0 victory over Djibouti yesterday in Morocco, securing Hossam Hassan and his players the top spot in Group A ahead of the final round of qualifiers.

ECONOMY-

#1- Annual headline urban inflation eased for the fourth consecutive month in September, falling by nearly three percentage points to 11.7%, backed by a y-o-y drop in meat and vegetables prices, according to data from state statistics agency Capmas seen by EnterpriseAM. September annual headline reading was pretty much expected by our analysts, who saw headline inflation continuing its downward path during the month. The reading is also up by 0.7 percentage points from Reuters Poll’s median estimate of 11.0% y-o-y.

#2- The World Bank revised Egypt’s growth forecast for FY 2025-2026 to 4.3% y-o-y, marking a modest increase of 0.1 percentage points from its previous forecast in June, the international financial organization said in its latest Middle East, North Africa, Afghanistan, and Pakistan (MENAAP) Economic Update report.

#3- An Egyptian delegation is set to land in Washington next week to discuss the combined fifth and sixth reviews of our USD 8 bn Extended Fund Facility program with the International Monetary Fund (IMF), a senior government official told EnterpriseAM. The delegation will discuss outstanding issues in the program throughout the week, coinciding with the IMF / World Bank annual meetings from 13-18 October in DC, we were told.

#4- Egypt’s non-oil private sector activity slipped further in September as new orders dipped at the quickest pace in five months, according to S&P Global’s latest Purchasing Managers Index report (pdf). The country’s headline figure fell in September to a three-month low of 48.8, down from August’s 49.2.

ENERGY-

#1- Less LNG coming our way: The Oil Ministry plans to reduce the number of agreed-upon LNG shipments scheduled for shipment this month to six, from an initially planned 19, a government source told EnterpriseAM.

#2- Scatec’s USD 650 mn Naga Hammadi solar project for EgyptAlum securedfinancial backing from a host of international financial organisations (IFOs). The European Bank for Reconstruction and Development, the African Development Bank, and the European Investment Bank each signed letters of intent to finance the project, with energy produced directed toward the state-owned aluminum producer’s nearby aluminum complex.

DEBT WATCH-

Egypt’s debt capital markets continue to gather momentum, with more than EGP 9 bn in new sukuk and securitization transactions closed, reflecting growing demand for structured and shariah-compliant instruments to fund corporate growth.

AUTOMOTIVE-

Auto sales bounced back in August after July’s decline, rising 12.7% m-o-m to 17.6k units, up from 15.6k sold in July, according to figures from the Automotive Marketing Information Council (AMIC) seen by EnterpriseAM. This marks the first time sales have breached the 17k threshold since June 2022, reinforcing the recovery momentum that began earlier this year despite July’s brief pause.

REAL ESTATE-

Developers will be allowed to pay the 20% down payment on both North Coast land transfer fees and Desert Road improvement levies over one year, instead of upfront, following lobbying off the New Urban Communities Authority (NUCA) by the Federation of Egyptian Industries’ (FEI) real estate division, according to a statement seen by EnterpriseAM. The remaining dues will be settled over five years at an annual interest rate of 10%, rather than the higher Central Bank of Egypt benchmark rate.

BANKING-

#1- Net foreign assets (NFAs) in Egypt’s banking sector shrank for the first time in three months by nearly USD 583 mn to hit USD 17.9 bn in August, marking a 3.3% m-o-m decrease, according to data from the Central Bank of Egypt. On an annual basis, our banking sector has almost doubled its net foreign assets, from USD 9.7 bn in August 2024.

#2- Foreign reserves inched up again to USD 49.5 bn at the end of September, markinga USD 283 mn increase from August, according to data (pdf) released by the Central Bank of Egypt. The uptick was driven by a USD 1.8 bn increase in gold reserves to USD 15.8 bn, which helped offset a USD 1.5 bn dip in foreign currency holdings. Special Drawing Rights inched up USD 1.0 mn during the month.

MANUFACTURING-

India’s BMEC Imaging will establish a USD 4.5 mn medical manufacturing and remanufacturing facility in Egypt, according to a statement. The BMEC Imaging Egypt project will manufacture and refurbish X-ray, dialysis, and MRI machines, in addition to other high-tech pieces of medical technology.

BUSINESS-

EnterpriseAM Egypt wrapped up another successful forum on Tuesday, where we were honored by the presence of 650 policy makers, senior bankers, finance industry players, corporate leaders, and other members of our business community.

We interviewed on stage Dr Rania Al Mashat, minister of planning, economic development and international cooperation, and Hassan El Khatib, the nation’s minister of investment and foreign trade, in two keynote interviews. We also talked to business leaders about the future of work, how AI and tech are shaping the world around us, what resilient businesses are doing today to set themselves up for success tomorrow, and lots more.

Keep an eye out for our comprehensive coverage of the forum in a new special series, coming to your inboxes in the coming weeks.

🌍 AROUND THE WORLD IN SEVEN DAYS-

A BUSY WEEK FOR GLOBAL POLITICS- Japan welcomed its first-ever female prime minister, with ruling Liberal Democratic Party members electing Sanae Takaichi as their new leader following a tight race against Shinjiro Koizumi. The 64-year-old conservative, known for her alignment with former premier Shinzo Abe’s economic policies, will replace outgoing Prime Minister Shigeru Ishiba amid growing political and economic headwinds. Takaichi is expected to be confirmed by parliament on 15 October. (Reuters | Financial Times | BBC | Bloomberg)

French Prime Minister Sébastien Lecornu resigned after only 27 days in office and only a few hours after his cabinet announced. He’s the third prime minister to be elected since French President Emmanuel Macron dissolved parliament and called snap elections last summer. (Guardian | Reuters | Bloomberg)

The EU is proposing a 50% tariff on steel imports to match the US’ tariff, but it could hit the UK — the biggest importer of European steel — the hardest. Meanwhile, the World Trade Organization has slashed its growth forecast for global trade next year to 0.5%, down significantly from 1.8% earlier, as the impacts of Trump’s tariffs filter through. (Politico | Guardian | BBC)

OVER IN TECH- OpenAI is getting hundreds of thousands of chips from Advanced Micro Devices (AMD), bringing AMD tens of bns of USD in revenue and giving the ChatGPT maker the option to buy up 10% of the chipmaker. (Bloomberg | Reuters | Financial Times)

Gold and BTC hit fresh highs on Sunday as investors flocked to safe haven assets amid a government shutdown. Gold rose to USD 3,920.63 an ounce, before paring some gains, while BTC reached USD 125,689 for the first time early Sunday. BTC’s rise also comes during a month that has historically been a strong month for digital assets’ performance — earning it the nickname “Uptober.” (Bloomberg | Reuters)

OVER IN THE US- US federal judge Karin Immergut issued a — temporary — restraining order blocking the Trump administration from deploying the National Guard into what the US president called a “war-ravaged city.” The order expires on 18 October, with an extension already requested by the state. The news follows a series of crackdowns on blue cities which Trump claims are breeding grounds for crime and disorder. (CNN | AP | Reuters)

☀️ THE WEATHER THIS WEEKEND-

We’re in for breezy weather over the long weekend, with temperatures in the capital reaching a high of just 28-29°C, before cooling down to 16-17°C, according to our favorite weather app.

🎤 HAPPENING THIS WEEKEND-

Comedian Mohamed Moula is inaugurating his first standup show in Egypt with MoulaWet2asamNosin at El Rihany Theater tomorrow, promising a night of non-stop laughter. You can grab your tickets on Ticketsmarché.

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

Honor the 50th anniversary of Umm Kulthum’s passing with a musical produced by El Adl Group Studios at The Theater. Experience the legend’s life story through this special musical showing tonight, tomorrow, and next week on Thursday, 16 October and Friday, 17 October. Tickets are available on Ticketsmarché.

🎤 HAPPENING NEXT WEEKEND-

Up for some classic drama? The iconic musical Oliver is taking the stage for the first time in Egypt at Theatro Arkan from Thursday, 16 October to Saturday, 18 October. Enjoy the Dickens-inspired musical production by Fabrica. You can book your spot on Ticketsmarché.

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. Don’t miss out on the unique Tim Etchells-directed performance L’Addition with duo Bert and Nasi showing on Wednesday, 15 October and Thursday, 16 October at Rawabet Art Space. Book your spot on Ticketsmarché.

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