Good morning, friends, and welcome to the weekend. This one may not be as short as last week’s, but we’re making the most of it all the same.

In this week’s guide, we give you all the tips and tricks you need to spot AI-generated content on your social media feed and in your daily media diet, so you can finally stop wondering what’s real and what’s fake. Hint: The cat playing Beethoven probably isn’t real.

Enterprise Weekend comes out each Friday at 9:00am CLT. We’ll be back on Sunday at 6am with EnterpriseAM. Until then: Enjoy the weekend.

🗞️ LAST WEEK IN 3 MINS-

DIPLOMACY-

World leaders gathered in Sharm El Sheikh on Monday to sign a peace agreement formally ending the war in Gaza and laying out a framework for postwar reconstruction. The Sharm El Sheikh Peace Summit was co-chaired by President Abdel Fattah El Sisi and US President Donald Trump as part of an Egyptian-American initiative to consolidate peace efforts in the Middle East. The gathering brought together leaders from more than 25 countries.

ENERGY-

#1- Fuel prices are up again — but hopefully for the last time in the next 12 months. The government’s fuel pricing committee has decided to raise fuel prices effective 6am this morning, according to a statement from the Oil Ministry, which said fuel prices will be fixed for at least one year following today’s hikes.

Here’s a breakdown of the new prices:

  • 95-Octane is now priced at EGP 21.00 per liter, up 10.5% from EGP 19.00;
  • 92-Octane rose to EGP 19.25 per liter, up 11.6% from EGP 17.25;
  • 80-Octane is now EGP 17.75 per liter, a 12.7% increase from EGP 15.75;
  • Diesel price climbed to EGP 17.50 per liter, up 12.9% from EGP 15.50;
  • The price of compressed natural gas for automobiles rose to EGP 10.00 per cubic meter, up 42.9% from EGP 7.00 previously — a price that has been fixed since October 2024.

#2- LNG exports will once again begin flowing out of Egypt after the Madbouly government gave energy players the green light to resume exporting during the winter months, a government source told EnterpriseAM. Exports will be on hold starting April as the country starts gearing up for the heightened demand that accompanies the hot summer months.

TRADE-

Suez Canal transit is projected to pick up in early 2026 — driven by the easing of regional tensions and a positive regional growth forecast from the IMF, Chamber of Commerce’s International Transport and Logistics Division Secretary General Amr Al Samdoni told EnterpriseAM. Shipping lines have been encouraged by the Israel-Hamas ceasefire agreement and are “developing quarterly plans” on the premise that the war and Houthi attacks cease completely, he added.

ECONOMY-

#1- S&P Global Ratings upgraded Egypt’s long-term sovereign credit rating to B from B-, the first upgrade since 2018, while affirming its short-term rating at B, according to a report from the rating agency seen by EnterpriseAM. The decision reflects the “significant improvement in the Egyptian economy in light of structural reforms, the liberalization of the exchange rate, the increase in foreign direct investment, and the improvement of indicators,” Finance Minister Ahmed Kouchouk told EnterpriseAM.

#2- Egypt’s current account deficit narrowed to USD 15.4 bnin FY 2024-2025, down 25.9% y-o-y from the USD 20.8 bn recorded a year earlier, according to central bank figures. The deficit shrank on the back of a marked increase in remittances, a rise in tourism revenues, and a jump in non-oil exports.

#3- The Finance Ministry is planning to unveil its new public debt strategy this December, Finance Minister Ahmed Kouchouk told representatives in Washington, according to a ministry statement. The announcement confirms what we reported in July about the upcoming strategy for 2025-2030, which will feature social and sustainability bond issuances. The strategy will include debt-for-investment swaps modeled after the Ras El Hikma agreement — converting a significant portion of regional and international deposits into investments — alongside increased concessional financing from financial institutions.

AUTOMOTIVE-

Chinese automaker Jinbei signed a local assembly agreement with its sole agent in Egypt, Jinbei Royal Egypt Chairman Khaled Saad said at a press conference attended by EnterpriseAM. Assembly will be carried out at Ezz Elsewedy Automotive Factories’ Sixth of October facilities, with an initial output target of 3k light trucks in the first phase.

REAL ESTATE-

#1- Midar, Sodic to build EGP 110 bn wellness city: Midar for Investment and Urban Development has signed a partnership agreement with Sodic to develop Egypt’s first fully integrated wellness and sustainable residential project in New Cairo’s Mada City with total investments of EGP 110 bn, according to a company statement.

#2- The government is studying a number of proposed low-interest financing initiatives intended for prospective buyers in the real estate market, a government source told EnterpriseAM. The move would help keep demand healthy — and, importantly, liquidity in play — until the central bank lowers interest rates to 15.00-16.00%, down from the current 21.00% overnight deposit rate, we were told.

MANUFACTURING-

State-owned EgyptAlum plans to invest more than EGP 6 bn in the current fiscal year to launch initial phases of several projects, Al Borsa reported, citing an unnamed company official. The investments will cover a new aluminum foil factory, a pharma packaging facility, an aluminum dross recycling line, and a car rim manufacturing project, along with the rehabilitation of an existing plant.

TAX-

Your smokes are getting pricier: The Egyptian Tax Authority (ETA) will implement a 12%tax increase on cigarettes starting November, in accordance with the amended VAT law, a government source told EnterpriseAM. This marks the second tax hike on local and imported cigarettes this fiscal year.

🌍 AROUND THE WORLD IN SEVEN DAYS-

French President Emmanuel Macron announced a new cabinet as he and reappointed Prime Minister Sebastien Lecornu face pressure to form a stable government and prevent another collapse. Lecornu, who had stepped down before being reappointed last Friday, now needs to rally support from centrist allies to survive looming no-confidence votes in parliament. With Macron’s popularity slipping and his coalition reduced to a weak minority, both opposition and allied parties have criticized him for refusing to scale back his agenda. (Bloomberg | Financial Times | Reuters | AP | France 24)

Tensions are rising between Washington and Beijing: China has accused the US of escalating the trade war after Trump announced plans to impose a 100% tariff on Chinese exports and widen export control starting November, the Financial Times reports. China’s Commerce Ministry criticized the US for blacklisting Chinese firms and abusing national security measures, warning it would take “corresponding measures” if the tariffs proceed.

OVER IN TECH- OpenAI’s latest chip agreement with Broadcom got plenty ofattention. The two firms agreed to develop and deploy 10 GW of chips and computing systems, marking the latest in a series of chip agreements inked by OpenAI with the likes of Nvidia and AMD worth bns of USD. (WSJ | FT | CNBC)

CLOSER TO HOME- The fragile Israel-Hamas ceasefire agreement has started to facesnags, days after US President Donald Trump heralded the end of the war during his visit to the region. Israel said it would limit the volume of humanitarian aid going into Gaza to half since Hamas has failed to return the bodies of some of the deceased hostages, as was agreed. Some 19 bodies have yet to be returned. (Reuters | Bloomberg | Guardian)

IN CLIMATE NEWS- Levels of carbon dioxide surged at record levels in 2024, as record additions of renewable energy capacity failed to put the world on track to meet its climate targets for 2030, a report by the International Renewable Energy Agency said. The ongoing burning of fossil fuels, along with a surge in wildfires, are to blame, IRENA said. (Reuters | Guardian)

MEANWHILE- The price of silver hit a record high of USD 53.6 per ounce on Monday amid the rising tensions between the US and China in what is being hailed as a “historic short squeeze.” Prices have surged some 75% since the start of the year as investors seek safe havens. The latest peak saw the precious metal surpass a previous peak set in January 1980. “Silver tends to follow gold upwards,” CEO of the Silver Institute Michael DiRienzo told CNN. (CNN | Financial Times | Telegraph | Bloomberg | Guardian)

ALSO- Following weeks of youth-led protests in Madagascar, an elite military unit announced that it has taken control over the country after impeached President Andry Rajoelina fled the country earlier this week. The military is set to form a government and hold elections within two years, Capsat Colonel Michael Randrianirina said. (BBC | Guardian)

☀️ THE WEATHER THIS WEEKEND-

We’re in for a cloudy couple of days, with temperatures in the capital set to peak at 29-30°C over the weekend before dropping to 16°C, according to our favorite weather app.

🎤 HAPPENING THIS WEEKEND-

Up for some classic drama? The iconic musical Oliver is taking the stage for the first time in Egypt at Theatro Arkan tonight and tomorrow. Enjoy the Dickens-inspired musical production by Fabrica. You can book your spot on Ticketsmarché.

The Downtown Contemporary Arts Festival is back and running until Sunday, 26 October, bringing Cairo to the forefront through a series of performances, panel discussions, and workshops. Experience the haunting theatrical piece of The Manual at AUC’s Falaki Theater tonight. Tickets are available on Ticketsmarché.

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. Tickets are available on Ticketsmarché.

🎤 HAPPENING NEXT WEEKEND-

Run for a cause: Join Cairo Runners and Bupa Egypt for Breast Cancer Run on Friday, 24 October at District 5. Be part of breast cancer awareness month and support the spirit of resilient women all over the world. Registration is required at no cost — claim your spot here.

Cairokee live? Unmissable. The superband is back for another unforgettable night at El Malahy Arena on Friday, 24 October. Sing your heart out to their culture-defining anthems and grab your tickets now on Ticketsmarché before they sell out.

Gear up for a night of laughter at Theatro Arkan with Ali Quandil’s Accept Laugh Interact this Friday, 24 October. Join in on the interactive comedy experience and get your tickets on Ticketsmarché.

Up for a funny play? Catch the social comedy Ya Rab Bent at Theatro Arkan this Saturday, 25 October, for a night of laughter and good storytelling. Get your tickets on Ticketsmarché.

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