Good morning, friends, and a very happy Friday to you all. It’s been a long week, and we have an issue to match, so let’s dive in.

This weekend we present to you the ultimate guide for spine-tingling autumn reads, because as the leaves turn and the nights grow longer, there’s no better time to embrace the delicious dread of a truly terrifying book. Whether you want genuine terror, psychological unease, or dark mysteries, this guide has something for every flavor of fear.

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–

#1- It was a busy week for Egyptian-EU relations with the first-ever EU-Egypt Summit taking place in Brussels in the presence of President Abdel Fattah El Sisi and President of the European Commission Ursula von der Leyen. Discussions touched on trade, security, migration, and what’s next for Gaza; the two sides announced new development finance agreements that will see the EU extend over EUR 200 mn in fresh funding; they also announced a path for future cooperation.

#2- More Egyptian-Indian trade ahead: During his time in New Delhi, Foreign Minister Badr Abdelatty met with Indian Prime Minister Narendra and spoke to Indian Commerce and Industry Minister Piyush Goyal, where they agreed to boost trade between the two nations to hit USD 12 bn, up from USD 5 bn currently.

ENERGY-

Egypt raised fuel prices for the second time this year, with fuel prices up by up to 12.9% for conventional fuels, according to an Oil Ministry statement following a decision by its fuel pricing committee that came into effect last Friday. A government push to phase out energy subsidies and bring domestic prices in line with international energy markets has seen 95-octane prices rise by 40.7%, 92-octane by 54.0%, 80-octane by 61.4%, and diesel prices by 75.0% since the start of 2024, according to calculations by EnterpriseAM.

BANKING-

#1- HSBC Group is launching a “strategic review” of its retail business here, the global bank said in a statement (pdf) released yesterday. HSBC Egypt’s commercial and institutional banking units are not part of the review and remain core to its strategy here, it said.

#2- The Central Bank of Egypt (CBE) hiked the interest rates offered under its two subsidized mortgage finance initiatives, according to a circular seen by EnterpriseAM. The rate on the initiative for middle-income borrowers following the cabinet’s green light has been raised to a declining 12% from 8%, while the rate on the program for low-income borrowers increased to a declining 8% from 3%. The decision applies to all new loans issued under the two initiatives as of 15 October 2025, with no retroactive effect on existing financing.

ECONOMY-

The International Monetary Fund (IMF) now sees Egypt’s real GDP growing by 4.5% in the 2025-2026 fiscal year, a 0.4 percentage point increase from its latest forecast in July, according to the fund’s latest Regional Economic Outlook. The IMF’s upward revision aligns with the Madbouly government forecast of 4.5% growth during the current fiscal year and is more optimistic than the World Bank’s 4.3% forecast and the European Bank of Reconstruction and Development’s 4.4% forecast.

PRIVATIZATION WATCH-

The government is moving ahead with plans to list the Gabal El Zeit wind farm on the EGX before year-end, likely by November or December, two government sources told EnterpriseAM. Procedures are already in motion to float 30-40% of the farm in a sale that could raise between USD 300-400 mn, we were told.

TAX-

FinMin moves to ease tax burdens on new manufacturing projects: The Finance Ministry has approved a decision to suspend tax payments on machinery, equipment, and production lines — whether complete, partial, or disassembled — until installation and inspection are completed, according to a government document seen by EnterpriseAM. The measure, approved by both the tax and customs authorities, is meant to ease cashflow pressures on manufacturers.

DEBT WATCH-

New public debt strategy set for December release: The Finance Ministry is planning to unveil its new public debt strategy this December, Finance Minister Ahmed Kouchouk told representatives from JP Morgan, Morgan Stanley, and Goldman Sachs in Washington, according to a ministry statement.

MOVES-

The Senate elected Judge Essam Farid as president for the 2025-2030 legislative term — he secured 100% of the votes with no invalid ballots, according to a statement seen by EnterpriseAM. Farid had a long career as part of Egypt’s legal system and is currently a member of the Supreme Judicial Council.

INVESTMENT WATCH-

Four Chinese textile companies will invest USD 65 mn to set up factories in ElSewedy Industrial Development’s Sokhna 360 industrial city, according to a Suez Canal Economic Zone (SCZone) statement. The four factories will cover 238k sqm and create over 3k direct jobs. No further details were provided regarding the projects.

REAL ESTATE-

The Housing Ministry has launched a new mortgage financing initiative in partnership with Banque Misr, CIB, QNB Al Ahli, and Arab African International Mortgage Finance, according to a ministry statement. The initiative covers residential, administrative, and commercial units offered by the New Urban Communities Authority (NUCA).

TRADE-

The Investment Ministry has finalized the country’s new trade policy document — seen by EnterpriseAM — aimed at crafting policies that deepen local manufacturing and reducing imports of intermediate and capital goods, while expanding exports of goods with comparative advantages — in line with the government’s plan to double exports.

🌍 AROUND THE WORLD IN SEVEN DAYS-

Gold broke its record rally after seeing its steepest drop in years, as investors began to buy the dip in a rare pullback this year against the backdrop of a strengthening USD and easing trade tensions between China and the US. (Financial Times | Reuters)

IN TECH- A massive global internet outage on Monday impacted a number of online services and websites, including Snapchat, Reddit, Facebook, Prime Video, Microsoft 365, Zoom, and Duolingo. Over 500 companies faced issues, according to Downdetector, an internet disruption tracker. The outage was attributed to a “glitch” at Amazon Web Services. (CNN | BBC | Financial Times | New York Times | Guardian)

OVER IN FRANCE- Investigations are still underway in Paris as the four perpetrators behind this week’s Louvre heist remain at large. Nine of France’s crown jewels were successfully removed within seven minutes from the museum’s Apollo gallery, with eight stolen and the ninth — Empress Eugenie’s crown — dropped as the thieves made their getaway. (Reuters | New York Times | Guardian)

ALSO- Former French President Nicolas Sarkozy began his five-year prison sentence at Paris’ La Santé Prison, becoming the first French president to go to jail. Sarkozy was sentenced for conspiring to fund his election campaign using money from ex-Libyan leader Muammar Gaddafi. The ex-president has appealed his sentence. (BBC | CNN)

ELSEWHERE IN THE WORLD- Sanae Takaichi became Japan’s first-ever female prime minister after securing a historic parliamentary vote. Takaichi — known as Japan’s Iron Lady — is the country’s fourth leader in five years. (BBC | CNN | CNBC | Reuters | Bloomberg | Financial Times)

MEANWHILE- A large-scale Russian aerial attack on Ukraine on Wednesday killed atleast six people, including two children, left at least 17 others wounded, and caused a nationwide power outage. Residential areas and energy infrastructure sites were targeted across Kyiv, the Poltava region, the southeastern city of Zaporizhzhia, and the port city of Izmail. The attack came just hours following US President Donald Trump’s statement that a now-shelved meeting with Russian President Vladimir Putin would be futile after Russia rejected Trump’s ceasefire proposal. (BBC | Reuters | Guardian | CNN | Bloomberg | Associated Press)

THE DAY AFTER- US President Donald Trump imposed Ukraine-related sanctions on Russia for the first time since taking office earlier this year, sanctioning the country’s two biggest oil companies, Roseneft and Lukoil. The decision follows the cancellation of a planned summit between the US and Russia, and a subsequent large-scale Russian aerial attack on Ukraine that killed at least six people and targeted both residential areas and energy infrastructure sites across the country. (Financial Times | Reuters | Guardian)

CLOSER TO HOME- US Vice President JD Vance expressed his optimism about the future of the ceasefire agreement in Gaza during his visit to Israel. “There are going to be moments where it looks like things aren’t going particularly well. But given that, and given the history of conflict, I think that everybody should be proud of where we are today,” Vance said. Earlier this week, the Israeli military launched an aerial attack on the enclave after accusing Hamas of violating the ceasefire agreement, killing at least 97 Palestinians since the ceasefire took effect on 10 October. (Guardian | Bloomberg | BBC | Axios)

AND- Massive crowds of protestors gathered across cities in the US last Saturday as part of the No Kings movement against US President Donald Trump’s policies, marking the second wave of such protests this year, following the June demonstrations. Demonstrators are protesting against Trump’s immigration crackdown, restrictions on press freedom, push to deploy National Guard troops to American cities, “authoritarian” agenda, and crackdown on First Amendment rights. Republicans and Trump allies branded the protests as anti-American, and a far-left Antifa movement. (Reuters | AP | Financial Times | CNN)

☀️ THE WEATHER THIS WEEKEND-

We’re in for a warm and sunny weekend in Cairo, with the mercury set to peak at 34°C on Friday before cooling down to 22°C. On Saturday, we’re in for a high of 32°C and a low of 22°C, according to our favorite weather app.

🎤 HAPPENING THIS WEEKEND-

This one’s for the readers: The Luxor Book Fair returns for its fourth year, running until Friday, 24 October. Up for a trip over the weekend? Don’t miss the fair’s wide selection of books and the special program including poetry readings, literary discussions, workshops and musical performances at the city of 100 gates.

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

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.

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.

🎤 HAPPENING NEXT WEEKEND-

Get ready for your favorite summit: Sync Summit is back for its fourth year, taking place at O West for three consecutive days on Thursday, 30 October, Friday, 31 October, and Saturday, 1 November. This year’s theme Creative Range brings impactful talks, workshops, curated portfolio reviews, and hands-on labs, with leading voices from all creative industries. Don’t miss out on the chance to learn and grow as a creative — get your tickets on Ticketsmarché.

Alt-scene pioneers Wust El Balad are headlining this year’s Cairo Jazz Festival. Catch them live at AUC Tahrir Square on Friday, 31 October and jam out to their most nostalgic hits. You can get your tickets on Ticketsmarché.

Jazz enthusiasts, gather ‘round. This year’s Cairo International Jazz Festival kicks off on Thursday, 30 October, and runs until Friday, 7 November. Don’t miss out on live concerts, masterclasses, and film screenings across venues in Cairo and Alexandria. You can purchase tickets from the Cairo Jazz Festival website.

Calling all art enthusiasts: Cairo International Art District is back. Art D’Égypte’s special production brings a diverse lineup of artists across restored heritage venues in Downtown Cairo. CIAD is open access to the public at Kodak Passageway until Sunday, 2 November and at the Shourbagy Building until Sunday, 16 November, with only Mondays off.

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