Good morning, friends, and welcome to a (very warm) weekend. Winter evades us once again, but we’re happy to unwind from the couch.

If you’re staying in to beat the heat, haven’t had a chance to go to the GEM yet, or just haven’t gotten enough of ancient Egypt, this weekend guide is for you. We’re listing down some of our favorite media on or about ancient Egyptian civilization, from movies and docuseries to books and the odd conspiracy theory. Grab some popcorn, a bookmark, or, if you’d like, a tinfoil hat.

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-

ECONOMY–

#1- The Central Bank of Egypt decided to leave interest rates unchanged at its Monetary Policy Committee meeting yesterday. The bank opted to take a “wait-and-see approach” to contain inflationary pressures as it expects the headline annual inflation rate to continue rising during the remaining months of 2025, it said in a statement following the meeting. The committee also cited continued uncertainty surrounding global trade policies and geopolitical tensions.

Where rates stand now: The overnight deposit rate is currently at 21.00%, the overnight lending rate at 22.00%, and the main operation and discount rates at 21.50%.

#2- An IMF mission will touch down in Egypt early December for the combined fifth andsixth reviews of the country’s USD 8 bn extended fund facility program and the first review of the resilience and sustainability facility.

#3- Unemployment inched upward to record 6.4% in 3Q 2025, up 0.3 percentage points from 2Q, reversing a downward streak that lasted three consecutive quarters, according to data from state statistics agency Capmas. The figure represents a 0.3 percentage point-dip from the 6.7% recorded in 3Q 2024.

LOGISTICS-

#1- AD Ports snaps up Saudi’s stake in Alexandria Container & Cargo Handling for EGP 13.2 bn: AD Ports Group acquired PIF-owned Saudi Egyptian Investment Company’s (SEIC) 19.3% stake in Alexandria Container & Cargo Handling Company (ALCN) in a transaction valued at EGP 13.2 bn, according to a company statement (pdf). With this acquisition, ADQ — owner of AD Ports Group — will indirectly hold a 19.3% stake in ALCN through AD Ports, and an additional 32% through Alpha Oryx.

#2- East Port Said Port welcomes three new projects: President Abdel Fattah El Sisi inaugurated three new terminals in East Port Said, worth a combined USD 724 mn. East Port Said Port is now Africa’s top-ranked container port and the third globally, SCZone head Walid Gamal El Din said, citing rising investor interest and infrastructure links connecting the east and west banks of the canal.

REAL ESTATE-

EGP 6.3 offer from “the Sharks” to acquire Zahraa Maadi: Two investors namely Mohamed Farouq and Ahmed Tarek (also Shark Tank investors) have expressed interest in acquiring a controlling 90% stake in Zahraa Maadi at EGP 6.95 per share, according to an EGX disclosure. The EGP 6.3 bn offer gives shareholders an approximately 11% premium over yesterday’s closing share price, according to our calculations. The investors say they’ll proceed only after reaching an agreement with Zahraa’s key shareholders, completing due diligence and securing regulatory clearance. The board is set to review the approach at its next meeting.

TAX-

A new income tax law in the making? The Finance Ministry is drafting a new income tax law, a senior government source told EnterpriseAM. A draft of the new law will be presented for community dialogue in preparation for its referral to the House of Representatives next year as part of a package of tax amendments aimed at aligning the new law with global tax frameworks, according to another government source.

ENERGY-

The Egyptian General Petroleum Corporation (EGPC) is heading back to the globalLNG market to plug a supply gap after months of cutting and delaying imports on the back of oversupply and weaker demand, Bloomberg reports, citing people it says have knowledge of the matter. EGPC has issued a tender to procure three liquefied natural gas (LNG) shipments for delivery in mid-to-late November.

BANKING-

In its latest efforts to support the country’s digital transformation, the Central Bank of Egypt will launch the country’s first program to digitize financial identity, in a move that would allow for the seamless access to banking services without the need for a physical presence at bank branches, according to a statement.

INVESTMENT WATCH-

Singaporean renewables developer and investor Destiny Energy plans to develop a USD 210 mn green ammonia and hydrogen production facility in the Suez Canal Economic Zone (SCZone), according to a statement from the General Authority for Investment and Freezones (Gafi). The project has a targeted production capacity of 53 tons of green hydrogen and 300 tons of green ammonia a day.

DEBT WATCH-

#1- The country’s second local sovereign sukuk issuance was 11x oversubscribed, attracting an order book of EGP 33 bn, according to official auction data seen by EnterpriseAM. The three-year EGP 3 bn ijara issuance — a leasing-based Islamic security — is the second tranche of the country’s first-ever local sukuk offering.

#3- The Finance Ministry is preparing a slate of new international debt issuances for the second half of the current fiscal year, including panda bonds, samurai bonds, sustainable green bonds, and eurobonds, a senior government official told EnterpriseAM.

CAPITAL MARKETS-

Fintech player MNT-Halan and asset manager Azimut are gearing up to launch Halan-Azimut after securing approval from the Financial Regulatory Authority (FRA) to establish Egypt’s first licensed digital platform for trading real estate investment fund (REIF) securities, according to a statement from the authority. The move marks a key step in bringing fractional property ownership to local investors through regulated digital certificates, according to the statement.

🌍 AROUND THE WORLD IN SEVEN DAYS-

US President Donald Trump signed a bill to release the files related to Jeffrey Epstein — a sharp reversal after months of a fight that exposed deep rifts within his own party. (The Associated Press | CNBC | Reuters | CNN | The New York Times | Bloomberg)

ALSO- US President Donald Trump is scheduled to meet NYC Mayor-Elect Zohran Mamdani at the White House today. (NYT)

CLOSER TO HOME- Israel’s latest strikes in Gaza killed at least 32 Palestinians on Wednesday and Thursday, including 12 children. The strikes bring the total official Palestinian death toll since the October ceasefire to 312, with some outlets reporting this as Israel’s 393rd violation of the ceasefire. Israel once again claims to have been targeting “terrorists,” while Hamas called on the US to pressure Israel to respect the truce. (Reuters | CNN)

ELSEWHERE IN THE WORLD- Ousted Bangladeshi leader Sheikh Hasina has been sentenced to death after court rulings found her guilty of crimes against humanity for the suppression of student-led protests that resulted in her government’s collapse last year. The former prime minister is currently in self-imposed exile in India, and has denounced the verdicts issued against her. Hasina was tried in absentia, and the Indian government has ignored requests to extradite her. (CNN | BBC | Reuters | Guardian)

AND- Russian attacks on Ukraine left at least 19 dead and 66 wounded after overnight missile and drone attacks targeting energy and transport infrastructure on Tuesday struck a residential area in Ternopil in western Ukraine. The attack is reportedly one of the deadliest since February 2020. (Reuters | BBC | New York Times)

IN MARKET NEWS- Saudi Arabia’s Sovereign Wealth Fund exited nine US stocks — including Pinterest, Air Products and Chemicals Inc., and industrial gas supplier Linde Plc — marking the biggest decrease in value in the Public Investment Fund’s US holdings in a year, Bloomberg reports. The PIF’s current US portfolio currently stands at USD 19.4 bn, down almost a fifth, according to the Financial Times.

Just days later, President Donald Trump received Crown Prince Mohammed Bin Salman in the White House, where they signed agreements on defense, nuclear negotiations, AI and more. The President cleared future F-35 deliveries to Saudi and designated the Kingdom as a major non-Nato ally, while the Crown Prince pledged to increase Saudi’s investment package in the US to a whopping USD 1 tn. (New York Times)

☀️ THE WEATHER THIS WEEKEND-

We’re in for a peculiarly warm late November weekend in the capital. We’re in for a high of 31°C and a low of 19°C today. On Saturday, the mercury is set to peak at a staggering 34°C, before cooling down to 23°C, according to our favorite weather app.

🎤 HAPPENING THIS WEEKEND-

Rap icon Marwan Moussa and hitmaker Ahmed Saad are bringing the energy to this year’s Fustat Winter Festival happening tonight. Don’t miss their electrifying live performances at Fustat Park. You can get your tickets on Tazkarti.

Ramy Sabry is coming to El Arena tonight. You can catch the iconic singer live and sing along to his romantic tunes by grabbing tickets on Tazkarti.

Athletes and sports enthusiasts, huddle up. ELFIT Sports and Fitness Games is back for an electric night of competition and energy at New Capital Sports City today and tomorrow. The major fitness event brings together over 1.5k global competitors in 10 different competitions featuring a lineup of ELFiT Rowathon, Strongman, Calisthenics, and Parkour Chase Tag, among others. You can grab your tickets on Ticketsmarché.

Cairo Design Week returns starting tonight, and running until Saturday, 29 November for a one-of-a-kind experience with Egypt’s design landscape. Be prepared for an array of events and exhibitions across Heliopolis, Zamalek, and Downtown. You can secure all week access or district passes through Ticketsmarché.

Catch the theatrical performance of Daydreaming at Rawabet Art Space tonight and tomorrow night. The play blends illusion and reality as a man copes through fantasy to deal with his relationships. You can get your tickets on Ticketsmarché.

Stand-up on a grand scale: Comedy is taking over the Cairo International Stadium with a show from The Elite Comedians on Saturday, 22 November. Gear up for a night of laughter like never before. Tickets are selling out fast — grab yours now on Tazkarti.

In a turn of roles, prominent podcaster Anas Bukhash will take the interviewee’s seat, speaking with the iconic Mahmoud Saad on Saturday, 22 November at AUC Tahrir’s Ewart Hall. Join for a special and inspiring talk where the audience gets to be a part of the conversation. Tickets are available on Tazkarti.

🎤 HAPPENING NEXT WEEKEND-

Theatro Arkan is setting us up for a laughing fit this month with its new Comedy Gang Festival at The Golden Theatre. Running two nights a week until Saturday, 29 November, the festival brings together 56 of our favorite standup comedians with plenty of surprises and special guests in store. You can grab your tickets on Ticketsmarché.

Up for a quick adventure to Ain El Sokhna? Brought to you by TriFactory, the first ever IL Monte Galala Adventure Festival is taking place on Friday, 28 November at Ain El Sokhna’s IL Monte Galala. The festival features Ascent’s annual regional bouldering competition, fun workshops, and great food courtesy of the Grill Setup. Registration is open now and closes on Sunday, 23 November — you can secure your spot on TriFactory’s website.

The first ever Pyramids Echo Festival kicks off at the Pyramids Panorama Theater on Monday, 24 November, running until Sunday, 30 November. Expect six magical nights of musical performances featuring global and Egyptian talents. Opening the festival is renowned Chinese pianist Lang Lang, performing alongside The Royal Philharmonic Concert Orchestra, conducted by Ben Palmer. The celebrations will continue at the New Opera House for encore performances on Friday, 12 December and Saturday, 13 December. Tickets for all nights are available on Tazkarti.

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