🧣 Good morning, friends, and congratulations on making it to the weekend. It’s been a relatively calm week, with few but pivotal stories making the rounds. With the first workweek of 2026 now over, we hope this weekend gives you ample time to wind down and treat yourself — speaking of which…

Craving a warm, sweet treat? You’re exactly where you should be. For this week’s edition of The Enterprise Guide, we’re listing our favorite warm winter treats and where to find them — you’re welcome.

🗞️ LAST WEEK IN 3 MINS-

PRIVATIZATION WATCH-

The Madbouly Government is kicking off the year with a plan to add 13 new companies to its privatization program. The plan also includes a selldown of stakes owned by state-owned banks in government-related companies and taking other companies public.

ECONOMY-

#1- The EGP closed 2025 on a high note, having appreciated 6.7% for the year against the greenback. Driven by a record-breaking surge in remittances, surging tourism, and improving exports, the EGP is widely projected to strengthen further in 2026 as the nation moves from a “vicious cycle” of devaluation to a “virtuous cycle” of upgrades.

#2- Debt service costs are neutralizing a surge in state tax collection, with interest payments jumping 45.2% y-o-y to EGP 1.06 tn in the first five months of FY 2025-26. These payments accounted for the lion’s share of public spending between July and November, effectively consuming over 96% of the state’s total budget revenues during the period.

#3- The Finance Ministry unveiled its 2026–2030 medium-term strategy, focusing on curbing public debt and encouraging private sector growth. The strategy pivots away from emergency fiscal management toward a period of consolidation and “balanced” growth.

TAX-

The Finance Ministry is weighing a one-to-two-year extension of the property tax exemption for some 20 manufacturing sectors. The current grace period, where the state foots the EGP 3.3 bn annual tax bill for manufacturers, is set to expire this month;

IPO WATCH-

Our favourite supermarket chain and food producer Gourmet is getting ready to go public. The company has submitted a request to the Financial Regulatory Authority (FRA) to IPO on the EGX.

ENERGY-

#1- Egypt is set to reduce its contracted LNG shipments for January from commercial suppliers by over 50% — down to six or seven shipments — compared to 14 to 16 shipments in January of last year. This move comes amid sufficient strategic reserves and a dip in domestic demand thanks to cooler temperatures this winter.

#2- Egypt’s bid to position itself as the premier energy hub in the eastern Mediterranean got another boost earlier this week on the Levant side of the equation as the Oil Ministry signed two MoUs to help fuel Syria’s reconstruction with the supply of natural gas and petroleum products.

NBFI-

EGX-listed fintech player Valu plans to kick off operations in Jordan this quarter after lining up final approval from the Central Bank of Jordan (CBJ). It will launch operations in Jordan under a specialized finance license that allows it to deliver a range of financing solutions.

🌍 AROUND THE WORLD IN SEVEN DAYS-

It’s been a busy week in the global press, with all eyes on the situation in Venezuela:

Trump issued a warning to Venezuela’s current de facto leader, Delcy Rodríguez, of a “big price” to pay if she does not comply with the conditions the US has set in order for the country to avoid any further attacks by the US. Those include: That the oil industry be “run for the benefit of the people”; an end to drug trafficking and “gang problems”; as well as the removal of Colombian militant groups.

The chatter about the kidnapping of Venezuelan President Nicolás Maduro then shifted to the US’ energy agenda and what it stands to gain from the move and from dictating policy in the country. US President Donald Trump clearly thinks there’s plenty to gain — saying there’s a “tremendous amount of wealth” up for grabs for American oil firms in Venezuela.

…and grab the US did. Oil tankers moved from the US towards Venezuela to begin loading stranded Venezuelan oil after US President Donald Trump said Venezuela will hand over some 30-50 mn barrels of oil to the US. The sale of the cargoes could be worth around USD 3 bn at current prices.

AND- The White House is now saying that military force is on the table in its bid to “acquire” Greenland. “President Trump has made it well known that acquiring Greenland is a national security priority of the United States, and it’s vital to deter our adversaries in the Arctic region,” White House press secretary Karoline Leavitt said.

IN THE BUSINESS PRESS- Nvidia CEO Jensen Huang said the company’s new generation of chips, Rubin, are now in full production. The chips can deliver up to five times the AI computing strength of its predecessor, Blackwell. Huang also touted other software the firm is working on, including networking switches that can link several machines as one, and self-driving car software. (Reuters)

CLOSER TO HOME- Saudi Arabia has fully opened up its capital markets to foreign investors in a move set to bring in more liquidity ahead of a deep 2026 IPO pipeline. (Reuters)

ALSO- Clashes between civilians and police in Iran amid a wave of protests that took the country by storm as of last week have left 29 dead and more than 1.2k people arrested. (Bloomberg)

☀️ THE WEATHER THIS WEEKEND-

We’re in for a particularly cool weekend in Cairo. Temperatures on Friday are set to peak at just 20°C, before cooling down to 12°C. It’s more of the same on Saturday, with a high of 21°C and a low of 13°C, according to our favorite weather app.

🎤 HAPPENING THIS WEEKEND-

Catch Tamer Ashour live at the Hilton Cairo Grand Nile theater tonight for a packed performance of his biggest hits. You can book your tickets on Ticketsmarché.

Laugh your way into the new year with comedian Alaa Abu Diab at CJC 610 tomorrow for a night of sharp, quick-witted standup. You can book your tickets on Ticketsmarché.

🎤 HAPPENING NEXT WEEKEND-

Open Air Mall’s Winter Music Festival returns with a live performance from icon Tamer Hosny on Thursday, 15 January — promising a memorable night of his biggest hits. Tickets are available on Ticketsmarché.

Amr Diab is coming in fresh for the new year with a concert at Al Manara Arena on Friday, 16 January. You can book your tickets now on Ticketsmarché.

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