Good morning, friends, and happy weekend. It’s been another packed week in the press, and we break down all the week’s happenings below.

AND- With Eid just around the corner, this week’s edition of The Enterprise Guide is all about how to spend it. Also in today’s edition: We revisit a 1960s classic rom-com, recommend several books on Iran’s history, politics, and people, check out Mazeej Balad’s suhoor experience, and more.

🌙 So, when do we eat? Maghrib prayers are at 6:02pm in the capital, and you’ll have until 4:40am tomorrow to hydrate and caffeinate ahead of fajr.

🗞️ LAST WEEK IN 3 MINS-

ECONOMY-

#1- The EGP slid to a record low against the greenback this week, driven by a fresh wave of hot money outflows as regional tensions escalate. This comes as global oil prices surge, creating a double-sided squeeze on Egypt’s fiscal targets. As a result, the government pressed ahead with the expected fuel hike, with the Oil Ministry announcing the increase overnight on Tuesday. The Madbouly government promised budget cuts and a fresh social support package to cushion the impact of the regional crisis on the state budget and the public. The EGP later picked up by week’s end, changing hands at EGP 51.92-52.02.

#2- The state will allocate the entire USD 3.5 bn from the Alam El Roum Development to ease pressures on the state treasury’s FX needs. The move marks a departure from the previous policy that saw the Finance Ministry only take half of asset sale and investment proceeds to pay down debt.

#3- Annual urban inflation rose to 13.4% in February, up from 11.9% in January. The reading, which preceded the full impact of the regional conflict, has prompted analysts to forecast a definitive pause in the Central Bank of Egypt’s monetary easing cycle.

#4- The Madbouly government activated a package of temporary preemptive and social measures. With this high-stakes intervention, the government hopes to lock down essential energy supplies, keep the economic engine running, and shield the domestic market.

PRIVATIZATION WATCH-

The Madbouly government isn’t backing away from plans to sell a stake in Banque du Caire, even as the US-Israeli war on Iran accelerates. Officials are talking among themselves about a valuation for the bank that feels comfortable, and they are eager to see investment bankers line up cornerstone investors.

TRANSPORT-

The Transport Ministry is sending the Administrative Capital for Urban Development an EGP 1 bn bill to help offset the costs of extending the light rail transit (LRT) system into the new capital.

PHARMA-

A weakening EGP is adding pressure on the pharma industry, forcing the Central Bank of Egypt to fast-track urgent letters of credit for essential imports. While Egypt currently has a six-month supply of raw materials and a four-month stock of finished meds, the volatile exchange rate is threatening the industry.

INDUSTRY-

Industry Minister Khaled Hashem approved a new leasing mechanism for industrial zones. By scrapping the three-year lock-up period on industrial land, the ministry is creating a secondary market for industrial assets.

TRADE-

Global supply chain issues are forcing Egyptian exporters to make some tough calls. With freight and container ins. costs suddenly jumping by USD 2.5k-3k per shipment, many companies have simply paused sending goods to the Gulf and East Asia.

AUTOMOTIVE-

Cars are currently being sold at their official list prices in the wake of the war on Iran, without any reductions in sight. For some models in short supply, EGP 100k markdowns have been replaced with an EGP 100k overprice.

ENERGY-

The Oil Ministry is moving to clear USD 500 mn in arrears to international oil companies before the end of May. The ministry wants to prevent arrears from piling up again, signaling the intention to keep the investment cycle intact despite regional turbulence.

🌍 AROUND THE WORLD IN SEVEN DAYS-

It’s been an oil-focused week in the global press as the US-Israeli war with Iran continues to impact global oil supply. Here’s a quick rundown:

Iran dominated headlines with the appointmentof its new Supreme Leader, Ayatollah Ali Khamenei’s son Mojtaba Khamenei. Meanwhile, US President Donald Trump continued strikes against the Islamic Republic, calling for Tehran’s “unconditional surrender” while describing the appointment of Mojtaba as “unacceptable.”

On Sunday, the UAE and Kuwait startedcuttingoil production in light of the near-closure of the Strait of Hormuz. Kuwait Petroleum — a key exporter of naphtha to Asia and jet fuel to Europe — declared a force majeure last weekend.

A hectic week for oil prices: US retail gasoline and diesel prices soared amid restricted global fuel exports. Fuel jumped this week as oil prices climbed, hitting a record USD 119 per barrel on Monday. Oil prices then retreated, dropping 7% on Tuesday as US President Donald Trump said the conflict with Iran could soon end. Meanwhile, shares of Saudi oil giant Aramco jumped 5% intraday on Sunday — its highest climb since 2023. Aramco said on Tuesday that there would be “catastrophic consequences” if the war continued to disrupt oil flows through Hormuz.

Following the oil price surge, G7 finance ministers were in talks over a release of emergency oil reserves in a meeting on Tuesday coordinated by the International Energy Agency (IEA) and its 32 members. On Wednesday, the IEA proposed the largest release of oil reserves in its history — 400 mn barrels. The reserves are set to be released over a period of two months. Officials said a rejection from just one country could delay the release plan. Meanwhile, the US plans to release 172 mn barrels from its emergency reserve. The Trump administration will start releasing barrels over the coming weeks across a 120-day period.

In the business press: Sunday saw BlackRock set limits on withdrawals from one of its flagship private credit funds after seeing a 54% jump in redemption requests during 1Q 2026. Clients withdrew some USD 1.2 bn from the HPS Corporate Lending Fund, around 9.3% of its net asset value. On Thursday, alternative investment firm Cliffwater placed a 7% cap on redemptions of its flagship private credit fund after investors attempted one of the largest share withdrawal requests seen in the market. Withdrawals from the fund came amid growing concerns over the quality of loans linked to AI-threatened software companies. Hours after the news, Morgan Stanley followed suit with similar limits.

AND- Goldman Sachs pitched a new hedge fund on Tuesday that allows it to assume a short or long position on corporate loans. The financial product would allow clients to capitalize on further falls in loans made to software companies, after the sector saw its stocks tumble as AI developments threatened its business offerings.

ALSO- Anthropic is suing thePentagon and other federal agencies for designating the AI firm a “supply chain risk” and attempting to cancel its federal contracts. On Wednesday, Microsoft cemented its support for Anthropic’s lawsuit against the Pentagon, arguing that moves to punish the AI startup would be detrimental to the broader US tech scene.

☁️ THE WEATHER THIS WEEKEND-

This weekend brings wind, potential dust, and a chance of rain. In the capital, temperatures will peak at 24°C today with a low of 15°C. Tomorrow remains similar, though the overnight low will dip slightly to 13°C, according to our favorite weather app.

🎤 HAPPENING THIS WEEKEND-

Ramadan with ’90s musical king Hamid El Shaeri? Count us in. The iconic singer is coming to Al Baron’s Wayana Tent for a special suhoor tonight at 10:30pm. Tickets are available on Tazkarti.

The World Food Program (WFP) and Osana are uniting to celebrate Mother’s Day and Women’s Month with a Mother Makers Garden Market at Maadi’s Osana Family Wellness tomorrow. The market will feature products made by women supported by WFP’s livelihood and food security programs. This is your chance to shop with purpose and support women-led businesses. The market is open between 11am-4pm.

Another can’t-miss Ramadan tent awaits at the heart of the Citadel with Hakawy El Qahera. The special suhoor tent is running daily from 10pm through Monday, 16 March. You can book your tickets on Ticketsmarché.

🎤 HAPPENING NEXT WEEKEND-

A classical oud performance for Eid? Sounds like the perfect plan. CJC 610 is kicking off their post-Ramadan season with Saad El Oud, bringing his soulful vocals and Arabic melodies for a nostalgic, intimate night on Saturday, 21 March at 10pm. You can book your tickets now on Ticketsmarché.

Famed Nigerian singer Burna Boy is landing in Egypt on Sunday, 22 March at El Gouna’s Conference and Culture Center. The singer will be bringing his chart-topping Afro-fusion music to the stage. You can book your tickets on Ticket Egypt.

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