🌤️ Good morning, friends, and congratulations on making it to the weekend. Grab your favorite mug, fill it with hot cocoa, and settle in — you’ve earned it.

Despite a shorter-than-usual workweek, it’s been a packed one, and we’ve got the full rundown for you below. Also in today’s issue: We recommend a thriller unlike any you’ve read before, visit one of Zamalek’s best-kept secrets, and tune into a podcast covering all things media and tech. Perhaps most importantly, we discuss all things baby products in this week’s edition of The Enterprise Guide.

🗞️ LAST WEEK IN 3 MINS-

POLICY-

A new round of austerity measures will come into effect starting tomorrow, 28 March, including earlier closing hours for commercial activity, reduced public lighting, a shutdown of government buildings in the new capital after work hours, and a temporary slowdown in diesel-intensive projects. Shops, malls, restaurants, and cafes will close at 9pm on weekdays and 10pm on Thursdays and Fridays. The measures will be applied for one month initially, with a review to follow. The imposed curfew for commercial activity, however, will not apply to tourist destinations, according to Tourism Minister Sherif Fathy.

ENERGY-

#1- Another 900 MW of renewable energy is set to hit the grid in mid-2028 from a wind farm near Ras Shokeir to be developed by a consortium of Orascom Construction, Engie, and Aeolus — the renewable energy platform backed by Toyota Tsusho Corporation — after the companies inked a power purchase agreement (PPA) for the project.

#2- The Oil Ministry is targeting an addition of around 1 bcf/d togas production by the end of the year. The exploration push includes drilling 101 exploratory wells — part of a 480-well push backed by some USD 5 bn — to ramp up domestic production.

#3- CIS Gaz, Aten Petroleum, and Terra Petroleum will explore and produce gas in an Eastern Desert block under the new energy investment model adopted by the Madbouly government.

ECONOMY-

#1- FinMin is targeting a reduction in the budget deficit to 5.5% in the FY 2026-27 budget, down from 7.3% in the current fiscal year. While the ministry had initially aimed for a more ambitious 4.9% deficit in its preliminary draft, the revised 5.5% target reflects a recalibration to account for ongoing regional tensions.

#2- Egypt’s current account deficit is projected to widen by 2.2 percentage points to 3.4% of GDP this fiscal year and by 0.6 percentage points to 2.5% for the next one.

TAX-

FinMin will introduce a sweeping 33-step tax reform package that permanently abolishes arbitrary estimated tax assessments for future periods. However, old estimated tax disputes from previous years remain under the legacy rules.

TOURISM-

Tourism operators are urging the government to extend low-interest financing initiatives in response to the ongoing regional conflict, which has driven new bookings across the sector down by around 20% y-o-y.

IPO WATCH-

A new incentive scheme will offer tiered corporate income tax reductions over three years to companies that list on the EGX. Under the recently agreed-on plan, newly listed companies will receive a 30% reduction on payable corporate income tax in their first year, followed by 20% in the second and 10% in the third.

🌍 AROUND THE WORLD IN SEVEN DAYS-

The US-Iran conflict continued to dominate headlines this week, as prospects of a potential end emerged — here’s a quick rundown:

While Israel and Iran pressed on with mutual strikes, US President Donald Trump announced a five-day pause in strikes and indicated a resumption of talks with Tehran.

On Tuesday, Tehran denied that it agreed to talk to Washington as the White House maintained that discussions remain “fluid.” On Wednesday, Iran received Trump’s 15-point peace plan, which it publicly rejected. Meanwhile, the Pentagon made headlines over an expected dispatch of thousands of US soldiers to the region and potentially inside Iranian territory, casting doubt on an imminent end to the war.

What happened with oil prices this week? On Monday, crude prices dropped over 10% after Trump delayed airstrikes on Iran’s energy infrastructure and pointed to ongoing talks with Tehran. On Tuesday, prices went back up with Brent crossing the USD 100 mark, before dipping again early Wednesday and then steadying above USD 100 per barrel on Thursday.

Meanwhile, in the business press, US cosmetics giant Estée Lauder announced on Tuesday that talks are ongoing with Spanish beauty group Puig over a merger that would combine two of the world’s biggest beauty players, creating some USD 20 bn in annual revenue.

In the world of AI, Wednesday saw ChatGPT maker OpenAI shutter its video generation offering Sora just six months after its debut in a bid to streamline its products. And in the world of social media, Meta and Google were found liable for creating social media platforms harmful to teenagers. Social media companies now face bns of USD in litigation risk as this case provides a roadmap for future claims regarding platform safety and minor well-being.

☀️ THE WEATHER THIS WEEKEND-

We’re in for relatively stable weather in Cairo this weekend, with the mercury set to peak at 21°C against a low of 13°C today. Tomorrow will be slightly warmer, reaching a high of 24°C and a low of 15°C, according to our favorite weather app.

🎤 HAPPENING THIS WEEKEND-

Wegz is taking over the Great Pyramids of Giza tonight at 7pm to celebrate PUBG Mobile’s Anniversary Carnival alongside performances from Mayyas and Mahmut Orman. Expect interactive PUBG-themed experiences throughout the night. You can book your tickets on Ticket Egypt.

A self-proclaimed furniture and design fanatic? This one’s for you. D5 Home by Efreshli is back for its third year at District 5, running through Sunday, 29 March. This curated experience brings together over 70 of the market’s leading furniture and home brands under the theme of nostalgia and innovation. Visitors can expect a showcase that features collaborative curated environments between Egyptian furniture makers, decor labels, and design studios.

🎤 HAPPENING NEXT WEEKEND-

AUC Tahrir CultureFest returns this year under the theme “FUTURE C-AI-RO,” running Thursday, 2 April through Saturday, 4 April at AUC Tahrir Square from 2pm to 11pm daily. This year’s festival explores how tradition and technology will shape the future of our capital city, featuring panel talks from tech experts alongside a packed lineup of exhibitions, downtown excursions, live performances, a book fair, a bazaar, and a children’s program.

Registration is available at the gate for full campus access, with some events operating on a first-come, first-served basis — you can check out the full program here.

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