Enterprise Weekend— Giving back

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THE WEEK IN REVIEW

The Central Bank of Egypt hikes interest rates by 200 bps + We are still waiting to hear from IMF

Good morning, friends, and happy Friday. We hope you have a warm and restful weekend on these very chilly days.

On this cold morning, we think more of people in need. And in our Enterprise Guide this week we will try to help you with some tips to incorporate small acts of kindness into your routine that doesn’t always require grand excursions and lengthy commitments.

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 (CBE) hiked interest rates by 200 basis points last night as it looks to preempt an anticipated rise in inflation, the bank said in a statement following its policy meeting. The first hike since August came as “widespread inflationary pressures remain elevated, continuing to impact pricing and consumption behaviours. Moreover, geopolitical uncertainty and ongoing maritime trade disruptions continue to raise domestic and global inflationary pressures,” the bank said.

Where rates now stand: The deposit rate is now at 21.25%, the lending rate at 22.25% and the main operation and disc. rates at 21.75%. The central bank has now hiked rates by 1.3k bps since March 2022.

Only a few saw this coming: While a number of analysts in our customary interest rate poll expected the CBE to keep rates on hold, to be paired — sooner or later — with devaluation when we finalize a new agreement with the IMF, a smaller number anticipated yesterday’s hike. "The latest IMF's comments on the loan program review and ongoing discussions signal a shift in priorities toward inflation targeting, suggesting a probable monetary tightening in the coming months. That said, we expect a 150-200 bps hike," Ahmed Hafez, Head of Research at Beltone Holding, told Enterprise before the meeting. Economist Mona Bedeir also saw the bank moving forward with a 200 bps rate hike “because monetary tightening has become an urgent necessity at the current stage.”

#2- A new IMF package and up-coming devaluation could be in the cards: Egyptian officials appear to be nearing a staff-level agreement with the International Monetary Fund for a new — and bigger— support package.

But there’s no consensus on how big the loan will be, with local and international outlets have put the figure between USD 6-10 bn, while four sources with knowledge of the matter told Enterprise on Tuesday that the agreement nearing completion is worth c. USD 9 bn.

In all cases, the value of the program will include the USD 3 bn the IMF had originally committed, but the exact figure will hinge on if, and by how much, the government chooses to devalue the EGP.

#2- The IMF downgraded our growth forecast to 3.0% for the current fiscal year, down 0.6 percentage points from its last projection in October, in its updated World Economic Outlook (pdf). The Fund also lowered its MENA growth outlook for the year by 0.5 percentage points, now expecting regional growth to pick up to 2.9% in 2024. The Fund pointed to temporary oil cuts in Saudi Arabia as the main driver behind the slashed outlook for the region.

#3- S&P Global Ratings thinks the authorities will devalue the EGP by half, as part of efforts to unlock the remainder of the IMF package, the rating agency said in a report. Once the devaluation is through, S&P sees the EGP trading at “a level that is more in line with the parallel market rate, which is currently at about 60 USD / EGP.” The rating agency thinks that “more clarity on exchange rate policy would benefit trade and economic growth and trigger an increase in remittance inflows.”

BANKING-

A new bank is in town: British multinational bank Standard Chartered ’s newly formed local arm Standard Chartered Egypt has officially begun banking operations after getting the final go-ahead from the central bank, according to a statement (pdf) from the bank on Tuesday.

** We sat down with the lender’s Egypt CEO Mohammed Gad to discuss why Egypt, why now, and what the bank is hoping to achieve in its first year here. Check it out here.

PRIVATIZATION WATCH-

Gov’t gears up to sell off or repurpose state-owned properties: President Abdel Fattah El Sisi issued a decree that will see the government transfer its ownership of a set of ministerial headquarters — including Cairo landmarks like the Foreign Ministry's Nile-side HQ — to the Sovereign Fund of Egypt (SFE), according to a decision published in the Official Gazette. The ministries listed under the decision will continue operating in their current buildings until they are moved to the new capital or another location, the decision read.

REAL ESTATE-

Updates on the real-estate-for-FX scheme: Amid talk that the government is working to clone the expat car import initiative for real estate, real estate players and gov’t officials met to discuss the fine print. The latest proposals for the fresh initiative could see the government refund 80% of the property price to the buyers in EGP over an 8-10 year period.

WHAT’S HAPPENING NEXT WEEK-

Here are the key news triggers on which to keep your eyes on next week.

PMI: S&P Global will publish Egypt’s PMI figures for January on Monday.
Inflation: Capmas and the CBE will publish the latest inflation data on Saturday, 10 February.
Foreign reserves: The central bank should release January’s foreign reserves figures at some point next week.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

AROUND THE WORLD IN SEVEN DAYS-

#1-Fed leaves rates unchanged: The US Federal Reserve left interest rates unchanged for the fourth consecutive meeting on Wednesday, in line with expectations. Interest rates will stay at a 22-year high of 5.25%-5.50% following an aggressive monetary tightening cycle, which has pushed rates to their highest level since 2001.

March cuts seem unlikely: Despite the Fed officials saying that “the risks to achieving their employment and inflation goals are moving into better balance,” Fed chair Jerome Powell made it clear that rate cuts are further down the line than many had hoped. “Based on the meeting today, I would tell you that I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting,” he said on Wednesday.

#2-White House accuses Iran-backed fighters of being behind drone strike that killed three US soldiers in Jordan: After US President Joe Biden vowed “we shall respond,” Iran’s UN Ambassador Amir Saeid Iravani threatened a “decisive response” against any US retaliation on its “territory, or its interests or citizens abroad,” according to Iranian state media.

But despite the tough talk from the US and Iran, the two say they don’t want a war. Islamic Revolutionary Guard head Major General Hossein Salami said in a speech on Wednesday that “we are not looking for war, but we are not afraid of it either,” in a message that was repeated by the country’s outward-facing state news agency. Days earlier, White House National Security Council spokesman John Kirby also told reporters in a White House press briefing that “we are not looking for a war with Iran … we are not looking to escalate here” (watch, runtime; 1:05:01)

AND IN TECH NEWS: Elon Musk’s Neuralink implanted a brain chip into its first patient yesterday as part of the startup’s plan to enable mortals like us — with a special focus on those suffering from paralysis — to control machines with our thoughts. (The Guardian)

☀️ THE WEATHER THIS WEEKEND- Another gloomy day lies ahead with a high of 17°C before dropping down to a low of 9°C, but expect to catch a break with Saturday’s clear and sunny skies, a high of 18°C, and a low of 9°C, according to our favorite weather app.

HAPPENING THIS WEEKEND-

BOOKS-

The Cairo International Book Fair is ongoing until Tuesday, 6 February at the Egypt International Exhibitions Center in the Fifth Settlement, New Cairo.The doors are open everyday from 10am to 8pm, except Thursday and Friday, when their doors close at 9pm.

PHOTOGRAPHY-

The Fujifilm festival started yesterday, and runs until this Sunday, 4 February. You’ll have four full days of activities, meetups, and talks, as well as a photography contest and an exhibition that you can partake in. You can bring your camera along to get a gratuitous CMOS and lens cleaning and check out the GFX 100 ii Studio on-site. Fujifilm X-Photographers and creators will be there too — don’t miss out on the networking potential. Check out their Facebook page for more information.

Bite-sized giving back for the time-constrained: How to incorporate acts of charity into your routine

This one’s for the time-constrained. Life happens fast, and finding the time to give back to the community is an insurmountable challenge these days. Carving out the hours from our busy schedules has become more and more difficult to manage. But what if we told you that giving back doesn’t always require grand excursions and lengthy commitments?

Many initiatives and organizations have popped up to make it as easy as possible to make a positive impact, and we’ve also got some tips and tricks to share on how you can incorporate small acts of kindness into your routine with maximum time efficiency.

Whether you have a few hours a week or even just a few minutes to spare, here are some simple and effective ways you can give back, one small act at a time.

GIVING BACK TO THOSE IN NEED-

We all know the tried and true channels to make sure the needs of members of our community are met, such as the Egyptian Food Bank and the Egyptian Clothing Bank. Many turn to the Magdi Yacoub Global Heart Foundation to contribute to the well-being of mns of Egyptian children. Talabat has made donating accessible, listing several charities on its platform.

Here are more hands-on approaches to do this, each taking just a few minutes from your daily routines.

GET ONE, GIVE ONE: Instead of spending hours going through your closet every year to pick out articles of clothing that you’d like to donate, a quick and simple idea is that, after buying something new, you put one old article of clothing aside for donation. Once you’ve accumulated enough clothing to contribute to your charity of choice, or even to a specific person you know can use them, you can do so with absolutely no fuss and no mess.

GOING GROCERY SHOPPING? Instead of donating unused non-perishables to food banks from your pantry, dedicate a small portion of your weekly/monthly grocery shopping budget to buying new ones that you can present to the relevant charities at the end of the month.

MORE PERSONABLE MEALS: Some neighborhoods have resident unhoused people frequenting the area. Sometimes a hot meal is more necessary than a financial favor, especially with rising prices and chilly weather. Next time you make a meal, consider cooking an extra serving to share with someone nearby.

MAKE A BUDGET FOR INFORMAL DONATIONS: We’ve all been there: Sometimes you’ll cross paths with someone you’d like to help out, but you’re not sure if you have the appropriate amount to give. An easy fix would be to make a budget at the beginning of the month and carry around the amount that you’re willing to donate to those in need for easy hassle-free access.

Helping members of our community isn’t the only way to give back — the environment can use our help too. There are plenty of initiatives happy to do the heavy lifting to make your experience as uncomplicated as possible.

GIVING BACK TO THE ENVIRONMENT-

You don’t need to pick litter up from off the streets to make a positive impact (though it wouldn’t hurt if you did).

BROWSE FOR TREES: Looking for an easy way to make our planet greener? Ecosia is a privacy-forward browser that plants a tree for every few searches it processes. All you need to do is download the extension on Google Chrome and search whenever you need to — business as usual. It is an idle and ideal way to help out with minimal effort.

If you’d like to make a more direct impact, you can visit their Tree Store to donate to plant trees. You can choose to plant a tree (or however many you want) for climate action or wildlife preservation.

Wondering how their business model works? They’re happy to explain. They’re also keen to tell you why they deserve your support and explain why other browsers aren’t adopting the same practices.

There’s also a mobile app if you’re searching on the go. And did we mention that they have OpenAI’s chatbot in the browser? No sign-up needed, just the latest tech at your fingertips.

THINK GLOBAL, ACT LOCAL: There is a wide spectrum of initiatives right here in Om El Donia trying to reduce our carbon footprint and make our planet just a little greener.

One man’s trash is another man’s treasure:Bekia will pay you for your trash. You probably don’t realize how much recyclable material you throw away, and Bekia wants all of it.

Don’t throw it away, give it away. All the plastics you have, all paper crumpled and Kobe’d into the trash can, used cooking oil, old tech, and electronics, any kind of metal, broken home appliances, antiques, spare parts, sports equipment, children’s toys… You name it, Bekia will take it. You can also send your e-waste to Recyclobekia.

The best part? Just schedule a pickup, and both Bekia and Recyclobekia will send a representative to collect your donations free of charge.

Another company that wants your used cooking oil is Tagaddod. Whether you’re cooking at home or own a business that consumes a lot of cooking oil, Tagaddod is happy to pick it up. Individuals can enjoy free products from the company’s partners, and businesses with heavy consumption can earn a pound or two from partnering with Tagaddod.

YOU CAN SELL YOUR TRASH… BUT YOU CAN ALSO BUY IT: Upcycling is the act of turning recyclable materials into usable products. You have no doubt heard of Up-Fuse and Reform Studio. Both of these businesses offer upcycled bags, accessories, clothes, footwear, and even furniture. If you’re looking for a new wardrobe or to redecorate your house, consider making a more environmentally friendly (and very fashionable) choice with these brands.

Don’t spread yourself thin — incremental changes can be just as impactful as grand gestures and lengthy commitments. While time constraints have proved to be a worthy opponent, these microdonations will let you contribute meaningfully to the well-being of others and the planet without overwhelming your schedule.

Mona Zaki faces her past in Rehla 404 + On life and the absurdity of it + At Zitouni’s lavish bullet

? AT THE MOVIES-

Rehla 404 is an Egyptian film directed by Hani Khalifa and starring a slew of acting giants that will keep you on your toes as you meet each of them and piece together the different fragments that make up the past of our protagonist and antihero Ghada (Mona Zaki).

Torn between stepping back into her old ways or moving on the straight path is Ghada, a woman with a dark and illicit past. She drives a 4x4, wears stilettos, carries an LV bag, and dons the veil — appearing as a successful woman. She has even booked a ticket for her and her father to attend Hajj to bring her redemption full circle until her mother falls ill and she has to pay her hospital bills. Eager not to cancel her trip and finding closed doors from her community she looks back into her past to figures that she had known in her old life for the funds.

But everyone she turns to is either beckoning her to return to her old life or are fighting their own demons. She faces crossroads and at every stop where a new layer of her past and her personality is peeled back. Look for standout performances by Mohamed Farrag, Khaled El Sawy, and Mohamed Mamdouh — and the showdowns that Ghada has with these characters.

WHERE TO WATCH- Catch the film at VOX Cinemas, City Stars cinema, Zamalek Cinema, Cima Arkan and other theaters near you.

? FROM THE BOOKSTORE-

Morning and Evening by Jon Fosse is about life and the absurdity of it, which echoes James Joyce’s The Portrait of the Artist as a Young Man. The Norwegian Fosse opens his first chapter with the protagonist, Johannes, being born and as a baby commenting on the process. The next chapters follow a unique stream-of-consciousness technique that shares the life of the protagonist as he tries to find his place in the world.

If you’re a fan of Camus’ The Stranger, this one’s for you. The sense of existential dread is present throughout the novel but what makes the characterization unique is how it delivers almost like a play. The characters come in and out as if they’re on stage and interacting live in front of you. When you see a whole lifetime compressed into a few chapters, life and morality seem unimportant. It’s nice to see Johannes navigate that dread so directly in writing that is just about mundane life.

Short but powerful: The novel is a quick read but will leave you with a lot to think about. Although nothing fantastical takes place, the writing is so beautiful (even though it is translated from the original Norwegian) and gives importance to the simplest of subjects. You might even shed a tear or two towards the end.

WHERE TO FIND IT- You can get a copy of the book off Amazon for your Kindle, or as a paperback.

? HOT AND FRESH OUT OF THE KITCHEN-

Zitouni gets it right every time. The Egyptian restaurant located in the Four Seasons Nile Plaza will always meet expectations with their a la carte menu or all-day buffet. If you’re looking for that home-cooked meal feeling, but elevated, be sure to pay a visit.

With the buffet, you’ll be spoiled for choice. Getting to curate what feels like a personal tasting menu as you peruse the many options is what keeps bringing us back. The meat corner is every carnivore’s dream with the option of chicken, tender veal, or cuts of lamb. Right next to that is a sort of diy station that we make sure to frequent when it's a sharkaseya day.

To go with the meat, there’s an endless supply of mahshi, pasta, orzo, and a bunch of other tasty dishes. The one thing we’d say isn’t as impressive is the salad bar. Besides the bare minimum, there isn’t really much to spruce up the greens but we do like the dressing options.

To ease into the good stuff, there’s plenty of appetizer choices. You can fill up your own bread basket for the table and dig into the mezzes. Oddly enough, there’s even some sushi and sashimi but it’s not the best option they have. We’ll stick to the tahini and cheese.

To wrap it up the dessert never disappoints. From Om Ali to red velvet cakes to konafa, it’s hard to make a decision. But our favorite is the maamoul and basbousa paired with a nice hot cup of tea.

Bang for your buck: Zitouni is expensive, so it’s best saved for a special night out or times when you feel like treating yourself. It’s also perfect for a family affair considering how big the place is and how there’s food for everyone’s tastes. But if you’re going for the buffet, which we much prefer over the menu, you can eat your money’s worth and spend a long time working through it.

Aside from the delicious food, the view is captivating. Make sure to request a table by a window if you can so you can take in the Nile views. We like going right before the sun starts to set so you can see the river go from day to night while you enjoy your meal. It’s also best to reserve before going to make sure you get a spot.

? Per person:~1600

? Outdoor seating: No

? Alcohol: No

? Accessibility friendly: Yes

This new Mario installment will remind fans why they appreciate this franchise

Finally — A new Super Mario Bros. side-scroller. Open-world games are all the rage lately, and understandably so. But Nintendo, who has released its fair share of open worlds, once again proves with Super Mario Bros. Wonder that sometimes good things do come in small packages.

It is a wonderful mix of the best of the classic and modern Mario games— namely being a 2D side-scroller, but also having a multiplayer option. Fans of the OG platform games will get to leap onto the flagpole once more, and those who enjoyed some healthy competition can challenge friends and foes alike online.

What’s it about? You can guess. Mario finds himself involved in another Bowser-fuelled fiasco. This time it takes place in the Flower Kingdom, meaning new fun enemies to go against and elements to discover, Bowser uses the land’s powers to fuse himself with the kingdom’s castle, making life miserable for the residents.

But Nintendo has done something unprecedented with Wonder— it's breaking its own machine. At first glance, it might seem like a typical Super Mario Bros. game, but as you play and come across Wonder Seeds, the levels collapse and contort, breaking decades of Mario game laws. Getting to rediscover the Super Mario universe is like playing the franchise for the first time. You’ll understand why the game is so aptly named.

⌛ Hours of gameplay: 15-19 hours

? Price: USD 59.99

? Platforms: Nintendo Switch

What if your favorite musicians aren’t that great after all?

Your favorite band sucks…at least, that’s what Mark Mosley and Tyler Mahan Coe think. Each 40-minute episode tackles a different band or singer, dismantling the idea that all art, no matter how popular, is not objectively good.

Your Favorite Band Sucks doesn’t spare anyone — Frank Sinatra, Aerosmith, Nirvana, The Weeknd, BTS, NSYNC, and even Beethoven are just a few of the artists Mosley and Mahan Coe rip into. No matter how much you disagree — we’ve certainly gawped at some inclusions — you’ll soon realize that pop culture is manufactured more often than not.

There’s something cathartic about listening to these guys dismantle critically beloved acts without mercy. Especially when you agree. Their no-exception savagery is satisfying, but not having a single dissenting voice in the room creates a bit of an echo chamber that may be frustrating if you’re listening to an episode about one of your actual favorites.

Is it just an exercise in negativity?On a surface level, listeners might think so. But it’s a nudge to form your own opinions. The hosts discuss sociocultural circumstances that lead to the rise of these artists, and critique music as an industry rather than as an art. The right way to listen to it would be to learn to not expect to love critically acclaimed albums just because they’re critically acclaimed, and to learn not to dismiss music you’ve never heard despite what others say about it.

PRO TIP- Start by listening to an episode about a band you hate. And remember, they’re just guys. To quote The Big Lebowski: That’s just like… your opinion, man.

WHERE TO LISTEN:Your Favorite Band Sucks is available on Apple Podcasts, Spotify, YouTube, and Audible.

THE ENTERPRISE ENTERTAINMENT CALENDAR

FEBRUARY

1-4 February (Thursday-Sunday): Fujifilm Egypt Festival at Consoleya.

3 February (Saturday): Cairo Vintage Souq at Al Ismaelia Downtown.

16 February (Friday): Amr Hassan concerts at El Sawy.

21-22 February (Wednesday-Thursday): Omar KhairatHafliti concert at the Cairo Opera House.

MARCH

1 March (Friday): Cairo Half Marathon by Cairo Runners.

11-12 March (Monday-Tuesday): Creative Industry Summit.

11 March (Monday): The Oscars

APRIL

9 April (Tuesday): Eid El Fitr (TBC).

25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

MAY

1 May (Wednesday): National holiday in observance of Labor Day (TBC).

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (TBC).

JUNE

15-19 June (Saturday-Wednesday): Eid El Adha (TBC).

30 June (Sunday): June 30 Revolution Day (TBC).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

23 July (Tuesday): Revolution Day (TBC).

SEPTEMBER

15 September (Sunday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER

6 October (Sunday): Armed Forces Day.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Q1 2024: Opening of the newly developed Pyramids Plateau in Giza.

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