Pack your bags and (re)treat yourself

1

THE WEEK IN REVIEW

Central Bank of Egypt leaves interest rates on hold

Good morning, wonderful people. And happy Friday. Get ready to enjoy a sunny weekend as we charge headfirst into summer.

Looking for a new adventure this season? Put away the map, we’ve compiled a list of all the places you should pack for and the travel agencies you can rely on to minimize the hassle. Whether it’s a local escape or a global getaway, consider your next trip sorted.

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’s Monetary Policy Committee (MPC) left interest rates unchanged in its meeting yesterday as policymakers noted that the “recent exchange rate dynamics are supporting the tightening of monetary conditions, which will anchor inflation expectations, and dampen the inflation outlook going forward.” The hold was forecast by all 12 analysts and economists we surveyed before the meeting, who said that the central bank would leave rates unchanged as inflation cools, FX inflows pick up, and the EGP exchange rate against the greenback stabilizes.

#2- Third review on the way? Representatives from the IMF are in town to conduct the third review of our loan program. The review will unlock the third USD 820 mn tranche of our USD 8 bn loan program. The third review is expected to be completed around 15 June, with the fourth review scheduled for September.

#3- USD 1.2 bn in green financing in the works: Negotiations have started for Egypt to access USD 1.2 bn in long-term, low-cost climate financing from the IMF's Resilience and Sustainability Facility, the Environment Ministry said just before the week kicked off, following a meeting between Minister Yasmine Fouad and IMF mission chief for Egypt Ivanna Hollar. The USD 8 bn expanded facility agreement in March opened up the right for the country to apply for the additional low-cost climate financing.

M&A WATCH-

#1- EFG Hermes acquires minority stake in Danish Kenzi Wealth: Our friends at EFG Hermes have acquired an undisclosed minority stake in the Danish digital wealth manager Kenzi Wealth, marking a “significant milestone in EFG Hermes' digitalization vision that promises to usher in a new era of investment opportunities for clients,” the companies said last week. EFG Hermes will also leverage Kenzi’s AI tools to streamline the management of investment portfolios and give investors a more personalized experience under an MoU inked between the two sides.

#2- Philip Morris acquires minority stake in Eastern Company: US-based tobacco giant Philip Morris International has acquired an indirect 14.7% stake in EGX-listed cigarette maker Eastern Company from Emirati Global Investment Holding (GIH). Prior to the sale, GIH was the major shareholder with a 30% stake it acquired in November.

#3- E-Finance snaps stakes in local digital payment firms: State-owned fintech giant e-Finance has acquired minority stakes in two digital payment companies, Al Ahly Momkn and EasyCash for Digital Payments, the company said without detailing the value of either transaction. E-Finance acquired a 25% stake in Al Ahly Momkn — a subsidiary of the National Bank of Egypt’s investment arm Al Ahly Capital Holding — with the NBE holding the remaining 75%. Meanwhile, e-Finance acquired a 13% stake in state-owned EasyCash.

#4- Elsewedy Electric could welcome a new shareholder: UAE-based Electra Investment Holding has submitted a voluntary offer for up to 24.5% of EGX-listed Elsewedy Electric at USD 1.05 a pop. The buyer wants to acquire at least 15% of Elsewedy Electric — which is over 76% collectively owned by the Elsewedy family — to execute the offer. The Financial Regulatory Authority is currently studying the offer.

CAPITAL MARKETS-

IDH looks to delist from the Egyptian Stock Exchange: Integrated Diagnostics Holdings (IDH) could soon delist its shares from the Egyptian Stock Exchange due to “limited trading activity” and the “absence of any investment potential in maintaining the listing on the secondary market,” the consumer healthcare giant said. All listed shares will be transferred to their primary market on the London Stock Exchange if the extraordinary general assembly approves the voluntary delisting, the company’s board said in the disclosure.

PRIVATIZATION WATCH-

House approves bill that allows private investors to manage public health facilities: The House gave final approval to a new bill that will permit the private sector to manage and operate public hospitals and healthcare facilities in Egypt. The bill will not include medical facilities offering health services key to national security or basic healthcare and birth control units and centers as well as facilities operating blood and plasma collection.

AROUND THE WORLD IN SEVEN DAYS-

Our corner of the world was the undisputed big story around the world throughout the week, as journalists around the world covered the deaths of Iranian President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian, as well as the health of Saudi Arabia’s King Salman, and the prospect of arrest warrants for the top leaders of both Israel and Hamas.

The International Criminal Court’s chief prosecutor requested arrest warrants for Israeli Prime Minister Benjamin Netanyahu, as well as his defense minister, and three Hamas leaders on charges of war crimes and crimes against humanity. A panel of three ICC judges will decide whether or not to accept the prosecutor’s request, which typically takes around two months, according to Associated Press.

WHILE IN TECH NEWS- Microsoft announced its Copilot+ PCs, which it is billing as “the fastest, most intelligent Windows PCs ever built” — designed for AI, of course. The device will call on AI to perform tasks such as helping users recall things they have come across on their computer. Look for it to be available starting 18 June.

AND IN AI NEWS- OpenAI disbanded its long-term AI risk team less than a year after announcing it. The team was announced in July with the aim to “to steer and control AI systems much smarter than us.”

☀️ THE WEATHER THIS WEEKEND- Friday will be showing sunny highs of 34°C and lows of 21°C. Similarly, Saturday will have a high of 33°C and a low of 20°C, according to our favorite weather app.

HAPPENING THIS WEEKEND-

You have until tonight to be part of the future of design at The Design Show in CairoInternational Conventions Center. Attracting over 20k industry professionals, architects, interior designers, furniture manufacturers, and design solution providers alike will converge to unveil their latest innovations. Register your interest to visit here.

The Flower Exhibition opened its doors on 19 May in the Agricultural Museum in Dokki and will continue for a month. 200 companies and more will be presenting a wide array of plants and flowers. They will be accepting visitors daily from 9am to 9pm.

Celebrate Disco Misr’s eighth album release at their concert today at Zed Park Sheikh Zayed. Grab your tickets here.

Missed the main event? Catch Disco Misr’s Album Launch after party at CJC 610 today. For reservations message their Facebook page.

HAPPENING NEXT WEEKEND-

For all you MMA enthusiasts, get ready for an adrenaline-pumping night with QADYA 04 at Madinaty Golf Club on Friday, 31 May. Experience the thrill of Mixed Martial Arts (MMA) as they bring you a night of intense fights, incredible athleticism, and unforgettable moments ringside as top fighters from around the world step into the octagon, ready to showcase their skills and determination. Get your tickets here.

Shababco is celebrating its third birthday with a bazaar on Friday, 31 May at ZED Park.This one-day event is dedicated to showcasing the creative and entrepreneurial spirit of young local brand owners with a diverse array of unique products ranging from handmade crafts and fashion. In addition to the bustling bazaar, enjoy live performances throughout the day from both up-and-coming and well-known local artists. Their tickets haven’t dropped yet, but stay tuned to their Instagram for more information.

Escape the grind without the hassle: Retreats to run off to

With summer approaching fast, the itch to pack a bag and escape our daily routines is intensifying by the hour. But who has the time to organize a whole retreat mid-grind, right? What if we told you that you could ditch the planning and just embrace the journey? Here are the companies willing to do the heavy lifting for you and curate your next retreat. Local trips will prove that you don’t have to go too far to find peace of mind, but if you’re looking to add a few points to your frequent flyer card, the international trips will make it worth every penny.

#1- KENYA WITH GAZEF:Gazef is a trusty go-to for people looking for organized trips, and Kenya is an untapped spot for unbelievable experiences. From Friday, 14 June, to Thursday, 20 June, and again from Sunday, 25 August to Saturday, 31 August, and Monday, 30 September, to Sunday, 6 October, you will be river rafting, visiting the Elephant Orphanage, Giraffe Manor, Hell’s Gate National Park, and biking alongside zebras and giraffes, rock climbing, hiking, and visiting the Masai Village.

ACCOMMODATION: Since you will be traveling around Kenya, overnight stays will be in a deluxe twin/triple room at the Best Western Plus Meridian Hotel and the Sagana Getaway Resort, a tented twin/triple room at Naivasha West Beach Camp, Aruba mara Camp, and a private villa.

COMPLETE THE EXPERIENCE: The Kenyan visa and plane ticket acquisition are left up to you. And remember: You need to have taken the yellow fever vaccine to enter the country.

Reservations can be made here.

#2- MOUNT TOUBKAL WITH WILD GUANABANA:Wild Guanabana (WG) is Omar Samra’s brainchild, born to create authentic and exciting (and ethical) travel experiences for the curious souls out there. Mount Toubkal in Morocco is a mountaineer’s dream destination, being the highest peak in North Africa but not too challenging for beginners. Alongside the hike, you will be exploring the local Berber culture (and their delicious food), waterfalls, and the ancient marketplace of Tahanaoutefrom Friday, 27 December, to Wednesday, 1 January.

ACCOMMODATION: You will be staying at the Traditional Riad in Imlil, a Toubkal refuge during the hike, and Riad Khabia.

COMPLETE THE EXPERIENCE: You don’t have to worry about organizing accommodation or land transportation, but flights, visa fees, vaccinations, and your water supply are up to you. You can bring your own gear, or rent some from WG at an additional cost.

Reservations can be made here.

#3- WADI GEBAL WITH GAZEF: Looking for something more exciting than relaxing in the fall? You have time to prepare for this hiking trip to Wadi Gebal in Sinai, which is taking place from Thursday, 17 October, to Sunday, 20 October, and again from Thursday, 14 November, to Sunday, 17 November, and Thursday, 5 December, to Sunday, 8 December. You will be visiting Wadi Elshaq’s natural pool, Elzawatin’s secret garden, and hiking up El Masabi mountain and Bab Eldonya.

ACCOMMODATION: This is no glamping trip — travelers will be staying in local camping spots in rooms of five.

COMPLETE THE EXPERIENCE: Bring your own sleeping bags and any fun snacks you want to refuel with.

#4- BALI WITH ANCHOR: Bali is the destination for dream experiences. Anchor is going to make sure you hit all the island’s must-dos from Saturday, 3 August to Saturday, 10 August, like visiting Ubud market, Monkey Forest, Tegalalang Rice Terrace, Uluwatu Temple, chasing waterfalls, and cycling around the cities.

ACCOMMODATION: Travelers will be staying in double rooms at 4-star hotels in Ubud, Canggu, and Uluwatu.

COMPLETE THE EXPERIENCE: Anchor will be leaving visa and flight acquisition up to you. Extra meals and optional activities like ziplining and exploring Nusa Penida are also not included in the package. If you prefer a single room, it can be arranged for an extra fee. More details can be found here (pdf).

#5- HURGHADA WITH CHILLOUT:ChillOut is specialized in curating travel experiences centered around nature. From Tuesday, 18 June, to Friday, 21 June, you can be island hopping in Hurghada. Your guides will be taking you to the sandy shores of Qaysum Island, Jubal Island to explore the coral reefs, and the Dolphin House near Gouna to swim alongside the friendly fish.

ACCOMMODATION: Did we mention that you’d be staying on a yacht? One reservation will land you in a standard double cabin, but you can always shell out for the superior cabin or available suites.

COMPLETE THE EXPERIENCE: Landing in Hurghada is left up to you, but if you prefer, ChillOut can handle its organization for you for an extra fee. Scuba classes are available for purchase.

Reservations can be made here.

#6- CROATIA WITH ANCHOR: Hop around Croatia’s islands with Anchor from Saturday, 17 August, to Saturday, 24 August. Dazzling beaches, hidden coves, and charming little towns wait for you from Mljet to Split as you zipline, swim, and kayak your way between islands.

ACCOMMODATION: You will be staying in a double room on a deluxe yacht, docking in ports in Polača or Pomena, Dubrovnik, Šipan, Korcula, Hvar, and Split.

COMPLETE THE EXPERIENCE:Acquiring the visa and flights to Croatia are not included in the package, as are any extra meals you indulge in, and optional activities like cable cars up to the spectacular views of Srđ and bike tours around Korcula island.

More details can be found here.

#7- MARSA ALAM WITH GAZEF:From Friday, 14 June, to Tuesday, 18 June, you can be in Marsa Alam, exploring the coastal landscapes and rich marine life. The itinerary includes visiting Hankorab Beach where you can snorkel or just relax in the crystal clear water, taking a dip in Al Nayzak, a naturally formed pool, going on safari at Wadi El Gemal, and swimming with the turtles in Abu Dabbab.

ACCOMMODATION:You will be staying at Brayka Bay Resort, where you will be bunking with up to two other fellow travelers. Gazef has a packing list at the ready for your reference on the trip page.

COMPLETE THE EXPERIENCE:Optional activities like the quad adventure, safari, and swimming with the turtles are available for an extra fee. Drinks and travel insurance fall to you.

Reservations can be made here.

Kingdom of the Planet of the Apes survives the fourth film curse

? AT THE MOVIES-

The fourth movie is where most franchises falter — But Kingdom of the Planet of the Apes doesn’t have that problem. The latest installment of the Planet of the Apes reboot is set 300 years after the 2021 movie, and Caesar is now a mythological figure many have not even heard of. The film follows Noa (voiced by Owen Teague), a young ape from a falconry tribe, whose clan is captured and enslaved by another group of apes led by a self-appointed king, Proximus Caesar, coming across some unlikely allies as he attempts to save his family.

Humans are long gone (figuratively). The humans the apes know are nothing more than mammals. Most of them are non-verbal low-intelligence scavengers, and apes treat them as such. But the apes have evolved to near-human status — and that isn’t a compliment. As Caesar’s peaceful teachings have mutated to create/fit the agendas of power-seeking apes, the species fractures and falls into rivalry.

The film feels like a reboot of a reboot. The franchise’s departure from Caesar’s storyline is refreshing. We’re introduced to new characters and a new host of cultures, showing us the ripple effect of the events we saw in the last movie. Its message seems to be that history is doomed to repeat itself — but also in the sense that there will always be someone trying to save us from ourselves.

Need a refresher? You can binge-watch the first three movies on Disney+. You might need to brush up if you want to keep up with the next decade of films, as the four-movie franchise seems to just be ramping up.

WHERE TO WATCH- You can catch the trailer here (watch trailer, runtime: 2:31) or watch the movie at VOX Cinemas at City Center Almaza and Mall of Egypt, Scene Cinemas at District 5, Galaxy Cinemas at Cairo Festival City, Stars Cinema at Citystars, and Cima Arkan.

? FROM THE BOOKSTORE-

Who knew Pooh could be philosophical? In The Tao of Pooh,written by Benjamin Hoff, a fascinating exploration of how the beloved character Winnie the Pooh embodies Taoist principles — an ancient Chinese philosophy focused on living in harmony with nature — is studied. It contrasts Pooh’s simple, intuitive approach to life with the more complex perspectives of characters like Rabbit, Owl, and Tigger.

In Taoism, the concept of Wu Wei, or effortless action, is central. Hoff illustrates this principle through Pooh’s actions, showing how he navigates life’s challenges with ease and simplicity. Pooh’s ability to go with the flow and accept things as they are reflects the Taoist notion of embracing the natural order of the universe.

The book also explores the concept of Pu, representing the innate purity and simplicity within each individual. Pooh, in his unassuming and authentic manner, embodies this concept, reminding readers of the power of simplicity and authenticity in a world often filled with complexity and pretense.

You get to gain insights into both Taoist philosophy and the deeper themes of Winnie thePooh. The characters’ interactions serve as a microcosm of life’s philosophical dilemmas, inviting readers to reflect on their own approach to existence.

A refreshing perspective on how timeless wisdom can be found in the most unlikely of places, including children's literature. It encourages readers to embrace simplicity, go with the flow, and find harmony within themselves and the world around them.

You can find it at Bibliothek Egypt.

? HOT AND FRESH OUT OF THE KITCHEN-

Authentic Japanese street food in the heart of Cairo.Yamatako is the brainchild of chef Saiji Yamazaki, who moved to Egypt just this year to graciously introduce us to authentic takoyaki. This Japanese café has only been open for two months, nestled in Zamalek, and it has already built itself a loyal customer base from both Egyptians and Japanese expats alike. Yamatako is open Monday-Saturday from 2pm to 10pm.

Takoyaki, or octopus balls, is a type of Japanese street food. The snack consists of diced octopus cooked inside balls of fried or grilled batter and covered with takoyaki sauce, mayo, and Japanese seasonings. The takoyaki and the oyakodon — a hearty donburi that contains chicken, egg, and scallion simmered in broth — are Yamatako’s specialty. In fact, they were the only two things on the menu before Yamazaki was bombarded with requests for ramen, omu rice, and katsudon — which he happily obliged.

If you don’t like Yamatako’s takoyaki, you don’t like takoyaki. The dish is as authentic as it gets — you will often find Yamazaki behind the grill himself — earning the approval of many Japanese expats. It may be an acquired taste, and Yamazaki encourages Egyptians to try it three times before deciding whether or not they like it. The only downside to that is that when you develop a taste for it, the craving doesn’t go away.

Hankering for something sweet? Those familiar with Japanese cuisine may not be surprised to find red bean incorporated in the available dessert, which comes with a topping of vanilla ice cream. You could also opt for the tamagoyaki, a rolled omelet that you may be surprised to find on the sweeter side.

? Per person: EGP 300-400

? Outdoor seating: No

? Alcohol: No

? Accessibility friendly: Yes

The other job no one asked for but everyone loves

Time to go to your other 9-5. In Lethal Company, your job is to travel to abandoned exomoons to collect scrap to sell to The Company, using the cash you earn to make trips to riskier moons with higher rewards (or deck out your ship). Just don’t get killed by the creatures that inhabit these moons, and definitely never, ever miss the quota.

Each cycle lasts three in-game days. By the end of the three days — and if you’ve fulfilled your quota — you cash in your scraps, make your way to a different exomoon and start again with a higher quota but the same time limit and trickier moons. If you miss the deadline to go back to the ship before midnight or fail to reach The Company’s quota, that’s game over.

It’s dangerous to go alone. In this multiplayer co-op, you can choose to keep your crew close for protection while you explore, or stay back and guide them through by calling out traps using the in-game voice chat or the messaging system — it all depends on your management style. But make sure everyone is back on board before midnight, or you may lose a couple of men… Or your own life.

In-game comms are both terrifying and hilarious. When you stray too far from the group, the in-game voice chat cuts you off — the farther you are, the farther you sound. If a creature kills a player, their comms are cut off completely. Even more interestingly, environmental changes impact how you sound. If your character is sinking in water or quicksand, the comms your voice will sound muffled or gargled. This can be especially chilling, but there’s something funny about hearing your friends screaming about being attacked right before they’re cut off when whatever has been chasing them catches up.

? Rating: 10/10 on Steam, 97% audience rating.

⌛ Hours of gameplay: 42 hours. Check out the trailer (watch trailer, runtime: 0:52).

? Replay value: 10/10.

? Platforms:Steam for PC.

? Price: USD 5.76.

How our lives are shaped by technology

Gone are the days of going off the grid. Technology is everywhere, and it’s changing our lives not just with new gadgets but socially and ethically as well. BBC’s Tech Life is a deep dive into the ever-changing landscape of what it means to be a person in the age of technology, and how that technology is developed and used around the world.

Technology exists within the context of real life. Whether we like it or not, technology does not live in a vacuum. Every new advancement has implications, not just regarding its use, but in how we are impacted by it across cultures — It’s not just about Silicon Valley. Tech Life critically examines every aspect of these developments, like how social media, which was developed as a communication tool, has real-life impacts on the mental health of its users or the landmine that is deepfake technology.

Tech noobs will feel comfortable listening, but pros may find it lacking. To appeal to a general audience, the experts being interviewed explain the topic in broad strokes, making the podcast a little light on technical details. While the impact is discussed in depth, specifics regarding the technology itself stick to the basics. For those curious about the shifting tides of tech and its influence, Tech Life is the perfect listen.

WHERE TO LISTEN- Tech Life is streaming on Apple Podcasts, Spotify, Podbay, and BBC.

THE ENTERPRISE ENTERTAINMENT CALENDAR

MAY

11 May-1 June (Saturday-Saturday) Summer Showcase art gallery at Bibliothek

19 May-20 June (Sunday-Thursday): Geometry of Chaos art gallery at 157B 26th of July St., Zamalek.

23-25 May (Thursday- Saturday): Insomnia at Rawabet Art Space

22-24 May (Wednesday-Friday): The Design Show at Cairo International Conventions Center.

24 May (Friday): The Glow Run by The TriFactory at Palm Hills Sports Club.

24 May (Friday): The Elite Super Show at the Cairo International Stadium.

24 May (Friday): Disco Misr Festival - Album Launch V8 at Zed Park

24 May (Friday): Disco Misr's Album Launch After-Party at Cairo Jazz Club 610.

25 May (Saturday): Techne Summit at the Cairo International Stadium.

26 May (Sunday): El’Emaraperformance at Rawabet Art Space.

26-28 May (Sunday-Tuesday): Fi Africa food and beverage exhibition at the Egypt International Exhibition Center.

27 May (Monday): Half of a Yellow Sun book club meeting at Bibliothek.

27 May (Monday): Youssra El Hawary at Rawabet Art Space

27 May (Monday): Salsa Night at Cairo Jazz Club 610

27-30 May (Monday-Thursday): Account Management For Ads Workshop with FP7’s Momen Aboutaleb at The GrEEK Campus.

29-30 May (Wednesday-Thursday): Solar & Storage Live Mena at Egypt International Exhibition Center.

29 May-1 June (Wednesday): What Have The Years Done To Us?at Rawabet Art Space

29 May (Wednesday): Disco Beirut at Cairo Jazz Club.

29-30 May (Wednesday-Thursday): The Solar Show MENA at Egypt International Exhibition Center

30 May (Thursday): Mochakk Concert at Saqqara Pyramid.

30 May (Thursday): Marwan Moussa and Aziz Maraka concert at Zed Park.

31 May (Friday): Opera Carmen at Cairo Opera House

31 May (Friday): Shababco at ZED Park.

31 May (Friday): QADYA 04 at Madinaty Club Tennis Center Court

JUNE

1 June (Saturday) Massar Egbari concert at Tanza

4 June (Tuesday): Karaoke Night at Room Garden City

6-8 June (Thursday-Saturday): El Galsa: Healing Is Not Linear at Rawabet Art Space

4-7 June (Tuesday-Friday): Africa Health ExCon at Egypt International Exhibition Center

7 June (Friday): Celebrating 40 Years of Omar Khairat at Abdeen Palace.

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily