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THE WEEK IN REVIEW

Egypt’s annual inflation picks up again after months of decline

Good morning, friend, and happy long weekend. We hope you all have a relaxing long weekend with family and friends.

LAST WEEK IN 3 MINS-

ECONOMY-

Inflation accelerates after months of cooling: Annual urban inflation accelerated 0.5 percentage points to 26.2% in August after having fallen to 25.7% — its lowest level since December 2022 — in July. On a monthly basis, urban inflation rose by 2.1%, up from 0.3% the month before.

Fingers were firmly pointed to energy and transport price hikes, as the August reading “reflected energy price hikes that were announced in the last week of July. This included diesel, which has a broad-based effect," CI Capital’s Sara Saada said. Transport costs were up 13.1 percentage points to 31.0 y-o-y in August, while on a monthly basis, prices were up 11.8%.

M&A-

#1- Egypt’s largest gold mine is about to get a new owner: NYSE-listed global miner AngloGold Ashanti will buy Egypt-focused LSE- and TSX-listed Centamin in a cash and share transaction valued at around USD 2.5 bn, the two companies said on Tuesday. The acquisition will give AngloGold — the sixth largest gold miner in the world — ownership of the Centamin-run Sukari mine in Egypt, one of the world’s largest gold mines.

What’s next? The acquisition is yet to receive Centamin shareholder and regulatory approvals. Centamin shareholders are scheduled to vote on the transaction at the end of October for the transaction to be finalized before year end.

#2- Bisco Misr to welcome new majority shareholder: American cereal and snack maker Kellanova (FKA Kellogg Company) will sell its entire majority stake in Egypt’s largest biscuit company, Bisco Misr, to UAE-based business conglomerate Hayel Saeed Anam Group (HSA), the companies said, without disclosing the value of the transaction. The transaction is set to close by 1Q 2025.

ENERGY-

Our LNG imports may extend to winter: The Egyptian General Petroleum Corporation (EGPC) has issued a tender for 17 shipments of liquified natural gas for its floating import terminal at Ain Sokhna, as well as three more cargoes for delivery to Jordan’s Aqaba, in one of the state-owned firm’s largest ever tenders, a government source told Enterprise. The 20 shipments are expected to be delivered from October through December.

Remember: Power cuts are set to return next week after an eight-week hiatus, before ending for good by the end of the year.

PRIVATIZATION WATCH-

State privatization efforts ramp up with EGP 2.8 bn Tamweely exit: A consortium of international investors has inked an agreement to fully acquire leading local microfinance provider Tamweely from its current state-owned shareholders. Investment Minister Hassan El Khatib put the transaction total at EGP 2.8 bn at a press conference announcing the news.

WHAT’S HAPPENING NEXT WEEK-

#1- The Egypt-UK investment conference is nearly upon us: Our friends at HSBC, together with UK Export Finance and Egyptian-British Chamber of Commerce, are hosting the Egypt-UK Investment and Opportunities Forum in London on Monday, 16 September. The conference will showcase investment opportunities in Egypt across different sectors — including renewable energy, water, automotive, food processing, IT, and AI — to potential investors from the UK. It will also facilitate matchmaking between institutions of both countries, bringing together government representatives, business leaders, and senior executives.

Tempted to jet off to London to attend the conference? Register your interest here.

#2- BEBA is heading to the UK: The British Egyptian Business Association (BEBA) is leading a business mission to the UK from 18-20 September under the theme “ Invest in Egypt: Your Gateway to Growth.” The mission will include Finance Minister Ahmed Kouchouk, Investment Minister Hassan El Khatib, and head of Financial Regulatory Authority Mohamed Farid, who will take part in ministerial sessions that aim to highlight the country’s “economic progress and ongoing reforms.”

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-

The much-anticipated Harris-Trump debate ended with a bang, not a whimper, as the two presidential hopefuls repeatedly accused each other of lying and clashed on the economy, January 6, abortion rights, Gaza, and migration.

Trump once again insisted that he was the rightful victor in the 2020 election against current US President Joe Biden, alleged that Democrats were ferrying in undocumented migrants across the border to “get them to vote,” and argued that “Israel will not exist two years from now” if Harris gets elected president. Meanwhile, Harris presented Trump as a threat to US democracy, citing the events of January 6.

It was a big week for the EU’s crackdown on Big Tech, with both Google and Apple losingtheir battles with the EU’s Court of Justice. Apple lost a decade-long battle over its tax setup in Ireland after the court ruled it must pay EUR 13 bn in back taxes, with the tech giant confirming that it will incur a USD 10 bn one-time tax charge by the end of its fourth fiscal quarter on 28 September 2024. The EU court also upheld a EUR 2.4 bn antitrust fine for Google parent Alphabet in a case that has been ongoing for seven years — one that aimed to crack down on Google’s use of its search engine to rank its own product listings higher.

☀️ THE WEATHER THIS WEEKEND- We are still looking forward to the fall weather, as we witness a hot long weekend in Cairo with a high of 35°C and a low of 23°C today, a high of 34°C and a low of 25°C on Saturday, and a high of 35°C and low of 24° on Sunday.

HAPPENING THIS WEEKEND-

Is running a marathon still on your bucket list? The TriFactory is teaming up with SODIC to bring you the SODIC Charity Run tomorrow through the landscapes of SODIC West. Register here to get in on the fun, picking between 3k, 5k, and 10k runs.

Ask and you shall receive: Kick off the long weekend with a fun night featuring Hisham Abbas as part of the Ma Yatloboho Al Mostame3oon night at CJC 610. The party starts today at 10pm. To reserve a spot, message their Facebook page.

The Cairo Flea Market is back at the Aquarium Grotto Garden on Saturday, 14 September. The market, featuring local products, antiques, and collectibles, will be held for one day only from 11am to 7pm.

Listen to people’s stories and tell your own at this interactive comedy show.Ain Gamal will take to the stage at the 6th edition MedFest EG. Enjoy the unique blend of comedy tomorrow at Ewart Hall in AUC Tahrir Square. Grab your tickets here.

Idreesi is back with another powerful performance. He’s once again about to perform the electro-pop and synth-pop sounds that have defined his career while fusing Arabic melodies and poetry. Book tickets for tonight's show here before it sells out.

Mark your calendars for the 100 Years of Singing Concert with Ali El Haggar: The singer’s performance will honor the late Baligh Hamdi. The show will take place at Cairo Opera House’s mail hall tomorrow at 8:30pm. Secure your seat here.

Discover Cairo's cinematic life in the Cosmo Cinema Tour organized by Cairottes in collaboration with Medfest Egypt. The tour includes visits to famous cinematic landmarks, from film locations to cinemas, as well as screenings of short films at Zawya as part of the festival's program. The tour takes place tomorrow from 3pm to 10pm. Click here to register.

Bashar Tagrob is a stand-up comedy and storytelling show, featuring Mohamed Sabry, Akram Emad, Mohamed Khattab, and Ola Gamal. The show will be held tomorrow at 8pm at Room Art Space in Garden City. Reserve your spot here.

On the other side of town at Room Art Space enjoy the Comedy Hustle night with Mahmoud El-Naggar, Saif El-Gamal, Omar Kant, Ezzat Essam, Hamza Bahaa, and Ahmed Salem on Sunday at 8pm. Reserve your spot here.

HAPPENING NEXT WEEKEND-

For the love of medieval art. Today in History is Amsterdam-based Egyptian artist Dina Danish’s first exhibition in Egypt in nearly a decade. Composed of a collection of appliqué tapestries that resemble medieval banners, the exhibition will open at the Gypsum Gallery next Tuesday, 17 September from 7-9pm and will continue till Saturday, 30 October.

The guide to making the most out of Slack

Calling all Slack users. The communication tool none of us can live without may just become your favorite productivity sidekick thanks to the different app extensions that can transform your workflow. And with so many to choose from, here’s a list of ones we’d highly recommend.

Heads up: Free slack accounts are only able to add 10 Slack apps. If you want more, you’ll need to upgrade your Slack plan.

Another heads up: Some of these recommendations may require in-app memberships to fully function. Adding the integration will not necessarily give you access to all the features.

A third heads up: These are best paired through your desktop app, but will function from your phone.

APPS FOR CONVENIENCE: The days of jumping from window to window end now. These apps will allow you to group your day-to-day tasks all in one place. The days of jumping from window to window end now.

#1- Microsoft 365: From your email to your calendar, all your work needs will be under one app. Having Microsoft 365 linked to your Slack will allow you to receive and respond to meeting invites through Calendar, send emails to channels or direct messages through Outlook, and preview or share files through Onedrive.

Download Microsoft 365 for Slack here.

#2- Google Workspace: Similar to #1, but for Team Google. Between Gmail, Drive, and Calendar, Slack will become your hub for all things work related. No more switching between windows and tabs, because you’ll be able to receive, accept, and attend meetings, share and grant instant access to files, and coordinate email responses with teammates.

Download Google Workspace for Slack here.

#3- Zoom: Always ready for a virtual meeting. This integration will allow you to start Zoom Meetings through slack and seamlessly share your screen with a Slack channel. Zoom Whiteboards can also easily be shared onto the channels.

Download Zoom for Slack here.

APPS FOR PRODUCTIVITY: Keep the momentum by developing good habits and staying on top of your tasks, all from the comfort of your Slack app.

#1- Asana: Keep track of everything you need to get done. Having the Asana integration allows you to turn Slack messages into tasks, take action on tasks from within Slack, or create a new task without leaving Slack. You’ll also get notifications whenever anything is updated or assigned to you. Sounds like a way to ensure everything gets done.

Download Asana for Slack here.

#2- Evernote: Keep note of everything. Having Evernote in your Slack will ensure that whenever an idea pops up or you have to leave a reminder for yourself, you’ll be able to make note of it without cycling through apps or windows. You can also turn a Slack channel conversation into meeting notes by clipping all the relevant messages. You’re then, of course, able to find and share those notes directly in the app. No more “slipped my mind” here.

Download Evernote for Slack here.

#3- Scoop: Make every meeting worthwhile. Through this integration you can coordinate office days or meeting times with your colleagues by checking their calendar right in your Slack app as well as share meeting prep or agendas with all attendees. There’s also a sneaky feature that allows you to anonymously propose skipping meetings. We all know it could’ve been an email.

Download Scoop for Slack here.

APPS FOR FUN: Our HR peeps know that there’s no harm in spreading some positivity around the workplace. These apps are all for colleague interaction and engagement.

#1- Polly: This app will make engaging with employees through slack incredibly easy. Share polls, Q&As, surveys, and social games to channels on slack. Other parties will be able to immediately respond. There are also automated features like onboarding feedback, which automatically checks in with new hires.

Download Polly for Slack here.

#2- Birthdaybot: This integration will automatically send celebratory messages to employees on their birthday or their work anniversary. Just a little sentiment that may promote a positive environment.

Download BirthdayBot for Slack here.

#3- Hey Taco: This one is for employee recognition. Employees are able to celebrate and acknowledge each other's accomplishments by sending virtual tacos to each other directly in Slack. There’s a leaderboard to spark some healthy competition and recognize positive behavior.

Download Hey Taco for Slack here.

The return of an iconic 80s film

? AT THE MOVIES-

The Ghosts of Winter River are back in Beetlejuice, Beetlejuice… 36 years after banishing the mischievous trickster demon Beetlejuice back to the underworld, director Tim Burton returns with a sequel to the fantasy-comedy film, bringing Michael Keaton back to one of his most iconic roles.

In the sequel, Delia Deetz (Catherine O’Hara) discovers that her husband Charles (Jeffrey Jones) has tragically died in a cartoonishly comedic plane crash. The Deetz family gathers for the funeral, led by their daughter Lydia (Winona Ryder), who is now a spiritual medium with her own TV show, along with her teenage daughter Astrid (Jenna Ortega).

Will you marry me again? At the family home in Winter River, tensions rise between Lydia and Astrid, who storms off and accidentally crosses into the realm of the dead. Lydia turns to Beetlejuice (Michael Keaton) for help, and he agrees — on the condition that she accepts his marriage proposal. This time, Beetlejuice seeks an escape from his vengeful ex-wife, the soul reaper Dolores (Monica Bellucci), who’s hunting him down for revenge.

The film blends comedy, fantasy, and a gripping plot while maintaining the quirky charm of the original. With fast-paced storylines and quirky new characters, paired with eerie yet inventive visual effects, it feels like a nostalgic return to the 80s, inviting fans back to the world of Beetlejuice.

Some critics may argue that the sequel is an ‘unnecessary’ addition to the cult classic, but many people have praised its fun, entertaining addition. Although it doesn't quite reach the groundbreaking level of the first movie, it embraces the theme of nostalgia, aiming to delight fans of this iconic genre. Released a month before Halloween, it’s perfect for diving into the spooky season.

PRO TIP- 36 years is a long time, so we recommend giving the original a watch before booking tickets to the sequel, available on OSN+ and Apple TV+.

WHERE TO WATCH- Catch Beetlejuice 2 at VOX Cinemas at City Center Almaza and Mall of Egypt, Zawya, Cairo Festival City cinemas, Point 90 cinemas, and Cima Arkan. Give the trailer a watch here (runtime: 2:20).

? FROM THE BOOKSTORE-

What My Mother and I Don’t Talk About delves into the complex and often painful realities of mother-child relationships. The essays, contributed by a diverse group of writers, explore the hidden traumas endured by mothers, their identities before they became mothers, and the perceived failures in their roles as parents.

They address raw and challenging subjects, ranging from abuse and addiction to mental illness and familial estrangement. For example, Carmen Maria Machado offers a candid examination of why she and her mother are no longer in touch, and how it influences her thoughts on parenthood. Nayomi Munaweera reveals her journey to understanding her mother’s mental illness.

Get through the entire book. While the essays are powerful and compelling individually, their true strength emerges when read as a collective exploration. The book raises significant questions about the unique nature of the mother-child bond and illustrates the complexities of relationships where love is sometimes taken for granted but rarely fully articulated.

WHERE TO GET IT- You can find What My Mother and I Don’t Talk About at Diwan or on Amazon.

? HOT AND FRESH OUT OF THE KITCHEN-

Loris, Beirut’s iconic Lebanese restaurant, has made its way to Egypt. This restaurant’s central water feature, open kitchen, and nostalgic trinkets has made its way to Zayed’s Galleria 40 creating an inviting ambiance that suits any occasion — whether it’s a family dinner, a business lunch, or a romantic date.

What sets Loris apart from other Lebanese restaurants is that it offers a full spectrum of flavors, constantly updated with daily dishes.

You’ll find the classics — fattouch, tabbouleh, and their signature creamy hummus — but also innovative touches like beetroot moutabbal with meat, and the unforgettable fattet makdous, stuffed eggplant with a rich yogurt sauce.

Loris goes beyond your typical mezze selection by delivering an outstanding selection of grills. The rayes BBQ platter is the crown jewel, offering a feast of kebab, taouk, soujouk, and more, accompanied by oven-fresh antakli bread and an array of vibrant sides.

When it comes to desserts, Loris elevates traditional sweets with a modern flair — think chocolate kunafa and qeshta ice cream. Paired with Lebanese coffee or Zhourat herbal tea, it’s the perfect finish to a meal.

WHERE TO FIND IT- Take the trip to Sheikh Zayed for a bite.

? Per person: EGP 900-1.2k

? Outdoor seating: Yes

? Alcohol: No

? Accessibility friendly: Yes

To PS5 Pro or not to PS5 Pro?

Let’s talk about the PS5 Pro. In a week full of tech events, nothing mattered more to fellow gamers — whether out of anticipation or just curiosity— than Playstation’s reveal (runtime: 19:10) of the newest upgrade to the PS5.

The big changes: Sony doesn’t want to choose between graphical fidelity and performance anymore. To bridge the gap, the company focused on upgrading three major specs: the GPU, ray tracing, and upscaling.

A bigger GPU should promise better graphics processing — hopefully dodging gameplay kinks in GB-heavy games or ports — but more importantly, making their enhanced AI-driven upscaling more efficient thanks to better machine learning capabilities. This GPU has 67% more compute units and 28% faster RAM than your current PS5. This means that the PS5 Pro is claimed to be a whopping 45% faster at rendering.

Needless to say, they’ve handed upscaling to AI. Hoping for more detailed and immersive graphics, they’ve followed in the footsteps of Nvidia’s DLSS to introduce the PSSR — Playstation Spectral Super Resolution. The GPU-AI upscaling combo means that ray tracing — the simulation of light and how it interacts with in-game objects — should see major improvements as well.

PS games are seeing an upgrade as well. The presentation announced that The Last of Us Part 2, Ratchet and Clank, Horizon, and Spider-Man 2 will be the first of many that will see fidelity and performance improvements, so say goodbye to frustrating frame rates. Third-party developers are also on track to release patches to capitalize on these changes, most notably Assassin’s Creed, Demon’s Souls, and Final Fantasy VII Rebirth. You’ll be able to tell what other games were remastered for the PS5 Pro by a label attached to their icons.

Going backwards. That’s right, folks, PS4 games will be seeing some trickle-down performance improvements too. More than 8.5k backward compatible PS4 games will see better resolution, even if they don’t have the PS5 Pro Enhanced label attached.

Do you have USD 700 to spare? The price tag has caused some uproar on social media, especially since the price tag still doesn’t include the disc drive or the vertical stand. Video game journalist Geoff Keighley was quick to point out that, if adjusted for inflation, the steep price isn’t too big of a leap from Playstation’s standard console fees. Many argue that at least there are tangible hardware upgrades to reflect the uptick in cost — cough, Xbox, cough. But we’re still salty about not getting any controller updates or new game announcements.

In any case, you have until 26 September to decide whether or not you want to put in a pre-order.

Bite-sized economics

This NPR podcast serves as a go-to source for understanding the intricate world of economics and business. Hosted by Darian Woods, Wailin Wong, and occasionally featuring other insightful voices, The Indicator delivers timely analysis with a touch of humor.

In the episode titled Google's Monopoly, Gold Medals, and Gasping Markets, the hosts tackle a number of topics that reflect the show's wide-ranging curiosity. The episode opens with a lively discussion on Google’s recent antitrust defeat, highlighting the significant ruling that has labeled the tech giant a monopoly. The conversation delves into the implications of this ruling, including potential remedies like breaking up Google’s services.

They then shift their focus to the financial markets and The Great Unwind. The term is used to describe the recent sell-off related to the JPY carry trade. The hosts explain this complex financial strategy and its sudden reversal, which has caused turbulence in global markets. Their clear explanation helps demystify the impact of changing interest rates and market strategies.

The episode concludes with a light-hearted yet insightful look at the Olympics, particularly the medals-per-capita rankings. The hosts discuss how smaller nations like Dominica and Grenada punch above their weight in terms of medals relative to their GDP.

The hosts’ knack for breaking down complex topics make it a refreshing listen, especially for those who want to stay informed without getting bogged down. However, if you prefer more in-depth analysis or a slower pace, you might find the quick-hit style a bit too surface-level.

WHERE TO LISTEN- You can listen to the podcast on NPR, Apple Podcasts, Spotify, and Amazon Music.

THE ENTERPRISE ENTERTAINMENT CALENDAR

SEPTEMBER

16 July-15 October (Tuesday-Tuesday): In the Company of Mahmoud Said exhibition at Aisha Fahmy Palace.

3-18 September (Tuesday-Wednesday): Racines art exhibition at Art Corner Gallery.

12-15 September (Thursday-Sunday): MEDFEST Egypt at AUC Tahrir Square.

13 September (Friday): TriFactory SODIC Charity Run.

13 September (Friday): Omar Khairat’s concert at ZED Park.

13 September (Friday): Ain Gamal X 6th edition MedFest EG at AUC Tahrir Square.

13 September (Friday): 100 Years of Singing Concert with Ali El Haggar at Cairo Opera House.

13 September (Friday): Ma Yatloboho Al Mostame3oon at CJC 610.

14 September (Saturday): Cairo Flea Market at Aquarium Grotto Garden.

14 September (Saturday): Cosmo Cinema Tour.

14 September (Saturday): Bashar Tagrob at Room Art Space Garden City.

14 September - 19 October (Saturday-Saturday): Fiction Workshop with Mai Serhan at Diwan Heliopolis.

15 September (Sunday): Comedy Hustle at Room Art Space New Cairo.

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

17 September to 30 October (Tuesday-Saturday): Today in History exhibition at Gypsum Gallery.

19 September (Thursday): Omar Khairat concert at ZED Park.

20 September (Friday): Bikers Automotive Festival at El Leila El Kebira.

23-24 September (Monday-Tuesday): Omar Khairat concert at Cairo Opera House.

26-29 (Thursday-Sunday): She Arts festival at AUC Tahrir.

26 September (Thursday): Fouad & Mounib concert at Theatro Arkan.

27 September (Friday): The Artful You! Journaling Workshop at Diwan Heliopolis.

27 September - 11 October (Friday-Friday): Scaled Games at New Heliopolis City.

28 September (Saturday): Ice Warrior Challenge at Ski Egypt.

28 September (Saturday): Improvisation Performance: Irtigalia Honn at Falaki Theater.

OCTOBER

5 October (Saturday): The Amy Winehouse Band at The Theater in Somabay.

6 October (Sunday): Armed Forces Day.

11 October (Friday): Half Marathon in Luxor.

3-12 October (Thursday-Thursday): Film My Design festival at Zawya Cinema.

10-12 October (Thursday-Saturday): EVs Electrify! Expo & Conference 2024 at Egypt International Exhibition Center.

13-17 October (Friday-Tuesday): Cairo Water Week at The New Administrative Capital.

18 October (Friday): TriFactory Tough Mudder 5K run at Sodic.

24 October-16 November (Thursday-Saturday): Forever is Now art exhibition at the Pyramids of Giza.

25 October (Friday): TriFactory Trailmaster run at Wadi Degla.

29-30 October (Tuesday-Wednesday): Intelligent Cities Exhibition & Conference (ICEC) at Waldorf Astoria.

31 October (Thursday): TriFactory’s The Glow Run at Badya Palm Hills.

31 October- 8 November (Thursday-Friday): Cairo International Jazz Festival at the historic American University in Cairo.

NOVEMBER

8 November (Friday): TriFactory’s The Run for Upper Egypt at Newgiza.

14-16 November (Thursday-Saturday): Raabta Wellness Festival at El Gouna.

16 November (Saturday): TriFactory Half Marathon at El Gouna.

22 November (Friday): TriFactory TMK run at District 5.

DECEMBER

6 December (Friday): TriFactory PMH warm-up run at District 5.

14 December (Saturday): TriFactory’s The Marakez Pyramids Half Marathon at the Great Pyramids of Giza.

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