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THE WEEK IN REVIEW

Egypt asks the IMF to extend timeline for the loan program reforms

Good morning, friends, and happy Friday.

Seeking the thrill of a big change? Why not do the unthinkable and trade in your iPhone for something new? Hear us out. With climbing price tags and an incomprehensibly large sea of specs, the iPhone isn’t the only cutting edge competitor anymore. In this week’s guide, you’ll find options that may suit your lifestyle better.

LAST WEEK IN 3 MINS-

ECONOMY-

Egypt asks IMF for more time to implement reforms: Prime Minister Moustafa Madbouly confirmed that the government has asked the International Monetary Fund for an extension on the timeline for the implementation of economic reforms that were agreed upon as part of our loan program, pointing to the direct impact that the war on Gaza and the subsequent decline in Suez Canal revenues has had on state revenues as justification for the review. Earlier this week President Abdel Fattah El Sisi made headlines after stating that Egypt might reevaluate its agreement with the IMF in light of economic pressures the nation is enduring as the country carries out reforms as part of the loan agreement.

The IMF is open to adjusting the timeline for reforms related to Egypt’s loan program, the fund managing director Kristalina Georgieva said yesterday, while noting that any delay will make the cost of reforms higher and that “Egypt is better served by doing reforms sooner rather than later.”

M&A WATCH-

Raya gives preliminary greenlight to Helios Investment Partners’ acquisition bid: Africa-focussed PE outfit Helios Investment Partners’ offer to acquire 49% of Raya Foods for USD 40 mn has been approved and initially accepted by parent company Raya Holding’s board, we learnt at the beginning of the week.

We also found out that half of Helios’ acquisition bid for Raya Foods will go towards building a new factory: Raya Food’s parent company Raya Holding will direct USD 20 mn of Helios Investment Partners’ USD 40 mn bid for 49% of the subsidiary towards building a second factory partly dedicated to freeze-dried fruits and vegetables. The new factory will most likely be set up next to its existing factory in Sadat City, according to Khalil — and its use of freeze-drying produce will play an important role in helping the company boost exports.

IPO WATCH-

A fresh face on the EGX: The EGX’s listing committee approved the temporary listing of United Bank, the EGX said in an announcement. Shares will be listed on the bourse today, after which its shares will not be allowed to be traded and the company will have six months to meet listing requirements and obtain regulatory approvals ahead of its planned IPO before the end of 1Q 2025 The Central Bank of Egypt-owned bank will list 1.1 bn shares with a nominal value of EGP 5 per share — bringing its total issued capital to EGP 5.5 bn.

MANUFACTURING-

Our localization efforts are in full swing: The Madbouly government will work to localize the manufacture of 12 products selected by the ministries of housing and industry. The products include electric motors, generators, valves, pumps, water filtration devices, electric tools, solar cells, electrical control and power distribution panels, and elevators.

AROUND THE WORLD IN SEVEN DAYS-

Hopes at the start of the week that Israel would begin to scale down its bloody offensives were short lived, with the Israeli army intensifying its campaigns in both Lebanon and Gaza. As has sadly become a trademark of the Israeli ethnic-cleansing campaign, it continued to target civilian infrastructure with schools and hospitals targeted in Gaza. Another worrying sign that Israel’s war on Lebanon may become just as ruthless and indiscriminate as its assault on Gaza was Israeli claims that there are Hezbollah bunkers underneath one of Beirut’s main hospitals — a depressingly familiar narrative that has been used in Gaza as a pretext to attack hospitals.

The US presidential election — now just over ten days away —also got plenty of ink throughout the week, with the global press focusing in on the two competing presidential campaigns to get their candidate across the line in the too-close-to-call election. While the odds of a Harris victory seem to be in her favor, some hedge funds and investors are positioning themselves for a potential Trump victory, with stocks tied to his policies already seeing gains.

Harris has been breaking records on the fundraising front, as the president hopeful raised over USD 1 bn in the three-month period ending at the end of September surpassing the USD 894 mn Donald Trump has gathered since January 2023.

☀️ THE WEATHER THIS WEEKEND- This weekend will be maintaining the month’s slowly cooling weather. The capital will be seeing highs of 30°C today and tomorrow, with a low of 19°C on both days, according to our favorite weather app.

HAPPENING THIS WEEKEND-

For the love of tapestry. 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 is still open at the Gypsum Gallery till Saturday, 30 October.

The fourth edition of Forever is Now is here. This year, a lineup of 12 global visionary artists are ready to display their work at the iconic Pyramids of Giza — including two groundbreaking AI-powered projects. The exhibition is live and will continue till Saturday, 16 November.

Run for a cause. CairoRunners are hosting the Run4Her on Friday, 25 October at ZED park to support breast cancer patients. The run will start at 8am. Pre- registration is required.

The largest collection of prints in the country. Cairopolitan is bringing together a collection of artwork from over 180 local and regional artists to display in the Cairo Prints Exhibition. The gallery is open till Monday, 18 November in Garden City.

Calling all plant parents. The autumn edition of the International Flower Expo began on Thursday, 10 October at Al Horreya Garden. Take home anything from ornamental plants, trees, and all different kinds of flowers. The expo will continue until Sunday, 10 November.

HAPPENING NEXT WEEKEND-

Zawya goes to Gouna (again): Zawya Cinema is preparing to screen a selection of films submitted to the Gouna Film Festival 2024 starting on Sunday, 27 October, to Saturday, 2 November. You can find the screening schedule on Zawya’s official Instagram account.

Glowing puppets swimming across a stage. The Book of Neptune is a great family event to attend. Ledpuppets will transform the Rawabet Art Space stage into an underwater wonderland with glowing puppets dancing around and acting out stories. Tickets are available on Ticketsmarche for Friday, 1 November and Saturday, 2 November.

Did somebody say cheese? The third edition of Egypt Cheese Festival will begin on Thursday, 31 October at Al Horreya Garden. This is the only dairy and cheese festival in Egypt and the Middle East so prepare to witness all the different sorts of this delicious delicacy. The festival will last till Sunday, November 3.

The guide to iPhone alternatives

Are you totally over your iPhone? When it comes to the world of smartphones, there’s a plethora of options — some popular and others not so much. Below are some non-Apple smartphone choices you might want to consider if you’ve decided to break up with your current device.

#1- SAMSUNG GALAXY S24: Named the best iPhone alternative, the Galaxy S24 has a 6.8 inch screen, four rear cameras, a built in S Pen, and a battery life of 5,000mAh. The smartphone uses a Qualcomm Snapdragon 8 processor, which provides seamless performance and has been used on the best Android phones of 2024.

Camera: 200 megapixel (MP) main camera with 2x, 3x, 5x and 10x optical zoom thanks to the new 50MP telephoto lens. There’s also an AI-powered Space Zoom that offers a total zoom of 100x.

Storage options: 256GB, 512GB, 1TB.

WHERE TO BUY: It is available at B.TECH from EGP 43.8k to EGP 79k. The 256GB version is available on the Samsung Website for EGP 66.6k.

#2- GOOGLE PIXEL 9: The Google Pixel 9, featuring Gemini AI (similar to the iPhone’s incorporation of Apple Intelligence) offers a seamless blend of cutting-edge technology and user-friendly design. Powered by the Google Tensor G4 processor and 12 GB of RAM, the Pixel 9 delivers smooth performance, perfect for managing advanced AI tasks.

Camera: 50MP main sensor, along with a new 48MP ultrawide camera that excels in Macro Focus. Google AI enhances photography with features like Add Me (which merges two pictures to make sure everyone is included), Best Take (which captures eight photos and selects the best one), and Magic Editor (which uses AI to automatically refine and improve the image quality), allowing for creative edits and impressive results.

Storage options: 128GB, 256GB.

WHERE TO BUY:It’s available abroad on Amazon starting at USD 747 (without shipping, taxes, or duties).

#3- PIXEL 9 PRO FOLD: Named the best foldable phone, this phone features the largest screen on a smartphone, and is powered by advanced AI capabilities from Gemini. It is also the thinnest foldable phone available, and comes with exclusive access to premium AI features for a year. The large screen allows for multitasking capabilities, like Split Screen— where users can use both sides of the screen for different tasks, to enhance productivity. The advanced triple rear camera captures crisp photos and tools like Add Me and Magic Editor, make photo editing easy and intuitive. According to Google, the Pixel 9 Pro Fold is its most premium phone offering — and that explains the hefty price point.

Camera: 48 MP wide 10.5MP ultrawide with a 10.8MP periscope telephoto camera capable of 5x optical zoom. There is also a 10.5MP snapper with an ultrawide lens, providing a pretty wide 127-degree field of view.

Note: An advantage of using a foldable phone is that the back cameras can all be used to take selfies.

Storage options: 256GB, 512GB.

WHERE TO BUY:It’s available abroad on Amazon starting at USD 1.8k (without shipping, taxes, or duties).

#4- ONEPLUS 12: This phone stands out for functionality, rather than chasing the latest AI trends — The Verge described it as a “back to basics” option. The focus was on offering an excellent battery life with a large, vibrant 6.8-inch display. It also uses top-tier processing power thanks to the Snapdragon 8 Gen 3 chipset. The device also supports wireless charging, has enhanced water resistance, and boasts upgrades to its predecessor’s camera system.

Camera: 50MP primary camera, 64MP 3x Periscope Lens, and a 48MP Ultra-Wide Camera.

Storage options: 256GB, 512GB.

WHERE TO BUY:It’s available on Amazon Egypt starting at EGP 37.9k.

#5- GALAXY Z FLIP6: With foldable phones becoming exceedingly popular, the Z Flip is no exception. With a sleek design, this phone features the powerful Snapdragon 8 Gen 3 for Galaxy chipset and 12GB of RAM, offering impressive performance. What’s holding this phone back is its less functional cover display — with only limited features accessible on the small screen while folded. On the upside, it’s incredibly compact.

Camera: 50MP primary camera with dual-pixel autofocus and an 85-degree field of view and a12MP ultrawide camera with a 123-degree field of view.

Storage options: 256GB, 512GB.

WHERE TO BUY: The 256GB Flip6 available on Amazon Egypt for EGP 39.8k. The Flip5 version with no AI support is available at B.TECH for EGP 37.9k to 38.9k depending on color.

#6- MOTOROLA RAZR+ : Sound familiar? Powered by the MediaTek Dimensity 7300X processor with 8GB of RAM, this smartphone offers a smooth performance. The 3.6-inch cover display unfolds to reveal a 6.9-inch Full HD+ LTPO AMOLED screen with a 120Hz refresh rate for vibrant visuals. It includes dual rear cameras for enhanced photography and a 4,000mAh battery that supports both wired and wireless charging.

Camera: 50MP featuring a 2x telephoto lens, powered by Moto AI.

Storage options: 256GB.

WHERE TO BUY:It’s available abroad on Amazon starting at USD 799, (without shipping, taxes, or duties).

Or perhaps…

#7- A DUMB PHONE: If you feel like you’ve had it with smartphones all together — valid — you might opt for a dumb one. These are basically phones that only carry primary functions like making calls and sending texts. But they don’t look like they did back in the early noughties. So if you’re looking for an alternative that will give you a break from the technological distractions, this is a good choice — the perfect digital detox.

The early bird gets the brekkie taco

HOT AND FRESH OUT OF THE KITCHEN-

? Don’t miss your chance to catch The Early Bird Club’s latest pop-up. This trendy pop-up restaurant is back at it for the first time since June. The Early Bird Club offers an Egyptian twist on familiar breakfast favorites, top-tier coffee, and a sweet spot to chill. Tomorrow, they’ll be operating out of What the Crust at Golf Central in Sheikh Zayed from 10am to 3pm. No reservations needed.

Their rotating menu means that we’re not sure what to expect tomorrow. But that’s part of the fun. Here is what we hope will make a comeback.

Their signature Brekkie Taco. This isn’t just your average breakfast taco. It’s a mix of fried egg, Alexandrian sausage (sojouk ba’ali), and a tangy green salsa. It’s hearty, savory, and feels both familiar and new — like a comforting breakfast with a punch of local flavor.

The Side Piece. This bun is actually a berries and white chocolate focaccia — we’re drooling too. Light, fluffy, sweet, and satisfyingly simple, it’s the perfect balance to the taco’s boldness.

A bonus for coffee lovers: We have it on good authority that they’ll once again be offering a full coffee and drinks menu — and their coffee really hits the spot. Whether you’re grabbing a cappuccino or trying something more adventurous, we’re sure it’ll pair perfectly with their brunch options.

? Per person: EGP 500-800.

? Outdoor seating: Yes.

? Alcohol: No.

? Accessibility friendly: No.

FROM THE BOOKSTORE-

? An homage to the resilience of French women during World War II: Kristin Hannah’s The Nightingale weaves a narrative that spans decades and delves deep into the human spirit amid the horrors of war.

In 1995, an elderly woman in a nursing home receives an invitation to France to attend a ceremony honoring those who helped others escape during the war. Flashback to 1940, we meet Viann, who bids farewell to her husband Antoine as he heads to the front lines and leaves her to manage the farm, Le Jardin. Viann’s life changes when the German army invades and refugees flood her home.

Viann’s sister, Isabelle, is sent to live with her. Isabelle embodies defiance and quickly joins the Resistance under the code name "Nightingale." As she undertakes secretive missions to guide Allied airmen to safety, Viann gradually awakens to the necessity of resistance.

Hannah captures the atmosphere of wartime France, detailing the realities of occupation, from food shortages to looting and the threat posed by German soldiers. The narrative focuses on the psychological toll that the war had on the French, especially women who were left to bear the burden of survival.

WHERE TO FIND IT- You can purchase The Nightingale at Diwan.

Death’s Door is worth knocking on

? Reaping souls isn’t as glamorous when it’s a 9-5. You are one Crow of many working for the Reaping Commission, assigned a job like any other. But when the soul you were sent to reap gets stolen, you’re forced to hunt down the thief to retrieve it — even if it means venturing into the realm untouched by death.

While you can’t upgrade your weapons, you can always upgrade yourself. In your arsenal you can find a selection of melee weapons, including the reaper’s sword, rogue daggers, the thunder hammer, the reaper’s greatsword, and the… discarded umbrella? Naturally, each weapon has its own strengths, drawbacks, and special attacks. The more souls you use them to reap, the more you can exchange for more personal speed, strength, and accuracy.

The game has an old school Zelda-like gameplay, rife with combat, exploration, dungeon puzzles, and most importantly, beautiful landscapes. You will have to traverse the lands in the realm untouched by death to hit switches, collect keys, open gates, and slay some monsters. The overarching secrets that you stumble upon are so enticingly mysterious that it will keep you exploring even after you’ve reaped your last soul.

? Rating: 9/10 on IGN.

⌛ Hours of gameplay: 9.5 hours for main story, 16 hours for completionists.

? Replay value: 6/10.

? Platforms: Steam for PC, Playstation, Nintendo Switch, Xbox, iOS, Android.

? Price: USD 10.49 on Steam. Discounted from USD 19.99 to USD 4.99 on Nintendo Switch and Playstation until 1 November. USD 19.99 on Xbox, available unpaid with Game Pass. Unpaid on the App Store and Google Play

Before fame and fortune

Closing the gap between celebrity assumptions and reality. Origins With Cush Jumbo is an exploration of the backstories that shaped influential figures. Jumbo’s charm and great interviewing skills create an inviting atmosphere that reveals the human side behind public personas.

Jumbo has a natural ability to connect through intimate conversations that dive into personal histories. Her genuine curiosity about the paths her guests have taken leads to surprising insights on public figures like Michael Kors, David Schwimmer, and Vogue’s Anna Wintour — who, it turns out, was fired because she couldn’t pin a dress in her early days.

The conversations are casual, meaning that the podcast feels less like an interview and more like listening to a friendly heart-to-heart. The podcast gains depth from her candid thoughts and her longing to connect with others, which she says resulted from the pandemic quarantines.

WHERE TO FIND IT- You can listen to the podcast on Apple Podcasts, Spotify Deezer, iHeart, and Audible.

THE ENTERPRISE ENTERTAINMENT CALENDAR

OCTOBER

18 October - 18 November (Friday-Monday): Cairo Prints Exhibition in Garden City

21-26 October (Saturday-Thursday): Premier Padel P2 Tournament at New Giza.

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

24 October - 16 November (Thursday - Saturday): Art D'Egypte’s Forever is Now Bus Tour at the Pyramids.

27 October-2 November (Sunday-Saturday): Zawya at Gouna Film Festival.

28 October (Monday): Mohamed AbdelAty ft. Zabadi Khalat at Cairo Jazz Club.

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- 3 November (Thursday-Sunday): Egypt Cheese Festival at Al Horreya Garden.

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

NOVEMBER

1-2 November (Friday-Saturday): The Book of Neptune Led Puppet Theatre at Rawabet Art Space.

7 November (Thursday): Saad Eloud live at Theatro Arkan.

8 November (Friday): The Blind Date Show: Live on Stage at Trivium Square.

7-9 November (Thursday-Saturday): SYNC Summit 2024 at District 5, Marakez.

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

9 November (Saturday): Cairo Flea Market.

9-10 November (Saturday-Sunday): I Fell in Love play at Rawabet Art Space

13-16 November (Wednesday-Saturday) : ELFIT Sports Competitions at New Capital Sports City.

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

15 November (Friday): Charity concert at the Presidential Palace.

15 November (Friday): Circoloco Ibiza at The Great Pyramids of Giza.

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

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

24 November (Sunday): Omar Khairat concert at Monaco Hall, Triumph Luxury Hotel.

DECEMBER

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

13 December (Friday): Aura Music Festival at Lac Du Caire

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

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Today at a glance

Egypt asks the IMF to extend timeline for the loan program reforms

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