Good morning folks, and a very happy Friday to you all.

Forgot to pick up Christmas gifts? No judgement here, we’ve all been there. Grab a mug of hot cocoa, put on some festive tunes, and turn your last-minute gift stress to a triumph of holiday brilliance with our guide to Christmas presents.

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-

Fitch Solutions’ research unit BMI now expects the Egyptian economy to grow 5.1% in FY 2025-2026, up 0.4 percent points from its previous 4.7% projection. The decision was supported by an expected improvement in Red Sea navigation, an uptick in the services sector on the back of calming geopolitical risks, and lower borrowing costs pushing up investment.

MANUFACTURING-

#1- Chinese steelmaker Wu’an Xin Feng has a plan to set up a USD 1.7 bn integrated industrial complex in the Suez Canal Economic Zone. The first phase will include four factories for automotive brake components, household appliance parts, standard fasteners, and hot-rolled steel coils, while the second phase will add five more factories, producing automotive parts made from aluminum and magnesium alloys, construction machinery components, and cold-rolled steel coils.

#2- Transport and Industry Minister Kamel El Wazir laid out the 23 industries that the government is looking to localize, adding that the state is offering incentives and facilities to attract investments into these selected sectors.

The sectors in question include solar and wind energy components, tires, vehicle batteries, desalination and treatment plant components, baby formula, aluminum products, electrical transformers, seamless pipes, water pump motors, polyester, soda ash, electric motors, generators, water filtration devices, electrical tools, electric control and distribution panels, central air conditioning cooling systems, elevators and escalators, sound systems and cameras, and windshields.

ENERGY-

#1- The UAE’s AMEA Power will set up a USD 600 mn, 5 GW wind power project in the Gulf of Suez in cooperation with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority (NREA). The project is set to be completed by the first quarter of 2026, AMEA Power Chairman Hussain Al Nowais said.

AND- AMEA Power will receive a golden license for its 1 GW solar power plant with 600 MWh battery storage system in Benban after the cabinet approved the move. The project will see investments of USD 850 mn and will be carried out across two phases, the first will start operations next August and see 300 MW of power and half the battery storage capacity come online and the second will kick off operations in April.

#2- BP and Shell are working to turn the tap on at their Harmattan field after inking anagreement with he Egyptian Natural Gas Holding Company to invest USD 370 mn into their offshore Harmattan gas field with the aim of producing 125 mn cbf of gas daily starting 2026. The project will drill three wells, construct an offshore platform, and build a 50 km-long gas pipeline to connect to an onshore processing station.

FINTECH-

SME-focused fintech firm Oliv secured Egypt’s first digital factoring license from the Financial Regulatory Authority. The move will see Oliv using the government’s e-invoicing infrastructure to bring a fresh product to the underserved SME financing market.

M&A-

CIRA Education’s majority shareholder Social Impact Capital earned the Financial Regulatory Authority’s green light to acquire up to an additional 48.78% of CIRA through a mandatory tender offer. SIC has offered to purchase some 284.3 mn of CIRA’s shares at EGP 15 a piece putting the transaction’s value at EGP 4.26 bn. SIC currently holds a 51.2% stake in the country’s leading private education company.

PHARMA-

Eva Pharma brings locally produced insulin glargine to market for the first time in Egypt, with a new production line that will see Egypt become a net exporter of the med. Eva Pharma’s production line is expected to move Egypt from importing 6 mn doses annually to exporting 74 mn doses.

WHAT’S HAPPENING NEXT WEEK-

The Central Bank’s Monetary Policy Committee will meet next Thursday to review rates. Despite the country’s most recent inflation data showing price rises falling to a nearly two-year low, most analysts are still confident that the central bank will keep rates steady for a sixth consecutive meeting.

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-

Syria once again dominated the conversation throughout the week, with the new post-Assad transitional government reaching out to foreign nations — particularly in the West — to ask for the nation to be brought back in the fold and long-standing economic sanctions dropped. The leader of the main opposition group and by extension de facto leader of the entire country has been at the forefront of these efforts, with Ahmed Al Sharaa — FKA Abu Mohammed Al Joalni — talking to foreign outlets to argue the case that his group Hayat Tahrir Al Sham, which was Al Qaida’s Syrian arm as recently as 2016, has changed and that it should no longer be listed as a terrorist organisation by the UN, EU, US, UK, and others. Some, including Secretary of State Antony Blinken, are hearing Al Sharaa out, with the US ready torecognize the group as Syria’s government if it creates an inclusive government that represents the people of Syria.

Despite Al Sharaa’s assurances that “we do not want any conflict whether with Israel or anyone else,” Israel continued to advance into Syria, further expanding its illegal occupation of the Golan Heights. Israeli Prime Minister Benjamin Netanyahu and his government also approved a plan to double the Israeli population in the occupied territory and ordered dozens of strikes up and down the country on Syrian military sites.

It was also a big week for the business press with the Fed’s build up to and eventual vote on interest rate cuts. The US Federal Reserve decided to cut interest rates for the third time in 2024 by 25 bps and analysts are now forecasting that the Fed will cut only twice again next year. The prospect of an uptick in inflation on the back of Trump’s proposed tariffs is also haunting fiscal policy makers, with the country’s path towards reaching its longer term goal of 2% inflation murky at best.

Also getting substantial ink was news that Japan’s Nissan and Honda are in talks over a potential merger, which could help the auto giants stay resilient in the face of increased competition from EV players. The two sides are expected to ink an MoU soon to officially kick off discussions of “partnership-broadening steps, including the details of a potential merger.” The news sent Nissan's shares soaring, rising as much as 24%, while Honda’s shares fell as much as 3.4%.

☀️ THE WEATHER THIS WEEKEND- It’s a cloudy weekend with chillier weather than this week. We’re expecting a high of 21°C today in the capital, with a low of 13°C tonight. The mercury will inch up on Saturday to reach 22°C in the capital, but will dip to a new low of 12°C.

☔ ON THE COAST- Expect to see continued rainfall along parts of the North Coast, as well as central Sinai, and the Delta, the Egyptian Meteorological Authority said.

OUT AND ABOUT-

HAPPENING THIS WEEKEND-

160 of Egypt’s most celebrated and promising artists. The 10th Edition of Cairo Art Fair is now open at TAM Gallery in Abu Rawwash and will continue till Friday, 31 January.

See Hakim and Ruby live in concert at the Open Air Mall Winter Festival. The concert will take place at Open Air Mall tonight starting 7pm. Tickets are available on Ticketsmarche.

Maryam and Nagham Saleh will delight the audience with an Ahmed Adaweyah tribute night in their new concert Goz Wala Fard at Nihad Saliha Theater. The performance takes place today, and tickets are available here.

Enjoy a music filled night with Cairo Symphony Orchestra and A Cappella Choir in Musica Vocalis III. The show will take place at the Main Hall of the Cairo Opera House tomorrow at 8pm. Tickets are available on Tazkarti.

El Maraya for Culture and Arts is hosting a panel discussion on five celebrated films by female directors: El Hawa Sultan, Al Shanab, El Fustan El Abyad, Meen Yisadda’, and Raf’at Einy Lil Sama. Featuring critics Arwa Taj El-Din, Amal Magdy, Aliaa Talaat, and Fatma Ragah, moderated by Norhan Emad El-Din, the event takes place tomorrow at 6:30pm.

Explore Cairo’s most artistic neighborhood with El Gezira Art Tour. Walk around and experience Zamalek in a whole new light tomorrow from 10am to 3:30pm. Register through the Google Form link on their Facebook event page.

HAPPENING NEXT WEEKEND-

Get in the festive spirit by building a gingerbread house. Hana Bakes is collaborating with Brunch and Cake for a Gingerbread House Making Workshop. Three workshops will take place starting Wednesday 25 December until Friday, 27 December — all at 8pm. Wednesday will be located at Brunch and Cake’s branch in Gold Central, Thursday at Park St. and Friday at Lakeview. Book your spot by messaging Hoogculture on Instagram.

Release the negativity with the Drum Circle Festival at Gusour Cultural Center on Thursday, 26 December. The circle is a unique experience where you play tabla or drums following an instructor while hanging out and connecting with the group. The event has two rounds, one at 6pm and another at 7pm. Tickets are available on site.

It’s that time of year again — The Nutcracker is returning to the opera. Celebrate the season with The Nutcracker Ballet, performed by the Cairo Opera Ballet Company and Orchestra. The performances will run from December 26 to December 31. Tickets are available on Tazakarti.

Party from dusk till dawn at Disco-Tech x Retrogroove. The party will take place on Thursday, 26 December at Cook's Club El Gouna featuring Disco-Tech residents Moenes, Jess, Mazen A, and Muze, retrogroove's residents Ralph Nasr and EJ, and guest DJs Akladios, Hermit, Maie and Joey. Grab your tickets on Ticketsmarche.

Egyptian rapper Afroto will be performing at ElMalahy on Friday, 27 December from 8pm. Tickets are available on Ticketsmarche.

Tablet El Sitt band is coming back with some more folklore but Christmas themed. The show will take place at Theatro Arkan on Friday, 27 December at 8pm. Tickets are available on Ticketsmarche.