Fashionably late

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WHAT WE’RE TRACKING TONIGHT

Egypt’s fifth IMF review is in the offing

Good afternoon, wonderful people. The news cycle is heating up, and coincidentally, so is the weather. Today’s issue includes a rundown of the looming fifth IMF review now on the horizon, and news of Apple’s new rollout model (which may take a toll on hardcore fans’ wallets).

THE BIG STORY TODAY

The IMF will soon be en route to discuss the fifth review of the country’s USD 8 bn extended fund facility, three government sources told EnterpriseAM. The preliminary mission from Fund is set to touch down in Egypt at some point this week to begin reviewing data ahead of a two-week visit from a full mission in preparation of a staff report later down the line.

We’re told that the Finance Ministry will present reports detailing reform progress, the draft budget for the upcoming fiscal year, and updated versions of the state's debt and tax policy documents. Once the mission reviews and analyzes the detailed data, a full IMF delegation will arrive to complete the review and issue its report on whether Egypt has passed the fifth review, which will be passed on to the IMF’s Executive Board for approval.

The government expects to unlock a USD 1.3 bn disbursement from the review. While no timeline has been confirmed yet, we can expect the next disbursement in June, one of the sources told us.

THE BIG STORY ABROAD

Israel approves plan to capture all of Gaza: Israel’s cabinet earlier today unanimously approved a plan to expand military operations in Gaza and seize the entire strip for an indefinite period. The plan would displace hundreds of thousands of Palestinians to southern Gaza and prevent Hamas from distributing humanitarian aid, worsening the humanitarian crisis that has escalated since Israel relaunched its war on the strip last month. The move comes hours after the Israeli military said it was calling up thousands of reservists to go deeper into Gaza. (Associated Press | Reuters | Bloomberg | Washington Post | Financial Times)

AND- Brent crude futures dropped 1.14% to USD 60.59 a barrel today after OPEC+ announced it would accelerate production hikes for a second month in a row, raising production by 411k bpd in June, Reuters reports. The move, led by Saudi Arabia, brings total supply hikes since April to 960 bpd — marking a 44% unwinding of the bloc’s cuts since 2022 — and comes amid a cloudy demand outlook. Analysts told Financial Times that the decision signals a strategic pivot by Riyadh towards reclaiming market share — even if it means a prolonged spell of lower prices.

☀️ TOMORROW’S WEATHER- Tomorrow marks the start of a week-long climb in temperatures in the capital, with the mercury set to peak at 32°C during the day and cool to 20°C at night, according to our favorite weather app.

Apple might be giving us more to bite into come 2026

New iPhone releases twice a year? You might want to rethink your budget. According to The Information, Apple might be giving us more to bite into come 2026. As EnterpriseAM reported last October, the Silicon Valley tech powerhouse is getting ready to steer away from their standardized fall release date for their iPhone line-up, and instead opting for a split release schedule.

Why the shift? With the upcoming 2025 iPhone line-up being an open secret — the iPhone 17 is set to feature a minor redesign to the Pro models and introduce a razor thin brand new iPhone Air — Apple is already working on the 2026 iPhone 18 models, and they’ve got ambitious plans. The Verge reports that 2026 will be the year Apple finally puts its flexible display patent to work, with the speculated release of a foldable iPhone — a device seemingly too advanced to manufacture alongside the complete existing line-up.

Mark your calendars for 4Q 2026… and 2Q 2027. If a Pro model is what rocks your boat, you won’t need to readjust your annual iPhone upgrade routine. Apple’s anticipated foldable iPhone — rumoured to have a book-style form alternating between a 5.7 inch display and an 8 inch display — will likely launch alongside the Pro models and the to-be-introduced Air model in 4Q 2026. But the base iPhone 18 and a budget-friendly follow-up to the recently released iPhone 16E are expected to follow in 2Q 2027.

This isn’t the first time Apple has done this. Since the launch of the first gen iPhone in 2007, Apple has more or less committed to a stable release timeline, spanning late 3Q to early 4Q. In 2016, Apple began releasing its budget-friendly iPhones in 2Q each year, with its successors sticking to the same schedule, and the most recent edition — the 16E — getting its flowers mid-1Q of this year.

Is this the beginning of the end for the non-Pro iPhone? iPhone sales have been on a downturn, as most recently evidenced by the iPhone 16, which debuted with 12% lower sales than 2023’s iPhone 15 — which might explain why the standard model has been pushed aside in favour of its Pro counterparts.

A tale of two countries? Apple’s upcoming split-release schedule is set to streamline its manufacturing process, making the production of a six iPhone line-up more manageable. But it's difficult to ignore the elephant in the room — Trump’s tariffs. According to Reuters, iPhone production will be split up between India and China, with US-bound iPhones planned to be manufactured in India by 2026 to navigate higher tariffs in China. It is possible then that this is an influencing factor behind the decision to introduce a split-release schedule.

Is upgrading simply not on the horizon for you? Here’s how to give your current iPhone a new lease on life.

Self improvement should be intentional, not just mindful

?On Purpose with Jay Shetty is the guide to enhancing your introspection time. British author, life coach, and social media celebrity Jay Shetty brings his wisdom on self-improvement and mindfulness to the mic, inspired by his time spent as a monk — yes, you read that right — which comes through in his warm, empathetic and motivational delivery.

Featuring the most unique and widest range of guests: One ear-capturing aspect about On Purpose is its impressive roster and variety of guests. The interviews he conducts every episode offer listeners insights and perspectives into public figures' lives that they may not have otherwise been privy to, including how they set routines, their takes on mental health, physical health, relationships, and more philosophical subjects.

Realistic and actionable advice is on the table. A frustrating aspect of mental health and self-help content is that at times, the tips and advice that is given feel more of a chore than a habit you can adopt. In On Purpose, Shetty makes a point of sharing practical and realistic tips that aren’t too overwhelming or overarching, that listeners can integrate into their routines.

WHERE TO LISTEN- You can find On Purpose on Apple Podcasts, Spotify and Anghami.

Zamalek on a mission to join the title race

⚽ Zamalek will be facing National Bank in the fourth round of the Egyptian Premier League championship round tonight at 8pm. The White Knights are walking onto the pitch tonight with 39 points, putting them in third on the leaderboard, and are desperate to bounce back after a goalless draw against Al Masry in hopes of qualifying for the CAF Champions League next season.

Matchweek 35 of the Premier League wraps up with Crystal Palace and Nottingham Forest going head to head at Selhurst Park Stadium at 10pm tonight. Both sides will be looking to finish strong in the last stretch of the season.

In the Bel Paese: AC Milan will be facing Genoa at the Luigi Ferraris Stadium tonight at 9:45pm for Matchday 35 of Serie A.

En España: The embattled Girona will be hosting Real Mallorca for the final whistle of La Liga’s Matchday 34 tonight at 10pm.

Cairokee at the Cairo International Stadium

MARK YOUR CALENDAR-

The Cairokee Empire rises once more, this time at the Cairo International Stadium. On Saturday, 28 June, the band promises over a decade’s worth of iconic music at the largest venue in Africa. You can grab your tickets through Tazkarti.

HAPPENING THIS WEEK-

An evening of international classical music at the Royal Philharmonic Orchestra’s concert — led by Swiss maestro Lena-Lisa Wüstendörfer and Egyptian maestro Ahmed El-Saedi, alongside businessman Samih Sawiris on the piano. The concert will be held on the Grand Theater stage at the Cairo Opera House on Wednesday, 7 May at 8pm. All proceeds will be donated to support refugees from Gaza in Egypt. Tickets available on Tazkarti.

The RiseUp Summit returns once again, starting this Thursday, 8 May through Saturday, 10 May at the Grand Egyptian Museum, bringing together investors, leaders, entrepreneurs, and promising startups in Egypt and the Arab region. You can grab your tickets from Ticketsmarché.

Cairo Photo Week returns under the banner of Finding the View, featuring over 14 exhibitions, lectures, workshops, and networking meetups. This year’s festival is taking place from Thursday, 8 May to Sunday, 18 May Downtown and in the Cairo Design District at District 5. You can access all the exhibitions without a paid ticket, but talks and panels require either a day access or a full festival ticket and accept walk-ins. Workshops require advance registration. You can grab your passes from Ticketsmarché.

Calling all coffee enthusiasts: The Egypt Coffee Festival is bringing caffeine laymen and experts together for a full day of java-themed activities, competitions, and discussions. The event will kick off at 9am on Saturday, 10 May at Kamelizer in District 5. You can grab your tickets through Ticketsmarché.

HAPPENING LATER-

Hiba Tawaji and musical director Oussama Rahbani are touching down in Cairo after shows in Toronto, London, and Paris, for an unforgettable night of breathtaking music at Hyde Park New Cairo on Thursday, 15 May. You can grab tickets on Tazkarti.

The French Embassy in Cairo is hosting an art show to support street children and vulnerable women in Cairo. The Printe mps des Artistes exhibition will feature contemporary art, and will be held at Villa M by Marakez in Zamalek on Friday, 16 May and Saturday, 17 May.

It seems German DJ and Record Producer Adam Port couldn’t get enough of Egypt. Bringing the beats to the New Administrative Capital’s Green River on Friday, 30 May, Port will once more turn it up with his signature house beats, sprinkled with a musical dash of jazz and soul. Tickets are available through Ticketsmarché.

What the markets are doing on 5 May 2025

The EGX30 fell 0.4% at today’s close on turnover of EGP 4.7 bn (4.4% above the 90-day average). International investors were the sole net buyers The index is up 8.3% YTD.

In the green: Ibnsina Pharma (+4.1%), Oriental Weavers (+3.5%), and Alexandria Container and Cargo Handling (+2.0%).

In the red: Mopco (-6.8%), Egyptalum (-3.4%), and Eastern Company (-2.7%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

MAY

7 May (Wednesday): The Royal Philharmonic Orchestra concert featuring Samih Sawiris.

8-10 May (Thursday-Saturday): RiseUp Summit.

8-18 May (Thursday-Sunday): Cairo Photo Week in Downtown Cairo and District 5.

9 April (Friday): The Grand Show: Omar Khairat at Qubba Palace.

10 May (Saturday): Egypt Coffee Festival at Kamelizer.

16 May (Friday): Angham at the Cairo Opera House.

21-31 May (Wednesday-Saturday): Disney On Ice at Cairo International Stadium.

23 May (Friday): Project Meem at Cairo Festival City.

30 May (Friday): Adam Port at the New Administrative Capital’s Green River.

JUNE

28 June (Saturday): Cairokee Empire concert at Cairo International Stadium.

OCTOBER

16-24 October (Thursday-Friday): Gouna Film Festival.

30 October - 22 November (Thursday-Saturday): Forever is Now at the Great Pyramids of Giza.

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