Unbreaking the bank

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THE WEEK IN REVIEW

The Central Bank of Egypt cuts interest rates by 200 bps

Good morning, friends, and happy weekend. We’re being treated to cooler-than-usual weather this weekend, and to that we say: thank you, August, and see you next year.

Speaking of next year, how about you take some time to plan out your finances this weekend? In this week’s edition of the Enterprise Guide, we’re taking a look at ways you can save, budget, and plan ahead.

?️ LAST WEEK IN 3 MINS-

ECONOMY-

#1- The Central Bank of Egypt cut interest rates by 200 bps in its Monetary Policy Committee meeting yesterday. The bank attributed its decision to signs of economic recovery, stable inflation expectations, and continued monetary easing by both advanced and emerging market central banks.

The move was widely expected as the vast majority of analysts surveyed by EnterpriseAM ahead of the meeting had penciled in a cut of between 100 and 300 bps.

Where rates currently stand: The overnight deposit rate currently stands at 22.00%, the overnight lending rate at 23.00%, and the main operation and disc. rates at 22.50%.

#2- Remittances from Egyptians abroad posted a record high of USD 36.5 bn in FY 2024-2025, climbing 66.2% y-o-y, according to a statement from the Central Bank of Egypt. Remittances jumped 34.2% y-o-y during the last quarter of the fiscal year to hit USD 10.0 bn.

TAX-

The Finance Ministry has been meeting with contractors and real estate developers to finalize the executive regulations for the latest VAT amendments. The meetings addressed several key issues, including the interconnection of the e-invoicing system, the awarding entities, and the tax calculation method for projects that were awarded before the VAT amendments passed or those still under construction.

INVESTMENT WATCH-

China’s Everfar Textile Egypt is investing USD 130 mn to set up a textile andready-made garments facility at the Qantara West Industrial Zone. The project aims to produce over 7.5 mn tons of processed fabrics, more than 20 mn meters of garment fabrics, 3.6 mn ready-made garments, and large quantities of garment accessories annually. All output will be exported, with the factory expected to create more than 3.2k jobs.

ALSO- Turkish textile manufacturer Nil Örme will establish a USD 35 mn textile and garment manufacturing project in the Qantara West Industrial Zone.

MOVES-

A new face at the helm of the EGX: Prime Minister Moustafa Madbouly has appointed Islam Azzam as chairman of the Egyptian Exchange for a one-year term, according to a statement from the bourse. Azzam succeeds Ahmed El Sheikh, who has served as chairman since 2023.

In the fourth issue of our Destination Sahel series, we're bringing you the latest updates on New Alamein City and a look at the best investments in Sahel today. We also investigate the growing issue of beach erosion and its impact on our shores.

Look for Destination Sahel, Issue IV, in your inbox on Wednesday, 3 September.

Missed the first three issues? Tap here to read the full series.

? AROUND THE WORLD IN SEVEN DAYS-

US President Donald Trump’s hefty 50% tariffs on imports from India are now in effect. The punitive 25% tariffs, dealt to India over its purchases of discounted Russian oil, add to an existing 25% already in effect since earlier this month. This brings the total tariffs to 50%, putting them among the highest ever charged by the US — and on par with the tariffs on Brazil and China. The move risks significant damage to India's economy and global supply chains.

Trump’s feud with the Fed continues: Ousted governor Lisa Cook said she will not accept President Trump’s decision to fire her from the board. Cook is filing a lawsuit against the decision, the first of its kind in the independent institution’s history, with her lawyer arguing the alleged “deceitful and potential criminal conduct,” as Trump put it in his posts, has no basis in facts or law. Trump said he has a list of replacement candidates ready, and he is looking forward to having “a majority very shortly” on the Fed’s board.

OVER IN THE BUSINESS PRESS- A new coffee giant is coming: US-based Keurig Dr Pepper is taking over JDE Peet for USD 18 bn, in what is set to be the largest M&A transaction in Europe in more than two years.

China’s Evergrande — once the biggest real estate firm in the country — saw its shares delisted from the Hong Kong stock exchange early Monday. The giant developer, which was valued at USD 51 bn at its peak in 2018, was crushed under a pile of USD 300 bn in liabilities amid a wider property crisis that started in 2021 and saw homebuyers and investors incur hefty losses.

CLOSER TO HOME- Famine declared in Gaza: The Integrated Food Security Phase Classification (IPC), the world's leading hunger monitor, has declared that a quarter of the enclave’s population of 2 mn are suffering from famine, accusing Israel of the "systematic obstruction" of food supplies.

Two back-to-back Israeli strikes on Nasser Hospital in Southern Gaza killed at least 20 people on Monday, including rescue workers and five journalists. Among the killed were Mariam Dagga, a visual journalist for the Associated Press, as well as Reuters contract photographer Hussam al-Masri, Al Jazeera cameraman Mohammed Salama, and freelance reporters Moaz Abu Taha and Ahmed Abu Aziz.

OVER AT THE WHITE HOUSE- US and Israeli officials met to discuss “post-war Gaza,” with President Trump set to chair a separate meeting for a “comprehensive plan” for the next day, US envoy Steve Witkoff said. The meetings come amid a stall in negotiations and an imminent planned evacuation of Gaza City that is expected to compound the humanitarian situation and famine in the strip.

IN TECH- The US government snapped up a 10% stake in chipmaker Intel for USD 8.9 bn by converting government grants into equity. The transaction came at a discounted share price, and was preceded by White House demands for CEO Lip-Bu Tan to resign over his ties to Chinese firms.

ALSO- Meta and Google have struck a USD 10 bn cloud computing agreement that will see the Facebook owner use Google Cloud's servers, storage, networking and other services as it looks to bring online more AI services.

☀️ THE WEATHER THIS WEEKEND-

We’re in for a cool weekend, with temperatures in Cairo set to peak at just 34°C over the weekend, before cooling down to 23°C. It’s even cooler up north, with a high of 28°C and a low of 25°C, according to our favorite weather app.

?️HAPPENING THIS WEEKEND-

Tul8te to wrap up the New Alamein Festival tonight. Enjoy an unforgettable night of his captivating pop melodies at U Arena. The beloved Cairokee are also making an appearance alongside Tul8te. Tickets are available on Tazkarti.

Calling all Wegz superfans: The chart-topper is launching his newest album at Kiki’s Sage in Hacienda Heneish. Don’t miss out on this special live performance from the rap artist tonight. Book your tickets on Kiki’s Sage’s website.

Missing One Direction? El Sawy Culturewheel is hosting a One Direction tribute night tonight. Book your tickets through El Sawy Culturewheel’s website.

Up for some heavy drama? Rawabet Art Space is hosting the play Never Again tonight. Get yourself in the mood for an emotion-packed performance and book your tickets through Ticketsmarché.

Solomun is ending the Sahel season with one heck of a bang. Tonight, the Bosnian-German DJ will be headlining the season’s closing party at D-Bay. A global deep house and techno icon, Solomun is going to make sure Sahel 2025 will be a tough act to follow. You can get your tickets from Ticket Egypt.

Nancy Ajram and Hamaki are hitting the stage tomorrow at the Address Beach Resort. The duo will be performing back to back as part of the Layali Marassi festival. Tickets can be purchased through Ticketsmarché.

Roll up your sleeves and get creative with Dahlia El Nile’s Alfakhoura pottery workshop at Cairo Jazz Club 610 tomorrow afternoon. You can reserve your spot through CJC’s website.

?️HAPPENING NEXT WEEKEND-

Calling all aspiring opera singers: Soprano Amira Selim is holding a singing masterclass at Khayal Arts and Music Academy from Monday, 1 September to Sunday, 7 September.

We’re in for another operatic night with Medhat Saleh led by Maestro Amro Selim alongside a performance by Mai Farouk at Marassi’s Address Beach Resort. Don’t miss it on Saturday, 6 September and get your tickets through Ticketsmarché.

A beginner’s guide to budgeting like a pro

? Do you often find yourself stretched thin for the month? Well, you’re not alone. Managing your finances is a lot like sticking to a healthy diet, sounds easy in concept, not so much in execution. Yet, over time, it gets easier once you realize that the “diet” is serving you well.

In this edition of The Enterprise Guide, we’re diving into the basics of financial planning, including how to prioritize, map out your spending, create budgets, and more.

REIN IT IN-

Do you find yourself constantly able to make the right financial decisions at the right times? That’s good news. When you spend your income wisely and without excess, you’re in control of your money, not the other way around. With everything and anything constantly being promoted as your next best purchase, it can get difficult to rein yourself in.

Why? FOMO. Social pressure can have us spending our bucks on things we don’t actually need — uhm, Labubus. The momentary adrenaline rush that comes with clicking “complete order” might just be what we’re after when we’re spending. Yet overspending looms just around the corner. If you’re not careful, you might find yourself drowning in credit card debt or unable to catch up to your BNPL payments. If any of that rings a bell, it’s time to exercise some control over your finances.

SET YOUR BUDGETS-

First things first, to take control, you must set clear and specific budgets. These budgets should include all sources of income and all types of expenses. Start by identifying direct income sources such as your salary, as well as any passive income sources such as CD interests or rental income. Next, make a list clearly defining all your expenses, and categorize those into fixed (bills, installments, and household expenses), and variables (leisure spending… and the occasional Labubu).

Track it all down. Write down every EGP spent, no matter the amount. In doing so, you’ll get a clear picture of where your money is going. Often, people assume that dining out is what’s making a dent, but the truth might surprise you.

Debts, debts, and debts. Pay your debts on time, whether they’re credit card bills, loans, or other obligations. Avoiding accumulating interest helps more than you might think. When planning your budget, you should always set aside money for debts first to avoid unpleasant surprises. It’s also recommended to avoid using credit cards for non-essential expenses if paying them on time isn’t an option.

?PRO TIP: Always check the points system your bank offers for your credit card. Reward programs can give you discounts and cashback that can be used to pay off part of your balance. These points expire, however, so make sure you always have an eye on them.

SAVING IS YOUR BEST FRIEND-

#1- Set a savings goal: It’s easy to lose your way if you don’t. Identify a goal you’d like to work towards, that can be a new apartment, car, a big trip, or even early retirement.

?PRO TIP: Start your savings with an emergency fund. Put aside enough money to cover basic expenses for at least three months to fall back on in case of any sudden unexpected emergencies. This, above all else, should be your top priority.

#2- Save smart: When choosing a savings account, opt for one that offers the highest return — rates tend to get lost in the fine print, so put your good glasses on. Done right, a savings account with good interest rates will give you a helping hand, even if said help is modest. Banks offer a variety of savings account with different return calculations — monthly, semi-annually, annually, and even daily. The most important thing? Don’t spend what you put in your savings, and no excuses.

?PRO TIP: The Thndr app offers a savings feature with competitive annual returns through its Sharia-compliant Clouds feature. The feature allows app users to transfer their investments from an investment wallet to a savings wallet.

BUDGETING APPS TO CHECK OUT-

Need a helping hand? There are a number of apps that can help you manage your income, expenses, and planning. These are our recommendations:

#1- Spendee: With a simple and clear UI, Spendee allows you to set a budget at the beginning of the month and divide it into categories. You can also add expenses and assign them to a specific category. The app also provides an infographic that tracks changes in your spending and income. The app is available at no cost, with the plus version available for USD 2 per month or USD 15 annually. The premium version will set you back USD 6 per month, or USD 36 annually. (App Store | Google Play)

#2- Goodbudget: The app helps you track your income using an “envelope” model, where you set a budget for each goal in a separate virtual envelope, making sticking to your budget and tracking your expenses easier. The unpaid version provides up to 10 separate envelopes, making it suitable for family members tracking their expenses together. You can also subscribe to the premium version for USD 10 per month or USD 80 annually — though if you ask us, the unpaid version works just fine. (App Store | Google Play)

#3- Money Manager: Love organized data? You’ll love Money Manager. Once you input your income and expenses, the app quickly converts everything into charts and diagrams, placing them onto your monthly calendar. You can also easily export all the data to an excel spreadsheet. An ad-supported version of the app is available, with the premium version coming at a price tag of USD 2.5 per month, or USD 20 annually. (App Store | Google Play)

#4- Buddy: Similar to the apps mentioned above, Buddy does everything from tracking salaries and expenses to displaying them in charts. What sets it apart, however, is the ability to share a budget with others through the Budget Together feature. The unpaid version works just fine, but the premium version offers a more customized experience, with prices starting at USD 5 per month, USD 35 annually, or USD 100 for a lifetime subscription. (App Store)

#5- Fudget: The app offers daily, weekly, and monthly budget planning features with a simple, uncomplicated interface. It also provides charts for your data, but its unpaid version is limited, especially when compared to the other apps mentioned above. To get features like organizing your budget by different categories or exporting data to Excel, you’ll need to subscribe to the premium package, which starts at USD 2.5 per month, USD 13 for six months, or USD 20 for a year. (App Store | Google Play)

DON’T UNDERESTIMATE AI-

AI chatbots can work wonders when it comes to helping you with finances. The trick? Knowing how to ask the right questions.

#1- Provide the right information: Whether you’re looking to set down a daily, monthly, or yearly budget, you’ll need to give your LLM of choice some basic information about your salary, expenses, and your goals, along with any debts you need to pay off. Ask it to create a spending plan that will help you save.

#2- ELI5: You can ask your chatbot to create tables, excel files, or other infographics which you can then easily export. Need an explainer? AI is a great tool for simple financial analyses, which can aid in your financial decision making.

#3- Find the right ready-made template: A quick online search can land you a number of ready-made templates for charts and budgets to track your spending. Platforms like Notion, Canva, and Smartsheet offer a variety of these templates, with some at no cost. More advanced versions are available if you’re super serious about tracking your expenses down to a T.

BLOCK OUT THE FOMO-

We’re creatures of influence, and social media is engineered to influence. While it may sound silly, what you consume truly can impact your spending. Following an influencer dropping haul videos on the daily? You might want to unfollow. Content that promotes reckless spending and overconsumption might be impacting you more than you realize.

Need a financial role model? Many creators dedicate their platforms to raising awareness about toxic shopping habits, increasing financial literacy, and advocating for a more minimalist approach to life.

Darwish: a hero by accident

? A con man turned hero: In Darwish, written by Wissam Sabri (who penned the 2022 film Shekko) and directed by Walid El Halafawi (director of Wesh x Wesh), audiences are transported to the 1940s, a time when Egypt remained under British occupation. We’re introduced to a young man whose life is turned upside down by a stroke of luck, making him a folk hero beloved by the public.

The plot: Darwish (Amr Youssef) is a con man and manipulator who plots a heist with his showgirl girlfriend Zebayda (Dina El Sherbiny), and his two friends, Adly (Moustafa Ghareeb) and Rushdy (Ahmed Abdel Wahab). The crew successfully steal a priceless jewel from an Indian maharajah. They soon, however, fall out as suspicion and betrayal begin to brew within their dynamic, and Darwish finds himself pursued by the police.

Just another con man. Fleeing from the police, Darwish seeks refuge in the midst of a protest. There, he finds himself inadvertently involved in the killing of a British colonel after the actual killer (Hisham Maged) makes a run for it. Darwish is arrested, and finds himself hailed as a hero and has his name chanted by the crowds. Newspapers cover his “heroic” deeds, while Darwish tries to explain to the police that he had nothing to do with the murder, citing the fact that he’s just another lowly con man. It doesn’t work, and he soon finds himself handed a death sentence, but a commando organization comes to his rescue, altering the course of his life.

It’s an intriguing plot — and an enjoyable one. We were particularly impressed with how the filmmakers tackled a character like Darwish, veering from traditional storylines. At the end of the day, this is a young man isolated from the sociopolitics shaping his country. He doesn’t care about the occupation, only his own interests. Naturally, it wouldn’t be logical for a character like that to suddenly become a hero and activist, which the filmmakers promptly avoided, resulting in a character that felt real.

That said, some other character arcs felt incomplete. We expected stars such as Hisham Maged to have a more prominent role in the film, yet didn’t. And while it’s easy to spot a few plot holes here and there, the movie was generally enjoyable thanks to its well-paced events and commendable cinematography. All in all, it’s a pleasant watch that explores a particular period of Egyptian history in a way that blends reality with fictional comedy.

WHERE TO WATCH: You can catch Darwish at Vox Cinemas in City Center Almaza, Mall of Egypt, and Mall of Alexandria. The film is also screening at City Stars Cinema, CFCM and District 5’s Scene Cinemas, Cima Arkan, and P90 Cinema. Catch the trailer on YouTube (runtime: 1:50).

Revisiting Nawal El Saadawi’s Woman at Point Zero

? A hallmark of Egyptian author and activist Nawal El Saadawi’s literary oeuvre, Woman at Point Zero, first published in Arabic in 1975, is a daring work of fiction that remains powerful — and powerfully controversial — 50 years later. In just under 100 pages, El Saadawi provides an in-depth analysis of 20th century Egyptian society, exploring its upper classes all the way to its lowest through the first-person testimony of her main character: Firdaus.

A premise that, at the time, was almost unthinkable, Woman at Point Zero follows an Egyptian woman on death row, interviewed by a psychiatrist on the eve of her execution. Firdaus is condemned to die for murdering a pimp. Yet, how did she get there? For Firdaus, life started rather simply — calm in the countryside. The years would not see that last. The young Firdaws is soon sent to live with her uncle, who molests her. Eventually escaping, she finds herself entangled in a web of events that would lead to her working as an escort.

In working as an escort, Firdaus finds power. Having spent her life under the mercy of others, the protagonist comes by a dangerous truth: through her body, she can control her own narrative, and thus regain a morsel of power to lift herself from the darkness life had thrown her into, and attempt — if eventually futile — to carve a path toward freedom. Firdaus begins climbing up the ranks of society, eventually emulating the mannerisms and appearances of upper class Egyptian women. As she grows older, she attempts to assimilate into traditional society, securing an office job and attempting to leave her past behind. Alas, she soon finds herself back in square one.

“It does not matter if this story is true or made up, or a bit of both.” El Saadawi’s novel is not all fiction, being based on a real life encounter between the author herself and an inmate in the Qanatir prison in 1974, yet fictionalized to maintain anonymity. Woman at Point Zero isn’t a novel that promotes life as an escort, it’s a novel that details the oppression myriad women from a certain echelon in Egyptian society suffer from, and the breaking points that lead to paths begrudgingly trodden. It offers an acute dissection of that era’s sociopolitical landscape, and uncovers truths that remain relevant to this day.

It’s a visually immersive read, and Sherif Hetata’s English translation does not take away from El Saadawi’s tone. Though short in length, El Saadawi fills her passages with timely metaphors, quick-witted insights, and scenes that do not shy away from the risqué. It’s a novel that was well ahead of its time, unapologetically exploring oppression, freedom, and agency. There is a feeling of being watched that El Saadawi emphasizes across the novel’s length, making for a necessarily uncomfortable reading experience.

WHERE TO GET IT: You can find a paperback copy of Woman at Point Zero at Diwan, and get the ebook from Amazon.

Picnic with none of the prep at Maadi’s KMT

?Cool weekends call for outdoor fun, and you can’t have fun on an empty stomach. Not sure where to go for a nice dinner out in the open? We’d suggest heading over to KMT House’s KMT Tables. Surrounded by lush greenery, plenty of breeze, and a menu that doesn’t overwhelm yet still caters to all palates, this serene Maadi spot checks all the boxes.

Picnic without the prep: With an outdoor seating arrangement complete with park benches and the occasional friendly kitten, KMT Tables serves up a picnic experience that saves you all the picnic troubles. Just show up, grab a paperback, and treat yourself to a carrot cake or a brisket — the menu has a little bit of everything.

With an international menu complete with everything from burgers and salads to eggplant fattahs and pastas, we were spoiled for choice. We opted to try the eggplant fattah after hearing some raving reviews, as well as the KMT burger and the chicken pesto pasta. A few bites in, and we found ourselves parroting the overwhelmingly positive reviews we’d heard of the fattah, which was both incredibly flavorful and filling. The burger proved quite the solid option as well, with the pasta not far behind. What sets the restaurant apart, however, is definitely its setting, which offers a much-needed escape from the streets of Cairo.

Prefer going out in the mornings? You’ll find breakfast at KMT as well. On a later visit, we went for the buttermilk pancakes and a shakshouka skillet. While the pancakes checked all the boxes, the same unfortunately cannot be said about the shakshouka. While it looked heavenly, the eggs were slightly overcooked, and the dish felt somehow disjointed. That, however, may just be a one-off incident, as we’ve heard the shakshouka tends to be a best seller.

KMT offers more than just food. The destination is perfect for gathering with loved ones, finding some downtime in a garden, or even hunting for your next wellness retreat. The house offers a slew of wellness workshops, yoga classes, and other holistic activities — just don’t forget to recharge with a hearty meal.

WHERE TO FIND KMT TABLES: You’ll find KMT Tables at KMT House in Street 15, Maadi.

? Per person: EGP 700-800

? Outdoor seating: Yes

? Alcohol: No

? Accessibility friendly: Yes

Stay pop culture fluent with FluentlyForward

? Hosted by Shannon McNamara, FluentlyForward is a podcast that takes you down pop culture rabbit holes and gripping conspiracy theories. As the name suggests, its episodes cover everything trending about celebrities, social figures, and internet debates. If you can’t help but be curious about major viral moments and their broader contexts, FluentlyForward will help you stay fluently forward.

McNamara doesn’t just discuss the latest celebrity news, she digs deep for stories and details one can only get from being too online. Her background in sociology brings interesting insights into celebrity behaviors, speculating about their personal lives and ties in the industry from anonymous blind items. Hours of research help her construct compelling stories about Hollywood’s mysteries, blending various lenses of analysis and historical tidbits.

Her humor and pop culture-savvy references make for engaging episodes that, despite mostly being one hour long, fly by. Some episodes are part of a mini-series called Fluently Fixing, where the host explores how to fix a celebrity’s career and reach the potential she — and others — think they have. Other episodes mix politics with celebrity gossip, and others entail topics of wellbeing and lifestyle advice to her listeners.

One of her most engrossing episodes follows Jeffrey Epstein, the infamous figure and b’naire, and his suspected involvement in a blackmail intelligence agency practice called “honeytrapping.” The episode covers the history of the practice, originating from espionage endeavors during wars and political scandals. Epstein’s obscure affairs and mysteriously powerful political connections have led to many theories of ties to intelligence agencies. The theories point to him working for the Israeli spy agency Mossad and using his involvement in the trafficking of young girls to blackmail politicians.

FluentlyForward is definitely an entertainment podcast to add to your listening mix. It’s a safe space for conspiracy theorists and those with a passion for speculative gossip. It’s lighthearted but also keeps you on the edge of your seat with its wide-ranging themes that will leave you with a lot of food for thought.

THE ENTERPRISE ENTERTAINMENT CALENDAR

? AUGUST

29 August (Friday): Marwan Moussa album launch at Solaya Beach

29 August (Friday): One Direction tribute night at El Sawy CultureWheel.

29 August (Friday): Solomun at D-Bay.

29 August (Friday): Wegz album launch at Kiki’s Sage.

29 August (Friday): Tul8te at U Arena.

29 August (Friday): Cairokee at U Arena.

30 August (Saturday): Nancy Ajram and Hamaki at The Address Beach Resort.

SEPTEMBER

1-7 (Monday - Sunday): Amira Selim singing masterclass at Khayal Arts and Music Academy.

3 September (Wednesday): John Achkar at Arkan Theatre.

4 September (Thursday): Al Mawlid Al Nabawi.

6 September (Saturday): Medhat Saleh at The Address Beach Resort.

10 September (Wednesday): George Wassuf tribute night at Madinaty’s Boom Room.

13 September (Saturday): Wael Gassar and Reham Abdelhakim at The Address Beach Resort.

18 September (Thursday): Ragheb Allama at The Address Beach Resort.

19 September (Friday): Tamer Ashour at The Address Beach Resort.

20 September (Saturday): Assala and Ahmed Saad at The Address Beach Resort.

OCTOBER

6 October (Monday): Armed forces day.

7 October (Tuesday): Enterprise Egypt Forum 2025.

10 October (Friday): Anyma at The Great Pyramids.

15 October (Wednesday): Scorpions concert at New Capital.

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

NOVEMBER

11 November - 7 December (Tuesday - Sunday): Forever is Now at the Great Pyramids of Giza.

DECEMBER

19 December (Friday): DJ Tiësto at the Giza Plateau.

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