The secret to staying warm

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THE WEEK IN REVIEW

Gov’t to add 13 new companies to privatization program

? Good morning, friends, and congratulations on making it to the weekend. It’s been a relatively calm week, with few but pivotal stories making the rounds. With the first workweek of 2026 now over, we hope this weekend gives you ample time to wind down and treat yourself — speaking of which…

Craving a warm, sweet treat? You’re exactly where you should be. For this week’s edition of The Enterprise Guide, we’re listing our favorite warm winter treats and where to find them — you’re welcome.

?️ LAST WEEK IN 3 MINS-

PRIVATIZATION WATCH-

The Madbouly Government is kicking off the year with a plan to add 13 new companies to its privatization program. The plan also includes a selldown of stakes owned by state-owned banks in government-related companies and taking other companies public.

ECONOMY-

#1- The EGP closed 2025 on a high note, having appreciated 6.7% for the year against the greenback. Driven by a record-breaking surge in remittances, surging tourism, and improving exports, the EGP is widely projected to strengthen further in 2026 as the nation moves from a “vicious cycle” of devaluation to a “virtuous cycle” of upgrades.

#2- Debt service costs are neutralizing a surge in state tax collection, with interest payments jumping 45.2% y-o-y to EGP 1.06 tn in the first five months of FY 2025-26. These payments accounted for the lion’s share of public spending between July and November, effectively consuming over 96% of the state’s total budget revenues during the period.

#3- The Finance Ministry unveiled its 2026–2030 medium-term strategy, focusing on curbing public debt and encouraging private sector growth. The strategy pivots away from emergency fiscal management toward a period of consolidation and “balanced” growth.

TAX-

The Finance Ministry is weighing a one-to-two-year extension of the property tax exemption for some 20 manufacturing sectors. The current grace period, where the state foots the EGP 3.3 bn annual tax bill for manufacturers, is set to expire this month;

IPO WATCH-

Our favourite supermarket chain and food producer Gourmet is getting ready to go public. The company has submitted a request to the Financial Regulatory Authority (FRA) to IPO on the EGX.

ENERGY-

#1- Egypt is set to reduce its contracted LNG shipments for January from commercial suppliers by over 50% — down to six or seven shipments — compared to 14 to 16 shipments in January of last year. This move comes amid sufficient strategic reserves and a dip in domestic demand thanks to cooler temperatures this winter.

#2- Egypt’s bid to position itself as the premier energy hub in the eastern Mediterranean got another boost earlier this week on the Levant side of the equation as the Oil Ministry signed two MoUs to help fuel Syria’s reconstruction with the supply of natural gas and petroleum products.

NBFI-

EGX-listed fintech player Valu plans to kick off operations in Jordan this quarter after lining up final approval from the Central Bank of Jordan (CBJ). It will launch operations in Jordan under a specialized finance license that allows it to deliver a range of financing solutions.

? AROUND THE WORLD IN SEVEN DAYS-

It’s been a busy week in the global press, with all eyes on the situation in Venezuela:

Trump issued a warning to Venezuela’s current de facto leader, Delcy Rodríguez, of a “big price” to pay if she does not comply with the conditions the US has set in order for the country to avoid any further attacks by the US. Those include: That the oil industry be “run for the benefit of the people”; an end to drug trafficking and “gang problems”; as well as the removal of Colombian militant groups.

The chatter about the kidnapping of Venezuelan President Nicolás Maduro then shifted to the US’ energy agenda and what it stands to gain from the move and from dictating policy in the country. US President Donald Trump clearly thinks there’s plenty to gain — saying there’s a “tremendous amount of wealth” up for grabs for American oil firms in Venezuela.

…and grab the US did. Oil tankers moved from the US towards Venezuela to begin loading stranded Venezuelan oil after US President Donald Trump said Venezuela will hand over some 30-50 mn barrels of oil to the US. The sale of the cargoes could be worth around USD 3 bn at current prices.

AND- The White House is now saying that military force is on the table in its bid to “acquire” Greenland. “President Trump has made it well known that acquiring Greenland is a national security priority of the United States, and it’s vital to deter our adversaries in the Arctic region,” White House press secretary Karoline Leavitt said.

IN THE BUSINESS PRESS- Nvidia CEO Jensen Huang said the company’s new generation of chips, Rubin, are now in full production. The chips can deliver up to five times the AI computing strength of its predecessor, Blackwell. Huang also touted other software the firm is working on, including networking switches that can link several machines as one, and self-driving car software. (Reuters)

CLOSER TO HOME- Saudi Arabia has fully opened up its capital markets to foreign investors in a move set to bring in more liquidity ahead of a deep 2026 IPO pipeline. (Reuters)

ALSO- Clashes between civilians and police in Iran amid a wave of protests that took the country by storm as of last week have left 29 dead and more than 1.2k people arrested. (Bloomberg)

☀️ THE WEATHER THIS WEEKEND-

We’re in for a particularly cool weekend in Cairo. Temperatures on Friday are set to peak at just 20°C, before cooling down to 12°C. It’s more of the same on Saturday, with a high of 21°C and a low of 13°C, according to our favorite weather app.

? HAPPENING THIS WEEKEND-

Catch Tamer Ashour live at the Hilton Cairo Grand Nile theater tonight for a packed performance of his biggest hits. You can book your tickets on Ticketsmarché.

Laugh your way into the new year with comedian Alaa Abu Diab at CJC 610 tomorrow for a night of sharp, quick-witted standup. You can book your tickets on Ticketsmarché.

? HAPPENING NEXT WEEKEND-

Open Air Mall’s Winter Music Festival returns with a live performance from icon Tamer Hosny on Thursday, 15 January — promising a memorable night of his biggest hits. Tickets are available on Ticketsmarché.

Amr Diab is coming in fresh for the new year with a concert at Al Manara Arena on Friday, 16 January. You can book your tickets now on Ticketsmarché.

A warm guide to winter’s sweetest treats

☕ Come Egyptian winters, the unyielding need for warmth follows — it’s just the law of nature. Said warmth can be obtained through the season’s latest fleece jackets, a throw blanket to accompany binge-watch sessions, or a nice, warm treat — and of that, there are plenty.

The cold season loves to see us push the limits of sugar-sweet concoctions, and Cairo’s homegrown cafés and dessert havens always come through. In this week’s edition of The Enterprise Guide, we’re listing our favorite hot and fresh treats (and brews) to indulge in.

Warm brews

#1- The Milkman x Budz: Maadi dwellers, pizzeria and brewery Budz teamed up with breakout dairy brand The Milkman to bring you limited-edition hot chocolate lattes, a “Date Me” brew that blends coffee with The Milkman’s date milk, and a caramel hot chocolate. A sweetened milk-based drink is what winter is all about, and this winter menu is a perfectly light sweet treat pick.

WHERE TO GET IT- Catch the duo’s winter brews at Budz’ Maadi branch or get them delivered to your doorstep through Talabat or Rabbit.

#2- Myst: Myst ’s winter lineup certainly puts its own spin on sweet brews. A mascarpone latte headlines the lineup, and the rich Italian cream cheese may just be the perfect addition to your latte. Also on the new menu is a caramel biscuit latte and a white chocolate matcha, ideal for those who love some extra sweetness in their caffeinated drinks. A hot chocolate switch up every now and then is always fun, and Myst’s new peanut butter hot chocolate is a solid choice.

WHERE TO GET IT- You can find Myst at KOV Mall in New Cairo.

#3- PÀO: Known for pumping out some seriously creative concoctions, PÀO is amping things up for the colder season, doing the game proud with warm boba. If boba is your go-to in the summer, it still can be in the winter with warm boba in all of PÀO’s usual flavors.

WHERE TO GET IT- PÀO has branches all over Cairo and Alexandria. They also deliver to your doorstep through Talabat and Rabbit.

#4- CAF: CAF is keeping the pistachio hype strong with its signature pistachio lattes and pistachio Sahlab. Nothing says comfort food quite like a traditional Egyptian winter drink with a little creative spin.

WHERE TO GET IT- Catch your pistachio treat at CAF’s many branches across Cairo. You can also order through Talabat.

#5- Brew Buzz: Brew Buzz is fully embracing the winter palate with unrivaled sweet brews. The specialty coffee spot whipped up some bold flavors, rolling out a crème brûlée matcha, a spiced caramel latte, and hot salted lotus. Hot chocolate also joins the lineup with tiramisu and cinnamon spins.

WHERE TO GET IT- Brew Buzz can be found at New Cairo’s Enawalks. They also deliver through Talabat and elmenus.

#6- 20 Grams: Speaking of crème brûlée matcha, the French dessert seems to be making the rounds this season, popping up on quite a few other winter menus, including 20 Grams, which also offers hot crème brûlée-flavored brews.

WHERE TO GET IT- You can find 20 Grams at Sheikh Zayed’s Arkan Plaza and New Cairo’s Garden 8.

Hot chocolate

It’s not winter without hot chocolate. While the winter staple can be found at virtually every café and restaurant, we’ve rounded up some of the more creative standouts leading the lineup this season.

#1- Moko: Your morning coffee runs in the winter should be hot chocolate runs instead, because Moko just introduced espresso hot chocolates. The cocoa house is best known for their exceptionally good hot chocolate lineup — milk, dark, Belgian, hazelnut, and their newest sugar-free hot chocolate.

WHERE TO GET IT- You can get the OG winter drink at Moko’s many branches across Cairo. They also deliver through Talabat.

#2- Dark Solution: Dark Solution ’s rich selection just got richer with a winter menu featuring pink, peppermint, dark, and hazelnut hot chocolates. The popular coffee roasters are making the most of strawberry season, and bringing us strawberry white hot chocolate — a sweet switchup.

WHERE TO GET IT- You can find Dark Solution in Maadi, Zamalek, at New Cairo’s O1, and at Poly Park in 6th of October City. You can also have their drinks delivered through Talabat.

#3- Fôu by Farah: The dessert haven went full swing this season, introducing six different hot chocolate variations — torched meringue, marshmallows, oatmeal cookies, affogato, and pistachio and hazelnut chocolate bombs. If hot chocolate wasn't really your thing, it just might be with these combinations.

WHERE TO GET IT- Fôu by Farah can be found in District 5.

#4- Nōt coffee: Nōt Coffee ’s hot chocolate is a marshmallow lover’s dream. This winter, the coffee spot came through with a marshmallow cloud hot chocolate. Instead of tiny marshmallows floating in your drink, you can enjoy a big and fluffy cloud topping your hot chocolate. Nōt also offers red apple hot chocolate.

WHERE TO GET IT- You can get Nōt’s marshmallow hot chocolate at any of their branches across Cairo.

Hearty treats

#1- Ovio: Ovio is no stranger to serving up brilliant seasonal treats, but this year they caught us off guard with ruby chocolate — and in case you didn’t know, that’s naturally pink chocolate. The beloved eatery dropped ruby chocolate pancakes, and if the color doesn’t draw you in, the flavor definitely will.

WHERE TO GET IT- Ovio has branches all over Egypt, and you can order through Talabat.

#2- Simonds: Stroopwafels from Simonds ? We had to do a double take, too. The classic Egyptian patisserie went international this winter, bringing traditional Dutch stroopwafels all the way to Cairo.

WHERE TO GET IT- You can find the stroopwafel at all Simonds branches across Egypt.

#3- Daily Dose: What’s better than French toast? Salted caramel French toast — and Daily Dose knows it. Fluffy, creamy, perfectly toasted, and perhaps a tad too sweet (though for some, not sweet enough), Daily Dose’s take on the iconic dessert is one that will have you going back for more. If we’re talking warm winter treats, this takes the cake (toast?).

WHERE TO GET IT- You can find Daily Dose at The Drive, Mivida, and Majarrah.

#4- Tortina: Now, a list like this would be criminally incomplete without a pumpkin-based treat. For years, pumpkin has loyally kept Egyptians warm in the cooler months, and Tortina is carrying that tradition on with their brand new pumpkin gratin pie. Is pumpkin not your thing? We’d say give their sweet potato tart a go. You won’t regret it.

WHERE TO GET IT- Tortina has branches all over Cairo, and both sweet treats are available on Talabat.

A Palestinian tragedy

? The roots of a crisis: While many works document the daily realities of the Israeli occupation of Palestine, few focus so intently on its inception. Set in the 1930s, Palestine 36 captures the pivotal decade that saw the implementation of the Balfour Declaration and the groundwork being laid for the establishment of the Israeli state on Palestinian land.

The plot: Under the British Mandate, Palestinians of all faiths struggle to survive. The challenges of daily life under colonial rule are exacerbated by the arrival of European Jewish refugees. As settlers begin to encroach on Palestinian labor, resources, and land — with the support of the British — the narrative tracks the rising tension of a potential partition. In response, revolutionary forces begin to coalesce in a desperate bid to save the country from catastrophe.

Palestinian writer and director Annemarie Jacir expertly spotlights the intricate social fabric of Palestinian identity, chronicling the tragedies of life under the British Mandate with meticulous precision, aided by heartfelt, visceral performances from a stellar cast. The film features Hiam Abbas, Saleh Bakri, Karim Daoud Anaya, and more familiar faces portraying the resilient residents of Al Basma, who refuse to abandon their homes, with Yasmine Al Massri and Dhafer L’Abidine portraying the Palestinian press.

The film stands out for its nuanced characterization. Even within the British ranks, we see Thomas (Billy Howle), an official who sympathizes with the Arab cause and rejects the Mandate’s policies. He stands in stark contrast to Captain Wingate (Robert Aramayo), who embodies the Zionist ideology with all its violence.

Palestine 36 is a brilliant cinematic feat. Jacir documents a pivotal year in human history through a work that has garnered both critical acclaim and audience praise, earning it a spot on the Oscar shortlist. Beyond its historical weight, the film’s technical elements — from visual composition and score to dialogue and beyond — are exceptional, making it a truly unmissable theatrical experience.

WHERE TO WATCH- Palestine 36 is screening at Zawya. Watch the trailer on YouTube (runtime: 1:49).

Vignettes from the life of Naguib Mahfouz

? Glimpses of a life: Published in 1972 and later translated into English in 1977, Mirrors sees literary icon Naguib Mahfouz sketch an array of vignettes, recounting the tales of various individuals inspired by the people he’s met throughout his life. The novel places the human experience at the center of the narrative, structured into chapters each titled after a particular character — from university professors and unruly neighbors to peculiar friends and past lovers.

Like gossip? You’ll love mirrors. It doesn’t take long for the reader to realize that Mirrors is a departure from Mafouz’s usual style. In what many consider a masterclass in literary gossip, the narrator reveals the private, intimate details of people encountered in real life — personal judgement included.

As is expected from Mahfouz, these vignettes are used as a launchpad for sociopolitical commentary. The reader is taken on a trip through time, navigating the milestones of modern Egyptian history — from the 1919 revolution and the fall of the Egyptian monarchy all the way to the aftermath of the 1967 war. Through his characters, Mahfouz reflects on the shifting tides of society and the evolution of its people and places, all delivered with his signature precision and eloquent writing.

Mirrors is a beautifully complex map of Egyptian lives. The characters are tied together through a web of connections — friends, spouses, and acquaintances — yet the novel remains remarkably simple. Never dull and at just under 250 pages, Mirrors is the kind of novel you’ll want to pick up this weekend to immerse yourself in the nuances of Egyptian society.

WHERE TO GET IT- The novel is available in Arabic at Diwan, and the Arabic e-book is available at no cost on Hindawy. Keep an eye out on Diwan and Shorouk for a restock of the English version. You can also place a special order for the English version from The Bookspot.

Books, AI, and open-ended questions

? Hosted by film critic and TV personality Rhianna Dhillon, Ask Penguin by Penguin Books hosts a slew of literary laureates and up-and-coming authors for deep dives into their books, brains, and the state of the world. The podcast dissects literary inspiration, recommends great reads, and goes beyond ink on pages with the authors who penned some of the world’s bestsellers.

In one particular episode that caught our attention, Dhillon hosts Jeanette Winterson, author of Oranges Are Not the Only Fruit and Lighthousekeeping. The renowned author, who penned a series of short stories pertaining to AI in 2021, discusses what its rise today means for the future of the human experience. Is AI just a tool, and us tool-using animals? Not quite. Winterson addresses claims that analogize the rise of AI with the industrial revolution, noting how we’re dealing with something entirely different.

“So much of the human experience is built on illusion.” Despite its brevity — at just eight minutes — the episode manages to aptly convey some of the present day’s biggest worries pertaining to AI, questions the future of life and death — and how death might not be the end anymore — and what consciousness truly means. These themes are then tied back to Winterson’s own novel, offering an interesting glimpse into the author’s work.

From bite-sized listens to hour-long conversations, Ask Penguin is quickly becoming one of our favorite go-to listens. Reader or not, these conversations prove pivotal, socially relevant, and intellectually enriching. The show pegs literary juggernauts such as Zadie Smith, Ocean Vuong, and Anthony Horowitz — amongst others — and asks the questions that matter most.

WHERE TO LISTEN- You can tune in on Apple Podcasts | Spotify | YouTube | Deezer.

THE ENTERPRISE ENTERTAINMENT CALENDAR

?️ JANUARY

12 December - 15 January (Friday-Thursday): Cairo Art Fair at TAM Gallery, Abu Rawwash.

9 January (Friday): Umm Kulthum Musical at Movenpick’s The Theater, 6th of October City.

9 January (Friday): Tamer Ashour at Hilton Cairo Grand Nile.

10 January (Saturday): Rouh El Sharq Concert at the Hilton Cairo Grand Nile.

10 January (Saturday): Alaa Abu Diab at CJC 610.

11-14 January (Sunday-Wednesday): Sync School: Filmmaking workshop with Mohamed Mashish at Majarrah, Sheikh Zayed.

15 January (Thursday): Winter Music Festival II: Tamer Hosny at Open Air Mall, Madinaty.

16 January (Friday): Amr Diab concert at Al Manara Arena.

23 January (Friday): Hany Shaker at Theatro Arkan.

25 January (Sunday): January 25th Revolution / National Police Day.

30 January (Friday): Cairo Marathon normal registration ends.

FEBRUARY

6 December - 15 February (Saturday-Sunday): Cairo Prints at Cairopolitan in Garden City.

6 February (Friday): Cairo Marathon at Heliopolis, Merryland Park.

17 February (Tuesday): First day of Ramadan (TBD).

MARCH

20 March (Friday): Eid Al-Fitr (TBD).

APRIL

13 April (Monday): Sham El Nessim.

25 April (Saturday): Sinai Liberation Day.

MAY

1 May (Friday): Labor Day.

26 May (Tuesday): Arafat’s Day.

JUNE

16 June (Tuesday): Islamic New Year.

30 June (Tuesday): June 30th Revolution.

JULY

23 July (Thursday): July 23rd Revolution 1952.

AUGUST

25 August (Thursday): Prophet Muhammad’s Birthday.

OCTOBER

6 October (Tuesday): Armed Forces Day.

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Gov’t to add 13 new companies to privatization program

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