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The future (and roots) of Egyptian theater

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WHAT WE’RE TRACKING TONIGHT

Egypt pivots to direct supply deals as oil hedges lose their luster

Good afternoon, friends. We hope you’re surviving the dusty weather. On the docket today: Egypt may walk away from its oil hedging program, gold hits a record USD 4.6k on geopolitical jitters, and we explore how Cairo’s independent theater scene is (re)turning art into a viable business. Let’s dive in.

THE BIG STORY TODAY-

? Egypt is thinking about walking away from its oil price hedging program starting next fiscal year, a senior government official tells EnterpriseAM. The move marks a significant shift in how the state manages its exposure to global energy markets, moving away from expensive bank-led ins. contracts in favor of direct supply agreements.

For years, Egypt has tapped international banks to protect against spikes in oil prices, but now, this ins. premium is no longer worth it, our source told us. Last fiscal year, the Finance Ministry paid some USD 84.5 mn to hedge 55 mn barrels, but global prices stayed below the contract’s strike price, and looking ahead, the consensus is that oil prices will continue to fall — with Brent crude averaging USD 61.27 a barrel in 2026, according to a recent Reuters poll.

THE BIG STORY ABROAD-

? Gold has reached an all-time high as spot gold jumped 2% to USD 4.6k per ounce for the first time ever. This follows a surge in geopolitical tensions, particularly as protests in Iran intensify — around 500 deaths and over 10k arrests reported — and US President Donald Trump threatens military intervention. A big policy risk is also at play following an investigation into the US Federal Reserve and its Chair Jerome Powell, whom Trump threatened with criminal indictment over a USD 2.5 bn renovation to the central bank’s headquarters in Washington, DC, and Powell’s related testimony to Congress.

^^Read more on: Reuters and CNBC here and here.

ALSO- Trump has threatened to sideline Exxon Mobil from Venezuela’s energy market, stating that he didn’t like the CEO’s comment that Venezuela is “uninvestable” after Trump encouraged oil companies to re-enter the South American country. Oil prices are at risk of doubling as the Strait of Hormuz, one of the world’s most critical energy chokepoints, comes into focus amid possible US military intervention and a consequent move by Iran to disrupt the waterway. The Strait of Hormuz saw the transit of around 13 mn barrels daily in 2025, accounting for 31% of global seaborne crude flows.

^^Read more on: Bloomberg and CNBC.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • The European Union looks set to give Egyptian exports an exemption from its carbon tax until the end of 2027. Two Egyptian government officials tell us the exemption from the Carbon Border Adjustment Mechanism (CBAM) will give energy-intensive manufacturers in Egypt — specifically in the iron, steel, cement, and fertilizer sectors and at a later stage electricity and green hydrogen — a crucial two-year window in which to decarbonize before facing punitive border tariffs;
  • The government inked agreements backing two integrated clean energy projects worth some USD 1.8 bn — a solar and battery storage facility led by Norway’s Scatec. Critically, that solar facility will be fed by a battery manufacturing plant here in Egypt that’s being set up by China’s Sungrow;
  • The government abandoned plans to tighten import restrictions in the Port Said Freezone. Deputy Prime Minister for Industrial Development Kamel El Wazir decided to maintain the existing quota system and allow the general import of auto spare parts to continue.

?️ TOMORROW’S WEATHER- Layer up and stay warm, we’re in for a particularly cool day in Cairo tomorrow. Temperatures are set to peak at just 18°C before cooling down even further to 11°C, according to our favorite weather app.

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AFTER HOURS SCENE

The evolution of Cairo’s independent theater

? In the heart of Downtown Cairo, tucked away in an alley behind Cinema Radio, sits Rawabet Art Space. Once a gritty run-down garage owned by the Townhouse Gallery, it's now the black-box beating heart of Egypt’s independent theater scene — a "third space" that exists somewhere between state-sponsored theater and commercial TV and movie glitz.

The crowd that gathers outside waiting to purchase tickets at the tiny box office window is diverse to say the least. A mix of young trendsetters, older intellectuals, upscale professionals, and well-to-do Cairenes who are curious and searching for new experiences beyond the malls and shopping centers of Zayed and New Cairo.

EnterpriseAM sat down with Ahmed El Attar, the godfather of Egypt’s independent theater, whose theater production company, Orient Productions, runs Rawabet, Studio Emad Eddin (a workshop and rehearsal space), and the Downtown Contemporary Arts Festival (D-CAF). We also spoke to the creative entrepreneurs behind two of Egypt’s up-and-coming theater troupes, Kenoma and Stage Left Productions, to discuss the evolution of theater in Egypt and how they are making art and managing what are essentially small startups in the performing arts space.

The origin story

In the 1960s and 70s, Egypt had a thriving national theater scene. This golden era saw Egyptian playwrights like Tawfiq Al Hakim and Youssef Idris create original works exploring social and political themes. Comedic theater also thrived, with beloved plays like Madrassit El Moshaghbeen (1973) and Al Motazawigoon (1978) making their way into our cultural heritage, and which are still being played on repeat half a century later.

By the time El Attar graduated from the American University in Cairo in 1992, Egypt’s theater culture was already in a state of rapid decline. “We had no funding, no space to work, and no space to present our work,” said El Attar. “All we knew was that we wanted to make art. When you’re under that kind of pressure, it forces you to get creative, and you start to look for alternative ways of doing things.”

The alternative theater scene emerged in the late 80s and early 90s from a vacuum. On one side sits government-subsidized theater, burdened by bureaucratic red tape and a bloated payroll of actors and technicians on permanent contracts — a model El Attar describes as an “anomaly” that has disappeared from most of the world. On the other side is the purely commercial private sector, driven almost exclusively by money and “instant gratification.”

“Alternative art is the home-cooked meal in a world of fast food,” El Attar explains. “We looked to fill that void left by state institutions that often fail to engage modern audiences, providing a space where social commentary and artistic risk-taking can coexist.”

Getting creative

When there are no rules, you have the luxury of creating your own playbook. Trilingual, entrepreneurial, and unafraid of a spreadsheet, El Attar was able to tap into funding pools and grants that were available through foreign cultural centers, embassies, and institutions like the Ford Foundation. In 1999, he received funding from the Dutch Embassy to produce his first play, Life is Beautiful, or Waiting for My Uncle from America. Today, he is one of the few Egyptian cultural leaders who can speak the language of both the local underground artist and the international diplomat/benefactor, which has allowed his projects to remain financially viable despite economic downturns.

Independent theater continued to rely on foreign funding instead of ticket sales for nearly two decades. “This was obviously not sustainable. Rule number one when it comes to grants for the arts; the money always dries up,” El Attar tells us. Without the luxury of funding, independent theater troupes began to operate as registered commercial entities that rely on ticket sales.

Today, a small handful of entrepreneurial troupes such as Kenoma and Stage Left are breaking even or even seeing net income on productions. The availability of new downtown performance spaces, namely Rawabet and the AUC’s Falaki Theater, accelerated that process.

In 2021, a newly refurbished Rawabet Art Space opened its doors to Egypt’s performing arts community with new owners and new operators, Al Ismaeleya Real Estate Company and Orient Productions. For a flat fee, EGP 12k per night at today’s rate, performers can get access to the 150-seat theater and all its facilities, including technical equipment, staff, box office, and cafeteria. It’s up to the performers to decide how much they charge for tickets, but prices are typically in the EGP 250-450 range. The model has thus far been a huge success. The Rawabet stage operates at approximately 85% occupancy and is usually booked six to eight months in advance.

The new guard: Bootstrapping the dream

While El Attar represents the institutional backbone of the theater scene, companies like Kenoma and Stage Left represent its entrepreneurial future. Kenoma, founded in 2018 by Moustafa Khalil and Ahmed Essam El Shammaa, focuses on culturally nuanced adaptations of international classics like Reservoir Dogs, Waiting for Godot, and the latest, One Flew Over the Cuckoo's Nest (Moristan). El Shammaa, Kenoma’s content director, translates the plays into Arabic, and more importantly, restructures them with Egyptian flavor and social references for appeal to wider audiences.

“I want to make sure our work is entertaining as well as intellectual. We want to challenge the stigma that highbrow art must be boring,” says Khalil, the founder and artistic director of Kenoma. He explains that the word Kenoma means void or nothingness — which is how he felt about the theater industry in Egypt. Kenoma has been doing a good job of filling the void. Moristan’s eight-night run at the Falaki was so successful that Kenoma is planning to bring it back for a second run in the spring.

“An independent theater production doing eight nights is very rare in Egypt, but we need longer runs in order to make productions more economically viable,” Khalil explains. The problem is that it’s very difficult to predict how well a play will do before it opens, which is why companies are reluctant to book and pay for longer stretches of theater space before they have tested the waters.

Stage Left Productions, led by creative director Mahmoud Sayed, has also carved out a niche with its experimental psychological thrillers. The Bedroom, The Bedroom 2, and his latest production, The Dress Rehearsal, are all fearless explorations of human nature that tackle subjects that were previously taboo on the Egyptian stage. Sayed, an engineer by training, treats each production with the soul of an artist and the precision of a business project, and that’s why his plays work. He made the artistic choice of staging The Bedroom series inside an actual bedroom of a downtown apartment, with audiences scattered around the actors, giving them the unique feeling of being inside the action — even intruding on it.

“We are interested in utilizing locations that are not usually set to receive performances — that is even more difficult than gaining access to normal theaters,” explains Sayed. The Dress Rehearsal is his largest and most expensive production yet, combining musical and stage-based immersive theater as it tells the story of a group of artists rehearsing for a play. At any point in time, there are three or four acts happening simultaneously, and the audience gets to choose which act or which storyline to follow. The Dress Rehearsal opened in late December at the Grand Theater at EDNC in New Cairo and is back for an additional six performances starting 12 January.

The funding gap and the “long run”

Sustainability and growth in 2026 mean moving away from the “one-off” production model. “I choose not to have external funding at all for Stage Left,” says Sayed, who still has a day job working for a grant-funded NGO. “I see how [benefactors] have their own agendas. For my theater, I want to be completely independent.”

Instead, the goal is the “long run.” In the 1960s and 70s, Egyptian plays could run for months or years, much like the Broadway and West End models. “We’ve almost forgotten that,” says El Shammaa. Looking to the future, the ambition is scaling up. Kenoma and Stage Left are both looking to someday push their productions into multi-month runs, and having access to more theater or performance space continues to be one of the sector’s biggest challenges.

For El Attar, the future lies in professionalizing the underground scene and working to develop the sector as a whole. “I think those of us who have been at this for a while have a responsibility to help others,” he told us. Through initiatives like D-CAF and Cairo Arts Tech (CAT) — the first Arabic-language professional training curriculum for theater technicians — Orient Productions is building the infrastructure that will allow the next generation of creative entrepreneurs to take the stage.

Independent theater in Egypt has shifted from being a political statement in the 80s to a resilient creative movement that is seeing its audience grow and become more diversified. The revival of Downtown Cairo is inextricably linked to artistic hubs like Rawabet Art Space, which act as an economic catalyst. When a show runs at Rawabet, foot traffic for surrounding venues — from cafes and restaurants to bookstores and high-end boutiques selling “made in Egypt” fashion — accelerates. With the iconic Cinema Radio being repurposed into a high-end cabaret just steps away, we can expect this trend to continue, and we may even be witnessing the budding of a local theater district.

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PLUG IN

The highlights of the 83rd Golden Globes

? The 83rd Golden Globe Awards took place late last night, with Paul Thomas Anderson’s One Battle After Another and Netflix’s Adolescence emerging as the night’s biggest winners, each taking home four awards and proving that chaos and teen angst remain reliably bankable.

The big picture: One Battle After Another, starring Leonardo DiCaprio, won Best Motion Picture (Musical or Comedy), with Anderson taking home both Best Director and Best Screenplay, and Teyana Taylor clinching Best Supporting Actress.

The film arrived at the ceremony as the presumed frontrunner, and the Globes saved its big surprise for last, with Hamnet being named Best Motion Picture (Drama) — an unexpected turn after the film had slipped from the international conversation in recent weeks. Jessie Buckley took home Best Actress in a Drama for the film.

Ryan Coogler’s Sinners, which boasted seven nominations and frontrunner buzz, had a rougher night than expected — missing out on Best Picture, Director, and Screenplay. Still, the Michael B. Jordan-led vampire thriller didn’t leave empty-handed: it took home Best Original Score for Ludwig Göransson and the Cinematic and Box Office Achievement award (despite Variety’s controversial early pessimism). The internet was up in arms on behalf of the film, believing it was robbed of several awards and given consolation prizes in exchange.

Acting standouts: Timothée Chalamet took home a statuette for Best Actor in a Comedy or Musical for Marty Supreme, while Wagner Moura took Best Actor in a Drama for The Secret Agent — the Brazilian film that also claimed Best Non-English Language Film, beating out the expected (and in our opinion, snubbed) Voice of Hind Rajab.

TV’s big night: Netflix’s Adolescence went four-for-four, sweeping its categories. Owen Cooper made history once again as the youngest recipient ever in the Supporting Actor category, while co-stars Stephen Graham and Erin Doherty also took home trophies. Elsewhere, ThePitt deservedly earned Best Drama Series, and its star and producer Noah Wyle Best Actor. Apple TV’s The Studio took Best Comedy Series, with Seth Rogen also nabbing the Best Actor award in the category. Rhea Seehorn, to no one’s surprise, took home Best Actress in a Drama for Pluribus, while Jean Smart added another trophy to her mantle for Hacks.

A Golden Globes first: Good Hang with Amy Poehler won the inaugural Best Podcast award — the Globe’s way of finally acknowledging what your commute (and our issues) have known for years.

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Ears to the Ground

Literature, language, and more in Paper Samwich

? Love literature? You’ll love Paper Samwich. Through episodes ranging from just a few minutes to two whole hours, Anas Bin Hussein — host and producer of Paper Samwich — serves bite-sized intellectual meals, sharing insights into Arabic and international titles. From classic novels such as 1984 and Anna Karenina to influential non-fiction titles like Status Anxiety and The Power of Now, the podcast covers an array of literary works that cater to every palate.

Since its 2015 launch, the Arabic-language podcast has built an extensive backlog of over 320 episodes. Beyond book discussions, Bin Hussein shares personal reflections on topics such as dealing with frustration, self-esteem, and tips for effective reading.

In one episode, Bin Hussein delves into linguistic softening. As humans — regardless of cultural background or mother tongue — we tend to use softer language when discussing certain topics to avoid embarrassment or cast said topics in a more positive light. The concept is deeply intertwined with linguistic evolution, and the episode explores how words and expressions that were once used without negative connotations have now become socially unacceptable.

To put it simply, this is a fun, light podcast. The host’s storytelling style and the manner through which ideas are presented are both inspiring and entertaining. It’s an easy listen and an easy hook — and an incredibly rewarding one. Whether you’re a bookworm or simply yearn to expand the breadth of your knowledge, Paper Samwich is for you.

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

This publication is proudly sponsored by

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Sports

Barcelona crowned Spanish Super Cup champions + Liverpool takes the field

It’s a relatively calm day on the football fields, with no major matchups scheduled. This comes after Barcelona clinched the Spanish Super Cup title yesterday for the second consecutive year, defeating Real Madrid 3-2 in a high-stakes encounter where luck was simply not on the side of Los Blancos.

The highlight of today’s fixtures is Liverpool vs. Barnsley in the FA Cup Round of 64. The match kicks off at 9:45pm and will be broadcast on BeIN Sports 2.

European League fixtures on our radar:

  • Sevilla vs. Celta Vigo — La Liga (10pm, watch on BeIN Sports 3);
  • Juventus vs. Cremonese — Serie A (9:45pm, watch on the Starzplay app).
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Mark Your Calendar

An ode to Umm Kulthum with Cairo Prints 6

?️ In celebration of the release of El Sett, Cairo Prints 6 is honoring Umm Kulthum in a special exhibition at Cinema Radio, running from Thursday, 22 January to Saturday, 24 January. Presented by Cairopolitan, the gallery will showcase works from over 80 local and international artists inspired by the enduring icon. For more details, you can visit Cairopolitan’s Instagram.

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GO WITH THE FLOW

What the markets are doing on 12 January 2026

The EGX30 rose 1.2% at today’s close on turnover of EGP 7.2 bn (34.7% above the 90-day average). Local investors were the sole net sellers. The index is up 3.8% YTD.

In the green: CIB (+6.1%), GB Corp (+4.0%), and Mopco (+2.5%).

In the red: Egypt Aluminum (-3.7%), EFG Holding (-2.7%), and Telecom Egypt (-2.6%).


?️ JANUARY

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

21 December - 18 January (Sunday-Sunday): The Stadium at District 5.

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

12 January - 31 March (Monday-Tuesday): Al Rawi Awards submission period.

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

15-16 January (Thursday-Friday): Umm Kulthum Musical at Movenpick’s The Theater, 6th of October City.

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

16 January (Friday): Hamid El Shari ft Andy Cheiko at CJC 610.

16 January (Friday): Ain Gamal Vol.56 at Theatro Arkan.

21 January (Wednesday): Black Theama x Wust El Balad at CJC 610.

22 January (Thursday): Tablet El Sitt in Downtown at Hilton Cairo Grand Nile.

22-24 January (Friday-Thursday): El Sett Art exhibition at Cinema Radio.

23 January (Friday): Saad Eloud at Hilton Cairo Grand Nile.

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

23 January (Friday): Amr Selim at Cairo Opera House, Zamalek.

24 January (Saturday): Mahmoud Rodaideh at CJC 610.

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.

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