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WHAT WE’RE TRACKING TONIGHT

Beltone to launch Fadda, Egypt’s first-ever silver investment fund

Good afternoon, friends, and (almost) Eid Mubarak. With Ramadan on its way out and Eid swiftly making its way in, it's likely that we'll be treating ourselves to a little overindulgence this weekend — and while you should heed the calls of your appetite, it's important to know what you should steer clear of.

In today's issue: We take a look at the impact of ultra-processed foods on development, unpack a hefty sports schedule, and explore one Palestinian poet's attempt to make sense of tragedy.

**A QUICK PROGRAMMING NOTE- EnterprisePM is taking a publication holiday in observance of Eid El Fitr, and will be back in your inboxes on Tuesday afternoon. Until then, enjoy the long weekend.

🌙 So, when do we eat? Maghrib prayers are at 6:05pm in the capital, and you’ll have until 4:33am tomorrow to hydrate and caffeinate ahead of fajr

THE BIG STORY TODAY-

📍 Beltone Asset Management secured initial FRA approval to launch Fadda, Egypt's first-ever silver investment fund. The fund will offer cumulative daily returns and provides a regulated vehicle for investors to gain exposure to silver at competitive market prices, according to a press release.

Positioned as a strategic tool for portfolio diversification and a hedge against volatility, Fadda introduces a new asset class to the Egyptian landscape, targeting medium- to long-term growth. While the full structural details and investment mechanisms are still under wraps, the subscription window is set to open immediately following Eid El Fitr via Beltone Securities Brokerage.


The Finance Ministry is targeting a recalibrated budget deficit of 5.5% for the upcoming FY 2026-2027 draft, a significant drop from the current year’s 7.3% but slightly higher than the 4.9% initially eyed in preliminary circulars due to mounting regional geopolitical pressures, a government source told EnterpriseAM.

To anchor this consolidation, the state is banking on a record revenue surge to EGP 4 tn — driven by tax receipts expected to touch the EGP 3 tn mark for the first time — while capping public expenditures at EGP 4.9 tn through continued energy subsidy cuts and austerity. Even with the belt-tightening, the draft locks in a 4% primary surplus and a redirected social safety net, using fuel subsidy savings to fund a new minimum wage hike and expanded cash transfers as the Cabinet prepares to hand the final draft to the House of Representatives by month’s end.

THE BIG STORY ABROAD-

🌐 In breaking news this afternoon, Israel’s Defense Minister Israel Katz says Iran’s Intelligence Minister Esmail Khatib was killed in an overnight strike. There has been no official confirmation from Iran yet. Katz added in his statement that Israeli Prime Minister Benjamin Netanyahu had authorized the military to assassinate any senior Iranian official without the need for additional approval. Katz also said that Israel is pursuing Iran’s entire leadership, stating: “No one in Iran has immunity, and everyone is a target.”

^^Read more on: Bloomberg, the Guardian, Reuters, and the Wall Street Journal.

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

  • The government will finalize a timeline to exit or IPO at least 20 state-owned enterprises immediately after the Eid El Fitr break. The goal is to generate USD 3-4 bn in immediate inflows by year-end;
  • Egypt is in negotiations with several international financial institutions to link development loans to the EGP under a new pricing mechanism that will hedge against exchange rate volatility ;
  • Local banks have not suspended the issuance of letters of credit (LCs) for shipments across any regions. While the regional conflict has sent ins. premiums soaring and disrupted shipping lanes, LCs continue to be processed.

☁️ TOMORROW’S WEATHER- We’re in for some rocky weather in the capital tomorrow, with strong winds and a chance of rain. The mercury is set to peak at 23°C, with a low of 13°C, according to our favorite weather app.

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FOR YOUR COMMUTE

How processed foods affect brain chemistry

🍎 Processed foods are an alarm bell. Behind the bright colors and attractive packaging of ready-to-eat, ultra-processed products hides a severe health and psychological crisis. This danger is not limited to weight gain; it extends to the chemical restructuring of the human brain from its formative stages through old age, threatening to have minds wither under the weight of synthetic diets.

Early indoctrination

The first five years of a child's life are the most fragile stage, during which their psychological structure and emotional regulation abilities are formed. The quality of food a child consumes acts as a tool for crafting their personality from within. Every 10% increase in the consumption of ultra-processed foods — such as ready-made meals and sweetened drinks — leads to a tangible increase in behavioral and emotional difficulties in children, according to a recently published study.

The danger lies not only in increased physical activity, but in the creation of an internal struggle. This synthetic fuel is linked to increased psychological pressures such as anxiety and social withdrawal. It can lead to external behavioral outbursts like aggression and hyperactivity that the child cannot control, according to the study. Synthetic additives become a burden that distracts the child's mind, forcing their small brain into a war of attrition against pathways of anxiety and distraction at a time when they need stillness to grow properly.

The consumerism trap

Teenagers and young people fall victim to intensive promotional strategies that make it difficult to resist ultra-processed foods. Globally, 75% of young people are exposed to advertisements for unhealthy food and drinks at least once a week. It does not stop at viewing; 60% of these young people confirmed that these advertisements actually increased their desire to consume those products. They are promoted as rewards, which diverts a child’s will away from healthy choices, as stated in a 2025 UNICEF report.

The majority of packaged foods and drinks in the local market do not meet international health standards, according to a 2024 UNICEF study of thousands of products in the Egyptian market. Data showed that 67% of food products exceed the maximum sodium limits set by the World Health Organization, specifically in essential goods such as packaged bread, cheese, and processed meats.

Locally, this marketing game translates into figures reflecting a consumption boom, as sales of sugar-sweetened beverages and packaged products have jumped by 37% over the last decade. Companies exploit existing legislative gaps, as only 41% of these products commit to placing full nutritional information on their labels. This deprives the consumer of the transparency necessary to evaluate the health content of what they buy, directly contributing to an obesity crisis that already affects 21% of children and adolescents in the country, according to the study.

Premature aging

The repercussions of this dietary pattern don’t stop at childhood nor merely affect brain chemistry; their effects extend to threaten mental integrity in the later stages of life. Excessive consumption of ultra-processed foods is linked to the accelerated deterioration of gray matter and the shrinking of the cerebral cortex.

Furthermore, persisting with this dietary approach increases the probability of developing Parkinson's disease by 76% and dementia by 37%, in addition to doubling the risk of multiple sclerosis, according to a study published by the US National Library of Medicine. This neurological decline was not limited to those most vulnerable to disease, but also affected individuals with a low genetic predisposition.

Potential solutions

As the healthcare crisis continues, several countries have begun to break the link between marketing and consumption through strict regulatory interventions aimed at limiting the spread of ultra-processed foods. In Chile, for example, the state mandated that manufacturers place prominent black warning labels on unhealthy products, which helped record a significant 10% decline in sugar consumption.

Mexico has moved toward tightening deterrent fiscal policies. The government is considering doubling taxes on sugary drinks to reach MXN 3.1 per liter in the 2026 budget to control consumption rates that have reached 166 liters per person annually — a move that could inject an additional USD 2 bn into the state treasury. In the UK, authorities have imposed strict restrictions banning advertisements for unhealthy foods aimed at children on streaming platforms and digital media before 9pm. In short, confronting the health decline resulting from malnutrition requires a legislative framework that places public health above commercial returns.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

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Under the Lamplight

Can language convey tragedy?

💡 In Wrong Winds, Palestinian-American poet and activist Ahmad Almallah stands before a seemingly impossible task: how do you write poetry while the world collapses around you? In his third poetic work, published in 2025, these poems emerge as an intense literary and human document written in the midst of the ongoing genocide in the Gaza Strip. Through them, Almallah poses harsh questions about the utility of poetry in times of war, the struggle of identity, and the inadequacy of language to comprehend tragedy.

The primary theme of the collection centers on linguistic helplessness in the face of horrific destruction. Almallah refuses to reduce the lives lost in Gaza to mere statistics, exploring the space between the screams and pleas of the victims and the absolute silence of the world. The poet also brilliantly depicts how ordinary things lose their usual meaning, leaving the poem as the final sanctuary for documenting a world turning to ash.

In just two weeks of grueling work and sleep deprivation, Almallah penned his poems amidst an atmosphere charged with both anger and grief. This tension is reflected in their composition, fragmented structure, and sharp rhythms, as well as the use of Arabic phrases. The poet does not aim to present palatable or easy texts here; instead, he chose a more difficult but realistic path, turning the poem into an entity that resists all forms of colonialism.

These are poems that cling to the heart and memory, leaving a painful mark as a witness to the absence of humanity and the shackling of justice in a world that turns a blind eye daily to ongoing genocide and imperialism. The severity of these poems stems from the severity of the reality they reflect — as the poet holds every word doubly responsible for his cause.

WHERE TO READ IT- You can find the paperback edition on Amazon. You can also get the ebook on Kobo.

This publication is proudly sponsored by

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Sports

Champions League deciders + your ultimate Eid football guide

CAF drops a bomb: The Confederation of African Football (CAF) announced yesterday that it has stripped Senegal of the 2025 Africa Cup of Nations title. The Appeals Committee deemed Senegal to have withdrawn from the final, subsequently awarding the title to Morocco with a 3-0 technical victory. The Senegalese Football Federation has officially rejected this decision and announced its intention to appeal to the Court of Arbitration for Sport (CAS).

Drama aside, football fans are gearing up for Eid El Fitr with a packed schedule of matches. Here is what we are watching today and throughout the break:

Today’s fixtures

The Champions League excitement continues with more Round of 16 second-leg clashes, following yesterday's qualification of Real Madrid, Paris Saint-Germain, Sporting Lisbon, and Arsenal to the quarter-finals.

Barcelona vs. Newcastle: The Catalan giants face Newcastle at Camp Nou for the return leg. Barça looks to secure a spot in the quarter-finals after a 1-1 draw in the first leg. Kick-off is at 7:45pm on beIN Sports 2.

AND- Liverpool hosts Galatasaray with a mission to redeem themselves after a 1-0 defeat in the first leg. The match starts at 10pm on beIN Sports 1.

A smoother ride: Atletico Madrid meets Tottenham to confirm their dominance after a 5-2 first-leg victory. Meanwhile, Bayern Munich faces Atalanta in what seems like a surefire W, following the Bavarian side's 6-1 crushing of Atalanta in the first leg. Kick-off for both matches is at 10pm, and will be broadcast on beIN Sports 3 and 4, respectively.

AT HOME- Tala'ea El Gaish takes on ZED FC in the Egypt Cup semi-finals at 9:30pm on OnSport 1.

On our radar during Eid

The Red Giants in the Champions League: Al Ahly faces Tunisia’s Esperance in the second leg of the CAF Champions League quarter-finals on Saturday, 21 March, at 9pm. The first leg ended 1-0 in favor of the Tunisian side. Pyramids FC will also play their return leg against ASFAR on Saturday at 6pm, following a 1-1 draw in their first encounter. Both matches will be aired on beIN Sports.


In the Confederation Cup: The quarter-final return legs also kick off. Al Masry faces CR Belouizdad on Saturday at 9pm (first leg: 1-1). Zamalek will take on Otoho d'Oyo on Sunday, 22 March, at 6pm, following their 1-1 draw in the first leg. Both matches will be aired on beIN Sports.


Carabao Cup Final: Arsenal and Manchester City clash for the EFL Cup title on Sunday at 6pm.

Other major European league fixtures on our radar this Eid:

  • Brighton vs. Liverpool – Premier League (Saturday, 2:30pm);
  • Everton vs. Chelsea – Premier League (Saturday, 7:30pm);
  • Barcelona vs. Rayo Vallecano – La Liga (Sunday, 3pm);
  • Real Madrid vs. Atletico Madrid – La Liga (Sunday, 10pm);
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Mark Your Calendar

Don’t miss AUC Tahrir CultureFest’s packed tech-focused lineup

🧑‍💻 AUC Tahrir CultureFest returns this year under the theme FUTURE C-AI-RO,” running Thursday, 2 April through Saturday, 4 April at AUC Tahrir Square from 2-11pm daily. This year’s festival explores how tradition and technology will shape the future of our capital city, featuring panel talks from tech experts alongside a packed lineup of exhibitions, downtown excursions, live performances, a book fair, a bazaar, and a children’s program.

Registration is available at the gate for full campus access, with some events operating on a first-come, first-served basis — you can check out the full program here.

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GO WITH THE FLOW

What the markets are doing on 18 March 2026

The EGX30 rose 3.4% at today’s close on turnover of EGP 8.6 bn (31.8% above the 90-day average). Local investors were the sole net buyers. The index is up 13.8% YTD.

In the green: CIB (+8.5%), Arabian Cement (+3.5%), and EFG Holding (+3.3%).

In the red: Eastern Company (-3.8%), AMOC (-2.6%), and Kima (-2.3%).


🗓️ MARCH

19-23 March: (Thursday-Monday): Eid El Fitr public holiday.

21 March (Saturday): Saad El Oud at CJC 610.

21 March (Saturday): Tablet El Sitt at El Sawy CultureWheel.

22 March (Sunday): Burna Boy at Festival Plaza, El Gouna.

22 March (Sunday): Zarf Tarek Gedan at Heliopolis Library Theater.

22 March (Sunday): Black Theama at El Sawy CultureWheel.

22 March (Sunday): Disco Arabesquo and The Stallion live at Sobar, Somabay.

26-29 March (Thursday-Sunday): D5 Home by Efreshli at New Cairo’s Marakez District 5 Mall.

27 March (Friday): Wegz at the PUBG Mobile anniversary carnival, the Great Pyramids of Giza.

29 March (Sunday): Arabic Calligraphy: When Words Become Art at AUC New Cairo.

30 March (Monday) - 5 April (Sunday): Cuban artist Maria Maher’s exhibition at New Cairo’s Maison69 at Garden 8.

APRIL

2-4 April (Thursday-Saturday): AUC Tahrir CultureFest 2026 at AUC Tahrir Square.

7 April (Tuesday): Shakira at the Pyramids of Giza.

13 April (Monday): Sham El Nessim.

25 April (Saturday): Sinai Liberation Day.

MAY

1 May (Friday): Labor Day.

7-9 May (Thursday-Saturday): Sandbox Festival in El Gouna.

26 May (Tuesday): Arafat’s Day.

26 May (Tuesday): Andrea Bocelli at the City of Arts and Culture in the New Administrative Capital.

27-29 May (Wednesday-Friday): Eid El Adha (TBC).

JUNE

16 June (Tuesday): Islamic New Year.

30 June (Tuesday): June 30th Revolution.

JULY

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

24 July (Friday): Adriatique at the North Coast.

AUGUST

21 August (Friday): Black Coffee at Cubix North Coast.

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

OCTOBER

6 October (Tuesday): Armed Forces Day.

24 October (Saturday): Blue 25th Anniversary Tour at New Capital.

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