Good morning, friends, and congratulations on making it to the weekend. With the Eid vacation set to kick off next Tuesday, we’re certain many of you have decided to bridge the gap. In today’s issue, we’re taking a look at all the ways you can spend Eid in C-town if you’re not headed to the coast — from our favorite oriental grills to aflam el Eid we’re looking forward to.
Also today: We catch Zendaya and Robert Pattinson’s The Drama in theaters, try an Italian restaurant that had us saying “meravigliosa,” blow off some steam on the good ol’ PS with Fallout, and tune into a hefty podcast chronicling the events of WWI — that and more.
But first, your weekly recap…
🗞️ LAST WEEK IN 3 MINS-
ECONOMY-
The Monetary Policy Committee decided to leave interest rates unchanged for the second time in a row at its meeting yesterday, according to a statement from the Central Bank of Egypt. The bank kept the overnight deposit rate at 19.0% and the overnight lending rate at 20.0%, in line with the projections of the majority of analysts and economic experts polled by EnterpriseAM. “This decision reflects the Committee’s assessment of prevailing and forecasted inflation dynamics amid an unfavorable external environment,” the statement said.
PRIVATIZATION-
Four state-owned companies have secured provisional EGX listings across pharma, fertilizers, and tourism. The companies are: Chemical Industries Development, Egyptian General Company for Tourism and Hotels, Misr Travel, and El Nasr Fertilizers and Chemical Industries.
EARNINGS-
Financing platform Valu saw its net income surge 78% y-o-y in 1Q 2026 to EGP 221 mn. The bottom-line growth was supported by a 40% y-o-y rise in gross revenues to EGP 1.52 bn. Valu entered Jordan in 1Q via soft launching one operational branch and onboarding c.15 merchants.
M&A WATCH-
Raya Holding is edging toward closing the loop on the six-year-long Ostool divestment saga. The EGX-listed conglomerate’s board approved to offload its 90% stake in Ostool Transport and Logistics to a subsidiary of Qalaa Holdings’ EGX-listed industrial mining outfit Ascom Mining Group for EGP 641 mn.
AND- Regional giant Magrabi Retail will acquire 51% of homegrown optical group Baraka Optics. The transaction will bring together two of the country’s biggest eyewear family businesses under a single corporate umbrella, with roughly 50 stores nationwide.
STARTUP WATCH-
London-based startup Dealfuze is launching an MEA-focused venture discovery platform targeting capital allocation gaps. The algorithmic matching platform pairs MEA founders with international and GCC investors based on sector, stage, geography, and traction metrics.
INVESTMENT WATCH-
International lenders are competing to fund the USD 3 bn alumina refinery Egypt Aluminum (EgyptAlum) is building with Aluminium Bahrain — the largest alumina refining and production facility ever built in Egypt. EgyptAlum will fund half of the estimated cost of the project — around USD 1.5 bn
NBFI-
The Central Bank of Egypt quietly tightened oversight on how commercial banks interact with non-banking financial institutions. Under the new rules, commercial banks are prohibited from granting credit facilities to non-bank lenders unless those entities are fully coded with the CBE and actively reporting customer data to both the central bank’s information network and the Egyptian Credit Bureau.
DEBT WATCH-
The International Finance Corporation signed a USD 40 mn senior loan agreement with Sawiris-backed beet sugar producer Nile Sugar Company to fund the cultivation of some 13.6k feddans of sugar beet in Minya alongside project infrastructure, machinery, and working capital.
AND- The government raised the ceiling on its medium-term international bond program to USD 40 bn — up from USD 30 bn — on the back of recent sovereign credit rating upgrades.
🌍 AROUND THE WORLD IN SEVEN DAYS-

It’s been another unsurprisingly packed week, with mixed headlines taking center stage — here’s the rundown. The US-Iran stalemate continues with US President Donald Trump warning Iran on Sunday that “the clock is ticking,” writing on Truth Social that Tehran “better get moving, fast, or there won’t be anything left of them.”
On Tuesday, Trump decided to “put off” a scheduled strike against Iran following requests from the leaders of the UAE, Saudi Arabia, and Qatar. He threatened a “full, large scale assault” if a resolution is not reached. A day later, Iran’s Revolutionary Guard warned it could take the war “beyond the region” if the US and Israel resume attacks against the Islamic Republic.
Beijing made headlines as the outcome of the US-China summit proved anticlimactic after failing to secure any commitments. A week after Trump’s visit, Russian President Vladimir Putin arrived to meet with Chinese President Xi Jinping, as Beijing attempts to establish itself as a peace mediator in the Russia-Ukraine conflict and as a stabilizing global force. Xi warned Putin that the world is at risk of regressing to “the law of the jungle.”
MEANWHILE- The World Health Organization (WHO) declared the current Ebola outbreak in Congo and Uganda a public health emergency of international concern. The WHO stated that the outbreak poses a high risk of spread to countries sharing land borders with Congo. The rising death toll — currently at 131 according to the DRC’s health minister — prompted the US to invoke a public health law on Monday restricting entry from the affected region.
AND- A shooting at the Islamic Center of San Diego on Tuesday killed three people in what appeared to be a hate crime. Two teenagers were later found dead from self-inflicted gun wounds in a car near the mosque, with one of the weapons seemingly having hate speech scrawled on it.
In AI news, Elon Musk lost his lawsuit against OpenAI after a US jury unanimously ruled that the startup was not liable to Musk for allegedly abandoning its humanitarian goal. And, Google and Blackstone plan to form an AI cloud company with USD 5 bn in capital, scheduled to bring 500 MW of capacity online by next year. Google is also further integrating AI into its search function, introducing AI agent Gemini Spark designed to function independently and act on a user’s behalf.
IN THE BUSINESS PRESS- Swatch temporarily closed stores worldwide after huge crowds gathered for the Audemars Piguet x Swatch Royal Pop collection launch on Sunday. The closures were prompted by safety concerns due to chaotic crowds and queues amid extremely high demand for the new AP collaboration launch.
ALSO- We’re inching closer to what will be the largest IPO ever after SpaceX filed publicly on Wednesday. Now the world is sitting tight in anticipation of the rocket maker’s imminent Nasdaq debut, which could see Elon Musk become the world’s first t’naire.
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☀️ THE WEATHER THIS WEEKEND-
For the first time in a few weeks, we’re in for a moderately warm weekend. Temperatures in Cairo today and tomorrow are set to peak at 31°C, with lows of 19°C, according to our favorite weather app.
🎤 HAPPENING THIS WEEKEND-
German DJ Adam Port returns to Cairo, taking over the Pyramids tonight for a night of live grooves and hypnotic rhythms. The concert kicks off at 7pm — tickets are available on Ticketsmarché.
Feeling nostalgic? Moustafa Amar is bringing exactly that to CJC 610 tonight, in the spirit of Ma Yatloboho El Mostame3oun. The iconic singer is set to perform a lineup of his beloved classics, followed by another nostalgic set from DJ Andy Cheiko. Doors open at 8pm — you can book your tickets through this link.
Ali El Haggar returns to Theatro Arkan tonight. Titled Tetrat w Zekrayat, the nostalgic evening will see El Haggar revisit some of his most beloved TV theme and title songs. The concert kicks off at 8pm — you can grab your tickets on Ticketsmarché.
The Goats are back tonight — and this time, they’re performing in New Cairo for the first time as they take over the Teatro 90 stage at Narmer International College Theater. The stand-up crew is bringing their Vol.2 show for a night packed with laughter. Doors open at 8pm — tickets are selling out fast and available via Ticketsmarché.
🎤 HAPPENING NEXT WEEK-
Sharmoofers are heading to AUC Tahrir Square on Monday, 25 May, performing at Ewart Memorial Hall with a fresh twist — a full live orchestra accompanying their most popular hits. Doors open at 7pm — you can get your tickets on Ticketsmarché.
Renowned Italian maestro Andrea Bocelli is landing in Egypt as part of his Romanza World Tour on Tuesday, 26 May at the City of Arts and Culture in the New Capital. You can book your tickets through Live Nation ME.
Headed to Hurghada? Ahmed Saad, Ruby, and DJ Rodge are taking over on Thursday, 28 Mayat Hurghada’s The Garage, located beside Banque Misr. Launching the Red Sea Festival, the concert promises crowd-favorite hits. Festivities kick off at 6pm — you can secure your tickets through Tazkarti.
Pop icon Tamer Hosny is performing his biggest hits on Friday, 29 May at El Malahy's El Arena in New Cairo. The night kicks off at 9pm. Tickets are available on Tazkarti — get ‘em before they sell out.


