Get EnterpriseAM daily

Available in your choice of English or Arabic

Anxiety in the age of warfare

1

WHAT WE’RE TRACKING TONIGHT

EGP hits record low against the greenback

☀️ Good afternoon, friends, and welcome back. It’s a bright and sunny day, and we hope you’re making the most out of it before the weather potentially throws us for another loop. Today, we’re speaking to experts from across the region to assess the psychological impact of the war, taking a look at a business podcast that tells it like it is — no BS — and more.

THE BIG STORY TODAY-

📍 The EGP hit a fresh all-time low in Monday’s midday trading, sliding past the 54.5 mark against the greenback as the exit of carry-trade investors and a cocktail of regional shocks put a severe squeeze on local FX liquidity. At the banks, the USD was trading as high as 54.65 at CIB and 54.60 at the NBE, which, former Banque Misr Deputy Chair Sahar El Damaty told us, reflects the pressure of a flexible exchange rate regime absorbing disruptions to tourism, investment, and Suez Canal revenues.

Don’t expect a quick rebound: Damaty warns that the currency will likely remain under pressure in the near term, a sentiment echoed by a bearish long-term outlook from S&P Global Ratings, which anticipates the EGP will slide to 58.30 by the end of FY 2026-2027 and potentially cross the 60 mark in the following years as Egypt navigates the structural fallout of regional instability.

^^ We’ll have more on this story in tomorrow’s edition of EnterpriseAM.

THE BIG STORY ABROAD-

🌐 Still leading the press this afternoon are US President Donald Trump’s threats to “completely” obliterate Iran’s energy infrastructure — including oil wells, electric plants, and, most importantly, key export hub Kharg Island — if the Strait of Hormuz is not “immediately” re-opened. That said, Trump still says he thinks an agreement with Iran is on the table. Iran has not yet responded.

MEANWHILE- Missiles fired at Israel by Yemen’s Houthis drove oil prices higher. Brent rose 2%, trading at USD 115 a barrel after reaching USD 116 this morning, while WTI rose to over USD 100 per barrel, as of the time of publication.

^^Read more on: CNN, the Financial Times, Reuters, and CNBC.

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

  • Fitch Solutions’ research arm BMI now sees GDP growth ending the current fiscal year at 4.9% y-o-y, down 0.3 percentage points from its previous forecast. Oxford Economics likewise downgraded its 2026 forecast 0.4 percentage points to 4.5% y-o-y;
  • Production at the Leviathan gas field and its exports to Egypt look set to remain on hold with Israel extending its state of emergency until 14 April. The delay looks likely to make Egypt’s hopes for first gas in 2027 very unlikely;
  • With regional tensions threatening to freeze IPO momentum, we’re told the IPO pipeline remains in play. The key issue now is timing, with issuers likely to wait until markets allow them to fetch the highest valuation.

🌥️ TOMORROW’S WEATHER- Keep your umbrella handy, we might be in for some good ol’ wind and rain in Cairo tomorrow. Temperatures will reach a high of 26°C and a low of 17°C, according to our favorite weather app.

2

AFTER HOURS

The psychological impact of war

🧠 The war in Iran is causing a ripple effect of psychological distress in the region. Beyond the immediate destruction caused by the US and Israel’s bombardment of Iran and Southern Lebanon, a psychological crisis is brewing in the countries ancillary to the conflict. Across the region, fear and anxiety are takinghold as people brace themselves for what comes next. Even in historically stable countries like the UAE, Qatar, Kuwait, and Bahrain, the psychological consequences of uncertainty are beginning to pierce a lifestyle often defined by a frictionless existence.

The sudden specter of violence is dismantling the predictability that defines life in the Gulf. Residents in these countries, typically shielded from the blowback of regional conflict, are now facing a profound shock as missile strikes loom near. “One of the first things that happens when there is a war, even if we are not in the heart of it, is that we lose that sense of control, predictability, and safety,” Cairo-based counseling psychologist Noureen Ben Halim tells us. In her own practice, she has seen a big jump in cases of anxiety and depression in the past three years — and it has only gotten worse in the past month.

The lack of control and predictability has pushed many into survival mode. “Our nervous system remains in a state of hypervigilance, constantly scanning for the next major event to unfold even in the absence of an immediate physical threat,” Sara El Miniawi, a psychologist at the Nafsology Psychology Center in Dubai, explains.

Resilience levels in the face of regional volatility are dictated by an individual’s personal history with instability. In the UAE’s diverse expat landscape, those from countries with a history of upheaval, such as Lebanon, Palestine, or Ukraine, often exhibit a higher threshold for tolerating uncertainty because they are accustomed to navigating crises. In contrast, residents from more stable countries are experiencing a more acute sense of distress and are reaching out for mental health support, according to El Miniawi.

Vicarious trauma is becoming a defining mental health challenge for people not directly exposed to combat. The impact of witnessing conflict through digital channels can be debilitating for sensitive individuals, Ben Halim says. “When we are in this place where we don't have safety or control, we tend to catastrophize, believing we are next. This phenomenon is often accompanied by a profound sense of homelessness, particularly for expats who feel that their adopted sanctuary in the Gulf is no longer a permanent [haven],” explains Ben Halim.

The anxiety is exacerbated by a constant need to stare at screens. This chronic state of fight or flight, triggered by continuous exposure to scenes of destruction, is increasingly manifesting as physical symptoms, including insomnia, poor concentration, and chronic anxiety. “It creates more than just a brief fight or flight moment, it’s a very prolonged anxious state that you might be experiencing for however long you want to scroll on your phone,” El Miniawi says.

… and we’re simply not built for this kind of informational onslaught. There’s a fundamental mismatch between our ancient biological wiring and the modern digital landscape. “Our fight or flight system is very effective when it’s in the short term. The problem is being in a permanent fight or flight state,” she adds. Processing these difficult images is, on a psychological level, similar to being in a warzone, and the consequences can range from chronic stress to your brain opting for a complete emotional shutdown or desensitization, according to Ben Halim.

The rise of AI-generated misinformation on social media adds a new dimension of complication to an already tense situation. The constant stream of unverified, AI-influenced videos and reports makes it difficult for people to find a grounded reality. Clinically, therapists are now forced to help patients check the validity of the information they consume as a core part of anxiety management, which is a relatively new frontier in regional psychological practice, El Miniawi explains.

A trauma-filled upbringing is compounding the impact for Gen Z, who view this war as the latest in a series of life-altering crises. For young adults in their early to mid-20s, the conflict in Iran follows a childhood and adolescence marked by the Arab Spring, Covid-19, and global economic uncertainty. Anxiety levels in this demographic have skyrocketed as they struggle to plan for a future that feels fundamentally precarious, according to Ben Halim.

Best practices for managing this unique kind of anxiety focus on reclaiming control and fostering community. When the big picture is unpredictable, psychologists advise patients to focus on specific aspects of their lives within their immediate control.

  • Establish media boundaries: Ben Halim emphasizes the need for strict limits on news consumption, suggesting that every person must identify when “their nervous system says enough is enough;”
  • Nervous system regulation: El Miniawi utilizes tools to “calm the nervous system,” such as breathwork and physical grounding, to signal to the brain that there is no immediate danger;
  • Combat isolation: Ben Halim notes that people tend to isolate during difficult times, but connection is actually the “number one coping mechanism” for survival;
  • Parental anchoring: Parents are encouraged to maintain routines for children who may have to be homeschooled and to form emotional anchors that provide a sense of safety regardless of external chaos.

3

Ears to the Ground

Working it right with the Financial Times’ Working It

👂 If you’re in need of practical and no-bullshit workplace advice, the Financial Times’ Working It has it in spades. Even though the podcast concluded this past January, the FT houses an archive of 153 episodes driven by journalistic rigor, hosted by author Isabel Berwick.

What delivers: It’s a refreshing, condensed dose of experience-driven, human-focused workplace trends and leadership tips, with episodes rarely crossing the 30-minute mark. Rather than offering vague professional tips, Working It presents research-backed workplace issues with input from professionals and academics. Thoughtful and easy-paced conversations define the format — no fluff and no distracting side chatter.

One episode that stood out: The isolation and the downsides that come with being a CEO. Guests Allan Barton, a former MD of Shanks, and co-CEO of a coaching consultancy Tiffany Gaskell both liken leaders to “top-performing athletes” who bear heavy responsibilities on their own. The pair discuss how CEOs can often feel lonely and have to put on a persona, as well as the leadership amplification effect and how they’ve had to learn to be approachable and put in conscious effort to make their employees comfortable around them.

WHERE TO LISTEN- You can listen to Working It on Amazon Music | Apple Podcasts | Podtail | Spotify | Anghami.

This publication is proudly sponsored by

4

Sports

Germany and Ghana go head-to-head

The friendly face-off we’re tuning into tonight will see Germany and Ghana go head-to-head and toe-to-toe at 8:45pm. Die Mannschaft enter the game with high morale, facing a Ghanaian side coming off a heavy 5-1 defeat against Austria in their friendly last Friday. The match will be broadcast on beIN Sports 1.

5

Mark Your Calendar

A not-to-miss night with Omar Khairat

🎹 World-renowned composer Omar Khairat is taking to the stage at the Cairo Opera House’s Main Hall on Monday, 6 April and Tuesday, 7 April. Doors open at 6:30pm on both nights — you can book your tickets on Tazkarti.

6

GO WITH THE FLOW

What the markets are doing on 30 March 2026

The EGX30 fell 2.6% at today’s close on turnover of EGP 6.6 bn (0.5% above the 90-day average). Local investors were the sole net buyers. The index is up 8.0% YTD.

In the green: Orascom Investment Holding (+2.2%) and GB Corp (+0.9%).

In the red: Edita (-5.2%), Abu Qir Fertilizers (-4.8%), and AMOC (-4.1%).


🗓️ MARCH

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

31 March (Tuesday): Cairo Comedy Club at CJC 610.

APRIL

1 April (Wednesday): Ziad Khaled and El Waili at CJC 610.

2 April (Thursday): Lege-Cy at AUC CultureFest at AUC Tahrir Square.

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

3 April (Friday): Ehab Tawfik at CJC 610.

3 April (Friday): Salah El Daly at Theatro Arkan.

3 April (Friday): Dogs Day Out — Beyond the Message by Eastwind at Hyde Park.

3-4 April (Friday-Saturday): Egypt Career Summit at BUE.

6-7 April (Monday-Tuesday): Omar Khairat at Cairo Opera House Main Hall.

7 April (Tuesday): Beyond Van Gogh: The Immersive Experience at District 5 by Marakez in New Cairo.

8 April (Wednesday): Black Theama at CJC 610.

12 April (Sunday): Backyard Festival: Tamer Hosny and French Montana at Azha Ain El Sokhna.

13 April (Monday): Sham El Nessim.

17 April (Friday): Amr Selim at Small Theatre, Cairo Opera House.

17 April (Friday): Tul8te at Al Ittihad Alexandria Club, Alexandria.

24 April (Friday): Daylight saving time begins.

24 April (Friday): Marwan Pablo at Music Arena in Antoniads, Alexandria.

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.

NOVEMBER

28 November (Saturday): Shakira at the Pyramids of Giza.

Now Playing
Now Playing
00:00
00:00