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Fantastic feasts and where to find them

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WHAT WE’RE TRACKING TONIGHT

FinMin to waive backdated property taxes on unregistered units

Good afternoon, friends, and welcome to the start of a fresh, new workweek — and Ramadan’s last. In today’s issue, we take a look at how the Strait of Hormuz closure is impacting Egyptian industry, list our favorite Cairene bakeries and patisseries for all your kahk needs, recommend your next Ramadan watch, and more.

🌙 So, when do we eat? Maghrib prayers are at 6:03pm in the capital, and you’ll have until 4:37am tomorrow to hydrate and caffeinate ahead of fajr

THE BIG STORY TODAY-

📍 The Finance Ministry is set to waive all back taxes on unregistered properties or those missing from tax records in a major “goodwill” bid to expand the tax base through voluntary compliance, a government source tells EnterpriseAM. Part of a broader facilitation package approved by the House of Representatives, the roadmap ensures that no retroactive taxes will be collected — regardless of when a property was built — provided owners register of their own accord.

Primary residences will receive retroactive relief for past dues for two periods — from 2018 through the end of 2021, and from January 2022 through 2026, after which applicable units will be taxed. To further incentivize compliance, the ministry is offering a 25% discount on residential units and a 10% discount on commercial properties to voluntary registrants, as well as a 5% discount for advance payments made before final valuations.

In a move to reset the relationship with taxpayers, the ministry is also capping late payment penalties at the original tax liability, waiving fees for those who settle within six months, and withdrawing all unresolved government appeals.

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

THE BIG STORY ABROAD-

🌐 The regional war continues to dominate headlines as the blocking of the Strait of Hormuz remains a pressing global issue. Despite the emergency oil release by the IEA last week, supply is still disrupted, and crude prices are poised for gains this week, having jumped more than 17% since the emergency release. Both Brent and WTI have witnessed 40% spikes just this month and are expected to extend gains at Monday’s open. The market faces further disruption as US President Donald Trump threatens more strikes on Iran’s Kharg Island oil export hub.

^^ Read more on: Bloomberg, CNBC, and Reuters.

In the business press, Meta is making headlines as it plans another sweeping layoff that could affect more than 20% of its workforce. These cuts come as Meta seeks to offset its AI spending and prepares for more AI-assisted efficiency. The company is on track to spend USD 600 bn on data centers by 2028.

^^ Read more on Reuters.

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

  • Finance Minister Ahmed Kouchouk is building a rainy-day buffer as he prepares the upcoming state budget, signaling a hard pivot toward fiscal preservation over expansion;
  • While the current conflict has dampened investor sentiment across the entire region, Egypt's specific vulnerability lies in its status as a net energy importer facing the economic strain of surging global oil prices;
  • FinMin aims to bring Egypt’s debt-to-GDP ratio down to a sustainable 71-73% by the end of FY 2028-29 and lower its gross financing needs to 9-11% of GDP. The strategy outlines a roadmap to resolve a critical fiscal bottleneck where interest payments currently devour 70-80% of tax revenues.

enterprise

*** It’s Inside Industry day — your weekly Sunday briefing of all things industrial in Egypt. Inside Industry explores what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning through to product distribution, land allocation, industrial processes, supply chain management, labor, automation and technology, inputs and exports, and regulation and policy.

In today's issue: We take a look at how the Hormuz closure tests Egypt’s industry as soaring shipping and energy costs squeeze supply chain security.

☀️ TOMORROW’S WEATHER- We’re in for a cool, potentially foggy day in the capital tomorrow, with the mercury set to peak at a high of just 23°C, with a low of 12°C, according to our favorite weather app.

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THE ENTERPRISE GUIDE

Where to stock up on Kahk this Eid Al Fitr

🍪 The pleasures of Eid are simple: A morning cup of milk tea… and a bucketload of kahk. With Eid Al Fitr just a few days away, it’s time you started stocking up on your kahk requirements for the weekend, and Cairo’s patisseries certainly have no shortage of the festive Egyptian treat. In this special edition of The Enterprise Guide, we’re listing our favorite kahk packs and where to find them.

The classics

#1- Simonds: When it comes to kahk, Simonds rules supreme. The 1898-born Egyptian bakery has had quite some time to perfect its craft, and perfect it has. This Eid, Simonds has a slew of kahk boxes available:

  • The Kahk Soiree Box: Featuring a bite-sized collection of all the traditional Eid treats — kahk, ghoriba, and petit four — Simonds’ best-seller will set you back EGP 695;
  • The Standard Mix Box: This pack includes kahk, ghoriba, petit four, and nashader biscuits. The medium box is priced at EGP 1.3k, with the large coming in at EGP 2.1k;
  • The Special Mix Box: The special box adds more kahk and petit four variants to the mix, and comes in at EGP 1.5k for the medium and EGP 2.3k for the large;
  • Premium boxes: If you’re looking to gift some kahk this Eid, Simonds has quite the high-end options for you, with curated trays and boxes — including the Arabesque, Gold, and Royal Boxes — ranging from EGP 2.8k-13.5k.

Simonds also offers individual kahk variants by the kilogram, starting at EGP 645 for plain kahk.

WHERE TO FIND IT: You can find Simonds’ kahk selection at any of their branches across Cairo, or place an order through their website.


#2- Thomas Pâtisserie: This year, Thomas Pâtisserie is back with quite the packed Eid menu, with a slew of fun packaging options on the table. Here’s what they have in store:

  • The VIP mixed pack: This features plain, malban, walnut, and pistachio kahk, alongside cookies and ghoriba, petit four, coconut, vanilla, and orange biscuits, and comes at EGP 3.1k a pack;
  • The small VIP mixed pack features everything listed above, except pistachio kahk, at EGP 2.6k;
  • The metal mixed box comes in at EGP 2.5k and includes plain, malban, and walnut kahk, as well as ghoriba, petit four, nashader, and cookies;
  • Leather kahk packs come in large, medium, and small, with prices ranging from EGP 2.2-3.9k, packed with plain and walnut kahk, ghoriba, petit four, nashader, and cookies;
  • If you’re looking to go all out, Thomas is also offering picnic-style boxes filled with all the goodies, with prices ranging from EGP 3.4-9.2k. Arabesque-style boxes are also available, with a starting price of EGP 4.5k, capping off at EGP 15k.

WHERE TO FIND IT: Thomas Pâtisserie has branches all over Cairo at Madinaty, New Cairo, and Nasr City. You can also order through El Menus.


#3- Dukes: Offering a kahk feast fit for royals, Dukes is one of our favorite bakeries for a reason. This Eid, the Heliopolis-born patisserie is going all-out — here’s what they have in store:

  • Individual boxes: Dukes’ kahk comes in at EGP 475 for plain kahk and EGP 495 for mixed kahk. Mixed biscuits will set you back EGP 475, with the petit four box at EGP 545;
  • Mixed boxes: With ghoriba, petit four, biscuits, and kahk, Dukes’ mixed boxes start at EGP 775 for the 1.5kg to EGP 1.35k for the 3kg. Looking to gift? You can get the Royal Box for EGP 2.2k.

WHERE TO FIND IT: Dukes has branches all over Cairo, and you can order through their website.


#4- El Abd: Leave it to El Abd to dish out some mouthwatering kahk. This year, the beloved bakery is bringing back its signature vibrant boxes. Prices start at EGP 146 for the plain mini kahk 16-piece box, and go all the way up to EGP 3k for the premium 6kg mixed kahk box.

Our pick? We’d say go for the 2kg mixed box, which includes several kahk variants, ghoriba, petit four, cookies, and more at EGP 720.

WHERE TO FIND IT: You can find El Abd’s Eid offerings at any of their branches across Cairo. You can also order through their website or via Talabat. El Abd’s Eid offerings can also be found at major retailers such as Seoudi and Kheir Zaman.


#5- La Poire: You simply can’t go wrong with La Poire. After treating us to a slew of creative concoctions during Ramadan, they’re back to serving up the classics in Eid — here’s what they have in store: Aside from ajwa, walnut, malban, and plain kahk available by the kg, La Poire offers assorted boxes featuring all sorts of variants at EGP 310 for the medium box and EGP 575 for the large. If you’re looking for a little spice, their cinnamon walnut kahk is a must-try at EGP 650.

WHERE TO FIND IT: You can find La Poire’s kahk at all their branches across Cairo, place an order through their website or hotline, or peruse the menu on Talabat.


#6- Salé Sucré: For Eid El Fitr, Salé Sucré is leaving no room for want, with all sorts of festive treats on the menu, from myriad kahk and sable variants to generous petit four assortments. Kahk starts at EGP 210 for 0.6kg boxes, petit four boxes at EGP 160, nashader biscuits at EGP 260, and ghoriba at EGP 340. Mixed boxes come in at EGP 820 for the 2kg, up to EGP 3.3k for the 6kg.

WHERE TO FIND IT: Salé Sucré has branches all over Cairo. You can also order through their website and via Talabat.


#7- Abdel Rahim Koueider: A Eid family gathering without a Koueidar kahk box in the mix is a sight rarely seen, and for good reason. The veteran confectionery has several options up for grabs, with mixed boxes running the gamut from EGP 475 for the 1kg mixed box all the way to EGP 2k for the 4kg.

WHERE TO FIND IT: You can find the kahk at any of Koueidar’s branches all over Cairo. You can also place an order through their website or via Talabat.

The diet-friendly

#1- Four Seeds: On a strict regimen but don’t want to miss out on all the fun? Four Seeds offers low-carb, glutenfree, sugarfree treats for Eid, including kahk, nashader, petit four, and sable.

WHERE TO FIND IT: Four Seeds is located inside Royal House branches as well as New Cairo’s Chillout El Sadat Axis. You can also order through their website.


#2- Zero Sugar by Ketonista: Diabetic- and diet-friendly, Zero Sugar offers pretty much what it says on the tin — because, as they put it, your health shouldn’t take a break this Eid, but you shouldn’t miss out either. Baked with almond flour and sweetened with Stevia, Zero Sugar is serving up kahk, petit four, ghoriba, and nashader that taste just like the real thing — maybe even better.

WHERE TO FIND IT:Zero Sugar has branches all over Cairo, and you can also order online through their website. Some product selections are also often available at Seoudi.

If you’re looking to try something new

#1- Mr. Baker: If you’re tired of the usual go-to spots for kahk, consider this a nudge in Mr. Baker’s direction. The Kuwait-born bakery serves up all the classics and then some. A 40-piece kahk box will set you back just EGP 675, up to EGP 1.3k for the pistachio honey kahk. Mixed boxes start at EGP 1.05k for the 1.3kg option, climbing up to EGP 4k for the 4kg, which includes honey walnut kahk, honey pistachio kahk, malban kahk, plain kahk, sable, petit four, ghoriba, and nashader.

WHERE TO FIND IT:You can pick up Mr. Baker’s kahk from various branches across Cairo. You can also place your order through the website.

Honorable mentions:

  • Gourmet — Available at all branches and online ;
  • Just Ka7k — Available at all Seoudi branches ;
  • Breadfast — Available through the Breadfast app.

(** 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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ON THE TUBE TONIGHT

Why Aard Wa Talab has audiences split

📺 An average Jane driven by dark circumstances into the world of organ trafficking. Two years following her breakout performance in Aala Nesbet Moshahda, Salma Abu Deif returns in Aard Wa Talab — a series that interweaves mystery, drama, melancholy, and suspense. Since its debut in the second half of the Ramadan season, it has sparked polarizing reactions.

Heba (Abu Deif) is in a race against time to find a kidney donor for her mother, Faten (Samah Anwar). She soon discovers that reality is far harsher than she imagined; her only viable option is to find someone willing to undergo the surgery in exchange for a massive sum of money. This desperation leads Heba into the clutches of an organ-trafficking ring — brokers who prey on the poor, exploiting their poverty to convince them to sell their organs.

Simultaneously, Heba is haunted by the ghosts of her past and the memories of her marriage to Dr. Thabet (Mohamed Hatem). The couple lost a child, leading to the collapse of their marriage. Because Thabet is still Heba’s neighbor, their attempts to move on are constantly thwarted, especially as their personal lives remain deeply intertwined.

The verdict? Well… we’re torn. The division in audience opinion is understandable. The series tackles a grave issue with immense potential, yet it occasionally falls into the trap of repetitive pacing. For instance, the excessive use of flashbacks regarding Heba and Thabet’s past weighs down the narrative rhythm — a potential frustration for viewers expecting the brisk pace typical of a crime thriller.

That said, the show earns significant credit for its sharp, sophisticated dialogue, a powerful musical score, and exceptional acting. Abu Deif portrays the protagonist with mastery, once again proving her growth as an actress. Similarly, Hatem, Ali Sobhi, Mostafa Abou Sriea, and Rahma Ahmed all stand out as well.

WHERE TO WATCH- Aard Wa Talab is streaming on Watch It. Watch the trailer on YouTube (watch, runtime: 2:00).

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Sports

Tonight: Al Ahly and Espérance face off in Rades

An African derby: We’re counting the hours until Egypt’s Al Ahly and Tunisia’s Espérance de Tunis go head-to-head in the first leg of the CAF Champions League quarter-finals. The Red Devils are heading to Rades, Tunisia, for the 25th face-off in the history of these two clubs. Kick-off is at 11pm, with the match broadcasting live on beIN Sports 1.


Super Sunday in the Premier League: Matchweek 30 of the English Premier League continues today — here’s the line-up:

  • Nottingham Forest vs. Fulham — 4pm, beIN Sports 4;
  • Manchester United vs. Aston Villa — 4pm, beIN Sports 1;
  • Crystal Palace vs. Leeds United — 4pm, beIN Sports 3;
  • Liverpool vs. Tottenham — 6:30pm, beIN Sports 1.


In the major European leagues: Barcelona faces Sevilla in a La Liga Matchweek 28 showdown. Kick-off is at 5:15pm on beIN Sports 2.

Also on our radar:

  • Real Betis vs. Celta Vigo — La Liga, 7:30pm, beIN Sports 3;
  • Lazio vs. AC Milan — Serie A, 9:45pm, Starzplay;
  • Rennes vs. Lille — Ligue 1, 9:45pm, beIN Sports 5.

This publication is proudly sponsored by

5

Mark Your Calendar

Explore Egypt’s home design scene at D5 Home by Efreshli

🛋️ Fancy yourself a furniture and design fanatic? This one’s for you. D5 Home by Efreshli is back for its third year at District 5, running from Thursday, 26 March to Sunday, 29 March. This curated experience brings together over 70 of the market’s leading furniture and home brands under the theme of nostalgia and innovation. Visitors can expect a showcase of collaborative curated environments between Egyptian furniture makers, decor labels, and design studios.

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GO WITH THE FLOW

What the markets are doing on 15 March 2026

The EGX30 fell 1.9% at today’s close on turnover of EGP 5.0 bn (23.6% below the 90-day average). Local investors were the sole net buyers. The index is up 9.8% YTD.

In the green: Valmore Holding -EGP (+6.6%), AMOC (+2.9%), and Qalaa Holdings (+0.3%).

In the red: Raya Holding (-4.7%), Rameda (-4.5%), and ADIB (-2.7%).

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INSIDE INDUSTRY

The Strait of Hormuz closure is testing Egyptian industry

🏭 Can Egyptian industry weather the reshaping of global trade? Regional volatility and the closure of the Strait of Hormuz have forced manufacturers and logistics players to tear up the old playbook. The focus has shifted abruptly from optimizing margins to prioritizing supply chain security. However, as sources told EnterpriseAM, this upheaval presents a window for Egypt to position itself as a safe-haven for trade and investment.

The collapse of maritime traffic through Hormuz — down 97% according to a recent UNCTAD report seen by EnterpriseAM — is triggering acute inflationary pressure. The numbers are stark: oil prices are up 27%, LNG has surged 74%, and bunker fuel costs have doubled. War-risk ins. premiums have skyrocketed by 300%, pushing the cost of a single voyage toward the USD 1 mn mark. Domestically, there are fears that supply bottlenecks could divert natural gas to the national power grid at the expense of industrial feedstock.

Last Tuesday, the government moved ahead with the long-anticipated fuel price hikes of 14.3-30%, citing geopolitical instability and global energy volatility. Notably, gas prices for industry have remained untouched — for now.

Exporters fear losing their price edge. Edita Chairman Hani Berzi warns that the food sector is highly vulnerable to shipping disruptions, further explaining that the primary blow will come from rising freight and marine ins. costs driven by the higher fuel prices and war-risk surcharges. Ins. premiums for vessels passing through Hormuz have already risen to nearly 0.38% of the ship’s value, up from 0.25%, Egytrans CEO Abir Leheta told EnterpriseAM. Shipping lines like Hapag-Lloyd have imposed additional fees of USD 1.5-3.5k per container destined for the Gulf.

Furthermore, rerouting around the Cape of Good Hope adds 10-14 days to the journey, threatening perishable goods and potentially driving up the price of frozen products by 6-16%. In the air, 12% of global cargo capacity was withdrawn almost instantly, and China-Middle East flights dropped by 73.5% in just two days, while land transport costs are expected to rise by 15-20%. Given these conditions, industry reps are discussing mechanisms with the Oil Ministry to allow the private sector to resume direct gas imports for factories, according to our sources.

Egypt’s fertilizer industry is in a tough spot: While it could theoretically fill the global void left by the blockage of one-third of sea-borne fertilizer shipments, nitrogenous fertilizer production is gas-intensive, Chairman of the Export Council for Chemical Industries and Fertilizers Khaled Abul Makarem and Polyserve Chairman Sherif El Gabaly warn that if the energy crisis deepens, the state may prioritize lights over production lines, potentially halting production.

Oil Minister Karim Badawi has pointed to Egypt’s diversified energy sources and long-term contracts as a buffer. Prime Minister Mostafa Madbouly echoed this, asserting that there will be no power outages or gas supply cuts to the industrial sector.

Industrialists are feeling the squeeze on raw materials. Aluminum prices have surged over 10% since March, which, combined with a 9% currency fluctuation, has pushed total costs up by over 20%, says Delemar Aluminum CEO Mahmoud Haroun. Egypt Aluminum has already hiked factory-gate prices by roughly 9.5% (EGP 14k per ton) compared to late 2025 levels, according to Chamber of Engineering Industries Head Mohamed El Mohandes. However, some remain insulated; Metallurgical Industries Chamber Director Mohamed Hanafi notes that raw copper and aluminum sources from Spain, Russia, and India bypass the Hormuz bottleneck entirely.

In the food sector, Berzi believes that domestic impact may remain limited for now, unless the crisis worsens or triggers a devaluation of the EGP. However, he warned that sectors tied to strategic commodities, such as grains, would be the most sensitive to any prolonged disruptions.

In response, an industrial hedging trend is emerging as companies increase their inventories — especially in food — to ensure continuity and insulate themselves from further shocks, according to Leheta. Berzi advises firms to review their stock levels immediately to maintain continuity in an era of unprecedented global trade uncertainty.

Amid this, Egyptian infrastructure has emerged as a lifeline. Mediterranean ports have become hubs for offloading goods to be transported by land to Red Sea ports and then to the Gulf in less than a day, supported by the exceptional registration waiver for transit goods at Nuweiba, Sokhna, and Safaga. Leheta further pointed to expansions that will raise container capacity to 19 mn TEUs, while the Suez Canal Economic Zone has successfully attracted over USD 15 bn in investment — 70% of which is foreign.

Additionally, the Sumed line provided a strategic alternative by transporting 365 mn barrels of oil in 2025. In this context, ceramic producers are also exploring land exports to neighboring countries such as Libya and Sudan, according to Hossam El Sallab, head of the Ceramics Division at the Federation of Egyptian Industries’ Building Materials Chamber and Vice Chairman of El Sallab Group.


🗓️ MARCH

9-16 March (Monday-Monday): Hakawy El Qahera Tent at the Citadel.

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

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

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

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

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.

APRIL

2 April (Thursday): Hany Shaker at Theatro Arkan.

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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