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WHAT WE’RE TRACKING TONIGHT

IMF shrugs off regional tensions to hike Egypt growth forecasts

Good afternoon, friends. It’s a calm Monday, with the news cycle seemingly taking a breather. The showdown between Trump and the EU is still dominating global headlines, and at home, we’re taking a look at the IMF’s revised growth forecast for Egypt’s real GDP. Also today: we’re checking out Maadi’s latest climbing gym, and telling you if the new Game of Thrones spin-off show is worth your time.

AND- We’re in for a long weekend next week. Prime Minister Moustafa Madbouly declared Thursday, 29 January — instead of Sunday, 25 January — a paid holiday in observance of the 25 January Revolution and Police Day for both public and private sector workers, according to a cabinet statement.

THE BIG STORY TODAY-

? The International Monetary Fund has upped its GDP forecasts for the current fiscal year to 4.7%, an increase of 0.2 percentage points from its October projection, according to its latest World Economic Outlook (pdf).

But what really stands out is the Fund’s 0.7 percentage point upward revision for the next fiscal year, bringing the headline rate to a forecasted 5.4%.

The IMF’s two upgrades signal a growing consensus that the government’s reform agenda is bearing fruit and that the economic fallout from regional conflicts and tensions may not be as bad as once feared.

THE BIG STORY ABROAD-

? US President Donald Trump’s antics — and their consequences — are still leading the news cycle as Europe readies a package of retaliatory tariffs, potentially worth EUR 93 bn, should Trump follow through with his 10% tariff threat. France reportedly pushed for the EU to use its strongest economic counter-threat: the Anti-Coercion Instrument (ACI) — otherwise known as the “trade bazooka,” which could potentially restrict US access to EU markets.

Geopolitical tensions have pushed demand for safe-haven investments, with gold jumping 1.6% to near USD 4.7k per ounce, and silver up 3.4% — both metals hitting new highs. European and US stock futures took a hit as the USD weakened against its peers.

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

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

Derivatives trading is almost here. The Financial Regulatory Authority (FRA) officially licensed the EGX to operate its futures exchange, clearing the way for trading to launch as early as March. This aligns with the exchange’s latest guidance that a functional derivatives market will go live before the end of 1Q;
The Oil Ministry is lining up an exploration push built around two international tenders, revamped pricing terms, and faster arrear payments, a senior government source tells EnterpriseAM ;
Edita now owns HTT brands across the continent. Snackmaker Edita Food Industries has acquired the exclusive rights to the HoHos, Twinkies, and Tiger Tail (HHT) brands across an additional 45 African countries under an agreement inked with US-based Hostess Brands.

☀️ TOMORROW’S WEATHER- We’re in for another unsurprisingly cool day tomorrow, with temperatures in Cairo set to peak at just 20°C before further cooling down to 11°C, according to our favorite weather app.

Ascent Egypt scales new heights with Maadi expansion

?Egypt’s first climbing gym is venturing into new territory: Nearly six years after opening its doors in Sheikh Zayed, Ascent Egypt, the country’s first active indoor climbing gym, has launched its second location in Maadi. The new branch adds roughly 55 new routes to Egypt’s growing indoor climbing repertoire, alongside a fully functioning yoga studio and cafe. The opening marks yet another milestone in the sport's transition from a niche hobby to a more mainstream athletic pursuit.

A Covid project turned subcultural phenomenon: The brainchild of Youssef Shoukry, Omar Safar , and Sherif Hafez, Ascent Egypt was born during the throes of the pandemic in 2020. Drawing from Shoukry and Safar’s personal passion for the sport and a shared desire for a career shift, the idea for a dedicated indoor facility took shape. Hafez, a seasoned climber with years of experience, joined the duo shortly after as a strategic partner to help scale the vision.

Bootstrapped from the start: With no outside investors, Ascent was built entirely with a combination of personal savings, loans, and favors. One of the partners even sold his car to help finance the first branch, and briefly considered doing so a second time to fund the Maadi expansion. “We considered bringing on an outside investor at some point, but that meant it would probably be someone without a background in climbing,” Safar told us. Maintaining authenticity was a priority, even if it meant taking a more stressful financial route.

Bringing suburbia to the city: While the Zayed branch might be seen as the brand’s expansive flagship with 68 unique climbing routes, an outdoor wall, and a large cafe, the Maadi location is designed to bring the sport closer to the city’s heart. The founders explain that the move is about bringing Ascent out of suburbia and into the city, making it accessible to those who find the Zayed location hard to reach.

Athletic performance and new horizons: The Maadi space is slightly more compact than its predecessor. You won't find the sprawling outdoor seating or large changing rooms of the Zayed branch. Instead, the emphasis is more on technical progression and urban accessibility. “We included more modern wall angles that contribute to better training and a more refined climbing experience,” Safar says. The goal is to help the sport grow from an athletic perspective, supported by a dedicated yoga studio to help climbers with the flexibility and mobility the sport demands.

Beyond the walls, Ascent functions as a hub for a growing community of highly enthusiastic climbers. They regularly organize outdoor climbing trips to Egypt's wadis, host local competitions, and hold community events in their space. For those new to the sport, they also offer introductory sessions to teach the basics of movement and safety for practically all ages.

Welcome back to Westeros

? It took some time, but we’re finally back in Westeros. With the Seven Kingdoms having departed our screens since the summer of ‘24 with the House of the Dragon S2 finale, A Knight of the Seven Kingdoms is seemingly here to make amends for their absence — and all is forgiven. Adapted from George R.R. Martin’s The Tales of Dunk and Egg — in which he takes tremendous pride — the new HBO Game of Thrones spin-off hits all the right notes from the get-go.

The fight is not for the throne — it’s for honor. Exploring a hitherto under-represented facet of Westerosi life, A Knight of the Seven Kingdoms cares not for thrones or power; instead, the new spin-off dissects the ways and lives of those not fortunate enough to be born into one of the great houses.

The show follows Dunk (Peter Claffey), a lanky, awkward hedge knight with dreams of making a name for himself doing good. Upon the death of his mentor, Dunk — short for Duncan the Tall — begins travelling the Seven Kingdoms. His first stop? A grand tourney in Ashford, the Reach. Dunk has little to show for himself, but everything to gain. Along the way, he meets a scrawny, bald young boy called Egg (Dexter Sol Ansell) who wishes to be his squire. The peculiar youth is visibly not who he claims to be, yet Dunk reluctantly invites him along.

Despite only one episode being released, we’re wholly optimistic about the show — and so is GRRM. The seasoned author — who has been under fire for his failure to deliver The Winds of Winter, the next installment of A Song of Ice and Fire — outlined up to 12 unpublished novellas centering Dunk and Egg, with the intention of the show adapting each. Which is to say, we’ll likely be visiting Westeros every year for the foreseeable future.

Humor is to A Knight of the Seven Kingdoms what gore is to Game of Thrones. From the very first scene, the show proves itself a lighter, more comedic version of its counterparts. From the dialogue to the three-second-long flashbacks, the show makes it clear that it’s about to sing a completely different tune — and a welcome one at that. Despite offering a breath of fresh air, make no mistake: we’ll be in for plenty of gore in due time.

While we anticipate AKotSK to remain humorous and light, we know it’s bound to get darker. The show will — in classic GoT fashion — explore politics, ploys, and a slew of problematic people. We’re bound to witness House Targaryen following the events of the Dance of the Dragons as portrayed in HotD, and watch the seeds of rebellion take root.

Friendly warning: AKotSK is not family-friendly by any means, with its fair share of vulgar language and explicit scenes.

WHERE TO WATCH- A Knight of the Seven Kingdoms airs weekly on Monday mornings on OSN+. You can watch the trailer on YouTube (watch: runtime, 2:32).

Senegal walks away with the AFCON trophy

⚽ The Teranga Lions snatch the W. All eyes are on Senegal after they secured their second-ever AFCON title — and their second in the last five years. The Teranga Lions triumphed over the Atlas Lions in a vicious match that ended 1-0, featuring a powerhouse performance from Morocco, and plenty of drama in the final moments. Other than that? All quiet on the football front.

If you missed one of the most exciting — and bizarre — finals in memory, here’s what went down: After the referee disallowed a Senegal goal in the 92nd minute, he awarded a penalty to Morocco in the 98th. The Senegalese team protested, and coach Pape Thiaw ordered his players to leave the field. The team retreated to the dressing room before Sadio Mané spoke to them, convincing them to return and finish the match.

Morocco and Real Madrid star Brahim Díaz stepped up to take the penalty, but Senegalese keeper Edouard Mendy made the save. Just four minutes into the first period of extra time, Pape Gueye scored the lone goal for Senegal against Morocco.

Disco Misr live in New Giza

?Get your groove on. This Thursday, 22 January, Disco Misr is taking over New Giza’s Mediterranean restaurant Noi Metropoli for a groovy late night party. Reservations can be made through the link in Noi Metropoli’s Instagram bio.

What the markets are doing on 19 January 2026

The EGX30 rose 2.5% at today’s close on turnover of EGP 5.9 bn (10.5% above the 90-day average). Regional investors were the sole net sellers. The index is up 7.7% YTD.

In the green: Telecom Egypt (+8.7%), TMG Holding (+7.6%), and Madinet Masr (+4.9%).

In the red: Credit Agricole (-1.7%), Ibnsina Pharma (-0.9%), and E-finance (-0.8%).

THE ENTERPRISEPM ENTERTAINMENT CALENDAR

?️ JANUARY

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

21 January - 3 February (Wednesday-Tuesday): Cairo International Book Fair.

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

22 January (Thursday): Disco Misr at Noi Metropoli, Giza.

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

23 January (Friday): Cairo International Book Fair opening ceremony.

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

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.

29 January (Thursday): Official holiday in observance of the 25 January Revolution and Police Day.

30 January (Friday): Cairo Marathon normal registration ends.

31 January (Saturday): Eyad El Mogy: El Sabt El Momtaz - The Last Dance at Hilton Cairo Grand Nile.

FEBRUARY

6 December - 15 February (Saturday-Sunday): Cairo Prints at Cairopolitan in Garden City.

6 February (Friday): Cairo Marathon at Heliopolis, Merryland Park.

11-15 February (Wednesday-Sunday): Animatex at AUC Tahrir Square.

17 February (Tuesday): First day of Ramadan (TBD).

MARCH

20 March (Friday): Eid Al-Fitr (TBD).

APRIL

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

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.

JULY

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

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