Good afternoon, wonderful people, and congrats on making it through another week. We’re winding down for the weekend, but the news shows no signs of letting up, so let’s dive in.
THE BIG STORY TODAY
#1- Madbouly’s government is set to finalize the executive regulations for amendments to the tax law in the coming days, after finalizing the fate of the capital gains tax on EGX transactions, government sources tell EnterpriseAM. The cabinet is set to meet today with officials from the EGX, the Finance Ministry, and the Misr Clearing and Depository Company to discuss alternatives to the capital gains tax — particularly a stamp tax on EGX transactions.
Refresher- A government source last week told EnterpriseAM that the long-awaited and repeatedly delayed capital gains tax on EGX transactions may never come, with officials now considering reinstating a 0.15% stamp tax on all EGX transactions as a simpler alternative to the capital gains tax.
New details on customs facilitations: Deputy Finance Minister for Taxes Sherif Al Kilani noted that soon-to-be-announced customs facilitations would allow companies to pay customs on raw materials in installments for the first time, adding that once the facilitations are complete, the government will turn its focus to its long-awaited tax policy document.
#2- Catalyst Partners’ capital hike via private placement is set to kick off Sunday: An additional 22.5 mn shares of of impact investor Catalyst Partners’ SPAC, Catalyst Partners Middle East (CPME), will begin trading on the EGX on Sunday, 16 February, with shares priced at EGP 10 a pop, according to an EGX bulletin. The private placement will see CPME bump its issued and paid-up capital to EGP 235 mn, up from EGP 10 mn. The offering is only open to qualified institutional investors.
ICYMI- CPME became the first SPAC to ever be listed on the EGX in November, after it listed 1 mn shares with a par value of EGP 10 per share— bringing its total issued capital to EGP 10 mn.
THE BIG STORY ABROAD
Today’s int’l headlines are squarely focused on US president Donald Trump’s latest statements on the Russia-Ukraine war, with the administration ruffling feathers across the Atlantic with the suggestion that the US will not back a return to Ukraine’s pre-2014 borders or Nato membership for Kiev in upcoming peace talks. The US’ stance has unsettled European officials ahead of the Munich Security Conference tomorrow, with many expecting Trump to tell them they must bear the cost for Ukrainian reconstruction and deploy troops there, all to maintain a peace deal in which they will have little say.
Meanwhile, former US officials are scratching their heads at Trump’s casual ceding of leverage ahead of the negotiations. “Why is the Trump administration giving Putin gifts — Ukrainian land and no Nato membership for Ukraine — before negotiations even begin?” asked former US ambassador to Russia under the Obama administration Michael McFaul in a post on X. “I’ve negotiated with the Russians. You never give up anything to them for free,” the former ambassador added. (Reuters | Financial Times)
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
Fresh details on the Public Government Budget for FY 2025-26: The Public Government Budget is set to rise to somewhere in the vicinity of EGP 8 tn in the fiscal year 2025-26, up from EGP 6.6 tn in the current fiscal year, as the Madbouly government looks to incorporate additional state economic bodies’ budgets into the budget
Al Ahly Sabbour to tap advisor for planned IPO by June: Local real estate developer Al Ahly Sabbour plans to select an advisor for its planned IPO by June.
Qalaa Holdings’ revenues rose 75% y-o-y in 3Q 2024 to EGP 37.6 bn, driven by the strong performance of subsidiary Egyptian Refining Company (ERC).
☀️ TOMORROW’S WEATHER- Temperatures in the capital are on a slight rise, with tomorrow’s mercury set to reach 20°C in the morning before dropping to a chillier low of 9°C in the evening, according to our favorite weather app.
The prestigious MBA degree, once considered a golden ticket to career advancement, no longer guarantees immediate success, writes Business Insider. Job acceptance rates at top business schools have hit recent lows, with eight out of ten leading programs reporting their lowest placement rates in years.
(Tap or click the headline above to read this story with all of the links to external sources.)
Traditional MBA employers, including consulting firms and tech companies, have scaled back hiring. The slowdown is particularly evident in sectors like finance, technology, and consulting — industries that historically recruited heavily from business schools.
Why? Elevated interest rates have led to more cautious hiring practices, particularly across finance and technology. Companies’ substantial investments in AI have resulted in reduced hiring budgets and uncertainty about future workforce needs. Economic uncertainty is another — maybe more crucial — factor, as businesses adopt a wait-and-see approach while monitoring potential policy changes and economic indicators.
Career experts recommend we keep our fingers crossed for retirement. But not ours. The anticipated wave of baby boomer retirements could create leadership opportunities that AI cannot fill. In the US, experts are hoping that potential Federal Reserve interest rate cuts could improve market conditions for white-collar workers.
But we shouldn’t misunderstand this as a cyclical issue — it’s a structural failing through and through. As companies continue to invest in technology and reassess their workforce needs, professionals at all levels must adapt to a new employment landscape that demands flexibility, continuous skill development, and often, adjusted expectations.
Many MBA holders are accepting significant pay cuts to remain employed, with hopes of gradually returning to previous income levels. BI interviewed a former hotel general manager who once earned USD 130k annually. After a round of layoffs, he found a job at a property management company that earns him USD 25 per hour.
For now, one economist noted, “it’s a stayer’s market, not a seeker’s market” — the industry now favors those currently employed over those seeking employment. This new reality requires a fundamental shift in how p professionals approach their careers, from education choices to long-term career planning.
📺 On the edge of danger with Liam Neeson… again. Directed by Nimród Antal — who also worked on several episodes of Stranger Things — and starring Liam Neeson, Retribution is a remake of a Spanish film by the same name that follows a Berlin-based investment banker who, along with his two children, gets caught in a life-and-death crisis.
(Tap or click the headline above to read this story with all of the links to external sources.)
The plot: Matt Turner (Neeson) is a veteran banker who has been managing investment funds for 18 years alongside his boss and close friend Anders (Matthew Modine). Though his life appears to be perfect, we soon find out that his wife, Heather (Embeth Davidtz), is unhappy with how he prioritizes work and clients over his family — including their children, Zach (Jack Champion) and Emily (Lilly Aspell).
One morning, while driving his kids to school, Matt finds a phone ringing in his car. When he answers, a mysterious voice tells him that a bomb has been planted under his seat and will detonate the moment he opens the door or tries to get up. Matt is thrown into a race against time to save his children, while also dealing with the unknown caller behind the threat — who not only endangers his family, but also his closest friend.
The film offers what you would expect from a Liam Neeson movie — entertainment. It also has a fast-paced plot that keeps the suspense going from the very beginning. While the premise is nothing new and has been seen and done before, Neeson’s performance is enough to hold your attention, especially if you enjoy action packed thrillers and want to find out the identity and fate of the person on the phone.
WHERE TO WATCH- You can watch the film on OSN+ or catch the trailer on YouTube (runtime: 2:02).
⚽ The Europa League playoffs are today’s main event, featuring teams ranked 9-24 from the league phase. It’s a two-legged knockout format to determine the 8 teams advancing to the Round of 16. The big one tonight is Porto vs Roma, kicking off at 10pm.
On the domestic front: Modern Future will be going head to head with Tala’ea Al Gaish today at 4pm, followed by Enppi and Al Ittihad Alexandria meeting on the pitch at 7pm to wrap up Matchday 13 of the Egyptian Premier League.
Super Saturday is starting early this week, with Matchday 25 of the Premier League kicking off tomorrow night at 10pm with Brighton and Chelsea at the Amex. The Seagulls knocked the Blues out of the FA cup just last weekend, making for a tense match tonight as Chelsea hangs on to fourth place of the EPL, while Brighton sits in tenth.
The Premier League clashes are filling up the Saturday schedule, with seven matches on the docket. Headlining is Manchester City’s playoff against Newcastle at 5pm, with both teams locked on 41 points and a goal difference of 13. The Citizens’ superior goal score of 48 puts them at fifth on the leaderboard, ahead of the Magpies in sixth place.
Second-placed Arsenal are heading to Leicester’s King Power Stadium at 3:30pm to play against the struggling team currently sitting in 18th, while Forest’s match against Fulham is set to kick off at 5pm.
The rest of Saturday’s EPL action:
Aston Villa vs. Ipswich Town (5pm)
Southampton vs. Bournemouth (5pm)
West Ham vs. Brentford (5pm)
Crystal Palace vs. Everton (7:30pm)
Over in La Liga, leaders Real Madrid are set to face Osasuna on Saturday at 5:15pm, and Atleti, just a point behind, are hosting Celta Vigo at 7:30pm.
Serie A is serving up a fiery match with Lazio vs. Napoli on Saturday at 7pm, seeing the teams currently sitting in fourth and first place respectively going head to head. Napoli still tops the leaderboard with 55 points despite drawing their last two matches, with Inter now hot on their heels with just one point less.
Other Serie A Saturday features to keep an eye on:
Atalanta vs.Cagliari (4pm)
Milan vs. Verona (9:45pm)
A Bundesliga blowout: Defending champions Bayer Leverkusen are hosting Bayern Munich on Saturday at 7:30pm as part of Matchweek 22 of the league. Bayern, with the most ever Bundesliga trophies under their belt, are comfortable at the top of the scoreboard with eight points separating them from the second-placed Leverkusen.
Other major European league matches to tune in to this weekend:
Girona vs. Getafe — La Liga (Friday, 10pm)
Bochum vs. Dortmund — Bundesliga (Saturday, 4:30pm)
The weekend of love. Head to The Grand Theatre in EDNC by Sodic for Cupid’s Theatre. Taking place tomorrow and Saturday, 15 February, these nights will feature burlesque shows, live performances, and DJs to get you on the dance floor. Book your spot by calling the number in The Grand Theatre’s Instagram bio.
(Tap or click the headline above to read this story with all of the links to external sources.)
HAPPENING THIS WEEK-
A Red Bull-fueled dance off — with one big twist. Red Bull Dance Your Style is back, offering you the opportunity to watch Egypt’s top 16 freestyle dancers battle it out tonight at 7pm at El Malahy. Get ready for beats, insane moves, and a twist — you’re the judge. Grab your tickets at Ticketsmarche.
Act Theatre Group are back with a new edition of the Famous For Fifteen Minutes Festival. Under the name of Twisted Ties, the festival will feature a number of short plays from Egyptian and American writers taking place at Rawabet Art Space tonight and tomorrow at 8pm. Tickets for the first and second nights are available on Ticketsmarche.
A Valentine’s Day that hits all the high notes: Soprano Amira Selim will host a special Valentine’s Day concert, performing a selection of classic romantic songs in French, English, Italian, and Egyptian Arabic, accompanied by pianist Pascal Rozier. The concert begins at 8pm tonight at the Cairo Opera House in Zamalek. Get your tickets from Tazkarti.
A romantic movie night under the stars. Attend a screening of the movie Me Before You this Valentine’s Day, tomorrow at The Wadi Degla Proctorate in Maadi starting at 5:30pm. Book your spot through the Proctorate’s website.
An Argentinian night of jazz and tango: In honor of Valentine’s Day, the Argentinian show TangoAfter Dark is coming to Egypt for the first time. Enjoy a night of jazz music and tango as part of the Layali Misr chain of events. The show will take place at the Waldorf Astoria Theatre in Heliopolis tomorrow at 9pm. You can also catch the show at the Cairo Opera House on Saturday and Sunday, 15 and 16 February at 8pm. Tickets for the first, second, and third shows are available on Tazkarti.
The weekend of love. Head to The Grand Theatre in EDNC by Sodic for Cupid’s Theatre. Taking place tomorrow and Saturday, 15 February, these nights will feature burlesque shows, live performances, and DJs to get you on the dance floor. Book your spot by calling the number in The Grand Theatre’s Instagram bio.
Craving a taste of Asia? The Thai Food Bazaar will have top Thai chefs preparing their signature dishes live — so you can watch, savor, and maybe even steal a secret or two. The event will take place at Al Horreya Park in Zamalek for four days, starting today and continuing till Sunday, 16 February, with the event set to run from 12pm to 8pm each day.
HAPPENING LATER-
The Animatex Festival is back for its fifth edition. It’s bringing a packed program including screenings of both short and feature animated films, discussions, panel talks, and workshops for animation enthusiasts — and those looking to network with local and international industry leaders. The festival will take place at the AUC Tahrir campus from Thursday, 20 February until Tuesday, 25 February. You can grab your tickets from Ticketsmarche.
Amal Maher takes on the Sound and Light theatre at the Giza Pyramids. The concert will take place on Thursday, 20 February with doors opening at 7pm. Formal attire is required. You can book your tickets through TicketsMall.
Cairokee x New Capital: Cairokee will perform in El Nahr El Akhdar Park in the New Administrative Capital at 8pm on Friday, 21 February. Tickets are available on Ticketsmarche.
Get dreamy with Ghostly Kisses. The French-Canadian pop band Ghostly Kisses will return to Cairo later this month for a performance at the Mövenpick Media City Theater in 6th of October. After their initial concert on Friday, 21 February sold out, the band announced that it will be adding a second performance date on Thursday, 20 February as part of their 2025 world tour. Get your tickets to the show on Ticketsmarche.
Massar Egbari is preparing to celebrate the release of their latest album,Maba’etsh Akhaf on Friday, 21 February at 7pm. The event will take place at El Sawy Culturewheel Theatre at Nile University in Sheikh Zayed. Tickets are available through El Sawy Culturewheel’s website.
For the gamers and the cosplayers.EGYCON 12 is taking place on Friday, 21 February at Family Park, New Cairo. The event will feature Japanese live performances, trivia games, a fire show, a merch bazaar, and a whole lot more. Grab your ticket from the link in the event description.
Attend a classic ballet opera. Sleeping Beauty will be showing at the Cairo Opera House at the end of the month. Tickets for shows on the 24th, 25th, 26th, and 27th of February are available on Tazkarti.
The EGX30 rose 1.1% at today’s close on turnover of EGP 3.3 bn (10.8% below the 90-day average). International investors were net buyers. The index is up 0.9% YTD.
In the green: Juhayna (+6.4%), Eastern Company (+5.5%), and Emaar Misr (+4.4%).
In the red: Palm Hills Development (-1.6%), Oriental Weavers (-1.2%), and Egypt Aluminum (-1.1%).
At first glance, Cairo can appear chaotic to outsiders. But a closer look at this “ disorder ” reveals a city of remarkable complexity, where each neighborhood is an ode to its own history. In recent decades, Cairo has undergone a dramatic transformation of urban development thanks to the introduction of compounds — gated residential communities on the city’s periphery — in the mid 1990s.
(Tap or click the headline above to read this story with all of the links to external sources.)
Before the middle and upper classes began their “outward internal migration” to desert cities, Cairo was a more integrated metropolis. Residents from various socioeconomic backgrounds shared common spaces, unmarked by gates, ID checks, or QR codes. Entry to buildings was mediated through the bawab — the doorman — who might pose a couple of questions (or more out of personal curiosity). Dr. Momen El Husseiny, Assistant Professor of Architecture and Urban Design at the American University in Cairo, referred to these unfettered residences as “town plans” when speaking to Enterprise.
The origins of urban planning in Cairo: The concept of town planning, which originated in British law in 1906, found its way to Cairo during the colonial period. The TownPlanning Act of 1909 encouraged local authorities to mark land for development, particularly in suburban areas, and to regulate both layout and density while reserving land for new highways.
Cairo’s urban development can be traced through distinct periods, the first of which is the Islamic Renaissance. The Abbasids, Fatimids, Ayyubids, and Mamluks established and developed Cairo to accommodate population growth and military needs. This period — between the 9th and 15th centuries — laid the foundation (literally) for what is now known as Historic Cairo.
The colonial influence of the 19th and 20th centuries: British and French colonial powers competed to control and shape Cairo’s urban landscape, introducing European modernist urbanization models. These new developments created a stark contrast to informal settlements and the dense quarters of the old city, intentionally pushing to accommodate exclusively middle- and upper-class residents.
The British occupation brought industrial-era urban planning practices that fundamentally altered Cairo’s infrastructure. British engineers introduced wide European-style avenues and city planning principles that expanded that capital’s footprint outwards.
French influence manifested in neoclassical and Beaux-Arts styles,evident in landmarks like the Cairo Opera House, and throughout neighborhoods like Zamalek. Heliopolis, developed by Belgian industrialist Édouard Empain, incorporated French-inspired planning principles that echoed Parisian aesthetics — and the social structure of French urban colonies.
The garden city movement: Pioneered by British urban planner Ebenezer Howard, town plans mirroring the 19th century garden city movement in Europe significantly influenced Cairo’s development. The Cairene neighborhoods of Garden City and Zamalek are case studies of this approach, combining generous green spaces with urban amenities. Architect José Lamba, contracted by the Nile Land and Agricultural Company — a European consortium with investors of Syro-Lebanese origin — worked on developing the Cairene garden city with direction from Syrian-Lebanese developer and financier Youssef Bey Cattaui.
But Downton Cairo — or Khedivial Cairo — stands as the most visible testament to European influence. Under his rule in the 19th century, Khedive Ismail aspired to create a “Paris along the Nile,” which resulted in the adoption of Haussmannian architecture — named after the French Baron Georges Eugène Haussman — characterized by geometric roads branching out from Tahrir Square, wide boulevards, tall windows, wrought iron balconies, and ornate cornices.
Contemporary Cairo’s major landmarks remain as symbols of British and French occupations. The Cairo Railway Station, Tahrir Square, the Abdin Place and other administrative buildings still exist as symbols of foreign influence in the city’s skyline. Although their architectural designs were mingled with older Islamic architectural influences, their overall looks remain majorly inspired from foreign influences.
Social segregation is another legacy of colonial architecture. One of the most profound influences on Cairo’s urban development was the introduction of spatial divisions based on class, ethnicity, and nationality. During the colonial period, foreigners predominantly occupied central areas like Zamalek and Maadi — the latter built by British banker Ernest Cassel in 1907 — while working-class Egyptians resided in informal areas such as Shubra and Old Cairo. This early segregation set a pattern that would influence the city’s development for generations to come.
Post-1952 urban development: After the 1952 revolution, new industrial design neighborhoods emerged under military government planning. El Mohandessin was designed specifically to attract people with the eponymous job title — engineers — and Nasr City to attract middle-class families who romanticized the idea of living in modern urbanized areas. Nasr City particularly exemplifies the era’s authoritarian high modernism, which saw plans of wide streets specifically for military displays during ceremonies, El Husseiny explained.
Today’s town plans have largely transformed into mixed commercial and residential zones, filled with shops, restaurants, cafés. While this evolution has created bustling and densely populated areas, it has also prompted residents with means to seek housing alternatives in the outskirts of the capital, areas like New Cairo or the Sixth of October City.
These older mixed-use neighborhoods possessed unique qualities absent in contemporary developments, Kareem Ibrahim, CEO and cofounder of urban developer Takween told Enterprise. They offered walkability, enhanced quality of life, and diverse social and economic environments that created the metaphorical town square, he noted. These characteristics, once common and inherent in traditional communities, have largely disappeared since the mid-20th century’s shift toward modernist planning approaches — a loss that makes neighborhoods like Zamalek, Maadi, Garden City, and Downtown Cairo particularly valuable today. But, Ibrahim added, credit for that model shouldn’t be attributed solely to colonial architecture — we had our “own” historic cities that had the same qualities as well.
The prospect of a less segregated Cairo appears increasingly distant. New developments, including New Cairo and the New Administrative Capital to the east, and Sixth of October to the west, continue the city’s outward expansion. These areas blend Western-style designs and cater primarily to upper-middle-class residents, while working-class Cairenes remain in Old Cairo, the city center, or in informal settlements. This development pattern has sparked ongoing debates about whether to preserve colonial-era architecture or return to indigenous design principles.
The migration to new communities, originally driven by wealthy residents seeking security and separation from less affluent communities, has evolved. According to Ibrahim, “people now choose gated communities primarily because they seek better governance.” This encompasses improved solid waste management, traffic control, land use planning, and parking systems — fundamental aspects of urban management that existing areas often struggle with.
Ibrahim advocates for a planning approach that reinterprets the successful qualities of 20th century urban plans and implements them for the 21st century. The goal shouldn’t be to replicate these historic neighborhoods, but to learn from their achievements.
So does a concrete definition of Egyptian architecture exist? El Husseiny offers a nuanced perspective, describing that the Egyptian urban landscape is an “interweave of the social fabric overlaying the physical urban fabric” — a complex mixture of community and construction. He makes the comparison that throughout Egypt’s history, there has never been a purely authentic Egyptian bloodline. “Being Egyptian is to belong to the world, to belong to the civilization that extends thousands of years,” he added, suggesting that Egypt’s architectural and cultural identity alike are inherently inclusive and adaptive, shaped by eras of global influences.