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WHAT WE’RE TRACKING TONIGHT

Egypt moves to fix ‘exit problem’ with new liquidation hub

Good afternoon, friends, we hope you’re staying warm on this breezy afternoon.

Today, we’re excited to introduce After Hours, a brand new section that will appear in EnterprisePM and EnterpriseAM Weekend. After Hours will cover the business side of industries such as food, art, entertainment, hospitality, and fashion. We will also introduce you to Egypt’s rising generation of leaders, founders, and executives, as well as follow the latest business and lifestyle trends.

For our first After Hours column, we sat down with our friend Jalal Abu Ghazaleh, chairman of AM Foods Group and the founder of Gourmet Egypt, who is on his second, possibly third, act as an exporter of specialty food products. He tells us the fascinating story of how he managed to break into the US market with a very unexpected product.

THE BIG STORY TODAY-

? The Hotel California era of Egyptian business might finally be ending. The Egyptian Tax Authority is set to launch a centralized system in early 2026 specifically designed to fast-track corporate liquidation, a government source told EnterpriseAM. The move targets the market’s exit problem — where bureaucratic hurdles and open tax files prevent companies from legally closing — by resolving a massive backlog of disputes that have historically left investors trapped.

Why this matters: For years, the inability to liquidate smoothly has been a hidden tax on investment. The risk of being locked in a multi-year battle over arbitrary assessments — particularly regarding VAT — has increased the risk premium for anyone considering entering the Egyptian market. A functional exit mechanism is arguably as important as investment incentives.

How it works: Instead of dealing with local district offices, liquidation files will now be handled by a new (in testing) electronic platform reporting directly to the head of the Tax Authority. A high-level committee will oversee a transition toward instant closure once statutory requirements are met, bypassing the traditional audit lag. The system is also designed to process thousands of open files — many of which are currently flagged as tax evasion due to administrative disputes rather than criminal intent — before the five-year statute of limitations expires

THE BIG STORY ABROAD-

? It’s another calm afternoon in the business press, with just one story dominating the digital front pages: Gold prices hit a record high earlier today, surpassing USD 4.4k per ounce for the first time ever — slightly over EGP 6.7k per gram for 24k gold. The surge comes hot on the heels of expectations of a US rate cut, and comes as investors continue seeking safe-haven investments amid rising geopolitical tensions. Silver also saw a jump, with prices reaching USD 69 per ounce at the time of publication. Read more on Reuters.

☀️ TOMORROW’S WEATHER- It’s more of the same in the capital tomorrow, with a high of 21°C and a low of 12°C, according to our favorite weather app.

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AFTER HOURS: BUSINESS OF FOOD

Food entrepreneur Jalal Abu Ghazaleh on cracking the US export market

? EnterpriseAM sat down with Jalal Abu Ghazaleh, the chairman and founder of AM Foods Group and the founder of Gourmet Egypt, to discuss how his “made in Egypt” private-label products, including Egyptian baladi bread (known abroad as Egyptian sourdough), ended up on the shelves of a major US supermarket chain, and how this move could potentially open doors for more Egyptian food exporters.

Given the rigorous FDA standards, logistics costs, and sheer competitiveness of US retail, Abu Ghazaleh’s story is a masterclass in innovation and resilience. Here’s what he learned.

Lesson #1: Maintain good contacts, personal relationships and strategic partnerships

It all started with a chance encounter at a food expo in Paris in 2022. “We were in the midst of a currency crisis,” Abu Ghazaleh said. “I’d just left my executive position at Gourmet and come back to AM Foods, my original food import and distribution business, and things weren’t in a very good place for us financially because of the devaluation. I attended SIAL [the food expo] in Paris as I normally do, although I had no ability to buy new products.”

It was Abu Ghazaleh’s Italian ravioli supplier who first floated the idea that he should consider exporting, given the adverse economic situation in Egypt. “One of my suppliers for Gourmet, who became a close friend and is now my business partner, is the largest private-label ravioli producer on the planet. He exports frozen ravioli from Italy to 18 out of the top 20 global retailers.”

“To export, you need two basic things: customers and a product. I had neither.” What Abu Ghazaleh did have was vision and the guts to try something new. With the help of his Italian friend, he was introduced to a huge potential customer from the US. Egypt had never been on their radar, but after pointing out some competitive advantages — low production costs, freetrade agreements, optimal location, and great quality products matched with fantastic service — which Abu Ghazaleh was willing to guarantee, the seed was planted. “That’s when I had an ‘aha moment’ I could make this happen,” Abu Ghazaleh told us.

Lesson #2: Show, don’t just tell

Abu Ghazaleh invited his potential client to come to Egypt and see for herself. Three months later — in 2023 — she was on the ground, visiting factories, sampling products, and experiencing Cairo. “In the months between SIAL and the visit, I had done some of the leg work to identify potential products and suppliers that could be of interest to this particular US retailer,” Abu Ghazaleh told us. These included frozen artichokes and strawberries, dry pasta, and canned lentils and chickpeas.

There was one more less obvious choice that caught the eye of the US importer: our very own baladi bread. “On the final day of the visit, I bought a bag of fresh bread from a traditional bakery, which prompted the question, ‘Is there anyone who can produce this on an industrial scale?’ My answer was no, but that we could facilitate it," Abu Ghazaleh said. Eighteen months later, he made it happen.

All of the frozen products that Abu Ghazaleh exported ended up exceeding their initial sales forecasts, particularly the bread. “They were all hits, but the frozen baladi bread hit the jackpot,” Abu Ghazaleh told us. The bread went viral on social media, and has been selling out across the US ever since it hit supermarket shelves in August 2025.

Lesson #3: Build a strong team that can develop the business and support quality assurance

“With private labels, whether it's the US or Europe, quality assurance, trust, and reliability are the most important factors. When a retailer puts their name on a product, they need to know, assure, and approve every ingredient that's being used. It’s a very precise, lengthy, and complicated process, but it’s worth it,” Abu Ghazaleh explained.

Lesson #4: Learn to be quick on your feet and turn nos into yesses

One of Abu Ghazaleh’s biggest initial challenges was timely deliveries to his clients, who expected frozen samples to land on their desks within days of asking. “In Egypt, couriers are unable to provide that service, so I would have to pack samples in a foam box full of dry ice and fly them to Milan myself. From there, my partner in Verona would take over and ship the temperature-controlled samples to the US by courier,” Abu Ghazaleh added.

Lesson #5: Ethnic food becoming mainstream presents new avenues for exporters from Egypt

Perhaps one of Abu Ghazaleh’s biggest achievements on the export front is developing a private-label food product that is being successfully marketed as Egyptian, loud and clear — possibly a first on such a broad scale. “When we developed the bread for the US market, we did have to enhance it slightly with our sourdough solution, but it is still very much the authentic Egyptian baladi bread. It looks, feels and tastes like the real thing, and that’s the appeal. The best way to overcome negative perceptions about this part of the world — and they are definitely there — is to convince people to come visit, taste, and see for themselves.”

What’s next?

AM International, the exporting arm of AM Foods Group, plans to continue exporting more products to more markets across the globe. Their export business operates on different models, depending on the complexity of the product. For commodity products, they facilitate contracts for the producers, but for the more complex value-added products, they act as the exporter and the principal in the transaction, Abu Ghazaleh explained.

Scaling means growing the team and forming new relationships so that more SKUs can be introduced to more countries. “My partner and I have been meeting people around the world. We’re looking at Canada, the UK, Australia, and even Asia. We're actively looking for partners that have products of superior quality with a very clear competitive advantage to join us on this journey,” he added.

So could molokhiyya be the next thing to go viral? And will Egyptian sourdough become the next Greek yogurt? Anything is possible, according to Abu Ghazaleh. “If you're offering the right product at the right price and communicating about it in the right way — you will succeed.”

Fun fact: The origin of sourdough can be traced back to Ancient Egypt in 6000 BC.

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Ears to the Ground

Will AI be humanity’s last invention?

? If there’s anything we can all agree on, it’s this: we’re worried about the future. Since ChatGPT’s debut in 2022, a single buzzword has joined the ranks of our collective anxieties, echoing in every corner of the world: AI. The Last Invention, a podcast brought to life by Longview, traces the evolution of AI from an improbable concept to a very real tool — and potentially existential threat.

The hosts make the apocalypse sound entertaining: The show is hosted by NPR journalist and broadcaster Gregory Warner, alongside veteran podcaster and journalist Andy Mills. Both hosts leverage their expertise and stellar storytelling skills to guide listeners through a journey that kicked off much earlier than you’d think — post-World War II — when the idea for machines that think began budding. The podcast then traces these technological milestones all the way to a hypothetical future dominated by Artificial General Intelligence (AGI) and Superintelligence… Yikes.

The Last Invention is essentially an immersive audio documentary, spilling facts and hosting high-stakes interviews. The pacing is just right, the soundscape is enriching, and the narrative is compelling, whether you’re a tech bro or an AI newbie. Despite the depth of the subject matter and the length of the episodes, the show has more than earned its spot on our favorite 2025 podcasts list — and we’d argue is essential listening for anyone looking to understand the trajectory of AI through the lens of its own history.

WHERE TO LISTEN- You can tune in on Apple Podcasts | Spotify | Anghami | iHeart | YouTube | YouTube Music

This publication is proudly sponsored by

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Sports

Egypt takes on Zimbabwe in AFCON 2025 campaign opener

It’s the second day of the 2025 Africa Cup of Nations, and we’re in for another high-stakes night. And over in Europe, major leagues continue with a set of steady fixtures we’d recommend keeping on your radar.

AFCON 2025

The Pharaohs kick off their campaign in Morocco tonight at 10pm against Zimbabwe at the Adrar Stadium in Agadir. Competing in Group B, the sons of the Nile share the group with South Africa and Angola as they look to secure an early lead in the opening round.

Fun fact- Egypt holds the record for most tournament appearances (26), most matches played (111), most final appearances (10), and most title holders (seven) — the last three being in 2006, 2008, and 2010.

Where to watch- BeIN Sports 1, 2, and 3.

Other AFCON fixtures on our radar:

  • Mali vs. Zambia (Group A — 4pm);
  • South Africa vs. Angola (Group B — 7pm).

In the European leagues

In the Premier League: Matchday 17 concludes as Fulham hosts Nottingham Forest at Craven Cottage tonight at 10pm. Just two points separate the two sides — the hosts sit in 15th place with 20 points, while Forest occupies 17th with 18 points, hovering just five points above the relegation zone.

Where to watch- BeIN Sports 2.


Over in the Supercoppa Italiana, Napoli faces Bologna at the Alawwal Park Stadium in Riyadh for the final of the 38th Italian Super Cup at 9pm. This marks the fourth consecutive season the tournament has been hosted in the Saudi capital. Napoli, the reigning Serie A champions, secured their spot in the finals after sending AC Milan packing, while Coppa Italia victors Bologna advanced over Inter Milan. Napoli has eyes set on their third Super Cup title, whereas Bologna are hoping to snag their first.

Where to watch- Thmanya App.


Other matches on our radar today:

  • Pyramids vs. Masar (Egypt Cup — 5pm);
  • Athletic Bilbao vs. Espanyol (La Liga — 10pm).
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OUT AND ABOUT

El Hadaba live to usher in the new year

MARK YOUR CALENDAR-

? Amr Diab is coming in fresh for the new year with a concert at Al Manara Arena on Friday, 16 January. Presented by Orange, the night promises a packed setlist of the icon’s chart-topping hits. You can book your tickets now on Ticketsmarché.

HAPPENING THIS WEEK-

Looking to share a heartwarming family moment? Theatro Arkan is celebrating a decade of its Golden Theatre productions, bringing back the beloved Dahab The Musical tonight. Based on the popular Egyptian film, the musical promises drama, emotions, humor, and powerful messages. Starring Nelly Sadek and Adam El Masry, the family musical is a must-see. Tickets are available on Ticketsmarché.

Saad El Oud is gracing the Hilton Cairo Grand Nile on Saturday, 27 December for a warm night of his oud symphonies. You can find tickets on Ticketsmarché.

HAPPENING LATER-

New Year’s Eve just got more magical — Medhat Saleh is bringing his timeless classics to Theatro Arkan on Wednesday, 31 December for a live show, joined by a full band led by Maestro Amr Selim. Expect a decadent and festive night to close out the year. You can book tickets on Ticketsmarché.

Attention Cairo runners: Registration is now open for Cairo Marathon 2026, happening on 6 February, 2026. Claim your spot through Cairo Runners’ website — tickets available until 30 January, 2026.

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GO WITH THE FLOW

What the markets are doing on 22 December 2025

The EGX30 fell 0.6% at today’s close on turnover of EGP 6.1 bn (13.3% above the 90-day average). Local investors were the sole net buyers. The index is up 38.2% YTD.

In the green: Misr Cement (+4.6%), Mopco (+3.5%), and Abu Qir Fertilizers (+3.1%).

In the red: Arabian Cement (-3.5%), CIB (-2.4%), and Telecom Egypt (-1.9%).


?️ DECEMBER

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

12 December - 15 January (Friday-Thursday): Cairo Art Fair at TAM Gallery, Abu Rawwash.

21-31 December (Sunday-Wednesday): The Stadium at District 5.

22 December (Monday): Dahab The Musical at Theatro Arkan.

25 December (Thursday): Tul8te at El Arena, El Malahy.

26 December (Friday): Bahaa Sultan at the Hilton Cairo Grand Nile.

27 December (Saturday): Saad El Oud at the Hilton Cairo Grand Nile.

31 December (Wednesday): Medhat Saleh at Theatro Arkan.

2026

JANUARY

January: Al Rawi Awards submissions open.

7 January (Wednesday): Coptic Christmas Day.

16 January (Friday): Amr Diab concert at Al Manara Arena.

25 January (Sunday): January 25th Revolution / National Police Day.

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

FEBRUARY

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

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

MARCH

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

APRIL

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.

AUGUST

25 August (Thursday): Prophet Muhammad’s Birthday.

OCTOBER

6 October (Tuesday): Armed Forces Day.

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