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Shock value

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WHAT WE’RE TRACKING TONIGHT

The FY 2026/27 budget is designed to prove the reforms are here to stay

Good afternoon, friends, and happy hump day. We’ve got a light and brisk issue for you this afternoon, from our take on unusual marketing campaigns all the way to the story behind one of Egypt’s few heritage-inspired fashion brands.

But first, the news.

THE BIG STORY TODAY-

? The Ministry of Finance has begun drafting a state budget that marks a definitive end to the current era of economic emergency. The FY 2026-27 budget — set to be presented to the cabinet in preliminary form by late January — is being designed as a structural shift in fiscal policy, a senior government official told EnterpriseAM.

Why this matters: This will be Egypt’s first budget in years to operate largely independently of the IMF. With the current USD 8 bn program projected to conclude in the first quarter of the next fiscal year, the new budget is being engineered to prove that the discipline of the last two years was a policy choice, not just a conditionality.

The post-IMF budget attempts to lock in the austerity measures that gained the Fund’sapproval this week. The strict ceiling on public investment will remain, and may even be lowered further, to clear the lane for private sector participation, while ministries are again being required to submit three-year budget projections to end the cycle of surprise supplemental appropriations.

One of the most significant parts of the draft budget is a concrete timeline for the transition from in-kind to banknote-based subsidies, along with the return of possible fuel price hikes and a comprehensive social package that includes new wage increases and targeted incentives.

** Want the full rundown? Stay tuned for tomorrow morning’s issue of EnterpriseAM, where we will have the full story on what the country’s first post-IMF budget will look like.

THE BIG STORY ABROAD-

? It’s another calm afternoon in the global press as we approach the annual Christmastime slowdown. Getting top billing is gold extending its rally earlier today after surpassing USD 4.4k per ounce for the first time ever yesterday. Gold rose just shy of USD 4.5k per ounce amid a weakening USD and rising demand for safe-haven investments. Silver remains at a record high, advancing 0.7% to USD 69.7 per ounce after peaking at USD 70 earlier. Read more on Reuters.

ALSO- Copper reached an all-time high, nearing USD 12k per ton, with prices rising by 0.9%. The record comes as mine outages and trade dislocations driven by US President Donald Trump’s tariff agenda paved the way for the industrial metal’s biggest annual gain since 2009 — seeing a 37% price lift this year. Read more on Bloomberg.

☀️ TOMORROW’S WEATHER- Don’t forget your jacket, we’re in for another cool, breezy day in Cairo tomorrow. The mercury is set to peak at just 22°C before cooling down to 12°C, according to our favorite weather app.

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MARKETING

Shock first, explain later — is this the future of marketing?

? Competition for eyeballs is high, thanks to shrinking attention spans and AI-generated marketing campaigns — businesses’ easy fix? Shock value. The past few months saw Egyptian coffee brand Cilantro send a series of cryptic text messages to thousands of customers. Some read “Go do your laundry,” and more ominously, “Turn off your camera.”

“Unprofessional, disrespectful, and irrelevant” were some of the accusations directed towards the brand. Angry customers took to social media to express their discontent with the text messages, which had, up until then, provided no context for their content. Even when the campaign was fully unveiled, many still felt that Cilantro’s marketing team missed the mark by crowding their inboxes with irrelevant (but startling) messaging with no apparent link to the brand’s offerings.

“A successful guerrilla marketing campaign is defined by disruption with purpose, not just attention for attention’s sake,” Nader Elhamy, founder and lead consultant at Toolbox Marketing Consulting, told us. In Elhamy’s view, a successful guerrilla campaign still needs to tie back to a brand’s positioning, values, and offerings, even if subtly.

Elhamy believes Cilantro checked all the boxes of a successful guerrilla marketing campaign — here’s why: “Over the past few years, Cilantro’s communication activities have been leaning into an archetype that is playful, daring, and kind of pushing the boundaries; a suitable positioning for a coffeeshop brand primarily targeting young people,” he tells us. That said, Elhamy agrees that some of the messages may have indeed been irrelevant, and for some demographics, condescending.

When the texts were revealed to be excerpts from user-generated content about embarrassing situations experienced over online calls, it all came together. According to Elhamy, despite the backlash over the initial phase of its deployment, the campaign managed to change the narrative from irritation to engagement, and from damage to impact.

Love it or hate it, the campaign got people talking, fulfilling its purpose. This begs the question: Should virality be the only metric of success? “Brands used to stand out by what they offered in terms of quality, color, taste, or price,” marketing expert and chairman of TSM Management Mohamed Galal told EnterpriseAM. “[Now] it’s all about emotional marketing and playing on psychology. To succeed, a brand has to be cognizant of who is buying their products and who their target customer is,” Galal adds, noting that the current marketing zeitgeist involves tailoring messaging around the consumer rather than the product.

Why? Because today’s consumers like it. Authenticity and honesty, markers of humanity amidst an AI-ridden world, are what consumers — particularly Gen Z and millennials — are looking for. When asked how far a brand should go with their marketing campaigns, Galal believes that the sky is the limit — while being mindful of cultural sensitivities, naturally. However, we would argue that the line between authenticity, shock value, and irrelevance is easily overstepped.

When would it not work? When creativity ignores context. The reason Cilantro’s campaign landed after a perceived bumpy start was because it tied back to the brand’s ethos and propensity for pushing boundaries. Which is to say, it stuck to its guns and trusted the process. If a different company with a different track record and brand image had launched the same campaign, it may not have won back customers’ good faith.

Why context matters: “One example that comes to mind is a famous soda campaign by an international brand, which faced huge criticism as a result of its timing,” Elhamy tells us. The campaign tagline was “khaleek ‘atshan,” or “stay thirsty,” launched shortly after the start of the genocide in Gaza. Gazans were facing food and water shortages, and many Egyptian consumers were already boycotting the US brand for its significant presence in Israel, making the messaging tone deaf and inflammatory. The bottom line? Know your customer, be mindful of the context, and play it smart. It’ll pay off.

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EAT THIS TONIGHT

All-day eats at Brisk & Brew

? The American-style eatery has slowly faded from the Cairo F&B scene, but Brisk & Brew is reviving the experience. The restaurant boasts an extensive menu (pdf) rich in flavor, American-style booth seating, and gentle lighting that offers a refined, but fun, dining experience.

It’s finally winter in C-Town, which means it’s officially soup season. We couldn’t resist Brisk & Brew’s signature bread bowl soups, and from the limited option, we opted for the classic creamy chicken mushroom. The bread bowl arrived perfectly golden, with a crisp shell, filled with deliciously thick and creamy soup. Naturally, we crumbled some of the bread into the soup to complete the experience.

Their starter menu is filled with unexciting fried options, but we were drawn to the sweet chili chicken… which we soon regretted. The chicken was dry and tough, leading us to suspect it was reheated. The sweet chili sauce almost saved it from being inedible, but we have grown accustomed to in-house sauces instead of store-bought, and were left unimpressed.

Luckily, the main courses made up for a bumpy start. The dipped burgers are a specialty dish, and we ordered from the truffle menu. The burger arrived cut in half, side-down in a skillet filled with sizzling truffle sauce, served with a side of well-seasoned, crispy fries. The generously sized patty struck the perfect balance of tender and crisp, and smoky. The truffle sauce was savory and creamy without overpowering the other flavors.

Not feeling a burger? You can choose between American and Neapolitan pizzas with a variety of toppings. Their Neapolitan in-house pizza came alongside a ranch dip and a bowl of rocca salad, and was oven-fresh, beef-heavy (topped with both pepperoni and two types of sausages), but light and flavorful. It’s an ideal comfort pick.

WHERE TO FIND IT- You can dine at Brisk & Brew’s branches in Madinaty’s Open Air Mall and New Cairo’s Leven Square Mall. You can also order to your doorstep through Talabat.

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Sports

ICYM the AFCON + Arsenal and Crystal Palace battle it out

The Pharaohs snatched a hard-fought W in their AFCON opener yesterday: Our homegrown national team secured a narrow 2-1 victory against Zimbabwe yesterday in their first match of the African Cup of Nations. But it didn’t come easy — our campaign was saved by all-star Mohamed Salah, who clinched the second goal in the 91st minute.

The Egyptian team will play its second match of the tournament this Friday against South Africa at Adrar Stadium in Morocco.

What we’re watching tonight:

  • Tunisia vs. Uganda (10pm), airing on BeIN Sports 1.


Also in the spotlight is Arsenal’s match against Crystal Palace. The Gunners and the Eagles are facing off at 10pm in the quarterfinals of the Carabao Cup, which will air on BeIN Sports 2.


On the homefront: Al Ahly and Ghazl El Mahalla are locking horns in the third round of the Egyptian League Cup group stages. The match kicks off at 5pm at Mahalla Stadium and will air on ON Sports.

This publication is proudly sponsored by

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Mark Your Calendar

A star-studded New Year’s Eve concert

? Spend this New Year’s Eve singing along to Tamer Hosny, Elissa, Tamer Ashour, and Ahmed Essam at the New Capital Countdown Festival. These pop icons are taking to the stage on Wednesday, 31 December at Capital Arena, and tickets are selling out fast — you can book yours on Tazkarti.

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GO WITH THE FLOW

What the markets are doing on 23 December 2025

The EGX30 rose 0.8% at today’s close on turnover of EGP 5.8 bn (7.0% above the 90-day average). Regional investors were the sole net sellers. The index is up 39.3% YTD.

In the green: Misr Cement (+4.8%), Ibnsina Pharma (+3.3%), and Abu Qir Fertilizers (+2.5%).

In the red: Raya Holding (-3.0%), Qalaa Holdings (-2.9%), and Emaar Misr (-2.0%).

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Founder of the Week

Meet Marina Abdel Shahid: founder and creative director of Nebet

? OUR FOUNDER OF THE WEEK- Every Tuesday, Founder of the Week looks at how a successful member of Egypt’s business or startup community got their big break, asks about their experiences running a company, and gets their advice for budding entrepreneurs. Speaking to us this week is Marina Abdel Shahid (LinkedIn), founder and creative director of Nebet.

My name is Marina Abdel Shahid, and I’m the founder and creative director of Nebet, an Egyptian fashion brand inspired by and rooted in Ancient Egyptian history and heritage.

My academic experience was incredibly enriching. I graduated from the American University in Cairo, majoring in management of information and communication technology — essentially a bridge between business and computer science. A lot of what I learned, like how businesses are structured with interconnecting divisions, helped me a lot in my career, both with Nebet and prior to its launch.

I started my career off in business consultancy, in Egypt and abroad. Those trips abroad were actually the reason why Nebet came to be. Whenever I would travel and meet new people, they would assume I was Italian. I realized that no one recognized that I was Egyptian, and I wanted my ethnicity to be known. I started looking for a high-quality statement accessory that screamed “Egyptian!” — I realized there were none.

When I first thought of starting a brand, I, quite honestly, knew nothing. I started researching, then I went to look around Khan El Khalili. I tried looking for a high quality genuine leather bag that drew inspiration from Ancient Egypt, and I couldn’t find one. I then realized that there indeed weren’t any brands championing that heritage, and so Nebet came to be in 2020.

What sets Nebet apart isn’t just that it draws from Ancient Egypt, it’s that storytelling is interwoven with every handmade product we offer. From the Ankh to the Eye of Horus collections, every product we make comes accompanied by a papyrus detailing the lore, significance, and history behind its muse. It’s not just about the products we sell, it’s about drawing attention to our heritage, telling our story to the world. We consult Egyptologists and we ensure each element utilized is honored to the best of our ability.

The first time I felt successful, and that I had crafted something worthwhile, was on the streets of London. I was carrying one of the very first Nebet prototype handbags. On every corner, I was being stopped by a different person, complimented on the bag and asked about its origins. I was so taken aback I simply responded “it’s mine,” only realizing later that I had failed to explain that I was the one who designed it. I never realized that so many people would be interested in what Nebet had to offer — sure, I knew there was a gap, but not to this extent.

The second time I truly felt successful was when my first paying client waited a year-and-a-half to get her bag after seeing the prototype on Twitter. She finally got the bag right before heading to the US, where I ended up receiving lots of international orders. Soon enough, there would be so many moments in which I felt I had accomplished something that mattered. The National Museum of Egyptian Civilization had contacted me and proposed displaying my bags at the museum gift shop. To my surprise — and theirs — the UNESCO director general purchased one of them. Today, five years later, Nebet’s collections are proudly showcased at museums all over Egypt, including NMEC, the GEM, the Egyptian Museum, and even at the Nile-Ritz Carlton.

In five years, I want Nebet to have more international exposure, but I’m mindful of what that means: an expansion in production, which I currently do not have, but am working towards. Having more exposure would be meaningless if I’m not able to keep up with the potential demand that would come with it, so I’ve been working towards perfecting my production cycle. In fact, the most difficult aspect of running Nebet is managing the production. Everything we sell is handcrafted, and I’m not managing machines, I’m managing people — artists.

There have certainly been lots of economic challenges since I launched Nebet, yet it’s pivotal to understand that economic instability isn’t exclusive to Egypt, it’s worldwide. The key is that you need to be agile. All the time. If prices are on the rise and they’re getting too high for your consumers, then you should get creative and craft a new product line with a lower ticket price. If the market’s falling off, find a new one. If people are gravitating towards e-commerce, invest in a better website. It’s all about having the ability to course correct.

There are negative connotations to the phrase “Made in Egypt” — that needs to change. What Egypt has to offer has always been of high quality, and the world should know that, that’s what I’d like to change about the Egyptian fashion industry: the world’s perception of it. Another thing I’d like to see is craftsmanship education. Back in the day, technical skills were cherished and taught, today we’re seeing less and less of that. Handcrafts were a prestigious skill to have, right now they’re not. I would also like to see integrated platforms catering to up-and-coming designers, aiding them in reaching manufacturers or other resources needed in establishing their own brand.

If I hadn’t founded Nebet, I believe I would have still been in business consulting. I find fulfillment in helping businesses grow, reach their vision, and create a sustainable business model. While it was time consuming and often very stressful, it was still an enjoyable experience.

Nothing comes easy, and that’s what I would tell my younger self. Perfection is a hindrance to progress, and you should always embrace making mistakes. To up-and-coming entrepreneurs, don’t focus on the success stories we often see on social media. Know that behind every success story are strenuous days of research and bumps along the way. Be ready to face some challenges, and remember why you started.


?️ 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.

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

25-26 December (Thursday-Friday): Umm Kulthum Musical at The Theater, Movenpick, 6th of October City.

25-27 December (Thursday-Saturday): Oliver by Fabrica S2 at Theatro Arkan.

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.

31 December (Wednesday): New Capital Countdown Festival at Capital Arena.

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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