Good afternoon, friends. We hope you had a restful weekend, as it looks like we’re in for another packed week in the press. In today’s issue, we take a look at Apple’s new budget-friendly line-up, explore how rising electricity prices are making smart appliances popular, and take a look at a promising Ramadan comedy.
So, when do we eat? Maghrib prayers are at 5:59pm in the capital, and you’ll have until 4:46am tomorrow to hydrate and caffeinate ahead of fajr.
THE BIG STORY TODAY-
📍 The EGP slid to a record low of EGP 52 against the USD in Sunday’s midday trading, as a fresh wave of hot money outflows and a global oil spike to USD 117 per barrel put Egypt’s reform program to the ultimate test. Banking sources tell us the situation remains within “safe limits,” noting that exiting investors are absorbing exchange rate losses of around 7% due to the currency’s flexibility, although the EGP could weaken toward EGP 54 by the end of the week if geopolitical tensions persist.
At the banks: The greenback was trading at EGP 52.08 (buy) and EGP 52.18 (sell) at the National Bank of Egypt (NBE). Private sector lenders, including ADIB Egypt, saw rates climb as high as EGP 52.25 (sell) by midday.
The fiscal fallout is already being felt, with officials studying potential temporary adjustments to fuel prices to preserve the government’s path toward full cost recovery, while also weighing a “temporary” 10-15% increase for the highest electricity consumption brackets should the crisis drag on. Meanwhile, the Finance Ministry is conducting a final review of the upcoming budget amid mounting debt service pressures and expectations that Egypt could secure emergency support from the IMF and the World Bank.
^^ We’ll have more on this story in tomorrow’s edition of EnterpriseAM.
THE BIG STORY ABROAD-
🌐 As the US-Israel-Iran war escalates, US retail gasoline and diesel prices soar amid restricted global fuel exports. Fuel surged over 10% this week as oil prices climbed. Meanwhile, shares of Saudi oil giant Aramco jumped 5% intraday on Sunday — its highest surge since 2023 — as global oil supply comes under pressure after the UAE and Kuwait cut oil production on Saturday.
^^Read more on: Reuters and Bloomberg.
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- The Madbouly government isn’t backing away from plans to sell a stake in Banque du Caire, even as the US-Israeli war on Iran intensifies. Officials are talking amongst themselves about a valuation for the bank that feels comfortable and are eager to see investment bankers line up cornerstone investors;
- The Transport Ministry is sending the Administrative Capital for Urban Development (ACUD) an EGP 1 bn bill to help offset the costs of extending the light rail transit (LRT) system into the new capital;
- The government will focus on practical reforms that make it easier to operate and invest in Egypt. Investment and Foreign Trade Minister Mohamed Farid outlined a reform agenda centered on cutting bureaucracy, digitizing services, improving economic data, and supporting exporters and entrepreneurs.

*** It’s Inside Industry day — your weekly Sunday briefing on 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 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 Egypt’s rising power bills are forcing a tech revolution, turning energy-efficient appliances from luxury items into tools for financial survival.
🌤️ TOMORROW’S WEATHER- Keep your favorite sweater handy, the cool weather isn’t going anywhere just yet. In the capital, we’re in for a high of 21°C and a low of 10°C, according to our favorite weather app.




