Get EnterpriseAM daily

Available in your choice of English or Arabic

The good, the bad, and the ugly of 2025

1

WHAT WE’RE TRACKING TONIGHT

Gov’t targets USD 6 bn investments to secure final IMF reviews

Good afternoon, ladies and gentlemen. Today’s issue bids adieu to 2025 — a busy, packed, and eventful year that passed at breakneck speed. Blinked one too many times or took an extended no-screen vacation? We’ve listed the good, the bad, and the ugly below for your convenience.

Don’t forget: Banks and the EGX are shuttered tomorrow in celebration of the new year, so conclude any money moves you have planned today.

** A QUICK PROGRAMMING NOTE- We will be taking a break from your inboxes tomorrow along with the banks, but we’ll be back in your inboxes at the usual time on Sunday, 4 January. See you in 2026.

THE BIG STORY TODAY-

📍 Gov’t needs to secure USD 6 bn to conclude the IMF program successfully: The Madbouly government is preparing a comprehensive USD 6 bn divestment and investment plan to conclude the seventh and eighth reviews of its IMF Extended Fund Facility by October 2026, three government sources told EnterpriseAM today. The plan aims to bolster our foreign reserves and ensure long-term fiscal stability beyond the program's conclusion in 2026.

The roadmap: The government reportedly plans to secure between USD 3-4 bn through the privatization of key state-owned assets by October 2026. These include stakes in Banque Du Caire, Safi, Wataniya, the Gabal El Zeit wind power plant, and the Finance Ministry’s stake in the Bank of Alexandria (majority-held by Intesa Sanpaolo). The list also includes stakes in 13 public sector enterprises that will be ready for offering at percentages ranging between 10-40% under partnership with the private sector, according to our sources.

Beyond corporate stakes, the government will accelerate high-value real estate and land development projects to secure additional foreign exchange. This includes fast-tracking the redevelopment of "Ministries Square” — former ministry headquarters in Downtown Cairo. Proceeds are estimated between USD 2-3 bn, according to our sources. Officials are also in the final stages of a master plan to sell land at Ras Banas on the Red Sea coast.

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

  • The CBE and Afreximbank will establish a pan-African gold bank and an internationally accredited refinery in an Egyptian freezone. The bank will extend logistical gold storage solutions for member countries and reduce the gap between local and international gold prices;
  • Egypt has received the USD 3.5 bn cashbased portion of the Alam El Roum development agreement from Qatari Diar. The government will allocate 50% of these proceeds toward the direct reduction of public debt, with the remaining half channeled into the CBE’s foreign reserves as additional buffer;
  • Egypt is considering ending full customs exemptions for imported EVs, partly in an attempt to lure global manufacturers to set up shop in Egypt instead of just shipping finished units into the country.

☀️ TOMORROW’S WEATHER- The first day of the year brings us familiar chilly weather and hazy sunshine, with temperatures peaking at 21°C before dropping to 13°C, according to our favorite weather app.

2

PLUG IN

A year in review: AI, KPop Demon Hunters, and 6-7

🎇 In 2025, everything moved fast. Four frontier AI models launched within 25 days. A heist at the Louvre took eight minutes. The TikTok ban lasted less than 24 hours. Markets crashed and recovered before analysts could explain what happened. Wars escalated, paused, and resumed. A British airline jingle from 2022 became the year’s most inescapable sound. This was a year that rewarded speed and punished anyone who blinked, so ICYMI…

👾 AI… again and again and again

The AI industry rode into 2025 on a wave of hype and ended it with a more sober assessment of what the technology is capable of — both good and bad. The year saw an unprecedented pace of model releases, with every major AI company shipping significant upgrades multiple times.

OpenAI released o3 and o4-mini in April with native agentic capabilities. GPT-5 launched in August featuring unified reasoning, a 400k token context window, and full multimodal processing. GPT-5.1 followed in November, and GPT-5.2 in December. The company hit USD 1 bn in monthly revenue mid-year (and USD 8 bn in losses), and reached 700 mn weekly active users by year’s end.

The competition was fierce. From 17 November through 11 December, the industry witnessed an unprecedented concentration of frontier model releases — xAI’s Grok 4.1, Google’s Gemini 3, Anthropic’s Claude Opus 4.5, and OpenAI’s GPT-5.2 all landed within 25 days. Gemini 3 topped several benchmarks, reportedly triggering a “code red” memo from OpenAI’s Sam Altman.

But 2025 seems to be setting up a year of reckoning for AI. MIT Technology Review called it “the great AI hype correction,” pointing to research showing that a whopping 95% of businesses that tried using AI found zero value in it. GPT-5 — which was hyped to be a “PhD-level expert in anything” — botched the landing in August, triggering the biggest vibe shift since ChatGPT first debuted.

💻 Consumer tech

Nintendo’s Switch 2 was one of the year’s most anticipated hardware launches. The console brought a sleeker design with magnetic Joy-Cons, a larger 1080p HDR display, significantly stronger performance, and mouse controls.

Apple made its boldest hardware bargain in years with the iPhone Air, unveiled in September as the thinnest iPhone ever made at just 5.6mm thick. Apple CEO Tim Cook called it “the biggest step ever with iPhone,” but it comes at a cost — and we don’t mean the USD 1k+ price tag. The tepidsales reportedly caused rival manufacturers, including Samsung, Xiaomi, Oppo, and Vivo, to scrap their own ultra-thin phone projects.

The foldable phone market took another leap forward when Samsung launched the Galaxy Z Trifold on 1 December, making tri-fold tech widely available for the first time. Huawei’s Mate XT had proven the concept earlier, but Samsung brought it to the mainstream.

Other hardware highlights:

  • Google became the first major Android phone maker to adopt Qi 2 magnetic wireless charging, introducing Pixelsnap to its Pixel 10 series as its MagSafe-style accessory;
  • LG’s new OLED TVs pushed peak HDR brightness above 2k nits while keeping its trademark near-perfect black levels.

🎭 Entertainment

Television staged a remarkable comeback in 2025. After years of post-strike uncertainty, the industry delivered an embarrassment of riches. Netflix's Adolescence, a four-part British limited series about a teen accused of murder, dominated the Emmys (Owen Cooper became the youngest recipient of an Emmy award), and sparked a conversation about incel culture — all while being shot in single continuous takes.

KPop Demon Hunters became Netflix's most-watched movie of all time, spawning a global phenomenon. The animated film about a K-pop trio that defends the human world from demons through catchy pop music earned nearly 300 mn views, with four songs from the soundtrack placing on the Billboard Hot 100's Top 10 — a historic first for an animated film.

The streaming landscape entered its endgame. Netflix moved to acquire Warner Bros. Discovery in a transaction that would have been unthinkable five years ago, accelerating consolidation that's rapidly shrinking the number of major players.

Kendrick Lamar headlined the Super Bowl halftime show, fresh off receiving five Grammy Awards for his Drake diss track Not Like Us. The performance drew 133.5 mn viewers — the most-watched Super Bowl halftime ever recorded. His halftime rendition of Not Like Us, performed to a loudly singing crowd, represented what many called the definitive conclusion to the prolific Kendrick-Drake feud.

💃 Viral moments

If 2025 proved anything, it's that memes don't need to make sense to take over the world. Exhibit A: 6-7. Derived from Skrilla's song Doot Doot (6 7) and basketball edits of LaMelo Ball (who is 6'7"), the phrase became the year's most inexplicable punchline among grade schoolers and the chronically online.

Then came Italian brainrot — AI-generated creatures with vaguely Italian names like Bombardiro Crocodilo (a crocodile-bomber hybrid), Ballerina Cappuccina (a ballet-dancing cup of cappuccino), and Tung Tung Tung Sahur (an Indonesian wood log with a baseball bat) that inexplicably captivated Gen Alpha. One popular video counted at least 100 different characters.

  • The Studio Ghibli AI filter let everyone transform into Miyazaki-style characters — until a Miyazaki quote resurfaced in which he calls AI-generated art “an insult to life itself;”
  • Labubu plush dolls — toothy collectibles from The Monsters toy series that many described as “creepy” or “slightly ugly” — became the year's most obsessed-over collectible, going from niche to ubiquitous seemingly overnight;
  • A Coldplay concert jumbotron delivered the year's most talked-about relationship scandal when a kiss cam moment exposed what appeared to be an affair between two concertgoers;
  • The Jet2 holiday jingle (“Nothing beats a Jet2 holiday!”) originated from a 2022 British airline ad but exploded in 2025, backing over 1.4 mn TikToks of vacation mishaps. Thanks to the trend, Jess Glynne's Hold My Hand became one of TikTok's top songs of the year.

📜 Making history

On 8 May, Cardinal Robert Francis Prevost was elected Pope, becoming Pope Leo XIV — the first pope born in the United States. The 69-year-old Chicago native and Augustinian friar spent much of his career as a missionary in Peru. He chose his name in honor of Pope Leo XIII, whose encyclical “Rerum novarum” established modern Catholic social teaching and promoted labor rights.

In one of the most audacious heists in recent memory, France's crown jewels were lifted from the Louvre in broad daylight. The thieves used a furniture elevator truck to break in, drilled into display cases, and fled on scooters with an estimated USD 102 mn worth of historical jewels. The haul — including pieces tied to Empress Marie-Louise and Empress Eugénie — has not been recovered.

History books will also remember 2025 for its firsts:

  • The first soft landing of a commercial lunar lander (Firefly Aerospace's Blue Ghost);
  • The first woman appointed Archbishop of Canterbury (Sarah Mullally);
  • The first colossal squid filmed in its natural habitat;
  • And, less triumphantly, the first time the average US tariff rate exceeded 20% since the Great Depression.

🌐 Politics

Political playbook:

  • Germany got a new chancellor in Friedrich Merz after a chaotic election that saw the far-right AfD more than double its vote share to 20.7% — holding a record 152 of 630 Bundestag seats;
  • Japan inaugurated its first woman prime minister, Sanae Takaichi, while Namibia elected Netumbo Nandi-Ndaitwah, its first woman president;
  • In September, Nepal's government fell to a “Gen Z revolution” sparked by social media bans, resulting in at least 76 deaths and parliament buildings set ablaze.

The world's fault lines deepened:

  • The Russia-Ukraine war entered its fourth year with no end in sight — Russia gained less than 1% of Ukrainian territory while losing roughly 1k soldiers daily;
  • India and Pakistan exchanged missile strikes in May after a terror attack in Kashmir killed 26, the most serious escalation between the nuclear powers in decades before a ceasefire was called on 10 May;
  • Israel conducted military strikes in six different countries as the genocide in Gaza continued;
  • Sudan's civil war displaced mns as the Rapid Support Forces attacked civilian areas.

🔍 Trends to watch

AI grows up: For the third consecutive year, artificial intelligence dominates the prediction landscape, and 2026 will be the year AI moves from proof-of-concept to proof-of-impact. After 2025's “hype correction,” enterprises are demanding measurable outcomes, not just impressive demos. Where 2024 forecasts centered on whether AI hype was justified and 2025 focused on deployment at scale, the 2026 conversation is about integration and consequences.

The robot dawn: 2026 marks the year humanoid robots go mainstream — sort of. 1X will deliver its first USD 20k Neo Beta units early in the year, and Boston Dynamics, Tesla, and others will accelerate their efforts. But expectations should be managed: these robots will still take 45 minutes to empty a dishwasher. The real action is in physical AI — intelligence embedded in robots, drones, and smart equipment for real-world interaction. Industry analysts predict humanoid robots ready for home deployment remain 2-3 years away.

The human element: Despite all the AI hype, 2026's most important trend may be rediscovering what humans do best. Microsoft envisions small teams launching global campaigns in days, with AI handling data crunching while humans steer strategy. IBM research shows 81% of employees are confident they'll keep up with future tech advances — despite 61% expecting their job role to change significantly due to emerging AI, and nearly half worrying about obsolescence by 2030. The organizations that thrive will be those that help workers learn with AI rather than compete against it.

🔮 Predictions

Alternative forms of connectivity will cause significant disruptions for telecoms in 2026 as advancements in fixed wireless access, low-orbiting satellites, private 5G networks, and even 6G mature. New players could emerge that connect phones solely via satellite, bypassing traditional cell towers entirely. Starlink and competitors will continue expanding, particularly in underserved regions.

Executives are ending 2025 on an optimistic note, with global economic expectations brighter than at any point this year. McKinsey surveys show confidence in domestic economies rising across developed and emerging markets alike, with concerns about trade policy receding.

The RTO wars will continue but settle into hybrid norms. ”Some form of hybrid will be dominant, rather than a five-day return-to-office,” predicts University of Pittsburgh professor Mark Ma.

The Economist warns that 2026 will be defined by uncertainty as the reshaping of geopolitical norms continues. Russia and China may test American commitment to allies through “gray-zone” provocations in northern Europe and the South China Sea. Tensions are expected to rise in the Arctic, in orbit, on the sea floor, and in cyberspace.

This publication is proudly sponsored by

3

Sports

A packed weekend of Afcon, Egypt Cup, and Premier League matchups

⚽ Football fans can welcome the new year with exciting features through Sunday from domestic, continental, and European fields.

Today

We’re tracking Algeria vs. Equatorial Guinea in the Africa Cup of Nations Group E finale at 6pm. The Greens will be walking onto the pitch with nothing to lose, having already secured qualification to the round of 16 after topping their group. You can catch the match on BeIN Sports Max 1.

Also on our radar:

  • Sudan vs. Burkina Faso (6pm) — watch on BeIN Sports Max 2;
  • Gabon vs. Côte d’Ivoire (9pm) — watch on BeIN Sports Max 1;
  • Mozambique vs. Cameroon (9pm) — watch on BeIN Sports Max 2.

Tomorrow

We’ll be breaking from Afcon tomorrow, with our attention turning to our homegrown Capital Cup and the English Premier League.

On the homefront: Al Ittihad will meet Zamalek at Borg El Arab Stadium for a Round 4 match in the Capital Cup. Kickoff is set for 5pm, and will be airing on ON Sports 1.

Also watching:

  • Wadi Degla vs. El Gouna (5pm) — watch on ON Sports 2;
  • Ismaily vs. Modern Sport (8pm) — watch on ON Sports 1.

Round 17 of the English Premier League continues with the fourth-placed Liverpool hosting Leeds United at 7:30pm. The Reds are chasing more victories in their title hunt after a rocky start. You can watch the match on BeIN Sports 1.

Other matches to flip through:

  • Crystal Palace vs. Fulham (7:30pm) — watch on BeIN Sports 2;
  • Manchester City vs. Sunderland (10pm) — watch on BeIN Sports 1;
  • Brentford vs. Tottenham Hotspur (10pm) — watch on ON Sports 2.

Friday

A relative calm will be settling over the football fields on Friday, with some action from Europe’s major leagues tiding us over. Headlining are AC Milan and Cagliari, who will be locking horns at 9:45pm as part of Serie A’s round of 18. You can catch the match on the StarzPlay app.

Saturday

Afcon will see Tunisia go head-to-head against Mali in the round of 16 at 9pm.

Arsenal will take on Bournemouth in the Premier League’s round of 20 at 7:30pm, with the Gunners looking to extend their lead by three more points.

Other Premier League matches on our radar:

  • Aston Villa vs. Nottingham Forest (2:30pm);
  • Brighton vs. Burnley (5pm);
  • Wolverhampton vs. West Ham United (5pm).

Other major European league matches:

  • Valencia vs. Celta Vigo — La Liga (3pm);
  • Juventus vs. Lecce — Serie A (7pm);
  • Atalanta vs. Roma — Serie A (9:45pm);
  • Espanyol vs. Barcelona — La Liga (10pm).
4

Mark Your Calendar

Pop night at the GEM with Calum Scott

🎵 The GEM concerts are still going strong — British singer Calum Scott is landing in Egypt for a live performance of his biggest hits on Thursday, 8 January as part of the museum’s opening events. Tickets are available on Tazkarti.

5

GO WITH THE FLOW

What the markets are doing on 31 December 2025

The EGX30 rose 0.3% at today’s close on turnover of EGP 6.7 bn (22.9% above the 90-day average). International investors were the sole net sellers. The index is up 40.7% YTD.

In the green: Misr Cement (+8.0%), Egypt Aluminum (+3.8%), and Raya Holding (+3.3%).

In the red: Beltone Holding (-3.1%), Oriental Weavers (-1.7%), and Credit Agricole (-0.8%).


🗓️ 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.

31 December (Wednesday): El Waili and AMER - NYE at the Tap East.

31 December (Wednesday): El Sahra with Hakim at The Theatre, Somabay.

31 December (Wednesday): Taxi El Sahra - New Year’s Eve at CJC 610.

31 December (Wednesday): Disco Arabesquo - New Year’s Eve at CJC Agouza.

31 December (Wednesday): Saint Levant, Notre Dame, and Wass at Cubix, El Gouna.

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.

5-6 January (Monday-Tuesday): Omar Khairat at the Cairo Opera House.

7 January (Wednesday): Coptic Christmas Day.

8 January (Thursday): Calum Scott at the Grand Egyptian Museum.

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.

Now Playing
Now Playing
00:00
00:00