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The human cost of reducing Iran to its leadership

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WHAT WE’RE TRACKING TONIGHT

FinMin seeks new hedges to protect budget as EGP hits 53 per USD

Good afternoon, friends. It’s another restless day in the press — both at home and abroad — as the regional war escalates. In today’s issue, we take a look at how the war is being depicted in Western media, recommend your next timely listen, and more.

So, when do we eat? Maghrib prayers are at 5:59pm in the capital, and you’ll have until 4:45am tomorrow to hydrate and caffeinate ahead of fajr.

THE BIG STORY TODAY-

📍 Hedging against the crisis: The EGP neared the 53 per USD mark during midday trading today. Meanwhile, the Finance Ministry entered negotiations to secure new hedging contracts for wheat and other strategic commodities, alongside renewing existing oil hedges, to shield the upcoming budget from escalating regional volatility, a government source tells EnterpriseAM.

Why hedging matters: While the draft budget originally estimated wheat at USD 270 per ton, officials warn that petroleum and grain will be the “most affected” if the crisis persists, prompting the push to renew oil hedges and lock in commodity costs.

Double pressure on FX: The greenback changed hands at EGP 52.85 (buy) and EGP 52.95 (sell) at major banks, as interbank activity climbed past USD 700 mn before the close. This was fueled by a combination of secondary debt market sell-offs and a rush by importers to open letters of credit early amid global shipping disruptions. Banking sources emphasized that while portfolio outflows are a factor, the accelerated demand for FX from importers has added significant pressure to the exchange rate over the last 48 hours, leaving the interbank floor dominated by “the possibility of further increases” as regional tensions show no sign of abating.

^^ We’ll have more on this story in tomorrow’s edition of EnterpriseAM.

THE BIG STORY ABROAD-

🌐 Still leading the front pages this afternoon is the appointment of Iran’s new supreme leader, Mojtaba Khamenei, the son of the late Ali Khamenei. The news has been met with fears of prolonged regional conflict and a continuing spike in oil prices — crude is currently trading over a record USD 119 per barrel.

Following the oil price surge, G7 finance ministers are reportedly set to engage in talks over a possible release of emergency oil reserves in a meeting later today coordinated by the International Energy Agency and its 32 members. US officials believe a joint release of 300-400 mn barrels — 25-30% of the reserve — would be suitable.

^^Read more on Reuters, The Guardian, and the Financial Times.

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

  • The state will allocate the entire USD 3.5 bn from the Alam El Roum Development to ease pressures on the state treasury’s FX needs. The move marks a departure from the previous policy that saw the Finance Ministry only take half of asset sale and investment proceeds to pay down debt;
  • Industry Minister Khaled Hashem approved a new leasing mechanism for industrial zones. By scrapping the three-year lock-up period on industrial land, the ministry is creating a secondary market for industrial assets;
  • Global supply chain issues are forcing Egyptian exporters to make some tough calls. With freight and container ins. costs suddenly jumping by USD 2.5k-3k per shipment, many companies have simply paused sending goods to the Gulf and East Asia.

☀️ TOMORROW’S WEATHER- It’s another breezy day in the capital, with the mercury set to peak at a high of just 22°C, with a low of 11°C, according to our favorite weather app.

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AFTER HOURS

The human cost of reducing Iran to its leadership

🎥 As we move into week two of the war on Iran and get into the mechanical reporting of new missile attacks and mounting death tolls, it’s sometimes easy to forget the suffering of a population that in many respects resembles our own. Iran is a rich, vibrant, resilient, and diverse country that has been choked by 45 years of sanctions and defined by the acts of its authoritarian regime.

In an interview with EnterpriseAM, Iranian journalist and Columbia University media studies scholar Kourosh Ziabari discusses the profound shifts in Iranian society, the media's portrayal of Iran and the current conflict, and the enduring resilience of Iran’s civil society.

Speaking to us from New York as the US-Israeli war on Iran entered its fifth day, Ziabari argued that the “one-dimensional” portrayal of his home country by Western, and often regional, media outlets has misinformed the public and effectively dehumanized a nation of 90 mn people, paving the way for the bombs now falling on Tehran.

Challenging the ‘robotic narrative’

Ziabari, who grew up in Iran before moving to the US in 2022, contends that the West’s perception of Iran is trapped in a narrow loop of security-centric talking points. “All we hear is: nuclear, proxies, and missiles,” Ziabari tells EnterpriseAM. This reductionist framing, he argues, intentionally ignores the elements of life that define the Iranian experience, such as art, food, culture, and music.

By stripping away the domestic reality of Iran — its vibrant student movements, its scientific achievements, and its everyday civil society — the media creates a vacuum where only the state exists. “When a country is reduced to its leadership or its military capabilities, the indiscriminate suffering of its civilians becomes far easier for a foreign public to rationalize,” explains Ziabari.

The reality on the ground is very different. “After the 2022 Woman, Life, Freedom uprising, activists actually transformed life in Iran in a very tangible way that we had never seen before. They defied the government and convinced the administration of President Pezeshkian to refuse to pass into law the legislation intensifying the hijab restrictions after the killing of Mahsa Amini. Step by step, Iranian civil society made gains, set new benchmarks, and achieved new milestones,” explains Ziabari.

Tehran Design Week, held in November 2025, is a case in point. The event, which brought together product design, fashion, graphics, and contemporary crafts in the Iranian capital, was by all accounts a staggering show of creativity, representative of a new Iran led by fearless young people who are breaking taboos. And it’s not just design week; it’s concerts, jazz festivals, fashion shows, and even raves that are being depicted on Iranian Instagram accounts. In a rare article on the changing face of Iranian society. The New York Times called it “grassroots change from a new generation of Iranians who connected to the outside world through social media.”

Fast forward to war

“Iranian civil society has always found ways of reasserting itself and manifesting its ingenuity, but all of this has been undone. It has unraveled overnight because you have an active war situation in which many of these new venues that people were posting about, along with Unesco heritage sites, have been destroyed. Coffee shops, bookshops, Enqelab Square, where there is a huge cultural center opposite Tehran University, have all been severely impacted.”

Ziabari describes the current situation as one of the most challenging periods of his life. The personal toll is intensified by the difficulty of maintaining contact with family in Rasht due to severe internet restrictions.

“Observing this much civilian suffering is not something I can come to terms with,” Ziabari says, noting that his concern extends to all victims of injustice, from Ukraine to Gaza. He critiques the current geopolitical discourse, suggesting that lofty academic ideals of objectivity, democracy, and international law “have been pretty much buried.”

A country is being carpet-bombed, and thousands of civilians are being killed. “Unfortunately, even when civilian suffering is on full display, when the indiscriminate illegal nature of this war is clearly recognizable to everyone, we are still seeing that there are voices actively trying to rationalize and sugarcoat, invoking euphemisms to say that it's not a war, it's a military operation.

On the diaspora celebrations of war

“Clearly there are [mns] of Iranians who are in favor of a democratic change and a transition away from the Islamic Republic, but I don't believe that they ever asked foreign powers to come and intervene. We cannot export democracy to countries which we do not understand or for whose culture we do not have any appreciation,” Ziabari said. He also cautions against giving too much weight to the diaspora monarchists. “They are the ones who have been actively campaigning for not just war, but before that for sanctions, for pretty much the immiseration of Iran because they are not the ones who are ultimately impacted and affected.”

The path forward

For Ziabari, the path forward requires the media to stop being “stereotypical” and to start portraying Iran “for its good, bad, and ugly.” He argues that more nuanced, multi-dimensional coverage would highlight the resilience of a civil society that is capable of driving its own change without “foreign recipes.”

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Ears to the Ground

Pod Save the World does not shy away from criticism

👂 If you’re losing your mind trying to make sense of global headlines, this is the podcast for you. On Pod Save the World, hosts Tommy Vietor and Ben Rhodes, Obama’s former deputy national security advisor, break down the biggest developments on the global stage, from Gaza to Venezuela — and now Iran.

The podcast’s intelligent, analytical discourse delivered in a bold, conversational tone will keep you engaged and make you better informed. The hour-long episodes start with commentary and banter on the headlines and then go into one-on-one interviews with elected officials, journalists, and other subject matter experts.

Is it US-centric? Yes. Do these guys hate Donald Trump and the MAGA universe? Absolutely. As part of Crooked Media, an independent progressive media company founded at the beginning of the first Trump presidency by former Obama staffers, Pod Save the World does not shy away from harsh criticism of Trump, his administration, and his often schizophrenic foreign policy decisions. These guys call it like it is, and if you’re like us and find it satisfying to listen to a good rant about Trump and the havoc that he’s wreaking around the world, you’ll want to tune in.

Even more satisfying is their stance on Israel. Relative to other Western media outlets, Pod Save the World takes a refreshingly critical approach towards Israeli politics and the Netanyahu government. They continue to be one of the few Western voices of reason on the war on Gaza, and they speak out openly against the illegality and miscalculation of the war on Iran.

They are also experts on Iran. During their time in the White House, Rhodes and Vietor were immersed in the inner workings of Obama’s 2015 Iran Nuclear Deal. The one that Trump tore up a couple of years later during his first term as president. The nuanced conversation between two people who have a deep understanding of Iran and the complicated politics of the Middle East stands in stark contrast to the shallow jargon that currently comes out of Washington.

The last four episodes are dedicated to in-depth analysis of what’s happening in Iran. The hosts examine the events that led up to the decision to strike, and discuss the ways in which the war seems to be spiraling out of control. They also explain the nature of the power vacuum in Iran after the assassination of Khamenei and his top military commanders, and the possibility of a civil war scenario.

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

This publication is proudly sponsored by

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Sports

Al Ahly and Tala’ea El Gaish go head-to-head

In the Nile League, Al Ahly faces Tala’ea El Gaish, while Pyramids takes on Al Bank Al Ahly as part of the Egyptian Premier League’s Matchweek 15 fixtures. The race for the top spot remains fierce — should both Pyramids and Al Ahly (40 points each) secure their matches, they’ll pull level with league leaders Zamalek (43 points). The matches kick off at 9:30pm on ON Sport 1 and 2, respectively.


It’s a quiet night on the European pitches, with only two key matches on our radar:

  • West Ham vs. Brentford — FA Cup (9:30pm, beIN Sports 1);
  • Espanyol vs. Real Oviedo — La Liga (10pm, beIN Sports 3).
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Mark Your Calendar

A unique Ramadan evening in Historic Cairo

🌙 The Multicultural and Artistic Space at Qaitbey (Masq) is hosting a special Ramadan program this Thursday, 12 March in Cairo’s Qaitbey area. Across four different experiences, the night brings a unique atmosphere, featuring a Ramadan Handcrafts Sultan Fair, a rare female Mawlawiya performance at the City of the Dead’s Mausoleum of al-Gulshani, a live concert by Sheikh Zein Mahmoud and Hayaa Al-Mowail, and an art exhibition by Eman Elbana. The event runs from 7-10pm and is at no charge — arrive early for a seat. You can head to Masq’s Instagram for more information.

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GO WITH THE FLOW

What the markets are doing on 9 March 2026

The EGX30 fell 0.8% at today’s close on turnover of EGP 9.0 bn (39.1% above the 90-day average). Local investors were the sole net buyers. The index is up 11.0% YTD.

In the green: AMOC (+5.7%), Heliopolis Housing (+5.4%), and Orascom Development (+3.4%).

In the red: E-finance (-5.9%), Egypt Aluminum (-5.9%), and Ibnsina Pharma (-4.8%).


🗓️ MARCH

24 February - 14 March (Tuesday-Saturday): Ramadan Premium Market at the Arena, Cairo West.

28 February - 11 March (Saturday-Wednesday): Qahrawya Iftours.

9 March (Monday): Layalina Tent at Mohamed Ali Palace.

9-16 March (Monday-Monday): Hakawy El Kahera Tent at the Citadel.

12 March (Thursday): Ramadan program at the Multicultural and Artistic Space at Qaitbey.

13 March (Friday): Hamid El Shaeri at Wayana Tent, Al Baron.

13-14 March (Friday-Saturday): Garage Sale at Darb 15, Maadi.

21 March (Saturday): Eid Al-Fitr.

21 March (Saturday): Saad El Oud at CJC 610.

22 March (Sunday): Burna Boy at Festival Plaza, El Gouna.

22 March (Sunday): Zarf Tarek Gedan at Heliopolis Library Theater.

27 March (Friday): Wegz at the PUBG Mobile anniversary carnival, the Great Pyramids of Giza.

APRIL

2 April (Thursday): Hany Shaker at Theatro Arkan.

7 April (Tuesday): Shakira at the Pyramids of Giza.

13 April (Monday): Sham El Nessim.

25 April (Saturday): Sinai Liberation Day.

MAY

1 May (Friday): Labor Day.

26 May (Tuesday): Arafat’s Day.

26 May (Tuesday): Andrea Bocelli at the City of Arts and Culture in the New Administrative Capital.

JUNE

16 June (Tuesday): Islamic New Year.

30 June (Tuesday): June 30th Revolution.

JULY

23 July (Thursday): July 23rd Revolution 1952.

24 July (Friday): Adriatique at the North Coast.

AUGUST

21 August (Friday): Black Coffee at Cubix North Coast.

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

OCTOBER

6 October (Tuesday): Armed Forces Day.

24 October (Saturday): Blue 25th Anniversary Tour at New Capital.

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