Get EnterpriseAM daily

Available in your choice of English or Arabic

Why you might want to look into upskilling this year

1

WHAT WE’RE TRACKING TONIGHT

TBS, El Abd, and Tamweel tipped for IPOs

Good afternoon, friends, and happy hump day. The news cycle is picking up both abroad and at home, with news that familiar names may head to the EGX. In the business press, all eyes remain on Elon Musk’s record-setting merger. Also in today’s issue: we take a look at the state of the job market in 2026 and try New Cairo’s latest specialty coffee shop.

THE BIG STORY TODAY-

📍 Could TBS, Tamweel, El Abd be the next IPO stories? Financial Regulatory Authority (FRA) Chairman Mohamed Farid said he would like to see The Bakery Shop (TBS) follow in Gourmet’s footsteps and tap the public markets, in remarks made on the sidelines of the Summit of Capital Markets we attended today.

ALSO FROM THE SUMMIT SIDELINES- Tanmeyah Capital Ventures (TCV) Managing Partner Mohamed Mahgoub says the firm is preparing to exit its jointly owned portfolio company with B Investments — widely understood to be NBFI player Tamweel — some time soon, during a panel at the summit. He also indicated that their portfolio confectionery heavyweight El Abd could look to the EGX as a potential exit route as soon as next year, replying to a question about whether they regret exiting Abu Auf through a strategic sale instead of an IPO.

Why it matters: For much of the past decade, the gold standard exit for domestic founders was a strategic sale to a regional or multinational heavyweight — think Agthia’s acquisition of Abu Auf. Gourmet’s IPO challenges that assumption: Its private placement was oversubscribed 12.2x and priced at the top of its range, underscoring that the local market has both the liquidity and investor appetite to value premium brands effectively — without relying on a strategic buyer.

THE BIG STORY ABROAD-

🌐 It’s a busy afternoon in the business press, with several stories getting plenty of ink. Elon Musk’s record-setting merger is still dominating headlines with SpaceX’s acquisition of xAI, valuing the entities at USD 1.25 tn. The transaction unifies Musk’s AI and space ambitions to “form the most ambitious, vertically integrated innovation engine on (and off) Earth.” The merger comes as SpaceX plans an IPO that could value it at over USD 1.5 tn.

^^ Read more on Bloomberg and Reuters.

Also making the rounds: US President Donald Trump announced a trade agreement with India to cut tariffs from 50% to 18%. India would halt Russian oil purchases and buy over USD 500 bn of US energy, technology, agriculture, coal, and other products, Trump said on Truth Social. The news follows the EU’s trade agreement with New Delhi.

^^ Read more on CNBC and Reuters.

AND- US-listed rare earth miners saw strong gains in premarket trading today after Trump announced the details for Project Vault — a first-of-its-kind critical mineral reserve intended for the US private sector. The project is set to bring in USD 2 bn in private capital with a USD 10 bn loan from the US Export-Import Bank.

^^ Read more on: CNBC.

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

  • The Finance Ministry is weighing requests from some 80 companies to slash customs tariffs on 150 production inputs, aiming to bolster strategic sectors, including chemicals, home appliances, textiles, automotive glass, sheet metal, and the renewable energy industry;
  • El Sewedy Electric’s energy and water management solutions arm Iskraemeco plans to invest USD 10-20 mn over the next two years to double its share of Egypt’s national water projects. The company is targeting a 40% market share by 2026 by expanding production lines for smart meters and Internet of Things (IoT) systems;
  • The Central Bank of Egypt has officially launched its regulatory framework for software point-of-sale (soft POS) devices, allowing merchants to turn any NFC-enabled smartphone or tablet into a payment terminal.

☀️ TOMORROW’S WEATHER- We’re in for a cool, hazy day in the capital tomorrow, with the mercury set to peak at just 21°C before cooling down to 11°C, according to our favorite weather app.

2

FOR YOUR COMMUTE

Why strategic upskilling is the ultimate job security in 2026

📊 Over the past few years, workplaces all over the world and at home have undergone significant changes — thanks in no small part to the rise and proliferation of agentic AI in the workplace and ensuing restructures. Some workplaces have fared better than others, but most haven’t quite yet seen the ROI that was promised. In 2025, the job market faltered, trust between employees and employers eroded, and AI “workslop” — as the Harvard Business Review (HBR) so eloquently put it — seemingly made workers less productive, and more disengaged.

Now, the mn USD question, what can we expect in the professional sphere in 2026? The short answer? Probably more of the same, according to a recently published report by the HBR. The long answer? Let’s dive in.

Despite flailing performance from agentic AI in the workforce — with only one in 50 AI investments actually delivering any value and only one in five offering measurable ROI, according to research cited by the HBR — CEOs aren’t ready to give up all that fast, with many operating on the basis that the payoff is nigh and making decisions accordingly.

Some of these decisions? Layoffs. Despite there being a massive slew of layoffs attributed to AI in 2025, less than 1% of layoffs in 1H 2025 were actually the direct result of AI — or at least, the result of AI being more productive than humans, HBR reports. On the surface, it might look like AI is indeed replacing the human workforce, and executives may feel inclined to cull herds based on just that — the reality is that 88% of HR executives report getting almost no benefit from AI tools, according to research from Gartner.

This means workers are being laid off on a mere possibility, with HBR noting that 2026 might see talents rehired after being prematurely let go — and that will likely come at a greater cost, both fiscally and metaphorically.

And with AI, burnout is at an all time high. HBR and Gartner note that the pressure to perform in an AI-driven world has begun to bear serious consequences, leading to a cultural dissonance between what an organization claims to be and how its employees feel. Performance is faltering and employee engagement is at a disastrous low. Too much effort is dedicated into adjusting to the future of a workplace dominated by AI, but none is devoted to assessing how this change will impact the humans behind (and in front of) the machines.

HBR predicts that company survival will be limited to those that course-correct by re-assessing their culture and expectations while investing in human talent — particularly amid rising evidence of a link between continuous AI use and emotional and cognitive damage. As things stand, some 91% of leaders dedicate little to no time to the impact of AI use on employees, according to Gartner.

What can we expect from the workplace in Um El Donia this year? Through analyzing some 10k Egyptian job postings, 20k job skills, and 84k job-skill relationships, a group of researchers from the Egyptian Center for Economic Studies (ECES) reached a worrisome conclusion — it’s not looking great for Egyptian talent navigating the job market.

Nearly 75% of all Egyptian employees who are at risk of having their jobs replaced by AI will not be able to find alternative career paths, according to a recently published paper (pdf) by ECES researchers. Only 24.4% of high-risk workers — those whose jobs encapsulate primary functions deemed automatable by Gen AI — have realistic transition pathways. For the remaining 75.6%, intensive reskilling is a necessity.

Among those high-risk workers, those who would be able to find a viable alternative are ones possessing transferable job skills — skills pertaining to management, leadership, and other soft skills. The majority, however? They’re stuck. The paper notes that technical upskilling may not be the way to go as much as operational upskilling. Instead of pigeonholing oneself into the technical nooks and crannies of jobs, the research argues that workers that seek to safeguard themselves need to hone their strategic, creative, and management skills.

In short, what makes us human is what will keep us employed. But the job market — at home and abroad — will need to expand into offering jobs that allow both human talent and technological advancement to complement one another, rather than eliminate. ECES research suggests that viable courses of action include comprehensive reskilling programs, standardized certifications for transferable skills, and blanket training for administrative and managerial roles. While 2025 exposed the systemic flaws of AI integration, 2026 marks a turning point in how organizations will navigate the long-term sustainability of the human workforce.

3

DRINK THIS TONIGHT

New Cairo’s latest specialty coffee shop offers a fresh, new experience

As humans, we often crave novelty. As caffeine aficionados, we tend to stick with what we know — but why should we? Specialty coffee destinations are popping up everywhere, some better than others. On an inconspicuous weekday, Black Milan stood out in a largely unoccupied strip mall in New Cairo, so our curiosity was piqued.

With interiors clad in black and white, this isn’t your average commercial coffee destination; everything seems intentional. The design aesthetic is striking, minimal, perhaps a tad brutalist, yet feels natural in a way. The menu features all the classic brews, in addition to a slew of other hot beverages — namely matcha and Belgian hot chocolate. For edible selections, baked goods are limited to sweet and savory croissants. We opted for a Spanish latte and a Belgian choco with a croissant to keep them company. The croissant was not extraordinary, but fresh and flaky. The Spanish latte was equal parts sweet and strong, while the dark Belgian hot chocolate proved the star of the evening — thick, naturally sweet, and oozing with flavor.

Our visit to Black Milan won’t be our last. The specialty coffee shop has called New Cairo home for a little under a few months, and is in its soft opening stage. If you’re craving a fresh, hot brew at a location yet to be discovered by the masses, we’d suggest a visit and spending the day. The cafe also sells its own roasts, so you can take a taste of the place home with you.

WHERE TO FIND IT- You can find Black Milan at New Cairo’s Eastlane. You can also order through third-party courier Mrsool.

4

Sports

Al Ahly in the league + Arsenal and Chelsea face off in Carabao Cup semi-final clash

While yesterday was a quiet day on the fields, we have some footie to look forward to tonight with a series of exciting clashes on schedule.

In the Nile league, Al Ahly is getting ready to face Al Bank Al Ahly as part of matchweek 17 of the Egyptian Premier League. Whistles will blow at 8pm at the Cairo International Stadium, with the match broadcast on ON Sport 1.

We’re in for a London derby, with Arsenal and Chelsea going head-to-head and toe-to-toe in the second leg of the Carabao Cup semi-finals at 10pm on BeIN Sports 1. The Gunners are running on a high after securing the W in the first leg 3-2.

Care for some Spanish action? Barcelona takes on Albacete in the Copa del Rey quarter-finals, also at 10pm. Barcelona, the defending champions, are looking to retain their status and secure a spot in the semi-finals. The match will air on MBC Masr 2.

Other major European league fixtures on our radar:

  • Reims vs. Le Mans — Coupe de France Round of 16 (9:30pm, BeIN Sports 3);
  • Bayer Leverkusen vs. St. Pauli — DFB-Pokal (9:45pm, Dubai Sports);
  • Marseille vs. Lens — Coupe de France Round of 16 (10:10pm, BeIN Sports 2).

This publication is proudly sponsored by

5

Mark Your Calendar

The Thai Food Bazaar lands in Zamalek

🍜 Got a big appetite for Thai cuisine? The Thai Food Bazaar is back in Zamalek’s Al Horreya Garden from Thursday, 12 February to Sunday, 15 February from 12-8pm. Experience all the authentic flavors of Thailand including street food, cooking shows and live demos, and Thai drinks and sweet treats. Bring your friends and family and dig in.

6

GO WITH THE FLOW

What the markets are doing on 3 February 2026

The EGX30 rose 2.9% at today’s close on turnover of EGP 9.6 bn (70.5% above the 90-day average). International investors were the sole net sellers. The index is up 17.1% YTD.

In the green: Fawry (+8.0%), Raya Holding (+7.0%), and Telecom Egypt (+6.2%).

In the red: Orascom Investment Holding (-0.8%) and Heliopolis Housing (-0.6%).


🗓️ FEBRUARY

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

3 February (Tuesday): Cairo International Book Fair closing ceremony at Al Manara Main Hall.

5 February (Thursday): Zarf Tarek Gedan at Heliopolis Library Theater.

5 February (Thursday): Saleh El Nawawy at Theatro Arkan.

5 February (Thursday): Redefine Flea Market at kilo 30 Ismailia Desert Rd.

5 February (Thursday): Youssef Chahine night at the French Institute.

5-6 February (Thursday-Friday): Umm Kulthum Musical at Drama Hall, New Capital.

5-7 February (Thursday-Saturday): The Garden Market at East View Mall, New Cairo.

6 February (Friday): Voices of the Century at the Opera Hall in New Capital.

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

6-7 February (Friday-Saturday): Football Access Summit at Zed Park.

7 February (Saturday): Cairo Flea Market at Ghurnata Community Space, Heliopolis.

11-15 February (Wednesday-Sunday): Animatex at AUC Tahrir Square.

12-14 February (Thursday-Saturday): The Garden Market at East View Mall, New Cairo.

12-15 February (Thursday-Sunday): Thai FoodBazaar in Al Horreya Garden, Zamalek.

13 February (Friday): Bryan Adams at the GEM.

14 February (Saturday): Valentine’s Special – Saad El Oud at CJC 610.

14 February (Saturday): Mina Nader at Grand Tiba Theatre.

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

MARCH

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

APRIL

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

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.

Now Playing
Now Playing
00:00
00:00