2024 Roundup

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THE WEEK IN REVIEW

Happened this week: CBE keeps interest rates unchanged, extends inflation targets

Good morning folks, and happy Friday to you. Read on for all the key headlines off the local and international presses this week, alongside fresh recs for you to check out this weekend.

The end of the year is always a time for reflection — and this week’s guide is set to help you reflect on all the shows, reads, eats, games, and pods you didn’t watch (and need to catch up on) before we dive into a fresh year of content in 2025.

Enterprise Weekend comes out each Friday at 9:00am CLT. We’ll be back on Sunday at 6am with EnterpriseAM. Until then: Enjoy the weekend.

LAST WEEK IN 3 MINS-

ECONOMY-

#1- CBE keeps interest rates unchanged for the sixth consecutive meeting: The Central Bank of Egypt’s Monetary Policy Committee (MPC) concluded its last meeting in 2024 yesterday by keeping interest rates unchanged for the sixth consecutive meeting, in line with analysts’ expectations. The decision “remains appropriate to maintain a tight monetary stance until a significant and sustained decline in inflation is achieved,” the committee said in a statement following its meeting yesterday.

The MPC also decided to extend the current inflation targets to be 7% ±2 percentage points on average by 4Q 2026 and 5% ±2 percentage points on average by 4Q 2028.

Remember: The CBE’s previous inflation targets were 7% ±2 percentage points on average by 4Q 2024 and 5% ±2 percentage points on average by 4Q 2026.

Where interest rates currently stand: The overnight deposit rate stands at 27.25%, the overnight lending rate at 28.25%, and the main operation and disc. rates at 27.75%. Rates have remained unchanged since the committee delivered a 600 bps rate hike following a surprise monetary policy meeting in March, which was soon followed by the float of the EGP and the approval of a larger loan package from the IMF.

#2- The government reached a staff-level agreement with the IMF for the fourth review of our USD 8 bn loan program, unlocking a USD 1.2 bn tranche, pending executive board approval. It also secured revised terms for our loan program, with our primary surplus now expected to come in at 4% in the fiscal year 2025-26, down from the 4.5% penciled in pre-revision, and then increase to 5% in the following fiscal year. The revised agenda emphasizes tax reforms, reducing the state’s economic role, fast-tracking privatization, and improving the business environment.

#3- The EGP briefly slipped past the 51 mark against the USD this week for the first time, before stabilizing at an average of EGP 50.92 to the greenback yesterday.

#4- The EU approved a EUR 1 bn macro-financial assistance package for Egypt to support its reform agenda, marking the first phase of a EUR 5 bn concessional loan package running through 2027. The funds aim to ease external financing constraints, support budget needs, and boost FX reserves amid regional tensions. Discussions are underway for a second EUR 4 bn tranche set to be disbursed between 2025 and 2027.

POLICY-

Prime Minister Moustafa Madbouly held a televised meeting with a number of prominent players in the local private sector on Wednesday (watch, runtime: 2:21:47) The two sides discussed the challenges facing the private sector and the measures private sector players want from the state in the years to come.

Among the challenges: “The private sector cannot bear the 32% interest rates for long,” TMG Holding’s Hisham Talaat Moustafa said. Ezz Steel’s Ahmed Ezz, meanwhile, touched on the topic of construction, saying that “70% of Egyptians are not allowed to build houses because of bans on construction permits… The state cannot build apartments and buildings on its own.” Some 2,360 companies moved from Egypt to the UAE in the first six months of 2024 because of the business environment, said the National Bank of Egypt CEO Mohamed El Etreby.

What can we expect moving forward: Madbouly agreed with a proposal to form specialized sectoral groups to work alongside the cabinet, adding that the cabinet can start with forming groups for sectors at the top of its list of priorities ie. tourism.

All of Egypt’s airports are now up for privatization, with the International Finance Corporation (IFC) set to spearhead the project after getting the Cabinet greenlight, Prime Minister Mostafa Madbouly said during the meeting. Madbouly also noted that the IFC’s offerings of airports’ managements and operations should be accompanied by the private sector’s establishment of new airlines, which will help Egypt expand its aviation fleet. The move brings the number of airports on offer up from the previously announced five.

FINANCIAL MARKETS-

Beltone greenlit an EGP 10.75 bn capital increase to boost growth: Beltone Holding’s board agreed to increase the company’s capital by EGP 10.75 bn with an eye to supporting the company’s growth strategy and expanding its product offerings. This marks the company’s second major capital increase in two years, with its last EGP 10 bn raise coming shortly after Chimera Investments acquired a 56% stake and revamped its leadership team in 2022.

TELECOMS-

Your mobile bill is about to get even pricier: The National Telecom Regulatory Authority has given mobile operators the greenlight to hike prices of their bills by up to 30%, a government source told EnterpriseAM. The move comes a little over two weeks after mobile operators hiked the prices of their prepaid mobile plans by up to 31%.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

AROUND THE WORLD IN SEVEN DAYS-

The end-of-year slowdown extended to the int’l press this week, with precious little gaining sustained traction on the world’s front pages despite ongoing upheaval in Syria and around the globe.

Assad loyalists clashed with Syria’s de facto authorities as a new status quo solidified: Forces loyal to ousted Syrian president Bashar Al Assad reportedly attacked security personnel of Hayat Tahrir Al Sham (HTS), the former rebel group that has become Syria’s de facto ruling authority, killing 14 individuals. The incident marked the greatest unrest the country has seen since Assad’s ouster over two weeks ago.

Trump courted controversy with Panama Canal comments: US president-elect Donald Trump threatened to reassert US control over the Panama Canal in a speech in which he criticized what he called the waterway’s high fees. Panamanian president Jose Raul Mulino rejected the comments, emphasizing Panama’s sovereignty.

And an attack in the German city of Magdeburg sparked tensions: A car-ramming attack at a Magdeburg Christmas market last Friday left five dead and over 200 injured after an anti-Islam Saudi national with far-right sympathies, drove through the market.

IN BUSINESS NEWS- Honda and Nissan signed an MoU to explore a USD 54 bn merger that, if implemented, would create the world’s third-largest automaker by sales. Mitsubishi Motors is also mulling joining the agreement.

☀️ THE WEATHER THIS WEEKEND-

It’s a cloudy weekend with temperatures similar to the ones we saw this week. We’re expecting a high of 19°C today in the capital, with a low of 10°C tonight. The mercury will warm up ever-so-slightly on Saturday to reach 20°C in the capital, with a low of 11°C.

HAPPENING THIS WEEKEND-

Release the negativity with the Drum Circle Festival at Gusour Cultural Center today. The circle is a unique experience where you play tabla or drums following an instructor while hanging out and connecting with the group. The event has two rounds, one at 6pm and another at 7pm. Tickets are available on site.

Get in the festive spirit by building a gingerbread house. Hana Bakes is collaborating with Brunch and Cake for a Gingerbread House Making Workshop. The workshop will take place at the Brunch and Cake Lakeview branch at 8pm. Book your spot by messaging Hoogculture on Instagram.

It’s that time of year again... The Nutcracker is returning to the opera. Celebrate the season with The Nutcracker Ballet, performed by the Cairo Opera Ballet Company and Orchestra. The performances will run until Tuesday, 31 December. Tickets are available on Tazakarti.

Egyptian rapper Afroto will be performing at ElMalahy today from 8pm. Tickets are available on Ticketsmarche.

Tablet El Sitt band is coming back with some more folklore but Christmas themed. The show will take place at Theatro Arkan today at 8pm. Tickets are available on Ticketsmarche.

Rewatching 2024

2024 reminded us why we love stories. From the sweeping deserts of Dune to the pressure-cooking kitchen of The Bear, the landscape of stellar entertainment was able to cut through the noise of cash-grabbing remakes to create iconic cinematic moments we’ll be thinking about well into 2025.

MOVIES

While it’s too late to catch these titles in a dark theater as you munch on overpriced popcorn, you can still experience their magic at home. From blockbusters that drew crowds to the screens in droves to smaller films that packed as big a punch, it’s not hard to remember why they call it movie magic.

#1- DUNE PART TWO: This installment in the Dune franchise has been heralded as the pinnacle of sci-fi filmmaking. The unbelievably detailed worldbuilding supported by extensive lore sans tedious exposition, the fleshed-out characters that are as dynamic as the stunning cinematography. The plot is richer and busier than the first film, but from SFX and VFX to the costume design and the fight choreography, it’s clear that Villeneuve handpicked those excelling in their respective fields to join him in the creation of this film.

#2- NO OTHER LAND: Shot before the events of October 2023, this documentary follows Basel Adra, a young Palestinian activist, as he documents the ongoing demolition of Masafer Yatta, a cluster of Palestinian villages, by Israeli soldiers. He is joined by Israeli journalist Yuval Abraham, who helps him capture the indigenous peoples’ struggle and limitless resilience, and the relentless cruelty of colonialism.

#3- MONKEY MAN: Based on the Hindu legend of Hanuman, a half-human half-monkey warrior god that overcomes his oppressors, Monkey Man follows Kid (Dev Patel), a young man hellbent on getting revenge on the corrupt elite who killed his mother and continue to exploit and terrorize the powerless. While some may find the violence in Patel’s directorial debut excessive, the fight choreography is undeniably exceptional, a balletic display of raw power, adrenaline, and pure grit. The genre is dominated in Hollywood by Western heroes — your John Wicks and James Bonds, Jason Bournes, and Ethan Hunts — and seeing a different culture being portrayed on screen (and not just as a destination the hero has to jet off to) is refreshing.

#4- EVIL DOES NOT EXIST: Ryusuke Hamaguchi’s latest film centers on Takumi, a skilled widower living with his young daughter in an idyllic rural village outside of Tokyo. Their peaceful existence is disrupted when entrepreneurs plan to build a glamping (glamorous camping) resort in the area. The film takes a dark turn when the disruption of the natural balance leads to consequences for both the corporate representatives and the villagers.

#5- KINDS OF KINDNESS: Yorgos Lanthimos returns to his roots in his most recent offering is a loosely related three-part anthology connected by themes of control, autonomy, and — obviously and ultimately — kindness. The first part follows a corporate worker (Jesse Plemons) whose boss controls every aspect of his life. The second features Plemons as a police officer suspicious of his presumably dead wife’s return. And the final part involves a cult searching for someone who can resurrect the dead.

TV SHOWS

Just when you thought there couldn’t possibly be any more must-watches in the cultural zeitgeist, 2024 came in swinging. Whether you’re looking for something to burn through in one sitting or a slow-burn series to savor, there is no shortage of bangers to keep you glued to your screen.

#1- THE BEAR: Carmy Berzatto, an internationally renowned chef, inherits his family’s run-down sandwich shop after his brother’s sudden and tragic death. The struggles of small-business ownership and the demanding reality of the food industry is revealed as Carmy fights to transform the restaurant as he adjusts to his new role. It's a tense show, but a deeply engrossing one too.

#2- SHŌGUN: Set in 17th-century Japan, the story is set into motion when John Blackthorne washes up on Japanese shores. He finds himself in the company of Lord Toranaga, a powerful feudal lord on the brink of conflict, and Mariko, a mysterious outcast who serves as his translator. The constant jockeying for power between the different factions on the show keeps us on the edge of our seats, masterfully building tension as we watch alliances shift and betrayals unfold.

#3- SHRINKING: Jason Segel stars as Jimmy, a cognitive behavioral therapist who is struggling to grieve his wife’s death in AppleTV+’s comedy . Jimmy grows tired of his patients constantly complaining about their problems and decides to try a new approach: Telling the unadulterated truth, despite blurring ethical boundaries. Season two just wrapped up, with many taking to the internet to digitize their tears,

#4- THE PENGUIN: The Penguin is back wreaking havoc in Gotham. The series dives straight into the aftermath of The Batman as Gotham reels from the destruction left behind after The Riddler blew up the city’s seawall. The Caped Crusader may have stopped him, but the city is far from rebuilt — and it left the crime underworld up for grabs.

#5- TRUE DETECTIVE: NIGHT COUNTRY: Season 4 of the anthology marks a dramatic shift for the series, setting its mystery in Ennis, Alaska during the perpetual darkness of winter. Led by Jodie Foster and Kali Reis, the season follows the investigation of missing scientists found frozen under mysterious circumstances. The show leans heavily into horror elements and supernatural dread while maintaining the series’ exploration of human darkness.

A dreamy love story considers the struggles of life and loss

? A long love story halted by loss. Fans of the iconic Andrew Garfield and Florence Pugh have waited quite a while for the release of We Live in Time, and after giving this movie a watch, it’s clear why. Both actors are capable of providing an unforgettable onscreen experience — even when working with the most cliché of narratives.

(Tap or click the headline above to read this story with all of the links to external sources.)

The plot: Tobias (Garfield) is a sales employee at a food company who’s finalizing his divorce. Almut (Pugh), a professional chef, hits Tobias with her car — and that’s where the love story starts. Years go by, they have a daughter, and then Almut falls ill with a life-threatening disease.

This is a romantic drama in which life seems to revolve around the protagonists — possibly thanks to British playwright Nick Payne, whose writing in this movie makes viewers feel like they’re watching a play. The plot isn’t new, but Garfield and Pugh’s ability to embody such a wide range of emotions makes certain scenes unforgettable — despite a rather scattered back-and-forth between past and present.

The bottom line: We Live in Time is a moving journey that encapsulates love, passion, and loss — creating a dreamy world, even in its saddest moments.

WHERE TO WATCH- You can find the movie at VOX Cinemas at City Center Almaza, Alexandria, and Mall of Egypt, Zawya, Cairo Festival City, Citystars cinemas, and Point90. (Watch the trailer 2:27).

2024’s best reads

? There was no shortage of stories and ideas to keep us turning the pages well past bedtime. Between fresh voices and established authors, the literary landscape has something for everyone, whether you want to learn something new or escape into a different world for a while.

#1- YOU LIKE IT DARKER: Stephen King’s latest collection of twelve stories showcases the master of creepiness’s talent for finding horror in various forms — from supernatural threats to psychological terrors — while exploring deeper themes about talent, relationships, and mortality. The stories in You Like It Darker range from ghostly tales to crime narratives, maintaining King’s signature ability to tap into readers’ primal fears.

#2- REJECTION: Tony Tulathimutte’s Rejection is a collection of seven interconnected stories featuring characters continuously finding new rock bottoms as they wrestle with obsession, self-delusion, and the need for validation. It is a darkly comedic examination of modern relationships, identity, and the endless human need for connection in a world of rejection.

#3- SHE-WOLVES: Paulina Bren examines the history of women on Wall Street from the 1960s onward, chronicling their fight in the male-dominated financial industry. She-Wolves traces the evolution from the first generation of women who worked as secretaries and typists to later waves of business school graduates who sought higher positions.

#4- SUPREMACY: Parmy Olson analyzes how OpenAI’s Sam Altman and DeepMind’s Demis Hassabis’ idealistic goals gave way to commercial pressures as they developed their technology. Supremacy explores the unregulated risks of AI development, from economic disruption to ethical concerns, highlighting how tech companies’ rush for profit has overshadowed responsible innovation.

#5- THE GOD OF THE WOODS: Liz Moore’s crime novel is set in 1975 at Camp Emerson. The story follows the disappearance of 13-year-old Barbara from the same camp where her brother vanished years earlier. Through assistant investigator Judy Luptack’s perspective, The God of the Woods unravels dark family secrets while exploring themes of abuse, trauma, and the challenges faced by women in law enforcement.

What we ate in 2024

? The capital’s culinary scene has continued to expand this year. From ambitious tasting menus to comfort food, here’s where excellence is served.

#1- ZEEYARA: Unbeatable food with an unbeatable view. At Zeeyara, the only hard decision you have to make is whether you’d like to dine on a rooftop with a gorgeous view of a glowing El Moez Street, or whether you prefer a breathtaking panorama of the Pyramids. If you’re grabbing breakfast, head to the Pyramids-adjacent branch, and don’t forget to order the taameya and the ma’moul — if you’re looking to dine, the El Moez branch is the way to go, and don’t miss out on the duck pie and the camel meatballs.

#2- RATIOS UNDERGROUND: Ratios has already garnered a cult of loyal patrons with their infallible pastries, and their beautiful lower-level venue is the perfect place to go for breakfast or brunch. Start with their compound butter board — which features freshly baked bread and three different types of butter: garlic, honey, and sundried tomato — fill up on the croque madame, and top it off with the croissant loaf.

#3- MAMINA’S: Cozy, warm, and filled with good food, Mamina’s feels just like home. Mamina’s is that they don’t have a specific cuisine that they abide by, but rather a selection of family favorites that satisfy the simple craving of good food. The chicken orzo — a plate of toasted orzo coated with a rich creamy white sauce — is a must try, as is their flaky, creamy mille-feuille.

#4- THE EARLY BIRD CLUB: This trendy pop-up restaurant offers an Egyptian twist on familiar breakfast favorites, top-tier coffee, and a sweet spot to chill. Their rotating menu means that we never know what to expect, but that’s part of the fun. In yesterday’s pop-up, they recreated the Friends post-Thanksgiving moist maker sandwich.

#5- REIF: Reif is the brainchild of Singaporean-born and Dubai-local Reif Othman, which takes traditional Japanese dishes and infuses them with chef Reif’s creative spark, resulting in unconventional dishes that still reflect Japan’s rich flavors. The eighteen-hour ramen is a staple — the rich, flavorful broth is the perfect base for the noodles, chicken, and perfectly boiled egg.

2024 in pixels

? Gaming reached new heights this year, with developers swinging for the fences to deliver breathtaking blockbusters and indie gems that once again cements video games as a medium where technical innovation meets artistic expression. Here are 2024’s top titles, from new concepts, remasters, and new installments, to meta brain-breakers.

#1- SHADOW OF THE ERDTREE: This challenging 40-hour expansion of Elden Ring requires players to have beaten specific main game bosses to access it. Set in the Land of Shadow, it introduces tougher enemies, a new stat-boosting system, and dozens of new weapons and combat styles. While maintaining the base game's difficulty (or exceeding it), it offers enough new content and exploration opportunities to reward patient players.

#2- UFO 50: This indie anthology presents itself as a collection of 50 games from a fictional 1980s console. Created by Spelunky developer Derek Yu and other notable indie developers, it includes a wide variety of genres from beat-em-ups to experimental titles. While the quality varies, most games successfully blend retro aesthetics with modern design ideas.

#3- HELLDIVERS 2: This cooperative third-person shooter combines intense action and satirical humor. Players fight bugs and bots across procedurally varied missions, managing resources and coordinating special abilities called Strategems. It works best with friends, and its combination of challenging gameplay, humor, and generous rewards system has made it a standout release.

#4- THE ROGUE PRINCE OF PERSIA: If you’re looking for inventive gameplay and a Hades-level plot, this iteration of The Prince of Persia will satisfy your demands. Instead of strategy and puzzles, The Rogue Prince of Persia is a roguelike. As the prince, you get to hack and slash your way through invading Huns threatening to take over your kingdom, equipped with a device that lets him reverse time as needed — a convenient and clever way to frame the roguelike’s death mechanics.

#5- TEKKEN 8: While the game is very similar to its predecessor, released on consoles seven years ago, Bandai Namco built on everything that made T7 great and made it even better. Superfan or newcomer, you’ll enjoy it — choose between classic arcade mode, longer tournaments, multiple game styles, online or offline. Remember Tekken Bowl, the volleyball mode? It still exists and it's perfect for game nights.

Tuning into 2024’s best podcasts

? The podcast world still has plenty of surprises up its sleeve. Here’s what to squeeze into your listening rotation during your next commute, workout, or dish-washing session.

#1- DARKNET DIARIES: These horror stories are all real. Jack Rhysider’s meticulously researched deep dives into cybercrime and digital security are enough to keep any adult up worrying. Rhysider finds the unlikeliest sources in the unlikeliest places and tells their stories — whether humorous, curious, or deeply disturbing.

#2- THE INDICATOR: These bite-sized episodes have a knack for breaking down the complexities of the economics and business world. Hosts Darian Woods and Wailin Wong occasionally bring on specialists to give you a walk-through of economic issues in the space of a coffee break.

#3- HOW I BUILT THIS: Guy Raz’s interviews with entrepreneurs reveal the human stories behind major businesses, answering your questions about how and why the biggest brands in the world made it. Each episode features a different founder telling their story, uncovering the secrets behind a business’ accomplishments and delving into the highs and lows faced by innovators along the way.

#4- HELLO FROM THE MAGIC TAVERN: This podcast’s host, Arnie Niekamp, is broadcasting to you after falling through a dimensional portal into an alternate universe — luckily, he still has a WiFi signal. This humorous, highly engaging, and thoroughly absurd gimmick podcast hosts wizards, monsters, and adventurers from the land of Foon.

#5- LIFE KIT: Marielle Segarra interviews experts to help you get your life together. From organizing your space to stopping overanalyzing texts, this podcast wants to help you Life just a little better. No frills or life hacks, just tried and true, practical advice to get you back on track.

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Today at a glance

Happened this week: CBE keeps interest rates unchanged, extends inflation targets

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