Good morning, friends, and happy weekend. This month’s Long View makes the case that memes are not, in fact, rotting our brains — and brings the research to back it up. Elsewhere in today’s issue: a book that documents Downtown Cairo’s people and places and the forces that quietly made and unmade them, a New Cairo restaurant where dinner comes with a live band and a dress code, and a Guardian podcast series on what happens when AI convinces people they’re geniuses. That and more.
But first, your weekly recap…
🗞️ LAST WEEK IN 3 MINS-
STARTUP WATCH-
The Egyptian arm of MNT-Halan lined up approval from the EGX for what looks set to be a blockbuster IPO that’s being closely watched by investors well beyond Cairo. Shares of MNT Tech Holding for Financial Investments will trade on the big board under the ticker HALN.CA. MNT-Halan has been on the road in recent months testing market appetite, making in-person and virtual stops in the Gulf, London, the US, and beyond. We expect the transaction to hit the market soon.
AND- Pan-African pre-seed fund Madica is expanding deeper into Egypt’s circular economy, backing recycling platform Bekia and used cooking oil aggregator Delta Oil with up to USD 200k each. The two startups are part of a five-company cohort spanning four African markets.
ALSO- Beltone Holding’s Beltone Venture Capital is closing three new investments worth around USD 1 mn in the next two to three months. The three local targets span fintech, proptech, and consumer finance — two at pre-seed and one at a more advanced operating stage. Beltone VC has closed five exits since it started and is redeploying proceeds into new startups.
TOURISM-
Mostakbal Misr is expanding into hotel investment and tourism development on the Red Sea, drawing on its own land bank alongside plots clawed back from stalled projects that had barely broken ground. The land will go to investors under a protocol the authority signed with the Tourism Development Authority in early August, with hotel investment, marina development, and infrastructure upgrades in Marsa Alam and Hurghada among the prospects on offer.
CAPITAL MARKETS-
The EGX’s first single-stock futures completed their first full lifecycle. September contracts expired at Wednesday’s close, with CIB settling at EGP 131.75 and TMG at EGP 95. This is the first time an equity-linked derivative ran the full course from listing to final settlement on the Egyptian exchange.
AND- The bourse has asked for a full income tax exemption on transferable-asset funds, aiming to revive investment funds through tax breaks and pull more capital into the market. The EGX is also pushing to expand the list of exempt fund types from the five currently defined under Article 50 of the Income Tax Law to 38 categories.
NBFIs-
Consumer finance and MSME providers must now report key financing events to the Egyptian Credit Bureau (I-Score) as they happen. The live feed triggers at financing approval and covers disbursement, each partial or full repayment, termination of the facility, the start of proceedings, and any subsequent change in status. Consumer finance companies must also keep sending their aggregate data to I-Score within five days of each month’s end.
DEBT-
The Finance Ministry is weighing a return to the international debt market between October and December, tapping foreign funding aimed at narrowing the financing gap. The cabinet approved measures under the ministry’s FY 2026/27 issuance plan, targeting some USD 3 bn of international bonds — a mix of conventional and “innovative” instruments, plus credit-backed panda bonds — to be executed as investor demand and market conditions allow.
REGULATION-
The National Authority for the Regulation of Advertising on Public Roads is tightening the rules: existing billboard licenses will only be renewed if boards meet new specifications on size, spacing, and location — benchmarked against road type and speed limits.
PHARMA-
The pharma industry is targeting around USD 1.6 bn in exports by the end of 2026, up from some USD 1.3 bn in 2025. This follows expansion into new markets and more competitive local products, with exports reaching USD 550 mn through May. The government wants USD 3 bn by 2030. The domestic market is growing at a c. 15% CAGR — nearly double the global average — while exports increased by around 20% y-o-y in 2025.

Cairo Food Week’s Hoda El-Sherif on stories, flavors, and community: Is Egyptian food having a moment? And more importantly, is our cuisine finally claiming its seat at the global table?
Hoda El-Sherif says, “It’s coming.”
Hoda is the co-founder and CEO of Flavor Republic, and the force behind Cairo Food Week, kicking off its fourth edition on 24 September.
Listen to the episode on: Apple Podcasts | Spotify | Anghami | YouTube
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🌍 AROUND THE WORLD IN SEVEN DAYS-

This week’s headlines were dominated by an unexpected AI reckoning — tech’s most prominent CEOs publicly warned that rapid AI development poses existential risks, OpenAI shelved its IPO, and markets sold off sharply.
Anthropic CEO Dario Amodei kicked off the week with a blog post warning that current AI risks are too high to sustain rapid development — days after an Anthropic researcher publicly estimated a greater than 10% chance AI could destroy civilization. OpenAI’s Sam Altman cited safety concerns in shelving the company’s IPO — potentially a multi-tn-USD listing — for at least another year and hinted that top AI firms may soon announce a joint pact to slow development and address rising safety risks. Elon Musk echoed the concern.
Markets took note: The Nasdaq 100 dropped to a six-week low on Monday on a chip stock sell-off before paring losses to 0.4%, with Nvidia falling 3.4%. US President Donald Trump pushed back, dismissing the safety warnings and emphasizing the need to maintain Washington’s technological edge over Beijing.
IN POLITICS- Sweden’s general election ended in a near-deadlock, with early results showing the left-wing opposition holding a lead of just 20k votes over the right-wing governing coalition — setting up weeks of political uncertainty and coalition talks in the Nordic region’s largest economy.
ON THE REGIONAL WAR- The US has run up a USD 38 bn bill in its six-month conflict with Iran, according to the Congressional Budget Office — a figure expected to grow by USD 3 bn every month, with munitions replenishment projected to take five years.
The war’s inflationary toll helped push the Federal Reserve to hike interest rates for the first time since 2023 on Wednesday — a quarter-point rise to 3.75-4%, backed unanimously by the FOMC and opposed publicly by the White House within hours of the announcement. Headline CPI came in at 3.4% y-o-y in August, and the Fed’s own forecasts don’t see inflation returning to its 2% target until 2029.
IN THE BUSINESS PRESS- OpenAI is courting top investors for a capital raise that would value the company at USD 1.2 tn ahead of a public debut now penciled in for next year. And China’s financial system got a top-up: Beijing’s USD 54 bn capital injection into state banks and insurers — announced last week — cleared final regulatory approvals as persistently low interest rates continued to squeeze solvency ratios across the sector.

The EnterpriseAM Egypt Forum is less than a month away — and here’s some of what’s shaping up on the agenda:
- Where AI fits on the list of topics keeping CEOs awake at night
- What AI means for your company, your team, your job, and your family
- What's the AI opportunity for Egypt
- Building the AI infrastructure
And more panels to come.
Join us on 5 October in Cairo. Attendance is by invitation only, and seats are filling up quickly.
Request your invitation here.
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☀️ THE WEATHER THIS WEEKEND-
Good news, folks, it seems we’re in for a breezy couple of days after yesterday’s scorcher. Temperatures in Cairo today will peak at just 33°C, with an overnight low of 23°C. Tomorrow offers even cooler conditions, with a high of 32°C and a low of 22°C, according to our favorite weather app.
🎤 HAPPENING THIS WEEKEND-
The Caesar of Arabic song is finally coming back to Cairo. Kadim Al Sahir is taking the stage at Ivoire East in New Cairo tonight. Expect an evening of timeless romantic ballads and the unmistakable voice behind some of the region’s most beloved songs, with new material from his latest album Bila Unwan also making its way to the stage. The concert begins at 7pm — tickets are available through TicketEgypt.
Still up north? Pop diva Haifa Wahbe is making a special Sahel appearance, performing at Kiki’s Beach Bar tonight. Joining the star is DJ Kareem Saber for a night of hits and Haifa’s signature energy. The night kicks off at 9pm and runs until late — you can make reservations through Kiki’s website.
If you’ve been looking for a chance to practice some retail therapy, you might get one this weekend. Bazarna Pop-Up Society’s Premium Outlet is setting up shop at Downtown Katameya today, featuring products from over 150 local brands with slashed prices up to 70%. No registration is required — just show up and start shopping.
Beloved singer, songwriter, and guitarist Aida El Ayoubi will be performing tonight at Ewart Memorial Hall, AUC Tahrir Square, accompanied by conductor Wagdy El Fiwy. The concert kicks off at 8:30pm, with doors open at 7pm. Tickets are available on TicketsMarché.



