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THE WEEK IN REVIEW

GCC sovereign wealth fund to announce big-ticket project in Egypt’s Ras Shukeir

Good morning, wonderful people. Summer is upon us, but those of us still 300+ km from the coast are staying in to gear up for the incoming full-length week.

For those who heeded the calls of the coastline, preparation is everything. This isn't just another packing list. Consider this your guide to conquering Egyptian beach culture, whether you're diving into the crystal-clear waters for the first time this year or you're a seasoned Sahel veteran.

LAST WEEK IN 3 MINS-

INVESTMENT WATCH-

Authorities are gearing up to announce a new project in Ras Shukeir involving one of the Gulf’s sovereign wealth funds in the coming days, a senior government source told EnterpriseAM. The agreement — set to be the first in a series tied to the 174 sq km Ras Shukeir zone on the Red Sea — will back local sovereign sukuk soon to be issued by the Finance Ministry, whose proceeds will go towards lowering the public debt burden. The land has been allocated to FinMin.

CAPITAL MARKETS-

The in-the-works stamp tax on EGX transactions should be put into place starting September, replacing the previously planned capital gains tax, a government source told EnterpriseAM. As the tax is on daily transactions, the new system can be put in place any time in a fiscal year, they added.

ENERGY-

Egypt agreed to purchase up to 125 LNG cargoes annually from a number of global suppliers, a government source told EnterpriseAM. The agreements, inked by Egyptian Natural Gas Holding Company, span 3-5 years, according to our source. The lineup includes Saudi Aramco, Trafigura Group, Vitol Group, Hartree Partners, BGN, Shell, and Azerbaijan’s Socar. News of the agreements was first picked up by Bloomberg.

ECONOMY-

#1- Remittances from Egyptians residing abroad continued their steady rise in March, increasing 63.7% y-o-y to around USD 3.4 bn. This marks the thirteenth consecutive month of y-o-y remittance growth. Remittances reached a record high in the first nine months of the current fiscal year, with Egyptians abroad sending in some USD 26.4 bn, up 82.7% y-o-y.

#2- The World Bank sees the Egyptian economy growing at a 3.8% y-o-y clip for the current fiscal year, keeping its outlook unchanged from its previous forecast in April. The bank also kept its growth forecast for the next fiscal year starting next month penciled in at 4.2% y-o-y.

The decision to keep forecasts stable gives us an insight into the impact of Trump’s tariffs. Egypt appears to have fared tariff uncertainty much better than some had feared and much better than some of our regional peers — some of which have also struggled with falling oil prices.

M&A WATCH-

Attijariwafa Bank’s ins. arm Wafa Assurance submitted a mandatory tender offer to acquire up to 100% of Delta Ins. — or 125 mn shares — at EGP 40 apiece. The transaction, valued at up to EGP 5.0 bn, requires a minimum acceptance threshold of 51% of shareholders to go through and is currently being reviewed by the FRA. Wafa Assurance is also looking to take Delta Ins. private, with plans to delist the company from the EGX following the acquisition.

AROUND THE WORLD IN SEVEN DAYS-

Israel attacked Tehran just a few hours ago in a major escalation of regional tensions, which Israeli Prime Minister Benjamin Netanyahu said targeted the country’s nuclear and military sites. This comes days before another planned round of nuclear talks between Iran and the US was set to take place in Oman, after the US sent Iran a proposal that involves restrictions on its nuclear program, including on enriching uranium. The head of Iran’s paramilitary Revolutionary Guard, General Hossein Salami, along with other officials and nuclear scientists, are suspected to have been killed in the attack, according to Iranian state TV.

Israeli Defense Minister Israel Katz declared a special state of emergency and said Israel’s strike was “preemptive” and that he expects retaliation from Iran. Netanyahu said the operation “will continue for as many days as it takes to remove this threat.” The US said it was not involved in the attack.

And Israeli naval forces seized the Freedom Flotilla Coalition vessel trying to break the Gaza blockade and detained all 12 passengers including climate activist Greta Thunberg and French MEP Rima Hassan prior to deportation. The UN recently labeled the besieged strip as “the hungriest place on Earth,” and warned that its entire population is at risk of famine.

Across the pond, the US and China preliminarily agreed to get their Geneva trade war truce back on track, following 20 hours of tense negotiations in London. The two world’s two largest economies agreed to solve their differences over Chinese rare earth export restrictions and US tech export controls. The agreement now awaits the sign-off from Xi and Trump.

Also headlining many of the world’s digital front pages was wall-to-wall coverage of anti-immigration raid protests in the US, which spread to at least two dozen cities across the country. Trump responded to the spreading protests by threatening to respond with “equal or greater force” to protestors in LA, who he described as “animals.”

Elsewhere, an Air India crash in Ahmedabad yesterday, India killed over 240 passengers after crashing before heading on its way to London. The Boeing 787 crash — which is the deadliest aviation crash in more than a decade — left only one known survivor. Boeing’s shares fell 4.8% yesterday.

☀️ THE WEATHER THIS WEEKEND-

The capital will be seeing its hottest day of the week today, with the mercury set to peak at 38°C before cooling to 24°C at night. Tomorrow will be a little cooler, with a high of 36°C and a low of 22°C.

The North Coast will be experiencing cooler weather, with this weekend’s temperatures expected to reach just 31°C during the day and 19°C at night, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Don’t call it a comeback. It’s more like a ‘awda. Tonight, beloved Egyptian artist Hamid El Shari will be joining forces with veteran DJ Andy Cheiko at CJC 610 as part of the club’s Ma Yatloboho El Mostami3oon series. You can book your spot through CJC’s official website.

In the mood for a soothing jazz night this weekend? Egyptian singer Noha Fekry will be performing live at Zamalek’s El-Sawy Culturewheel tonight. From slowed-down Sabah classics to 1950s Nina Simone hits, Fekry will be transporting the audience back a few decades. You can secure your spot through El-Sawy Culturewheel’s website.

HAPPENING NEXT WEEKEND-

Need a dash of folklore in your life? Reconnect with your Egyptian roots at El Sawy Culturewheel on Friday, 20 June, as the all-Egyptian, all-women band Tablet el Sitt take the stage. On a mission to spread joy and preserve Egyptian folk music, the band will be performing from 8pm to 10:30pm. Tickets are available on El Sawy Culturewheel’s official website.

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THE ENTERPRISE GUIDE

Your guide to this summer’s beach essentials

Summer is here, and it’s time to prepare for those perfect days along the beach. Whether you’re planning a luxurious getaway or a budget-friendly beach trip, we’ve curated the essential items you’ll need, from premium splurges to wallet-friendly finds, whether you’re looking for sun protection, hair care, or beach gear.

But before you jump into the water, check out our in-depth swimwear guide to find your favorite beach- or pool-side fit.

SPF STANDS FOR SUN PROTECTION FIRST-

Your skin’s health should be your top priority. Proper sun protection prevents painful burns and long-term damage, making sure you can enjoy every moment under the sun.

#1- TREAT YOURSELF: Korean skincare has earned its reputation for sophisticated formulas and exceptional results. Here’s are our picks for facial protection products:

  • Beauty of Joseon Rice + Probiotics Sunscreen SPF50+ PA++++: Lightweight and non-sticky formula
  • COSRX Ultra-Light Invisible Sunscreen SPF50 PA++++: High hydration without the heavy, oily residue
  • COSRX Aloe 54.2 Aqua Tone-Up Sunscreen SPF50+ PA++++: Perfect for a subtle glow

IMPORTANT NOTE: Korean sunscreens typically focus only on facial protection. Pair them with a full-body sunscreen for complete coverage.

PRICE RANGE: EGP 1k+

WHERE TO FIND IT: Breadfast app, Instashop app, Talabat Mart, and Source Beauty. Availability varies by location.


#2- TRUSTED CLASSICS: For reliable, full-body protection and tanning products that won’t break the bank.

  • Nivea Protect & Moisture Moisture Lock SPF50+ Sunscreen: Available with lower SPF ranges
  • Nivea Protect & Dry Touch Refreshing Mist: Mess-free application

If you want to go back to Cairo with evidence of a beachside vacay, here are the products most likely to give you a sun-kissed look without compromising on protection:

  • Carroten Intense Tan Oil Spray: A summer favorite among those looking for a perfect golden glow
  • Carroten Intensive Tanning Gel: An oil-free alternative with the same results
  • Carroten Protect & Care Suncare Milk Spray SPF30: Great for mixing with tanning products for all the beauty and none of the pain.

PRICE RANGE: You can find Nivea’s products for EGP 600+, and Carroten products for a maximum of EGP 700, with a closer range of EGP 400.

WHERE TO FIND IT:Nivea’s sunscreens are available in most pharmacies, both in-store and online. Carotten’s products are available at Bloom Pharmacy and some in-store pharmacies as well.


#3- LOCAL HEROES: There has been a surge of Egyptian skincare brands delivering quality products at unbeatable prices. Our picks are:

  • Kolagra Roll-On Sunscreen: Kid-friendly but suitable for all ages, with convenient application
  • Bobana Sunscreen Gel: Fast-absorbing and water-resistant
  • Dermactive Acti-Solaire SPF 50+ Ultra Fluid: Budget-friendly facial protection

PRICE RANGE: Kolagra’s roll-on sunscreen stands at EGP 170, Bobana’s can be found for LE 80-200, depending on the size and seller, and Dermactive’s sunscreens start at EGP 279.

WHERE TO FIND IT:Kolagra, Bobana and Dermactive’s products are available on their official websites, and local in-store pharmacies.

HAIR CARE FOR BEACH-READY LOCKS-

Embrace those effortless beach waves while protecting your hair from saltwater and sun damage.

#1- TREAT YOURSELF: The Revlon Uniq One Hair Treatment is the go-to for those invested in protecting the hair and quickly conditioning after a dip in the salty water. We recommend the coconut scent to round out the summer vibe.

PRICE RANGE:Depending on the seller, the product is usually available for EGP 1.2k.

WHERE TO FIND IT:Available in most in-store pharmacies, also available for delivery from Bloom Pharmacy.


#2- TRUSTED CLASSICS: For curly hair, we’d recommend:

  • The Hair Addict Swim-Proof Recipe: Made with a jojoba oil, orange extract, and distilled water formula to tame even the wildest frizz
  • OGX Argan Oil of Morocco Weightless Healing Dry Oil: Anti-frizz protection that doesn’t compromise on volume

For perfect beach waves:

  • Eva Professional’s Vitamin Recharge Beach Hair Spray: A sea salt spray for authentic beachy texture, achievable from the comfort of your own home in Cairo

PRICE RANGE:Hair Addict’s oil stands at EGP 320, OGX’s at EGP 445, and Eva Professional’s spray at EGP 550.

WHERE TO FIND IT:Hair Addict’s products are available on their website, while Eva Professional and OGX can be found on their website or at Bloom Pharmacy online or in-store.


#3- LOCAL HEROES: Budget-friendly products that provide the same benefits.

  • The Hair Addict Frizz Off Leave-In Conditioner: Anti-frizz solution
  • Joviality Salt Breeze Hair Mist: Beach wave activator
  • Bubblz Beach Coconut Hair Perfume: A fresh, summer scent

PRICE: You can find The Hair Addict’s conditioner for EGP 278, Joviality’s hair mist for EGP 220, and Bubblz’ hair perfume stands for EGP 190.

WHERE TO FIND IT:You can find the products on The Hair Addict’s website, Joviality’s website, Bubblz’ website, or at their mall kiosks.

FOOTWEAR FOR YOUR SOLE-

#1- TREAT YOURSELF: Havaianas is this summer’s trendy flip-flop, available in countless colors and designs.

PRICE RANGE:Prices range from USD 16 for kids flip-flops to USD 88.

WHERE TO FIND IT:You can order internationally from their official website.


#2- TRUSTED CLASSICS: For some local flair, try In Your Shoe ’s Purple Slyds — colorful, youthful designs perfect for playful summer outfits.

PRICE RANGE:You can find a pair of Purple Slyds for EGP 499 (when they’re back in stock).

WHERE TO FIND IT:You can order from IYS’s website or visit their stores.


#3- LOCAL HEROES: Zee offers trendy designs in vibrant colors made of durable rubber materials.

PRICE RANGE:You can find yourself a pair from EGP 299 to EGP 2.4k.

WHERE TO FIND IT:You can find your pick on Zee’s website.

SUNGLASSES-

#1- TREAT YOURSELF: Miu Miu ’s eyewear collection plays with avant-garde silhouettes, blending vintage inspiration with contemporary shapes — making it a perfect fit for those looking to make a bold, fashion-forward statement this summer.

PRICE RANGE:You can find yours for EGP 12.9k to EGP 26.6k.

WHERE TO FIND IT:You can shop for Miu Miu’s latest designs at Magrabi and Baraka. Watch for seasonal discounts.


#2- TRUSTED CLASSICS: Parfois offers its own trendy designs at accessible prices for fashion-conscious shoppers.

PRICE RANGE:You can find sunglasses for EGP 799 and EGP 1.4k.

WHERE TO FIND IT:You can order from their website, or visit their stores.


#3- LOCAL HEROES: Budget-friendly options for thrifters or lovers of vintage vibes:

  • Retro Hunts: This online vintage marketplace offers a limited but cool and affordable collection of vintage sunglasses
  • Souq Diana Flea Market: Saturday treasure hunts for unique finds
  • Bab El Louq Downtown: Year-round shopping for trendy, non-branded designs

PRICE RANGE:Prices at Retro Hunts and the flea markets depend on the collection available, but can start below EGP 100.

WHERE TO FIND IT:You shop on Retro Hunt’s website, visit Souq Diana on Saturday mornings to the late afternoon, and head to Bab El Louq any day of the week.

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At the Movies

Revenge fuels the John Wick universe once again

? If you thought the beloved John Wick series had come to an end, you’d be dead wrong. Ana de Armas has brought the franchise back to life in Ballerina. Directed by Len Wiseman, known for the Underworld films, and written by Derek Kolstad, who penned the previous John Wick screenplays, the story takes place between the third and fourth installments. It follows a young girl whose father is killed by an unknown gang, and as she grows up, feelings of anger and desire for revenge consume her.

After her father's death and the loss of her family, Winston (Ian McShane) takes on the task of bringing Eve Macarro (de Armas) into the world of Ruska Roma, where she joins the organization led by the Director (Anjelica Huston). There, she's secretly trained in violent combat and assassination techniques under the cover of learning ballet. After 12 years with the organization, Eve transforms into a professional killer and decides to hunt down the faction that murdered her father to exact her revenge.

Less dialogue, more fighting: The film is packed with action and fight sequences that never become tedious despite their frequency. The filmmakers relied heavily on the action scenes that de Armas performed with remarkable skill, seamlessly transitioning between her vulnerability and fragility as a desperate young woman and the strength fueled by her deep-seated rage. While John Wick's paths cross with Eve's in only a few scenes, they’re not wasted, and are worth every second for diehard fans.

Kill like a girl: The story might seem quite predictable, but what the film offers to John Wick universe fans — featuring many characters that shape this world, including Reeves and Lance Reddick (Charon, the Continental Hotel receptionist) in his final role before his passing — alongside de Armas's skill and ability to captivate audiences with her composed performance and flawlessly executed action sequences, makes us overlook the story's simplicity and occasional superficiality. And there may well be more to the tale…

WHERE TO WATCH- Ballerina is screening at VOX Cinemas at City Center Almaza and Mall of Egypt, Citystars, Scene Cinemas at District 5 and Cairo Festival City, as well as Cima Arkan. You can also watch the trailer on YouTube (runtime: 2:24).

This publication is proudly sponsored by

From OUR FAMILY to YOURS
From OUR FAMILY to YOURS
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Hot and Fresh Out of the Kitchen

Tenaya: A love letter to Nile-side dining

? Tucked along the Nile with a view that transports you from Cairo to something closer to Luxor or Aswan, Tenaya is serial restauranteur and hospitality veteran Frank Heinen’s latest venture, and perhaps his most ambitious. Alongside partner and Operations Director Mostafa Saadany, they have created not just another fine dining establishment, but a comprehensive culinary experience that somehow manages to feel both sophisticated and genuinely welcoming.

The setting alone is worth the visit. Whether you choose indoor seating or the outdoor terrace, you’re watching life unfold on the Nile. Morning brings rowers gliding past your table, while feluccas drift by throughout the day. Come sunset, the real show begins as kingfisher birds gather in their evening ritual — connecting you to nature in a way that’s difficult to find in the city.

Tenaya refuses to be confined by culinary boundaries. While the purist in us would usually roll their eyes at a menu that includes both international and Egyptian cuisines, Tenaya executes everything — from baked camembert to sharkaseyya — with such deserved confidence that we found ourselves grateful for their ambitious scope. Their menu is supported by a commitment to farm-to-table freshness and thoughtful sourcing practices that make each dish the best version of itself.

The menu may be light on descriptive flourishes — the dishes are listed with ingredients only — but don’t let this understated approach fool you. What the menu lacks in description, the dishes deliver in flavor and visuals. Among the appetizers, the apple chicken walnut salad was an unexpected revelation: light, refreshing, and perfectly balanced. But it was the baked camembert that took the crown — a truly exceptional dish we haven’t seen elsewhere, at least not executed with this level of skill. While we would encourage you to order both, if you had to pick between the baked camembert sandwich and the baked camembert skillet, we’d nominate the latter, despite the skillfully baked sourdough slices, delicious caramelized onion, and honey-thyme walnuts that topped the filling.

The mahshi kromb — yes, you read that right — surprised us. Rather than the over-designed and sterile interpretation you might expect from such an elevated venue, it remained true to its (delicious) roots, with an extra kick of spice. The truffle fries struck an ideal balance, allowing the mushroom-forward gravy to shine without being overwhelmed by the truffle oil. The fried calamari was expertly executed, but one thing to keep in mind is that it doesn’t come with the baladi bread by default — and you’ll want to add it.

The mains continued to impress. The sharkaseyya delivered tender chicken and perfectly cooked rice with a flavorful sauce, though we wouldn’t have minded a touch more of it. The shish tawook was nicely presented, and exactly what you’d expect from a well-executed version of the classic. While the steak frites featured an unbelievably bright, tasty sauce, the steak arrived well-done when we’d ordered medium, and the fries could have been thicker and crispier.

Let’s talk about the drinks. The virgin bloody mary ranks among the best we’ve had in years — beautifully spiced with a serious kick and playful presentation. The Refreshing Berry lived up to its name, while the Caribbean Mood proved bright without being too sweet. The peach iced tea showcased real fruit pieces and perfectly balanced sweetness.

The desserts are where Tenaya showed off. The sticky toffee pudding leaned slightly cakey, but that didn’t retract from its deliciousness. It was complemented by excellent ice cream and a sauce that felt well-balanced rather than overly sweet, though people with a bigger sweet tooth than ours may hanker for some more. The chocolate mousse was to die for, both rich and surprisingly light at the same time without being cloyingly sweet. The om ali was lighter and less sweet than the traditional version — which we personally really enjoyed — and was topped with a generous helping of nuts. The crème brûlée joins the short list of restaurants that truly understand this classic — perfect consistency with a satisfying caramelized sugar crack.

The atmosphere adapts gracefully throughout the day. Breakfast and lunch feel the most suited to welcome families and casual gatherings, while dinner shifts toward a more intimate, romantic setting, or one for a fun night out with friends. We have it on good authority that live music will be something to expect at night. A 12-seat VIP area provides an excellent option for business meetings, and the thoughtful dress code — casual for breakfast, smart casual for lunch, semi-formal for dinner — reflects this versatility.

Tenaya positions itself as more than a restaurant — it’s a destination. With valet parking, comprehensive menus spanning breakfast, lunch, and dinner plus a variety of drinks, a cigar menu, and an upcoming omakase experience, Heinen and Saadany have created something genuinely special: a place that achieves culinary excellence while maintaining the warmth and comfort that makes dining truly memorable. You’ll come for the Nile views, but you’ll keep coming back for everything else.

To reserve, fill out the form on Tenaya’s website.

? Per person: EGP 2-3k

? Outdoor seating: Yes

? Alcohol: Yes

? Accessibility friendly: Yes

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WHAT TO LISTEN TO

Freud, video games, and… Taylor Swift?

? Grab a drink, prep a hearty snack, and get ready to sink into your favorite arm chair for an hour (or two). In Ordinary Unhappiness, husband and wife duo — and fellow academics — Abby Kluchin and Patrick Blanchfield discuss all things psychoanalysis with the occasional political and pop culture tie-in. Just like Sigmund Freud, our podcast hosts recognize that unhappiness is indeed a part of life whether we like it or not, and learning to live with that ordinary unhappiness might just be the key to overcoming the occasional bouts of “hysterical misery.”

Throughout the podcast’s 100+ episodes, Kluchin and Blanchfield use psychoanalytic frameworks to analyze myriad topics, including cultural trends, political events, and day-to-day human experiences. Given they’re both academics, it only makes sense that the duo would back up everything they say with sources neatly listed in each episode’s description box — just in case you want to double check for yourself, though we’re happy to take their word for it.

What would Freud have thought of the Taylor Swift phenomenon? In one exclusive two-hour-long episode, Kluchin and Blanchfield take their time psychoanalyzing none other than US megastar and global cultural phenomenon, Taylor Swift — and the idea of parasocial relationships as a whole. They even go as far as using Swift’s Eras tour to explain Nietzsche's eternal return thought experiment.

Now, we know what you’re thinking, but bear with us. Following a quick disclaimer that neither of the hosts are Swifties, the duo — alongside guest host US author Daniel Lavery — quickly introduce two concepts through which they eventually explored the “Taylor Swift phenomenon”: cathexis (one’s obsession with a person or an idea), and the Lacanian ‘big other’ theory (a hypothetical “other” many of us believe observes us, and thus perform for). The episode then delved deep into the dangers of celebrity culture, the impact of music on the psyche, and why Taylor Swift’s impact is more powerful than you might have thought.

What sets Ordinary Unhappiness apart from other podcasts within the same genre is how natural it is. Abby Kluchin and Patrick Blanchfield know how to keep you listening, the hosts are innately conversational, humorous, not afraid to get personal, and spare you all sorts of unnecessary psychological or philosophical jargon. Their ability to discuss complicated frameworks and theories easily and swiftly — yes, pun intended — guarantees a listening experience that is both entertaining and educational.

WHERE TO LISTEN - You can find Ordinary Unhappiness on Apple Podcasts, Spotify, and Amazon Music.


13 June (Friday): Hamid El Shari at CJC 610.

13 June (Friday): Noha Fekry at El-Sawy Culturewheel.

14 June (Saturday): Sip and Paint at CJC 610.

14 June (Saturday): Trivia Night at Darb 15.

18 June (Wednesday): Casino El Fotrikiano at CJC 610.

19 June (Thursday): Sainte Vie at CJC 610.

19 June (Thursday): Lella Fadda at Alexandria’s Antoniades Park.

20 June (Friday): Tablet el Sitt at El-Sawy Culturewheel.

21 June (Saturday): Lella Fadda at The Greek Campus.

23 June - 9 July (Monday - Wednesday): DJ Bootcamp at Townhall by Kamelizer.

26 June (Thursday): Jeff Dunham at the New Capital’s Drama Hall.

26 June (Thursday): Lena Chamamyan at Theatro Arkan.

27 June (Friday): Medhat Saleh at Cairo Opera House.

27 June (Friday): Cassette ‘90s at El-Sawy Culturewheel.

28 June (Saturday): Cairokee Empire concert at Cairo International Stadium.

JULY

4 July (Friday): Amr Diab, Monolinkand WhoMadeWho at Sol Beach Marassi.

19 July - 30 September (Saturday - Tuesday): Art Space at New Alamein.

AUGUST

6-30 August (Wednesday - Saturday): Egypt Sculpture Symposium at New Alamein.

8 August (Friday): &ME at Sol Beach.

OCTOBER

16-24 October (Thursday-Friday): Gouna Film Festival.

30 October - 22 November (Thursday-Saturday): Forever is Now at the Great Pyramids of Giza.

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