Good morning, friends, and welcome to the weekend. Read ahead for all the latest on business activity, net reserves, a recap of headlines abroad, and all the fun ways to occupy your downtime.

Hosting an iftar doesn’t have to be stressful. This week, we’ve rounded up home-style kitchens and supermarkets that you can rely on for a delicious spread, without any of the yearly hassle (or the kitchen mess).

LAST WEEK IN 3 MINS-

ECONOMY-

#1- Non-oil business activity expanded for second consecutive month: Non-oil business activity continued to expand for the second month running — albeit at a slower pace — “marking the first back-to-back improvement in business conditions in over four years,” according to S&P Global’s latest Purchasing Managers Index (PMI) report. Egypt’s headline figure dipped to 50.1 in February from a 50-month-high of 50.7 in January, which marked the second time the country's non-oil activity has hit the expansion territory since November 2020.

#2- Net foreign reserves and net foreign assets in the banking sector rose: Net foreign reserves rose to USD 47.4 bn at the end of February 2025, marking a USD 129 mn increase from January. Meanwhile, net foreign assets in Egypt’s banking sector rose to USD 8.7 bn in January, marking a monthly hike of 65.8% from USD 5.2 bn in December. This follows two consecutive months of decline in the country’s net foreign assets, which last dropped by 12.2% in December.

#3- The European Bank for Reconstruction and Development lowered Egypt’s growth forecast for 2025 to 4.2%, down 0.3 percentage points from its previous estimates in September. The lender also trimmed its forecast for the fiscal year ending June 2025 to 3.6%, a 0.4 percentage-point downgrade from its previous estimate.

PRIVATIZATION-

More details emerged on the SFE’s plan to take over all state-owned firms: The firstphase of the Sovereign Fund of Egypt’s (SFE) plan to take over all public enterprises will target some 370 profitable firms, over half of the total 709 companies owned by the state, a senior government source told EnterpriseAM this week. The SFE may hold off on the selection process until the end of the fiscal year, with the fund currently evaluating firms.

MANUFACTURING-

Organi Group acquired 50% of Rolling Plus Chemical Industries in a bid to revive the company’s EUR 1 bn tire factory project in the Suez Canal Economic Zone, in partnership with Concrete Plus — which previously held a 70% stake in the company.

ENERGY-

Egypt to re-export Cypriot LNG starting in 2027: Egypt’s liquefied in facilities will startreceiving 400 mn cubic feet per day (mcf/d) from Cyprus’ Cronos gas field starting mid-2027 and another 500 mcf\d of gas from the country’s Aphrodite field by 2030.

INVESTMENT-

Saudi Arabia’s cabinet greenlit the Egypt-Saudi Agreement on Promotion and Mutual Protection of Investments that is expected to help protect Saudi investors as they ramp up investment in Egypt. The agreement is expected to bring upward of USD 10 bn in bilateral investments over the next three years.

WHAT’S HAPPENING NEXT WEEK-

The IMF is expected to sign off on the fourth review of Egypt’s USD 8 bn loan program when the Fund’s Executive Board meets on Monday, March 10. Also on the agenda are Egypt’s requests to relax some timelines and other terms of the agreement, along with new funds under the Resilience and Sustainability Facility.

Capmas inflation figures incoming: State statistics agency Capmas is expected to release February’s inflation data on Monday, 10 March.

Industrial land offering round closes Monday: Electronic applications for 2.2k industrial landplots across 22 governorates as part of the government’s latest industrial land offering close Monday, 10 March.

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-

This week was rife with geopolitical tensions and counter-efforts to hash out solutions, with Israel looking to prolong the first phase of the Gaza ceasefire, Arab nations rallying behind Egypt’s reconstruction plan for the strip, and US President Donald Trump playing hardball with tariffs.

Israel approved a US-brokered proposal to extend the first phase of the Gaza ceasefire agreement through Ramadan and Passover (which ends on April 20) following its expiration on Saturday. The agreement — pushed by Trump’s Mideast envoy Steve Witkoff — would see Hamas releasing half of the Israeli hostages held on the first day of its implementation and freeing the rest following an agreement on a permanent ceasefire. Before Israel accepted the proposal, Hamas had already rejected Israel’s attempt to extend the first phase of the agreement by six weeks, insisting on the second phase coming into effect with Israel completely withdrawing its troops.

Israel also blocked all humanitarian aid from entering Gaza after the six-week ceasefire came to an end, a decision broadly perceived as a pressure tactic to push Hamas into accepting the extended truce instead of moving on to phase two.

Arab leaders endorsed Egypt’s USD 53 bn reconstruction plan for Gaza during an emergency Arab League summit in Cairo on Tuesday. Egypt and a handful of its Arab neighbours spent a month formulating the plan as a counter to US President Donald Trump’s plan to displace Gaza’s citizens.

The plan at a glance: The five-year plan will see the construction of some 400k housing units, an airport, a commercial port, beach hotels, and a technology hub. It will include urban areas that utilize renewable energy, renovated agricultural lands, and industrial zones. A non-factional Palestinian committee will oversee the strip on a temporary basis, while Egypt and Jordan will help train security forces, laying the groundwork for the return of Palestinian Authority control.

The Trump tariff made plenty of headlines this week: US President Donald Trump slapped 25% tariffs on Canada and Mexico as part of his push to pressure both countries on border security and fentanyl trafficking as well as prompting them to shift their manufacturing to the US. Trump also signed off on doubling tariffs on Chinese imports to 20%. The White House justified the move by accusing Beijing of failing to curb illicit fentanyl shipments to the US.

The tariffs sent stocks tumbling as all three countries hit back. Canada hit back with 25% tariffs on USD 30 bn worth of US imports, with plans to extend the levies to another USD 125 bn worth of goods in 20 days. China also responded by slapping 10-15% tariffs on USD 21 bn of US agricultural products while imposing export and investment restrictions on 25 American firms.

ELSEWHERE IN TRUMPLAND- Trump paused all military aid to Ukraine as part of his efforts to push Ukrainian President Volodymyr Zelenskyy to take part in peace talks with Russia. Trump’s decision came days after a high-stakes White House meeting with Zelenskyy unraveled into a public spectacle, leaving Ukraine scrambling for support. The meeting saw Trump dismissing Zelenskyy’s pleas for security guarantees, telling him to “come back when he is ready for peace,” hinting US aid could dry up entirely.

☀️ THE WEATHER THIS WEEKEND-

This weekend we’re seeing clear skies with a hint of cloud in the capital. The mercury is set to rise to 23°C on Friday and 24°C on Saturday. As for the evening, temperatures will drop down to a chilly low of 13°C on both days.

HAPPENING THIS WEEKEND-

Another night to remember with Layalina. Hala Rushdy and Mohamed Adaweyah will be performing at the Baron and Pyramids tents tonight at 10pm. You can grab tickets to see Hala Rushdy at El Baron Palace and Mohamed Adaweyah at the Pyramids from Ticketsmarche.

El Leila El Kebira is offering you good food and good music with Saad Al Oud, taking place in Sheikh Zayed tonight at 10:30pm. You can find tickets on Passport.

Give back this Ramadan: This Ramadan Majarrah’s Community and Lebaladna are organizing a packing event to give out 2k Ramadan Boxes for those in need tomorrow from 11am to 4pm. Fill out the form in their Instagram bio to join the packing.

The Hekayatna Helwa Ramadan tent is bringing in some comedy segments. Egyptian comedian Mohamed Helmy is set to take the stage tomorrow at Hyde Out New Cairo. You can find tickets on Ticketsmarche.

Suhoor to the tune of Massar Egbari’s classics. The Hekayatna Helwa Ramadan tent is back this year starting tonight from 10pm to offer you delicious meals prepared by Ashraf Abdilbakyi’s Tante restaurant at Hyde Out in New Cairo. You can find tickets every night until Wednesday, 12 March on Ticketsmarche.

Fasting all day? Now it’s time to feast… on laughter. WKND CMDY is hosting a Ramadan Onstage event, serving up a night of sharp jokes and big laughs at Rawabet Art Space tomorrow at 10pm. Catch Kamatcho, Jimmy, Ahmed Hassan, Hamza Bahaa, and Amgad Elshawshy live for a post-iftar comedy fix. Book your tickets through TicketsMarche.

HAPPENING NEXT WEEKEND-

Unwind under the Ramadan night sky with a brush in one hand and a paddle in the other. The special Ramadan edition of Pottery Painting & Kayaking is happening on Thursday, 13 March, and Thursday, 20 March, at 9pm at Mountain View Hyde Park. Book your spot through their page on Instagram.