Bookworm

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THE WEEK IN REVIEW

Monetary Policy Committee cuts interest rates by 100 basis points in final 2025 meeting

Good morning, friends, and a very Merry Christmas to all who celebrate. And as always, happy weekend — the last of 2025. Next time we see you will be in the new year. We’re polishing things up to start the year off right, and are excited for many more returns with you, dear reader.

There’s no better time to bundle up with a hot drink and a good book than the holidays. This week’s guide is a list of our favorite reads, dedicated to our fellow bookworms, those dusting off their reading lists in the wake of the new year, and perhaps those doing some (very) late Christmas shopping for a bibliophile.

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- The Monetary Policy Committee resolved to reduce interest rates by 100 basis points at its final meeting of the year, held on Thursday, according to a statement issued by the Central Bank of Egypt. The committee lowered the overnight deposit rate, the overnight lending rate, and the central bank’s main operation rate to 20%, 21%, and 20.5% respectively. The credit and discount rate was also reduced by 100 basis points, bringing it to 20.5%.

The decision reflects the committee’s assessment of recent inflation developments and projections held by the majority of analysts and economic experts surveyed by EnterpriseAM, who indicated that the IMF’s concern that the disinflatory trajectory “has not yet been firmly established” would likely not dissuade the MPC from proceeding with a rate cut.

#2- The Finance Ministry has begun drafting a state budget that marks a definitive end to the current era of economic emergency. The FY 2026-27 budget — set to be presented to Cabinet in preliminary form by late January — is being designed as a structural shift in fiscal policy, a senior government official tells EnterpriseAM.

MANUFACTURING-

The Sokhna Industrial Zone is getting USD 1.2 bn-worth of fresh investment from three Chinese industrial players, according to a cabinet statement. The three projects — which will be set up in the Chinese-operated Teda industrial zone — will serve the spinning and weaving, heavy, and advanced sanitary industries and are expected to create a total of 5.4k jobs.

AUTOMOTIVE-

#1- MM Group (MTI) and Abu Dhabi Motors (ADM) are placing a strategic bet on Egypt’s ultra-luxury market, securing exclusive dealerships for Lamborghini and Rolls-Royce, industry insiders told EnterpriseAM. The move firms up Egypt’s ultra-luxury automotive segment, with both dealerships expected to start operations early in the new year.

#2- Industry insiders are betting that 2026 will be the year of range-extended electric vehicles (REEVs) in Egypt. One of them, Abu Ghaly Motors Vice President Tamer Kotb, goes so far as to say that REEVs could account for as much as 50-60% of new car sales in Egypt in the coming year.

DEBT WATCH-

#1- The IMF has signed off on two key reviews of our USD 8 bn assistance package — and it should be music to the business community’s ears. The result should be c. USD 3.8 bn flowing into the government’s coffers when the IMF’s executive board signs off on the reviews in January.

#2- The Finance Ministry is set to issue EGP 5 bn in local sovereign Sukuk next Monday, with settlement scheduled for Tuesday. This latest issuance brings the total raised under the current sovereign Sukuk program to EGP 20 bn, a target of EGP 200 bn by the end of the current fiscal year in June 2026.

TAX-

#1- The Egyptian Tax Authority is set to launch a centralized system in early 2026 specifically designed to fast-track corporate liquidation. The move targets the market’s exit problem — where bureaucratic hurdles and open tax files prevent companies from legally closing — by resolving a massive backlog of disputes that has historically left investors trapped.

#2- The threshold that exempts companies from filing detailed transfer pricing documentation has now doubled to EGP 30 mn, effective immediately for the current tax period. The decision means companies whose annual transactions with related parties fall below the new EGP 30 mn mark are no longer required to submit a master file, local file, or country-by-country report.

ENERGY-

Egypt has shelved plans to phase out its floating storage and regasification units (FRSUs) in the near term, opting instead to keep the vessels as a strategic backup until at least 2030.

M&A WATCH-

EGX-listed Raya Holding’s board approved an updated offer from Africa-focused private equity outfit Helios Investment Partners to fully acquire Raya Foods. Shareholders will be able to evaluate the offer once the independent financial advisor determines a fair value for Raya Foods and board-quarterbacked negotiations wrap up.

LOGISTICS-

The Transport Ministry is in advanced talks to launch a series of mega-projects focused on shipbuilding and marine shipyards with the China State Shipbuilding Corporation (CSSC) and a consortium of Chinese maritime giants

? AROUND THE WORLD IN SEVEN DAYS-

It was a relatively calm week in the business press, as is expected this time of the year. Here are the top headlines of the week:

Gold hit a fresh record this week, climbing 2.4% to around USD 4.5k per ounce as the recent escalation of the US blockade on Venezuelan oil drove the rush to so-called “safe haven” assets. Silver also touched a new high, rising 3.4% to around USD 69.44 an ounce.
Tech companies around the world have taken on record debt in the race to build out AI capacity, issuing some USD 428 bn in bonds through the first week of December.
The US economy grew at a brisk 4.3% clip in the third quarter of the year, backed by consumer spending on healthcare and computing. That’s well ahead of the 3.2% pace at which analysts polled by Bloomberg expected the economy to expand. Investment by businesses slowed and exports fell in the same period.
Oil markets were once again in watch-and-see mode after the US seized yet another oil tanker off the coast of Venezuela.

☀️ THE WEATHER THIS WEEKEND-

Baby, it’s cold outside. We’re in for another cool weekend in C-town, with temperatures today and tomorrow reaching a high of just 22°C and a low of 12°C, according to our favorite weather app.

? HAPPENING THIS WEEKEND-

Saad El Oud is gracing the Hilton Cairo Grand Nile on Saturday, 27 December for a warm night of his oud symphonies. You can find tickets on Ticketsmarché.

Football fans, it’s your lucky day: District 5’s The Stadium is bringing the African Cup of Nations 2025 to giant screens for a stadium-style experience, streaming the matches live for ten days straight — the event kicks off today and is running until Wednesday, 31 December. You can book your tickets on Ticketsmarché.

The Cairo Art Fair returns for its 11th year at TAM Gallery. This time the exhibition witnesses a landmark cultural moment with the unveiling of the GEM Art Collection, available for exclusive acquisition. The largest annual celebration for Egyptian contemporary art gathers over 150 local artists and 1.5k+ art pieces, and will be ongoing until Thursday, 15 January.

? HAPPENING NEXT WEEK-

New Year’s Eve just got more magical — Medhat Saleh is bringing his timeless classics to Theatro Arkan on Wednesday, 31 December for a live show, joined by a full band led by Maestro Amr Selim. Expect a decadent and festive night to close out the year. You can book tickets on Ticketsmarché.

Spend this New Year’s Eve singing along to Tamer Hosny, Elissa, Tamer Ashour, and Ahmed Essam at the New Capital Countdown Festival. These pop icons are taking to the stage on Wednesday, 31 December at Capital Arena, and tickets are selling out fast — you can book yours on Tazkarti.

Celebrating the new year in style? You’re in luck — Saint Levant is landing at El Gouna’s Cubix for a special NYE performance alongside DJs Notre Dame and WASS on Wednesday, 31 December. Tickets are available on TicketEgypt.

Our favorite reads of 2025

? Over this past year, we’ve recommended a long list of books across genres. And while each read has left its mark, some did so more than others. As we race towards the winter holidays, many of us will be cozying up with a hot drink and the latest addition to our personal libraries.

Not sure what to pick up just yet? We’ve gathered up some of our favorite 2025 reads in case you missed any (we forgive you). Here’s what we would argue deserves your time and attention.

Non-fiction reality checks

#1- I Can Imagine it for Us, the memoir that had us sobbing: A heart-breaking ode from a Palestinian-Egyptian daughter to her father, Mai Serhan reimagines Nizar Serhan’s past intertwined with the Nakba — a history he spent his life trying to escape. The memoir asks: what if we could have been happy? What if we could have had it all? Through a non-chronological narrative, Serhan explores their complicated relationship set against shifting backgrounds of Cairo, Beirut, Palestine, China, and Dubai.

#2- One Day Everyone Will Have Always Been Against This, the most pivotal read for historians, journalists, and anthropologists of 2025: Egyptian-American novelist and journalist Omar El Akkad not only chronicles the ongoing atrocities of Gaza’s genocide through a sociopolitical aspect, but studies how its events have been conveyed to the world. The book is a masterclass in journalistic ethics. It’s also an immigrant’s tale of what it means to never belong, rich in personal experiences and timely anecdotes.

#3- House of Huawei, our favorite tech read: How did Huawei become one of the tech world’s most prominent players (and its most mysterious)? That’s exactly what Washington Post tech reporter Eva Dou sets out to answer in a detailed and comprehensive read that doesn’t shy away from drama and controversy. Educating and entertaining? Absolutely.

#4- Heart Lamp, the anthology we couldn’t put down: 2025 International Booker Prize recipient Banu Mushtaq captures the nuanced reality of some women and girls in Southwest India, primarily spotlighting women in toxic marriages, struggling with ruthless in-laws, being denied education, and suffocating from a social system that see them as easily replaceable. The collection heavily explores motifs of faith, caste, class, and religion.

#5- Seven Myths About Money, a book that changed our perception on finances: Rob Dix explores common financial misunderstandings and traps, offering a perspective shift that promises to help readers achieve actual financial freedom. Everything we think we know about money might just be exactly what’s holding us back from… well, making more. Is managing your finances better one of your resolutions for 2026? Do yourself a favor and give this one a go.

#6- Things You May Find Hidden in My Ear, the most hauntingly beautiful book we revisited in 2025: We found ourselves re-reading Pulitzer Prize laureate Mosab Abu Toha’s 2022 poetry collection several times over this year. A painfully raw, wholly emotional, and gruelling venture into one devastated Palestinian man’s soul, reflecting an entire people’s reality and confronting the reader with it. Despite its brevity, it won’t be an easy trek.

For the fiction aficionados

#1- Daughters of the Nile, the Egyptian debut that stuck with us: Challenging Egyptian gender norms, Zahra Barri’s debut novel tells the story of three Egyptian women from the same family across different generations. The polarizing and brave novel tackles religion, sexuality, and feminism all against an Egyptian sociopolitical backdrop. If you’re a fan of historical fiction that doesn’t follow traditional linear storytelling, you’ll want to pick this one up.

#2- Wild Dark Shore, the speculative fiction worth your time: The question of how long the world has left before it starts dying on us is one that has, at one point or another, crossed nearly every mind on earth. Charlotte McConaghy makes what-ifs a reality in a novel set on a far flung island whose only inhabitants are a family of four and one of the last seed faults on earth. At its core, the novel is a story of what it means to be human, what connects us, and whether or not our earth is beyond saving.

#3- The Other Valley, a time travel story that transcends genres: Rather it being a man-made invention, Scott Alexander Howard’s debut novel presents time travel as a fact of geography — a natural phenomenon that needs to be carefully managed. Howard’s background in philosophy shines through his writing, drawing readers into character-driven narratives spotlighting fundamental human dilemmas, and creating a deeply satisfying and resonant temporal experience that carries the emotional weight of the movie Interstellar.

#4- The Emperor of Gladness, 2025’s most beautifully-written novel: Vietnamese-American poet, writer, and the author of On Earth We’re Briefly Gorgeous, Ocean Vuong’s latest novel follows 19 year old Hai’s struggles, hopes, and realities as he finds his chosen family. We’re let in on their in such hauntingly beautiful prose that we found ourselves re-reading passages just to savor them longer. While the novel itself is not based on a true story, it draws heavily from the author’s own life.

#5- The Safekeep, the plot twist we didn’t see coming: Dutch author Yael van der Wouden’s short novel takes place decades following World War II, a temporal setting that doesn’t quite stand out, but proves pivotal as the chapters fly by. Isabel’s off-the-beaten-path countryside life takes a stark turn when she’s visited by a peculiar guest, and we’ll leave it at that because it’s a novel best read with no prior introductions.

Honorable mentions

Katabasis by R.F. Kuang (Fantasy) — Read more ;
Among the Burning Flowers by Samantha Shannon (Fantasy) — Read More ;
Flesh by David Szalay (Literary Fiction) — Read More ;
The Road: A Graphic Adaptation by Cormac McCarthy (Dystopian Fiction) — Read More ;
Prophet Song by Paul Lynch (Speculative Fiction) — Read More ;
A Mouth Full of Salt by Reem Gaafar (Historical Fiction) — Read More ;

The Voice of Hind Rajab will haunt the entire world in perpetuity

? On 29 January, 2024, six-year-old Hind was trapped inside a car on a street in northern Gaza, surrounded by the bodies of six of her family members. This young, sole survivor was alone, terrified and in hiding from the horrors of war. Today, Tunisian director Kaouther Ben Hania immortalizes her in The Voice of Hind Rajab, touring international festivals to open the eyes of those who have yet to realize that the world contains atrocities beyond human comprehension.

The film takes place inside a Red Crescent office in Ramallah, the West Bank, one of the few rescue centers that remain functional. Rescue worker Omar (Motaz Malhees) and his supervisor Rana (Saja Kilani) communicate with Hind, who’s still hiding in the car, petrified by the tanks and pleading for rescue. The film showcases the overwhelming amount of procedures and permits rescue workers must navigate in coordination with the occupation army to secure a specific corridor for an ambulance. Even after receiving the green light, the occupation army can still kill whomever they wish. That is exactly what happened.

The story presented by Ben Hania leaves no room for imagination. The events are anything but fiction, and the recordings used are authentic. Ben Hania only utilized actors to reenact what occurred inside the rescue center that day. Upon watching the film, viewers realize that even if these actors were relatively inexperienced, they were wholly immersed in their roles, deeply moved as though they were the actual aid workers racing against time to save the now six-year-old Palestinian martyr.

The film garnered the support of some Hollywood’s biggest names, with Brad Pitt and Joaquin Phoenix coming on as executive producers, and participated in several major festivals worldwide garnering numerous award nominations including Best Foreign Film at the Golden Globes and securing the Silver Lion Grand Jury Prize at the Venice Film Festival. The filmmakers are pushing towards Academy Awards, with the film reaching the shortlist for Best Live Action Short Film, placing it one step away from the final nominations.

It’s painful, it’s tragic, and it’s undeniably difficult to watch — yet it’s an essential film that deserves screentime in theatres all around the world. The film unravels just one of an insurmountable number of stories that happened on the ground in Gaza, and serves as an immortalization of the injustices and atrocities faced by Gazans daily. It is our hope that Hind, and all the other Hinds murdered in cold blood, may find eternal peace in a world other than this one. There’s not much else we can say to brace you for what lies within the film, just make sure you’re emotionally prepared.

WHERE TO WATCH- You can catch the film at Zawya. Watch the trailer on YouTube (runtime: 2:02).

Dissecting/defrosting Mariah Carey’s All I Want for Christmas is You

? It’s tiiiime. In this new monthly section of the Weekend Edition, we will be shining the spotlight on an album or artist who has shaped or enriched the musical landscape as we know it. From pop and soul to blues and rock, Now Playing will explore global tunes to recommend the next soundtrack to your weekend.

In this week’s edition, we’re dissecting and defrosting a classic holiday anthem — one that, since its release, has conquered the season so effectively that it’s become a meme. That is, of course, Mariah Carey’s seminal Christmas anthem: 1994’s All I Want for Christmas is You.

It’s 1994, Mariah Carey is still fresh in the biz, having just debuted four years prior with her hit self-titled album. Her star was on the rise, with hits like Emotions making the rounds and topping the charts — yet there remained one pivotal move yet to be played by the whistle-tone master: a Christmas album.

A rite of passage for many an artist, Carey’s pivotal work cemented her as The Queen of Christmas. Now almost 32 years later, All I Want for Christmas is You is one of Carey’s most popular — and successful — songs.

Co-written by producer Walter Afanasieff, the song was a hit from the minute it was released, but streaming has taken it to new heights over the past decade. In 2017, the song made the top 10 on the charts for the first time in its history. It’s been unstoppable since. In 2019, it hit number one on the charts — and that’s been the case since. In 2023, Billboard crowned it the greatest holiday song of all time. This year, the song broke the record for most weeks at number 1 at 20 weeks — but why?

“When you think of Christmas right now, you think of that song,” Grammy-award-winning composer David Foster once said. In the months leading up to the holidays, the song is everywhere and inescapable — third only to death and taxes, as the BBC so humorously puts it. Of all the Christmas songs out there, it’s this one that never stops playing, rising in the ranks to sit comfortably next to White Christmas, Last Christmas, Santa Baby, and Baby It’s Cold Outside — the staples.

It’s not just a holiday song — it’s a timeless love song. What the song essentially did was subvert all that has come to be synonymous with Christmas — gifts, festivities, or holiday traditions — and made it about a woman just wanting her lover by her side. It’s fresh, fun, and proudly festive in melody and composition. Plus, Carey slayed (sleighed?) on the vocals front. In short: it was a recipe for success, and it still cooks. It doesn’t feel like a song from the ‘90s.

Carey’s cultural impact is palpable. The song has been entrenched into the very fabric of the season. Words like “defrosting” and “hibernation” have become more so synonymous with Carey than with actual winter. Her success — though yet to be replicated — has paved the way for a slew of other pop artists to have similar trajectories and experiment with their holiday tunes, from Ariana Grande’s Santa Tell Me to Kelly Clarkson’s Underneath the Tree.

Now, don’t let us keep you. Do yourself a favor and press play.

WHERE TO LISTEN- Aside from hearing it blasted from speakers in any and all public establishments throughout Cairo, you can listen to Mariah Carey’s All I Want for Christmas is You on Apple Music | Spotify | YouTube | Anghami.

Nostalgic flavor: Does Korba’s Le Chantilly still hold its own in 2026?

? This week we’re taking a step back in time, visiting one of Cairo’s classic dining establishments to see how well it holds up in 2026. Over the decades, much has changed in Korba — and Le Chantilly bore witness to it all. It may not be the fanciest dining destination or the hottest hangout spot, but its clientele is acutely aware of just what it offers. When we visited on a weeknight, the French double doors opened to reveal crowds often only encountered on weekends. There were barely any empty tables, and patrons’ laughs and chatter rang all around.

This is when we knew we had to drop any predetermined notions and see where the night takes us. We made our way to the restaurant’s outdoor area — which is essentially a historic style alleyway sandwiched between old Heliopolis buildings — and felt like we entered a separate dimension. Le Chantilly, a stalwart in Cairo’s dining scene, has preserved its identity so well that a visit feels like a genuine trek through time back to simpler days when dining was about the people, and not so much the food.

That sentiment carried over to the menu — simple, timeless, and classic international staples. No innovative fusion dishes nor out-of-the-box flavors, just comfort and familiarity. We opted for the creamy tomato soup, along with the fried spiced potato cubes appetizer, and followed by our server’s recommendation of chicken stroganoff as a main. The food wasn’t the most spectacular nor the most beautifully presented, yet it felt wholesome, and indeed, nostalgic — even our soda was served in a vintage glass bottle. Chantilly’s food mirrors that of Egypt’s historic sporting clubs: fresh and homecooked.

While the food wasn’t the star of the evening, the conversation was. That’s the magic of Le Chantilly, it’s a place that makes you want to linger, laugh, and talk through the night, surrounded by fellow restaurantgoers doing just the same. The atmosphere gives off the feeling of being isolated — both from the world, and from your troubles.

Le Chantilly undoubtedly still stands strong, and given the crowds, rest assured that it isn’t going anywhere any time soon. When we set out to ask whether it still stacks up in 2026, we didn’t expect that perhaps the question should have been: how did it take us so long to come back?

WHERE TO FIND IT- You can find Le Chantilly in 11 Baghdad St., Korba.

? Per person: EGP 900-1.1k

? Outdoor seating: Yes

? Alcohol: Yes

? Accessibility friendly: No

Get nerdy this Christmas Past

? If Christmas wasn’t already rich enough in festive spirit, the Christmas Past podcast uncovers the lore behind the beloved, age-old holiday over nine seasons and 250+ episodes. Get warm and comfy, put your headphones on, hit play, and let yourself be swept away by the enchanting vastness of Christmas’ past. Host Brian Earl has been the voice behind the podcast’s captivating narrations since its release in 2016, covering the origins of the holiday’s traditions to exceptional stories that took place on 25 Decembers past.

Can you picture Christmas without the dazzling blur of colorful lights? One episode traces the origins of Christmas lights to 1882 and inventor Edward Johnson. The narration immerses you in the chilly but festive New York City — air infused with roasted chestnut, sounds of rushed feet shuffling, merry chattering carrying through the chilly air. Even more breathtaking is audio from a 1880s reporter describing the thrilling new invention of a Christmas tree “lighted by electricity,” spinning in place and gleaming with color.

The rest of the episode focuses on Johnson’s accomplishments, his connection to Thomas Edison, who was his student, and whose company, established years later, began selling light bulbs as an exclusive commodity that eventually turned into a commercial staple and a household fixture, lighting people’s homes every Christmas.

Christmas Past makes for a great companion during the cold winter months — episodes are short, clear, and brimming with interesting history and stories of warmth. It also hosts a Christmas Memories segment, inviting listeners to share their special holiday moments.

THE ENTERPRISE ENTERTAINMENT CALENDAR

?️ DECEMBER

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

12 December - 15 January (Friday-Thursday): Cairo Art Fair at TAM Gallery, Abu Rawwash.

21-31 December (Sunday-Wednesday): The Stadium at District 5.

25-26 December (Thursday-Friday): Umm Kulthum Musical at The Theater, Movenpick, 6th of October City.

25-27 December (Thursday-Saturday): Oliver by Fabrica S2 at Theatro Arkan.

26 December (Friday): Bahaa Sultan at the Hilton Cairo Grand Nile.

27 December (Saturday): Saad El Oud at the Hilton Cairo Grand Nile.

31 December (Wednesday): Saint Levant, Notre Dam, and Wass at Cubix, El Gouna.

31 December (Wednesday): Medhat Saleh at Theatro Arkan.

31 December (Wednesday): New Capital Countdown Festival at Capital Arena.

2026

JANUARY

January: Al Rawi Awards submissions open.

7 January (Wednesday): Coptic Christmas Day.

16 January (Friday): Amr Diab concert at Al Manara Arena.

25 January (Sunday): January 25th Revolution / National Police Day.

30 January (Friday): Cairo Marathon normal registration ends.

FEBRUARY

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

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

MARCH

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

APRIL

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.

AUGUST

25 August (Thursday): Prophet Muhammad’s Birthday.

OCTOBER

6 October (Tuesday): Armed Forces Day.

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Monetary Policy Committee cuts interest rates by 100 basis points in final 2025 meeting

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The Voice of Hind Rajab will haunt the entire world in perpetuity

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Dissecting/defrosting Mariah Carey’s All I Want for Christmas is You

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Nostalgic flavor: Does Korba’s Le Chantilly still hold its own in 2026?

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Get nerdy this Christmas Past

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Bookworm

An independent publication supported by

Today at a glance

Monetary Policy Committee cuts interest rates by 100 basis points in final 2025 meeting

Get Enterprise daily

Related

Related

Our favorite reads of 2025

Related

Related

The Voice of Hind Rajab will haunt the entire world in perpetuity

Related

This publication is proudly sponsored by

Dissecting/defrosting Mariah Carey’s All I Want for Christmas is You

Related

Nostalgic flavor: Does Korba’s Le Chantilly still hold its own in 2026?

Related

Get nerdy this Christmas Past

Related

THE ENTERPRISE ENTERTAINMENT CALENDAR

Related

An independent publication supported by

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