Brrr 🥶

1

THE WEEK IN REVIEW

Egypt’s non-oil private sector activity contracts for the third consecutive month in November

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.

Winter is knocking on our doors again, but you don’t need to let the chill in. This week’s guide is all about staying toasty for the coming months.

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- Egypt’s non-oil private sector activity contracted for the third consecutive month in November, edging up to 49.2 from 49.0 in October. The reading came as subdued customer demand and weaker new order inflows continued to weigh on business activity — though contraction eased to its mildest pace in three months.

#2- Net foreign assets in the Egyptian banking system fell to USD 9.2 bn in October, from USD 10.31 bn the month before. This marks the lowest surplus in net foreign assets in the country’s banking system since its shift from deficit in May. Commercial banks drove the decline, as the deficit rose to USD 1.4 bn, up from USD 132 mn in September. CBE saw its net foreign assets increase by 1.9% to USD 10.6 bn in October to help offset the overall decline.

IPO-

#1- United Bank wraps up IPO with retail tranche 59x oversubscribed: United Bank has concluded its retail and private offerings ahead of the company being traded on the EGX, with its retail offering that closed Tuesday being oversubscribed 59x. The tranche offered up 16.5 mn shares — equivalent to 5% of the total offering — at EGP 13.85 a pop. The bank’s shares will begin trading on the EGX next week.

#2- Military-affiliated companies could IPO: Prime Minister Mostafa Madbouly told reporters that there is a plan to offer three to four companies affiliated with the military on the EGX. The prime minister name-checked the banking, industry, and pharma manufacturing as among the sectors where companies earmarked for privatization will be announced, with more news on the program set to come next week.

DIGITALIZATION-

Banque Misr and Belmazad completed Egypt’s first-ever online public sector real estate auction in collaboration with auction platform Belmazad.com, selling off a number of the bank’s real estate assets. Banque Misr plans to add more of the bank’s own assets and third-party assets entrusted to them on the platform in the coming period, with the platform set to work with other Egyptian banks as part of its efforts to scale digital auctioning to the national level.

POLICY-

Government to boost startup sector tenfold: The government’s new Entrepreneurship Ministerial Committee is looking to increase investments in Egypt’s startups tenfold to hit USD 5 bn, in an effort to position Egypt as a regional hub for entrepreneurship. Led by Planning Minister Rania Al Mashat, the committee is focused on prioritising youth and women in rural and underdeveloped areas facilitating global market access, and addressing challenges like brain drain and legislative hurdles.

EDUCATION-

AUC received an over USD 30 mn gift from the Sawiris family: The American University in Cairo (received the largest philanthropic gift in its history — estimated to have a value of over USD 30 mn — from the Sawiris family. AUC’s business school will from now on and in perpetuity be called the Onsi Sawiris School of Business to honor the “exceptional personal and professional legacy of the late Onsi Sawiris, a titan of business in the Middle East, founder of the Orascom Group and patriarch of the family.”

WHAT’S HAPPENING NEXT WEEK-

November’s inflation figures: Egypt’s state statistics agency Capmas is set to release November’s inflation figures on Tuesday 10 December, with analysts watching closely for any shifts in food prices and the impact of recent monetary policy decisions.

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-

South Korea’s government on rocky ground: South Korean president Yoon Suk Yeol plunged his country into crisis this week after his short-lived declaration of martial law, which has since seen wide backlash from the public and the Korean opposition against the embattled president, who now faces impeachment. The move, widely criticised as authoritarian overreach, sent shockwaves through financial markets, briefly weakening the KRW against the USD before rebounding.

France braces for government collapse: French prime minister Michel Barnier’s government collapsed after a deeply unpopular EUR 60 bn budget proposal ignited political chaos that saw a left- and right-wing alliance pass a no-confidence vote against the embattled PM. The moves roiled financial markets, with President Emmanuel Macron mulling the appointment of a caretaker government capable of bridging France’s deep political divides.

Over on our side of the world, Syria’s Aleppo fell to rebels while Lebanon saw renewed strikes: Syrian rebel forces led by Hayat Tahrir Al Sham took control of Aleppo this week, marking their most significant advance since 2016. Over 300 people have reportedly been killed, with rebel forces now pushing further into Hama Governorate. Meanwhile, Lebanon was hit by new strikes from Israel despite promises of a ceasefire.

Meanwhile, the US-China trade war kicked up a gear: Beijing took the offensive on the ongoing US-China trade war this week by halting exports of key minerals like gallium and germanium, essential for semiconductors and military applications. The move comes in retaliation to US export controls on advanced chip technologies.

☀️ THE WEATHER THIS WEEKEND- The sun will be out tomorrow, but don’t expect the mercury to let up. We’re expecting the same high of 24°C in the capital, with a low of 14°C at night.

OUT AND ABOUT-

HAPPENING THIS WEEKEND-

Masked viral singer Tul8te is taking the stage at ZED Park as part of The Cocktail Tour tonight at 8pm. Tickets are available on Ticketsmarche.

The High Five are about to bring some laughs to El-Rehany Theater Downtown tonight at 8:30pm. Tickets for the show are available through Ticketsmarche.

Dance the day away at the Kloud experience. The party will take place today at Royal Club Mohamed Ali starting at 2pm. The lineup includes Hey-D, Joe Aiaad, Maged, Nizo, Samaha, Sherif Rafik, and Ziad Mousa. Grab your tickets from Collard Tickets.

Calling football fanatics. Don’t miss the Round of 16 live show with Mahmoud El Mahdy at Theatro Arkan Theater tomorrow at 8pm. Tickets are available through Ticketsmarche.

Connect with top industry leaders, sharpen your skills in expert-led workshops, and celebrate the achievements shaping the future of finance at AFP Future of Finance. The conference will take place tomorrow at Conrad Cairo Hotel and Casino. Register through Beacon.

Time for some Christmas magic. Cairo Vintage Souq is putting together a festive event tomorrow at Al Zohriya Garden in Zamalek where anyone can join and celebrate the holidays.

Rap meets the grandeur of a full symphony orchestra at Red Bull Symphonic. Witness Marwan Pablo performing alongside the Cairo Celebration Choir and Orchestra, led by the acclaimed Maestro Nayer Nagui. The event will take place at the iconic Grand Egyptian Museum tomorrow at 6pm. Secure your tickets on TicketsMarche.

HAPPENING NEXT WEEKEND-

Have a laugh at our most beloved Egyptian proverbs. The Proverbs and Stories Play, directed by Tamer Elgazzar, will offer a comedic take on Egyptian proverbs, their origin, and how they’re used. Attend the play on Thursday, 12 December 7:30 pm at El Nahda Jesuit, Cairo. Tickets are available on Collard Tickets.

Ready for a dose of nostalgia? Join Ali El Haggar in concert for Drama Songs Series at Cairo Opera House in Zamalek, where the artist recreates theme songs of the popular TV shows of the past. The performance will take place on Thursday, 12 December, at 8:00pm. You can get your tickets from Tazkarti.

Cairo Art Book Fair returns for its third edition. The fair will take place in Ghurnata, El Montaza in Heliopolis from Thursday, 12 December till Saturday, 14 December featuring various events including seminars, book signings, and more. Tickets can be purchased through Ticketsmarche or at the door.

Aziz Maraka and Silawi live in concert. The show will take place at ZED Park in Sheikh Zayed on Friday, 13 December at 8pm. Tickets can be purchased through Ticketsmarche.

A transformative experience for the youth. Youth Summit: Unfiltered is packed with inspiring talks, creative competitions, and hands-on mentorship. The summit will take place on Friday and Saturday, 13 and 14 December at the Grand Egyptian Museum. Tickets are available on Collard Tickets.

Shop for gifts at the Christmas edition of Cairo Flea Market. CFM is back on Saturday, 14 December at the Zamalek Fish Garden from 10am to 7pm. The market features local products and artisan crafts, vintage items and collectibles, and pre-loved clothes.

The guide to staying warm

Winter is coming. And while the chilly weather might make you want to hibernate, there’s no need to give in to chattering teeth and frozen fingers. This guide is your ultimate companion to staying toasty warm, from layering like a pro to creating the perfect warm sanctuary — you don’t need to just survive the winter, you can enjoy it too.

Dress the part: Staying warm is all about strategy, and what you wear is your first line of defence against winter’s chill.

#1- BASE LAYERS: Layering is the key to staying warm in the winter, and let’s be real — hoodies and sweaters are cute, but they’re not going to save you from freezing. The magic happens within… Within the layers, that is. Wearing a thermal layer as a base for all your other warm winter clothes will do wonders for helping trapping your body heat and wick away any sweat to prevent you from being cold or wet. These are usually thin pieces of clothing — either tops or bottoms — that are worn beneath the sweaters or jeans.

WHERE TO BUY: You can find thermalwear at Marks and Spencer, Charmaine, Decathlon, Amazon, and Carina.

#2- OUTER LAYERS: Emphasizing the importance of base layers does not by any means mean neglect the outer layers. Puffer jackets trap your body heat using down or synthetic insulation. They also usually have a waterproof outer layer that protects you from any unexpected rain and harsh bone-chilling wind.

WHERE TO BUY: You can find jackets and winter accessories at Concrete, Massimo Dutti, Day Off, Zara, Naga Homme, Teeoro, and Pull and Bear.

Keep your home cozy and warm: Now that you’re sorted when you leave the house, let’s tackle indoor comfort.

#1- COZY UP: Bundling up at home is all about comfort. Picture this: you’re on the couch with your favorite show playing on the TV, but your limbs are too frozen for you to reach out and grab the remote to hit Skip Intro. The remedy? Get yourself some blankets, cushions (for insulation, duh), plush house slippers, or our personal favorite item for comprehensive coziness — Snuggs. ‘Tis truly the season to snuggle up in a cocoon of coziness.

WHERE TO BUY: You can find these cozy home essentials on ariika, Mintra, Kiliim, Morano, and Lilly Home.

#2- HEATERS: When blankets aren’t enough, it may be time to bring in the big guns. A powerful heater can transform your space and relieve body stiffness from the cold.

WHERE TO BUY: You can find heaters at Noon, ElAraby, and B.TECH. Pick your electric heating pad from AthleteHome, B.TECH, Amazon and Noon. Want to go analogue? Grab microwaveable packs on Amazon, or make your own. You can also opt for ye olde hot water bottle with a soft cover to keep you nice and toasty. You can also get it in grey if you want to be warm and still rugged.

Warm up your stomach: Your internal heating system starts with what you eat and drink. It’s important to nourish ourselves with the right foods and drinks to boost our resilience against the chill (and the health issues that come up with it).

#1- GET COOKIN’: Time to spice things up — literally. Cinnamon, ginger, cloves, and black pepper aren’t just for flavor. They boost circulation and kick your body temperature up a notch when you need it the most. Add some turmeric in there too to strengthen your immune system.

#2- HOT DRINKS: Dust off that tin of cocoa powder. There’s nothing like warming your hands with a steaming hot mug of tea, coffee, hot chocolate, hummus al sham, or whatever your beverage of choice is. Worried the cold will get to the drink before you do? Find a mug warmer on Amazon, or splurge on these top picks from NYT.

What else to do: Cold weather doesn’t mean you have to hibernate — here’s what you can do for yourself.

#1- MOVE YOUR BODY- Get moving to generate heat. Your muscles are like tiny furnaces — contract them, and you’ll warm up fast. Just don’t go overboard, since sweating may lead to a temporary decrease in skin temperature.

#2- THINK TWICE ABOUT A WARM BATH: Tempting as it sounds, a hot bath isn’t the answer. According to JohnEric Smith, an associate professor of kinesiology, a warm bath may feel good for a moment, but you’ll be colder once you step out as your wet skin quickly loses heat.

Stay warm out there.

Something Wicked this way comes

📽 Jon M. Chu successfully translates Broadway to the silver screen with Wicked. The beloved musical has received an adaptation worthy of its fame, giving audiences a profound and visually stunning reimagining of the origins of Oz’s most famous witches. Beyond the viral clip of the two protagonists, Wicked has the makings of an iconic addition to American cinema.

ICYMI: Stephen Schwartz’s musical explores the unlikely friendship between Glinda (Ariana Grande) and Elphaba (Cynthia Erivo), which turns from rivalry to a surprisingly profound connection. Beginning at Shiz University, the film traces the complex social dynamics that shape their individual paths that transform them into the characters we know from L. Frank Baum’s 1900 classic The Wonderful Wizard of Oz.

Cynthia Erivo’s performance as Elphaba is nothing short of transformative. She brings extraordinary depth and vulnerability to the misunderstood green-skinned witch, capturing both her initial vulnerability and her growing strength and conviction. Her rendition of the legendary song Defying Gravity is a show-stopping moment that not only showcases her incredible vocal range, but will likely become a landmark in film musical history.

The film’s visual design was a point of contention for some, especially compared to the 1939 technicolor screen adaptation of the book, but ultimately, the world of Oz is brought to life with meticulous detail and beauty. The costume design particularly stands out, with Glinda and Elphaba’s outfits simultaneously faithful to the musical’s iconic look but also cinematically innovative.

The decision to split the story into two parts means that the first installment feels somewhat incomplete, which has frustrated audience members — fans of the musical and newcomers alike — looking for a fully resolved narrative. The pacing can also occasionally feel uneven, especially in the earlier sections where the complex backstory of the characters is being established.

WHERE TO WATCH- You can find Wicked Part One screening at VOX Cinemas at City Center Almaza and Mall of Egypt, Cima Arkan, Cairo Festival City, Citystars cinemas, and Scene Cinema at District 5.

Ta-Nehisi Coates offers a firsthand look at racism in America

📚 An exploration of race in America. Between the World and Me is framed as a letter from author Ta-Nehisi Coates to his son, which sees the acclaimed author dive into the experience of being Black in a country marked by a long and ongoing history of racialized violence and exploitation.

For Coates, race is a social construct that acts as a keystone of the American political project. He details how racial difference has been used to justify the oppression of Black people throughout American history — from slavery, to modern forms of police brutality, and beyond. He expands on all the different ways Black people have been controlled, commodified, and endangered in the country’s history, with an eye to subverting the US’ self-mythologizing as “land of the free.”

The letter format makes the book resonate powerfully, with Coates’ lessons for his son expressing poignant and at times painful truths about the very act of surviving as a Black person in the US. In the book’s most oft-cited passage, Coates writes, “Here is what I would like for you to know: In America, it is traditional to destroy the black body — it is heritage.”

You can find it at Diwan.

Relive your childhood at Brass Monkey

Grow young again at this unique dinner spot. Dubai’s Brass Monkey is best described as an arcade for “big kids.” The restaurant offers a variety of games including bowling, Pac Man, basketball, and even a golf simulator for customers 25 or older.

If all that gaming makes you hungry, good news — this place has incredible food. Brass Monkey has something for everyone on their menu. If you’re feeling Mexican, the crispy tuna tacos were fresh, zesty, and satisfyingly crunchy. Craving a burger? The smashed burger was made with premium, high-quality ingredients all nestled in a buttery toasted bun. But if you’re looking for something healthy, the asian jungle salad was a festival of flavors that made every bite exciting.

The overall ambiance is great for a night out with friends. From the games, to the food, to the dance-worthy music, there won’t be a dull moment. Make sure to also use the photobooth on your way out for a printed memory to keep. But beware, this place is a little pricey considering there’s a minimum charge for food and a minimum spend to play any of the games.

💵 Per person: EGP 1.7k

🪑 Outdoor seating: No

🍺 Alcohol: Yes

🦽 Accessibility friendly: No

Muhammad Ali knows there’s more to resilience than fighting

👂The Tao of Muhammad Ali isn’t just about boxing — it’s about life, resilience, and the lessons of one of the most iconic figures in history. Hosted by Davis Miller on the Imagine Audio podcast, who shares his deeply personal connection to Muhammad Ali, this episode series blends storytelling and reflection to paint a vivid picture of Ali’s wisdom, spirit, and impact. It’s a little insight on how The Champ became more than a sports hero.

What’s it about? This eight episode podcast series dives into Miller’s real-life story, where a young, bullied boy found hope through a life-changing encounter with Ali. Decades later, Miller reconnects with a Parkinson’s-stricken Ali and finds himself once again inspired, this time to become a successful writer. Through Ali’s philosophy, his Tao, the series explores what made him not just a champion in the ring but a guru of resilience, kindness, and self-belief.

If you think you know Muhammad Ali, think again. This podcast goes beyond the loud proclamations of being the greatest to uncover the quiet, profound lessons he left behind. Davis Miller’s storytelling is raw and moving, pulling you into moments of vulnerability and triumph. Whether you’re a boxing fan or just looking for a powerful narrative about finding hope and purpose, this series is a must-listen.

WHERE TO LISTEN- You can listen to the series on iHeart Podcast,Apple Podcasts, Spotify, Podtail, and Spreaker.

THE ENTERPRISE ENTERTAINMENT CALENDAR

6 December (Friday): The High Five standup comedy at Theatro Arkan.

6 December (Friday): TriFactory PMH warm-up run at District 5.

6 December (Friday): The Kloud Experience at Royal Club Mohamed Ali

7 December (Saturday): AFP Future of Finance at Conrad Cairo Hotel & Casino.

7 December (Saturday): Marwan Pablo and Nayer Nagui concert at Grand Egyptian Museum.

7 December (Saturday): AFP Future of Finance at Conrad Cairo Hotel & Casino.

10 December (Tuesday): The Double-Edged Sword book launch and discussion at Diwan Zamalek.

11 December (Wednesday): Tablet El Set at Boom Room, Open Air Mall Madinaty.

12 December (Thursday): Proverbs and Stories Play at El Nahda Jesuit, Cairo.

12-14 December (Thursday-Saturday): Cairo Art Book Fair at Ghurnata, El Montaza in Heliopolis.

13 December (Friday): Aura Music Festival at Lac Du Caire.

13 December (Friday): Aziz Maraka and Silawi concert at ZED Park.

13-14 December (Friday- Saturday): Youth Summit: Unfiltered at the Grand Egyptian Museum.

14 December (Saturday): TriFactory’s The Marakez Pyramids Half Marathon at the Great Pyramids of Giza.

15-17 December (Sunday-Tuesday): Cairo Blockchain Week at Cairo Citadel.

19 December (Thursday): Bahaa Sultan and Mahmoud El Esseily concert at ElMalahy Arena.

24 December (Tuesday): Ali Quandil standup comedy at Boom Room, Open Air Mall Madinaty.

31 December (Tuesday): KAS:ST at Le Lac Du Caire.

JANUARY

18 January (Saturday): Founders Live Cairo at Creativa Innovation Hub.

Sections

About

Privacy & Support

Get EnterpriseAM daily

An independent publication supported by

Today at a glance

Egypt’s non-oil private sector activity contracts for the third consecutive month in November

Related