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THE WEEK IN REVIEW

IMF releases the long-awaited fourth review of Egypt’s loan program

Good morning, friends, and happy Friday. It’s been a rather long workweek, but now that it’s over, we have a few ideas on how you might want to spend your time…

Tired of staring at that painting you’ve been meaning to replace? When it comes to home renos, they’re a pain — let’s be real here. But what if they required minimal effort — and budget? In this week’s guide, we take a look at ways you can turn your space around without breaking the bank or your back.

LAST WEEK IN 3 MINS-

ECONOMY-

The IMF sees Egypt facing a financing gap of USD 5.8 bn in FY 2025-26, compared to USD 11.4 bn in FY 2024-25, the IMF said in its country staff report for the fourth review of our USD 8 bn loan program. Egypt has secured enough funding from international partners to fully cover its financing gap for the current fiscal year, according to the report. The government will plug the gap with a mix of revenue sources, including at least USD 3 bn from real estate sales to external partners and fresh inflows under the state’s asset sale program. The IMF notes that Arab countries have also pledged to keep their USD 18.3 bn in deposits at the central bank through October 2026 — unless those funds are used to acquire equities — giving Egypt a key cushion as it faces USD 30.4 bn in external financing needs this fiscal year.

INVESTMENT WATCH-

#1- Senior government officials met with UK-based investors and business leaders in London earlier this week during Egypt Day at the London Stock Exchange in a bid to boost investor confidence and promote recent reforms. The three-day business mission came as Egyptian officials work to court fresh foreign inflows and spotlight positive signals in the local market — a growing pipeline of offerings on the EGX, strong appetite for Egyptian debt, and a drumbeat of investment from multinationals and other international players. Officials are eyeing a new privatization, with Banque du Caire, Safi, and Wataniya among the potential offerings.

#2- Teda Egypt will invest USD 100 mn to develop infrastructure on a 2.9 sq km industrial plot in the Sokhna Industrial Zone in partnership with the Main Development Company (MDC). The expansion — which brings Teda’s total land holding in the industrial zone to nearly 10 sq km — is meant to help localize specific industries within the zone and attract more Chinese manufacturers seeking access to regional and global markets, SCZone head Walid Gamal El Din said.

DEVELOPMENT FINANCE-

Nearly a quarter mn refugees in Egypt could lose food assistance by next month as a USD 21 mn funding gap to keep assistance running until the end of the year squeezes the budget, World Food Program (WFP) Egypt Director Jean-Pierre de Margerie tells EnterpriseAM. To close the gap, the UN agency has launched a campaign it’s dubbing “#NowNotLater” to mobilize donor support and avoid the shutdown.

WHAT’S HAPPENING NEXT WEEK-

Bonyan is expected to make its EGX debut next Tuesday, 22 July. The real estate investment firm priced its IPO at the lower end of its range — EGP 4.96 per share, suggesting plenty of upside for buyers given the independent financial advisor said a fair value looks more like EGP 7.52. Retail investors flocked to Bonyan’s EGX offering, with the retail tranche of the IPO 33.7x oversubscribed at close yesterday, mirroring oversubscription by institutions earlier this week. The company offered 20-21.9% of its shares.

AROUND THE WORLD IN SEVEN DAYS-

Israel continued its bullying campaigns across the Middle East, this time targeting Damascus, where its warplanes struck military sites and bombed near the presidential palace in a rare escalation. The strikes killed at least three people and injured more than 30 others, coming as sectarian violence flared in the southern city of Sweida, where clashes broke out between Druze militants, Bedouin groups, and Syrian security forces.

Despite a ceasefire announcement earlier in the week, Israel launched another strike on the outskirts of Sweida yesterday as fighting persisted. Syrian government forces, who had earlier taken part in the clashes, have since withdrawn from the area.

US President Donald Trump's ongoing push to oust Fed chief Jay Powell was everywhere in the foreign press in the past few days, as US media reported that Trump had earlier this week brandished a letter firing Powell and asked the lawmakers he was meeting with whether he should send it.

BACKGROUND- Trump has waged a blunt campaign against Powell for months now, pressuring him to cut interest rates and suggesting he’s open to firing Powell if the chairman doesn’t come to heel.

☀️ THE WEATHER THIS WEEKEND-

If you’re staying in Cairo, expect warm weather, as temperatures are set to peak at 37-38°C this weekend, before cooling down to 24-25°C. Heading up north? You’ll find that things are slightly cooler in Sahel, with temperatures peaking at just 28°C, before slightly dropping to 24-26°C, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Feel like adding to your pile of to-be-read books? The 20th edition of Bibliotheca Alexandrina’s book fair is running until Monday, 21 July. This year’s edition includes over 70 regional publishing houses, and will feature scores of cultural events and panel discussions. For more details on the book fair, head to Bibliotheca Alexandrina’s website.

Sharmoofers take on New Cairo. Tonight, the crowd favorite Egyptian band will be bringing their signature wild energy to New Cairo’s Family Park with an eight-hour concert. If that sounds like a fun night to you, we’d suggest brushing up on the lyrics of your favorite Sharmoofers hits. Tickets can be purchased through Tikgo.

Tonight, Ras El Hekma’s ESCĀ Beach Club will be the place to be up North. Crossing the Mediterranean, Milan-hailing DJ Stephan Jolk will be bringing the groove to Sahel. Joining him will be French DJ Adrien Apache, Egyptian DJs Ziad Moussa, and ThatGirlSherryK. Tickets can be purchased through Ticketsmarché.

Cardio by the shore? Sign us up. Today, Ramla by Marakez will host Egypt’s adrenaline-packed spinning marathon Party on Wheels. The event, which is making its long-awaited Sahel debut after years of spinning in El Gouna, will hit Sahel’s shores for a five-hour ride. So if you couldn’t quite get that beach body ready by summer, all is not lost — and with Party on Wheels, fitness comes with a side of DJ beats… and much more. To sign up, reach out to info@beachmonkeyz.com

Downtown Cairo’s Consoleya will host quite the paint-splattered affair today — a Paint and Breath experience curated by Narmer Palette. To reserve your spot, reach out to Narmer Palette through their Instagram account.

What do Hadi Birajakli, Autostrad, and Wust El Balad have in common? Tomorrow, the answer would be CJC 610. The rock artist, the Jordanian band, and the Egyptian crowd favorite will be bringing indie, rock, and jazz sounds to the nightlife hotspot. You can secure your spot through Ticketsmarché.

Ruby and Ahmed Saad to steal the show back to back at Layali Marassi. Tomorrow, from the iconic helipad at the Address Beach Resort, the two megastars will be setting the night on fire. You can get your tickets from Ticketsmarche.

HAPPENING NEXT WEEKEND-

Number one is heading up north. Mark your calendars for Friday, 25 July, because Egyptian singer and rapper Mohamed Ramadan will be bringing the beat to the North Coast’s Porto Golf Marina. Ready to join the “Mafia”? You can grab your tickets from Ticketsmarché.

Ready to swim your way to glory? North Coast’s Ghazala Bay is hosting an open water sports festival on Saturday, 26 July, complete with open water swimming and a slew of family-friendly water activities. You can secure your spot through Ticketsmarché.

Pop-star Nancy Ajram and shaa’bi legend Hakim will light up the stage at Layali Marassi on Saturday, 26 July. The two megastars will be at the Address Beach Resort for a night of nostalgic hits and performances bringing together generations of music lovers by the beach. You can grab your tickets from Ticketsmarché.

How to freshen up your abode without breaking the bank

There’s no such thing as a bad time for a little shake-up. Whether it’s your job, your routine, or just staring at the same four walls every day, boredom creeps in fast. Sometimes, all you need to snap out of it is a small change to the space around you. Overhauls often prove costly, but what if they didn’t have to? In this week’s edition of The EnterpriseAM Guide, we’re looking at ways to change up your surroundings without breaking the bank.

#1- Declutter. First things first, get rid of what you don’t need, like those clothes you keep saying you’ll wear next year but never do, or that old chair in the corner you’ve been meaning to move. Decluttering often brings a sense of mental clarity, helping you envision the space you want to actualize.

Ask an expert: Several organizations can assist with disposing of old items. Companies like Bekia and Recyclebekia specialize in electronic waste, whereas Resala and Mersal can help out with pre-loved clothes.

#2- Rearrange your furniture. Once the clutter is out of the way, you’ll have a clearer idea on what you want to achieve. The next step? Rearrange your existing decor and furniture. True change doesn’t always require spending, but rather a fresh perspective. For example, you might want to move your desk next to a window for more natural light, shift a lamp to the living room for a different ambiance, or even shift rugs around.

Pinterest is your new best friend. The word treasure trove is often thrown around flippantly, but with Pinterest, it applies. Create a mood board for different ideas — of which you’ll find plenty for every room.

GO GREEN-

Plants of any kind instantly add warmth to any space. You can shop for a variety of different plants to give your home a fresh touch.

#1- Mashtal: One great option is Mashtal, a brand that offers a wide selection of houseplants — categorized by type. They also provide all sorts of gardening tools, seeds, and other supplies you might need.

PRICES- Mashtal’s selections start from EGP 30 and go up to EGP 1.4k.

WHERE TO BUY- You can order through their website.

#2- Kaynuna: Kaynuna is another great high-quality option that offers different houseplants categorized by where you’ll be placing them at home and how much sunlight they’ll be getting.

PRICES- Kaynuna’s prices start at EGP 50 and cap off at EGP 4.6k.

WHERE TO BUY- You can order through their website.

#3 - Shatla: Whether you’re looking for small decorative pots or thinking bigger, Shatla has everything you might need with an expansive selection of plants that vary in size, species, and needs.

PRICES- Shatla’s catalogue starts at EGP 95 and can reach up to EGP 10k.

WHERE TO BUY- You can order through their website.

LIGHT UP YOUR LIFE-

There’s a link between the kind of lighting that surrounds you and how you feel, at least that’s what some studies say. Yellow lighting adds warmth and relaxation, whereas colder lighting can keep you alert and awake. Knowing what kind of lighting to use and even mixing between both can go a long way in determining how you feel.

#1- Enarat offers a slew of decorative pieces, but focuses primarily on lighting fixtures in all their shapes and sizes — from nightstand lamps to chandeliers, and even light mirrors.

PRICES- You’ll find lighting fixtures anywhere between EGP 42 to EGP 26k.

WHERE TO BUY- You can shop through their website.

#2- Kandil: Looking for one-of-a-kind fixtures? Look no further than Kandil. Aside from offering lighting fixtures of all sorts, Kandil also offers reasonably priced home decor.

PRICES- Kandil’s products start at EGP 55 and can reach up to EGP 112k.

WHERE TO BUY- You can shop through their website, or by visiting one of their branches in Greater Cairo.

PRO TIP- You might also consider going on a day trip through El Attaba market in Downtown Cairo, or AlGame Square in Heliopolis, where you’ll find a slew of budget-friendly home lighting stores.

DECORATE, DECORATE, AND DECORATE

Sometimes even small additions to your space can make a big difference. Something as simple as a dream catcher or an inconspicuous vase with fresh flowers may help rejuvenate your surroundings with minimal effort.

#1- HomePro: HomePro is a promising brand when it comes to home accessories and supplies. The brand’s offerings are high-quality, and the shopping experience proves convenient. HomePro offers an expansive selection of vases and other trinkets.

PRICES- HomePro’s products will only set you back anywhere from EGP 90 to EGP 2.1k

WHERE TO BUY- You can order through their website, or by visiting their branches in New Cairo’s The Yard or Nasr City’s City Stars Mall.

#2- Efreshli: This platform is your go-to virtual destination for anything and everything home-furnishing. From wall decorations to scented candles, art prints, and pots, you’re guaranteed to find something you like.

PRICES- Efreshli’s home accessories selection starts from EGP 220 all the way up to EGP 35k.

WHERE TO BUY- You can peruse Efreshli’s selection through their website, or visit their branches in Zamalek and Arkan Plaza.

PRO TIP- If you want to sit back and relax, Efreshli also offers furnishing services that handle entire home renovations from start to finish if you’re aiming for a bigger transformation.

PRO TIP- If you have a knack for antiques, you definitely won’t want to miss out on Souq Diana, which is held every Saturday in Downtown Cairo. There, you’ll find truly unique pieces at affordable prices. Another tip? Dig deep to find the treasure — and make sure you’re there early.

CUT A RUG

When it comes to setting the tone for your space, rugs and carpets are often the last elements that come to mind. Yet a simple carpet can completely redefine the mood of any space.

#1- Kilim: When it comes to carpets, rugs, and kilims, Kilim has it all — in a slew of colors, textures, and patterns. Whether it's boho or Persian you’re looking for, you’ll find it at Kilim. The platform also offers home accessories at budget-friendly prices.

PRICES- Kilim’s prices start off at EGP 650 and can reach up to EGP 27k.

WHERE TO BUY- You can shop through their website, or by visiting one of their branches in Sheikh Zayed and Maadi.

#2- Ariika: Though its selection isn’t as expansive as other platforms, what Ariika offers is versatile, sleek, and pairs well with a variety of different aesthetics. Ariika is hailed as one of the leading home accessories platforms in Egypt, and boasts both high-quality and great design.

PRICES- Ariika’s prices can range from EGP 350 all the way up to EGP 32k.

WHERE TO BUY- You can shop through their website, or by visiting one of their branches in Sheikh Zayed,Downtown Katameya, CFCM, or at the North Coast’s Amwaj or Diplo.

What’s up, Superman?

? Welcome back, Superman. Guardians of the Galaxy director James Gunn is adding a twist to the DC Universe with his own take on Superman. In the latest adaptation, Gunn kicks off a new story that has already garnered widespread public approval, with theories linking the narrative to the ongoing war in Gaza.

The plot: The story begins three weeks after Superman (David Corenswet) intervenes to stop an aggression by the US-allied nation of Borovia against its neighbor Jarhanpur. The aggression is led by Borovia’s president, Vasil Glarcos (Ztalko Burić), who’s supported by super-tech company LutherCorp, owned by our protagonist’s biggest enemy, Lex Luthor (Nicholas Hoult).

An existential crisis. When the conflict between Superman and Luthor intensifies, the latter infiltrates Superman’s sanctuary in Antarctica. There, he succeeds in destroying most of the superhero’s robots, kidnapping his dog Krypto, and publicly broadcasting the message left to him by his parents when he was sent to Earth from Krypton. Superman then finds himself in a mental state that pushes him to question everything he had once believed.

Is Superman criticizing Israel? Many scenes carry significant political symbolism, hinting at the Israeli aggression on the Gaza Strip. The ambitions of Borovia are fundamentally colonial, aiming to divide the country between itself and Luthor. Many war scenes reflect what’s happening on ground in Gaza, with the displacement of children, women, and the elderly.

Ring a bell? A slew of users on social media shared their surprise at the resemblance between the character Glarcos and Israeli PM Netanyahu. While filmmakers have neither confirmed nor denied this theory, Gunn stated that the film is indeed political in nature. We’ll give it to the filmmakers — this was a bold move, and undoubtedly a courageous step for a Hollywood film with a wide global fanbase.

Narratively speaking, however, the events of the movie felt a little scattered, and the visual effects were akin to a video game. To be fair, though, the film did stay true to Superman’s comic counterpart, which perhaps justifies Hoult’s caricatured villainous performance. Despite criticism, the movie essentially greenlights a new phase within the DC universe, enabling its creators to break from the norm in an industry that never tires of repeating itself.

WHERE TO WATCH- Superman is screening at Vox Cinemas in City Center Almaza, Mall of Egypt, and Mall of Alexandria. You can also catch the film at City Stars Cinemas, Scene Cinemas at CFCM and District 5, Cima Arkan, and P90 Cinema. You can also watch the trailer on YouTube (runtime: 2:19).

A raw, emotional novella on Alzheimer’s

? What does it mean to lose your grasp on reality? In And Every Morning the Way Home Gets Longer and Longer, critically-acclaimed award-winning Swedish author of A Man Called Ove and Anxious People, Fredrik Backman, answers that question — and it’s an answer that will likely have you shedding a few tears.

In under 70 pages, Backman hits the reader with a literary uppercut, striking when you indeed expect it, with the knowledge that you’re not turning away. And Every Morning the Way Home Gets Longer and Longer follows an elderly man who struggles to piece together the memories of a lifetime, and with each passing moment, something slips away — a loss felt deeply by the reader.

Through the novella, Backman portrays the unforgiving nature of Alzheimer’s, framed as a conversation between grandfather and grandson on a park bench in a dreamscape symbolizing the state between memory and oblivion.

“It rained for a long time here when your Grandma died. I never quite got it back in order after that.” In this dreamlike state, the old man desperately tries to make amends with a past he’s quickly forgetting. He shares his deepest secrets with his grandson, shares a lifetime of regrets and lessons, and tries to make sense of the fragments of his history that are appearing — and disappearing — before his very eyes. Yet, this is no dreamscape, and there is no young boy, but rather a harsh reality masquerading as something sweeter.

Backman is a wordsmith, and this novella proves it. For many great writers, emotional impact of this novella’s extent is difficult to master, but Backman does it effortlessly. The writing is straight to the point, the dialogue is raw and unvarnished, and yet beauty remains present throughout the story.

The novella not only spotlights the struggles of those suffering from Alzheimer’s, but their loved ones too, who have to grieve someone who is still alive. If you find yourself in need of an emotional read that will have you reflecting on the meaning of life, you should look no further.

WHERE TO GET IT- You can grab a hardcover edition from Bibliothek, or buy the e-book on Amazon.

Gourmet burgers at Le Garage

? At Le Garage, burgers aren’t an afterthought, nor an easy way out. They’re treated with the reverence a true burger connoisseur knows they deserve. After all, Le Garage is one of El Gouna’s hottest dining destinations for a reason, and now that they’ve driven all the way to Cairo, it was only a matter of time before we got our hands on their signature patties.

At New Cairo’s Le Garage, all you need to do is sit back and enjoy the ride. You might mistake the burger destination for a dining establishment of a different nature. From its rustic ambiance to its wooden accents and dim lighting, burgers aren’t perhaps the first offering that comes to mind upon first glance — but these aren’t your average whoppers.

Come for the burgers, stay for everything else. At its core, Le Garage is an American diner with a menu brimming with all sorts of elevated — yet still hearty — diner classics. If you’re going for breakfast, you’ll find benedicts, bacon, hash browns, and French toast. If you’re craving a health-conscious meal, you’ll find goat cheese salads and creamy vegetable soups, and if you’re not down to get your hands messy, you can take your pick from a slew of mains — think schnitzels, salmon steaks, and prime beef cuts.

But let’s be real here, you’re there for the burgers — as you should. Le Garage’s burger menu leaves no craving unsatiated, whether on the portion or flavor front. There are the can’t-go-wrong-with classics, and then there are the ones you order when you’re feeling a little adventurous. Naturally, we opted for the latter. Quiet deliberation and a conversation with our server later, we ended up with the special truffle burger, the Hawaii burger, and the goat cheese burger. Needless to say, we weren’t disappointed.

Truffle takes the cake. It was a close call, yet truffle eventually reigned supreme. The burger bun was incredibly soft, the patty thick and juicy, the mushrooms fresh, and the truffle aromatic and flavorful without the downside of being overwhelming. Paired with a french fry (or five) between bites, it’s safe to say we felt as though we had hit the jackpot. The fried egg and pineapple-topped Hawaii, on the other hand, was somewhat of a polarizing choice — at first bite, we didn’t quite know how to feel, but we were quickly sold on the idea by bite number two.

When it comes to the goat cheese burger — topped with carmelized apples — you’ll either love it or hate it. If you ask us, it was a hit. But if you’re not used to goat cheese, which can often overpower, we’d suggest sitting this one out.

Our only regret? Not perusing the chicken burgers menu. With that said, we’ll definitely be going back for more. If you happen to be vegetarian, you’ll be glad to hear Le Garage serves up plant-based patties as well. While we haven’t tried them ourselves, we’re confident they’d be worth a shot. A friendly tip: do end your meal with an apple crumble cake — you’ll thank yourself.

WHERE TO FIND IT- Le Garage has two branches; one at New Cairo’s U Venues, and the other in Abu Tig Marina in El Gouna.

? Per person: EGP 900-1K

? Outdoor seating: Yes

? Alcohol: Yes

? Accessibility friendly: Yes

Virtual companions, real worries

? A love affair with a machine. Flesh and Code is a six-part docu-podcast produced by Wondery and presented by British Journalists Suruthi Bala and Hanna Maguire, whom you might recognize from viral true-crime show Redhanded. The podcast tells the story of a man called Travis, who gets into a relationship with Lily Rose, an AI companion from the Replika app.

The podcast is a poignant exploration of human relationships with AI from a psychological and ethical angle, touching upon the reality of those who have experienced digital attachment. The podcast tackles the subject with a narrative that is both analytical and emotional, contributing to the ongoing discussion on how humans should coexist with machines.

The second episode in particular caught our attention, showing the depth of the growing relationship between Travis and Rose. Their connection is disrupted by a storm of changes when Replika decides to remove its adult content category due to legal pressures in the UK. The relationship then shifts to purely automated speech, as Travis bitterly puts it.

The episodes — ranging from 30- 40 minutes in length — maintain a balance between human sensibility and journalistic analysis. The podcast stands out for its high production quality — and music — which creates a charged atmosphere, particularly when recreating conversations between Travis and his AI lover. The first and second episodes are available pro bono on various platforms, while episodes three to six are available exclusively to Wondery+ subscribers.

THE ENTERPRISE ENTERTAINMENT CALENDAR

? JULY

7-21 July (Monday - Monday): Bibliotheca Alexandrina’s book fair.

18 July (Friday): Paint and Breath at Downtown Cairo’s Consoleya.

18 July (Friday): Stephan Jolk and Adrien Apache at ESCĀ Beach Club.

18 July (Friday): Sharmoofers at Family Park.

18 July (Friday): Party on Wheels in Ramla.

19 July (Saturday): Hadi Birajakli, Autostrad, and Wust El Balad at CJC 610.

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

23 July (Wednesday): Revolution day.

25 July (Friday): Mohamed Ramadan at Porto Golf Marina.

26 July (Saturday): Open water festival at Ghazala Bay.

26 July (Saturday): Nancy Ajram and Hakim at The Address Beach Resort.

31 July (Thursday): Massar Egbari at El Sawy Culturewheel Theatre, Nile University.

AUGUST

1 August (Friday): The Martinez Brothers at Sol Beach.

1 August (Friday): Amr Diab at U Arenas.

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

7 August (Thursday): Peggy Gou at D-Bay.

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

8 August (Friday): All Day I Dream at ESCĀ Beach Club.

15 August (Friday): Marwan Pablo and Lege-cy at U Arena.

SEPTEMBER

4 September (Thursday): Al Mawlid Al Nabawi.

OCTOBER

6 October (Monday): Armed forces day.

7 October (Tuesday): Enterprise Egypt Forum 2025.

15 October (Wednesday): Scorpions concert at New Capital.

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

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

DECEMBER

19 December (Friday): DJ Tiësto at the Giza Plateau.

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IMF releases the long-awaited fourth review of Egypt’s loan program

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How to freshen up your abode without breaking the bank

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