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THE WEEK IN REVIEW

Central Bank of Egypt cuts interest rates by 225 bps

Happy Easter, everyone. The public and private sectors are getting two days off next week — Monday for Sham El Nessim and Thursday for Sinai Liberation Day. Bankers will also be taking the two days off in addition to Sunday in observance of Coptic Easter.

That includes us too: EnterpriseAM Egypt will be taking a break from your inbox on Sunday, Monday, and Thursday next week.

Tired of your smartphone monopolizing your time with a constant stream of notifications and distractions? In today’s hyperconnected world, the ultimate luxury isn’t the latest smartphone — it’s the freedom from one. Transition to a simpler mode of communication, eliminate all the digital noise, and reclaim your focus by downgrading to a dumb phone (maybe only part-time).

LAST WEEK IN 3 MINS-

ECONOMY-

The Central Bank of Egypt cut interest rates by 225 bps in its second meeting of the year on Thursday, the bank said in a statement (pdf). The move marks the Monetary Policy Committee’s first change to the policy rates since March 2024, following seven consecutive meetings where rates were held steady. “The sharp decline in annual headline inflation” in 1Q 2025 created “ample room for commencing the easing cycle,” the bank said.

Where rates currently stand: The overnight deposit rate stands at 25.0%, the overnight lending rate at 26.0%, and the main operation and disc. rates at 25.5%.

Most analysts saw this coming: Most economists and analysts we polled this week expected the MPC to cut rates by at least 200 bps, while others gave a more conservative estimate of a 100 bps cut.

Annual headline urban inflation hit 13.6% in March, marking an 0.8 percentage point increase from the 12.8% recorded in February and ending a four month-long downward trend. On a monthly basis, inflation edged up by 0.2 percentage points to 1.6%.

Food and beverage price inflation drove the trend, with the segment rising 2.9 percentage points to 6.6% in March.

Remittances from Egyptians abroad continued their upward pace at the start of the year, rising 83.2% y-o-y to USD 2.9 bn in January — the highest figure ever recorded during the month. The numbers are similarly positive in the longer term, with the first seven months of the current fiscal year having seen an 81.0% y-o-y increase in remittances to some USD 20 bn. Remittances are also expected to continue increasing throughout the year, with Morgan Stanley forecasting USD 32 bn in inflows by the end of the fiscal year.

S&P Global Ratings trimmed Egypt’s outlook to stable from positive and maintained its B-/B rating for Egypt’s long- and short-term local and foreign currency debt. The ratings agency pointed to high debt-servicing costs and a still-vulnerable external position amid heightened global market volatility and geopolitical risk.

Fitch Ratings also maintained its stable outlook for the country’s credit rating at B — five notches into junk territory.

LEGISLATION-

The House passed Egypt’s long-awaited Labor Act after years of back-and-forth between the government, parliament, business groups, and labor unions. The law makes open-ended contracts the default, sets minimum annual raises at 3% of insured wages, introduces modern work formats including remote and part-time work, and sets forth provisions for work hours and leave entitlements, among a raft of other regulations.

INVESTMENT-

President Abdel Fattah El Sisi wrapped his Qatar trip with a big investment agreement, which saw the Gulf state further cement warming relations by agreeing to work towards a USD 7.5 bn package of direct Qatari investments in Egypt in the near future. The announcement — which didn’t provide any further details of the investment plan — followed talks between El Sisi and Qatari Emir Sheikh Tamim bin Hamad Al Thani.

M&A WATCH-

Private equity giant Development Partners International (DPI) has taken overmanagement of Nclude’s USD 105 mn in AUM under a fund restructuring transaction between the Africa-focussed firm and the local fintech-focused VC. As general partner, DPI will both run Nclude’s existing investments and make investment decisions going forward.

DPI taking over Nclude is a significant vote of confidence in the Egyptian economy. The London-based PE firm is a no-BS investor that has AUM of c. 3.1 bn and co-investments across three funds in Africa. That includes some USD 850 mn it has invested here over the last decade in big local names including MNT-Halan and Kazyon.

FINANCE-

The Industry Ministry launched the first phase of a new EGP 30 bn financing initiative offering reduced 15% interest rates to seven priority industrial sectors. The initiative will target pharma, food, engineering, chemicals, textiles, mining, and building materials private sector projects and cover machinery, equipment, and production lines at the discounted rate for five years.

BUDGET WATCH-

Finance Minister Ahmed Kouchouk delivered his budget statement to the House, giving us the first proper look at the draft state and public government budgets for the next fiscal year.

Interest spending is set to make up the majority of the government’s total expenses with some 50.2% of its total spending (EGP 2.3 tn), with subsidies coming in second place with 16.2% (EGP 742.5 bn). This is followed by wage payments (14.8%) with EGP 679.1 bn allocated.

As for subsidy spending:

Food subsidies will total some EGP 160 bn;
Subsidies on fuel products are set to come in at EGP 75 bn — down from EGP 154.5 bn in FY 2024-25;
Electricity subsidies will come in at EGP 75 bn;
Subsidies on the Takaful and Karama program will make up EGP 54 bn;
Healthcare subsidies will make up EGP 15.1 bn;
Housing subsidies for low-income people will make up the remaining EGP 13.6 bn.

Key projections for FY 2025-2026:

Real GDP growth is expected to accelerate to 4.5%, up from an estimated 4.0% in FY 2024-25
The primary surplus will reach 4.0% of GDP, up from 3.5% projected for the current fiscal year.
Public revenues will rise 23.0% y-o-y to EGP 3.1 tn.
Expenses will climb 19.2% y-o-y to EGP 4.6 tn.

Key allocations: The government has allocated EGP 617.9 bn to the healthcare sector, EGP 684.8 bn for pre-university education, EGP 358.3 bn for higher education, and EGP 173 bn for scientific research.

The Finance Ministry has more than doubled its program for international debt issuances in the draft budget for the next fiscal year to a total of EGP 400 bn (USD 8 bn), up from EGP 150 bn (USD 3 bn) in the current fiscal year. The draft budget prices the USD at EGP 50.

But “Egypt does not necessarily have to complete all of these debt issuances, as it will largely depend on global market conditions,” a government source told us. The government expects to issue nearly USD 4 bn in debt during the next fiscal year.

CAPITAL MARKETS-

Beltone Holding has completed its second massive capital increase, bringing its total paid-in capital to above EGP 21 bn. The capital raise was 98% covered in two subscription rounds, raising EGP 10.5 bn. The majority of the capital increase was covered by foreign investors.

Use of proceeds: Beltone will use the fresh capital to fuel expansion across its platforms, with a focus on entering high-growth markets, ramping up digitally scalable capabilities, broadening its product suite, and attracting top-tier talent.

WHAT’S HAPPENING NEXT WEEK-

The IMF and World Bank’s spring meetup will get the ball rolling on Monday amid the global economy grappling with mounting trade tensions and tariff escalations. The six-day 2025 Spring Meetings of the IMF and World Bank Group will bring together policymakers, central bankers, economists, private sector leaders, and others to discuss what the year ahead holds.

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-

The global tariff war is continuing to lead the news cycle across the global press. An anitrust trial against Meta and the resumption of negotiations between the US and Iran were also among the biggest headlines this week.

US President Donald Trump dealt a big blow to Big Tech after giving them a brief respite brief respite for a day by exempting consumer electronics from his new tariff regime. He later signaled that smartphones, chips, and other consumer electronics will be subject to separate levies following a national security probe into the sector. US commerce secretary Howard Lutnick said the new tariffs could come in a month or two.

Trump floated yet more tariffs, this time on the critical minerals supply chain as well as chips and pharma.

US stocks had a tough time, with US Federal Reserve Chair Jerome Powell’s warnings about the impacts of tariffs on inflation prompting a broad-based sell-off that pushed the S&P 500 down more than 2%, and the Nasdaq down 3.1%. Powell hinted at higher inflation and slower growth on the back of the new tariffs in remarks for the Economic Club of Chicago, and signaled that the Fed will be in no rush to cut interest rates.

ALSO GETTING ATTENTION- Meta CEO Mark Zuckerberg took the stand in an antitrust trial that accuses it of building a social media monopoly and could force the company to sell off Instagram and WhatsApp.

CLOSER TO HOME- The US and Iran were back at the negotiating table: Tehran and Washington held their highest-level indirect talks in years on Saturday in Oman, marking a potential shift in a long-running standoff over Iran’s nuclear program. Both sides described the two-hour session — mediated by Omani officials — as “constructive” and agreed to resume talks on the weekend. US envoy Steven Witkoff and Iranian Foreign Minister Abbas Araghchi reportedly discussed a framework for a possible agreement aimed at scaling back Iran’s uranium enrichment activities in exchange for limited sanctions relief.

☀️ THE WEATHER THIS WEEKEND-

We’re expecting warmer weather and mostly-cloudy days this weekend, with today’s temperature rising to 32°C throughout a breezy day, and cooling down to 15°C at night. Our favorite weather app predicts a cloudier but even warmer day tomorrow, with the mercury currently predicted to rise to 32°C throughout the morning before dipping down to 17°C at night.

HAPPENING THIS WEEKEND-

Massar Egbari will hit the stage tonight in Sheikh Zayed: The band is bringing their signature sound and fan favorites to Teatro Arkan on Friday, 18 April. The concert kicks off at 8pm, and tickets are available now on TicketsMarche.

Film aficionados, get ready to walk through 100 years of Egyptian cinema. Tomorrow, Qahrawya will tour through famous shooting locations, old cinemas, and the film studios of yore to help us appreciate the magic of vintage films and the great work studios are doing today. You can find more details on their Facebook page, or use the link in the event bio to register.

HAPPENING NEXT WEEKEND-

Tamer Ashour on the ZED stage. Get ready to see Tamer Ashour on the big stage at ZED Park in Sheikh Zayed City on Friday, 25 April starting at 8pm. Tickets are available on Tazkarti.

Society of Play + Al Zomra = Easter Breeze. Head to Uptown Cairo on Saturday, 26 April at 12pm to celebrate Easter with outdoor picnics, grill stations, egg painting, pottery, musical activities, and a golden egg hunt. You can reserve your spot on TicketsMarche.

The practical guide to a digital downgrade

You know the spiel: smartphones have become indispensable extensions of ourselves — always present, constantly demanding attention, and… increasingly expensive. The main driver behind burnt-out professionals downgrading to simpler devices was historically peace of mind, but in the light of the US tariffs threatening electronics manufacturing prices that will echo in Egypt, now may be the best time to spare yourself — and your wallet — the headache of hyperconnectivity.

WHY TO DOWNGRADE

Digital downgrades aren’t about rejecting technology entirely. It’s about fostering a healthier relationship with technology by choosing tools that serve specific purposes without the constant distractions and dependencies that come with all-in-one devices.

Hyperconnectivity has been linked to many of our modern day ailments. There is growing evidence that our constant connection is negatively impacting our mental health. The average person checks their phone at least 58 times per day, leading to severe attention fragmentation. Sleep disruption is another major side effect of technology use — blue light exposure and nighttime notifications interfere with good quality sleep. Studies have consistently linked heavy smartphone use to increased rates of anxiety and depression both in adults and children.

Perhaps most concerning is that constant digital distractions prevent us from fully engaging with the world and people around us. Psychotherapist Salma Tarek (LinkedIn) had previously told us that people who use technology excessively might experience anxiety from the constant barrage of stressful news circulating online. It can also make it difficult to regulate your emotions, which can impact the quality of your social interactions and sense of connection, says Tarek. This might end up making you feel less satisfied and fulfilled in the long term.

HOW TO DOWNGRADE

The philosophy of digital minimalism suggests using technology more intentionally by asking whether the tools we’re using help us fulfill our values or work towards our goals. Many smartphone features — like social media, if you can believe it — began as helpful tools before evolving into attention-grabbing mechanisms designed to maximize engagement rather than wellbeing. Downgrading allows you to regain control over which technologies you allow into your life, and how they serve you.

#1- ASSESS YOUR NEEDS: Before making a radical commitment to change, spend a week making note of how you use your smartphone. Which functions are truly essential for your work and personal life? Which are only habitual time-sinks? Common essential functions typically include basic communication through calls and texts, navigation, and photo-taking (but not constant documenting). Calendar and scheduling tools as well as some communication apps are added to the mix for those who use their personal phone for work.

#2- CHOOSE YOUR PATH… There’s more than one way to declutter your digital life. The first of three options is the most radical — making a complete switch to a feature phone. Modern “dumb phones” are phones with limited options that focus on primary functions like making calls, sending texts, and basic multimedia features, and typically don’t offer app stores or any third-party apps. The Light Phone (in any of its three models), Punkt, and the Nokia 2780 Flip (remember flip phones?) are all currently popular choices for people ditching hyperconnectivity.

But this may not be the full-time phone for you. Unless you enjoy being off the grid, you can save this phone for weekends and vacations. While many of them offer basic internet access and email, some of us need more hands-on connections and digital services in our day-to-day lives, which leads to the second option…

A two-device solution: Using a dumb phone during your downtime can be a great alternative to just ditching your phone during a digital detox — it lets you disconnect from the digital world without completely making you unreachable. And remember when batteries lasted longer than 0.75 days? The limited functionality of these phones translates to a significantly longer battery life, meaning you don’t have to walk around with a charger or rush home because you’re at 1%.

#3- …OR FORGE A NEW ONE: Not ready for a new device? Say hello to option three. You can gradually reduce your smartphone’s hold on your attention and time manually — if you’ve got the willpower.

Remove social media apps and notifications that trigger compulsive checking, or use app blockers and screentime limits — and more extreme versions, like the Unpluq Tag — to create boundaries for digital consumption. This will help cut back heavily on the pitfalls of owning a smartphone. Can’t bring yourself to delete the apps completely? Remove them from your home screen. This creates a minor barrier to entry that stops you from mindlessly clicking on whatever is available on your screen.

Implementing intentional phone-free periods — like during meals or the first and last hours of the day — can also help break the habit of constant checking, and help you adjust to decreasing stimulation while keeping essential tools accessible.

Gray out your display: Enabling grayscale mode in your accessibility settings has been proven to cut back on scrolling. Removing the dopamine-triggering colors on your screen makes doomscrolling for hours significantly less appealing.

Aggressively use Do Not Disturb: Set specific hours when only important contacts and notifications can reach you.

THE DRAWBACKS OF DOWNGRADING (AND HOW TO ADDRESS THEM)

When you’re used to the ease of access of modern software, putting your apps just out of reach is huge. There’s no way around the reality that you will lose access to certain conveniences — but you may be surprised to find workable alternatives.

#1- THERE’S A DESKTOP APP FOR THAT: For those who rely on their phones to communicate with family and friends and plan on ditching their smartphone completely, Whatsapp, Signal, FaceTime, and iMessage are all accessible through their respective desktop apps. This holds true for banking, food delivery, and music — the trick is to accept the loss of instant access.

#2- GPS: Some cars have built-in navigation tools, and some of the proposed dumb phones, like the Light Phone III, have simpler versions of tools like Google Maps that you can use. The dreamers among us may be able to tap into the romance of getting lost, but don’t let that stop you from using this as a chance to sharpen your geographical acuity — habitual use of navigation tools has been linked to faster declining spatial memory.

#3- ENTERTAINMENT: The move towards (or back to) single-purpose devices has already been set in motion. Gen Z has increasingly become more interested in older technologies, and the comeback of (second-hand) music players and digital cameras marks more than nostalgia — people value the intentional use of technology, and are shying away from default fillers for every idle moment. Once you put your phone down, you’ll be happy to rediscover old radios, books, and even handheld video games. Your backpack will get heavier, but your attention span will thank you.

WHAT TO EXPECT-

The first few weeks will likely be challenging as your brain adjusts to the absence of constant stimulation. Common experiences include phantom phone checking — looking for apps that aren’t there or for notifications that won’t come, boredom during moments you could fill with mindless scrolling, like waiting rooms or public transit — this is where single-purpose technology can help, or experiencing FOMO. Most users who made the transition recommend that you give yourself 30 days to adjust before evaluating the experience, with most reporting that these “withdrawal symptoms” subside significantly after 2-3 weeks and the brain adapts to new patterns and discovers alternative ways to engage with the world.

You may feel resistance from friends, family, or colleagues accustomed to your immediate availability. To manage their expectations, clearly communicate your accessibility going forward so that those important to you know how and when to reach you and expect responses. Consider setting up intentional check-in times for important updates with family members or close friends who might worry about not hearing from you. Just like the good old days.

If your job requires smartphone access, your downgrade will need some thoughtful adaptation. Consider keeping a work-only device with no or minimal personal apps installed — this creates a clear boundary between professional accessibility and personal time, which you probably already need.

Belly laughs in Siko Siko

🎥 If you haven’t watched Siko Siko yet, it’s not too late. This Eid film stars Essam Omar and Taha Desouky, is written by Mohamed El Dabbah of Beit El Ruby fame, and directed by Omar El Mohandis, known for the Balto series. Since its release over Eid, this comedy has topped the silver screen stats, grossing EGP 103 mn and proving that good humor still drives the box office.

The inheritance scheme: Yahya (Omar) and Selim (Desouky) are estranged cousins with a deeply rooted strained relationship. They reunite at the office of family lawyer Soliman (Soliman Eid), where they learn their uncle has died and left them a substantial inheritance of EGP 15 mn. The catch? It involves circumstances that may or may not violate local laws, putting them in a risky position — and naturally, plenty of comedic situations — as they try to claim it.

The film succeeds through its young talent, both on-screen and behind the camera. With a compelling story that naturally incorporates humor without forcing it, the cast delivers 90 minutes of sharp comedy that’s been absent from screens lately. The work showcases the talents of the young director and writer, who jointly present a fresh approach to comedy — one that is situational rather than born of exaggeration or shock value.

WHERE TO WATCH- Siko Siko is currently screening at VOX Cinemas in City Center Almaza and Mall of Egypt, Citystars, Scene Cinemas in Cairo Festival City and District 5, Zawya, and Cima Arkan. You can watch the trailer on YouTube (runtime: 2:16).

Facebook, exposed

📚 Who doesn’t love an old fashioned exposé of the rich and powerful? Careless People:A Cautionary Tale of Power, Greed, and Lost Idealism is exactly that — a gripping insider account from Sarah Wynn-Williams, a former Facebook executive who lifts the lid on the tech giant’s most morally murky chapters.

The memoir charts her journey from idealistic policy advisor to disillusioned insider, offering a front-row seat to Facebook’s failed courtship with China, its role in fueling ethnic violence in Myanmar, and the internal rot that allowed misconduct to fester unchecked. But this isn’t just a takedown — it’s also a story of slow awakening, and the personal cost of staying silent too long.

Wynn-Williams writes with clarity and bite, capturing the tension between ambition and ethics in a system built to reward neither curiosity nor dissent. It’s a cautionary tale for anyone who’s ever told themselves they’re one of the “good guys” — and a sharp reminder that complicity rarely comes down to a single moment — it’s a thousand quiet decisions not to speak up.

WHERE TO GET IT – Careless People is available as an ebook on Amazon.

Dessert is an art

🍪 Weirdough has elevated the humble cookie to an art form. It’s not often you find an establishment with enough diverse flavors of one product to satisfy every craving — but Weirdough has pulled exactly this off at their charming location in Sway Mall.

Their standout is undoubtedly the whipped coffee cookie. This treat combines the chocolate chip cookie dough we all know and love with whipped coffee cream, and a chocolate biscuit that helps balance the flavors. Another that deserves special mention is the peanut butter chuncookie, an interesting combination of both texture and flavor — the peanut butter cookie dough contains additional chunks of peanut pieces within.

Ready to throw in the oven: If you’re at home and craving something to sweeten your palette, we’d recommend the s’mores and chocolate lava cookies. Both are best eaten when pre-heated — warming up the s’mores cookie adds one more campfire element, and heating up the chocolate lava activates the melted center.

You can find mindful indulgences: Whether ordered individually, or as a collection in a box, their “freakies” cookie bites are made with alternative ingredients that will still satisfy your sugary cravings while being kind to your body. These treats are sugar-free, gluten-free, and include vegan variants of the original menu.

A destination, not just a stop: What makes Weirdough different from the typical grab-and-go bakery is the inviting atmosphere. The space welcomes you to bring friends or family together to savor their selections alongside a delicious cup of coffee.

💵 Per person: EGP 300-400

🪑 Outdoor seating: Yes

🍺 Alcohol: No

🦽 Accessibility friendly: Yes

Just hanging out with friends on Ishteri Menni

👂 Three friends — comedians Abdulrahman Mohamed, Badr Nour, and Gamal Ramzy— host this light, low-stakes podcast, currently in its eighth season. This show serves as a space for the discussion of topics ranging from art and sports to everyday life stuff — it feels like just hanging out with a group of friends. Occasionally, they’ll bring in interesting guests or film special interactive episodes in front of a live audience.

Going global, and beyond: The gang’s fame came after they invited footballer Ahmed “Mido” Hossam in a standout episode that has proved to be a fan favorite. Mido opens up about his childhood, discusses his journey into professional soccer, and his current coaching career, and shares some humorous stories that involve well-known celebrities in Egyptian football. On the off chance you’re not a football fan, you’ll still find yourself thoroughly entertained.

Long episodes that are never boring: Despite the length of the episodes — which can sometimes exceed two hours — the presenters maintain a light, entertaining tone punctuated by off-the-cuff humor that keeps listeners engaged. If you’re looking for something to entertain yourself with and a bit of laughter, Ishteri Menni. Pun intended.

WHERE TO LISTEN- Ishteri Menni is available on Apple Podcasts, Spotify, Anghami, and YouTube. You can also find the seventh season on Shahid.

THE ENTERPRISE ENTERTAINMENT CALENDAR

APRIL

6-30 April (Sunday-Wednesday): More Than Just A Word art exhibit at Nout Gallery in Zamalek.

8-30 April (Tuesday-Wednesday): Faces of the Margin art exhibition.

18 April (Friday): Massar Egbari concert at Teatro Arkan.

19 April (Saturday): Cosmos Film Tour by Qahrawya.

25 April (Friday): Tamer Ashour concert at ZED Park, Sheikh Zayed.

MAY

2 May (Friday): Skrew Official Tournament at the Boom Room.

3 May (Saturday): Enrique Eglesias at the Rixos Radamis in Sharm El Sheikh.

9 April (Friday): The Grand Show: Omar Khairat at Qubba Palace.

21-31 May (Wednesday-Saturday): Disney On Ice at Cairo International Stadium.

30 May (Friday): Adam Port at the New Administrative Capital’s Green River.

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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Central Bank of Egypt cuts interest rates by 225 bps

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The practical guide to a digital downgrade

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