Don’t tell your kids that sandbathing is actually a thing

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THE WEEK IN REVIEW

Lots of macro updates

Good morning, friends. As we approach two shortened workweeks and the final week of Ramadan, we hope your long weekend plans involve some much-needed relaxation and downtime.

REMEMBER- Banks are taking next Sunday, 16 April off to mark Coptic Easter (though it’s not a public holiday), while Sham El Nessim — which is a public holiday — will be on Monday, 17 April. Enterprise will be taking both days off and we’ll be back in your inboxes at the appointed time on Tuesday, 18 April. (Not that you needed reminding, it just feels good to say it out loud).

And the central bank has made it Eid official: The CBE confirmed yesterday that the 20-25 April (next Thursday to the following Tuesday) will be a banking holiday in observance of Eid El Fitr and Sinai Liberation Day. The announcement comes a day after the Manpower Ministry said the private sector will be taking those same days off.

If you are planning to travel, may we suggest a tour of some of Egypt’s best therapeutic spots to — literally — detoxify and treat your desk-induced pains? From mud baths, to hot springs and even sea water treatment, Egypt has been a natural healing hotspot since the days of Cleopatra. We break down some of these choice locations in today’s Enterprise Guide, below.

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-

With the IMF and World Bank Spring Meetings, the macro picture on Egypt continued to dominate the news cycle this week. Both have trimmed our growth outlook for the year, which wasn’t surprising, as both institutions see global growth slowing down. Let’s dive deeper into the numbers:

#1- Egypt’s growth outlook got another trim from the IMF: Egypt’s growth is expected toslow to 3.7% this year, the IMF said in its World Economic Outlook (pdf) report released on Tuesday. This is a 0.3 percentage point dip from its previous forecast in January.

The positive? We’re still ahead of the global growth forecast: The IMF left its assessments of the world economy largely unchanged, trimming its 2023 forecast by just 0.1 percentage points to 2.8%. This came with cautions of the risks of sticky inflation and rapid policy tightening on the global economy.

#2- Ditto the World Bank: The global lender now sees Egypt’seconomy growing at a 4.0% clipduring the FY 2022-2023, a downward revision from its October forecast of 4.8%, according to its MENA Economic Update (pdf). The World Bank still placed us among the top performers in the region, with only Djibouti expected to see higher growth among regional oil importers in 2023, at 4.4%.

ON THE INFLATION FRONT- Prices continued to accelerate last month with annual urban inflation jumping to 32.7% y-o-y in March, up from 31.9% the month before. Inflation now stands at its highest in five years.

On the brighter side — this was below analyst expectations. The median forecast in a poll of economists conducted by Reuters had inflation accelerating to 33.6% in March. Maybe we’ve reached the peak?

PRIVATIZATION WATCH-

#1- Could the Export Development Bank (EBank) be included in the state’s rebooted privatization program? The Madbouly government is reportedly considering it with preliminary studies underway. Adding the EGX-listed EBank would see the bank bring on board new investors via a capital increase, sources with knowledge of the matter have reportedly said.

#2- Round 4 of the Pachin bidding war: Dubai-based National Paint Holding has raised itsoffer for 100% of EGX-listed Paint and Chemical Industries (Pachin) to EGP 39.80 per share – a 5% increase from its previous bid of EGP 37.75. That gives Pachin a value of EGP 955.2 mn according to our math. NPH bid is 2% higher than that of rival bidder Eagle Chemicals, which is offering to purchase at least 75% of Pachin for EGP 39.00 per share. The FRA has extended the mandatory tender offer for Pachin until 2 May in line with public holidays.

There’s no word yet on whether Compass Capital will enter the fray. Word is that the company is still mulling it over.

BANKING-

High-yield CDs galore:Emirates NBD, United Bank of Egypt, Ahli United Bank (AUB), HSBC, Suez Canal Bank and National Bank of Kuwait Egypt were the latest private banks to follow the lead of state-owned banks NBE, Banque Misrand Banque du Caire with the launch of new certificates of deposit (CDs). The new CDs come in the wake of the Central Bank of Egypt’s decision last month to raise interest rates by another 200 bps.

YOUR MOST CLICKED LINKS-

As expected, the World Bank’s latest MENA Economic Update (pdf) got a lot of attention last week.
A lot of you checked out former CFO of Swvl Youssef Salem’s LinkedIn, following news of his resignation from the company.
The shuffle in Egypt Post’s board of directors also seemed to capture a lot of interest. (Statement)
The arrest of TikTok celebrity Salma Elshimy on charges of violating family values got attention. (France24)
As did private equity firm AfricInvest Group, after our friend Nadia El Tawil was appointed as investment officer at the company. (Website)

AROUND THE WORLD IN SEVEN DAYS-

WikiLeaks 2.0 dominated foreign press pages: The Pentagon launched a probe intoleakedUS military files that surfaced online, spilling details of everything from the war in Ukraine to American spying on allies in what some have called the most serious US security lapse since WikiLeaks. The Pentagon has not yet ruled out the possibility that some of the material is doctored or fictitious, but US officials now say they think the leak likely came from within the country rather than Moscow.

☀️ THE WEATHER THIS WEEKEND- We’re having a pleasantly warm weekend following a chilly week, with daytime highs of 29°C today and 32°C tomorrow. The mercury will fall overnight to 13-15°C over the weekend.

Naturally therapeutic spots to treat your ailments in Egypt

When it comes to hot springs and mud baths, move over Japan. Egypt is where it’s at: Scattered across Egypt are countless locations where natural healing traditions have long been practiced, drawing interest from visitors around the world seeking to treat moderate illnesses through natural, traditional methods. While some of these spots’ alleged healing characteristics have yet to see full scientific support, they still draw in hundreds of tourists every year — if not for the healing qualities, then for the scenic, relaxing experience and their charm. Today, we look at the various types of natural healing sites in Egypt and why they’re popular and it all starts with…

HOT SPRINGS-

Hot springs are abundant in Siwa: The mineral rich water contained in the some 200 springsin Siwa are thought to provide relief to people with gastrointestinal issues, gout, diabetes, rheumatism, high blood pressure and arthritis. The minerals present in the water, which can be absorbed through your skin, reduce inflammation, have pain-relieving properties, and promote relaxation that reduces stress and anxiety levels, and even induces better sleep. Most frequented among these bodies of water is Cleopatra’s pool, where the Ancient Egyptian queen was said to ritualistically soak in the warm bubbling waters of this hot spring.

FYI- Siwa is at the epicenter of natural healing sites in Egypt: Siwa is considered to be one ofthe most sought after locations for natural therapies in Egypt due to its high concentration of mineral-rich springs, sacred sand dunes and naturally occuring salt lakes. The remote oasis was notably a key destination for Ancient Egyptian royalty who often ventured out into the desert in search of spiritual guidance and medicinal care.

Check out some more hot springs over in Sinai: Supposedly visited by Moseson his way through Sinai, Hammam Mousa is one of the most popular hot springs on the peninsula. The spring can reportedly reach 200 degrees celsius and is popular for those seeking relief from rheumatism and musculoskeletal disorders.

You can find Hamam Pharaon closer to Cairo: Tucked away into the side of a small rock formation further north the Gulf of Suez is Hammam Pharaon. Part cave and part hot spring, the water contained at this site is claimed to reach temperatures as high as 92°Cand to be one of the most sulfurous hot springs in the world. Visitors typically bathe in Hamam Pharaon in search of relief from gastrointestinal issues and various illnesses targeting the skin, lungs and kidneys.

SOUND SMART- Sulfur hot springs are known to promote skin and respiratory health and provide pain relief, according to a research paper in the US National Library of Medicine.

The not so hot variety (with a pinch of salt): Siwa’s Al Tibtah lakes are another storiedattraction that have in recent years drawn more people in for a quick dip in its frigid, crystal clear waters. The extremely saline lakes are claimed to help treat a variety of skin problems and clear sinuses — though visitors are warned to limit their exposure to the water, as overexposure can lead to dehydration and heat exhaustion.

SAND & MUD BATHS-

Bake in the sun: Today, near Dakrour Mountain in the dead of summer, visitors can bathe in thescorching hot sand as part of a supervised multi-day treatment for rheumatism, infertility, joint pain and impotence. Visitors are buried neck deep in the sand for hours and are offered warm herbal beverages while taking periodic breaks in the shade of a tent. You cycle through this process several times throughout the course of the treatment, which can leave the skin raw and extra sensitive by the time you’re through. Some doctors have even recommended the trip to patients for back pain relief, Reuters noted.

SOUND SMART- The idea behind the sand bath is that the weight and heat of the sand can help increase blood flow and oxygenation to the body. The heat is believed to help reduce inflammation and pain in the joints and muscles, and the weight can provide a gentle form of massage that promotes relaxation and pain relief.

Mud baths in Wadi Assal, near Ras Sudr, are also a major attraction. The nutrient-rich mud on the banks of a coastal hot spring in Wadi Assal allegedly contains anti-inflammatory properties that people have long covered themselves with to treat arthritis, joint pain and muscular fatigue. Visitors also typically bathe in the hotspring for about 20 - 30 minutes after they’ve fully covered themselves in mud.

Black sand therapy in Safaga: The Red Sea governorate might be more widely known for its endless stretch of luxurious resorts, but natural healing practices can also be found in close proximity. In Safaga, sand-burying is a major draw for visitors seeking relief from arthritis, psoriasis and skin inflammation.

AND WHEN ALL FAILS, LOOK TO THE SEA-

Start out with some thalassotherapy at a hotel spa: A fairly new concept that emerged only in the 19th century, thalassotherapy is a kind of spa experience that emphasizes the sea and marine-based products in bathing, exercising and masking. Some claim that thalassotherapy can treat skin and respiratory illness as well as reduce pain and generally improve physical functioning. This kind of treatment can be found at several hotel spas along the Red Sea coast.

A twist on the classic mehalabeya + an epic novel about trees

POST-IFTAR INNOVATIONS-

There are a lot of glamorous Ramadan desserts out there, with (often unnecessary) innovations coming out every year. While we are growing tired of the biscuit spread and melange of desserts that we see every year, we’re still big fans of modern interpretations of classic desserts, like om Ali made with palmier biscuits or tres leches with rosewater or pistachio.

We have two variations of one such dessert for you today: Mehalabeya bil tamr and mehalabeya bil mishmish. They’re simple, delicious, and easy to make.

Ingredients for mehalabeya base:

2 cups milk
2 cups whipping cream
8 tbsp granulated sugar
4 tbsp cornstarch (add more if needed)
Vanilla extract to taste

Additional ingredients for tamr version:

200g ‘agwa (we used Al Tahhan)
Around 10 dates for the garnish
Granulated sugar
Cinnamon
10g butter

Additional ingredients for mishmish version:

Dried apricots (washed and dried)
1 cup water
1 cup granulated sugar
Vanilla extract to taste

⏲ Cooking time:10 minutes

Instructions for mehalabeya bil tamr:

Mix all the ingredients for the mehalabeya base together in the pan before turning on the heat.
Let the mixture boil and simmer for a few minutes while stirring constantly.
Add the stick of ‘agwa and stir until melted.
Once everything is combined and the mixture starts to thicken, pour out into a circular dish or into ramekins.
While they cool, cut up the dates into quarters and pan-sear in butter.
Once slightly cooled, coat the date pieces in sugar and cinnamon.
Add garnishes on top.

Instructions for mehalabeya bil mishmish:

Mix all the ingredients for the mehalabeya base together in the pan before turning on the heat.
Let the mixture boil and simmer for a few minutes while stirring constantly.
Once everything is combined and the mixture starts to thicken, pour out into a circular dish or into ramekins.
While they cool, mix a cup of water with a cup of sugar and bring to a boil.
Add vanilla.
Add the cut up pieces of dried apricot and add to the syrup.
Once the syrup starts to thicken, turn off the heat.
Once cooled, garish with the pieces of mishmish and leftover syrup.

If you want a richer mehalabeya, you can customize the milk-to-cream ratio as you please. It can also go the other way around if you want to defeat the purpose of dessert and make it a little healthier.

? FROM THE BOOKSTORE-

Step aside, Jeff VanderMeer. We have another great piece of environmental fiction — only this one is a little less creepy: The Overstay by Richard Powers tells the story of several people and families whose narratives and lives are centered around the trees they’ve interacted with. Think the eponymous Yacoubian Building or the village of Macondo from Gabriel Garcia Marquez’s epic 100 Years of Solitude. Powers weaves together these disparate narratives to create a sweeping epic that explores humanity's relationship with nature. The book has been hailed as a game-changer in the world of environmental literature, winning the Pulitzer Prize in Fiction, the William Dean Howells Medal, and was shortlisted for the Man Booker Prize (for non-literary nerds, that’s a big thing).

But be warned: The book is far from a beach read, it’s a hefty tome. It is also not afraid to get a little preachy, so if you’re not prepared to be shaken out of your apathy and forced into caring about the world around you, then this isn’t for you.

WHERE TO FIND IT- You can find your copy of this critically-acclaimed novel at any Diwan Bookstore branch near you, or you can order it onlinehere. If the book really got to you and you want to save the trees, you can download theKindle version instead.

? HOT AND FRESH OUT OF THE KITCHEN-

Back to basics:Arabiatais a hallmark of Egyptian culture. The Korba branch has been open since 1948, and after expanding all over Cairo, it now has branches open in Saudi Arabia and Kuwait. We’ve all been there hundreds of times, whether intentionally or not, and you probably already know your order by heart. This week’s target audience is anyone willing to explore beyond their staples for a classic suhoor.

WHAT TO ORDER- Ask for the Amati sandwich with extra coleslaw salad. Amati taameya are smaller, bite-sized versions of regular taameya, which makes the crunch-to-fluff ratio more balanced. The coleslaw isn’t mixed with mayo, so the freshness of the vegetables balances the taameya’s heartiness. Match it up with a creamy, flavorful, nourishing fūl. Pro tip: The signature Arabiata fūl sandwich tastes infinitely better than your regular old ful with olive oil with some boiled eggs mashed right into it. The richness of the yolk adds an extra dimension to the fūl’s creaminess, and the firmer egg white stops it from becoming too overwhelming. It’s a match made in heaven.

? Per person: EGP 20-100

? Outdoor seating: Yes

? Accessibility friendly: Yes

Yearn over good food while you fast with this educational culinary show

One for the foodies and history buffs:The History of Food is a feast for the eyes (pun most definitely intended) that explores the history and cultural significance of some of the world's most beloved foods, from pizza and tacos to sushi and chocolate. Through fascinating interviews with food experts and historians, the series delves into the origins of these foods, the ways in which they have evolved over time, and their impact on global cuisine — with excellent cinematography to cap it off. The five-part docuseries is a well-researched and visually stunning documentary series that will leave you with a newfound appreciation for the role food has played in shaping our world.

While it is a lot to digest(no, we’re not sorry for the puns) it’s worth the commitment. The documentary doesn’t shy away from the dark side of food history, and delves into topics like colonization, slavery, and industrialization, which are all important parts of our food story but aren't always pleasant to think about.

WHERE TO WATCH- The series is available onCuriosityStream, a streaming platform dedicated to documentaries that you can access for USD 4.99 a month.

Lost in the web: A guided tour into the depths of Wikipedia

Falling down an internet rabbit hole is almost a rite of passage in this day and age,whether you’re mind numbingly flicking through thousands of videos on YouTube or spending hours clicking through shady Wikipedia pages. In this episode of the Reply All podcast, hosts PJ Vogt and Alex Goldman take a deep dive into the weird and wonderful world of Wikipedia along with producer Kim Nederveen-Pieterse and strange Wikipedia page enthusiast Annie Rauwerda, taking listeners on a short tour of some of the most interesting pages. The episode (aptly titled “Into the Depths”) takes us through pages that explain scientific phenomena like “cute aggression” — when people experience both positive and negative reactions to positive stimuli, specifically cuteness — to pages that explore the bizarre existence of Pittsburgh toilets, which are functioning toilets installed in the middle of a home basement, just completely exposed to the expanse of the room. Why Wikipedia pages? To show that there is a method to the madness that is internet rabbit holes.

The Reply All podcast, which was sadly discontinued last year, has a wealth of other episodes diving into different online phenomena, from the rise of internet scams to the secret lives of Instagram influencers. The show is known for its engaging storytelling and irreverent humor, and is an “unfailingly original exploration of modern life and how to survive it,” The Guardian wrote.

WHERE TO LISTEN- Lucky for you, this series is popular enough to be available everywhere, including Spotify, Googleand Apple Podcasts, andGimlet.

THE ENTERPRISE ENTERTAINMENT CALENDAR

APRIL

14 April (Friday): Hazem Shaheen concert at 9pm, Rawabet Art Space.

14 April (Friday): Egyptian Project live performance at 9pm, Skas Restaurant, El Obour.

15 April (Saturday): Nesma Medhat folk storytelling performance at 8pm, Maq’ad of Sultan Qaitbey.

15 April (Saturday): BigBang stand-up comedy night at 8:30pm, Room Art Space and Café.

16 April (Sunday): Coptic Easter — banking holiday.

16 April (Sunday): Irtigalia improv performance at 9pm, Room Art Space and Café.

17 April (Monday): Sham El Nessim.

20-25 April (Thursday-Tuesday): National holiday in observance of Eid El Fitr and Sinai Liberation Day.

21-26 April (Friday-Wednesday): LaLiga Egypt Football Camp, Xanadu Hotel, Makadi Bay, Hurghada.

22 April (Saturday): Eid El Fitr (TBC).

22 April (Saturday): Iftour iftar and Downtown tour 5:30pm, Downtown Cairo.

25 April (Tuesday): Sinai Liberation Day.

MAY

1 May (Monday): Labor Day.

1 May (Monday): Backstreet Boys at 7pm, ZED East, New Cairo.

4 May (Thursday): National holiday in observance of Labor Day (TBC).

12-15 May (Friday-Monday): Egypt Fashion Week.

JUNE

10 June (Saturday): Thanaweya Amma examinations begin.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY

18 July (Tuesday): Islamic New Year.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

SEPTEMBER

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER

6 October (Friday): Armed Forces Day.13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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