Dream destination

1

THE WEEK IN REVIEW

TMG’s SouthMed rakes in USD 4.2 bn of sales in six days

Good morning, friends, and happy long weekend. We hope you enjoy a well-earned break with family and friends.

Dreaming of the ultimate vacation this summer? Bring out your map, as we’ve curated a selection of top destinations both in the Northern and Southern hemispheres. Whether you’re looking to escape the heat or find a cool retreat, your perfect getaway awaits.

LAST WEEK IN 3 MINS-

REAL ESTATE-

TMG’s North Coast debut breaks records: Talaat Moustafa Group (TMG) announced its first project in Egypt’s North Coast, a 23-mn square meter project with investments of around EGP 1 tn (c. USD 21 bn). The project garnered reservations worth EGP 200 bn (USD 4.2 bn) in the six working days after its launch, making TMG “the fastest and top selling company of a single project launch in the MENA region.”

ECONOMY-

#1- Annual inflation eased for the fourth month in a row in June: Annual urban inflation cooled to 27.5% in June, down from 28.1% in May. The drop came despite a slight increase of food inflation to 31.9% y-o-y in urban areas, according to figures from state statistics agency Capmas.

Monthly inflation rose again after a surprising decline in May: On a monthly basis, urban inflation recorded 1.6% m-o-m in June after it saw its biggest decline since June 2019 in May.

Core inflation: Annual core inflation — which excludes volatile items such as food and fuel — also slowed to 26.6, down from 27.1% in May, according to data from the Central Bank of Egypt.

#2- Business activity just shy of growth in June: Egypt’s non-oil private sector activity picked up to its highest level in nearly three years in June, with companies seeing a rise in order volumes for the first time in three years due to easing price pressures and stabilizing economic conditions.

Almost growing: The index edged up to 49.9 in June, up from 49.6 in May, settling marginally below the 50 threshold that separates growth from contraction — an indication of “broadly stable operating conditions at the end of the second quarter.” The reading was the country’s highest in three years and marked the 43rd straight month that Egypt’s non-oil private sector has been in contraction.

FX-

#1- FX reserves reach new high: Net foreign reserves increased by USD 258 mn in June to just under USD 46.4 bn, surpassing the previous record high of USD 46.1 bn recorded in May. Credit rating agency Fitch Ratings expects Egypt’s foreign currency reserves to reach USD 49.7 bn in the current fiscal year and USD 53.3 bn in the next.

#2- Remittances from Egyptians abroad surged 73.8% y-o-y in May to USD 2.7 bn. On a monthly basis, remittances increased for the third consecutive month, rising 26.6%.

CABINET WATCH-

Laying out the new government’s policy priorities: Prime Minister Moustafa Madbouly delivered his new government’s policy statement to the House of Representatives on Monday. The government aims to increase GDP growth to 4.2%, in line with the budget for the fiscal year, and is targeting an average of 5% growth throughout the entire three-year period. Madbouly also wants private investment to make up 60-65% of total investment by 2030, and to increase FDI coming into the country by 14% every year.

WHAT’S HAPPENING NEXT WEEK-

Monetary Policy Committee to meet on Thursday: The central bank’s Monetary Policy Committee will meet on Thursday, 18 July to review rates, after leaving key rates unchanged when it last met in May.

Egypt Mining Forum to convene on 16-17 July: The two-day Egypt Mining Forum kicks off next Tuesday at the Nile Ritz-Carlton Cairo. The event brings together over 4k attendees, including newly-appointed Oil Minister Karim Badawi and LSE- and TSX-listed gold miner Centamin CEO Martin Horgan. You can register to attend here.

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-

It was a politics-heavy week, with western politics dominating the global business press.

France won’t have a far-right government: The country’s centrist and left-wing parties dealt a blow to the far-right Rassemblement National as the leftist Nouveau Front Populaire took the most seats in parliament in voting Sunday. Anti-RN parties got their act together and strategically withdrew candidates so as not to split the vote. They now start a delicate dance: figuring out how to put together a government — a process that could take weeks — as the country prepares to host the Paris Olympics later this month.

Pressure is mounting on Joe Biden to quit the presidential race following his disastrous debate performance against Donald Trump, which failed to quell concerns about his age and ability to secure a second term. Major donors, political strategists, elected officials, and rank-and-file party members are calling on Biden to “pass the torch,” but Biden has knuckled down in a bid to keep his campaign.

In our corner of the world, a temporary Gaza ceasefire started to come more into focus after Hamas accepted a US proposal to open talks on the release of Israeli hostages and dropped its long-standing demand that Israel agree to a permanent ceasefire before inking any agreement.

☀️ THE WEATHER THIS WEEKEND- Mercury is reaching its peak today in Cairo with highs of 38°C, dropping to a modest low of 25°C in the night. Tomorrow, the mercury is cooling down along with a few clouds with highs of 35°C and a low of 24°C in the night, according to our favorite weather app. And it’s much cooler in Alexandria and the North Coast during the weekend, with highs of 30°C and lows of 22°C.

HAPPENING THIS WEEKEND-

Helmy on stage: The comedic genius Ahmed Helmy will be performing in his interactive play Mimo at the Grand Nile Tower Hotel in Cairo. Catch the show tomorrow. Get your tickets here.

Master the art of punch needle embroidery at Darb 15 tomorrow from 12pm Whether you’re a seasoned stitcher or a complete beginner, this workshop is perfect for anyone looking to unwind, get crafty, and unleash their inner artist. To book your spot DM Darb 15 on their Instagram.

Mona El Shazly will be hosting a special live episode hosting Medhat Saleh at the New Alamein Festival tonight at 10pm. Get your tickets here.

If you missed it, musical icon Mohamed Mounir will be performing tomorrow at the New Alamein Festival from 9pm. Get your tickets here.

Egyptian Nights with Cairokee. The Egyptian band will be performing at the AAST in Alexandria as a part of the Egyptian Nights Festival on Saturday, 13 July at 8pm. Unfortunately it’s sold out.

Another tribute night from El Sawy Culturewheel is dedicated to Lana Del Rey. Brooklyn Babies will be performing their homage to the queen of summertime sadness on Saturday, 13 July from 7pm. Get the details here.

HAPPENING NEXT WEEKEND-

Mouled Ahl Al Zikr x Sawy Culture Wheel: Sheikh Mahmoud Al-Tohamy will present an evening of recitation and chanting at El Sawy Wheel in Zamalek on Friday, July 19 at 8 pm. (Tickets).

Enjoy the sun or grab a sweater at these summer getaways

Summer somewhere new this year. Whether you’re seeking sun-soaked beaches or cool escapes from the heat, this guide will help you make the most of your summer travels, opening your eyes to the possibilities of new experiences both north and south of the equator.

For those who crave the vibrant energy and heat of summer, here are the top Northern Hemisphere destinations where you can enjoy fun activities in the sun.

#1- MARBELLA, SPAIN: Marbella is seen by some as the European North Coast, with its renowned glamorous beaches, luxurious resorts, and lively nightlife.

WEATHER: Temperatures often reach up to 30°C in the morning and drop to a maximum low of 18°C — so best pack a cardigan or two for those late night strolls.

WHAT TO DO: Visit clubs on Nikki Beach, Chiringuito de Puente Romano, or La Plage Casanis. If you’d rather relax, head to Plaza de los Naranjos ’ cafés to indulge in some churros con chocolate and experience local culture. Or spoil yourself at Puerto Banus, riddled with high-end boutiques and department stores. Don’t forget to chow down at La Pappardella, El Patio, and Los Marinos Jose.

BONUS- If you have time, visit Nueva Andalucía Street Market, near Puerto Banús, which is one of Marbella’s most popular street markets.

#2- KOTOR, MONTENEGRO: Kotor is a hidden gem on the Adriatic coast, known for its stunning bay, medieval architecture, and scenic beauty.

WEATHER: Summers in Kotor are warm and sunny, with temperatures of 27°C and dropping to a maximum low of 25°C.

WHAT TO DO: Old Town is the main tourist area, home to many historical monuments, cathedrals, and palaces. Most of the best restaurants are holes in the walls, some even offering live music in the evenings. There’s also a unique bazaar within the long-abandoned Dominican monastery. You can also take a dip and explore the Blue Cave, or go white water rafting in Tara Canyon.

BONUS: If you happen to visit during the last week of August you’re in for a treat — that’s when the locals come out to celebrate Bokeljska Noc.

#3- SARDINIA, ITALY: Sardinia has pristine beaches, crystal-clear waters, and a rich cultural tapestry — and more importantly, an endless supply of delicious Italian carb-ful dishes.

WEATHER: Sardinia experiences hot, dry summers with temperatures of 30°C that drop to a low of 23°C come the evening.

WHAT TO DO: Island hopping is a great way to experience as much as possible in a short amount of time. Taking a tour will find you swimming by abandoned lighthouses, picturesque coves, and stunning rock formations. Water sports aficionados may want to go windsurfing at Port Pollo. La pièce de résistance: The food. Visit Sa Nassa, Les Arenes, and Ristorante La Nuova Torre for a bite you won’t forget.

If you prefer escaping the heat, we don’t blame you. These destinations offer cooler climates and fun winter activities during our summer months.

#1- CAPE TOWN, SOUTH AFRICA: While beach days might be on hold in South Africa, Cape Town’s still got plenty to offer year-round — from the city’s culture, amazing food spots, to the Cape Peninsula.

WEATHER:From May to September, Cape Town can be a bit cooler — it’s their winter, after all. Expect a maximum high of 17°C that dips to 12°C in the evening.

WHAT TO DO: If you don’t want to swim with aquatic creatures, you can always go whale watching, greet African Penguins at Boulders Beach, or even visit them at the Two Oceans Aquarium. If that doesn’t float your boat, you can always go gem picking at a scratch patch, and if you’re an adrenaline junkie, go bungee jumping from Bloukrans Bridge.

BONUS:If you count yourself a Gastronome, take a delicious cooking tour.

#2- HAVANA, CUBA: Steeped in history and adorned with colorful architecture, this bustling city pulses with music, art, and a zest for life that captivates visitors year-round.

WEATHER:Cuban winters are on the warm side, with temperatures averaging around 35°C in the morning to 26°C in the evening.

WHAT TO DO: Start with a tour of the historic Partagas Cigar Factory, where you get to see the process of crafting some of the world’s finest cigars. Feel like you’re missing out on Sahel season? Take a day trip to Varadero Beach, known for its white sands and crystal-clear water. Time your visit to coincide with Carnaval de La Habana, a vibrant festival featuring parades, music, and dance.

#3- MAURITIUS: A tropical paradise with stunning beaches, lush landscapes, and a rich cultural mosaic. ‘Nuff said.

WEATHER: Mauritius experiences mild winters on the warm side, with temperatures ranging from 21°C in the morning to 15°C in the evening. But watch out for the humidity.

WHAT TO DO: Port Louis is the bustling capital city, where you can explore vibrant markets, historical sites, and a diverse culinary scene. Head to Grand Baie, a popular tourist spot known for its stunning beaches, lively nightlife, and excellent shopping opportunities. To experience the natural beauty of the island, take an island-hopping adventure on the East Coast, where you can discover islets, take part in water sports, and enjoy the serene, turquoise waters that Mauritius is Instagram famous for.

Despite the shortcomings, Ahl El Kahf is worth the watch

📽 AT THE MOVIES-

Ahl El Kahf is a revival of Tawfiq Al-Hakim’s classic play. The film is an adaptation of the legendary playwright’s play of the same name, directed by Amr Arafa. The events follow Sabeel (Khaled El Nabawy) and Paula (Mohamed Mahmdouh), two military leaders who convert to Christianity in secret out of fear that the Roman Emperor Dictus (Mustafa Fahmy) will prosecute them. Eventually, their fears are realized as their secret comes out.

Taking refuge in a cave with other believers, twins played by Mohamed Farrag, Malikha (Ahmed Eid, and the wise Khashb (Rashwan Tawfiq) and his infant grandson, they wake up several hundred years later in a world unfamiliar to them.

Even though the film was in production for years, the result was underwhelming. Mamdouh and Eid were standout stars, delivering a natural and uncontrived performance, but the excessive use of colloquial language was jarring, as it didn’t suit the era in which the story takes place. Some of the scenes could have been removed without affecting the plot to make a more streamlined watch.

But the good parts make it worth the watch. The plot is a refreshingly original offering in Egyptian cinema, and the thrilling nature of the story was engrossing. Nothing was wasted on productions, with amazing cinematography, great props, and an exciting soundtrack.

WHERE TO WATCH- You can catch Ahl El Kahf at VOX Cinemas at City Center Almaza and Mall of Egypt, City Stars Cinema, Point 90, and Cairo Festival City. Watch the trailer here.

📚 FROM THE BOOKSTORE-

From rags to riches — prying open India’s pandora’s box with The White Tiger. In Aravind Adiga’s novel, readers are thrown into the tumultuous world of modern India through the eyes of Balram Halwai, a self-made entrepreneur navigating the complexities of a rapidly changing society.

Balram’s narrative unfolds over seven days and nights in Bangalore, where he reflects on his rise from a lowly driver to a successful businessman. Born into poverty in a remote village, Balram escapes his oppressive circumstances by becoming the driver for a wealthy landlord’s son in Delhi. However, a pivotal moment of rebellion leads Balram to commit a shocking act of violence and embark on a journey that ultimately leads him to Bangalore, where he builds a thriving taxi business catering to the city’s burgeoning technology sector.

As Balram navigates the cutthroat world of corruption and exploitation, he grapples with questions of morality, identity, and ambition, offering readers a compelling glimpse into the complexities of contemporary Indian society and the stark realities of class struggle, corruption, and inequality lurking beneath India’s economic boom.

Despite its dark subject matter, the novel is infused with dark humor and sharp wit, making it an engaging and immersive read. Ultimately, it challenges readers to confront uncomfortable truths about power, privilege, and the human cost of progress.

You can find it at Amazon.

🍴 HOT AND FRESH OUT OF THE KITCHEN-

Award-winning Italian restaurant San Carlo has come all the way from the UK to Om El Donia: From the founders of the globally known Signor Sassi, you’ll find settled in Marassi Marina an authentic Italian gastronomy institution that stands as a beacon of culinary excellence and familial warmth.

Beginning with the Antipasti: It was a no-brainer. It’s summer by the sea — we had to order the Tuna Tartare. While the portion was miniscule, the finely chopped fish and avocado was full of flavor — fresh, tangy and light. It was enough to prepare our palates for what’s to come.

The main we mangiato: It was a carb-fest that was worth the calories. We ordered Pizza Burrata, Pizza Pollo e Funghi, Ravioli Tartufo and Spaghetti Gamberoni.

Starting with the oven-fired pizza: Staying true to Sicilian origins, the Burrata Pizza had the creamy cheese on top of tangy tomato sauce, and a crisp, thin crust. The flavors of the Pollo e Funghi combine tender chicken and savory mushrooms atop a golden crust to offer a hearty yet refined taste.

Moving on to the pastas: The Ravioli Tartufo really caught our attention — and was recommended by the staff, and for good reason too. The delicate pasta envelopes a rich, earthy truffle-infused filling that delights the senses with every bite. While divine, the only drawback is its portion — six individual raviolos to be exact. Perfect — and made — for sharing, the Spaghetti Gamberoni had succulent shrimps and al dente pasta bathed in a shrimp tomato basque sauce. Each forkful delivered that freshness of the seafood and the richness of the sauce. If we had to choose, Spaghetti Gamberoni takes the crown.

NOTE- The restaurant is not for early birds. They operate from 4pm to 3am, so save it for a late lunch — and best reserve during the weekend to avoid the neverending waiting list.

💵 Per person: EGP 800-1200

🪑 Outdoor seating: Yes

🍺 Alcohol: Yes

🦽 Accessibility friendly: Yes

Go to hell

Darkest Dungeon II is a punishing but rewarding trip through hell. We won’t lie, DD2 isn’t the dungeon crawler sequel we expected. All the base-building and party management mechanics that made the first game a mashup of a roguelike and fantasy football are thrown away in favor of a fast-paced, pure roguelike structure. This may put off some fans of the original 2015 game, but DD2 carves its own bloody path with some fresh strategic combat, exploration, and character development.

It’s a roguelike, you know the drill. DD2 is a relentless gameplay loop trekking across a ruined world. But, instead of playing as a single character, you assemble a team of broken heroes, each with their own strengths and vulnerabilities — both physical and mental. As you battle monstrous enemies and navigate the treacherous world, your team will face both physical and mental strain.

A different beast: DD2 is a challenging and unforgiving game. If you’re looking for a casual experience or a fun roguelike to sink some time into, this isn’t the one for you. But if you’re the type to crave strategic combat and a deep well of replayability, DD2 offers the nightmarish experience you’re looking for. Just be prepared to lose a lot. And love the misery.

💯 Rating: 7/10 on Steam, 8/10 on IGN.

⌛ Hours of gameplay: 25.5 hours for the main objective, 144 hours for 100%.

🔁 Replay value: 8/10.

👾 Platforms: Steam and Epic Games for PC, and soon on Nintendo Switch, Playstation, and Xbox.

💵 Price: USD 18.99 on Steam and Epic Games, USD 39.99+ on Nintendo, Playstation, and Xbox.

Tech sucks

Better Offline is for the cynics. This weekly podcast digs into how and why the tech industry sucks. Ed Zitron, a certified tech bro forged in the fires of Silicon Valley, knows why. Zitron cuts through the hype and the jargon surrounding tech breakthroughs to expose how the industry influences and manipulates society.

A multi-form deep dive: Zitron combines narrative storytelling, one-on-one interviews, and panel discussions with experts to investigate and interrogate the industry’s growth-at-all-costs culture.

It’s not all doom and gloom. The purpose of the podcast is to empower listeners by giving them a clearer understanding of how technology impacts our lives at a social and economic level — both good and bad. Whether you’re a tech enthusiast who wants a more critical perspective, or someone who simply wants to become more informed about the innovative developments being brought about, Better Offline is sure to draw you in.

WHERE TO LISTEN- You can find this podcast on Spotify, Apple Podcasts, and iHeart Radio.

THE ENTERPRISE ENTERTAINMENT CALENDAR

JULY

7-31 May-July (Tuesday-Wednesday): Cairo Cinema Days program, at Zawya Cinema.

11-2 June-September (Tuesday-Monday): Afeshat w Aflam exhibition at Bibliothek.

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

11-30 July-August (Thursday-Friday): New Alamein Festival at North Coast.

11-12 July (Thursday-Friday): Mimo at the Grand Nile Tower Hotel.

12 July (Friday): Punch needle embroidery at Darb 15.

13 July (Saturday): Lana Del Rey tribute night at El Sawy Culturewheel.

13 July (Saturday): Cairokee at the AAST.

16-17 July (Sunday-Monday): Cairo Consultants Forum 2024 at Royal Maxim Palace Kempinski.

18 July (Thursday): 20 Years of Massar Egbari at El Sawy Culturewheel.

18-10 July-August (Thursday-Saturday): Summer Music Festival at the Cairo Opera House.

19 July (Friday): Sheikh Mahmoud Al-Tahami at El Sawy Culturewheel.

23 July (Tuesday): Revolution Day (TBC).

26 July (Friday) Route Tech Summit 2024 at The GrEEK Campus.

AUGUST

3 August (Saturday): Founders Live at MINT Incubator by EGBANK.

4-6 August (Sunday – Tuesday): Edugate 2024 at Royal Maxim Palace Kempinski.

SEPTEMBER

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

OCTOBER

6 October (Sunday): Armed Forces Day.

29-30 October (Tuesday-Wednesday): Intelligent Cities Exhibition & Conference (ICEC) at Waldorf Astoria.

Sections

About

Privacy & Support

Get EnterpriseAM daily

An independent publication supported by

Today at a glance

TMG’s SouthMed rakes in USD 4.2 bn of sales in six days

Related

Related

Enjoy the sun or grab a sweater at these summer getaways

Related

Related

Despite the shortcomings, Ahl El Kahf is worth the watch

Related

This publication is proudly sponsored by

Go to hell

Related

Tech sucks

Related

THE ENTERPRISE ENTERTAINMENT CALENDAR

Related

About

Privacy & Support

My EnterpriseAM

Sign in

Check your email! We've sent you a magic link to sign in.

Sections

About

Privacy & Support

Get EnterpriseAM daily