Finance wiz

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THE WEEK IN REVIEW

Egyptian Finance Minister Ahmed Kouchouk lays out his economic plan in first presser as finance minister

Good morning, folks, and a happy Friday to you all. After a pretty hectic start to the week that saw massive stock market drops spark panic concern on trading floors across the globe, it seems like we all release a collective sigh of relief as the markets look to be on the mend — for now at least.

LAST WEEK IN 3 MINS-

ECONOMY-

#1- Our first look at Kouchouk’s policies: Finance Minister Ahmed Kouchouk held his first presser since becoming FinMin on Tuesday to give us a glimpse of the results of the fiscal year 2023-2024 and let us in on his strategy moving forward.

The main message: Kouchouk stressed that improved budget figures are “meaningless” unless they translate into better economic performance, increased business competitiveness, and improved living standards.

Among the most important metrics: The government rationalized public spending by 2.2% of GDP, brought down the budget deficit to 3.6%, and achieved a primary surplus of 6.1% during the last fiscal year. Looking forward, the government wants to reduce debt servicing to 35% of total government spending over the medium term.

#2- Inflation falls for the fifth consecutive month: Annual headline inflation in Egyptian cities eased by 1.8 percentage points to 25.7% in July, down from 27.5% in June, according to figures from state statistics agency Capmas. July’s inflation figure, which came on the back of a favorable base effect, is the lowest recorded since December 2022. Monthly inflation also cooled to 0.4% in urban areas in July compared to 1.6% in the month before.

#3- Non-oil private sector activity was at its second highest level since August 2021, despite dipping in July, S&P Global’s Egypt Purchasing Managers’ Index (PMI) report showed. Egypt’s non-oil activity held near the growth threshold at the start of 3Q 2024, with companies seeing only marginal declines in output and new orders, resulting in businesses reducing their purchases. The index dipped slightly to 49.7 in July — marking the 44th straight month that the country’s non-oil private sector has been in contraction.

#4- The country’s net foreign asset surplus shrank 10% to USD 12.9 bn in June, down from USD 14.3 bn in May, according to Enterprise calculations based on Central Bank of Egypt figures. The decline comes a month after our net foreign assets shifted from deficit to surplus — the first time our net foreign asset position had been in the green since February 2022.

INVESTMENT-

Egypt and the UAE have inked an MoU to build a USD 3 bn petroleum logistics zone at Al Hamra Port on the Mediterranean coast, according to a statement by the Cabinet. The construction of the zone is expected to take three years after kicking off in 1H 2025, following the completion of technical studies, a senior Egyptian official told Asharq Business.

The UAE and Egypt are also in talks to build an Emirati industrial zone in East Port Said, which would include solar and wind energy, sewage treatment, seawater desalination, and aluminum manufacturing projects, according to a statement by the Industry and Transport Ministry. The zone could also be a freezone or special economic zone exempt of customs duties, the statement said.

Do you want to attend our 2024 Enterprise Finance Forum on 24 September? Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders.

Why attend? We’re in the early days of a generational realignment of power in our industry — in our region and beyond — and on the cusp of the biggest intergenerational transfer of wealth that the world has ever seen. With that as the backdrop, we’re going to take stock of where we stand six months after the float of the EGP and ask what’s next for finance in our country and the wider region. Among the questions we’ll be asking:

What’s Egypt’s role in the regional industry?
What are foreign investors looking for right now?
Is real estate the only asset class in Egypt?
What does the next generation of leaders think as they take over established family businesses?

Do you want to request an invitation? Tap or click the image above.

ENERGY-

#1- Another pipeline in the pipeline: A consortium of state-owned companies plans to construct a USD 40 mn pipeline to transport imported liquified ethane gas derived from US shale gas from Alexandria’s Dekheila Port to Sidi Kerir Petrochemicals and the Egyptian Ethylene and Derivatives Company, a government source told Enterprise.

#2- AfDB mulls funding our 1.1 GW wind farm: The African Development Bank (AfDB) is considering financing the 1.1 GW wind farm in the Gulf of Suez being carried out by Saudi Arabia’s ACWA Power and Hassan Allam Holding.

MANUFACTURING-

Trenco set for a USD 160 mn overhaul with private sector investment: The government is reportedly looking to team up with the private sector to revive and develop state-owned tire manufacturer Trenco, with estimated investments of USD 160 mn. The project aims to see Trenco produce 1.5 mn truck and bus radial tires locally, removing the need to import them.

AROUND THE WORLD IN SEVEN DAYS-

Equity markets have endured after a “brutal” sell-off at the start of the week that wiped USD 6.4 tn from global stock markets on Monday alone, triggered by concerns about the US economy potentially slowing faster than expected while the Fed keeps policy rates unchanged. Stock markets around the world clocked in record drops with Japan’s Nikkei index facing its worst fall since 1987.

Our part of the world wasn’t spared: It was also a sea of red in Middle Eastern markets on Monday, with the DFM closing down 4.5%, the ADX falling 3.4%, the EGX falling 2.3%, and Tadawul closing down 2.1%

But global markets soon caught their breath after stocks staged somewhat of a comeback on Tuesday and continued throughout most of the week, r ecovering some of the losses from earlier this week as investors eased recession concerns and Japanese equities bounced back during trading.

WHILE IN US PRESIDENTIAL NEWS- Kamala Harris tapped Minnesota Governor Tim Walz as her running mate, over virulently pro-Israel Pennsylvania governor Josh Shapiro who had been assumed to be top contender for the position.

AND OVER IN SOUTH ASIA- The Father of Microfinance will head Bangladesh’s new interim government, after microfinance pioneer and Nobel Prize winner Muhammad Yunus was tapped for the job on Tuesday following the dissolution of parliament and the country’s PM fleeing the country.

☀️ THE WEATHER THIS WEEKEND- Yet another hot weekend with highs of 38°C and lows of 26°C today followed by highs of 37°C and lows of 25°C tomorrow in Cairo. It’s a bit cooler in Sahel with highs of 33°C and lows of 24°C during the weekend.

HAPPENING THIS WEEKEND-

Shababco is going to the coast this summer for their first bazaar at D-bay today. This one-day event is dedicated to showcasing the creative and entrepreneurial spirit of young local brand owners. Enjoy live performances throughout the day from both well-known and up-and-coming local artists. Tickets are out now.

Wael Kfoury returns to Egypt with a concert at Porto Golf in the North Coast tonight at 11pm. Get your tickets here.

NEW ALAMEIN FESTIVAL-

Amr Diab will be taking the New Alamein Festival stage today at 10pm. Get your tickets here.

Karim Abdelaziz and Nelly Karim will be performing in the play El Sindbad at the New Alamein Festival today and tomorrow. Get your tickets here.

TV host Sherif Madkour and Lebanese actress and singer Diana Haddad will be having a live broadcasting of the show 4 Sherif Street at the New Alamein Festival tomorrow. The show will start at 10pm, get your tickets here.

The iconic Cairokee will be performing at the festival tonight. Find your tickets to the band’s show here.

HAPPENING NEXT WEEKEND-

Dogs Day Out: Beach edition. Eastwind is hosting another of their iconic Dogs Day Out where anyone can come and spend a fun day with their fluffy friend, surrounded by like-minded pet owners. The event will take place Friday, 16 August at Playa Beach and the theme is pirates, so dress accordingly… that goes for the four legged friends too.

Your guide to financial literacy

Budgeting is as simple as making sure you spend less than what you earn. But that doesn’t make it easy. It’s an ongoing strategy, a regular maintenance task, like laundry (and maybe as tedious).

The key to elevating your budgeting game? Financial literacy. Before any attempt to budget, you have to get familiar with the dirty details of personal finance. It’s easy to mismanage money without the tactile interaction of exchanging physical money, and alternately, easy to fall victim to the illusion of financial insecurity, i.e., Money Dysmorphia. Understanding financial inflows and outflows, monitoring spending habits, and setting realistic goals will welcome conscious decisions to eliminate unnecessary expenses and prioritize essential ones, according to Forbes.

Below is a list of resources. These are tools that can be used to strengthen your grasp on personal finance and develop financial confidence and security.

#1- A BOOK: For those with a penchant for words.

Get Good with Money by Tiffany Aliche in itself is a guide to becoming financially whole. Aliche shares a ten-step process to building wealth in a sustainable way that isn’t over-complicated the way financial advice is often given. It provides checklists, worksheets, additional external resources, and advice from experts.

Short-term actions that lead to long-term goals: With this book, you’ll be able to determine your baseline budget in order to systemize your expenses, take a mini assessment that identifies whether your problem is not making enough money or spending too much money, take charge of your credit score, protect your beneficiaries, and learn to save for emergencies… or anything else that you want.

#2- A PODCAST: For those who’d rather listen.

Our first suggestion is Afford Anything with Paula Pant. This podcast is based on the concept of “you can afford anything, but not everything.” In these episodes, Pant brings in expert guests and discusses the ins and outs of mastering personal finance. From the general state of the economy, to retirement plans and rational investments, this podcast is the perfect financial guide for those who want to gain control over their financial situation, now and in the future.

DISCLAIMER: Get comfortable, because each of these episodes is over an hour of educational and supportive guidance though the world of personal finance.

Looking for something more bite-sized? We figured you might. The Money Guy Show is for you. “We help people fast-track financial freedom and lead more fulfilling lives,” they claim. Both hosts are financial advisors who produce educational (and entertaining) financial content that simplifies complex ideas and motivates people to find independence.

#3- SOCIAL MEDIA: For those with a love for scrolling.

In this day and age, we get most of our information from various forms of social media, specifically from niche content creators who share their insight into a specific field — finance is no exception. Real spending trends have been attributed to movements started on social media.

There are creators on Youtube, TikTok, and Instagram with the sole purpose of guiding their audience through financial struggles and achieving financial freedom. Graham Stephan, for example, talks about real estate investments and advises viewers on how to enter the field. There are also creators like Cassandra on TikTok, who aim to simplify financial concepts and help their audience make wise financial decisions.

It’s the most convenient, but is it reliable? Seeing short individual videos makes it easier to digest information — but they may make it seem deceptively simple. This has become the most popular way of obtaining financial guidance, but there are concerns on the legitimacy and effectiveness of it, according to CNBC.

We don’t know whether they’re genuinely advising or promoting a financial product. “Finfluencer [Finance + Influencer] content often lacks sufficient disclosures, which can hinder the ability of consumers to evaluate the objectivity of the information,” says the CFA institute in a report. So as convenient as they seem, it might be best to take caution while listening to finance content creators.

#4- APPLICATIONS: From the wealth of resources that sit in our pocket.

Avid readers of our guides may already be familiar with a certain list of apps that will work wonders in getting your life together. For finance in particular, there are apps that you can download on your phone to track your budget, plan out your expenses, or even follow up on transactions that need settling.

DISCLAIMER: These apps are for tracking and implementing budgeting strategies. While they do sometimes have minor educational features, it might be best to strengthen financial literacy through other resources before using them.

Blind seer uncovers twin’s murder in chilling in Irish horror

📽 AT THE MOVIES-

A blind woman with supernatural abilities uncovers the mystery of her twin’s death in Oddity. This Irish film presents a psychological horror story that combines supernatural happenings with the human desire for vengeance and retribution.

A seat-gripping start: Dani (Carolyn Bracken) is alone in her home, waiting for her husband, psychiatrist Ted (Gwilym Lee, known for his role as Brian May in Bohemian Rhapsody) to return. But within hours, what seemed like an ordinary day proves to be her last as she is brutally murdered in her home.

A year after her death, Dani’s twin sister Darcy (also played by Bracken), armed with her special abilities and a wooden, mummy-like haunted statue, decides to return to Ted’s home to investigate Dani’s murder, and sets out to solve the mystery.

The film offers a distinctive blend of classic horror and bold comedy, punctuated by Bracken’s powerful and striking performances as Darcy and Dani. The film’s relatively slow pace might be a drawback, but fans of revenge films and triumphs of good over evil — even with the help of otherworldly entities — will appreciate it. After all, it’s a horror film that “ aims to leave a victorious smile on viewers’ faces.”

WHERE TO WATCH- The film is screening at VOX Cinemas at City Center Almaza and Mall of Egypt, City Stars Cinema, Cairo Festival City Cinema, Point 90 Cinema, and Arkan Cinema. Watch the trailer, (runtime: 2:10).

📚 FROM THE BOOKSTORE-

Whether this is a work of fiction or an autobiography is unclear. There are elements in the story that are common with the author’s real life, like her brother. However, she hints that she may be an unreliable narrator, mentioning that she wrote a fake diary for her mother to read, and that she would often say things and swore she never said them at school. She also said “sometimes we write not to process grief, but to make it up,” when talking about her father’s passing. Perhaps the author is simply warning us not to trust her. But the story is entertaining either way, so does it really matter?

You can find Lost on Me at Diwan.

🍴 HOT AND FRESH OUT OF THE KITCHEN-

Get your tabbouleh fix at Al Hallab: If you haven’t been to Tripoli, Al Hallab has brought it to you. Just next to Mivida at Zia Mall, you’ll find a huge Lebanese restaurant that’ll cater to all your levantine cravings.

Mezze before meals, always: We started strong with a Hot Starter Tray, which included hummus with meat, batata harra (spicy potato), eggplant fatteh, sojouk, waraq enab, chicken shawerma bites, meat kibbeh, and cheese barak. What truly stood out to us was the eggplant fatteh, which had an earthy and smoky taste to it. Paired with the tangy yogurt, we couldn’t put our spoons down. Aside from that, there was nothing new to our palate, but sometimes, we just need something familiar.

We ordered the OG dishes, and one new one: We came in with a hearty appetite and ordered three mains to share — a strategy we always recommend. The mankoushe zaatar with cheese deserves a formal introduction — it’s warm, with earthy thyme spread all over. But eat it while it’s warm, or the cheese will get rubbery. The shish tawouk was juicy and tender, without a hint of dryness. It’s not overwhelmingly flavorful, but its well-balanced spices let the quality of the chicken shine through. It’s a reliable choice that won’t disappoint.

Onto new things: Up until then, we’d never heard of the hashweh. But its components are nothing uncommon — lamb, rice, and dried raisins. But it’s the spices that make the difference, along with the addition of pistachios. Let us set the scene for what we saw and tried: A bed of fluffy rice, tinged a golden yellow from turmeric and speckled with vibrant green pistachios and raisins. Nestled on top of is the star of the show – the lamb, cooked as perfectly as it was seasoned. We believe this is a must-try.

💵 Per person: EGP 1.5k to EGP 2k

🪑 Outdoor seating: Yes

🍺 Alcohol: No

🦽 Accessibility friendly: Yes

Abandon all hope, ye who enter here

The Elden Ring DLC is here. Two years after the release of the core game, FromSoft have released Shadow of the Eldtree, a challenging continuation of the story that ventures into The Realm of the Shadow, a domain that’s been kept apart from the Lands Between. New enemies, monsters, and a new — and stunning — map await all who dare enter in their search for Miquella.

If you hate it, you’ll hate it for its scaling. The boss roster is the best we’ve seen from this developer, with a worthy build up. But the learning curve is steep. That’s not to say you won’t improve, but that you’ll be forced to if you want to advance. The damage they do to seasoned players — even Level 185s at Level 10 Scadutree Blessing — means that you definitely need to power up before you try to solo anyone.

New enemies, new ways to kill them. The variety of new weapons, Ashes of War, and Talismans that you can use to give your foes a beatdown makes the immense challenge to do so a fun one. It also means that you can tear through several playthroughs to test out the effectiveness of each weapon or a new character build.

💯 Rating: 77% on Steam, 95% on Metacritic, 88% audience rating.

⌛ Hours of gameplay: 25.5 hours, 48.5 hours for 100% completion.

🔁 Replay value: 10/10.

👾 Platforms: Steam for PC, Playstation, and Xbox.

💵 Price: USD 25.99 on Steam, USD 39.99 on PS and Xbox.

The business binge podcast

Every company has a story, and Acquired acquires that story for you. If you’ve ever wished for a podcast that feels like a marathon and a masterclass rolled into one, this podcast is your new best friend.

It isn’t just a podcast; it’s a sprawling narrative of the tech world’s greatest hits. Each episode is a deep dive into the strategies and stories behind iconic companies like Nvidia, Hermès, and Zoom.

Episodes occasionally feature guests who are legends in their fields, adding a sprinkle of authenticity and first-hand insight to the already rich narrative. Yet, if you’re the kind of listener who prefers a quick hit of info, be warned: their episodes are anything but brief.

An episode of Acquired clocks in at a sprawling 3 to 4 hours. Yes, you read that right — 3 to 4 hours. If you plan to listen in one sitting, you might want to grab a snack, a blanket, and perhaps consider a bathroom break halfway through.

WHERE TO LISTEN- You can listen to the podcast on Spotify or on their website.

THE ENTERPRISE ENTERTAINMENT CALENDAR

AUGUST

16 July-15 October (Tuesday-Tuesday): In the Company of Mahmoud Said exhibition at Aisha Fahmy Palace.

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

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

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

8-10 August (Thursday-Saturday): El Sindbad at the New Alamein Festival.

9 August (Friday): Shababco at D-Bay.

9 August (Friday): Amr Diab at New Alamein Festival.

9 August (Friday): Wael Kfoury concert at Porto Golf.

12 August (Monday): I Love you, You’re Perfect, Now Change musical at Rawabet Art Space.

13 August (Tuesday): Karaoke Night at Room Garden City.

13 August (Tuesday): Cairo Comedy Club at Boom Room.

16 August (Friday): Media and Advertising workshop at MQR, The Greek Campus.

16 August (Friday): Eastwind’s Dogs Day Out at Playa Beach.

23 August (Friday): Cairokee at New Alamein Festival.

SEPTEMBER

1-4 September (Monday-Wednesday): International Food, Beverage & SuperMarket Equipment Exhibition 2024 at Cairo International Convention Centre.

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

OCTOBER

6 October (Sunday): Armed Forces Day.

10-12 October (Thursday-Saturday): EVs Electrify! Expo & Conference 2024 at Egypt International Exhibition Center.

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

NOVEMBER

14-16 November (Thursday-Saturday): Raabta Wellness Festival at El Gouna.

DECEMBER

14 December (Saturday): The Marakez Pyramids Half Marathon.

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Today at a glance

Egyptian Finance Minister Ahmed Kouchouk lays out his economic plan in first presser as finance minister

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