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THE WEEK IN REVIEW

Madbouly government hikes subsidized bread prices by 300%

Good morning, friends and happy Friday. Boy, are we glad that this weekend has come around as we inch closer to a longer holiday.

Yes, you heard that right — but don’t rush to look for your pool and beach gear yet. We have put together a list of local swimsuit brands that will have something for you, your significant other, and your little ones.

Enterprise Weekend comes out each Friday at 9:00am CLT. We’ll be back on Sunday at 6am with Enterprise Egypt AM. Until then: Enjoy the weekend.

LAST WEEK IN 3 MINS-

ECONOMY–

#1- Subsidy cuts are coming: Prime Minister Moustafa Madbouly announced that the price of subsidized bread is set to quadruple to EGP 0.20 a loaf starting tomorrow, marking its first price hike in 36 years. Electricity bills are also expected to see price hikes of at least 20% on average with the start of the new fiscal year in July, a government source told Enterprise earlier this week. Madbouly hinted earlier in the week that subsidy cuts to bread were coming to bring the selling price closer to the “massive” cost of production and that the Electricity Ministry is working on a plan to completely phase out electricity subsidies in the coming years.

#2- Price hikes to hit the pharma sector: Some 200 pharma products could be subject to price hikes ranging from 5-20% starting next week, with increases potentially hitting a total of 1.5k products over the coming 12 months. Each pharma company’s best-selling items will be subject to price increases, though meds for chronic illnesses will see smaller markups.

#3- Cabinet calls on ministries and agencies to trade in FX for EGP: The Madbouly government reportedly instructed ministries and associated agencies to exchange any USD they have with the Central Bank of Egypt for EGP. Any ministry or agency that needs to source foreign currency will need to approach the central bank with the equivalent amount in EGP to gain access to FX.

ALL ROADS LEAD TO THE GCC-

#1- Thndr to hit the Emirati market: Homegrown digital investment platform Thndr has received the regulatory greenlight to enter the UAE market. The company’s app will provide access to securities listed on US stock exchanges, and it plans to provide a more diverse array of investment products to the UAE market.

#2- CI Capital’s Gulf expansion plans are also off the ground: State-owned investment bank CI Capital has announced its intentions to set up an “on-the-ground presence” for the bank in Saudi Arabia and the UAE, CEO Hesham Gohar said. These are “two very important markets with robust growth, deepening capital markets and significant investor appetite,” he added.

REGULATION WATCH-

ChatEGP? Asset management companies seeking to utilize robo-advisors will need to have a minimum capital of EGP 15 mn to obtain the required license, under a regulatory framework (pdf) set by the Financial Regulatory Authority. Companies will also have to submit quarterly reports detailing the AI-powered virtual financial advisors’ performance.

M&A WATCH-

#1- PIF began talks to acquire local agri firm Daltex: Saudi Arabia’s Public Investment Fund is in talks to acquire an unspecified minority stake in local agriculture firm Daltex Corporation through a capital increase. The talks are still in the early stages, and both sides are yet to reach an agreement or sign a contract, local media outlets reported.

#2- Vivo Energy reportedly submitted a bid for Wataniya stake: UK-based and Africa-focused petroleum firm Vivo Energy reportedly submitted an offer of around USD 100 mn for 174 gas stations currently owned by state-owned fuel retailer Wataniya. Wataniya has received seven international and local acquisition offers that the government is currently deciding between.

WHAT’S HAPPENING NEXT WEEK-

#1- Egyptian Competition Authority to roll out pre-approval system for M&As: Companies planning mergers and acquisitions will need to secure the authority’s approval before proceeding starting 1 June.

#2- Ministries to start clearing a quarter of our arrears: The Madbouly cabinet will begin paying back 20-25% of arrears owed to foreign partners next week, Prime Minister Moustafa Madbouly said on Monday. The payments will be made provided that the government and international partners agree on a payment schedule over a specific period of time, Madbouly added.

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-

For another week, the on-going tragedy Gaza dominated the news, after an Israeli airstrike on a tent camp west of Rafah and resulting fire on Monday killed at least 45 Palestinians in an area that Israel designated as a civilian evacuation zone. After initially denying that the strike took place, Israeli authorities backtracked, with Israeli prime minister Benjamin Netanyahu calling the strike a “tragic mishap.”

The strikes drew condemnation from across the world, with French, German, and Canadian officials expressing their concern and outrage, among others.

The US, on the other hand, said that the Rafah deaths hadn’t crossed any US “red lines”: US National Security Council spokesman John Kirby said that while the strike had been a “tragic mistake,” Israel’s overall actions in Rafah so far wouldn’t prompt any further withdrawal of military aid from the US, noting that the US doesn’t have “a measuring stick here or a quota” on what would prompt a change in its policy.

Yet Israel is increasingly isolated on the world stage: On Friday, the International Court of Justice (ICJ) ordered the Israeli gov’t to immediately cease all military operations in Rafa, while on Tuesday, Spain, Norway, and Ireland all officially recognized a Palestinian state.

WHILE IN ECONOMY NEWS- The European Central Bank (ECB) could start cutting interest rates as early as its June 6 meeting, the bank’s chief economist Philip Lane said in an interview with the Financial Times. All 82 economists polled by Reuters between 21 and 28 May expect rate cuts in June, with a majority also expecting further cuts in September and December as well.

AND- Shareholders of Hess voted to sell their company to Chevron on Tuesday in a USD 53 bn transaction that would be Chevron’s largest-ever acquisition. Exxon, however, has launched an arbitration process in a bid to scupper the deal.

☀️ THE WEATHER THIS WEEKEND- Friday will be showing a sunny high of 35°C and a low of 29°C in Cairo. Saturday will climb up to a high of 38°C and a low of 22°C, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Get ready for the eighth edition of the Manasat Film Festival, set to kick off at Zawya Cinema in Downtown Cairo until Saturday, 1 June. This year’s festival promises a captivating lineup of films, panel discussions, workshops, and more. Secure your tickets now online or by messaging Manasat Film Festival and Zawya Cinema on their official Instagram accounts.

The Italian Cultural Institute in Cairo Italian Cinema in Cairo film festival has begun. It’s a 10-day affair, showcasing Italian films. The screenings started on Tuesday, 28 May to continue until Sunday, 9 June. They’re bringing classics and some 2023 releases to explore Italian cinematic heritage. The screenings are at Zamalek Cinema and the Italian Cultural Institute, and you can check out their schedules here and here.

Continuing over this weekend is What Have The Years Done To Us at Rawabet Art Space. Click here to reserve your tickets.

The return of SoldOut Comedy shows. Mohamed Helmy and Alaa El Sheikh, accompanied by Mark Fanous and Ahmed El Hareedy, will hit the stage at the Falaki Theater at AUC Tahrir, tonight 5pm and 8:30pm. Tickets for tonight’s shows can be purchased here and here.

Shababco is celebrating its third birthday with a bazaar today at ZED Park. This one-day event is dedicated to showcasing the creative and entrepreneurial spirit of young local brand owners with a diverse array of unique products ranging from handmade crafts and fashion. In addition to the bustling bazaar, enjoy live performances throughout the day from both up-and-coming and well-known local artists. Tickets can be found here.

Cairo Comedy Club presents a special comedy evening at Boom Room in Open Air Mall Madinaty tonight. The show is presented by Omar Kintt, Amgad El Shawshy, Khaled El Shoky, Hatem El Sokkary and will start at 9pm. Tickets can be found here.

For all you MMA enthusiasts, get ready for an adrenaline-pumping night with QADYA 04 at Madinaty Golf Club tonight. Experience the thrill of Mixed Martial Arts (MMA) as they bring you a night of intense fights, incredible athleticism, and unforgettable moments ringside as top fighters from around the world step into the octagon, ready to showcase their skills and determination. Get your tickets here.

Egyptian rapper Marwan Moussa will perform with Jordanian singer Aziz Maraka tonight at Zed Park in Sheikh Zayed. You can also enjoy the concert online through the Minly app. (Zed Park Tickets | Online Tickets)

HAPPENING NEXT WEEKEND-

Take your seat as the curtains pull away for The Greek National Opera Βallet at the CairoOpera House on Thursday, 6 June, and Friday, 7 June. In cooperation with the NGO Greek Action Africa, prepare for two nights of ballet in the Opera’s Main Hall. Get your tickets on Tazkarti for first night and second night.

Stressing over swimsuits? We got you

Swimwear shopping is as difficult as finding the perfect pair of jeans, which equally takes out the fun of the activity. Don’t get us wrong, we believe retail therapy is important but so is finding the perfect fit and quality without looking frumpy.

In an effort to make the whole process a little easier, we’ve rounded up local brands that could be your go-to favorite swimwear brands that are worth knowing about.

SIZE CHARTS MATTER. Make sure that you have a look at the brand’s different sizing charts to ensure that you have the fit you want.

WOMEN

#1- GLO SWIM: Their modest swimwear fabric ensures durability and functionality, engineered for quick drying and resilience against chlorine, designed to withstand the rigors of pool and beach activities — and even UPF 50+ protection to protect against harmful UV rays.

NOTE: All of their items include swimwear top, leggings and a wrap skirt. They’ve also recently restocked and are planning to drop more colors and designs soon. Another bonus, you can buy a swimsuit for your little one in their ‘ Little Ones ’ section.

SIZES: Their sizes run from XS to XL. They also have a sizing chart to find your size.

HOW MUCH? You might dig a little deeper in your pockets for their collection. Their prices range from EGP 2k for their Illusion set to EGP 3.5k for their Pistachio set.

WHERE?: You can make an order on their website.

#2- HOURGLASS: Expect to find bikinis of varying asymmetrical shapes and fits on their website and Instagram. It’s also set out to design swimwear that celebrates your curves using the highest quality Egyptian fabrics — and if you’re stuck on how to care for your suit, they give you the breakdown.

NOTE: Their swim options are strictly bikini, but due to their multiway bikini top they show you how you can style it four different ways — giving you a whole new swimsuit each time.

SIZES: Their sizes run from small to large.

HOW MUCH?: Since they sell bikinis they sell their items separately giving you the freedom to mix and match colors as you like but tops are EGP 900 and bottoms are EGP 700.

WHERE?: You can make an order on their website.

#3- LE MAILLOT: Crafted for the modern hijabi woman, this brand is committed to minimalist design, with muted colors and clean lines.

NOTE: Their items are sold separately for mixing and matching, allowing you the flexibility to choose different sizes for various pieces. Their swim tops are unpadded, with a recommendation to wear support underneath. Their recommendation is to opt for a well-fitting bikini top to ensure faster drying.

SIZES: Their sizes run from small to XXL.

HOW MUCH?: Their prices range from EGP 950 for swim leggings to EGP 1.4k for swim top.

WHERE?: You can make an order on their website.

#4- KIKA: Their collection boasts of a wide range of bikinis, tankinis, and one-pieces along with accessories for the summer.

NOTE: All of their bikinis are bought as a set and not separate, but you can get to choose the sizes for the top and bottom as you please.

SIZES: Their sizes run from XS to XL, depending on the swimsuit.

HOW MUCH? Their prices range from EGP 1.6k for their Flame Red One-Piece to EGP 2.25k for The Pattern Myka.

WHERE? You can make an order on their website or you can opt to make the trip to The Drive,Waterway at Cult, and try them on for size.

MEN

#1- KAI COLLECTIONS: Hawaiian for ocean, sea, beach, seaside, seawater, this swimwear brand — which gives off the same aesthetic as Vilbrequin — offers swim and beachwear for men, women and kids. They do have a comprehensive collection of men’s swimwear though. If you’re up to splurge (go on, you deserve it) their swim shorts are fused with functionality and comfortability where it’s designed for everyday living whether you’re chilling by the pool, heading out for the day, or playing football on the beach with your mini-yous.

NOTE: For a perfect father-son bonding moment, you can match your swimsuits, in their ‘ Like Father, Like Son ’ section. As for international and GCC readers, good news: They can deliver to you too.

SIZES: Their sizes run from XS to XXXL for men. They also have a sizing chart in order to figure out which fit is best for you.

HOW MUCH? Prices for men’s swim shorts range from EGP 840 to EGP 1.5k.

WHERE? You can make an order on their website or visit their on-ground branch in Almaza City Center to try before you buy.

#2- EAU: Their swimwear has daring designs and great quality. They also use special UV-treated material that quickly dries, and the elastic waistband will last for a snug fit for more than one summer.

NOTE: They also sell linen shirts to match your swim shorts if you like styling it up on the beachside this summer.

SIZES: Their sizes run from XS to XL. Check out their sizing chart before purchase to make sure that they are the right fit.

HOW MUCH? Prices for all swim shorts are EGP 850.

WHERE? You can make an order on their website.

#3- PSYCH: Born from the rebellious spirit of street culture, this brand focuses on injecting a unique and edgy twist into their collection — and swimwear.

NOTE: Their collection is size limited, but not completely sold out.

SIZES: Their sizes run from XS to XXXL.

HOW MUCH?: Prices range from EGP 300 for the IVY to EGP 500 for the DEEP SEA.

WHERE?: You can make an order on their website.

KIDS

#1- SANDI: Sandi is one of few swimwear brands in Egypt designed exclusively for children — aiming to provide children with high-quality, diverse, and comfortable swimwear that can withstand endless adventures and be enjoyed time, and time again.

NOTE: You can get a 10% off your first order, using their code: FIRSTSAND.

SIZES: Depending on the swimsuit sizes start from ages 2 up to 16.

HOW MUCH?: Prices range from EGP 350 for the swim Wrap Skirt to EGP 1.2k for the Paros Emerald Shimmer

WHERE?: You can order on their website or visit Potato Head Boutique in Arabella Plaza.

#2- YOLI&CO: Yoli & CO focuses on breaking the barrier to basic swimwear for children by using vibrant patterns, and providing youngsters with a kaleidoscope of colors and objects. From playful prints to bold hues, their designs are fun for kids who want to express themselves and celebrate their unique style.

NOTE: Their swimwear is sustainable, made from recycled water bottles.

SIZES: For girls sizes range from ages 2 to 12, as for boys the sizes start from ages 2 up to 14. They also have a sizing chart in order to figure out what fits best on your little ones.

HOW MUCH? Prices range from EGP 650 for the Lollipop swimsuit to EGP 750 for the Blue Swirls shorts.

WHERE?: You can place an order on their website.

Figure out Furiosa’s past. Plus: Try to put down The Silent Patient if you can. Ratios Underground because we can’t get enough of their goodness

📽 AT THE MOVIES-

Furiosa: A Mad Max Saga, directed by George Miller, is an exhilarating addition to the Mad Max franchise. It’s a prequel to the cult classic Mad Max: Fury Road, which dives into the backstory of Furiosa. (Anya Taylor-Joy)

The film kicks-off with Furiosa’s abduction by the ruthless warlord Dementus (Chris Hemsworth). Hemsworth’s performance as a villain is both chilling and captivating. The film then follows Furiosa’s transformation from a captive to a fierce warrior.

The riveting backstory is delivered in a series of flashbacks. Looking back into young Furiosa’s (Alyla Browne) past, we see the character’s resilience develop, which adds flavor and depth to the present events of the film.

Visually, this film needs to be watched on the largest screen possible. Between the fight scenes and explosive stunts, it’s an immersive experience that leaves the audience captivated the entire time. This is something any fan of the series will be familiar with.

Furiosa has carved out its own unique space within the franchise, according to The Guardian, by providing fans with a deeper understanding of one of the key characters’ motivations and strengths. With themes of survival, power, and identity, Furiosa explores how people are shaped by harsh environments and how they might struggle for justice.

WHERE TO WATCH- You can catch the trailer here (watch trailer, runtime: 2:26) or watch the movie at VOX Cinemas at City Center Almaza and Mall of Egypt, Scene Cinemas at District 5, Stars Cinema at Citystars, and Cima Arkan.

📚 FROM THE BOOKSTORE-

This captivating psychological thriller is impossible to put down. The Silent Patient by Alex Michaelides follows the story of Alicia Berenson, a famous painter who lives a lavish life in her grand mansion with her fashion photographer husband.

The dramatic moment that starts our storyline: The events begin to unfold when one night, her husband returns home late from work, and Alicia responds by shooting him in the face five times, then never speaks a single word again.

The domestic tragedy caught the public’s attention. Alicia gained even more fame after the incident, and her art started selling at sky-high prices as her audience became intrigued by the mystery. She was hidden at a forensic unit, where she was introduced to criminal psychotherapist Theo Faber.

Faber is desperate to get Alicia to speak again and uncover the mystery that explains her actions. This book is a true page-turner filled with unraveled truths and twisting paths that completely consume the reader.

You can find it at Diwan.

🍴 HOT AND FRESH OUT OF THE KITCHEN-

Let Ratios Underground upgrade your breakfast game. If you’re a Maadi denizen and/or a fan of good pastries, there’s a good chance you’re already a loyal Ratios patron. Ratios Underground is the bakery’s new location… also in Maadi. The beautiful lower-level venue is the perfect place to go for breakfast or brunch to enjoy Ratios’ iconic pastries and some delicious dishes.

Where to start: Ratios Underground offers a wide variety, and we suggest you go with a big group to try different items together. While you wait, order the compound butter board to snack on — it comes with freshly baked sliced bread and three different types of butter: Garlic, honey, and sundried tomato.

The Croque Madame was a fan favorite, with crispy bread, melted cheese, and perfectly fried egg. Splurge on the duck bacon if that’s your thing — it adds an extra dimension to the taste palate. The sides are yours to choose, but if you don’t pick the potatoes, you’re missing out. They’re crisp and perfectly herbed on the outside, and soft and creamy on the inside.

What’s better than pain perdu? Pain perdu made with a croissant loaf. The croissant loaf is soaked in cream and sugar before being pan-fried and served with sides of delicious syrup and butter. We suggest slathering your piece in both.

Skip the salad. The breakfast salad is simple, though not in a complimentary sense. This dish was the only one that underwhelmed us, the lettuce, tomatoes, and onions seeming out of place on a menu full of culinary treats.

Pump the brakes. Ratios Underground is so popular that finding a table without reservation is too risky of a gamble. You can book a spot for you and the gang here, anywhere between 7:30am to 5pm. If you want to try your luck, you can queue and wait for a cancellation or a no-show. Or you could pass by their attached pick-up bakery to take home some goodies and enjoy them at your leisure.

💵 Per person: EGP 500-800

🪑 Outdoor seating: No

🍺 Alcohol: No

🦽 Accessibility friendly: No

Dive deep into metroidvania with Animal Well

Animal Well is a hauntingly beautiful game in the metroidvania family. But unlike most metroidvanias, there’s no combat here. Instead, the objective is to find and use tools that let you manipulate the (gorgeous) environment to navigate the side scroller. Fans of complex puzzles will find the experience of finding and using the tools especially rewarding.

You are a blob on a mission. After you hatch from a flower, you — an indistinct life form — travel through the intricate labyrinth and encounter all kinds of creatures, some helpful, some less so, as you unravel the mysteries around you. Animal Well takes inspiration from survival horror games and Nintendo classics such as Metroid (obviously) and the original Zelda.

This is strictly an exploratory game. If you’re looking for a dense narrative, Animal Well isn’t for you. This puzzler may test your problem solving skills, but the reward is worth the time you spend figuring it out. The potential replay value will only reveal itself at the end, when you’ll want to go back and replay the game with the knowledge you accumulated during your first playthrough. Much like Hades, beating the game doesn’t mean you beat the game.

💯 Rating: 10/10 on Steam, 9/10 on IGN, and a 96% audience rating.

⌛ Hours of gameplay: 15-20 hours.

🔁 Replay value: 6/10.

👾 Platforms: Steam for PC, and Nintendo Switch, soon to be released on PlayStation.

💵 Price: USD 11.49 on Steam, USD 24.99 on Switch.

What is the history of everyday objects in your home?

Step into the world of domestic history in The Curious History of Your Home hosted by British social historian, Ruth Goodman. In each episode, Goodman unveils the remarkable tales behind the seemingly mundane objects that populate our homes, transforming the ordinary into the extraordinary.

From the surprising origins of double-glazed windows to the evolution of toothpaste from ground-up bones and oyster shells in Ancient Greece, Goodman delves deep into the annals of history to shed light on the remarkable journey of everyday household items.

You’ll be treated to a rich tapestry of stories, from the deadly secrets of Victorian-era wallpaper to the ingenious innovations of modern-day dishwashers and lighting fixtures. Each episode is a delightful romp through history, brimming with fascinating anecdotes and intriguing insights that will leave you with a newfound appreciation for the objects that surround you.

It’s a must-listen for hoarders, history buffs and curious minds alike. With Ruth Goodman as your guide, prepare to embark on a captivating journey through the hidden histories of your own home, discovering the extraordinary stories behind the ordinary objects that shape our lives.

THE ENTERPRISE ENTERTAINMENT CALENDAR

MAY

11 May-1 June (Saturday-Saturday) Summer Showcase art gallery at Bibliothek.

19 May-20 June (Sunday-Thursday): Geometry of Chaos art gallery at 157B 26th of July St., Zamalek.

29 May-1 June (Wednesday): What Have The Years Done To Us? at Rawabet Art Space.

30 May – 1 June (Thursday-Saturday): Sustainability Experts on a Mental Health Break retreat at Sekem Farm.

30 May – 1 June (Thursday-Saturday): Manasat Film Festival at Zawya Cinema.

31 May (Friday): Opera Carmen at Cairo Opera House.

31 May (Friday): Shababco at ZED Park.

31 May (Friday): Open Day Dance Class at Adams Dance Studio New Cairo.

31 May (Friday): QADYA 04 at Madinaty Club Tennis Center Court.

JUNE

1 June (Saturday) Massar Egbari concert at Tanza.

4 June (Tuesday): Karaoke Night at Room Garden City.

6-8 June (Thursday-Saturday): El Galsa: Healing Is Not Linear at Rawabet Art Space.

6-7 June (Thursday-Friday): The Greek National Opera Βallet at Cairo Opera House.

4-7 June (Tuesday-Friday): Africa Health ExCon at Egypt International Exhibition Center.

7 June (Friday): Celebrating 40 Years of Omar Khairat at Abdeen Palace.

8 June (Saturday): 4×4 Snow Challenge Event at Ski Egypt.

15-19 June (Saturday-Wednesday): Eid El Adha (TBC).

16 (Sunday): Memo at Grand Nile Tower Hotel.

17 June (Monday): Tamer Hosny concert at Zed East.

27 June (Thursday): Cyberx Egypt Summit & Awards 2024 at Grand Nile Tower

30 June (Sunday): June 30 Revolution Day (TBC).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

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

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

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

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Madbouly government hikes subsidized bread prices by 300%

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