Good morning, folks, and welcome to the weekend. We wish you well-deserved days of rest and sunshine in this weekend’s mild weather.

Forgot to pick up Christmas gifts? No judgement here, we’ve all been there. Grab a mug of hot cocoa, put on some festive tunes, and turn your last-minute gift stress to a triumph of holiday brilliance with our guide to Christmas presents.

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-

ECONOMY-

#1- Non-oil private sector activity jumped back into the green in November, breaking a nine month stretch in contraction territory, according to S&P Global’s latest Purchasing Managers Index (PMI) report. Pushing the headline figure up into the green for only the third time since November 2020 was an uptick in new orders and output amid easing cost pressures.

Growth is now at its quickest pace in five years, increasing 1.9 points from the month before to 51.1 and comfortably above the 50.0 threshold that separates growth from contraction. This bodes well for a “strong end to 2025,” said S&P Global Senior Economist David Owen. Based on historical correlations, this should translate into GDP growth of 5% y-o-y in the last quarter of the year, he added.

#2- An IMF delegation has landed in Egypt this week, and is expected to be busy meeting with officials until 12 December. Policymakers hope it will lead to a staff-level agreement between the two sides ahead of the reviews and tranches being given the green light from the IMF Executive Board later down the line. The two reviews are expected to see USD 2.7 bn channeled into state coffers, in addition to the first tranche from the Resilience and Sustainability Facility, which could add a further USD 274 mn in climate financing.

ENERGY-

The Madbouly government is preparing to introduce new electricity price hikes starting January, a senior government official told EnterpriseAM. The proposed price hikes are expected to range between 15–25%, depending on consumption brackets, in an effort to close the gap between production costs and its end price, our source told us. Since August last year, electricity price hikes have been put on hold, with the government prioritising lower inflation and subsequent rate cuts over cutting down its energy subsidy bill. But with the outlook on inflation more positive, the government is returning to its plan to bring down its energy bill, our source told us.

AUTOMOTIVE-

Representatives from global automobile manufacturing giant Volkswagen met with Industry Minister Kamel El Wazir on the company’s plans to manufacture vehicles locally, according to a statement. The plan would kick off with contract manufacturing at the Egyptian German Automotive Company plant, followed by construction of a fully integrated automotive factory in East Port Said. This isn’t the first we hear of this: Africa Managing Director Martina Biene told Bloomberg back in June that the company is “very interested in Egypt as a production hub.”

REAL ESTATE-

Yamal and Jood, Talaat Moustafa Group’s (TMG) newest overseas developments, were inaugurated and launched sales earlier this week, the EGX heavyweight said in a disclosure (pdf) to the bourse. The two developments in Oman span a collective 4.9 mn sqm west of Muscat and will offer around 15k residential and hotel units, which the developer thinks will bring in USD 4.7 bn in sales over the lifetime of the projects.

INVESTMENT-

The Madbouly government is preparing Egypt’s first full-scale nationwide local investment map to channel private-sector capital into projects across all governorates, three government sources told EnterpriseAM. The initiative will list untapped assets and projects in every governorate. It is hoped the electronic platform will broaden private-sector participation across local development plans, the sources said. Early opportunities include logistics hubs, cold-chain zones, poultry and agricultural projects, and other underutilized assets identified by local authorities.

Promising commercial and logistics zones — including state-owned land parcels in Mansoura, Kafr El Sheikh, and Gharbia — have already been shortlisted ahead of offering, one source told EnterpriseAM. Five Egyptian-foreign consortiums have submitted proposals for logistics and commercial developments in the Delta, which are now under government review as part of a broader strategy to expand private investment outside Greater Cairo.

NBFI-

The Financial Regulatory Authority has issued its first unified and comprehensive manual covering every service it provides across the non-bank financial system, according to a statement from the regulator. The authority positions the manual as a pillar of its strategy to enhance transparency, improve the business environment, and strengthen Egypt’s ability to attract domestic and foreign investment, and will update the document on a rolling basis to ensure alignment with global regulatory developments, inviting all market participants to use it as the official and sole reference for dealings with the regulator.

STARTUPS-

2026 set to bring good news for our startups and entrepreneurs: The Finance Ministry is currently working with the Central Bank of Egypt and other relevant ministries to launch a first-of-its-kind financing initiative worth EGP 10 bn to support startups, a government source told EnterpriseAM. The initiative aims to provide concessional funding to entrepreneurs through the Micro, Small & Medium Enterprises Development Agency (MSMEDA) and the CBE, according to the source. The initiative will also provide technical assistance and simplified procedures related to registration, documentation, and utilities.

DEBT-

The Finance Ministry sold EGP 5.5 bn worth of local sovereign sukuk in its third issuance under the country’s first-ever local sukuk offering, according to official data. The three-year, EGP 4 bn ijara issuance — a leasing-based Islamic security — attracted an order book of EGP 8.2 bn from 28 bidders. The auction is one of three planned for December, with a combined value of EGP 14 bn.

REMEMBER- The strong demand follows the second sukuk issuance in mid-November, which drew bids worth nearly 11x the offering size, prompting the ministry to expand its December issuance schedule. The sukuk program aims to raise a total of EGP 200 bn by June 2026.

🌍 AROUND THE WORLD IN SEVEN DAYS-

Five hours of talks between Russian President Vladimir Putin and US negotiators failed to produce a breakthrough on a Ukraine peace agreement, a Kremlin aide announced on Wednesday. Russian foreign policy adviser Yuri Ushakov described the talks as “very useful, constructive, and highly substantive,” but said a compromise was not reached. Geopolitical analysts suggest Russia has little incentive to rush negotiations, believing that Putin wants to prolong diplomatic engagement while continuing to bomb Ukraine’s energy infrastructure and make incremental battlefield gains. (CNBC | CNN | NYT)

CLOSER TO HOME- A new investigation by CNN found evidence of Israeli military bulldozers mishandling bodies of Palestinians killed near the Zikim crossing. Satellite imagery now confirms what Palestinians have been reporting for years — Israel is dumping the bodies of civilians killed while seeking aid into shallow unmarked graves, which could violate international law, according to legal experts. (CNN)

Earlier, Israeli Prime Minister Benjamin Netanyahu formally requested a presidential pardon from President Isaac Herzog in his ongoing corruption trial, citing the “public interest” in ending the case. In his letter to the president, Netanyahu said the trial has become a source of “deep public division” and that ending it would help restore national unity. The move marks a reversal for Netanyahu, who has long denied the charges and vowed to prove his innocence. Herzog confirmed receiving the request and said it would be reviewed carefully. (CNN | Associated Press | Reuters | Guardian)

MEANWHILE- Privacy concerns are on the rise in India after smartphone manufacturers were ordered to pre-load phones with a state-run cybersecurity app. The decision gives smartphone makers some 90 days to ensure the app, Sanchar Saathi, is installed. The app’s privacy policy dictates that it would have access to phone logs, text logs, media, and cameras. Apple has reportedly opposed the decision, and does not intend to preload the app on iPhones, Reuters reports, citing three sources with knowledge of the matter. (Reuters | Financial Times | BBC | Reuters)

AND- Over 1.2k people have been reported dead following flooding and landslides across South and Southeast Asia, including in Indonesia, Thailand, Malaysia, and Sri Lanka. Some one mn people have been left homeless in Indonesia following the landslides, and are currently living in temporary shelters. (Guardian | CNN | BBC | ABC News)

AND IN BUSINESS NEWS- HSBC has appointed Brendan Nelson as chairman, making his interim role permanent seven months after launching a search to replace former chair Mark Tucker. The decision came just a day after CEO Georges Elhedery said Nelson was not seeking the position permanently. Nelson joined the bank’s board in September 2023 and has been serving as interim chair since October. He will continue to chair the Group Audit Committee until HSBC releases its 2025 results in February, after which a successor will be announced. (Reuters | Wall Street Journal | Financial Times)

ALSO- OpenAI has acquired a stake in Thrive Holdings, a private equity firm set up by top OpenAI backer Thrive Capital, in a new agreement that deepens the AI company’s ties with its investors and partners. The arrangement gives OpenAI a “meaningful” share in Thrive Holdings — which acquires and modernizes service firms like accounting and IT providers using AI. (Financial Times | Reuters | Bloomberg | CNBC | New York Times)

☀️ THE WEATHER THIS WEEKEND-

We’re in for some temperamental weather this weekend. Friday brings us warmer weather, with temperatures peaking at 28°C before cooling down to 15°C. On Saturday, temperatures remain cool, with a high of 23°C and a low of 14°C.

🎤 HAPPENING THIS WEEKEND-

Soprano Fatma Said is coming to The Grand Egyptian Museum tonight, accompanied by a full symphonic orchestra led by conductor Nader Abbasi. Taking place outdoors at the Pyramids view theatre, the night with Fatma’s mesmerizing voice is one to remember. Tickets are available on Ticketsmarché.

Comedian Salah El Daly is making a stop at the Hilton Cairo Grand Nile tonight. The standup show brings laughter and lots of surprises. Tickets are available on Ticketsmarché.

Tamer Ashour and Amal Maher are stealing the show at Fustat Winter Festival tonight. Don’t miss out on this magical winter evening of powerful vocals and breathtaking arrangements at Fustat Park. You can get your tickets on Tazkarti.

Don’t miss this holiday market: All Saints’ Cathedral is hosting its annual Christmas bazaar, happening tonight at 5 Michel Lufallah St in Zamalek. This year marks the bazaar ’s 50th year — join for a festive shopping experience where you’ll find everything from winter wear and cosmetics to Christmas essentials, handmade crafts, and homemade goodies. All proceeds from the market go to Egyptian charities.

Shababco the Festival is landing in 6th October City’s Tanza tonight and on Saturday, 6 December. Both nights feature a curated marketplace with live music and good food, but night two cranks up the energy with a live performance from fan favorite rapper Lege-Cy. You can head to Ticketsmarché for tickets.

Christmas bazaar season is here: Walk of Cairo is kicking off their Xmas Market tonight and running until Wednesday, January 10. Embrace the holiday’s festivities and enjoy the vibrant market at Walk of Cairo in Sheikh Zayed.

Sheikh Zayed locals: Kouni’s Christmas market is heading to Arkan Plaza tonight and for two more days on Saturday, 6 December and Sunday, 7 December. This holiday market brings you a curated selection of clothes, jewelry, home decor from top brands.

The Christmas Edition of the Cairo Flea Market is coming your way tomorrow on Saturday, 6 December at Zamalek’s Al Horreya Garden. If you’re looking for unique gifts, Christmas trinkets, and some more vintage finds, come by the market and take in the holiday spirit. Doors are open all day from 10am to 10pm.

🎤 HAPPENING NEXT WEEKEND-

Cairo Art Book Fair returns at Ghurnata Community Space for a three-day run from Thursday, 11 December to Saturday, 13 December. This year, the special fair is showcasing work by over 90 exhibitors from 27 countries, bringing art books, zines, and experimental publications. The program also includes talks, workshops, book launches, and more for those looking to engage with contemporary art publishing and print culture. Tickets are available on Ticketsmarché.

The Winter Music Festival isn’t done yet — coming back to Open Air Mall for a third night on Friday, 12 December with a superstar lineup of Wael Jassar, Medhat Saleh, and Bahaa Sultan. This time it’s all about the vocals, the emotion, and a little bit of nostalgia. You can book a spot on Ticketsmarché.

American singer Brian McKnight is bringing live R&B to the Grand Egyptian Museum on Friday, 12 December, promising an unforgettable night of soulful music against the background of Egypt’s great history — tickets are available on Tazkarti.