Going electric

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THE WEEK IN REVIEW

he aftermath of Bashar Al Assad’s fall

Good morning folks, and happy weekend. Sit back, relax, and dive into the best this weekend has to offer.

Did last month’s EV guide perk your ears? This week, we dive into the ins and outs of what makes for a good EV, and which ones you should be eyeing.

LAST WEEK IN 3 MINS-

ECONOMY-

#1- Inflation decelerates for the first time since July: Annual headline urban inflation dropped a full percentage point from the month before to 25.5% in November, marking the first fall in inflation in three months and Egypt’s lowest inflation reading since December 2022. Food and beverage price inflation — the largest component of the basket of goods and services used to calculate headline inflation — fell 2.7 percentage points throughout the month to an annual rate of 24.6%, their slowest pace in over two years.

#2- The EGP fell to EGP 50.90 against the greenback at some banks during trading Thursday, down from 50.58 at markets’ close Wednesday. The new low came after six weeks of steady declines in the value of the EGP, as authorities have moved toward allowing for more exchange rate flexibility.

#3- Net foreign reserves remained essentially unchanged at USD 47.0 bn at the end of November 2024, marking only a USD 10.5 mn increase from October’s level, according to data from the Central Bank of Egypt. FX reserves rose USD 643 mn to USD 36.1 bn in November, up from nearly USD 35.5 bn in October, while gold reserves fell by 377 mn to USD 10.8 bn, down from USD 11.2 bn. Special drawing rights fell USD 256 mn during the month to USD 37 mn, down from USD 293 mn.

#4- IMF expected to greenlight amendments to reform program in December: Egypt’s negotiations to extend timelines for key reforms under its IMF economic reform program are expected to wrap up in the coming weeks, with Egypt expected to be placed on the IMF Executive Board’s agenda before the Christmas holidays, a senior government official told EnterpriseAM.

PRIVATIZATION-

#1- Wataneya, Safi, Silo Foods, and Chill Out revealed as the military-linked companies headed for stake sales: Prime Minister Moustafa Madbouly confirmed that filling station operator Wataneya and bottled water company Safi will be offered on the EGX by mid-2025. Fellow military-owned food manufacturer Silo Foods and fuel retailer Chill Out are also on the list of companies destined for stake sales, which Madbouly said would happen toward the end of the year. Wataneya and Safi have been on the privatization chopping block for at least four years, while Chill Out has been on the government’s list since December 2023.

#2- Ten more state-owned companies were added to the privatization docket for 2025: Prime Minister Moustafa Madbouly announced in his weekly presser that the government is planning to offer up stakes in ten state-owned companies in 2025. The offerings will be via direct sales to strategic investors and/or through EGX listing.

M&A-

Africa50 completed its USD 15 mn acquisition of 42.9% of Raya Data Center: Raya Holding completed the sale of a 42.9% stake in its subsidiary Raya Data Centers to African infrastructure investment platform Africa50 for USD 15 mn. The funds will be used to help jumpstart construction on a new Tier III USD 35 mn data center in Egypt, set to break ground in early 2025.

IPO-

Korra Energi gets greenlight to temporarily list shares ahead of planned EGX debut: The EGX’s listing committee greenlighted energy solutions firm Korra Energi’s bid to temporarily list 2.3 bn shares at EGP 00.20 each on Wednesday. The EGP 450 mn in issued capital will be under the ticket KORA.CA. Korra now has six months to launch an IPO under the listing requirements, which also let the company extend the period with prior approval from the authority.

AUTOMOTIVE-

Auto sales nudged up in October: Auto sales in October inched up 1.1% m-o-m to record 9.6k vehicles, up from 9.5k in September. This marked a modest rebound in monthly vehicle sales and broke a two-month streak of declines following four months of growth between April and July.

WHAT’S HAPPENING NEXT WEEK-

The first Egyptian-German Cooperation Day will kick off on Sunday with a focus on “social equity, and economic resilience in the shift towards a green economy.” Senior German and Egyptian figures from the worlds of business, government, and development will gather for the event, which will witness a EUR 30 mn debt swap signing and also hopefully news of fresh investments and projects.

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-

The shocking collapse of Bashar Al Assad’s regime in Syria captured the headlines in the international press this week, with over five decades of autocratic Assad family rule in Syria ending after a rapid opposition offensive captured several key cities, including the capital Damascus. Assad and his family have fled to Moscow, where they have been granted asylum, as per Russian state media. Mohammed Al Bashir — a senior member of key opposition faction Hayat Tahrir Al Sham — has been appointed interim prime minister and will lead the caretaker government until 1 March. Meanwhile, an intensified Israeli bombing campaign and steady military encroachment into Syrian territory set alarm bells ringing across the region.

The power vacuum left by Assad’s departure thrust Hayat Tahrir Al Sham and its leader Abu Mohammed Al Golani into the spotlight. The group — once an al-Qaeda affiliate — and its leader now seek to portray themselves as a stabilizing force, issuing reassurances to Syria’s minorities and pledging to preserve state institutions after transition. Questions remain as to how much the group has changed and what role it will play in a post-Assad Syria, with Syrian and foreign diplomatic sources raising concerns over HTS’ supposed lack of inclusivity and consultation with other opposition stakeholders.

Meanwhile, South Korea’s ongoing political crisis continued to unfold, with South Korean President Yoon Suk Yeol facing a second impeachment vote this weekend after narrowly avoiding impeachment last week for briefly imposing martial law.

The manhunt for the killer of UnitedHealthcare executive Brian Thompson led to thearrest of 26-year-old Luigi Mangione in Pennsylvania, who was found with a “ghost gun,” fake ID, and a handwritten manifesto critical of corporate America. Mangione, who has been charged with Thompson’s killing, has received an unexpected amount of sympathy on social media and elsewhere from Americans unhappy with the country’s extortionate healthcare system.

☀️ THE WEATHER THIS WEEKEND- The sun will be out tomorrow, but don’t expect the mercury to let up. We’re expecting a high of 20°C in the capital, with a low of 12°C at night.

HAPPENING THIS WEEKEND-

Cairo Art Book Fair returns for its third edition. The fair will take place in Ghurnata, El Montaza in Heliopolis which started yesterday and will continue till tomorrow featuring various events including seminars, book signings, and more. Tickets can be purchased through Ticketsmarche or at the door.

Aziz Maraka and Silawi live in concert. The show will take place at ZED Park in Sheikh Zayed tonight at 8pm. Tickets can be purchased through Ticketsmarche.

A transformative experience for your young ones. Youth Summit: Unfiltered is packed with inspiring talks, creative competitions, and hands-on mentorship. The summit will take place tonight and tomorrow, 13 and 14 December at the Grand Egyptian Museum. Tickets are available on Collard Tickets.

Shop for gifts at the Christmas edition of Cairo Flea Market. CFM is back tomorrow at the Zamalek Fish Garden from 10am to 7pm. The market features local products and artisan crafts, vintage items and collectibles, and pre-loved clothes.

Cairo Celebration comes back with a Christmas concert. At Theatro Arkan tomorrow Cairo Celebration Choir and Orchestra will ring in their 25th annual Christmas concert. Tickets are available on Ticketsmarche.

Arkan’s Farmers’ Market returns for its Christmas edition, which will take place for 10 days, starting today and until Sunday, 22 December. Get into the festive shopping spirit and start the holiday season by discovering local artisan goods, from natural skincare to fresh organic products and much more.

HAPPENING NEXT WEEKEND-

District 5 is having its own Christmas Market, bringing festive cheer from Thursday, 19 December to Saturday, 21 December. The three days of holiday spirit, will include an array of Christmas themed gifts, delicious treats, and seasonal delights. Stay tuned for more details.

The guide to going electric

A dive into the local EV market: While the electric vehicle (EV) market in Egypt is still nascent, options are available for those interested in plugging in. In Part 1 of this guide, we took a deep dive into the benefits and challenges of owning an EV in Egypt, including the state of our charging infrastructure. In part 2, we’ll look at the models on the market, where to find them, and a few points to consider before making a purchase.

WHAT TO LOOK FOR-

Range matters most: The distance that an EV can travel on a single full charge, known as its range, is the single most crucial spec to look for, said car reviewer Maged El Tawil, host of famed YouTube channel Cars by Maged. “Power is not as important,” El Tawil told us. “Driving at higher speeds consumes the battery a lot quicker, so it ends up depleting the range,” eventually causing range anxiety, he said. Range is a particularly important consideration due to Egypt’s limited charging infrastructure, EgyptSat Auto Chairman Mohamed El Ghamry agreed.

Battery life and brand credibility also count, said El Ghamry. Battery life is often measured in cycles. Over time, the battery's capacity will gradually degrade. For example, a battery can last 4k cycles before its capacity is reduced to 80%, El Ghamry said. It’s also advisable to opt for a reputable, well-established brand to ensure continuity, he added. The Chinese EV market has experienced a high rate of failure, with many startups shuttering after facing financial hardships and struggling to compete with established players. It’s important to buy an EV that will continue to have spare parts and receive support, he explained.

It’s better to buy an EV that’s built as one from the ground up: It’s a rule of thumb that purpose-built EVs are superior to converted EVs — i.e. traditional internal combustion engine (ICE) car models that have been retrofitted or modified to use an electric powertrain — said El Tawil. Purpose-built EVs deliver better range, handling, performance, and interior space, in part because batteries are strategically placed and unnecessary ICE components are removed. EV conversion is a process that involves removing the engine, installing an electric motor, and adding battery packs.

WHERE TO GO-

There are a number of channels through which you can buy an EV in Egypt, including official agents and local distributors. Personal importation, while not without risks, is by far the most popular option due to its perceived lower cost. Privately imported vehicles account for nearly 90% of EVs in the country, Auto Samir Rayan Sales Manager Tarek Ahmed told us.

How does personal importation work? The process involves issuing an Advanced Cargo Information Declaration (ACID) — a unique number for customs clearance generated by the Egyptian customs platform NAFEZA — and having it approved by the Industrial Development Authority, Abou Ghaly Motors Vice President Tamer Kotb explained. With an ACID, you can import an EV through a local dealership or an import company. Alternatively, you can procure the vehicle directly from a seller abroad — in which case you would need to go the extra mile of arranging for a wire transfer, seeking out a shipping company, and hiring a customs broker, Kotb said.

It’s a risky business: Personal importation is fraught with risks, Kotb said. There's no guarantee of warranty coverage or compatibility with local charging infrastructure and market standards. “The buyer goes through the hassle because they think they’re saving money, but they’re actually faced with unforeseen expenses and complications in the long run,” said Kotb. “I advise those who choose to import EVs to at least opt for a brand that is supported by dealerships here so that they can find spare parts if anything goes wrong. Tesla, for example, is very popular abroad. But it’s not supported here,” he explained. “If the headlights break, for instance, you’d have to order it online and find someone to install it here. There are no certified shops to repair Tesla cars.”

Official agents are the safest route: Purchasing an EV from an authorized agent ensures access to after-sales support — including warranty coverage, repair services, and spare parts — Kotb said. Agents employ specialized technicians and engineers who are trained to address the complex nature of EV repairs. They are also connected to the diagnostic system of the EV's parent company. In the event of a malfunction, the agent can use the tool to identify the issue. However, this tool is only compatible with EVs configured for the Egyptian market, he said, explaining that car manufacturers often adapt EV designs to different markets.

But also the most expensive: Agents often charge substantially higher prices compared to other dealerships and self-imports, El Tawil said, suggesting that the perks are not worth the heftier price tag. “Besides potential damages to cosmetic and exterior components like lights, accessories, and bulbs, EVs have very little failures and require minimal maintenance,” he explained. “Additionally, most local sellers who import EVs will help you. They usually have the parts shipped in easily. It’s been an indie experience. It's a community and it's growing.”

THE MODELS-

Top picks: Three of our sources named the Volkswagen ID.4 as one of the most reliable EVs on the market due to its popularity and wide availability, factors that make spare parts and maintenance more accessible. BYD was also consistently cited as a dependable option. Expanding on the why, Kotb highlighted the advantages of Chinese EVs, which are technologically superior in some regards, he said.

For the petrolheads: The Porsche Taycan stands out as the top EV when it comes to driving dynamics, with engineering that effectively masks its weight and challenges traditional perceptions of EV performance, El Tawil said. Tesla follows closely, having designed its vehicles from the ground up as electric cars, he said.

So what’s on the market? We spoke to a number of dealerships about a handful of models to find out just how much they will set you back and where to buy them. The figures below are cross-referenced with information from local experts.

MERCEDES-

EQA 350: EGP 2.5 mn — range: 420 km
EQB 350: EGP 2.75 mn — range: 400 km
EQE 350+: EGP 4.5 mn — range: 635 to 673 km
EQE 500: EGP 5.4 mn — range: 480 to 600 km
EQS 450+: EGP 6.3 mn — range: 750 to 780 km
EQS 500: EGP 7.2 — range: 520 to 620 km
Where to buy: Mercedes has a handful of authorized agents — Abou Ghaly Motors, Alexandria National Automotive (ANA), Ezz Elarab Star, German Auto Service (GAS), and Star National Automotive (SNA).

GEELY-

Geometry C: EGP 1.7 mn — range: 500 km
Where to buy:Geely’s authorized agents are Abou Ghaly Motors and Auto Mobility.

VOLKSWAGEN-

ID.4 Pro Crozz 2024: EGP 2.2 mn, depending on seller — range: 560 km

BMW-

i4 2025: EGP 4.8 mn — range: 491 to 600 km
i5 2025 and 2024: EGP 6.2 mn — range: 498 to 582 km
i7 2025: EGP 10.7 mn — range: 590 to 625 km
iX1 2024: EGP 3.4 mn — range: 430 to 475 km
iX1 2025: EGP 3.5 mn — range: 430 to 475 km
iX2 2024: EGP 3.6 mn — range: 439 to 478 km
iX2 2025: EGP 3.7 mn — range: 439 to 478 km
iX 2024: EGP 7.3 mn — range: 570 to 620 km
iX 2025: EGP 7.4 mn — range: 570 to 620 km
Where to buy: Global Auto Group is the official importer of BMW models in Egypt.

MG-

MG4 2024 Standard: EGP 1.4 mn — range: 350 km
MG4 2024 Luxury: EGP 1.7 mn — range: 450 km
Where to buy:Mansour Automotive is MG’s official agent.

VOLVO-

EX30 2025 Single Core: EGP 1.9 mn
EX30 2025 Single Plus: EGP 2 mn
EX30 2025 Single Ultra: EGP 2.2 mn
EX30 2025 Twin Plus: EGP 2.2 mn
EX30 2025 Twin Ultra: EGP 2.3 mn
Range: Single motor variants sport a range of up to 442 km, while dual-motor models feature a range of up to 426 km.
Where to buy: Ezz El Arab Motors is Volvo’s official agent.

DONGFENG-

Dongfeng Aeolus E70 Pro: EGP 1.2 mn — range: 412 km
Where to buy:Misr Helwan Automotive is Dongfeng’s official agent. The current stock has sold out, and new vehicles will only be available early next year, a sales source at the company told us.

TESLA-

Cybertruck: EGP 3.3 mn — range: 550-650 km
Where to buy: Eleman Electric Cars has it. Most of the Tesla EVs available at the dealership were imported before April and are 2023 models, a source at the company said.

COMING SOON-

The market is gearing up for local production: GV Investments’ automotive arm GV auto will start locally manufacturing Chinese state-owned auto manufacturer FAW Group’s cheapest EV model in the first quarter of 2025, and China’s BAIC Group and its local agent Alkan Auto are slated to kick off production at a new EV factory at the end of next year. EgyptSat Auto is also expected to start production at its EV factory in Tenth of Ramadan City at the end of 2Q 2025, El Ghamry told us.

And more imported models could be making their way here: Abou Ghaly Motors will bring in the Subaru Solterra at the end of next year, Kotb told us. Alkan Auto is also preparing to launch BAIC subsidiary Arcfox’s EVs to the market in 1Q 2025, while Natco is planning on launching Chinese firm Neta Auto’s EV models here in 1H 2025.

El Hareefa 2: The pitfall of a quick remontada

📽 El Hareefa are back conquering the football field in the sequel: Less than a year later after the first film, the Hareefa team are back — but this time, they’re on the campus of a private university, struggling with transitioning from Masr to Egypt.

After the previous movie’s events, they broke ground on a football field named after their team. Their success on the pitch earned them scholarships to a private university, and Maged (Nour Al Nabawy) was offered a chance to pursue his football career abroad, playing for a top Portuguese football team. But all good things must come to an end.

Fish out of water: Sheshtawy (Ahmed Ghozzi), Heta (Kozbara), and Omar (Selim Al-Turki), are finding it hard to assimilate into the university’s environment — all while trying to prove themselves to the dean, Dr. Mansour (Asser Yassin). Meanwhile, Maged is met with a challenge that could threaten the future of his football career.

The quick release of the second film was reflected even in its script. The protagonists face one obstacle after another, but there is no need to worry about them, they will come up with a solution in the next scene. The filmmakers maintain a narrative where the heroes will always win, resonating with the young moviegoers who cheered in the theatre with each goal scored.

Surprisingly, some guest stars were what undermined the film. While these big names were expected to flex their acting chops, they didn’t add much either to the drama or comedy. Meanwhile, most of the comedic goals this time were scored by Kozbara, while the rest of the team were mostly spectators. But when all’s said and done, the El Hareefa franchise stays a nice family watch for the weekend.

WHERE TO WATCH- The film is showing at VOX Cinemas City Center Almaza, Mall of Egypt, Alexandria, City Stars Cinema, Point 90 Cinema, Zamalek Cinema, Cairo Festival City Cinema, and Arkan Cinema. Or you can opt to watch the trailer on YouTube (runtime: 2:10)

The longest elevator ride

📚 The events of this book all happen over the span of 60 seconds. Long Way Down by Jason Reynolds is an exploration of 15-year-old Will’s raw and emotional internal conflict with grief and revenge following the murder of his brother Shawn. Will is bound by the unspoken rules of his world: no crying, no snitching, and always seeking revenge.

The story unfolds over a single, minute-long elevator ride. Will is on his way down to carry out his act of revenge, but sees a ghost from his past on every floor the elevator stops at. The figures are tied to the violence that surrounds him, and they push Will to confront his motives, fears, and vengefulness.

The characters are developed with extreme depth. Some appear only briefly as ghosts, but are still given vivid storylines that show the audience the interconnected lives of individuals caught in the cycle of violence. With each extra floor, the tension rises, inviting readers to consider what exactly Will should do.

Written in free verse poetry, the book radiates Will’s emotions and the high stakes of his decision. Each word feels deliberate and intense, keeping readers on the edge of their seats.

You can find it at Diwan.

Enjoy unlimited sushi at Sokyo’s conveyor belt

Sokyo is claiming the title of Egypt’s first sushi conveyor belt restaurant: In the heart of Rehab’s CitySquare Mall you’ll find a Japanese restaurant where the concept is simple: sit at the bar and enjoy unlimited sushi as plates glide by on a belt. What you see is what you get — no need to wait or order.

For starters, we went with the Spicy Crab Salad, a mix of refreshing crab, creamy avocado, and lettuce drenched in spicy mayo, with a sprinkle (or two) of caviar. Though it was nice, there was a tad too much lettuce — though this didn't take away from the overall taste. Then came everyone’s favorite, the Dynamite Shrimp, golden-fried with panko breadcrumbs and covered in spicy mayo. This one was a hit with our taste buds — crunchy, flavorful, and the kind of dish you’d order twice.

Something a bit off our common course were the Shrimp Spring Rolls, which rounded off the appetizers perfectly. They were crispy, golden, and generously stuffed with shrimps and veggies, with the quality calling to mind an elevated vegetable spring roll.

On to the star of the show: the conveyor belt sushi. The belt brought around an array of two-piece rolls ranging from raw to fried, ensuring that every sushi lover will find something to enjoy. While sashimi, temaki, nigiri, and oshi are ordered separately, the rolls on the belt held their own.

Our favorites? The California Caviar Rolls with crab, salmon, avocado, and caviar for an indulgent bite; the Pink Panther Roll, a crispy shrimp tempura base drizzled with spicy mayo and teriyaki sauce for those who love a kick; and finally the Rainbow Roll, which was both colourful, light, and fresh, and features salmon, tuna, shrimp, crab, and avocado over a California Roll.

It might not be a five-star destination, but it’s a go-to for satisfying your sushi cravings without breaking the bank. And for those seeking something beyond sushi, there’s also a teppanyaki option and a few noodle dishes to round out your experience.

As of now they don't deliver but be sure to pop by if you happen to be in the New Cairo neighbourhood craving a roll or two.

💵 Per person: EGP 700-1k

🪑 Outdoor seating: Yes

🍺 Alcohol: No

🦽 Accessibility friendly: Yes

This weekly series invites you into a more personal and relatable space

👂In a world where we’re constantly dealing with a relentless cycle of news and politics, Off the Cupp with S. E. Cupp is a podcast that gives you a break. This weekly series invites you into a more personal and relatable space, where S. E. Cupp — a political commentator and host — engages with a diverse lineup of guests mainly focusing on mental health and the human experience.

In one episode, she reminds us that politicians are people, too: The episode features US congressman Eric Swalwell and former congressman Adam Kinzinger where they talk about their personal stories within their political careers.

Behind the political facade, these individuals are just like us, dealing with family dynamics and personal challenges. Swalwell reflects on his upbringing as the oldest of four boys and how sibling rivalry influenced his path. Kinzinger, for his part, opens up about dealing with family tensions that came from differing political beliefs, showing listeners how complicated being a public figure is while maintaining personal relationships.

The human side of politics: This podcast offers listeners valuable insight into the human side of politics and celebrity life as well as an escape from the daily grind, all while fostering meaningful conversations about mental health and personal growth.

WHERE TO LISTEN- You can listen to the podcast on iHeart Podcasts, Apple Podcasts and Podbean.

THE ENTERPRISE ENTERTAINMENT CALENDAR

DECEMBER

12-14 December (Thursday-Saturday): Cairo Art Book Fair at Ghurnata, El Montaza in Heliopolis.

13 December (Friday): Aura Music Festival at Lac Du Caire.

13 December (Friday): Cairo Celebration Choir at AUC Tahrir.

13 December (Friday): Aziz Maraka and Silawi concert at ZED Park.

13-14 December (Friday- Saturday): Youth Summit: Unfiltered at the Grand Egyptian Museum.

13-22 (Friday-Sunday): Arkan’s Farmers Market

14 December (Saturday): TriFactory’s The Marakez Pyramids Half Marathon at the Great Pyramids of Giza.

14 December (Saturday): Cairo Celebration Choir at Theatro Arkan.

15-17 December (Sunday-Tuesday): Cairo Blockchain Week at Cairo Citadel.

19 December (Thursday): Bahaa Sultan and Mahmoud El Esseily concert at ElMalahy Arena.

19-21 (Thursday-Saturday): District 5’s Christmas Market

24 December (Tuesday): Ali Quandil standup comedy at Boom Room, Open Air Mall Madinaty.

27 December (Friday): Afroto at El Malahy.

27 December (Friday): Tablet El Sitt at Theatro Arkan.

31 December (Tuesday): KAS:ST at Le Lac Du Caire.

31 December (Tuesday): Hisham Abbas and Hamid El Shari at CJC 610.

JANUARY

18 January (Saturday): Founders Live Cairo at Creativa Innovation Hub.

29-31 January (Wednesday-Friday): The Fire of Anatolia at Cairo Opera House.

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Enjoy unlimited sushi at Sokyo’s conveyor belt

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Going electric

An independent publication supported by

Today at a glance

he aftermath of Bashar Al Assad’s fall

Get Enterprise daily

Related

Related

The guide to going electric

Related

Related

El Hareefa 2: The pitfall of a quick remontada

Related

This publication is proudly sponsored by

The longest elevator ride

Related

Enjoy unlimited sushi at Sokyo’s conveyor belt

Related

This weekly series invites you into a more personal and relatable space

Related

THE ENTERPRISE ENTERTAINMENT CALENDAR

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An independent publication supported by

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