Good morning friends and happy Friday to us all. As you chase the winter sun this weekend we have an issue packed with news updates and activities to keep you engaged as the year comes to an end.
Egypt is packed with travel opportunities, if traveling out of Egypt isn’t an option for you, and we intend to guide you on some destinations you may not have considered or should probably re-visit this winter.
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-
Israel’s devastating military campaign in Gaza — which is now on its 63rd day — topped headlines at home and around the world as fighting intensified and Palestinian civilians were left with virtually no options for safe refuge.
On the domestic front, we had a handful of troubling macro indicators, some major energy updates, and some progress on the state’s privatization drive, which could see stakes in another military-owned fuel retailer offloaded in the near future.
ISRAEL’S RAMPAGE IN GAZA-
#1- Israel resumed its bombing campaign in Gaza late last week after negotiations with Hamas to extend the temporary ceasefire collapsed. The Israeli forces said on Saturday that it had bombed 400 targets in Gaza and 50 targets in Khan Younis in the first 24 hours following the end of the truce, airstrikes which according to the Gaza Health Ministry killed 193 Palestinians. Further attacks throughout the week have severely strained remaining Palestinian hospitals.
…and continued to push thousands of Palestinians towards the Egyptian border: The Israeli military expanded its devastating air campaign and ground invasion to the south of the territory, where it had previously ordered hundreds of thousands of civilians living in the north to flee.
#2- Nearly 18k Palestinians have been killed in Gaza since 7 October and over 400k people in northern Gaza no longer have access to medical services, while at least 1.8 mn people — almost 80% of the population — have been internally displaced over the course of the past nine weeks.
Foreign Minister Sameh Shoukry will join other Arab and Islamic ministers in DC for a meeting with US Secretary of State Antony Blinkenamid ongoing efforts to put an end to Israeli aggression.
MACRO + FISCAL + MONETARY INDICATORS CONTINUED TO POUR IN…
#1- We have at least USD 42.3 bn in foreign debt to repay in 2024. Egypt will have to pay some USD 32.8 bn to fulfill medium and long-term debt obligations in 2024 in addition to USD 9.5 bn in short-term debt obligations during the first half of 2024.
#2- Net foreign liabilities hit a record high in October as pressure on the country’s external position continued to mount. Our net foreign asset deficit widened to USD 27.2 bn from USD 26.8 bn in September.
Meanwhile, our net foreign reserves inched up for the fifteenth consecutive month in November, according to Central Bank of Egypt (CBE) data released yesterday. Our reserves rose to USD 35.2 bn at the end of November vs USD 35.1 bn at the end of October. The CBE managed to recover a total of USD 2 bn since September 2022.
AND-We’ve seen more meetings between the IMF and Egyptian officials ahead of the anticipated post-election devaluation, with the most recent one taking place at COP28 between IMF head Kristalina Georgieva and CBE Governor Hassan Abdalla, where Georgieva said she expects the size of the loan to Egypt to be increased due to the country’s “additional burden and the impact of the surrounding external crises.”
#3-Egypt’s budget deficit almost doubled y-o-y in the first quarter of the current fiscal year as rising borrowing costs squeeze public finances. The deficit widened to 3.9% of GDP in 1Q FY 2023-24 from 2.1% a year earlier, largely due to the government’s spiraling interest bill.
#4- The Madbouly government downgraded its growth forecast for the current fiscal year by 0.7 percentage points, to a 3.5% clip in the fiscal year ending June 2024, down from a previous 4.2% forecast last month.
#5-Egypt’s non-oil private sector remained in contraction in November, albeit at a softer pace, as inflationary pressures weighed on demand and sent business confidence to record lows, according to S&P Global’s purchasing managers’ index. The PMI came in at 48.4 in November, up slightly from 47.9 in October.
MAKING MOVES IN THE GULF-
#1- The Engineering Export Council of Egypt will start a weeklong trade mission to Saudi Arabia tomorrow with an eye to bring in orders and investment for pumps, car parts, and boilers, among other products.
SOME MOVEMENT ON THE STATE’S PRIVATIZATION PROGRAM-
#1- The government is looking to offload a stake in the military’s Chill Out fuel retailer,Planning Minister Hala El Said said on the sidelines of COP28. The company is owned by the National Service Projects Organization (NSPO) via its National Roads Company subsidiary, and would become the second military-owned fuel retailer to sell shares to private investors after Wataniya.
…but Wataniya’s stake sale has been delayed: We were expecting the government to finalize the sale later this month but according to El Said the transaction will take several more weeks to close.
ALSO- The government plans to complete the sale of a stake in a group of historic hotels before the end of the year, according to El Said.
#2- SFE brings in advisor to assist with massive wind farm sales: The Sovereign Fund of Egypt (SFE) appointed Belgium-headquartered Tractebel to act as a consultant for the sale of stakes in the state-owned 580-MW Gabal El Zeit and 545-MW Zafarana wind farms.
MEANWHILE- Officials are mulling the sale of EGP 8 bn worth of real estate assets to investors in 1Q 2024. Heliopolis Housing and Development is among the state-run companies investors are looking at selling along with private sector partnerships that will see investors developing land plots owned by state-run companies.
A SMATTERING OF ENERGY NEWS-
#1- Norwegian renewables company Scatec inked a USD 1.1 bn green methanol MoU with the Suez Canal Economic Zone (SCZone) this week at COP28 in Dubai.
#2- Scatec is also looking to establish a 1-GW solar and 200-MWh battery storage project in Egyptunder an agreement signed with the Egyptian Electricity Holding Company (EEHC) also at COP.
#3- A group of state-owned companies are looking to set up a second plant for producing green fuel in the Suez Canal Economic Zone (SCZone). The consortium, which includes Helwan Fertilizers, Abu Qir Fertilizers, and Al Ahly Capital Holding have their eyes on a green ammonia project that would require USD 1.2 bn of investment.
#4- UAE-based K&K Group signed an MoU with Italian firm CESI to develop a subsea electricity link connecting Egypt to Italy. The proposed 3GWlink would ship power generated by renewable energy in Egypt across the Med.
#5- Infinity Power, Hassan Allam Utilities, and Masdar are set to start construction on their 10 GW wind farm in 1Q 2025. The consortium is planning to reach financial closure by 1Q 2025 with operations scheduled to begin in 2027.
DEBT WATCH-
#1- Egypt could turn to Indian capital markets next year: The Finance Ministry is looking to raise USD 500 mn in a bond issuance in India in 2024, Minister Mohamed Maait said earlier this week.
#2- The African Development Bank (AfDB) approved a USD 148 mn financial package for CIB foron-lending to clients and strengthening its capital position.
#3- GB Corp’s auto financing arm Drive raised EGP 1.4 bn via a securitized bond issuance. The issuance, which was 1.7x oversubscribed, is the first in Drive’s three-year EGP 5 bn securitization program.
TOURISM-
Tourism bookings to Egypt will be back on track after the holiday season as“confidence returns and customers seek what is a value winter sun destination,” travel agency TUI CEO Sebastian Ebel told Reuters.
SOME INDUSTRIAL MANUFACTURERS ARE GETTING A BOOST-
#1- China-based chemicals manufacturer Befar Group could build a USD 2 bn industrial complex to produce specialty chemicals in East Port Said under a letter of intent signed with the Suez Canal Economic Zone (SCZone) last week.
#2- UAE-based Sharkia Group fertilizers manufacturing arm Futurefert will set up a USD50 mn fertilizer complex in Elsewedy’s Sokhna 360 industrial zone.
#3- Chinese fiberglass manufacturer Jushi will invest USD 8 mn to expand its factory inChina’s TEDA trade zone after Elsewedy Industrial Development awarded it a 60k-sqm plot.
#4- Catalyst Capital Egypt acquired a 30% stake in a new Alex Steel subsidiary in exchange fora EGP 100 mn investment in the company named Alexandria for Industrial Development (AID).
WHAT’S HAPPENING NEXT WEEK-

Capmas and the CBE will publish last month’s inflation data on Sunday, 10 December.Annual urban inflation in October eased for the first time in six months to 35.8% y-o-y from 38.0% in September due to slowing food and beverage price inflation.
Voters here at home will head to the polls from Sunday to Tuesday to cast their ballots in the presidential election. First-round results are due on 18 December and a runoff, if necessary, will take place in early January.
The US Federal Reserve Open Market Committee meets next Tuesday and Wednesday, with policymakers expected to hold rates steady next week for the third meeting in a row as inflation in the US gradually cools. Rate cuts could, however, be in the cards over the coming months — the mere hint of which sent the USD to three-month lows last week.
El Gouna Film Festival kicks off next Thursday, 14 December and runs through the following week on Thursday, 21 December.
The bidding deadline for five gold mine concessions in the Eastern Desert elapses Thursday, 14 December. The bidding deadline for the Eastern Desert concessions was initially slated for 9 November.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
YOUR MOST CLICKED LINKS-
- IMF head Kristalina Georgiva’s remarks on the fate of Egypt’s USD 3 bn IMF program grabbed the most attention over the week. (Enterprise)
- The five-minute primer for CEOs from the US Cybersecurity and Infrastructure Security Agency was frequently opened. (CISA)
- As was this report on cyber security for small businesses, which many of you read following a couple of security breaches. (CEO Monthly)
- The Torah Bridge captured your imagination: The bridge being torn down and subsequently backing up traffic in Maadi, and the lack of clarity on when the project would be completed was a concern for many of you. (Cairo24 | El Watan)
AROUND THE WORLD IN SEVEN DAYS-

Israel’s use of AI to amplify its destruction in Gaza was picked up by international news outlets: Israeli forces have reportedly been using an artificial intelligence system called “Habsora” to carry out strikes on entire residential homes where a single Hamas member might be residing. The AI-based system, described as a “mass assassination factory” by a former intelligence officer, has helped the Israeli forces generate more potential targets for its attacks than ever before, and has allowed it to expand its destructive capacity in the process.
Argentina’s potential Brics membership coming to a halt got some attention: Argentina was expected to formally join the alliance on 1 January before a decision by Javier Milei’s new hard-right administration to reverse course. Milei’s has pledged a foreign policy realignment that would see the country distance itself from China and strengthen ties with the US.
🌥️ THE WEATHER THIS WEEKEND- Today will continue to be overcast with the thermometers reaching a high of 21°C and plummeting to a cold 13°C in the evening. Saturday is expected to bring more of the same, but with more fog and a cooler evening, with the mercury reading 12°C at night, according to our favorite weather app.
HAPPENING THIS WEEKEND-
THEATER-
As a response to Palestinian-based ASHTAR Theater’s global call for solidarity with Gaza, Orient Productions is hosting The Gaza Monologues tonight at 8pm in Cinema Radio.The event will feature readings on stage, by heavy hitters Sayed Ragab, Salwa Mohamed Ali, Nanda Mohammad, Yosra El Lozy, Mohamed Hatem, Rakeen Saad and Ahmed Malek, with musical accompaniment performed by Mohamed Sami. All proceeds will be sent to the Mersal Foundation for aid in Gaza. Get your tickets here.
ART-
The Cairo Art Fair is opening its doors today at TAM Gallery at District 5. The exhibition will be showcasing over 130 artists in the largest collection of contemporary Egyptian art to date with 1.5k artworks.
The event will be open to the public from 12pm to 10pm. The artworks will stay on display until Wednesday 24 January. Find out more by clicking here.
Nurture your inner artist at the self-portrait workshop hosted by Dawar Arts every Saturday until 16 December. Click here for more information.
EVENTS-
Meet the virtual Tutankhamun: The Grand Egyptian Museum is hosting an interactive Tutankhamun exhibition, in partnership with the Spanish Madrid Artes Digitales Foundation. The exhibition kicked off and will continue until Saturday, 16 December. You can book your tour from here.
CHRISTMAS-
We’re kicking off the season to be jolly with the City of the Lights Christmas Bazaar at Galleria40. The market launched last weekend and will end during this weekend.
Cairo Jazz Club 610’s Xmas Bazaar in collaboration with Alkemia will be happening. 20+ local vendors, live music, good food, gluhwein, and a kid’s area is available to you from 12pm to 8pm.
The monthly Cairo Flea Market is putting up their Christmas decorations tomorrowat the Zamalek Fish Garden as per usual.
BOOKS-
Bookworms, assemble: AUC’s Christmas Book Fair is running everyday until tomorrow. All books are getting a 20% markdown, and the El Kousha Theatre Troupe for Puppets will be performing for the kids on Saturday.
Awardwinning Egyptian author Ashraf El-Ashmawi will be hosting a book signing event for his latest novel Maximum Speed Zero at Bibliothek Egypt tomorrow at 5:30pm. The novel follows the journey of an Egyptian family who experience peculiar occurrences and encounter different individuals that influence their destinies.
HAPPENING NEXT WEEKEND-
Want to sit back and enjoy some Christmasy tunes? Arkan Plaza has you covered. TheirChristmas Show, put together by Gaby Bishara, will bring you the smooth sounds of Louis Armstrong and Ol’ Blue Eyes himself in a blend of your favorite jazz tunes and classic Christmas tracks. Clear your schedule on Friday, 22 December to head on over.
Zawya cinema will be screening five movies for the late director Ali Badrakhan until Tuesday, 26 December. You can know more about the schedule from here.
THEATER-
Relive the good old days with the ACT Theater Group. The group is reintroducing tales of Goha’s (mis)adventures into circulation, alongside other folktales of yore. Adults can bask in nostalgia, and younger ones can connect with their cultural heritage. Register for the shows on 15 and 16 December here.
Investigation, or Tahqeeq, is bringing interactive theater to its audience. Help the writer and characters solve a mystery that is revealed on the day of the performance. This unscripted, improvised performance will be playing in Rawabet on Thursday 14 December and Friday, 15 December, starting at 8pm. Get your tickets through TicketsMarche.


