Not your typical family game night + post-Iftar banoffee pie, anyone?

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THE WEEK IN REVIEW

This week in Egypt: No Ramadan news slowdown in sight + Inflation figures come out next week

Good morning, ladies and gents. And if your week has been as busy and as active as the news has been this week, then you’ve earned the chance to settle in this weekend with some friends and family.

May we suggest a game night with some Banoffee pie…but with a twist: Tired of charades, Uno, Monopoly and Mafia? We recommend that your next azzouma come equipped with some brand new games to spice things up. We break down some of our favorite new games in his week’s Enterprise Guide. And while we’re spicing up game night, why not try a Yemeni Banoffee pie?

We’re officially past the halfway point of Ramadan and can start counting down to the much-needed relief of the Eid break, which is expected to land on Friday, 21 April. It follows the Sham El Naseem holiday on Monday, 17 April.

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-

What Ramadan news slowdown? We got hounded last week with updates on privatization, M&A and the latest in economic headwinds. Indicators this week showed that Egypt’s debt reached a new record high, while private sector non-oil activity continued to decline for the 28th straight month. And while we’ve gotten no indication of another devaluation, Egypt’s banking sector is once again out with CDs. Let’s just say we’re thankful we’re seeing progress and positive news coming out of the privatization program. Let’s dive into it.

LESS THAN IDEAL ECONOMIC HEADWINDS-

#1- External debt hit a record high of USD 162.9 bn in 2Q FY 2022-2023, up 5.1% q-o-q during the quarter, Planning Ministry figures show. A stronger USD, higher interest rates, and turmoil in financial markets have all had a hand in weakening Egypt’s external position in recent months and have made it harder to repay debts to multilateral lenders and debt markets.

Meanwhile, Egypt’s net foreign liabilities rose by USD 1.3 bn in February as continued pressure on the EGP pushed net assets further into the red, according to calculations based on central bank figures. Net foreign assets slipped to a negative USD 23.02 bn from negative USD 21.70 bn in January.

In light of all this, Goldman Sachs issued a warning: Our external adjustment program, which has seen the EGP lose 50% of its value and strict restrictions on imports implemented, have been insufficient at addressing our payments imbalance, Goldman Sachs said. In the investment bank’s view, decisively putting an end to potentially runaway currency devaluation and higher inflation requires accelerated policies aimed at increasing exports and drawing in more investment.

#2- On the bright side, Egypt’s net foreign reserves continued to inch up to USD 34.45 bn in March fromUSD 34.35 bn in February. Reserves have been on a gentle upward slope the past seven months and are now up by more than USD 1.3 bn since the end of August. Reserves fell 20 %last year on the back of the war on Ukraine and tougher financial conditions.

#3- Private-sector activity contracted in March for the 28th consecutive month: We saw continuing contraction in non-oil private sector activity last month due to high inflation, depreciation of the EGP, and import restrictions suppressing demand in Egypt. S&P Global’s purchasing managers’ index reported worsening private sector performance with the most recent PMI reading inching down to 46.7 from a reading of 46.9 in February.

BANKING-

The Big Three state-owned banks issued new high-yield CDs: State-owned banks Banquedu Caire, Banque Misr, and the National Bank of Egypt are offering high-interest certificates of deposit (CDs) following the Central Bank of Egypt’s 200 bps rate hike last week. The three banks are offering fixed, three-year CDs at a 19% rate and a three-year declining-rate certificate that starts at 22% before falling to 18% in the second year and 16% in the third year. Appetite was robust over the past week, with savers pouring some EGP 41 bn into Banque Misr’s CDs alone as of Tuesday.

Private banks also jumped on the bandwagon: EGX-bellwether CIB followed suit with three new three-year certificates of deposit. All offering monthly payouts, the CDs have a fixed interest rate of 18%, 19%, 20%, with minimum deposits ranging from EGP 10k to EGP 1 mn. It also offered a 22% fixed-interest rate CD with a minimum deposit of EGP 3 mn earlier in the week, but withdrew it last night. Al Baraka Bank Egypt also introduced its three-year CD at a variable interest rate of at least 19%, disbursed monthly. Finally, EFG Hermes’ aiBank introduced its three-year CD with a fixed interest rate of 17.25% for monthly payouts, 17.5% for quarterly payouts, and 18.0% for annual payouts.

PRIVATIZATION IS MOVING ALONG-

#1- Kuwait’s sovereign fund is looking into growing its stake in state-owned AAIB: Kuwait Investment Authority (KIA) has appointed advisors to look into acquiring a larger stake in Arab African International Bank (AAIB), potentially putting the fund on track to become the state-owned bank’s single biggest shareholder.

#2- Offers roll in for the new hotels company: Investors have started submitting bids to pump money into the state’s newly-established hotels company through a capital increase. The SFE is filtering the offers before sending them to Prime Minister Moustafa Madbouly and the relevant authorities to make a final choice.

#3- The Battle for Pachin continues: The bidding war for EGX-listed Paint and Chemical Industries (Pachin) continued last week after Eagle Chemicals again upped its offer in response to the improved bid by National Paint Holding (NPH) lodged last week. The local chemicals company is now offering to purchase at least 75% of state-owned Pachin for EGP 39.00 per share, up c.5% from its previous EGP 37.00 per-share bid — a 3% premium to NPH’s offer.

MORE M&A MOVES-

#1- Gig-Egypt could soon acquireat least 95% of AIG Egypt after the latter’s largest shareholder, AIG Limited Holding, agreed to sell its stake in an upcoming mandatory tender offer (MTO) approved by the Financial Regulatory Authority (FRA).

#2 DPI and Amethis acquired a minority stake in Egyptian pharma firm Marcyrl: Development Partners International (DPI) and Amethis acquired a “significant minority stake” in local pharma player Marcyrl. Details about the acquisition were not disclosed but “a combination of primary and secondary capital to fund the company’s growth plans,” were used to make good on the transaction.

#3- Fine gets Easy: Amman- and Dubai-headquartered hygiene products manufacturer FineHygienic Holding (FHH) has acquiredAlexandria-based health and beauty company Easy.

WHAT’S HAPPENING NEXT WEEK-

Legislators are back in session: The Senate reconvenes on Sunday, 9 April, and the House is back in session on Tuesday, 11 April.

We’ll find out how inflation is faring: The CBE and Capmas will be out with March inflation data on Monday, 10 April. Headline inflation hit a five-and-a-half-year high of 31.9% in February, while food prices and core inflation both rose at their fastest rates ever.

The IMF and the World Bank kick off their annual Spring MeetingsonMonday. Policymakers, private sector execs, civil society reps, and academics will converge on the lenders’ headquarters in Washington DC to discuss the state of the global economy. Expect central banks’ struggle to balance bringing down inflation and protecting growth to dominate the agenda, amid uncertainty in the global financial markets triggered by the US banking crisis. The meetings run until Sunday, 16 April.

The IMF will also on Monday release chapters two and threeof its April World Economic Outlook, which tackle rising interest rates and public debt.

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-

There was plenty of interest in the new high-yield CDs offered by Banque Misr andthe National Bank of Egypt at the start of the week, as well as CIB’s.
The Tax Authority’s plans to set its own USD exchange rate — separate from the official exchange rate set by the central bank — also got plenty of clicks. (Statement)
The suhoor President Abdel Fattah El Sisi shared with Saudi Crown Prince Mohammed bin Salman also got some attention. (SPA)
Unsurprisingly, Egypt’s March PMI reading was widely read. (S&P Global)
Real estate developers’ statements denying rumors that they are indexing homebuyers’ payments to the EGP / USD exchange rate or canceling sales contracts in the wake of the EGP’s devaluation also saw some interest. (Statement)

AROUND THE WORLD IN SEVEN DAYS-

Agent Orange is back in foreign press headlines: Donald Trump, who became the first president in US history to becharged with a crime after leaving office, appeared in a Manhattan court on Tuesday following his indictment for more than 30 criminal charges related to alleged fraud. The Donald faces charges of falsifying business records to hide hush money he paid to two women to keep extramarital affairs out of the press ahead of the 2016 election. Trump ended up pleading not guilty to 34 felony counts.

The global realignment continued: Saudi Foreign Minister Prince Faisal bin Farhan Al Saud formally met with his Iranian counterpart, Hossein Amir Abdollahian, in Beijing for the first time in seven years as the two sides look to build on last month’s China-brokered pact and restore diplomatic relations. Russian, Turkish, Syrian, and Iranian deputy ministers also held talks this week in efforts to mend ties between Damascus and Ankara and finally bring the 12-year war in Syria to an end. Meanwhile, Saudi Arabia is reportedly planning to hand Syria a formal invite to the Arab League.

Over in Europe, Finland becameNATO’s 31st member after all 30 member states voted to ratify the country’s membership, doubling the length of the military alliance’s border with Russia.

☀️ THE WEATHER THIS WEEKEND- Slather on the sunscreen:This weekend will be scorching hot, with the mercury rising to 35°C today and tomorrow, before falling to an overnight low of 13°C today and 16°C tomorrow.

Interactive games you can get in Egypt to shake things up on your next game night

Not your traditional family game night: Whether you’re planning on hosting a small get-together or inviting a bigger group, party games are a great way to keep your guests entertained and make great memories (or get into loud arguments, depending on how competitive you are). While games like Charadesand Uno are classics, there are a host of new games cropping up on different platforms that can fire the game night up and keep you entertained for hours.

TEAM EFFORT-

Can you rely on your friends’ musical knowledge?Name That Tune is a straightforward game where a moderator plays 5 seconds of a song of their choice. The teams compete to identify the song, and whoever shouts the title first gets the point. You get an extra point if you identify the artist as well. If everyone wants to play, you can forgo the moderator and use one of the thousands of YouTube videos dedicated to this game.

A relatively new trend we’re loving is the emergence of locally produced games. One that kept us company throughout lockdown was the aptly named Quarantivity. This board game combines trivia questions, charades, pictionary, and taboo in one good old-fashioned tabletop board game. Teams compete to answer as many questions correctly to progress across the board the fastest and reach the center first, where they’ll have to answer one question from each category in one go to claim first place. There is enough material to last you several game nights, believe us.

You can order the game online here for EGP 450, and if you somehow burn through all the cards, you can buy an expansion pack for EGP 200.

EVERY MAN FOR HIMSELF-

Among Us was all the rage during lockdown, earning it the 2020 Multiplayer Game of theYear award. Inspired by the classic party game Mafia, this game will have you try to complete tasks before the impostors in the team kill you. Bust out your phones, create a private room for you and your friends, and spend game night arguing. One of the best cross-platform games out there, it allows you to play on any device with an internet connection.

Among Us is available pretty much anywhere, including on the Apple App Store, GooglePlay Store, or on Steam if you want to play the game on your computer.

THE MORE YOU KNOW-

If you’ve ever wondered which of your group would survive the Saw horror series, look no further than Jackbox’s Trivia Murder Party. The game offers an interactive thriller narrated by a fictional serial killer, where you and your friends answer multiple choice questions to progress through the game. If you guess incorrectly, you’re sent to the “killing floor” where you’re forced to play minigames to avoid being killed. The main action of the game happens on your TV, but players use their own mobile devices to input answers.

You can download the game (included in Jackbox Party Pack 3) for USD 24.99 on your PC, Playstation, Xbox, and Nintendo, and even on Apple TV, Amazon Fire, Android TV, and any iOS or Android device.

Knowledge is Power is another beloved trivia game — but with twists and turns at every round. The game isn’t just about who knows the most random facts, it’s also about speed, strategy, sabotage, and using your power-ups to trip up your opponents and steal their points.

The fun part: It’s not all Q&A, there’s a lot of different variations, like matching things together and sorting.

You can download the game on your PlayStation for USD 9.99, and the accompanying PlayLink apps (without charge) on theApple App Store and Google Playto use your smartphones or tablets as controllers.

Banoffee pie, the classic + the Yemeni way. Plus: A Khan El Khalili spot for suhoor, and a tale of a Jewish Egyptian family

POST-IFTAR INNOVATIONS-

Who doesn’t love a dessert that can trick you into feeling like you’re being at least a little healthy because it has fruit in it? As if the copious amounts of toffee, whipped cream, and buttery biscuit base don’t count, the banoffee pie is a deliciously decadent treat that still manages to be light and airy enough to keep you wanting more.

A brief history lesson: The banoffee has been around for over 50 years, having first been developed in the early 70s by Englishman Ian Dowding when he was head chef at The Hungry Monk.

Shout out to Delight, whose banoffee is a crowd favorite at Enterprise global HQ with plenty a birthday and office party have been sustained by them. But if you like to try it out yourself, here’s a tried and true recipe.

Ingredients:

10 digestive biscuits
125 grams of unsalted butter
One can of condensed milk
Three ripe bananas
Double whipping cream
Dark chocolate (optional)

Instructions:

Crush the digestive biscuits in a food processor, or (if you need to channel some anger) by placing them in a plastic bag and smashing them with a rolling pin.
Melt the butter and pour it onto the biscuit crumbs.
Mix well before pressing the mixture into a pie dish.
Chill in the fridge for a minimum of 20 minutes.
Remove the label off the can of condensed milk, and place the can in a pot of boiling water, making sure that it is completely covered.
Simmer for 2-3 hours.
Once the can has been removed and cooled, open it up and pour the toffee onto the biscuit base.
Slice the bananas and place them on top of the toffee.
Whip up the cream until it’s thick before spooning onto the bananas.
Optional: Grate some dark chocolate on top for an extra touch of indulgence before serving.

DID YOU KNOW THERE’S A YEMENI VERSION? That’s right, the Yemeni’s have their own twist on the the classic banoffee recipe known as Ma’soub. While it incorporates a lot of the same flavors, it’s constructed more like a pudding than a pie.

Ingredients:

3 ripe bananas
Ghee
Raisins and toasted almonds
Bread or ka’k (a type of Yemeni biscuit)
Cardamom powder (optional)
Whipping cream
Nigella seeds
Honey

Instructions:

Peel the bananas and mash them in a bowl.
Toast the raisins and almonds in ghee until browned.
Cut up the bread or ka’k into small pieces and toast them in a pan until golden brown.
Once they reach the desired color, add the mashed bananas into the pan and stir.
Once cooked through, add the mixture into ramekins or oven-friendly plates.
Cover mixture with whipping cream.
Garnish the cream with toasted raisins and almonds.
Sprinkle nigella seeds on top.
Drizzle honey on top of the mixture before serving.

But of course, it wouldn’t be an Egyptian Ramadan without some sort of local twist on a classic dessert. If you’re feeling particularly adventurous, go ahead and try making a banoffee pie with a kunafa base, courtesy of this recipe by Nola (watch, runtime: 0:49).

📚 FROM THE BOOKSTORE-

Lucette Lagnado’s The Man in the White Sharkskin Suit is a gripping ode to Cairo and its history: The book tells the story of a Jewish family’s departure from Egypt during the post-World War II era, told through the eyes of the author’s father Leon Lagnado, and his family. The central theme focuses on a community’s fall from grace: from affluent, prominent and integrated components of a society, to nameless, dispossessed strangers in a new world. For those of us who live in Cairo, Lagnado’s work is an enchanting peek into a distant, glamorous cosmopolitan city set in the 1940s — nearly a century ago, and many worlds away.

About Lagnado: The late author was born in Egypt in 1956 and later emigrated to the US where she grew up in Brooklyn. She worked for over two decades as an investigative journalist for The Wall Street Journal. Her memoir was awardedthe Sami Rohr Prize for Jewish Literature — one of the most prestigious in the realm of Jewish literature. Lagnado passed away in 2019 from complications from cancer treatment she received in her youth.

WHERE TO GET IT- The book is currently sold out in Diwan, but you can buy it on Amazon.

🍴 HOT AND FRESH OUT OF THE KITCHEN-

Tucked away in the heart of Cairo, the Khan El Khalili Restaurant et NaguibMahfouz Café is a portal to the golden age of the city. If its classical aristocratic decor and warm atmosphere aren’t enough to set the mood, the live band playing the oud, tabla, kanun, ney, and rik will definitely transport you to a different time. The menu features a range of classic Egyptian dishes, including mezze, grilled meats, and flavorful stews. The food is fresh, flavorful, and expertly prepared, with generous portions that are perfect for sharing.

What to order: We suggest you start out with their kawari’ soup, which has broth that is both hearty and flavourful. If you’re not a big fan of kawari’, the orzo soup won’t disappoint. We won’t waste your time listing the appetizers you should order — hot or cold, you can’t go wrong. We particularly loved the mombar.

For the main course, give their moussaka or molokheya with rabbit a try. Don’t forget to order their eponymous Naguib Mahfouz cocktail, which is an ingenious mix of karkade and tamrehindi. Sweet, but not too sweet, and tart but not too tart, this drink is the stuff of dreams, and a big reason we keep going back.

Even though its entrance is tucked away and unassuming, the restaurant is Khan el Khalili’s worst kept secret. To guarantee a table, call ahead and reserve, keeping in mind that seats fill up fast, especially in Ramadan.

💵 Per person: EGP 300-500

🪑 Outdoor seating: No

🍺 Alcohol: No

🦽 Accessibility friendly: Yes

Sr. is an ode to the relationship between father and son, through the eyes of Robert Downey Jr.

“Sr.” is Robert Downey Jr.’s hommage to his late father: admired underground filmmaker Robert Downey Sr. The documentary, shot in black and white, takes us down Downey family memory lane and shows how a father’s career and love for film has helped shape his son’s path and solidify the life-long bond between the pair over a common passion. The feature takes on darker, deeper turns when Sr. and Jr. broach more difficult topics like their shared drug addiction during a given time in their lives. The biographical documentary is also an attempt by the Iron Man star to “trying to understand [his dad],” in the words of the as Sr. begins to grapple with Parkinson’s disease. Sadly, Robert Sr. passed before the release of the movie.

WHERE TO STREAM IT IN EGYPT– Netflix.

Radiolab offers an immersive take on existential topics, history, science and more

They say that the more you learn, the more you realize how much you don’t know, and Radiolabtakes it upon themselves to drive that point home.Radiolab is a long-running podcast that explores a wide range of topics, from science and technology to philosophy and culture. Hosts Jad Abumrad and Robert Krulwich have a knack for making complex topics accessible and engaging, skilled at weaving together multiple threads to create a cohesive and thought-provoking narrative. The unique sound design also helps make this podcast all the more immersive.

IS THE WAY WE ARE THE WAY WE’LL STAY? In a recent episode of Radiolab, titledNewNormal, the hosts explore the ways change occurs and whether we can call all types of change “natural.” From baboon troupes to small towns and (un)natural selection, the hosts explore the existential question of whether or not humans are capable of changing for the better. The episode doesn’t shy away from the nitty gritty drivers behind change, but it also offers hope that positive change is always possible.

WHERE TO LISTEN- You can find Radiolab on any podcast platform of your choosing, including Googleor Apple Podcasts, Spotify, and Stitcher.

THE ENTERPRISE ENTERTAINMENT CALENDAR

APRIL

7 April (Friday): Massar Egbari concert at 9:30pm, Cairo Opera House.

7 April (Friday): Backpacker Iftar/Suhour, Wadi Degla.

8 April (Saturday): Iftour iftar and Zamalek tour with Qahrawya, Downtown Cairo.

9-11 April (Sunday-Tuesday): ACT Theatre Group performs Goha fe Rawabet at 9pm, Rawabet Art Space.

10 April (Monday): Bookly Ever After kids’ event.

12 April (Wednesday): Medhat Saleh concert at 9:30pm, the Cairo Opera House.

14 April (Friday): Hazem Shaheen concert at 9pm, Rawabet Art Space.

14 April (Friday): Egyptian Project live performance at 9pm, Skas Restaurant, El Obour.

15 April (Saturday): Nesma Medhat folk storytelling performance at 8pm, Maq’ad of Sultan Qaitbey.

15 April (Saturday): BigBang stand-up comedy night at 8:30pm, Room Art Space and Café.

16 April (Sunday): Coptic Easter.

16 April (Sunday): Irtigalia improv performance at 9pm, Room Art Space and Café.

17 April (Monday): Sham El Nessim.

21-26 April (Friday-Wednesday): LaLiga Egypt Football Camp, Xanadu Hotel, Makadi Bay, Hurghada.

22 April (Saturday): Eid El Fitr (TBC).

22 April (Saturday): Iftour iftar and Downtown tour 5:30pm, Downtown Cairo.

25 April (Tuesday): Sinai Liberation Day.

27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

MAY

1 May (Monday): Labor Day.

1 May (Monday): Backstreet Boys at 7pm, ZED East, New Cairo.

4 May (Thursday): National holiday in observance of Labor Day (TBC).

12-15 May (Friday-Monday): Egypt Fashion Week.

JUNE

10 June (Saturday): Thanaweya Amma examinations begin.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY

18 July (Tuesday): Islamic New Year.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

SEPTEMBER

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

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

OCTOBER

6 October (Friday): Armed Forces Day.

13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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