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THE WEEK IN REVIEW

A fragile Israel-Hezbollah ceasefire takes effect

Good morning, friends, and welcome to the weekend. As we prepare for chilly days ahead, we’ve got a new noodle place for you to try.

Thinking of making the switch to an EV? We’ve got all the facts and figures to make this an easier decision for you in this week’s Enterprise Guide.

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

LAST WEEK IN 3 MINS-

DEVELOPMENT FINANCE-

IFC commits the lion’s share of USD 500 mn sustainability bond issuance: The Arab African International Bank (AAIB) has issued a USD 500 mn sustainability bond with the majority of funds covered by the International Finance Corporation (IFC), alongside the European Bank for Reconstruction and Development (EBRD) and the UK government’s British International Investment. The bonds will work to increase “access to finance to businesses and projects that help reduce greenhouse gas emissions or otherwise protect the environment,” while also helping address Egypt’s growing “financing needs for MSMEs.”

El Gouna set for a sustainability boost, courtesy of the IFC: The IFC is set to provide Orascom Development Egypt with a sustainability-linked loan equivalent to some USD 155 mn to help the firm “improve energy and water efficiency and reduce greenhouse gas emissions” across a number of its hotels in El Gouna.

IPO-

United Bank’s IPO is in full swing: United Bank is set to raise some EGP 4.6 bn from its 30% stake sale on the EGX after the 6x oversubscribed private placement saw the bank’s final share price set at EGP 13.85. Retail investors have the chance to buy up shares in the bank until 3 December, following the kickoff of the bank’s retail placement earlier this week.

INVESTMENT-

Qatar is looking into investments into the North Coast’s tourism and hospitality sectors, with Prime Minister Moustafa Madbouly teasing a “very important” Qatari real estate project on the North Coast that is currently in the works. The government plans to present Qatar with a list of relevant investments that may be of interest in Greater Cairo and the new capital in the coming period.

CUSTOMS-

Unregistered imported mobile phones could be subject to customs and tax fees totaling 37.5% — including a 5% development fee tax — as part of incoming government regulations to support the country’s mobile phone manufacturing localization efforts, a high ranking government source told EnterpriseAM. The National Telecom Regulatory Authority (NTRA) and the Finance Ministry are in the process of finalizing the regulations and the decision will not be applied retroactively, the source said.

DEBT-

An EGP-denominated sovereign sukuk issuance is in the works: The government is planning to issue its first EGP-denominated sovereign sukuk in the domestic market in the next fiscal year, a senior government source told EnterpriseAM . The move aims to finance public investments outside of the general budget, and comes as government entities begin to prepare their FY 2025-26 budgets, the source noted.

AGRICULTURE-

#1- Think Teda, but agricultural: A coalition of Chinese companies has been established to develop a 1 mn feddan integrated farming zone in the New Valley Governorate, following discussions between Prime Minister Moustafa Madbouly and representatives of the Egyptian-Chinese Businessmen Association. The plan will follow the framework of Ain Sokhna’s China-Egypt Teda trade zone and will be developed in cooperation with the Egyptian public and private sectors.

#2- Cotton pricing crisis sees local trading system grind to a halt: The government has temporarily suspended the local cotton trading system on the back of pricing issues that have crippled the industry this season. The relevant authorities are considering private sector proposals to remedy the solutions, with sources indicating that subsidies for cotton producers might soon be on the way.

AROUND THE WORLD IN SEVEN DAYS-

A US- and France-brokered ceasefire between Israel and Lebanon’s Hezbollah took effect early Wednesday morning, with the government among a cacophony of voices in the international community commending the agreement. Per the ceasefire’s terms, Israeli troops have 60 days to withdraw from the Lebanese border, with Lebanese armed forces set to reestablish control as they withdraw. While initial signs indicated that the truce was holding in its first few hours, Lebanese security officials reported Thursday that Israeli tanks had fired on areas in southern Lebanon, with Israel soon thereafter claiming that the attacks had come in response to a breach of the ceasefire.

AND- The world reacts to Trump pledging fresh tariffs. “No one will win a trade war or a tariff war,” warned a Chinese embassy spokesperson in Washington earlier this week, reacting to president-elect Trump’s pledge via social media on Monday to impose a blanket additional 10% tax on all incoming Chinese goods. Trump alleged that China had failed to crack down on narcotics — in particular, Fentanyl — from being sent to the US and that the tariff would remain in place until China takes definitive action, including a death penalty for drug smugglers.

MEANWHILE, IN BUSINESS NEWS- Investors are warning that a strong USD under the approaching Trump administration could lead to weaker returns in emerging market bonds — a line of thought that has prompted investors to pull some USD 5 bn from funds investing in USD- and local currency-denominated EM bonds during the first half of November.

☀️ THE WEATHER THIS WEEKEND- Expect a high of 23°C and low of 13°C in the capital today, and similar temperatures tomorrow with a high of 24°C and low of 14°C, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Yakanour Tales x Zamalek: Art Talks Gallery is hosting an exhibition showcasing the worlds of the late artist Kamal Yakanour. The exhibit highlights the beauty of Egyptian heritage whilst capturing the essence of folklore.

Leila Men El Zaman El Gameel. Omar Khairat is performing a concert at the Bassily Auditorium in AUC New Cairo tonight. Tickets are available on Tazkarti .

DJ Nooriyah will be mixing up the decks this weekend at CJC 610, tonight, alongside Safia and Rajia warming up the sets. Tickets are available on TicketsMarche.

Get your dose of the chuckles. Standup comedian Ali Qandil will be performing his set at Theatro Arkan tonight. You can book your tickets on TicketsMarche.

HAPPENING NEXT WEEKEND-

Rap meets the grandeur of a full symphony orchestra at Red Bull Symphonic. Witness Marwan Pablo performing alongside the Cairo Celebration Choir and Orchestra, led by the acclaimed Maestro Nayer Nagui. The event has been moved from the Grand Egyptian Museum to Mall of Egypt in Sheikh Zayed, but will still be taking place on the same date and at the same time, Saturday, 7 December at 6pm. If you had purchased tickets earlier, they are still valid and will be accepted at MoE. If you still haven't, you can grab them on TicketsMarche.

Is it time to invest in an EV?

Thinking about going electric? With gas prices skyrocketing and environmental sustainability becoming increasingly paramount, going down the electric vehicle (EV) route may sound like a compelling move.

For years, EVs were touted as the be-all and end-all of the automotive industry’s future, but the discourse around them has grown polarized as of late — the Financial Times proclaimed that electric cars are not the future, Goldman Sachs described how The future of four wheels is all electric, and the New York Times championed the middle ground, saying that The electric vehicle future is coming. Just a little more slowly.

Is Egypt ready to join the electric revolution? We spoke with a handful of industry veterans to break down the pros and cons of owning an EV, the current state of our infrastructure, and everything in between to help you decide if now's the time to plug in.

THE CHALLENGES-

#1- Egypt’s charging infrastructure is underdeveloped: Three of the four sources we spoke to cited the country’s limited charging infrastructure as the number one challenge facing EV owners in Egypt, deeming it a potential deal-breaker and the reason behind the limited popularity of EVs. There are roughly 300 charging stations in Egypt, said a source at Infinity EV, which runs the largest network in the country — 205 stations and more than 700 charging points across 16 governorates. In contrast, there are over 4k EVs in the country, according to Khaled Saad, head of the Association of Automobile Manufacturers.

This makes long-distance travel difficult. “People considering trips to distant locations such as Hurghada, Sharm El Sheikh, or Marsa Allam will have to deal with the headache of mapping out where to charge their EVs along the way,” said Abou Ghaly Motors Vice President Tamer Kotb. Models sold through authorized dealers on the local market can travel 450-650 km on a single full charge, he explained, adding that EVs are more suitable for commuting within the city.

EVs rely more heavily on home charging: “EVs are not designed for constant fast charging,” which depletes the battery’s health, said Kotb. “The ideal scenario is to charge your car at home overnight using an EV charging cable. This should cover around 80-85% of your charging needs, while charging stations should provide the remaining 20-25%,” he explained. Most EVs come with a charging cable, but if not, you can purchase one for around USD 400-500. Home chargers use AC, or alternating current, that is transmitted through the national grid, while charging stations points offer AC, the faster direct current (DC), or both.

A SNAPSHOT OF CURRENT INFRASTRUCTURE: In addition to full-fledged charging stations, charging points are available at some malls, residential areas, compounds, and some parking lots in commercial spaces. Charging points are mostly concentrated in Greater Cairo and are not widely available in other governorates or on roads between more distant governorates, said Montaser Zaytoun, chairperson of Zaytoun Auto Mall and member of the FEDCOC’s auto division. However, some stations have started to sprout in more eco-conscious cities like Hurghada and Sharm El Sheikh, Kotb said.

TIP- You can easily locate charging points through a handful of popular charge point operators that offer detailed maps of their charging points via mobile applications:

Infinity EV: App Store | Play Store
Sha7en: App Store | Play Store
Taqa Volt: App Store | Play Store
Elsewedy Plug: App Store | Play Store

#2- EVs are typically more expensive than fuel-powered cars, due to their advanced battery and engine technologies, according to Kotb and Saad. Prices can range anywhere between EGP 1.6 mn for a Volkswagen ID4 and EGP 14.5 mn for a Porsche Taycan Turbo GT.

#3- And tend to offer lower resale values than ICE cars due to lower demand, impacting the overall return on investment, Kotb said. This should be factored into the long-term financial analysis of purchasing an EV.

#4- It could take hours to charge an EV: The exact time it takes to charge an EV depends on several factors, including battery size, battery health, and charging type (AC or DC). It usually takes 4-6 hours to charge an EV from 20% to 80% using AC charging, and 45 minutes using a DC fast charger, our Infinity EV source said. A full home charge using AC takes around 8-10 hours, Saad said.

#5- Insufficient government incentives: Despite plans by several companies to localize the production of EVs, the government has not provided sufficient support, said Zaytoun. “Given current electricity challenges, a surge in EV numbers would further strain the national grid. Are we prepared to accommodate this increased demand?” Zaytoun questioned, adding that the Electricity Ministry should develop a comprehensive plan to keep pace with the global EV trend. Local EV production can only materialize once the government's automotive strategy is implemented, incentives are introduced, import duties on manufacturing components are scrapped, and feeder industries are developed, Zaytoun explained.

THE BENEFITS-

#1- Electricity is cheaper than gasoline, resulting in substantial savings over the vehicle's lifetime. All charging stations levy a government-regulated rate of EGP 1.89/kWh for AC charging and EGP 3.75/kWh for DC fast charging, our Infinity EV source told us. In the meantime, fuel costs stand at EGP 17.0 per liter for 95-Octane, EGP 13.75 per liter for 92-Octane, and EGP 12.25 per liter for 80-Octane. It would take EGP 122.85 to fully charge a 65 kWh EV battery using AC charging or EGP 243.75 for DC fast charging, compared to the EGP 688 needed to fill up a 50-liter fuel tank on an ICE car using 92-Octane fuel.

#2- EVs have lower maintenance costs: EVs have fewer consumables — items that need to be replaced regularly such as engine oil, filters, spark plugs, and brake pads — compared to ICE cars, resulting in lower maintenance and repair costs, Kotb told us. Taking fuel into account, the operating expenses of EVs are all in all nearly 90% lower than those of their fuel-guzzling counterparts. If you opt for an EV that is 25% more expensive than a fuel-powered alternative, you can recoup that differential within three years just by saving up on operating costs, he added.

#3- And deliver a smoother performance: EVs offer a smoother driving experience due to a number of factors, including the instant torque delivery afforded by electric motors and regenerative braking systems that provide controlled deceleration. They’re also much quieter, seeing as they do away with the engine revving associated with combustion engines and contain fewer moving parts.

#4- And let’s not forget about the environmental benefits: EVs produce no tailpipe emissions, the pollutants released into the atmosphere from the exhaust system of ICE vehicles, since they don’t burn fuel. While battery production does generate carbon emissions, their carbon footprint is around 65 % lower than that of petrol cars.

ARE EVS REALLY THE FUTURE?

There seems to be a bit of a shift in sentiment: “I don’t think the large-scale adoption of EVs is as imminent as we initially thought it would be,” said Kotb. Four or five years ago, we had expected EVs to make up 50% of car sales by today. This delay indicates that we still have a ways to go. Global EV manufacturers had been focusing their R&D efforts on three primary objectives: producing zero-emission vehicles, minimizing EV charging time, and maximizing range.

The growing prominence of green hydrogen in recent years has shifted the focus, Kotb explained. Manufacturers are now slowing research on battery technology and exploring the potential of retaining traditional engine designs while transitioning to green hydrogen as they work on finding ways to slash emissions.

But there are some environmental caveats: EV batteries last 10-15 years, Kotb said. “This is an environmental crisis because the batteries contain toxic materials, and disposing of them safely has emerged as a challenge over the past 10 years.” Lithium-ion batteries also hurt the environment, because extracting the lithium and other toxic metals that go into their production generates CO2, as does the manufacturing process.

IN THE UPCOMING WEEKEND GUIDE- We’ll delve into the models on the market, their prices, and where to find them.

We need to talk about Hugh

📽 Heretic is one of those films that stick with you long after the credits roll. Directors Scott Beck and Bryan Woods created a psychological thriller with a side order of theology — a horror film that is also a deeply reflective exploration of faith and doubt — perfect for horror-heads that enjoy their scares with a whisper of introspection.

Wrong place, wrong time: We follow two young Mormon missionaries, Sister Barnes (Sophie Thatcher) and Sister Paxton (Chloe East), who find themselves at the door of Mr. Reed (Hugh Grant). What starts out as a routine visit quickly and unexpectedly takes a dark turn, challenging the Sisters’ endurance… and convictions.

Don’t expect cheap thrills. Beck and Woods’ choice to present a dialogue-driven fear over more overt horror elements makes this experience more cerebral and more unsettling. This is supported by Chung-hoon Chung’s incredible cinematography — the use of dim lighting and confined spaces manufactures the feeling of psychological entrapment. It’s less about jumpscares and terrifying visuals, and more about the slow, creeping dread that something is very, very wrong.

A huge leap for Hugh: Grant’s portrayal of Mr. Reed is a significant departure from his previous roles, and just as impressive as it is different. The character is both charming and chilling, and we found his delivery sending chills down our spines more than once. The audience will find themselves in one of the two Sisters — Sister Barnes, who shows resilience in spirit but not in faith, or Sister Paxton, whose vulnerability juxtaposes her unshakeable belief.

But the film isn’t without its foibles. Critics at Roger Ebert Reviews have noted that the film loses some of the tension during the final act due to the narrative becoming a little too intricate, featuring unnecessary twists and turns that may leave you scratching your head. Moviegoers who aren’t particularly interested in theological horror also may not appreciate the overarching theme of the film.

WHERE TO WATCH IT- You can catch showings of Heretic at Cairo Festival City cinemas, Citystars cinemas, and Scene Cinema.

When to do anything

📚Understanding our natural rhythms can improve productivity, decision-making, and well-being. Daniel H. Pink’s When uncovers the science behind perfect timing and how the structure of our day — peaks, troughs, and rebounds — affects cognitive performance and emotional balance.

Pink emphasizes the importance of breaks, presenting compelling evidence that regular, restorative pauses — especially those involving movement, nature, or social interaction — boost focus and performance. He also explores the power of beginnings, middles, and endings, demonstrating how fresh starts inspire motivation, midpoints create urgency, and endings leave lasting impressions.

The book is packed with actionable advice and fresh perspectives, offering insights for anyone curious about how timing impacts success and happiness.

WHERE TO FIND IT- The book is currently unavailable on Bookspot, but you can find it at Diwan.

Warm your soul with a bowl of Lanzhou beef noodles this winter

🍴 Yiwan a chinese eatery that’s all about one thing: beef noodles. Tucked away in Rehab is a simple yet inviting restaurant that specializes in hearty flavorful bowls of Lanzhou beef noodles, bringing authentic Chinese comfort food to the heart of C-Town. Its open kitchen lets you watch as the chef makes and pulls the noodles by hand.

A complimentary Chinese tea set the tone, offering a warm, soothing start that perfectly complemented the hearty meal ahead. It was followed by a bright shredded potato salad, a deceptively simple dish that surprised us with its dainty texture and buttery finish — it’s almost like a palate prepper. Next came the beef dumplings, tender, thin wrappers stuffed with a juicy, flavorful beef filling — a satisfying prelude to the mains, but something you may want to skip to leave some space for the main event.

The star of the meal, unsurprisingly, was the Lanzhou beef noodles. The broth was a revelation on its own, rich and aromatic with a subtle meatiness from the beef stock, complemented by the homemade, fresh, slightly chewy noodles. The spicy version took it up a notch, giving the dish a nuanced heat without it being overwhelming. Those who love to set their tongues on fire can add extra chili oil for a tailored kick.

For a brothless option, the dry fried noodles were a standout. Despite their name, the noodles were anything but dry, coated in a savory, smoky oyster sauce that clung to each strand of noodles.

A hidden gem on the menu is the fried noodle flakes, a dish of crispy, golden-brown noodle shards tossed in a glossy, savory sauce. The contrast between the crunch of the fried noodles and the rich sauce had a unique texture and taste we can't seem to put our chopsticks on. It's an underrated option that’s different to the traditional noodle experience.

WHERE TO FIND IT- Noodle enthusiasts will have to make an in-house visit, as the restaurant — which is very particular about their noodles — understandably doesn’t deliver.

💵 Per person: EGP 800-1k

🪑 Outdoor seating: No

🍺 Alcohol: No

🦽 Accessibility friendly: Yes

Teach a man to fish…

🎮 A deep dive into chaos (pun intended). Dave the Diver starts off as a seemingly simple game that quickly evolves into a captivating adventure full of exploration, action, and… restaurant management?

The core gameplay is simple: You, Dave, dive deep into the ocean by day to hunt for exotic creatures and gather ingredients for your sushi restaurant. At night, you take up the mantle of master chef to satisfy your loyal (and hungry) customers. It’s an addictive cycle reminiscent of many cozy games.

Fish to feast on… and fight. The underwater exploration is a highlight of the game, with vibrant marine life made up of colorful fish, mysterious creatures, and hidden treasures. And of course, the boss fights. The combat in this game is surprisingly intense, especially when you’re up against one of the larger bosses. You’ll need to learn to dodge, weave, and time your attacks if you want to make it back to the surface.

Don’t forget that you’ve got fish to fry. As a sushi mogul, you’ll have to hire staff, upgrade your kitchen, and curate your menu to keep your customers happy. The best part is that sweet, sweet sense of progression as you watch your restaurant grow.

While the game isn’t without its flaws — some side quests can feel repetitive, and the combat can be a bit clunky sometimes — but it’s hard not to be charmed by the game’s quirky humor, lovable characters, and stunning visuals. It’s a game that’s easy to pick up and put down, for all of us who are time constrained but still need to scratch their gaming itch.

💯 Rating: 10/10 on Steam, 97% audience rating.

⌛ Hours of gameplay: 24 hours, 48 for completionists.

🔁 Replay value: Open-ended.

👾 Platforms: Steam for PC, Nintendo Switch, Playstation.

💵 Price: USD 12.99 on Steam, USD 19.99 on Nintendo and Playstation. Unpaid demo available for Switch.

A podcast on the struggles and concerns of women in the Arab world

👂 Bi La Sukkar is made to be a safe space for women. Produced by the Khateera platform and hosted by Palestinian-Jordanian journalist Tala Al Issa, Bi La Sukkar discusses the struggles and concerns of women in the Arab world. Tala launched the biweekly podcast a month ago, with each episode featuring four Arab women from different backgrounds who share a common experience, such as living abroad or going through a divorce.

Reflecting on living far away from home: In the first episode, Tala brings on Arab women sharing their personal experiences of living away from home. Between the Egyptian expat in Jordan and the Syrian living in Germany, the guests delve into how it has impacted their life, including how it affected their relationship with their partners and the world around them.

Tala also shares her own similar experience, and asks questions about the nostalgia for the culture and traditions these women miss. The episode is filled with raw, honest emotions that reflect the struggles of expat women, caught between feelings of homesickness and the newfound sense of independence.

The episodes are lengthy, ranging from 45 mins to an hour, but each one feels like a warm conversation with your friends, who always manage to express even the most complex and deep emotions with lightness and sincerity.

WHERE TO LISTEN- You can listen to the podcast Apple Podcasts, Spotify, Anghami, and YouTube.

THE ENTERPRISE ENTERTAINMENT CALENDAR

NOVEMBER

8 November - 31 January (Friday-Friday): Double Dribble League at the Maadi Sports Club.

19 November - 31 December (Tuesday-Tuesday): Cairo Prints Exhibition at Garden City.

29 November (Friday): Crystal Lagoons Aquathlon VOL.2 at IL Monte Galala, Ein El Sokhna.

29 November (Friday): Omar Khairat concert at Bassily Auditorium in AUC.

29 November (Friday): DJ Nooriyah at CJC 610.

29 November (Friday): Ali Qandil at Theatro Arkan.

DECEMBER

3 December (Tuesday): Ali El Haggar Tetrat W Zekrayat concert at Theatro Arkan.

5 December (Thursday): Muslim at Theatro Arkan.

5 December (Thursday): Abdel Halim Hafez tribute concert at the Grand Egyptian Museum.

5 December (Thursday): Tul8te at ZED park.

6 December (Friday): TriFactory PMH warm-up run at District 5.

7 December (Saturday): Marwan Pablo and Nayer Nagui concert at Mall of Egypt.

7 December (Saturday): AFP Future of Finance at Conrad Cairo Hotel & Casino.

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

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

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

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A fragile Israel-Hezbollah ceasefire takes effect

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