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THE WEEK IN REVIEW

Gov’t in talks for new USD 10-15 bn of Saudi investments

Good morning, friends, and happy Friday. Autumn is almost here but the fall chill hasn’t arrived yet. Regardless, we wish you a fantastic weekend filled with family and friends.

LAST WEEK IN 3 MINS-

INVESTMENT-

#1- Saudi Arabia is investing big in Egypt: Saudi Crown Prince Mohammed bin Salman announced that he has directed Saudi’s Public Investment Fund to pump USD 5 bn in investments into Egypt as part of the “first phase” of a larger program of investment. Prime Minister Moustafa Madbouly clarified yesterday that the new investment will not be funded through the kingdom’s deposits at the Central Bank of Egypt.

That’s not all: Madbouly’s government is also in talks with major private-sector companies in Saudi to invest USD 10-15 bn in Egypt in different sectors, including renewable energy and seawater desalination, the PM said in a press conference yesterday.

Madbouly was in Riyadh on Sunday alongside Finance Minister Ahmed Kouchouk and Investment Minister Hassan El Khatib for talks with their Saudi counterparts aimed at strengthening trade and investment between the two countries.

#2- Egypt prepares Ras Banas for Ras El Hekma-esque investment plan: The Madbouly government is in the process of drafting an investment plan to offer the Red Sea’s Ras Banas to private sector players in a transaction similar to ADQ’s Ras El Hekma USD 35 bn agreement.

ENERGY-

#1- No return to power cuts: Although many of us have been expecting power outages to return this week, the Prime Minister said yesterday that his government has secured enough fuel to feed the power plants, confirming that "the electricity will not be cut off again... and there will be no more load shedding."

#2- More LNG shipments secured: The government has bought 20 cargoes of LNG for some USD 907 mn to cover domestic needs between October and December. The Egyptian General Petroleum Corporation (EGPC) awarded the tender under a six-month deferred payment plan.

#3- Gas cylinders just got more expensive: The government has hiked t he prices of butane gas cylinders as part of efforts to rationalize subsidies for fuel. The price of 12.5 kg household cylinders has gone up 50% to EGP 150, while the price of 25 kg cylinders for commercial use has increased 33.3% to EGP 200.

#4- Gov’t mulls hiking gas prices for factories: The government has been conducting studies about increasing the price of natural gas supplies for the country’s industrial sector since July. A government source we spoke to told us that we can expect natural gas prices to see a 6-8% increase.

WHAT’S HAPPENING NEXT WEEK-

We’re now only four days away from this year’s EnterpriseAM Finance Forum, taking place on Tuesday, 24 September.

Headlining the EnterpriseAM Finance Forum this year is Investment Minister Hassan El Khatib, who’s joining us to outline a vision for where we’re going as a community and as an economy. The keynote interview will get underway at 9am sharp, and you won’t want to miss our exclusive networking breakfast from 8am.

Among the topics on the agenda, which you can view here:

Welcome to the hot seat — top industry CEOs set the tone by addressing the biggest (and toughest) questions of the day.
Looking from the outside in — what foreign investors and strategics think about Egypt right now.
The only asset class in town — It’s real estate or nothing. We’ll get into the ins and outs of the industry, how it’s financing itself, which areas (and price points) are next, and more.
Gazing into that crystal ball — The outlook for dealflow in 2025, from M&A and IPOs to securitization, FX and more.
A once in a generation opportunity? — A deep dive into the promise and pitfalls of the emerging energy economy.
Do we really love banking SMEs? — With NBFIs and fintech players staking their claims, banks are starting to take the SME market seriously.
The NBFI panel — The resilience of the Egyptian consumer is the business story of the decade. How are banks and NBFS players building sustainable businesses? What are the opportunities — and credit worries — in the B2B space?

** IMPORTANT NOTE — If you’ve already received your invitation on email, you *must* click through to confirm you’re attending.

AROUND THE WORLD IN SEVEN DAYS-

#1- Israeli terror attacks in Lebanon on Tuesday and Wednesday claimed 37 lives and left 2,931 injured, as Hezbollah continues to reel from what has been described as the most significant penetration of the armed group’s communication networks since the beginning of the war on Gaza. It is still not fully clear how Israel conducted the attack, but a senior Lebanese security source and another source told Reuters that Israel’s Mossad spy agency was able to plant explosives inside pagers and walkie-talkies imported by Hezbollah months before the attack. The episode has further heightened fears of an escalation on the Lebanese-Israeli border with Hezbollah secretary-general Hassan Nasrallah threatening in a televised speech yesterday to target Israeli military sites and settlements.

#2- Republican presidential candidate Donald Trump was targeted in what appeared to be another assassination attempt on Sunday while golfing at his golf course in West Palm Beach, Florida. Trump was deemed safe after US Secret Service agents attached to the former president spotted a rifle barrel in a bush and engaged the gunman in fire, before arresting a suspect later, who was identified as 58-year-old Ryan Routh.

Trump’s would-be assassins missed, but Harris’ attacks on his economic record seem to have hit on target, with US voters trusting the Democrat candidate to steward the US economy over her Republican challender a thin margin of 2 percentage points according to the latest FT-Michigan Ross poll, up 1 percentage point from last month. Harris holds an even higher advantage among those that turned into last week’s US presidential debate, with 48% saying that they trusted Harris more to manage the economy compared to Trump’s 42%.

#3- The Fed’s decision to cut interest rates for the first time in four years has been also topping the headlines in the international business press. US Federal Reserve chair Jay Powell announced late on Wednesday that the Fed had voted to lower interest rates by half a percentage point in its first rate cut since 2020, bringing the benchmark federal funds rate to between 4.75% and 5%. In its statement on the decision, the Fed noted that the decision reflects “greater confidence that inflation is moving sustainably toward 2%.”

☀️ THE WEATHER THIS WEEKEND- We are still looking forward to the fall weather as we witness yet another hot weekend in Cairo. The capital will be seeing a high of 40°C and a low of 24°C today, and a cooler high of 33°C and a low of 24°C on Saturday.

HAPPENING THIS WEEKEND-

It’s Cairo Vintage Souq’s birthday and they’re back with more old finds for you to thrift. Bring your thrifting skills to Cinema Radio in Downtown Cairo from 2pm till 10pm tomorrow to get the best retro and vintage finds. For more information go to their Instagram page.

CJC 610 is rewinding the tapes and hosting a 90s Flashback nighttonight at 9pm. To reserve, shoot them a message on their Facebook page.

Pay tribute to the legendary Sayed Darwish. Celebrate his timeless music and lasting influence on Egyptian culture at the Arabic Music Institute tonight. Get your ticket here.

Get in touch with your inner child and go to Darb 15’s Game Night tomorrow. From board games to video games, there's something for everyone to help you unwind. Pre-booking is required through their instagram or their WhatsApp number on their page.

HAPPENING NEXT WEEKEND-

Celebrate the mawlid by attending El Leila El Kebira’s musical performance, inspired by the poetry of Salah Jahin and the music of Sayed Mekkawy, at the Rawabet Art Space in Downtown Cairo over three days: September 26, 27, and 28. Shows begin at 8pm, get your tickets here.

The Ice Warrior Challenge makes a thrilling return to Ski Egypt, featuring over 20 challenging obstacles at freezing temperatures, this is the ultimate endurance test for athletes. The event will take place on Saturday, 28 September starting at 9am. Book your spot here.

The guide to surviving a sensitive stomach

To our lactose intolerant readers, or those with any kind of food sensitivity: We’ve got your back (and your gut). Dealing with food intolerances or a sensitive stomach can feel overwhelming, especially when you're trying to find gut-friendly options that don't trigger discomfort when you’re out with family or friends, or simply want to cook a homemade dinner. Whether you’re looking for specific ingredients, snacks, or want to share a meal that won’t ruin your night, we’ve got you covered.

(Tap or click the headline above to read this story with all of the links to external sources.)

SUPERMARKETS: It’s easy to get lost in a grocery store aisle. Here’s a list of supermarkets that stock a variety of products that are gentle on your digestive system.

#1- Gourmet Egypt is a favorite among those with dietary restrictions, since they offer a range of gluten-free, dairy-free, and low-FODMAP products for people who avoid specific types of carbs that can cause bloating and digestive discomfort.

EXPECTED PRICE RANGE- Products you can find will range from EGP 35 for a Sourdough Half Baguette to EGP 499 for Tartufi Jimmy Vegan Mayonnaise With Black Truffle.

Find them here or online.

#2- RDNA: Ideal for organic and natural ingredient shopping, this grocery store focuses on whole, unprocessed foods, stocking plenty of gluten-free grains, non-dairy milk, and gut-friendly snacks.

EXPECTED PRICE RANGE- Products range from EGP 70 for IBS Tea to EGP 515 for vegan Pizza Al Funghi.

Find them here or online.

#3- The Grocer carries lactose-free, gluten-free, and low-sugar alternatives.

EXPECTED PRICE RANGE- You can find gluten-free Nesquik for EGP 5, and Dobella’s almond flour for EGP 287.

Find them here or online.

CAFES & RESTAURANTS: Go out to eat without poring over the menu.

#1- Lokali offers gut-friendly, handcrafted comfort food, from delicious hummus shakshuka to fresh yogurts, all made with care from local ingredients and produce.

LOCATION- You’ll find their original branch in Maadi, but can also visit them in New Cairo’s District 5. Fun fact: they have a slide there.

EXPECTED PRICE RANGE- EGP 90 for plain yogurt to EGP 1.1k for the Meat Lovers Platter.

#2- Açaíro was born from a passion for healthy living and a deep commitment to providing the community with a beneficial and enjoyable gastronomical experience.

LOCATION- You can find Açairo cosied up in CSA Maadi or online.

EXPECTED PRICE RANGE- Starting from EGP 50 for classic lemon juice to EGP 380 for a Powerhouse Salmon Salad.

#3- Dancing Goat offers more than just a great brew. Whether you're enjoying a satisfying cup of coffee alongside a halloumi sandwich or snacking on a jar of pistachios and cashews, it delivers wholesome, nourishing options for a happy stomach.

LOCATION- They’re spread out across New Cairo — District 5, O1, Mivida, St. Roll, The Yard, Garden 8, and The Nox — and Zayed — Sodic Hub Park and New Giza Club. You can also get it delivered through Talabat.

EXPECTED PRICE RANGE- Starting from EGP 60 for a Fruit Salad to EGP 240 for a Mexican Salad.

#4- VEGAN IN OUR HOUSE: It’s in the name, all dishes are vegan and plant-based, meaning absolutely no processed ingredients, only fresh produce. A little tip: Their vegetable nuggets and burgers are a fan favorite.

LOCATION- Non-Maadi residents will have to make the trip to the restaurant, but local denizens can order to their home through Talabat and El Menus.

EXPECTED PRICE RANGE- Starting from EGP 45 for Potato Wedges to EGP 175 for the Homemade Hawaii Burger.

TREATS: If you don't have time and effort to scout for products here are the brands who are often occupying the shelves, that you can order from the comfort of your couch.

#1-Kaju is a plant-based, gluten-free brand offering (delicious) easy-to-digest food for those with food restrictions, voluntarily or not. Specializing in raw vegan desserts, dairy-free cheeses, and vegan comfort food, Kaju provides gluten-free, dairy-free, and sugar-free items — they even have a catering service.

EXPECTED PRICE RANGE- Starting from EGP 123 for Keto Seed Crackers to EGP 1.5k for Keto Raw Vegan Chocolate Cake .

HOW TO ORDER? You can visit their on ground store in Maadi, or order through their online portal.

#2- Sara’s Jar: From creamy yogurts to rich cheeses, this shop sells homemade dairy products using only all-natural ingredients — their products are low-fat and as fresh as it gets. They even share recipes to help you enjoy them to the fullest.

EXPECTED PRICE RANGE- Starting from EGP 57 for plain greek yogurt to EGP 91 for plain 2% fat labneh with suman mint.

HOW TO ORDER? They’re available on Rabbit, Goodsmart and Breadfast — as well as on ground and online supermarkets across Egypt.

#3- Granville: Who says you can't satisfy your gut and sweet tooth? Granville does that with their vegan, plant-based cookies and brownies, proving you don’t have to compromise on flavor to eat clean.

EXPECTED PRICE RANGE- EGP 50 for the ginger molasses cookie to EGP 281 for the vegan fudge brownie bites.

HOW TO ORDER? You can Whatsapp your order. You can also find some of their products at Gourmet and The Grocer.

#4- Goodmill offers a variety of healthy breakfast options, including oatmeal, granola, and ready-made mixes — perfect for both health-conscious adults and teenagers seeking nutritious choices.

EXPECTED PRICE RANGE- Starting from EGP 66 for the double chocolate instant oatmeal to EGP 280 for the coconut almond grain-free granola.

HOW TO ORDER? Place an order through their website.

Don't go on vacations with strangers

? AT THE MOVIES-

A quiet hell: Speak No Evil is an adaptation of a Danish psychological horror film of the same name, originally released in 2022. Directed by James Watkins, this film marks James McAvoy's return to the psychological horror genre.

(Tap or click the headline above to read this story with all of the links to external sources.)

The protagonists are an ordinary American family, consisting of husband and wife Ben and Louise Dalton (Scoot McNairy and Mackenzie Davis, both of Halt and Catch Fire fame) and their young daughter Agnes (Alix West Lefler). While vacationing in Italy, the family meet Paddy (James McAvoy), Ciara (Aisling Franciosi) and their son Anthony (Dan Hough). The Dalton family accept Paddy and Ciara's offer to visit their home in the English countryside, and at that house is where they begin to notice suspicious events and things take a dark turn.

Watching a train wreck… In the best way. We love a good slow burn horror film. Viewers know that something’s wrong from the jump, but as the plot slowly unfolds and the characters remain oblivious, the audience sits farther and farther on the edge of its seat. The naivety of the protagonists, which leads to them ignoring the warning signs, is a classic part of this genre. Let’s be real, without them the plot would end before it even begins.

This version is very similar to the original Danish film, but is just a little lightweight. Many hardcore fans of the genre complained that the original didn’t need a remake — especially so soon after its release — but nonetheless, James McAvoy excelled in a distinctive and convincing performance that highlights and cements his rightful place in the genre.

WHERE TO WATCH IT- You can find Speak No Evil at VOX cinemas at City Center Almaza Cinema and Mall of Egypt, City Stars cinema, Cairo Festival City cinema, Point 90 cinema, and Cima Arkan. Watch the trailer here (runtime: 2:55).

? FROM THE BOOKSTORE-

This book explores the nature of success… And the aftermath of attaining it. Laura Gassner Otting’s Wonderhell: Why Success Doesn’t Feel Like It Should... and What to Do About It delves into the disorienting aftermath of achieving our goals, where success, instead of bringing satisfaction, often leads to a hunger for more, more often than not accompanied by anxiety and self-doubt.

Otting describes it as “Wonderhell" — a mental space where the thrill of achievement meets the weight of newfound expectations and internal conflict. In fact, a well-documented phenomenon called post-Olympic depression has seen decorated athletes spiral after earning medals for their performances, spiraling after they achieve their goals.

Otting wants us to view this feeling as an insight and gateway to further growth. Whether what we experience is fear, anxiety, or heartbreak, society is quick to call it a burden — but it is actually just a portal to new possibilities. Like any true self-help book, it really encourages readers to reflect and continue their personal development journey.

WHERE TO GET IT- You can find Wonderhell on Amazon.

Cozy, warm, and filled with good food, Mamina’s feels just like home. In honor of their grandmother’s culinary legacy, the Farouk family opened this restaurant to begin serving her treasured recipes. The dishes have been cherished by this family for generations, and are now being shared with everyone else.

Easing in: The lentil salad was quite a unique combination of ingredients that our entire party loved. The headlining legume was accompanied by green apples, which offered a sweet addition as well as a satisfying crunch. The sour lemony dressing was an amazing pairing.

Diverse selections. What’s cool about Mamina’s is that they don’t have a specific cuisine that they abide by, but rather a selection of family favorites that would satisfy the simple craving of good food. The chicken orzo — a plate of toasted orzo coated with a rich creamy white sauce — was absolutely divine. We don’t give these out often, but it earned a 10/10 and a chef’s kiss.

This is some good pesto. The pesto rigatoni was delightful, the perfectly al dente pasta enveloped in a vibrant, creamy basil pesto, rich with toasted pine nuts and freshly grated Parmesan.

If you’re looking for a classic, the chicken lemon is the way to go. The familiar flavor was given complete justice, and the tender chicken had us fighting over the last bite.

We can’t forget about dessert. The mille-feuille’s flaky, buttery layers of pastry were separated by generous dollops of silky, vanilla bean cream. The profiterole was also really good too, but we’re ordering more of the mille-feuille. Can we have like three more?

The design is filled with preserved pieces of family history. Vintage charm fills every corner, from the nostalgic richly embroidered chairs to the mystical, hand-painted ceiling. The details even extended into the plates, which were designed by the youngest Farouk daughter, Nour. One of her designs comedically says “el tokhn bi sharaf,” a phrase frequently used by her father, Mohamed Farouk, to insist that if you were to gain weight, you should do so using food that deserves gaining weight from.

Mamina’s is located in Palm Hills, 6th of October.

? Per person: EGP 700-1k.

? Outdoor seating: No.

? Alcohol: No .

? Accessibility friendly: No.

Sink your time into Inscryption (whether you like it or not)

We dropped the ball on Inscryption. This game is one of the most highly rated and well-reviewed games released in recent memory. It’s also incredibly hard to describe without spoilers, so if you want to go in blind here’s the long and short of it: Inscryption is a turn-based deck-building roguelike that incorporates psychological horror and escape-room puzzles in its story. See what we mean?

You’re thrown headlong into the game with no context, just like your character. It’s cryptic and creepy from the jump — when the game boots up, you don’t have the choice to start a new game, only to continue. This plays into your character being a prisoner (for what? by who?) who is forced to play this tabletop card game with an unsettling figure shrouded in shadows. Upon failure, you are unceremoniously killed and brought back to life to try again.

The gameplay (or part of it): The roleplaying card game involves a tabletop map and a 3x4 grid. You place your cards (each representing an animal with its own health, attack power, and special move) on the bottom row, while your sinister opponent places theirs on the top row, moving in on you with each play. You take turns attacking or defending, with damage being tracked on a scale. Whoever’s scale tips loses that round. The kicker? Some of your animal cards require a sacrifice (or two, or three) to be played, meaning that you have to choose who gets slaughtered. This wouldn’t be as emotionally taxing if some of them weren’t sentient and didn’t beg for their lives…

After each round, you advance through the woods, then the wetlands, and then… We’re not actually sure, because we haven’t survived past that yet. Throughout your journey you encounter different characters, all unhinged, and all played by the mysterious gamemaster wearing different wooden masks. Between turns, you get the chance to look around the room, and with the aid of some of your sentient cards, look for ways to escape. But the gamemaster’s eyes calmly tracking you while you fumble with the various objects in the cabin doesn’t inspire much hope.

? Rating: 10/10 on Steam, 98% audience score.

⌛ Hours of gameplay: Depends on how many times you die.

? Replay value: 10/10.

? Platforms: Steam and Epic Games for PC, Playstation, Nintendo Switch, and Xbox.

? Price: USD 4.19 on Steam until 23 September, USD 14.99 on Epic, and USD 19.99 on Playstation, Nintendo Switch, and Xbox.

THE ENTERPRISE ENTERTAINMENT CALENDAR

SEPTEMBER

16 July-15 October (Tuesday-Tuesday): In the Company of Mahmoud Said exhibition at Aisha Fahmy Palace.

17 September to 30 October (Tuesday-Saturday): Today in History exhibition at Gypsum Gallery.

20 September (Friday): Bikers Automotive Festival at El Leila El Kebira.

21 September (Saturday): Cairo Vintage Souqat Cinema Radio.

23-24 September (Monday-Tuesday): Omar Khairat concert at Cairo Opera House.

26-29 (Thursday-Sunday): She Arts festival at AUC Tahrir.

26 September (Thursday): Fouad & Mounib concert at Theatro Arkan.

27 September (Friday): The Artful You! Journaling Workshop at Diwan Heliopolis.

27 September - 11 October (Friday-Friday): Scaled Games at New Heliopolis City.

28 September (Saturday): Ice Warrior Challenge at Ski Egypt.

28 September (Saturday): Improvisation Performance: Irtigalia Honn at Falaki Theater.

26-28 September (Thursday-Saturday): El Leila El Kebira at Rawabet Art Space.

OCTOBER

2-4 October (Wednesday-Friday): Swan Lake at Cairo Opera House.

5 October (Saturday): The Amy Winehouse Band at The Theater in Somabay.

6 October (Sunday): Armed Forces Day.

11 October (Friday): Half Marathon in Luxor.

3-12 October (Thursday-Thursday): Film My Design festival at Zawya Cinema.

10-12 October (Thursday-Saturday): EVs Electrify! Expo & Conference 2024 at Egypt International Exhibition Center.

13-17 October (Friday-Tuesday): Cairo Water Week at The New Administrative Capital.

18 October (Friday): TriFactory Tough Mudder 5K run at Sodic.

18 October (Friday): Ash at Pyramids of Giza.

24 October-16 November (Thursday-Saturday): Forever is Now art exhibition at the Pyramids of Giza.

25 October (Friday): TriFactory Trailmaster run at Wadi Degla.

29-30 October (Tuesday-Wednesday): Intelligent Cities Exhibition & Conference (ICEC) at Waldorf Astoria.

31 October (Thursday): TriFactory’s The Glow Run at Badya Palm Hills.

31 October- 8 November (Thursday-Friday): Cairo International Jazz Festival at the historic American University in Cairo.

NOVEMBER

8 November (Friday): TriFactory’s The Run for Upper Egypt at New Giza.

14-16 November (Thursday-Saturday): Raabta Wellness Festival at El Gouna.

16 November (Saturday): TriFactory Half Marathon at El Gouna.

22 November (Friday): TriFactory TMK run at District 5.

DECEMBER

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

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

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Don't go on vacations with strangers

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Sink your time into Inscryption (whether you like it or not)

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Sections

About

Privacy & Support

Get EnterpriseAM daily

Suffer no more

An independent publication supported by

Today at a glance

Gov’t in talks for new USD 10-15 bn of Saudi investments

Get Enterprise daily

Related

Related

The guide to surviving a sensitive stomach

Related

Related

Don't go on vacations with strangers

Related

Related

Related

This publication is proudly sponsored by

Sink your time into Inscryption (whether you like it or not)

Related

THE ENTERPRISE ENTERTAINMENT CALENDAR

Related

An independent publication supported by

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