Summer reads

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THE WEEK IN REVIEW

Madbouly sketched out plan to end power cuts this summer.

Good morning, friends, and happy Friday. A long summer weekend is upon us as some of us are stuck spending time at the beach and others stuck in the city are at home to escape the heat.

And one wonders, how does one pass the time? Reading, of course. Don’t roll your eyes quite yet — we do have a thoughtful list of books that will keep you company whether you’re working on your tan on the chaise lounge or cozied up on your sofa.

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

LAST WEEK IN 3 MINS-

ENERGY-

#1- The government sketched out its plan to put an end to power cuts this summer: Prime Minister Mostafa Madbouly delivered a televised statement to apologize to the people and lay out a plan to end power cuts for the summer months on Tuesday, penciling in the end of cuts for the third week of July. Power cuts will resume after the summer months until the end of year as planned, Madbouly added.

Restrictions were set on retail opening hours after additional cuts extended: The government also announced the mandatory closure of all shops and malls — with the exception of supermarkets, restaurants, and pharmacies — by 10pm in order to save on energy costs. The restrictions followed a longer daily power cuts, initially scheduled for Saturday and Sunday, until the end of the week.

#2- EGAS moves to secure at least 17 LNG shipments over the next three months: EGAS sought 17 LNG shipments in a tender which closed Wednesday, including seven shipments of LNG cargoes to be delivered in July, six in August, and four more in September.

#3- New public-private consortium to invest USD 600 mn in importing ethane gas: Four state-owned firms are set to launch a consortium alongside Triangle Group’s Gama Construction in a project to import liquified ethane gas. The news comes after fertilizer producers shut down factories Tuesday due to a “lack of feed gasses.”

HEALTHCARE-

Hospital privatization bill approved: President Abdel Fattah El Sisi on Sunday ratified a bill allowing private entities to set up, manage, and operate healthcare facilities and public hospitals for a period of 3-15 years.

DEBT-

#1- CBE pulled in EGP 1.1 tn in liquidity from local banks following the Eid break: The Central Bank of Egypt accepted bids from 32 banks for EGP 1.1 tn in fixed-rate deposits at a rate of 27.75% during its first weekly fixed-rate auction after the Eid Al Adha break.

#2- The World Bank greenlit USD 700 mn in development financing for Egypt: The World Bank approved the USD 700 mn in Development Policy Financing as part of a three-year USD 6 bn financing package announced in March.

FX-

#1- The EGP weakened against the greenback to its lowest level since April amid consecutive drops following the Eid Al Adha break, before reducing its losses on Wednesday and Thursday. The USD was changing hands at EGP 48.10 by the end of the day yesterday at the Central Bank of Egypt.

#2- CIB, Banque Misr, and NBE halved FX markup fees and raised credit card limits: The Commercial International Bank (CIB), Banque Misr, and the National Bank of Egypt (NBE) lowered their FX markup fees to 5% from 10% and raised their caps on spending outside of Egypt on their highest category of cards to the FX equivalents of EGP 300k, EGP 300k, EGP 240k respectively. State-owned lender Banque du Caire (BdC) also eased its FX credit card limits this week, while keeping its FX commission stable at 10%, according to the lender’s T&Cs (pdf).

CAPITAL MARKETS-

#1- Beltone to introduce four new funds, including a shariah-compliant EGX33 fund, with an upgraded investment platform in the next quarter: Beltone Holding will introduce four new low-, medium-, and high-risk investment funds next quarter pending Financial Regulatory Authority approval, with one of the funds following the EGX33 Shariah fund, Beltone Holding Local and Regional Markets CEO Khalil Al Bawab told Enterprise. The company will also be revamping its Beltone Trading App into an investment fund platform with a new fully digital onboarding process.

#2- CI Capital got the preliminary greenlight to launch an EGX33 fund: The Financial Regulatory Authority gave CI Capital’s asset management arm CI Capital Asset Management preliminary approval to set up a fund investing in the newly-launched, sharia-compliant EGX33.

HAPPENING NEXT WEEK-

Public and private sector workers will be getting a long weekend to mark the eleventh anniversary of the 30 June revolution. Egyptian banks and the bourse will also be closing their doors to commemorate the holiday.

Two-day EU-Egypt Investment Conference kicks off Saturday: The government is expected to ink a number of MoUs and promote a list of “attractive investments” to foreign investors during the conference, which is expected to bring together some 450 European companies.

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-

It was an eclectic week in international news, with election updates dominating the front pages alongside tech turmoil, stock market gains, and the end of a 14-year extradition saga for Wikileaks founder Julian Assange.

On the election front, it’s Trump vs. Biden as far as the eye can see, as the international press’ attention is fixed entirely on Donald Trump and Joe Biden’s presidential election debate — the first of two between the candidates. The debate wrapped just a couple of hours before we hit “send” on this issue, so expect to see plenty of commentary streaming out over the rest of the day and into the weekend.

The debate in a nutshell: “Biden bombs and Trump pounces,” as Politico puts it. As would have been expected, the two candidates threw plenty of personal attacks at each other throughout the debate in Atlanta as they covered everything from hot-button issues like immigration and abortion — all the way to Trump’s golf habits.

Meanwhile, pundits have been preparing for French voters to go to the polls this Sunday for the country’s snap parliamentary elections, with an FT poll suggesting voters trust the right-wing Rassemblement National more on the economy than they do Emmanuel Macron’s centrist bloc. In the UK, Prime Minister Rishi Sunak went head-to-head with Labour’s Keir Starmer in a debate on Wednesday, ahead of snap parliamentary elections scheduled for 4 July. Voters in Iran will also cast votes for a new president on Friday.

The global press also devoted space to extreme heat, including the tragic deaths of more than 1.3k pilgrims on the Hajj — nearly half of whom have been reported to be Egyptian nationals.

Julian Assange walked free after striking a plea bargain with the United States that allowed him to return to Australia after 14 years in the UK, seven of which were spent living in the Ecuadorian embassy to avoid extradition to Sweden.

☀️ THE WEATHER THIS WEEKEND- Today is a scorcher, with the mercury rising to a high of 41°C and dropping to a low of 23°C. As for Saturday, the mercury will rise to 36°C and drop to a low of 25°C, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Affichat w Aflam for the cinema aficionados. This exhibition showcases a vast selection of the late Pierre Sioufi’s collection of more than 10k pieces of Egyptian cinema memorabilia from 1932-2017. Showing in three editions, with the first ending on Thursday, 11 July, it will display pieces from the 1930s to 1970s. The exhibition is open from 10am to 10pm at Bibliothek.

Giselle will be presented by the Cairo Opera Ballet Company and the Cairo Symphony Orchestra tonight. This ballet performance is a story of romance and tragedy and will take place at the Grand Theatre of the Cairo Opera House over three days at 8:30pm. Get your tickets here for tonight and Monday, and Tuesday.

Don't miss the comedic musical journey I Love You, You’re Perfect, Now Change at Rawabet Art Space from tonight until Saturday. Explore the ups and downs of love and relationships through humorous scenes and heartwarming songs that will have you laughing and nodding along. Secure your tickets for tonight and tomorrow.

Layali Misr x Hamaki: Superstar Mohamed Hamaki will be in concert at the New Cairo Arena tonight. Book a ticket, table, or lounge here.

Medhat Saleh x Maestro Amro Selim in the large hall at the Opera. The musical performance will be tomorrow starting at 8:30pm. Click here to get your tickets.

90’s nostalgia is back with Flashback at CJC 610 with Bubblegum Kollectiv and DJ Andy Cheikho tonight. Get in touch with CJC 610 on their website to get your tickets.

Amr Diab takes the stage at Sol Beach in Marassi, North Coast. The concert also features DJ Adam Port tomorrow starting from 9pm. Get your tickets here.

Enjoy a musical performance by Bahara along with Hawas and Meshwar at CJC tomorrow. Doors will open from 8pm and the show begins at 10pm. To reserve, contact CJC via Facebook.

HAPPENING NEXT WEEKEND-

Experience a mesmerizing performance in ‘Nawah’ or ‘Fertile Presence’ on the Rawabet stage. The performance fuses movement and sound to highlight the interconnectedness of agriculture, fertility, and motherhood. The performance will be on Saturday, 5 July and will start at 8pm. Get your tickets here.

Your guide to summertime reads

There’s no better summer accessory than the perfect book under a beach umbrella or AC shutter. But with so many new releases and all-time favorites, choosing just one (or two, or three) to take with you is a big ask. That’s why we’ve curated a list of must-read books for the perfect summer day just for you.

FICTION-

#1- Klara and the Sun, Kazuo Ishiguro. A humanoid AI designed to be a human friend spends time in the storefront where it's displayed for bypassers to see until it is bought up by a human. Ishiguro’s novel is an interesting take on AI and the possible compassion between humans and machines.

You can find a copy on Amazon.

#2- What we talk about when we talk about relationships, Belal Alaa. This Arabic language novel revolves around the musings of the unnamed speaker who ponders relationships and its impact during different stages of his life. Alaa posits several existentialist questions in an interesting manner. One such question is when do we declare that someone is a friend? What drives us to need friends in our lives? Alongside several other questions that he succeeded at presenting it in a manner that invites the reader to experience his sentimentalities.

You can get a copy at Diwan.

#3- The Cemetery of Untold Stories, Julia Alvarez. Alma Cruz is a renowned author who returns to the Dominican Republic to bury her unpublished books. Her plan goes awry when her characters come to life and start telling their own stories, rewriting their tales with the local groundskeeper as their audience. Alvarez blends modern prose with folklore and magical realism, creating a rich, emotional exploration of storytelling.

You can find a copy on Amazon.

#4- The Lady of Zamalek, Ashraf El Ashmawi. The tale opens with the real-life 1927 murder of Cairo businessman Solomon Cicurel, blending historical events with fiction. The story follows Abbas, a fifth accomplice in the crime, who escapes with stolen documents he believes will lead him to hidden wealth. He involves his sister Zeinab, who infiltrates Cicurel’s household. Spanning the 1920s to the 1990s, El Ashmawi weaves a rags-to-riches tale through key moments in modern Egyptian history.

You can get a copy from the AUC Press.

MEMOIRS

#1- Mapping My Return, Salman Abu Sitta. This is the poignant memoir of Abu Sitta’s life as a Palestinian forced from his home at the age of ten during the 1948 Nakba. He recounts his family’s expulsion from Beersheba and his enduring desire to return home. He vividly describes his early life in Palestine, exile in Gaza, and formative years in Egypt, London, Canada, and Kuwait. Through his personal narrative, Abu Sitta captures the broader Palestinian experience, emphasizing justice and his work in mapping his homeland.

You can get your copy on Amazon.

#2- I Want to Die But I Want to Eat Tteokbokki by Baek Se-hee. A candid account of the author’s struggle with anxiety and depression, the book features Baek’s conversations with a psychiatrist and reflective essays on her past and Korean culture. Mixing raw emotion with humor, Baek offers relatable insights for those facing similar issues.

You can get your copy on Amazon.

HISTORICAL FICTION

#1- Circe by Madeline Miller. In this retelling of the ancient Greek myth of Circe, daughter of Helios. Miller refashions the enigmatic goddess known from Homer’s Odyssey into a complex and empowered protagonist. Born into the court of the Sun God Helios, Circe is banished to the remote island of Aeaea, where she discovers her own strengths amid gods and heroes who dictate her fate.

You can get your copy on Amazon.

#2- A Persian Requiem by Simin Danishvar. This one unfolds in the tumultuous southern Persian town of Shiraz during World War II, under British occupation. The novel centers on Zari, a traditional and anxious woman married to the idealistic landlord Yusef. Amidst political intrigue and tribal rebellions, Zari strives to maintain normalcy within her home's serene courtyard while shielding her family from external chaos stirred by corruption and colonialism.

You can get your copy on Amazon.

MYSTERY

#1- The Secret History, Donna Tartt. Credited with sparking the dark academia genre, Tartt’s novel follows Richard, a misfit at an elite New England college, who finds camaraderie with five eccentric students under the influence of their charismatic classics professor. They delve into a unique way of thinking and living, which gradually leads them from obsession to corruption and betrayal, culminating in evil. It’s an atmospheric, suspenseful tale that explores the boundaries of morality and the haunting allure of the past — though it may feel pretentious and slow-paced at times.

You can get your copy on Amazon.

#2- In Cold Blood, Truman Capote. This crime classic recounts the brutal 1959 murder of the Clutter family in Holcomb, Kansas, and the gripping investigation that followed, culminating in the capture and execution of the killers. Blending suspense with deep empathy, and with meticulous research to back it up, Capote's narrative transcends its genre, offering profound insights into American violence and justice. Truman himself called In Cold Blood a “nonfiction novel” and an “experiment in journalistic writing.”

You can get your copy on Amazon.

#3- Crime in the University by Ezz El Din Shukri Fashier. This Arabic-language novel revolves around an investigation into the death of a popular and respected university professor. Alongside her murder investigation, several secrets are unveiled discussing the connection between different key characters in the novel and the struggles that they face.

You can get it from Diwan, Shorouk Bookstores, and Al Masriah Bookstores.

NON-FICTION

#1- Mind Shift: It Doesn’t Take a Genius to Think Like One, Erwin Raphael McManus. Drawing on thirty years as a ‘mindset expert’ and leadership coach, McManus presents twelve transformative principles — from embracing uniqueness over affirmation addiction to redefining success through disciplined effort.