Sweet dreams

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THE WEEK IN REVIEW

Trump sweeps his way back into the White House

Good morning, wonderful people, and happy Friday. We hope you have a warm and restful weekend.

LAST WEEK IN 3 MINS-

ECONOMY-

IMF kicks off its fourth review of the country’s loan program: An International Monetary Fund mission has begun its long-awaited fourth review of Egypt’s USD 8 bn loan program, which if successfully completed would unlock USD 1.3 bn in funds — the biggest of the four tranches Egypt has received from the program to date, a high-ranking government official told EnterpriseAM.

Fitch Ratings upgraded our credit rating from ‘B-’ to ‘B’ with a stable outlook for the first time since 2019, citing FX inflows from the USD 35 bn Ras El Hekma agreement, our expanded USD 8 bn IMF program, and the EU’s EUR 7.4 bn aid package, alongside greater confidence in the durability of our structural reforms, the credit ratings agency said in a statement.

Net foreign asset surplus in the Egyptian banking system rose 6% to record USD10.31 bn in September, up from USD 9.7 bn in August, according to EnterpriseAM calculations based on Central Bank of Egypt figures. The figures represent Egypt’s fifth consecutive month in the green and a turn-around from August, which saw net foreign asset surplus fall 27%. The country’s banking system has maintained a surplus since May, when net foreign assets shifted from deficit to surplus for the first time since February 2022.

Egypt’s population reached 107 mn inside the country on Saturday, marking an increase of 1 mn in 268 days, according to CAPMAS data. The fertility rate has declined from 3.5 children per woman in 2014 to 2.54 in 2023. Director of the Planning Ministry’s demographic center Amira Tawadros told EnterpriseAM that the drop reflects the government’s successful family planning efforts through the National Family Development Program, which works across all state entities and utilizes digital tools to lower birth rates.

We’re slowing down: The population reached the 106 mn milestone in February 2024, increasing by 1 mn in 250 days.

REAL ESTATE-

Egyptian-Chinese consortium inks agreement to operate new capital’s business district: A consortium of China State Construction Engineering Corporation (CSCEC) subsidiary Umi Group and IGI Holding have signed an MoU with the New Urban Communities Authority to manage and operate the Central Business District in the New Administrative Capital, according to a Housing Ministry statement.

M&A-

Social Impact Capital submits offer to own up to 100% of CIRA: CIRA Education majority shareholder Social Impact Capital (SIC) has submitted a mandatory tender offer to acquire up to an additional 48.78% of CIRA, according to a statement from the Financial Regulatory Authority. SIC currently holds a 51.2% stake in the country’s leading private education company. The offer is currently being reviewed by the FRA.

The details: SIC has offered to purchase some 284.3 mn of CIRA’s shares at EGP 15 a piece — EGP 1 higher than previously expected — putting the transaction’s value at EGP 4.26 bn by our math. CIRA Education will also be required to submit a mandatory tender offer for shares in its EGX-listed subsidiary Cairo for Educational Services (CAED) if the acquisition changes CAED’s ownership structure.

PRIVATIZATION-

The revamped privatization program is around the corner: Investment Minister Hassan El Khatib will unveil the revamped privatization program before the end of the month, Prime Minister Moustafa Madbouly told journalists following his weekly presser on Wednesday without elaborating any further.

AUTOMOTIVE-

CBE resumes USD access for car importers: The Central Bank of Egypt has instructed banks to begin processing car importers’ requests for USD-denominated letters of credit, ending a six-month halt, two sources familiar with the matter told EnterpriseAM. This policy shift comes as the CBE seeks to lift all remaining USD restrictions, with banks reportedly beginning to reach out to clients on Tuesday.

It comes with conditions: Imported cars by non-authorized agents will need to have at least two airbags, comply with local safety and security standards, offer aftersale services, and have its essential spare parts available in the market, according to one of the sources. Member of the Federation of Egyptian Chambers of Commerce’s automotive division Montasser Zeitoun argues that these rules are too restrictive, adding to EnterpriseAM that the division is working on a memorandum to be forwarded to the Investment Ministry calling for halting the decision under which these specifications are required.

AROUND THE WORLD IN SEVEN DAYS-

The US presidential election, Donald Trump’s reelection for a non-consecutive second term, and the aftermath, have been dominating news coverage in the international press this week. Trump secured 295 electoral votes as of today, way above the 270 needed to declare a winner, while Kamala Harris received some 226 votes. He is also leading the popular vote, with 73.4 mn votes, while Harris has around 67.1 mn votes. The votes are still counting in some of the states, while the election races in the states of Arizona and Nevada haven’t been called yet. The Republicans have also taken over the US Senate after securing majority, meanwhile the race for the House is still underway with the Republicans in the lead.

The US Federal Reserve decided to cut interest rates by 25 bps yesterday in the first meeting after Trump’s reelection. This is the second rate cut since its bumper 50 bps rate cut in September. Fed chair Jerome Powell also struck a defiant tone during a press conference, saying he will not be stepping down even if the incoming president asks him to. He also signaled future plans for further rate cuts, saying that policy remains restrictive.

Also- Israeli Prime Minister Benjamin Netanyahu fired Defense Minister Yoav Gallant on Tuesday and appointed Israel Katz — who was foreign minister — in his stead. Gideon Saar is now Israel’s foreign minister in Katz’s place. Netanyahu’s decision to fire Gallant — a move he was reportedly considering for weeks — is due to the two disagreeing on critical issues, including Gallant supporting a ceasefire and hostage release agreement with Hamas in Gaza. The former defense minister was also pressing for an investigation into the country’s security failures in Hamas’ 7 October 2023 attack, and opposes a law that would allow ultra-Orthodox Jews to be exempt from mandatory military service.

☀️ THE WEATHER THIS WEEKEND- The capital will be seeing a high of 28°C today and a low of 18°C. Whereas tomorrow things cool down by a degree with a high of 27°C and a low of 18°C, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Anghami presents El Hadaba. Join Amr Diab for this luxury open-air concert, followed by an electrifying closing act by Desiree. This is an exclusive VIP event that will take place tonight at Cairo Gate Compound, Sheikh Zayed. You can grab your tickets from Ticketsmarche — but beware they are on the pricier side.

Watch your favorite digital content creators in person. Peace Cake will be going live on stage at Trivium Square tonight at 8pm. Tickets are available at Collard Tickets.

Watch a blind date happen live. Binge Circle are hosting the first ever The Blind Date Show:Live on Stage. Two strangers will meet and converse from behind a curtain and decide whether it will be a night to remember — or a date they’d rather forget. The event will take place tonight at Trivium Square. Tickets are available at Collard Tickets.

Time to dust off basketball shoes and jerseys, Double Dribble League is back. Starting today at Maadi Sports Club, guys and gals who play ball will get together in twelve teams and battle it out every Friday for the next 12 weeks. Stay tuned for more details.

Cuddle with some puppies. The Animal Protection Foundation is hosting an open day where people can visit and see the shelter, play with the rescues, and show their support. Whether you’re looking to adopt or just play with some dogs, everyone is welcome. The open day will take place this Saturday, 9 November from 11am till 3pm, and APF is providing buses to get you to the shelter from Tagamoa, Downtown, and Sheikh Zayed.

Shop for the winter at the next edition of the Cairo Flea Market. CFM is back tomorrow at the Fish Garden in Zamalek, starting at 10am and ending at 7pm. The flea market boasts beautiful artisan crafts, vintage items, and pre-loved clothes.

The largest collection of prints in the country. Cairopolitan is bringing together a collection of artwork from over 180 local and regional artists to display in the Cairo Prints Exhibition. The gallery is open everyday until Monday, 18 November in Garden City.

The fourth edition of Forever is Now is here. This year, a lineup of 12 global visionary artists are ready to display their work at the iconic Pyramids of Giza — including two groundbreaking AI-powered projects. The exhibition will continue to be open everyday till Saturday, 16 November.

The guide to a good night’s sleep

Getting a good night’s sleep can sometimes feel elusive, even when you need it the most. Chronic lack of sleep has been linked to many health issues, including increased risk for heart disease, high blood pressure, and diabetes. It can also impact cognitive ability, including mood, concentration, and productivity, making everyday tasks feel harder than they should.

The good news is that there are small changes you can make that may lead to a restful night’s sleep. But if you’re struggling with ongoing sleep issues, it’s important to speak to a healthcare professional inorder to rule out sleep disorders, such as insomnia, sleep apnea, or restless leg syndrome.

Changes to your day-time routine are just as important as changes before bed. We tend to focus our efforts on things we do right before bed, thinking that’s the key to a restful night. While in reality, achieving quality sleep is a more holistic process that extends throughout the entire day.

#1- SUNLIGHT EXPOSURE: One of the simplest ways to improve your sleep is by getting adequate sunlight exposure during the day. Natural light helps regulate your body’s internal clock, or circadian rhythm. Exposure to sunlight in the morning, especially within the first hour after waking, signals to the body that it’s time to be awake and active, while also promoting the production of serotonin — a mood-boosting hormone that later converts to melatonin as the day winds down.

#2- CONSISTENT ROUTINE: Building a consistent daily routine is one of the most effective ways to improve the quality of your sleep. Going to bed and waking up at the same time each day helps regulate your body’s internal clock, promoting a more predictable and restful sleep cycle.

Other factors in the daily routine also impact sleep quality. Like being mindful of napping — limiting the duration of naps and keeping them ideally in the early afternoon will help prevent sleep disruptions later in the day. A short power nap of 15–20 minutes can boost alertness and energy without causing grogginess. Regular physical activity has also shown to improve sleep quality, with more intense workouts offering even greater benefits.

Caffeine consumption is also something to look out for. We’re sorry to say it, but it turns out that it's best to avoid coffee or other caffeinated drinks after 2pm, since caffeine can stay in your system for up to eight hours, making it harder to fall asleep at night.

#3- YOUR BED IS FOR SLEEP: It's important to reserve your bed for sleep, rather than using it for activities like eating, watching TV, studying, or working. By doing so, you create a strong mental association between being in bed and sleeping, which helps signal to your brain that it’s time to wind down. Spending too much time awake in bed can lead to frustration and reinforce sleep problems, making it harder to fall asleep when you actually want to.

Fixing your sleep hygiene: Sleep hygiene has nothing to do with cleanliness — instead, it refers to healthy habits you can develop. The moments leading up to bedtime play a crucial role in setting the stage for a restful night’s sleep. What you do right before you hit the pillow can either help you unwind or make it harder to drift off.

#1- LIGHT EXPOSURE: Limiting light exposure before bed is crucial for improving sleep quality, especially when it comes to blue light, which is emitted by phones, computers, and TVs, since it interferes with the production of melatonin. Exposure to blue light in the evening can delay the onset of sleep, reduce sleep quality, and disrupt the circadian rhythm. Even just the invention of the lightbulb has changed how we sleep.

#2- BEDTIME ROUTINE: This one may not be new information, but it doesn’t hurt to stress on the importance of having an effective bedtime routine. The hour or so before bed should be dedicated to activities that help you unwind and relax, like reading a book, taking a bath, stretching, or meditating, signaling to your brain that it's time to transition from wakefulness to rest. Avoid stimulating activities like work, intense exercise, or stressful conversations, as these can increase alertness and make it harder to wind down.

#3- DON’T FORCE IT: If you find yourself tossing and turning in bed for more than 20 minutes without falling asleep, it’s best to get up and engage in a relaxing activity. The key is to take your mind off the anxiety of "Why am I not sleeping?!" which can make the problem worse. Avoid reaching for your phone, computer, or TV though, to avoid the blue light interfering with melatonin production.

How you sleep can help you sleep better. A sleep-friendly environment creates the perfect conditions for your body to relax and rejuvenate.

#1- TEMPERATURE: Lowering the temperature in your bedroom at night can help signal to your body that it’s time to sleep. As your core body temperature decreases, your brain releases melatonin. Ideally, the bedroom temperature should be between 15-20°C to help you fall asleep faster and stay asleep more deeply. This is one reason why many sleep experts recommend a warm bath or shower before bed. The warm water raises your body temperature, and when you get out, your body cools down quickly.

#2- KEEP IT DARK: For the best quality sleep, your room needs to be as dark as possible. Even small amounts of light from street lamps or electronic devices can disrupt the circadian rhythm, sending signals to your brain that it’s still daytime. To avoid this, make your bedroom as dark as possible by using room-darkening shades or blackout curtains.

#3- NO DISTRACTIONS: Another one you’ve probably heard before is to prevent distractions that could disrupt your rest. One of the easiest ways to do this is by setting your phone to silent or Do Not Disturb mode before bed. Phone calls, text messages, and app notifications can cause unwanted noise or vibrations, jolting you awake or preventing you from falling into a deep sleep. Even if you’re not consciously aware of it, these interruptions can disturb your sleep cycles and impact the quality of your rest.

Grief triggers the chaos of the Shanab family

AT THE MOVIES-

📽 An unexpected death brings the Shanab family together. This film is director Ayten Amin’s third work after Villa 69 and Souad. It was an attempt by Amin to break out of the dark dramatic pattern in films, but was it successful?

Other than the WhatsApp group that brings them together, the Alexandrian Shanab family lives scattered between their hometown and Cairo. The family consists of four sisters: Nelly (Laila Elwi), Nabila (Sawsan Badr), Noha (Lebleba), and Nada (Hedy Karam), and two younger brothers, Sherif (Ali El Tayeb) and the eldest, Hussein (Bayoumi Fouad) — who is beloved by his siblings and their children. When Hussein dies of a heart attack, the siblings and their children all gather at the family villa in Alexandria, where Laila (Asmaa Galal) clashes with her mother for controlling her, constantly criticizing her, and refusing to let her complete her studies in Japan. Events and paradoxes follow one another between the older generation of parents and the younger generation of children.

The movie gathered many industry stars, but underutilized them. The story is fragmented, due to the lack of a clear background about the family's life, and because we don’t get the chance to see each member outside of a family setting. The film has also been criticized for its weak dialogue, and having filler scenes that could have been dropped without harming the plot.

We liked the cinematography and the warm atmosphere in the movie. Khaled Hamad's poetic music also added greater depth to it — which would come as no surprise. However, we’d advise against having great expectations for the film, it’s a light family watch.

WHERE TO WATCH- You can catch the movie at VOX cinemas City Centre Almaza or Mall of Egypt or Alexandria, City Stars Cinema, Point 90, Zamalek Cinema, Cairo Festival City, and Cima Arkan. Watch the trailer on YouTube (runtime, 0:55).

FROM THE BOOKSTORE-

📚 Toshikazu Kawaguchi invites readers into an underground café in Tokyo. Before We Forget Kindness is the fifth book in Kawaguchi’s series — but it can be read as a standalone. In this book, patrons can travel back in time for a brief encounter, but only before their coffee cools. The stories are filled with bittersweet human relationship encounters.

Readers familiar with Kawaguchi’s previous works will find that this one offers new narratives that delve deeper into the emotional complexities of life. The four intertwined stories tackle themes of love, regret, and the healing power of connection. The Son Who Couldn’t Smile follows young Yuki as he confronts his parents’ divorce. A Child Without a Name highlights Megumi’s poignant journey as she seeks to have her deceased husband name their child. A Father’s Regret explores Mochizuki’s struggle to reconcile with his estranged daughter. An Undelivered Valentine deals with unspoken feelings and missed connections.

The author has a unique ability to capture small moments that make the characters’ joys and sorrows feel relatable, reminding readers of the vital importance of kindness, human connection, and the weight of unspoken words. The title serves as a gentle reminder to cherish the fleeting moments we have.

WHERE TO FIND IT- Before We Forget Kindness is available at Diwan.

HOT AND FRESH OUT OF THE KITCHEN-

🍴Craving a taste of Tarb with a twist? Tarab is the spot to try. Their menu focuses on creating local sandwich favorites, but with the addition of tarb. Every sandwich is served in homemade baladi bread. While not necessarily unique at face value, the familiar flavors and tastes are executed skillfully, making for a wholesome bit.

Our first pick was the hawashi me’armesh, a treat for anyone who loves a bit of crunch. The baladi bread is turned inside out and toasted to a golden crisp, delivering a satisfying crackle with each bite. Inside, the minced meat was perfectly spiced with just the right hint of heat — bold but balanced. It’s got that homemade, comforting taste, while the mildly spicy kick elevates it to something memorable.

The kofta sandwich was packed with the smokiness of the grill. Creamy tehina covered the meat, which balanced out the savory, herbed flavors of the kofta. Topped with fresh onion for a bit of crunch and a subtle sharpness, this one felt like a complete, satisfying bite with each mouthful.

But the true star here is, naturally, the tarb sandwich. Tarb, a mix of beef and lamb seasoned with onions and spices, is wrapped in a thin layer of lamb fat that melts into the meat on the grill, infusing it with deep, rich flavors. The result is an irresistibly juicy sandwich that’s smoky, fatty in the best way, and packed with flavor. While the recipe here doesn’t stray from the traditional tarb we’re used to, it was expertly made — and we weren’t worried about what it would do to our digestive system later.

For something outside of the Egyptian box, we ordered the grilled wings, and they quickly became a table favorite. Perfectly seasoned and charred, each wing had a slight crisp outside with tender, juicy meat that practically fell off the bone. They didn’t need any sauce — the seasoning was on point and complemented the charcoal flavor.

Can’t decide on just one sandwich? Go for one of Tarab’s box options to sample their top picks. Next time, we’ll be mixing it up with their side options like pickled tomatoes or eggplant to give our sandwiches an extra kick.

WHERE TO FIND IT- As of now, they only have one branch in New Cairo, tucked away at the Mobil Lotus Gas Station. You can pass by their drive-thru if you happen to crave a good meal on your drive home. Only New Cairenes get to enjoy delivery.

💵 Per person: EGP 100-300.

🪑 Outdoor seating: No.

🍺 Alcohol: No.

🦽 Accessibility friendly: Yes.

Stardew Valley meets The Elder Scrolls

🎮 Fans of cozy games and high fantasy have been counting down the clock since Mirthwood’s two-month delay. Released on Wednesday, this RPG had been hailed as a rival to one of the most highly rated games ever, Stardew Valley. The comparison is high praise, but it also may be doing Mirthwood a disservice.

Like any RPG worth its salt, it begins with character creation. Not only can you customize your appearance, you can also choose between five lands of origin that affect the nature of your personality, your social standing (royal, noble, or peasant), and profession. Each choice has its pros and cons, but any RPG enthusiast will be keen to try out different combos.

Build a farm or swing your sword, Mirthwood is about freedom of choice above all else. If you’ve found yourself playing The Elder Scrolls or Baldur’s Gate and gazing at NPCs with envy, fantasizing about being a humble farmer in these high fantasy games, you might be glad to know that Mirthwood is happy to oblige. Your choices don’t end with the type of weapon you choose or the skills you hone — you can also choose how involved you want to be in the conflict unfolding in this medieval world. You can choose to build your farm, harvesting crops and raising cattle, or explore the Freelands with your weapon raised to slash at monsters.

Your choices still impact and shape the world you live in. Depending on how you choose to react to certain situations, you start to build a reputation, earning Morality. You can choose to befriend or make an enemy out of the NPCs you encounter, who not only have distinct personalities, but variable moods that are affected by complex lives.

Best of all worlds: Members of the Thieves Guild on Elder Scrolls will be happy to hear that there are stealable objects strewn about, but will still have to practice discretion… Or embrace your destiny as the local criminal. Crafting enthusiasts will have many items to make, from tools and weapons to Legend of Zelda -esque elixirs and health-boosting meals. Map areas update as you explore, taking after many a game such as The Witcher. Mirthwood also offers mining, hunting, romancing, and blacksmithing elements.

Hold your horses. The game’s recent release means that there’s bound to be bugs a plenty. While no fatal issues have been reported, some sticky mechanics or missed opportunities (like being unable to loot enemy weapons) may be a little frustrating to deal with at first. We expect patches to come through quickly as devs at Bad Ridge Games keep an eye on their first release.

💯 Rating: 7/10 on Steam.

⌛ Hours of gameplay: TBD.

🔁 Replay value: TBD.

👾 Platforms: Steam for PC. Console release expected in early 2025.

💵 Price: USD 12.49, currently on discount for USD 11.24.

Exposing Elon Musk’s secrets

👂 Tortoise Investigates is renowned for its in-depth, investigative storytelling that uncovers the intricacies behind pressing societal issues. Each season of the podcast dives into a different topic, often highlighting underreported stories that challenge conventional narratives.

In its latest season, Elon’s Spies, the series continues this tradition by exploring a lesser-known aspect of Elon Musk’s life: His reported use of private investigators to manage both his professional and personal image. Hosted by Alexi Mostrous, this season examines how Musk has allegedly employed these operatives against critics and whistleblowers, prompting crucial discussions about privacy, power, and the ethics of surveillance in the digital age.

The season unpacks a narrative that often gets overshadowed by Musk's high-profile ventures, like Tesla and SpaceX. By focusing on the implications of his actions and the broader societal impacts, Elon’s Spies offers listeners a fresh perspective on a figure who frequently dominates headlines.

As with previous seasons, the podcast combines thorough investigative journalism with compelling storytelling. Each episode invites listeners to consider not just the events themselves, but also the ethical dilemmas involved.

WHERE TO FIND IT- You can listen to the podcast on Apple Podcasts, Spotify, and Amazon Music.

THE ENTERPRISE ENTERTAINMENT CALENDAR

NOVEMBER

18 October - 18 November (Friday-Monday): Cairo Prints Exhibition at Cairopolitan in Garden City

24 October - 16 November (Thursday - Saturday): Art D'Egypte’s Forever is Now at the Giza Pyramids.

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

8 November (Friday): The Blind Date Show: Live on Stage at Trivium Square.

8 November (Friday): Amr Diab at Cairo Gate Compound.

8 November (Friday): Peace Cake Live Experience at Trivium Square.

8 November (Friday): “Punch Needle, Not People” workshop at Darb 15 (Maadi).

7-9 November (Thursday-Saturday): SYNC Summit 2024 at District 5, Marakez.

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

8 November (Friday): Start of the Double Dribble League at Maadi Sports Club.

9 November (Saturday): Cairo Flea Market at Zamalek’s Fish Garden

9 November (Saturday): Animal Protection Foundation open day at APF Shelter.

9-10 November (Saturday-Sunday): I Fell in Love play at Rawabet Art Space

12 November (Tuesday): El Khatba Show at Boom Room.

13-16 November (Wednesday-Saturday) : ELFIT Sports Competitions at New Capital Sports City.

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

15 November (Friday): Tamer Ashour at Malahy.

15 November (Friday): Charity concert at the El Qubba Presidential Palace.

15 November (Friday): Circoloco Ibiza at the Giza Pyramids.

16 November (Saturday): Tablet El Sitt show at Theatro Arkan.

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

16 November (Saturday): Open Mic at Room Garden City.

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

22 November (Friday): Sharmoofers at Malahy.

24 November (Sunday): Omar Khairat concert at Monaco Hall, Triumph Luxury Hotel.

DECEMBER

5 December (Thursday): Muslim at Theatro Arkan.

5 December (Thursday): Tul8te at ZED park.

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

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.

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Trump sweeps his way back into the White House

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