Unwind in Egypt this Eid holiday

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THE WEEK IN REVIEW

Egypt’s El Sisi sworn in for a third term. Plus: Net foreign reserves at highest level in two years

Good morning folks, and happy Friday. We are a few days closer to a long holiday, which means time to get out of town.

Egypt is getting six days off for Eid: Public, private, and banking sectors will be off from Tuesday, 9 April until Sunday, 14 April in observance of Eid Al Fitr.

In case you're stumped for ideas on how to spend Eid, well, we are stoked to share our suggestions with you.Whether you choose to leave Cairo or stay, we will have an activity that is right for your time and energy level.

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

LAST WEEK IN 3 MINS-

POLICY-

El Sisi begins his third term with big promises: President Abdel Fattah El Sisi was sworn in for a third term in office on Tuesday. His seven-point inauguration speech outlined the state’s commitments to strengthen the country’s foreign relations, national security, economic growth and productivity, fiscal discipline, education, and urban planning. The strategy also seeks to enact economic and social changes based on policy recommendations from the National Dialogue.

The big theme: We’re in a “race against time” to move the needle on development, El Sisi said, promising that his administration would shore up revenues flowing into the treasury while rationalizing public spending. Becoming a regional hub for energy, trade, and transport centered around the Suez Canal is a key priority, he said, building on themes that his administration has already been building on.

El Sisi wants more private sector involvement in the healthcare sector ASAP: El Sisi earlier in the week called for the swift completion of the required legislative steps to facilitate the participation of the private sector in the country’s healthcare sector.

ECONOMY-

#1- IMF approves expanded USD 8 bn loan program: The International Monetary Fund’s Executive Board has signed off on the USD 5 bn extension for Egypt’s extended fund facility — bringing the total value of the loan program to USD 8 bn — and completed its long-delayed first and second reviews of the facility.

A USD 820 mn chunk has already been disbursed, according to IMF mission chief for Egypt Ivanna Hollar, but we’re yet to hear if the funds have arrived in state coffers.

#2- And a lot more funds are coming our way over the next few months:

The second USD 820 mn tranche of the IMF loan: The third review, which is slated for June, is expected to unlock a second USD 820 mn tranche of the program.
EUR 1 bn from the EU: The European Union is looking to deliver EUR 1 bn as part of the first tranche of the bloc’s pledged EUR 5 bn of concessional loans before summer from its EUR 7.4 bn package it agreed on last month .
More money for Ras El Hekma: The second tranche of funds from the Abu Dhabi wealth fund ADQ are expected to arrive in the nation’s coffers at the beginning of May.

#3- FX inflows push net foreign reserves to highest level in two years: Net foreign reserves rose by over USD 5 bn to their highest level since Russia’s war on Ukraine triggered the flight of hot money from EMs back in February 2022. Reserves increased to USD 40.36 bn at the end of March, compared to USD 35.31 in February, thanks to funds from Ras El Hekma agreement and the fresh inflows of hot money following the float.

#4- Net foreign liabilities narrowed by USD 7.1 bn in February: Net foreign liabilities in the banking system saw a 24% drop to USD 21.9 bn in February from an all-time high reached in January on the back of the effects of the Ras El Hekma agreement now being reflected in official data releases. The figure was the lowest recorded in 13 months.

FINANCE-

A fresh subsidized loan program: Prime Minister Moustafa Madbouly approved a new EGP 120 bn program of subsidized loans for agriculture and renewable energy projects and manufacturers in freezones. The program — which seeks to boost private sector participation, manufacturing, and exports — will offer financing at an interest rate of 15%, which is nearly half the central bank's post-float 28.25% lending rate.

INVESTMENT WATCH-

New projects coming to the SCZone: The General Authority of the Suez Canal Economic Zone (SCZone) has greenlit a number of projects, including an EGP 13 bn industrial complex

by Orascom Industrial Parks, an industrial complex and USD 40 mn denim factory by Turkey’s DNM, and a route to transport green fuel produced in the zone to the Dutch Port of Rotterdam.

AROUND THE WORLD IN SEVEN DAYS-

Israel’s military expressed“sincere sorrow” that it had killed seven aid workers from World Central Kitchen in an airstrike on Gaza, saying the strike was a mistake. The attack prompted the Biden administration to offer its toughest criticism yet of the Netanyahu government.

Iran is furious and has vowed to respond after Israel killed top Iranian military officials in an attack on Iran’s embassy in Damascus despite diplomatic compounds having protected status under the Vienna Convention. Israel’s defense minister was unapologetic, saying, “We are in a multifront war, offensively and defensively.”

The moon is about to get its own time zone. “The White House on Tuesday directed NASA to establish a unified standard of time for the moon and other celestial bodies, as the United States aims to set international norms in space amid a growing lunar race among nations and private companies,” Reuters wrote in an exclusive.

Are the Magnificent Seven now the Fab Four? Apple, Tesla, and Alphabet shares have all sputtered in the first three months of the year, but the S&P 500 still turned in its best Q1 since before Covid-19 became a household word. Nvidia, Meta, Microsoft, and Amazon have left the other three behind, with some analysts now dubbing them the Fab Four as their share prices keep appreciating.

☀️ THE WEATHER THIS WEEKEND- Bring out the sunnies because Friday has clear skies with few clouds with highs of 32°C and chilly lows of 17°C. Things are cooling down on Saturday with highs of 28°C and even chillier in the evening with lows of 15°C.

HAPPENING THIS WEEKEND-

Bibliothek is hosting El Warsha band tonight at 9 pm as part of an evening that will contain songs, stories, and sketches. Experience Sufi ballads, Chekov’s parables, and music from the roaring 20s. More details can be found here.

Round off Ramadan with Iftar at Wadi Degla this evening. VAMOS is hosting a light hike ahead of Maghrib before settling down for Iftar with a view of the valley at sunset. Huddle around the campfire and enjoy some post-Iftar tea prepared on charcoal under the stars. The EGP 500 price tag includes the meal and the entrance ticket to the protectorate. Bring your own plates, cups, and utensils, but don’t worry about the TP. The campsite has four spic and span bathrooms.

Vibe at a Mevlevi Night this weekend. The group will perform their signature ballads and traditional dances at Royal Park Mall starting at 9:30pm tonight. Booking details can be found on the events page. Tickets range from EGP 250 to EGP 2.5k.

Recharge and unwind before iftar at Sukun’s Chakra & Sound Bath Workshop tomorrow from 4:15pm until 5:45pm. Take a moment to pause and replenish your energy before breaking fast by guiding you through gentle chakra meditation practices, helping you to realign and rebalance your energy centers. Book your spot through their instagram page.

HAPPENING OVER EID-

If you haven’t made Eid plans, grab tickets forAmr Diab’s concert in Gouna. These fast-selling tickets are going out fast, where El Hadaba will be performing on Wednesday, 10 April. Get your tickets at Ticketsmarche.

While you’re in Gouna, check out Retrogroove.Nacelle has organized another BLOCK PARTY, featuring Kurls, Ralph Nasr, Mario Gharios, Aly Geode, B2B, and Jess. Early Bird tickets for Thursday, 11 April are available here. Release passes for Friday, 12 April are coming soon, but you can grab your all-access tix for both days of BLOCK PARTY now.

Party it up with One Tribe. Amémé, Laolou, Nenahalena, and Abou Samra are performing at Cubix Gouna on Friday, 12 April. Grab tickets to Venture’s Plus Weekend here.

Celebrating in Sokhna? Catch the Mathame AV Show, brought to you by Ulter, on Palm Beach on Wednesday, 10 April. Chase that party with performances by Olympe, Ashmawy, and Yo-lan-da the day after, on Thursday, 11 April. You can snag tickets here.

Staying in C-Town? There are plenty of parties to fill up your holiday here too. Belgian producer Oscar and the Wolf is taking stage at the Giza Pyramids on Thursday, 11 April. Early bird tickets are already sold out, so don’t miss your chance to grab some from Wave 1 here.

German DJ Stephan Bodzin is also performing live at the Giza Pyramids on Friday, 12 April. Tickets can be found here.

Plan your Eid vacation before bookings run out

Eid is on the horizon, with the public holiday falling around spring break for many — which means it's time to get out of town. This year, we’ve curated a condensed “Where to go” guide of destinations in Om El Donia.

Aside from the appeal of being getaways, they’re also easier on the pocket — or can be — depending on how much you intend to spend.

IT’S GOOD TO BE PREPARED- Whether you choose to stay put or travel, you can make your trip seamless and hassle-free in the hands of a travel agency to handle the nitty-gritty details of everything. This is a list of companies that are here to whip up your dream trip:

DESTINATIONS-

MARSA ALAM-

THE WEATHER- Endless sunshine in this coastal town with highs of 32°C and moderate lows of 19°C, according to our favorite weather app.

TRAVEL- It’s a two-hour flight from Cairo to Marsa Alam. Driving will be around eight hours, whereas buses typically take 10 hours.

WHAT TO DO-

#1- HANKORAB BEACH- Imagine golden beaches with crystal-clear blue water, perfect for spending an afternoon snorkeling. The reef wall is just a short distance from the shore where you can explore vibrant coral formations. Lucky snorkelers might even catch a glimpse of stingrays.

TRAVEL- It’s almost an hour drive from Marsa Alam. Stretch out your stay a bit earlier and visit Qulaan Mangrove Beach — a salt water lagoon that connects to the sea on high tide — which is around an hour away from Marsa Alam and 23 mins from Hankorab beach.

#2-AL NAYZAK- Meaning ‘meteorite’ on account of the pool being shaped by a meteorite impact. The natural pool features warm waters year-round, perfect for a cozy dip.

TRAVEL- It’s 15 minutes away from Marsa Alam, a perfect location for a quiet afternoon.

#3- SWIMMING WITH DOLPHINS- Take a boat to Sataya Reef — dubbed ‘the dolphin house’— to snorkel with the wild spinner dolphins.

#4-...OR EVEN TURTLES AND DUGONGS- At Abu Dabbab, explore and snorkel the sandy-bottomed lagoon frequented by turtles and dugongs.

TRAVEL- The drive to Abu Dabbab is about 30 minutes.

PRO TIP- Ensure you have enough cash on hand, as ATMs can be limited, and some establishments may not accept cards.

SHARM EL SHEIKH-

THE WEATHER- You’ll find plenty of sunshine to bask in with highs of 30°C and clear evenings with a low of 22°C, according to our favorite weather app.

TRAVEL- It’s a long haul with 6 hours ahead of you. For those who want to skip the road, flights from Cairo to Sharm El Sheikh are typically an hour. If you can take the drive but don’t want to do it yourself, Go Limo and Go Bus are options.

WHAT TO DO IN SHARM EL SHEIKH DURING EID:

#1-BEDOUIN DINNERS- Go on an excursion in the desert and dine with the Bedouins and traverse the Sinai Desert aboard a jeep for an unforgettable adventure. As the desert light fades, arrive at a Bedouin camp for traditional dance performances and savory, farm-to-table cuisine under the stars.

PRO TIP- Pack a cardigan/jacket it might get chilly in the desert during the evening.

#2-DAY TRIP TO DAHAB- Visit Dahab’s village and savor local cuisine at cozy restaurants like Ali Baba. With kite surfing on the table of activities, this laid-back town draws a friendly crowd. Indulge in waterfront dining and try Tim’s Munch for brunch. Don't miss the renowned Blue Lagoon — but there is a high possibility of large crowds during Eid.

TRAVEL- It’s just a one-hour drive from Sharm el Sheikh.

#3- YOLANDA REEF DIVING-Swim with the fish and sharks at Ras Mohammed Marine Park ,the most popular activity and the primary reason people visit Sharm el Sheikh is for its incredible dive sites.

TRAVEL- It’s a 20-minute drive from inside Sharm El Sheikh.

#4-FARSHA- It’s the locals’ top pick for a trendy hangout. More than just a café or bar, it’s an unforgettable experience, situated on a cliffside overlooking the Red Sea, its many terraces are decorated in a chaotic fashion. Farsha is bustling from dawn till dusk, making it a must-visit in the city.

#5- NIGHTLIFE- Sharm el Sheikh’s nightlife pulsates with energy. With many venues open until the early hours, the city’s vibrant nightlife ensures unforgettable evenings. You can go to Pacha for the House Nation Party, Osprey Ras Mohamed for the Boho Sands Party, and Echo Temple for their Luxury Camping experience. Reservations through their instagram pages are required.

NOTE- Many hotels can provide these excursions for you for different rates.

SOMA BAY-

THE WEATHER- Sunny rays shining over Soma Bay with highs of 28°C and lows of 21°C, according to our favorite weather app.

TRAVEL- It's more than five hours from Cairo, but for those wanting to save some time — and spend some extra pennies — you can fly to Hurghada airport from Cairo, which is a one-hour flight, and take a one-hour drive to Soma Bay.

WHAT TO DO IN SOMA BAY DURING EID:

#1-AQUATONIC- At Cascades Spa & Thalasso they offer a variety of luxurious relaxation treatments, whether it's lounging in tonic or saltwater pools, enjoying massages, or experiencing hydrotherapies. This spa offers a comprehensive array of rejuvenating experiences to help you unwind and pamper yourself.

#2- KITESURFING- For those looking for the right wind and wave, 7BFT KiteHouse is the ultimate destination. Set in Somabay, it offers ideal kitesurfing conditions, boasting flat waters and strong winds, ensuring an exceptional experience for enthusiasts.

#3- HORSE RIDING- Ever thought of riding off in the sunset on a stallion? Well, now you can. Try riding off on beach sunsets, in the desert, or even swim with the horse with Jasmine Stable.

#4-SPRING FESTIVAL- Lighting up the stages this Eid weekend are Badra the belly dancer at Sobar Rooftop, renowned Egyptian singer Mostafa Amar, and from Italy, The Esteriore Brothers at Mazeej Platform — all performing on different nights. To get your tickets contact Soma Bay’s hotline.

#5- TAKE A STROLL AT THE JETTY- It’s a long pier-like 420-meter-long walk leading to stunning house reefs — suitable for divers of all skill levels and snorkelers — you’ll find all type of marine life, including fish of various species and occasional larger inhabitants like turtles, barracudas, and rays. If you’re lucky you might catch a glimpse of the resident whale shark — Wally.

PRO TIP- Gouna is also an hour away, where you go to concerts like Amr Diab, Djs, Solomun, or island hop to Mahmya Island or even Go Karting.

CAIRO-

If you can't travel beyond the city, don’t fret, there’s plenty to explore in our capital.

#1- IL CAMPO RESORT- This venue is an oasis that provides an escape from the hustle and bustle of the city. They have a number of activities to do, too, as well as an eco-lodge for you to unwind in its country-like serenity.

#2-BUNKER- Let your inner child roam free at this new arcade concept where nostalgic and modern games intertwine with the Floor is Lava, Axe Throwing, Car Racing, Bowling, and more.

#3- WELLNESS- Who says you can’t pamper yourself? Take a yoga class or two at Ahimsa, spend the day at NEV Spa — and if you have a larger budget visit one of the hotel’s spa facilities — or have a Moroccan bath at Moroccan Touch.

Have your last suhoor at Sabha + Take a step back in time with Toshikazu Kawaguchi

? HOT AND FRESH OUT OF THE KITCHEN-

Ramadan is almost over — Don’t let it pass you by without trying Sabha’s Suhoor. Located in Dyar Mall in New Cairo, Sabha is a must-try for their innovative and delicious dishes. The folky aesthetic makes for a season-appropriate ambiance, and let’s be real — nothing beats traditional Egyptian food for Suhoor.

Bring a big group to sample more dishes. Every item on their extensive menu is enticing, so a family-style order is the best way to enjoy a little bit of everything (or as much as you can handle).

Ful, ful, and more ful. Sabha puts a playful twist on their ful dishes, and here are our top picks: The tagin ful bil qeshta, which goes into the oven and comes out with a bubbling top, is a great twist on the classic dish. Mouthfeel connoisseurs may not be impressed, as the dish is creamy all around. Another must-try is the tagin ful pizza, which comes with a layer of melted cheese and diced veggies — not for the faint of heart (or the high in cholesterol). Classic ful lovers will find happiness in the fan-favorite ful with pickled lemon.

Skip the taameyya. The taameyya comes stuffed with eggplant or Alexandrian salsa, but there are more interesting fried foods to try. The fried eggplant is thin and crispy, making it a delicious bite or a texture-enriching experience if you decide to make a sandwich out of the dishes you’ve ordered in their soft, fluffy in-house-baked bread.

Looking for something lighter? There are a plethora of healthier dishes that you can find. The veggie omelet is an oldie but a goodie, but the halloumi and dried tomato omelet takes the cake. Their areesh cheese or classic tomato-cheese dishes are also macro-friendly.

? Per person: EGP 300-400

? Outdoor seating: Yes

? Accessibility friendly: Yes

Would you visit a café that can take you back in time? InBefore Your MemoryFades by Toshikazu Kawaguchi, a small unassuming café patrons have the extraordinary opportunity to revisit cherished memories from their past. This Japanese novel is a poignant and thought-provoking exploration of memory, love, and the passage of time.

At the heart of the story is the enigmatic owner of the café, who possesses the remarkable ability to transport his guests back in time to pivotal moments in their lives. The customers asking for the service are struggling to grapple with the complexities of their pasts and confront unresolved emotions.

One of those customers is a woman named Sarah, who is navigating unresolved guilt over a decision she made many years ago. She revisits that pivotal moment from her past when she had to choose between pursuing her dreams of becoming an artist or sacrificing her ambitions to support her family. Through the café owner’s guidance, Sarah confronts her lingering regrets and finds closure, realizing that her decision, though difficult, ultimately shaped the course of her life in unexpected ways.

What makes it a must-read is its exploration of the human experience. From bittersweet romances to touching family reunions, each memory is imbued with a sense of longing and nostalgia that resonates long after the final page is turned — it’s sure to leave a lasting impression on readers of all backgrounds.

You can find it at Cherry Blossom Books.

The Sinking City is a modern cult classic set in the 1920s inspired by H.P. Lovecraft

Casual sleuths, literature lovers, and fans of the supernatural, this one’s for you. The Sinking City is a modern cult classic set in the 1920s, inspired by the works of horror master H.P. Lovecraft. Playing as private investigator Charles W. Reed, you prowl the flooding streets of Oakmont to find out the cause of the terrifying visions you’ve been having.

The game’s graphics masterfully capture the essence of Lovecraftian horror. The decaying city — eternally raining — with its twisted architecture is plagued with an oppressive atmosphere, unsettling human-creature hybrids, terrifying monsters, and rampant immorality. The open world lets you explore the city at your own pace, testing the investigative skills that your journey depends on.

While we wish Reed was more interactive, the loop of investigation is genuinely engaging. You piece together clues from crime scene examinations, interrogations, and mind-palace reconstructions, and your skills and decisions influence the cases and overall story. At the end of each chapter, you’re faced with a moral dilemma. The right decision isn’t always the one in favor of the greater good.

? Rating: Mostly positive reviews on Steam at 78%.

⌛ Hours of gameplay: 15-20 hours to complete the main story, 30-40 with side quests.

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

? Price: Standard version retails for USD 23.99 on Steam, and USD 49.99 on Nintendo, Playstation, and Xbox. The deluxe version can be found for USD 53.15 on Steam, USD 64.99 on Nintendo, and USD 59.99 on Xbox and Playstation.

The hosts contemplate what might have happened after some of our favorite movies ended

Ever wondered what happened to your favorite characters after the credits rolled? After the Ending may have the (unofficial) answer. Hosts Mike Spring and Phil Edwards take a look at what might have happened after your favorite movies ended. Their love of movies and writing — but more importantly, their vast knowledge of the subjects — helps them move the story along after their official endings.

You can find classics like Reservoir Dogs and Dirty Dancing, as well as some fantasy/sci-fi films that left the outcomes open to interpretation, no matter how slightly, like Lord of the Rings and War of the Worlds. Some episodes just follow the line of thought of a film to give us some fun Where Are They Now guesses.

It has been ages since you saw the film they’re discussing? Don’t worry about it. Spring and Edwards give really good quick-hitter summaries of each film before discussing the endings and where the characters may have gone afterward. Listeners of the show find becoming a fan very easy, as the hosts love engaging with people tuning in and discussing the insights they share on their Facebook page.

WHERE TO FIND IT- After the Ending drops monthly episodes on Apple Podcasts, Spotify, and Podbean.

ENTERPRISE ENTERTAINMENT CALENDAR

APRIL

4-7 April (Thursday-Sunday): Chic Market bazaar at Capital Plaza Mall.

5 April (Friday): Sufi dance performance at Dawar Arts.

5 April (Friday): Barzakh concert at Studio Nasibian Theater.

5 April (Friday): Amar Al Din musical performance by Al Warsha band at Bibliothek Egypt.

5 April (Friday): Iftar at Wadi Degla with VAMOS.

5 April (Friday): Evodia performance at The Drive.

5-6 April (Friday-Saturday): Mevlevi Night at Royal Park.

6 April (Saturday): Chakra & Sound Bath Workshop at Sukun.

6 April (Saturday): Sufi singing with Mostafa Mohalel at ROOM New Cairo.

9 April (Tuesday): Eid El Fitr (TBC).

10 April (Wednesday): Amr Diab concert at Cubix El Gouna.

11 April (Thursday): Oscar and the Wolf concert at the Pyramids.

11 April (Thursday): Om Kalthoum puppet theater performance at Elsawy Culturewheel.

12 April (Friday): Amr Hassan concert at Elsawy Culturewheel.

13 April (Saturday): Hilarity Heights standup comedy show at ROOM Garden City.

13 April (Saturday): Komedy Koshk Comedy Night at ROOM New Cairo.

18 April (Thursday): Massar Egbari x AUC Tahrir CultureFest at AUC Tahrir Square.

19 April (Friday): Keinmusik at the Giza Pyramids by Panorama 2.

20 April-June 8 (Saturday-Saturday): Sketching Course at Art Square Academy.

23-24 April (Tuesday-Wednesday): Omar Khairat concert at Cairo Opera House.

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

25-27 April (Thursday-Saturday): Insomnia Egypt Gaming Festival at the International Exhibitions Center.

30 April-5 May (Tuesday-Sunday): Next Level International Summer Camp.

MAY

1 May (Wednesday): National holiday in observance of Labor Day (TBC).

3 May (Friday): Youth to Business (Y2B) event at The GrEEK Campus.

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (TBC).

23-25 May (Thursday-Saturday): The Design Show at Cairo International Conventions Center.

24 Mary (Friday): The Glow Run by The TriFactory at Palm Hills Sports Club.

25 May (Saturday): Techne Summit at the Cairo International Stadium.

JUNE

15-19 June (Saturday-Wednesday): Eid El Adha (TBC).

30 June (Sunday): June 30 Revolution Day (TBC).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

23 July (Tuesday): Revolution Day (TBC).

SEPTEMBER

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

OCTOBER

6 October (Sunday): Armed Forces Day.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Q1 2024: Opening of the newly developed Pyramids Plateau in Giza.

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