⏱️ Good morning, ladies and gents, and happy weekend. It’s been a long week, and we’ve got the rundown for you below. In today’s issue, we take a look at ways to manage your time like a pro, treat ourselves to some good ol’ Nashville-style fried chicken, and break down a horror movie that had our stomachs turning. That and much more.
Let’s jump right in…
🗞️ LAST WEEK IN 3 MINS-
BUDGET WATCH-
Finance Minister Ahmed Kouchouk presented the FY 2026/27 budget to the House of the Representatives, targeting EGP 4 tn in total revenue — up 29% y-o-y — and EGP 5.1 tn in expenditures, up almost 11%. An overall deficit of 4.9%, down from 6.1%, is projected at the end of the current fiscal year.
BANKING-
The National Bank of Egypt (NBE) and Banque Misr raised the interest rates they’re offering on three-year, fixed-interest certificates of deposit by 125 bps. NBE’s Platinum Certificate and Banque Misr’s Al Qimma Certificate will each offer monthly rates of 17.25%, up from 16%.
ECONOMY-
BMI cut its growth forecast for the Egyptian economy to 4.5% in the current fiscal year, down from 5.2% before the outbreak of the war in the Gulf. The updated forecast marks a 0.4 percentage point cut from the mid-March outlook.
REAL ESTATE-
#1- Talaat Moustafa Group announced plans to build a EGP 1.4 tn mixed-use city in New Cairo’s Madinaty, called The Spine. The project is expected to generate some EGP 1.7 tn in sales.
#2- The New Urban Communities Authority will penalize developers and individuals who’ve sat on plots they’ve been allocated, waiting for price appreciation instead of building.
DEBT WATCH-
Edita Food Industries lined up funding to finance expansion lines here at home and abroad. The EGX-listed snackmaker secured a EGP 600 mn, seven-year loan from Arab Bank Egypt to support its 2026 investment program.
AUTOMOTIVE-
Mansour Group’s MAC for Mobility Manufacturing secured a EGP 2.7 bn loan from Banque Misr to finance a vehicle assembly plant. The 126k sqm facility will begin operations in 1Q 2027, producing up to 50k sedans, SUVs, and microbuses per year in its first phase.
INVESTMENT WATCH-
Ora Developers is doubling down on expanding its flagship UAE project Bayn to 9.6 mn sqm, acquiring an additional 4.8 mn sqm of land from the UAE’s Modon Holding. The expansion sits within the Ghantoot region — a coastal corridor between Abu Dhabi and Dubai.
NBFS-
Fintech giant Fawry is entering the ins. space after securing Financial Regulatory Authority approval for its new subsidiary, Fawry for Microins. The unit launches with a starting budget of EGP 60 mn, with Fawry holding a 90% stake.
EDUCATION-
The Onsi Sawiris School of Business at the American University in Cairo was named the top business school in Africa for the year by Paris-based global higher education ranking agency Eduniversal.
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🌍 AROUND THE WORLD IN SEVEN DAYS-

US-Iran tensions persisted this week alongside growing concerns over the Strait of Hormuz. After last Friday’s short-lived de-escalation saw Iran announce the reopening of the Strait of Hormuz, it closed it hours later in the face of tankers. Tehran pointed the finger at Washington for continuing to blockade its ports.
Over the weekend, five LNG tankers bound to cross the strait had to halt their voyages after Tehran issued warnings and two Indian-flagged vessels carrying crude oil were under fire while traversing the waterway. On Monday, the US seized an Iranian cargo ship for allegedly attempting to breach its naval blockade.
As Tehran pledged to strike back and said it would not take part in a second round of ceasefire talks, US President Donald Trump made the decision to extend the ceasefire on Wednesday, prompted by mediation from Pakistan and a lack of “unified proposal” by Iran’s government.
On Thursday, US forces attacked at least three Iranian-flagged tankers in Asian waters, signaling an active US naval blockade despite the reported ongoing ceasefire with Tehran. In the Strait of Hormuz, traffic halted after Tehran attacked three ships, escorting two of them into Iranian waters. The attacks do not constitute violations of the truce, since the vessels were not flying US or Israeli flags.
The ousting of US Navy Secretary John Phelan made headlines after Pentagon spokesman Sean Parnell announced the news on X. The surprise departure comes amid leadership turmoil within the Pentagon and tension with Defense Secretary Pete Hegseth.
IN TECH NEWS- After 15 years at the helm of Apple, Tim Cook is set to step down as CEO of the tech giant this coming September, transitioning into the role of executive chairman. Taking the reins is John Ternus, the senior vice president of hardware engineering and a 25-year veteran at the company.
AND- Amazon and Anthropic will spend over USD 100 bn on AI infrastructure over the next 10 years, as per a new agreement to secure up to 5 GW of new capacity for training and running Claude. Also, SpaceX gained the “right to acquire” AI startup Cursor for USD 60 bn, agreeing to pay USD 10 bn if it does not proceed with the transaction.
IN BUSINESS NEWS- Tesla’s 1Q results offered a mixed bag, with income topping analysts’ forecasts despite revenues falling short of expectations.
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☀️ THE WEATHER THIS WEEKEND-
We’re in for a warm weekend in the capital, with temperatures in Cairo today peaking at 30°C, with a low of 19°C. Tomorrow will be a tad warmer, with a high of 32°C and a low of 20°C, according to our favorite weather app.
🎤 HAPPENING THIS WEEKEND-
Comedian Omar El Gamal is set for his biggest Ain Gamal show in Cairo yet at Al Manara Theater tonight. The show promises a few surprises, sharp humor, and crowd-favorite jokes. Doors open at 7pm — tickets are available on Ticketsmarché.
If you’re overdue for some quality family time, the Grand Egyptian Museum is hosting another Family Weekend today and tomorrow. The spring-themed festival promises a variety of family activities, including hands-on craft workshops, outdoor activities, live acts, and a bustling food market. The event starts at 11am — you can book your tickets on Ticketsmarché.
🎤 HAPPENING NEXT WEEK-
CJC 610 is hosting a special night at Maadi riverside spot Tenaya, with iconic band Massar Egbari taking over on Wednesday, 29 April, alongside a performance by artist Menna Hussein. Expect alternative Arab sounds, rock, and jazz. Doors open at 8pm — tickets are available here.
Are these… Amarein? Nope, that’s just Amr Diab. Fans of El Hadaba, you’ll be pleased to know that the iconic Egyptian pop star will be taking the stage at the American University in Cairo’s football field on Friday, 1 May to belt out a series of his signature hits. Whether you’re an Al Leila enthusiast or a Wayah die-hard, you’ll be in for a treat. The concert starts at 8pm, and tickets can be purchased through Tazkarti.




