{"id":615778,"date":"2024-02-23T00:00:00","date_gmt":"2024-02-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/23\/this-weekend-madbouly-government-downgrades-egypts-growth-forecast\/"},"modified":"2024-02-23T00:00:00","modified_gmt":"2024-02-23T00:00:00","slug":"this-weekend-madbouly-government-downgrades-egypts-growth-forecast","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/23\/this-weekend-madbouly-government-downgrades-egypts-growth-forecast\/","title":{"rendered":"THIS WEEKEND: Madbouly government downgrades Egypt\u2019s growth forecast"},"content":{"rendered":"

Good morning, folks, and happy Friday. <\/strong>How is the second month of the year coming so close to an end? <\/p>\n

Time does fly when you're scrolling or watching endless reels. <\/strong>Aside from ruining our relationship with our smart devices, it takes a toll on our physical and mental health.But, we have news for you: Our mindful technology use guide will assist you in adopting some habits and small tweaks to regain control over your relationship with your smart devices. <\/p>\n

Enterprise Weekend comes out each Friday at 9:00am CLT.<\/strong> We\u2019ll be back on Sunday at 6am with EnterpriseAM. Until then: Enjoy the weekend.<\/p>\n

LAST WEEK IN 3 MINS-<\/p>\n

ECONOMY-<\/strong><\/p>\n

Gov\u2019t <\/strong>trims<\/strong> next fiscal year\u2019s growth forecast:<\/strong> The Madbouly government has downgraded<\/a> its growth forecast for the fiscal year 2024-2025 to 4.2% \u2014 0.5 percentage points below projections penciled in<\/a> last month.<\/p>\n

MEANWHILE- <\/strong>A report on the continent\u2019s macroeconomic performance<\/a> by the African Development Bank sees Egypt\u2019s growth slowing to 3.7% in 2024, down from 4% in 2023. <\/p>\n

ENERGY-<\/strong><\/p>\n

#1- Egypt is getting more gas from Israel:<\/strong> The Israeli Energy Ministry has greenlit an agreement<\/a> that will see Israel increase its gas exports to Egypt from Chevron\u2019s offshore Tamar field starting July 2025. Under the agreement, Israel will raise gas exports by an additional 4 bn cubic meters (bcm) annually for the next 11 years \u2014 triple what is currently exported from the field. <\/p>\n

#2- Another 1-GW solar plant by Scatec is officially underway: <\/strong>Norwegian renewables developer Scatec is set to build a 1-GW solar power plant<\/a> to power EgyptAlum\u2019s Nagaa Hammadi industrial complex under an agreement inked by the two parties. The first 500-MW phase of the project will be completed within 18 months, while the second phase is set to wrap up within two years.<\/p>\n

TOURISM-<\/strong><\/p>\n

Tourism is off<\/strong> to a good start this year despite regional tension:<\/strong> Tourist arrivals in the first 40 days of this year were up 5%<\/a> from the same period last year, Tourism Minister Ahmed Issa said on Monday. While hitting Egypt\u2019s target to welcome 18 mn tourists this year is looking increasingly difficult due to the geopolitical tensions in the region, a turnout close to the target is still possible, Issa said.<\/p>\n

WAR WATCH-<\/strong><\/p>\n

Egypt testified before the ICJ against Israel:<\/strong> Egypt \u2014 among 52 nations \u2014 started presenting<\/a>arguments<\/a> to the UN\u2019s International Court of Justice (ICJ) for the court to build a non-binding opinion on the legality of Israel\u2019s occupation of Palestinian territories. Foreign Ministry legal advisor Yasmine Moussa took to the floor of the ICJ to condemn the Israeli occupation of Palestine before a public hearing on Wednesday for the UN to build an advisory position on the legality of the occupation (watch, runtime: 6:13:25<\/a>). \u201cIsrael is deliberately \u2026 creating conditions of life that are intended to make life in Gaza impossible, imposing siege and starvation, including by impeding humanitarian access and the distribution of relief through constant obstruction and bombardment,\u201d Moussa said.<\/p>\n

US vetoes calls for a ceasefire for a third time at the UN: <\/strong>Algeria\u2019s draft motion calling for an immediate ceasefire was blocked<\/a> by a US veto at the UN Security Council on Wednesday. Of the 15-member body, 13 nations voted for the resolution and the United Kingdom abstained.<\/p>\n

Egypt slammed the US veto as \u201cshameful\u201d<\/strong> in a statement<\/a> released late on Wednesday by the Foreign Ministry. While Algerian UN Ambassador to the UN Amar Bendjema told the council before the vote that, \u201cA vote in favor of this draft resolution is support to the Palestinians right to life. Conversely, voting against it implies an endorsement of the brutal violence and collective punishment inflicted upon them.\u201d<\/p>\n

\n

AROUND THE WORLD IN SEVEN DAYS- <\/p>\n

<\/p>\n

G20 foreign ministers, including our own Sameh Shoukry, <\/strong>met in Brazil<\/a><\/strong>to discuss ongoing crises \u2014 the wars in Gaza and Ukraine. The ministers shared a grim outlook that \u201cproposals to upgrade global governance will advance easily.\u201d <\/p>\n

The EU <\/strong>launches its Red Sea and Gulf maritime security mission<\/a><\/strong>, dubbed Eunavfor Aspides, to \u201ccontribute to restore and safeguard freedom of navigation, for the sake of the EU, the region, and the wider international community.\u201d <\/p>\n

Two of the US\u2019 biggest credit card lenders are getting married: <\/strong>Capital One is acquiring Discover Financial Services in a USD 35 bn all-stock transaction<\/a>. The transaction will see Discover shareholders receiving 1.0192 shares in Capital One for every share in Discover. The merged company will see Capital One shareholders holding 60% and Discover shareholders taking the remaining balance.<\/p>\n

FDI inflows to China slow to a crawl: <\/strong>Foreign direct investment in China in 2023 hit its lowest<\/a>level in three decades<\/a> on the back of slow post-pandemic recovery and a spiraling property crisis. Direct investment liabilities \u2014 a gauge that measures foreign capital inflows \u2014 were down 82% y-o-y in 2023 at USD 33 bn \u2014 its lowest since 1993.<\/p>\n

US chipmaker Nvidia reported a 265% y-o-y jump in <\/strong>quarterly revenues<\/a><\/strong> on the back of a splurge in AI spending that has now pushed the company\u2019s valuation to USD 1.7 tn \u2014 surpassing that of tech goliath and Google-parent company Alphabet, reports the Financial Times<\/a>. Net income also skyrocketed 770% during the same period to USD 12.3 bn.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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\u2601\ufe0f <\/strong>THE WEATHER THIS WEEKEND- <\/strong>Expect a cloudy day today with the mercury climbing to a high of 20\u00b0C and dropping to a low of 13\u00b0C at night. Saturday should see more sunshine with a temperature peaking at 24\u00b0C in the morning and cooling to 12\u00b0C in the evening, according to our favorite weather app. <\/p>\n

HAPPENING THIS WEEKEND- <\/p>\n

MUSIC-<\/strong><\/p>\n

Don\u2019t miss Hisham Abbas and Hamid El Shari tonight <\/strong>at CJC 610\u2019s round of Ma Yatlobohoo El Mostame3oon. <\/strong>The duo will deliver all the hits you love and will feature DJ Andy Cheikho to set the mood. Message CJC<\/a> to find out how to book your spot.<\/p>\n

ENTERTAINMENT-<\/strong><\/p>\n

Comedian Mohamed Helmy and podcast host Alaa ElSheikh are taking to the stage once<\/strong> more<\/strong> in HelmyMan\u2019s Podcast 3alMasra7 at Zed Park tonight. Tickets are available here<\/a> and range from EGP 375 to EGP 675.<\/p>\n

Already have plans or just want an extra dose of giggles?<\/strong> ROOM New Cairo is hosting the Konafa Comedy Night tomorrow. The five comedians will be starting their performance at 9pm, but doors open at 8:30pm. Tickets are available<\/a> for EGP 200, but does not include the one minimum order required.<\/p>\n

SPORTS-<\/strong><\/p>\n

Double Dribble Leagues<\/a><\/strong> has got all basketball enthusiasts covered.<\/strong> Running until today the weekly mixed league hosted at the Maadi Sporting and Yacht Club is for anyone who wants to live out their baller dreams or stay fit while having fun.<\/p>\n

EVENTS-<\/strong><\/p>\n

Join Sarij al-Din Sarij for a book signing and discussion of his short story collection titled <\/strong>Searching for You. <\/strong>Hosted by Bibliothek Egypt, the event<\/a> will take place tomorrow at 6pm. <\/p>\n

HAPPENING NEXT WEEKEND- <\/p>\n

ARTS-<\/strong><\/p>\n

Bibliothek Gallery\u2019s new curated exhibition, Lines of Intimacy, explores the possibilities<\/strong> of printmaking. <\/strong>The exhibition<\/a> features three artists crossing boundaries through their work and is open daily from 10am to 10pm until next Saturday, 2 March.<\/p>\n

SPORTS-<\/strong><\/p>\n

The Cairo Half Marathon is taking place soon:<\/strong> Mark your calendars next Friday, 1 March, and start stretching. Cairo Runners is bringing back a fan favorite, offering 5km, 10km, and 21km runs as well as a Family Run. Tickets are still available, giving you ample time to convince seven of your friends to join, which will get a 10% reduction in price when you register<\/a>.<\/p>\n

Get down and dirty at the TriFactory\u2019s <\/strong>Tough Mudder Egypt<\/a><\/strong> next Friday, 1 March. The obstacle course challenge will take place at Belle Vie Club<\/a> in New Zayed. <\/p>\n

EVENTS-<\/strong><\/p>\n

Fancy yourself a detective?<\/strong> Murder-mystery fans can pull out their magnifying glasses to crack this case. Cluedupp and Crime Scene Investigator are staging a hard-boiled outdoor event next Saturday, 2 March where you have to solve four murders around the city by solving puzzles, interrogating witnesses, and hunting for clues. Find more details here<\/a>.<\/p>\n

Bibliothek Egypt is hosting yet another <\/strong>book signing<\/a><\/strong> for Reem Basyuni\u2019s two latest <\/strong>works<\/strong>, Mario Abu al-Abbas and In Search of Happiness, on Friday, 1 March at 6:30pm. Along with the book signing will be a seminar titled Architecture and Impact.<\/p>\n

ENTERTAINMENT-<\/strong><\/p>\n

Like comedy and want to get in on the fun?<\/strong> Presented by Al Mothalas, El Khatba<\/a> is an interactive comedy experience at Rawabet Art Space<\/a> on Friday, 1 March at 8pm. <\/p>\n","protected":false},"excerpt":{"rendered":"

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Warmer and more comfortable temperatures this weekend are perfect for what we have in store after you, right after you catch up with this week\u2019s news.Do you have an international friend coming to town? Or perhaps you just want\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/542.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":646994,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/04\/egypt-uae-will-lay-the-foundation-stone-for-ras-el-hekma-project-today\/","url_meta":{"origin":615778,"position":1},"title":"Egypt, UAE will lay the foundation stone for Ras El Hekma project today","author":"enterpriseam admin","date":"4 October 2024","format":false,"excerpt":"Good morning, friends, and a very happy Friday to you all. This long weekend is much needed after a busy week of news, and we hope you have some fun plans to fill it up with.Enjoying the holiday at home? Maybe you should spend it planning an upgrade. This week\u2019s\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/898.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":640309,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/23\/brace-yourself-for-the-electricity-bill\/","url_meta":{"origin":615778,"position":2},"title":"brace yourself for the electricity bill","author":"enterpriseam admin","date":"23 August 2024","format":false,"excerpt":"Good morning, all, and a very happy Friday. We are ready to do some resting and relaxing as we enjoy one of our last weekends of the season.In the Enterprise Guide this week: Maximizing your productivity could mean seeking a new workspace outside your office \u2014 or home \u2014 even\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1719.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604084,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/24\/after-a-few-days-off-were-getting-a-football-fiesta-this-weekend\/","url_meta":{"origin":615778,"position":3},"title":"After a few days off, we\u2019re getting a football fiesta this weekend","author":"enterpriseam admin","date":"24 August 2023","format":false,"excerpt":"\u26bd Calm still hangs over the stadiums \u2014 so far \u2014 with the major European leagues\u2019 matches kicking off this weekend. Premier League: Week three of the English Premier League starts tomorrow at 10pm with one match that brings together Chelsea and Luton Town. Meanwhile, Saturday starts with the Bournemouth\u2026","rel":"","context":"In "ENTERPRISE RECOMMENDS"","block_context":{"text":"ENTERPRISE RECOMMENDS","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-recommends-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":664200,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/24\/govt-to-replace-long-list-of-fees-with-single-unified-tax\/","url_meta":{"origin":615778,"position":4},"title":"Gov\u2019t to replace long list of fees with single unified tax","author":"enterpriseam admin","date":"24 April 2025","format":false,"excerpt":"Good morning, friends, and a happy long weekend to you all. 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WE HAVE A PROGRAMMING NOTE before we jump into our three-minute wrap up of the week \u2014 we'd be grateful if you could take a moment to read on. Please join us in welcoming Dar Ventures to the Enterprise family.\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1375.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/615778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=615778"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/615778\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/weekend\/615776"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/615779"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=615778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=615778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=615778"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=615778"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=615778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}