{"id":623608,"date":"2024-06-07T00:00:00","date_gmt":"2024-06-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/07\/this-weekend-madbouly-to-form-the-new-cabinet\/"},"modified":"2024-06-07T00:00:00","modified_gmt":"2024-06-07T00:00:00","slug":"this-weekend-madbouly-to-form-the-new-cabinet","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/07\/this-weekend-madbouly-to-form-the-new-cabinet\/","title":{"rendered":"THIS WEEKEND: Madbouly to form the new cabinet"},"content":{"rendered":"

Good morning, ladies and gentlemen, and happy Friday. <\/strong>The weekend is finally here and we are getting into gear for the prospect of the Eid vacation to come. And like you, we didn\u2019t know where to start. <\/p>\n

And this is where our handy holiday kit guide comes in. <\/strong>We went on a scavenger hunt to discover what we needed for the summer holidays and prepared a comprehensive list for you to make you packing experience easier.<\/p>\n

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

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

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

New cabinet in the works:<\/strong> President Abdel Fattah El Sisi instructed Prime Minister<\/a>Moustafa Madbouly to form a new government<\/a> on Monday, after Madbouly submitted his government\u2019s resignation. While new appointments and departures from the cabinet are yet to be announced, policy continuity seems to be the order of the day, with promoting private sector growth, attracting local and foreign investment, and getting inflation under control already high on the agenda.<\/p>\n

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

#1- FX reserves blew past pre-pandemic levels:<\/strong> Net foreign reserves increased by a<\/a>little over USD 5 bn in May<\/a> to a record USD 46.1 bn as the country starts to see funds from the Ras El Hekma on its balance sheets. Reserves may reach USD 49.7 bn in the current fiscal year and USD 53.3 bn in the next, according to<\/a> credit ratings agency Fitch Ratings.<\/p>\n

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

Al Ahly\u2019s new home to anchor world-class sports city in Sheikh Zayed: <\/strong>A new 44-k seat home stadium for Al Ahly will anchor a world-class city in Sheikh Zayed that is being brought together by a consortium of more than a dozen companies led by Al Qalaa Al Hamra Co. and exclusively advised by our friends at Beltone Investment Banking. The complex will reportedly cost north of EGP 12 bn to build out over the course of four years.<\/p>\n

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

MPs passed next year\u2019s budget: <\/strong>The House of Representatives gave its seal of<\/a>approva<\/a>l<\/a> to the FY 2024-2025 state budget and socioeconomic development plan on Monday, with Finance Minister Mohamed Maait reiterating that no new taxes would be introduced this year. The budget will now be sent to President Abdel Fattah El Sisi to ratify.<\/p>\n

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WHAT\u2019S HAPPENING NEXT WEEK-<\/p>\n

<\/p>\n

Inflation to ease for a third consecutive month?<\/strong> Capmas and the Central Bank of Egypt are expected to publish inflation data for May on Monday. Policy makers and the business community will be hoping that headline inflation cools again<\/a> in May, after having eased on the back of slower food price increases as traders continued to price in a lower exchange rate than in the now-defunct parallel market<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

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

<\/p>\n

Mexico took the polls to elect its first woman president<\/strong>, with leftist and former climate scientist Claudia Sheinbaum winning with a commanding 30 percentage point lead over the candidate in second place. A protege of left-leaning incumbent Andres Manuel Lopez Obrador, Sheinbaum\u2019s election likely signals policy continuity \u2014 a prospect that sent the peso tumbling<\/a> after the scale of Sheinbaum\u2019s victory became clear.<\/p>\n

The world\u2019s largest democracy is also set to re-elect Narendra Modi as prime minister<\/strong>, but the Indian prime minister\u2019s victory<\/a> is bittersweet as it marks the first time in ten years that his Bharatiya Janata Party outright parliamentary majority. <\/p>\n

WHILE IN THE BUSINESS PRESS- <\/strong>OPEC+ agreed to extend<\/a> production cuts until 2025 \u2014 cuts of 3.66 mn barrels a day will be extended until the end of 2025, while voluntary cuts of 2.2 mn barrels a day will run through the end of September.<\/p>\n

<\/strong>AND- <\/strong>Half of the CEOs running S&P 500 companies surveyed<\/a> by AP made at least 196x what their median employee earned last year, up from 185x in 2022. Data from the newswire also showed that CEOs\u2019 median pay package rose 12.6% to USD 16.3 mn in 2023, while wages of private sector workers rose just 4.1% during the same period.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

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

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\u2600\ufe0f <\/strong>THE WEATHER THIS WEEKEND- <\/strong>Today is a scorcher with a high of 43\u00b0C in Cairo, falling to a slight low of 24\u00b0C. Tomorrow, the mercury will slightly fall to 39\u00b0C during the day and to a low of 27\u00b0C at night, according to our favorite weather app.<\/p>\n

HAPPENING THIS WEEKEND- <\/p>\n

Take your seat as the curtains pull away for <\/strong>The Greek National Opera \u0392allet<\/a><\/strong> at the <\/strong>Cairo<\/a><\/strong>Opera House<\/a><\/strong> tonight. <\/strong>In cooperation with the NGO Greek Action Africa, prepare for two nights of ballet in the Opera\u2019s Main Hall. Get your tickets on Tazkarti for the first night<\/a> and second night<\/a>.<\/p>\n

Step into the past with the <\/strong>Misr<\/a><\/strong><\/a><\/strong>Iskindireya<\/a><\/strong>Exhibition<\/a><\/strong>. It\u2019s currently ongoing and will be ending on Monday, June 10, the exhibition will showcase the vibrant yet fleeting essence of Alexandria during the 1970s and 80s. The exhibition will start at 6:30pm tomorrow at Radio Theatre<\/a> in Downtown Cairo and then will be open daily from 11am to 9pm. <\/p>\n

Experience the first-ever <\/strong>4x4 Snow Rally<\/a><\/strong> in the Middle East and Africa at Ski Egypt, Mall<\/strong> of Egypt. <\/strong>Prepare to witness over ten teams race in the snow, conquering challenging obstacles on their quest to be crowned the Rally Snow Champion. The race will take place tomorrow at 4pm. Grab your tickets here<\/a>.<\/p>\n

The Italian Cultural Institute in Cairo\u2019s <\/strong>Italian Cinema in Cairo<\/a><\/strong> film festival has begun.<\/strong> It's a 10-day affair, showcasing Italian films. The screenings started last week and will continue until Sunday, 9 June. They\u2019re bringing classics and some 2023 releases to explore Italian cinematic heritage. The screenings are at Zamalek Cinema<\/a> and the Italian Cultural Institute<\/a>, and you can check out their schedules here<\/a> and here<\/a>.<\/p>\n

El Galsa: Healing Is Not Linear<\/a><\/strong> is a play that will make you feel all the emotions. <\/strong>It navigates through a therapy session and discusses challenges, childhood, hopes, and dreams. It is quite a comfort show with moments of comedy and emotional moments. Catch the play at Rawabet Art Space<\/a> tonight and tomorrow.<\/p>\n

Cairo Flea Market<\/a><\/strong> is back this weekend<\/strong> at the <\/strong>Aquarium Grotto Garden<\/a><\/strong> in Zamalek<\/strong> tomorrow. The market, which includes local products and antiques, will begin at 11am to 10pm.<\/p>\n

The <\/strong>Comedy Bunker<\/a><\/strong>\u2019s line-up at <\/strong>AlMalahy<\/a><\/strong> is sure to leave you in stitches. <\/strong>Mohamed Moula, Alaa ElSheikh, and Mohamed Helmy will be taking to the stage tomorrow at 8pm. Get your tickets<\/a> here to secure your seats.<\/p>\n

Head to Bibliothek for their Arabic Book Club.<\/strong> This week, Bibliothek<\/a> will be discussing<\/a> Ahmed Morsi\u2019s novel A Gambling on the Honor of Lady Mitzi tomorrow at 9pm.<\/p>\n

HAPPENING NEXT WEEKEND- <\/p>\n

Save some energy for a <\/strong>concert<\/a><\/strong> this Eid <\/strong>featuring Muslim, Omar Kamal, 3enba at Cairo<\/a>Stadium<\/a>, on Friday, 14 June. Get your tickets here<\/a>. <\/p>\n

If you\u2019re more inclined to <\/strong>fusing Arab and Western tunes<\/a><\/strong> make your way to <\/strong>CJC 610<\/a><\/strong>. <\/strong>On Friday, 14 June, LA-based DJ\/Producer Habibeats and Bubblegum Kollectiv will be playing all the mixed modern tunes. For reservations message their Facebook page<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

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Boy, are we glad that this weekend has come around as we inch closer to a longer holiday.Yes, you heard that right \u2014 but don\u2019t rush to look for your pool and beach gear yet. We have put together a list of local swimsuit\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\/2597.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":627701,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/10\/veteran-housing-minister-mostafa-madbouly-tapped-as-prime-minister-designate-will-form-the-next-cabinet\/","url_meta":{"origin":623608,"position":1},"title":"Veteran housing minister Mostafa Madbouly tapped as prime minister-designate, will form the next cabinet","author":"enterpriseam admin","date":"10 June 2018","format":false,"excerpt":"Veteran housing minister Mostafa Madbouly tapped as prime minister-designate, will form the next cabinet: Housing Minister Mostafa Madbouly was appointed on Thursday as Egypt\u2019s next prime minister by President Abdel Fattah El Sisi, according to an Ittihadiya statement. Madbouly, who has served as housing minister since 2014 in the Mahlab\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":657861,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/27\/happened-this-week-cbe-keeps-interest-rates-unchanged-extends-inflation-targets\/","url_meta":{"origin":623608,"position":2},"title":"Happened this week: CBE keeps interest rates unchanged, extends inflation targets","author":"enterpriseam admin","date":"27 December 2024","format":false,"excerpt":"Good morning folks, and happy Friday to you. Read on for all the key headlines off the local and international presses this week, alongside fresh recs for you to check out this weekend.The end of the year is always a time for reflection \u2014 and this week\u2019s guide is set\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\/11\/2177.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":637780,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/26\/what-were-tracking-on-26-november-2017\/","url_meta":{"origin":623608,"position":3},"title":"What we\u2019re tracking on 26 November 2017","author":"enterpriseam admin","date":"26 November 2017","format":false,"excerpt":"We\u2019re keeping a close eye on the fallout from the deadly attack on a North Sinai mosque on Friday, which claimed at least 305 lives, including 27 children, and injured some 128 others. The assailants were flying the Daesh flag, the Prosecutor General\u2019s Office says, but the terror group has\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":616206,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/01\/this-weekend-ras-el-hekma-investment-dominates-the-news-as-the-first-and-second-batches-arrive-with-a-total-of-usd-10-bn-from-the-contracted-usd-35-bn\/","url_meta":{"origin":623608,"position":4},"title":"THIS WEEKEND: Ras El Hekma investment dominates the news as the first and second batches arrive with a total of USD 10 bn from the contracted USD 35 bn.","author":"enterpriseam admin","date":"1 March 2024","format":false,"excerpt":"Good morning, friends. We hope this Friday treats you well. We are counting down the days until Ramadan begins.What would Ramadan be without the spirit of giving? Kicking off the season, we are sharing the lowdown on some of the Ramadan charitable boxes and bag options in the capital and\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\/2\/2236.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":659290,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/24\/madbouly-forms-new-committees-to-ensure-private-sector-involvement-in-decision-making\/","url_meta":{"origin":623608,"position":5},"title":"Madbouly forms new committees to ensure private sector involvement in decision making","author":"enterpriseam admin","date":"24 January 2025","format":false,"excerpt":"Good morning, friends, and a very happy Friday to you all. 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/623608","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=623608"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/623608\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/weekend\/623606"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=623608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=623608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=623608"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=623608"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=623608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}