{"id":678858,"date":"2025-12-12T00:00:00","date_gmt":"2025-12-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=678858"},"modified":"2025-12-26T14:12:02","modified_gmt":"2025-12-26T14:12:02","slug":"inflation-inches-down-in-november-against-defying-expectations-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/12\/inflation-inches-down-in-november-against-defying-expectations-2\/","title":{"rendered":"Inflation inches down in November against, defying expectations"},"content":{"rendered":"

Good morning, friends, and welcome to the weekend \u2014 one of the last of the year.<\/strong><\/p>\n

As 2025 draws to a close, we\u2019re taking a look back at the most memorable films and <\/strong>shows of the year.<\/strong> What made the list and what are we itching to watch in 2026? Find out below, and maybe make a selection or two for when you\u2019re bundled up indoors this chilly weekend.<\/p>\n

Enterprise Weekend comes out each Friday at 9:00am CLT.<\/strong> EnterpriseAM Egypt will be taking a break from your inboxes on Sunday-Tuesday next week in preparation for something special to reveal to you all \u2014 and we\u2019re confident you\u2019ll think it was worth the disruption. We\u2019ll be back in your inboxes on Wednesday, 17 December.<\/p>\n

?\ufe0f LAST WEEK IN 3 MINS-<\/p>\n

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

#1- Annual urban inflation eased 0.2 percentage points in November<\/strong>, going against what pretty much everyone expected to end the month at 12.3% y-o-y, according to data from state statistics agency Capmas seen by EnterpriseAM. A drop in food and beverage prices \u2014 down a whole 2.6% on a monthly basis \u2014 unexpectedly offset a rise in fuel prices<\/a>.<\/p>\n

The news should bolster expectations of a coming interest rate cut this month<\/strong>, with the central bank\u2019s Monetary Policy Committee set to meet on 25 December. The unexpected fall also bodes well for our combined fifth and sixth reviews of the country\u2019s USD 8 bn extended fund facility program with the IMF, with government sources previously telling EnterpriseAM<\/a> that the visiting Fund delegation would be closely watching the data. <\/p>\n

#2- The IMF delegation in town to discuss our combined fifth and sixth reviews will <\/strong>wrap up its trip today <\/strong>\u2014 which could mean some big announcements are coming our way. The nearly two-week trip has seen the IMF representatives busily meet with government officials to try to iron out issues before it greenlights the fifth and sixth tranches of our USD 8 bn Extended Fund Facility program.<\/p>\n

ICYMI- The International Monetary Fund decided in July<\/strong><\/a><\/strong>to postpone the fifth review<\/a><\/strong> of the country\u2019s USD 8 bn loan program and combine it with its sixth review, arguing that \u201cmore time is needed\u201d to make progress on the state's withdrawal from the economy and the broader reform agenda.<\/p>\n

The two reviews are expected to see USD 2.7 bn channeled into state coffers<\/strong>, in addition to the first tranche from the Resilience and Sustainability Facility, <\/a>which could add<\/a> a further USD 274 mn in climate financing.<\/p>\n

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

#1- Dana hits gas in Egypt: <\/strong>Sharjah\u2019s Dana Gas confirmed a new onshore Nile Delta gas find after drilling the North El-Basant 1 exploratory well in Egypt, with initial results pointing to 15-25 bcf of recoverable reserves and expected output of more than 8 mmcf \/ d once tied to the Egyptian grid, according to a press release (pdf)<\/a>. <\/p>\n

The well is the fourth in a series of 11 appraisal and exploration wells planned under <\/strong>the two-year <\/strong>USD 100 mn investment program<\/a><\/strong> \u2014 aiming to add 80 bcf in recoverable reserves \u2014 which earlier delivered three completed wells adding 10 mmcf \/ d. Dana plans to spud the program\u2019s fifth well \u2014 the Daffodil exploration well \u2014 in the first week of January, the company said. <\/p>\n

#2-<\/strong> Norwegian investment fund Norfund and French energy giant EDF acquired stakes <\/strong>in <\/strong>Scatec\u2019s USD 600 mn Obelisk solar project<\/a><\/strong>, under shareholder agreements for equity partnerships inked between the parties, the Norwegian energy player said in a statement<\/a>. <\/p>\n

Despite bringing on more partners, Scatec will maintain its economic control of the <\/strong>project<\/strong>, with France\u2019s state owned power company EDF now holding a 20% stake in the operating company, alongside Norwegian Foreign Ministry-run Norfund with 20% and Scatec with 60%. Norfund also acquired 25% of the Obelisk holding company, with Scatec retaining a 75% stake. The value of the transactions was not disclosed.<\/p>\n

#3- The Madbouly government is targeting USD 60 bn of investments to add some 23 GW of <\/strong>electricity by 2030<\/strong>, mostly from renewables<\/strong>, Investment Minister Hassan El Khatib said during a conference in Riyadh this week. Egypt will need to add a further 45 GW \u2014 90% of which will be renewable \u2014 by 2040 to keep up with population growth, El Khatib said.<\/p>\n

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

EGX and ADX-listed Orascom Construction\u2019s board signed off on its <\/strong>planned merger<\/a><\/strong> with Dutch-listed fertilizer giant OCI Global<\/strong>, approving an agreement that will see the two Nassef Sawiris-backed firms combine into a single Abu Dhabi-based infrastructure and investment platform under the name Orascom, according to a statement (pdf)<\/a>. The transaction will be implemented via a demerger of OCI\u2019s assets into a new vehicle that Orascom Construction will acquire in exchange for new shares, after which OCI will be liquidated and delisted from Euronext Amsterdam.<\/p>\n

What\u2019s next? <\/strong>Both Orascom Construction and OCI plan to hold EGMs in January 2026 to vote on the combination, with distribution of the new Orascom shares to OCI investors expected in 1Q 2026, subject to shareholder and regulatory approvals. The company said it will publish EGM materials in due course and has scheduled an investor call for 17 December.<\/p>\n

CAPITAL MARKETS-<\/strong><\/p>\n

Newly listed companies could soon enjoy a three-year exemption from taxes on <\/strong>income from IPOing the company <\/strong>under a set of incentives to encourage trading activity and IPOs on the EGX that is currently being studied by the Finance Ministry and the Financial Regulatory Authority, a government source told EnterpriseAM. The soon-to-be announced incentives will be put into law during 1H 2026 with the recently unveiled second package of tax facilities<\/a> after the proposals get the necessary regulatory approvals, we were told.<\/p>\n

\n

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

<\/p>\n

The US Federal Reserve lowered interest rates by 25 bps to 3.50-3.75%, marking its <\/strong>third cut this year. <\/strong>The decision was the result of a rare 9-3 split vote that exposed divisions over how to steer the economy through tariffs, a labor squeeze, and limited data from the government shutdown. Chair Jerome Powell said the Fed faces \u201csignificant downside risks\u201d in the jobs market and inflationary pressures from Trump\u2019s trade policies, urging caution as new data comes in. (Guardian<\/a> | BBC<\/a> | CNBC<\/a> | CNN<\/a> | Reuters<\/a> | Bloomberg<\/a>) <\/p>\n

The US also made headlines for seizing a large oil tanker carrying Venezuelan <\/strong>crude off the country\u2019s coast on Wednesday<\/strong>, marking the first known interception of a Venezuelan cargo vessel \u2014 which was bound for Cuba \u2014 since US President Donald Trump ordered a massive military buildup in the region.<\/p>\n

This is just one of the many recent US assaults on Venezuelan vessels, the previous <\/strong>being strikes that have killed over 80 people since September.<\/strong> The US administration has marked the ships as suspected drug vessels, without presenting evidence. The attacks have drawn legal scrutiny and accusations from Democrats that they may constitute war crimes, particularly after reports of a followup strike that killed survivors. (Reuters<\/a> | CNN<\/a> | NYT<\/a>)<\/p>\n

A water leak at the Louvre Museum has damaged hundreds of rare books in the <\/strong>Egyptian antiquities department<\/strong>, highlighting what the New York Times describes as ongoing infrastructure problems at the world\u2019s most visited museum. The incident affected between 300-400 documents, according to Francis Steinbock, the museum\u2019s deputy administrator, and originated from a deteriorating water pipe in one of the three library rooms within the Egyptian antiquities department. . (Reuters<\/a> | NYT<\/a> | Bloomberg<\/a>)<\/p>\n

ELSEWHERE IN THE WORLD-<\/strong> Australia\u2019s divisive ban on social media for children under 16 took effect on Wednesday. Major social media platforms such as Instagram, TikTok, X, Reddit, and YouTube are enacting a forced block of over 1 mn accounts in lieu of fines of up to USD 33 mn. The country\u2019s ban on underage social media use has garnered protest from major tech firms and social media giants, and is expected to pave the way for other countries to follow suit. (Reuters<\/a> | BBC<\/a>)<\/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

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

\u2600\ufe0f THE WEATHER THIS WEEKEND- <\/p>\n

This weekend brings steady temperatures with mostly cloudy weather. <\/strong>The mercury today will reach a high of 22\u00b0C before dropping to 14\u00b0C, and on Saturday, expect some hazy sunshine and slightly warmer conditions, with a high of 22\u00b0C and a low of 16\u00b0C. <\/p>\n

\n

? HAPPENING THIS WEEKEND-<\/p>\n

Up for some psychological drama?<\/strong> Kenoma Theater is bringing back One Flew Over the Cuckoo\u2019s Nest with an Egyptian adaptation and stage production titled El Moristan. The play<\/a> \u2019s main cast \u2014 featuring screen icon Yosra El Lozy \u2014 will be performing six showings between Sunday, 7 December and Monday, 15 December at AUC\u2019s Falaki Mainstage Theater, with the alternate cast taking over twice. The play tackles mature themes including depictions of violence, blood, and suicide, and is recommended for ages 16+. Tickets are available on Ticketsmarch\u00e9<\/a>.<\/p>\n

Cairo Art Book Fair returns at Ghurnata Community Space for a three-day run, <\/strong>continuing tonight and wrapping up tomorrow. <\/strong>This year, the special fair<\/a> is showcasing work by over 90 exhibitors from 27 countries, bringing art books, zines, and experimental publications. The program also includes talks, workshops, book launches, and more for those looking to engage with contemporary art publishing and print culture. Tickets are available on Ticketsmarch\u00e9<\/a>. <\/p>\n

The Cairo Art Fair returns for its 11th year at TAM Gallery, with a grand opening <\/strong>kicking off tonight and tomorrow.<\/strong> This time the exhibition witnesses a landmark cultural moment with the unveiling of the GEM Art Collection, available for exclusive acquisition. The largest annual celebration for Egyptian contemporary art gathers over 150 local artists and 1.5k+ art pieces, and will be ongoing until Thursday, 15 January. <\/p>\n

An Art and Heritage Festival is taking place at Bayt Yakan, <\/strong>running until Sunday, 14 December. The program is packed, featuring an art exhibition, a food festival, a documentary screening, art workshops, and a chance to browse through locally made art pieces for sale. For more details, head to Bayt Yakan\u2019s Instagram<\/a> page. <\/p>\n

The Winter Music Festival isn\u2019t done yet \u2014 coming back to Open Air Mall for a third <\/strong>performance <\/strong>happening tonight with a superstar lineup<\/a> of Wael Jassar, Medhat Saleh, and Bahaa Sultan. This time it\u2019s all about the vocals, the emotion, and a little bit of nostalgia. You can book a spot on Ticketsmarch\u00e9<\/a>. <\/p>\n

American singer Brian McKnight is bringing live R&B to the Grand Egyptian Museum<\/strong> tonight, promising an unforgettable night<\/a> of soulful music against the background of Egypt\u2019s great history \u2014 tickets are available on Tazkarti<\/a>. <\/p>\n

A Boris Eifman Ballet Performance is closing off The Pyramids Echo Festival<\/strong>, showing tonight and tomorrow night at the New Opera House. The two nights promise an unforgettable show of My Fair Lady by the St. Petersburg Eifman Ballet. Tickets are available on Tazkarti<\/a>. <\/p>\n

Sheikh Zayed\u2019s Majarrah is hosting a Classical Christmas weekend <\/strong>tonight and tomorrow. It\u2019s a full-on Christmas affair<\/a> and a vintage, festive vibe you wouldn\u2019t want to miss \u2014 featuring a live jazz performance from Okasha Trio, brush and canvas workshops for both children and adults, an art experience from Quadro, and a cozy winter market. <\/p>\n

\n

? HAPPENING NEXT WEEKEND-<\/p>\n

In the mood to party by the Pyramids? <\/strong>On Friday, 19 December, world-famous Dutch DJ and Producer Tie\u0308sto<\/a> is coming back to Egypt for a solo show<\/a> at the Giza Plateau. Once voted \u201cthe greatest DJ of all time,\u201d Tie\u0308sto will surely make this upcoming show one to remember. Tickets are available on Ticket Egypt<\/a>.<\/p>\n

Abyusif makes his comeback at the Greek Campus in Downtown Cairo<\/strong> on Friday, 19 December. Expect a high-energy show<\/a> and a hyped up crowd. Tickets are selling out fast \u2014 you can get yours on Ticketsmarch\u00e9<\/a>. <\/p>\n

Sharmoofers<\/strong> are hitting the stage at City Centra Almaza\u2019s City Garage<\/strong> on Friday, 19 December. Expect a night<\/a> of good vibes and groovy music. You can find tickets on Ticketsmarch\u00e9<\/a>. <\/p>\n

Grammy-nominee Ibrahim Maalouf is coming to Egypt as part of his tribute tour<\/strong>, marking the 10th anniversary of his acclaimed album Kalthoum. Catch the Lebanese producer and trumpeter at New Capital\u2019s Concert Hall as he honors the late legend Umm Kulthum on Saturday, 20 December. You can get your tickets now on Ticketsmarch\u00e9<\/a>. <\/p>\n

Pop icon Tamer Hosny is bringing his biggest hits to the Abdeen Palace open air <\/strong>theater for a fundraising <\/strong>concert<\/a><\/strong> on Saturday, 20 December.<\/strong> Dress in black tie and formal evening wear for a fully seated night with the star live on stage. Tickets are available on Tazkarti<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends, and welcome to the weekend \u2014 one of the last of the year. As 2025 draws to a close, we\u2019re taking a look back at the most memorable films and shows of the year. What made the list and what are we itching to watch in 2026? 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