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Happy Mother’s Day

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: valU closes its fourth securitized bond issuance + Happy Mother’s Day

Good afternoon, ladies and gentlemen — and Happy Mother’s Day to all the mothers out there.

THE BIG STORY TODAY

valU closes fourth securitized bond issuance: EFG Hermes’ consumer finance arm valU has issued EGP 856.5 mn worth of securitized bonds, according to a statement (pdf). The issuance is the fourth in valU’s maiden securitization program, which has been topped up to EGP 4 bn, from an original EGP 2 bn. The transaction consists of a single tranche of 12-month bonds that are backed by a receivables portfolio and hold a Prime-1 rating.

THE BIG STORY ABROAD

Credit Suisse and the ripples running through the global banking system continue to lead headlines in the international business press this afternoon. US Treasury Secretary Janet Yellen is expected to signal the US government is ready to provide further support for smaller US banks, the Financial Times reports. Meanwhile, Reuters and CNBC are running with commentary on how Credit Suisse’s crisis has affected confidence in global banking, and Switzerland as a banking hub.

HAPPENING NOW-

Irrigation Minister Hany Sweilam is in New York for the UN 2023 Water Conference, which kicks off tomorrow and wraps up on Friday, according to a ministry statement. The conference will review advances made towards the goals of Water Action Decade 2018-2028 and identify ways to eliminate obstacles and accelerate progress, according to the ministry statement. Sweilam has met with Yoko Kamikawa, the Special Envoy of the Japanese prime minister, to discuss water and climate change, and is scheduled to hold many such bilateral meetings on the sidelines of the conference.


** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Infinity Power is now Africa’s largest renewables player: Infinity Power — a joint venture between our friends at Infinity and UAE renewables player Masdar — has closed its acquisition of Africa-focused wind power platform Lekela Power.
  • TE stake sale on ice, says Asharq: The government has postponed plans to sell a stake in national telecoms provider Telecom Egypt (TE) due to market volatility triggered by fears over the global banking sector.
  • Emirates Global Aluminium wants to invest in EgyptAlum via a capital raise: Emirates Global Aluminium (EGA) is in early-stage talks with the government to make undisclosed investments in state-owned, EGX-listed Egypt Aluminium (EgyptAlum) through a capital increase.

? CIRCLE YOUR CALENDAR-

Ramadan is approaching: Dar Al Ifta will hold its traditional moon sighting this evening to determine whether Ramadan begins tonight or tomorrow evening.

Our next holiday is coming up next month — and it’s going to be a bunch in a row: Sham El Nessim is on Monday, 17 April, followed by Eid El Fitr, which is expected to land on or around Friday, 21 April. The following Tuesday, 25 April is Sinai Liberation Day, for which we’ll likely have a day off on Thursday, 27 April.

PSA- Need funding for a green project? You can now apply to the second round of the Smart Green Projects Initiative until the end of May, according to a Planning Ministry statement. Eligible projects must use technology solutions to address environmental issues, present evidence of feasibility or innovation, and provide a written acknowledgement that no awards have been received during the initiative’s first round, among other requirements. You can view the full list of criteria here and apply here.

?️ TOMORROW’S WEATHER- The mercury is rising a little bit tomorrow, but it’s going to be a mix of sun and clouds. Expect the daytime high to hit 28°C, with a nighttime low of 19°C, our favorite weather app suggests.

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FOR YOUR COMMUTE

Microsoft could capitalize on new regulations to get in on the app store game + Social media platforms are facing litigation for mental health issues

An end to Apple + Google’s app store duopoly? New rules under the EU’s Digital Markets Act may give rise to Apple and Google app store rivals, says the Financial Times. The act would require Apple and Google to open up their mobile platforms to app stores owned and operated by other companies — currently not allowed by the TechGiants. The new regulations aim to prevent large online platforms from abusing their market power, says Investopedia, and would place Apple and Google as “gatekeepers,” required to change the rules that govern how apps are distributed across their devices.

Microsoft is keen to capitalize on the new regulations: Microsoft Gaming’s chief exec Phil Spencer said that Microsoft’s lack of presence on Apple and Google devices is an “obvious hole in our capability” that would be “pretty trivial to fix.” Microsoft must complete their USD 75 bn acquisition of video gamer, Activision Blizzard, before they can begin to offer Microsoft Xbox and other content from third party partners “across any screen where somebody would want to play.” Titles like Call of Duty Mobile and Candy Crush Saga could attract players away from Apple and Google marketplaces to an Xbox mobile store. However, Microsoft might need to be patient, as Big Tech companies could appeal the designation of the EU’s DMA, delaying its enforcement beyond its March 2024 deadline.


Are we entering an era in which social media platforms will be sued for causing mental health issues?Schools across the US have filed a host of lawsuits this year against the tech firms behind TikTok, Instagram, YouTube, Facebook, and Snapchat, accusing them of creating a mental health crisis among the country’s youth, the Washington Post reports. The legal action first started in January with Seattle’s public schools district, then snowballed into a string of lawsuits in recent weeks as other districts in California, Florida, Pennsylvania, and New Jersey chimed in.

The allegations? Suicidal thoughts and depressive symptoms have seen a spike among high schoolers, one lawsuit contends, citing data released last month by the Centers for Disease Control and Prevention. The rise in popularity of social media and the decline in the youth’s mental health coincide precisely, the lawsuit says. The districts hold that social media has resulted in grave cyberbullying incidents, threats that have kept students from going to school, and vandalism — as in the case of a TikTok challenge that prompted students across the US to flood toilets, shatter mirrors, and steal bathroom supplies.

The lawsuits are trudging murky waters: Federal law protects online platforms from facing liability for what third-party users choose to post, according to the Associated Press. However, the lawsuits argue that this is a case of algorithms, rather than third-party users, promoting harmful content, and it remains to be seen whether they can overcome what AP describes as a “daunting challenge” to prove the industry is liable for the damages.

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ENTERPRISE RECOMMENDS

Amadeus: 160 minutes of melodrama to tell the life of one of history’s greatest composers

? ON THE TUBE TONIGHT-
(all times CLT)

Amadeus takes the artistic liberty of reimagining Mozart’s life to deliver a powerful melodrama: The screen bears nothing but the image of a dark, snowy street on a gloomy night. All of a sudden, an outburst of Mozart’s dissonant opening chord of Don Giovanni, followed by a scream of anguish. When the camera finally brings sound and image together, we are shown the esteemed classical composer Antonio Salieri. The dramatic opening scene of Amadeus, marked by Salieri’s false confession to murder, sets the fictional tone of the following c.160 minutes. Released in 1984, Amadeus — which earned eight Oscars — is a film that fabricates a ferocious one-sided rivalry between Mozart and Salieri, who is gripped by the chasm between the divinity of Mozart’s musical abilities and the lack of his own. A blend of drama and dark comedy, the film is packed with historical inaccuracies, such as the depiction of Mozart as a naïve, childlike goofball who is undeservingly bestowed with effortless musical dictations, or Salieri as a moralist turned villain. The two were, in reality, professional yet formidable competitors whose relationship was marked by mutual respect and admiration. Ultimately, the movie departs from history to explore profound universal human issues, like man’s sense of injustice and the pursuit of fame. You can watch Amadeus on demand on Amazon Prime.

Ceramica Cleopatra faces off against Smouha in the EFA Cup’s Round of 16 at 5pm tonight.

Two matches last night went to penalty shootouts: Ghazl El Mahalla was knocked out of the championship after losing against Al Ismaili (6-7) in the penalty shootouts, with the original match time ending with a 0-0 tie. Meanwhile, Al Ittihad Al Sakandary qualified for the next round after defeating Pharco (7-6), with the original match time ending with a 2-2 tie.

? OUT AND ABOUT-
(all times CLT)

Egypt’s most talented female artists are still going strong at Artd’Egypte’sKaon exhibition at the Arts’ Hub in Zamalek. The exhibition, which kicked off last Thursday and runs through next Thursday, 23 March, is held in celebration of International Women's Day.

Get moving this Ramadan with Trifactory’s Relay Run on 5 April in Palm Hills Club, 6 October. Call up four buddies for a 2-hour (non-konafa-related) competition to run as many laps as possible. This event is happening from 9-11pm. Visit Trifactory’swebsite to register.

Brush up on your artistic skills and keep yourself busy during Ramadan with an ink and watercolor classat DawarArtswith Menna Mostafa, a contemporary artist and art instructor. The workshop runs on Sunday, 26 March from 8-10pm and will conclude on Sunday, 9April.

Forget knitting, Macrame is the new fabric skill that you need to pick up: Starting next Thursday, 30 March until Saturday, 1 April at Gusour Cultural Center you will have the chance to learn with Martina Luther the fundamentals of this art form through her workshop.

Get your karaokeon at Room Art Space in New Cairo on Wednesday, 29 March. Check out their Facebook page for more details.

Enjoy oriental music in the AUC Tahrir Cultural Center garden on Thursday, 30 March at 8:30pm. Zaii Zaman — a trio of violin, oud, and double bass players — will be playing traditional Arabic music to their audience. This event is open to the public and is without charge.

Attend a Sufi Dance Performance on Friday, 31 March at Dawar Arts. Immerse yourself in the season with a mulit-faceted cast and crew who will provide a performance of dance, poetry and singing.

Love the drum? Join a drum circle on Friday, 31 March with Mostafa Baccar at Gusour Cultural Center. There will be two 50-minute drum circles, the first at 8pm and the second at 9pm. Check out their page on Facebookto know more details about the event.

The Comedy Bunch’s “Make’em Laugh 16”at Art Room Space in New Cairowill be stirring some chuckles on Saturday, 1 April. Want to have your shot at stand-up? This will be your chance as there will be an open mic during the evening. Visit their Facebook page to learn more details and register.

? UNDER THE LAMPLIGHT-

An epic retelling of an ancient Greek myth: For millennia, Greek goddess Circe has been enshrined in legend through Homer’s Odyssey, in which he paints her as a cruel and bitter enchantress, so deeply in love with Odysseus she has trapped him on her island. Madeline Miller’s Circerecasts our heroine, starting from the beginning of her life at the court of the Sun God and her father, Helio. Cast out and isolated on the uninhabited island of Aeaea, Circe is a figure apart, a cast member in the lives of heroes and gods but never in charge of her own story. Miller’s novel retells a coming of age story, where a young woman finds strength in her own rebellion and the natural world and redefines not-so-ancient limitations of the feminine. Circe is also available in Arabic.

This publication is proudly sponsored by

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GO WITH THE FLOW

What the markets are doing on 21 March, 2023

The EGX30 rose 2.7% at today’s close on turnover of EGP 1.62 bn (22.1% below the 90-day average). Foreign investors were net sellers. The index is up 5.0% YTD.

In the green: Sidi Kerir Petrochemicals (+9.5%), Ezz Steel (+8.4%) and Elsewedy Electric (+7.3%).

In the red: CIRA Education (-0.3%).

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Founder of the Week

Meet our founder of the week: Sarah Yousri, creative director and founder of Pilcrow Boutique Creative Studio

OUR FOUNDER OF THE WEEK- Every Tuesday, Founder of the Week looks at how a successful member of Egypt’s startup community got their big break, asks about their experiences running a business, and gets their advice for budding entrepreneurs. Speaking to us this week is Sarah Yousri, creative director and founder of Pilcrow Boutique Creative Studio.

I’m Sarah Yousri and I’m the creative director and founder of Pilcrow Boutique Creative Studio. My journey as a designer began while taking an Adobe InDesign class as an undergrad studying Integrated Marketing Communications at AUC. I realized that the class was really in tune with my strengths — including organization and creativity — and just sparked a love for design in me. At that point, switching majors would have meant another three years of studying, so I instead decided to teach myself everything I could about the different design programs over one summer. I juggled several jobs, including in marketing, during the rest of my undergraduate studies and, wherever possible, I incorporated design work into the marketing jobs I took on. Once I graduated, I landed a job as an account executive as a social media marketing agency, but I began feeling constrained by social media design, so I pushed for the agency to take on branding projects — a new branding department I ultimately established and led for two years.

I eventually began to branch out and take on freelance gigs, which is when I created the name Pilcrow. I decided it was time to establish an agency and start building a team in 2019, when Mansour Group approached me to take on Fresh Food Market’s private label, which is when I knew I wasn’t going to be able to do it on my own anymore. Today, Pilcrow has a multi-skilled team of 12 employees that has worked with over 110 clients.

Pilcrow is a boutique creative studio that does branding, rebranding, graphic design solutions, UI/UX design, animation, and 3D design, as well as brand strategy and copywriting. We provide businesses and individuals with very high quality service at very affordable prices, because we believe everyone deserves extraordinary visual representation.

I bootstrapped Pilcrow and built it out of my own personal savings — I’m the sole investor in the business and I don’t regret it at all. However, we’re currently looking into potential angel investors to support our expansion plan. I think we’re at the point where we need outside investment to grow our business, which is a bit difficult for me because I find it difficult to ask for help, especially when it comes to money [laughs].

This year has been quite hectic for us. We’re growing at a very fast pace and I’ve never studied entrepreneurship or anything of the sort to prepare me for the business side of things, so it’s been challenging to keep up with everything. We’re currently setting up the foundation of the business in a much more structured way to help prepare us for our biggest goal of the year and exciting next chapter. It’s been challenging, but I’m grateful for the journey and I feel like I’m learning a lot about different areas.

I don’t think exiting my business will ever be an option for me. I truly and wholeheartedly love my job — but in a parallel universe, if I were to leave, I would definitely stay on as an employee. I find myself doing more day-to-day operations and less designing myself, which is something I miss doing a lot. I’m still very hands-on in the designing process but I’m more of a spectator now than an actual designer.

To build my business, I gave up more than I had imagined. I sacrificed my peace of mind, certain parts of my lifestyle, and — most importantly — what little “me time” I had for myself. I don’t regret it at all, though.

The best part of the job is how I’ve been able to help businesses of different sizes to compete on an international level. I’ve met many extraordinary people throughout my 12-year career.

The worst part of the job is all the stress. I never imagined that I could feel this kind of pressure and stress on a daily basis. I try to embrace it, though, because when the worst moments pass, I try to remind myself that I have built something great from a very young age and that everything is happening the way it should. In other words — I’m embracing the journey.

Being the founder of a startup is and isn’t a lonely journey. Running a business is really not easy. I sometimes find myself missing out on things in life that were very much a part of it back when I was a freelancer, but I’ve also met so many people who are going through similar struggles, which helps me realize that I’m not alone in a sense.

My biggest piece of advice for someone thinking of starting their own business is to go with the flow and not overthink things. And don’t get frustrated when things don’t go according to plan — the proverb “We plan, God laughs” is the truest thing.

When I face a difficult problem, I turn to my mentors, my best friends, and my parents. I used to think I could fix any problem on my own — and I can if I put my mind to it — but I’ve learned to not be afraid to ask for help.

My family had mixed feelings about my choice to launch my own business. My dad was terrified [laughs]. I don’t think he felt like I had what it takes to run a business, but he’s also not a risk-taker. I remember him trying to scare me out of taking the step, which just drove me to work twice as hard to prove that I could do it. In a twisted way, I’m grateful to him for trying to discourage me. My mother was hesitant but ultimately supportive. She really wanted me to pursue my masters degree abroad, and kept reminding me that once I have my own business, I won’t be able to focus on my studies. But I think that I learn on a daily basis — just not necessarily in the traditional academic way.

In another life, I would have probably been a forensic psychologist. I’m obsessed and extremely fascinated with true crime and the human psyche. But I also think I would’ve loved to be a veterinarian or a pilot.


MARCH

23 March (Thursday): First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.

APRIL

16 April (Sunday): Coptic Easter

17 April (Monday): Sham El Nessim.

21-26 April (Friday-Wednesday): LaLiga Egypt Football Camp, Xanadu Hotel, Makadi Bay, Hurghada.

22 April (Saturday): Eid El Fitr (TBC).

25 April (Tuesday): Sinai Liberation Day.

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

MAY

1 May (Monday): Labor Day.

1 May (Monday): Backstreet Boys at 7pm, ZED East, New Cairo.

4 May (Thursday): National holiday in observance of Labor Day (TBC).

JUNE

10 June (Saturday): Thanaweya Amma examinations begin.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY

18 July (Tuesday): Islamic New Year.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

SEPTEMBER

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

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

OCTOBER

6 October (Friday): Armed Forces Day.

13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).

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