Women CEOs > John CEOs

Sunday, 30 Apr 2023

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Today at a glance

The Big Story Today

Automotive sales dropped again in March.

INSIDE INDUSTRY

The Federation of Egyptian Industries wants to help informal manufacturers go legit.

FOR YOUR COMMUTE

The Backstreet Boys are here.

ON THE TUBE TONIGHT

Netflix’s Beef: Two strangers embroiled in an intense personal rivalry after a road rage incident.

Sports

We present to you the Enterprise Fantasy League’s top five.

EAT THIS TONIGHT

Spanish franchise Brunch and Cake: A feast for the eyes and stomach.

Under the Lamplight

Mapping the complexity of our emotions with the help of communication.

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Automotive sales dropped again in March + GEM grand opening slated for November?

Good afternoon, wonderful people, and welcome to another shortened workweek. In case you needed reminding, we’re going to have a four-day week as the nation takes this Thursday off in observance of Labor Day.

THE BIG STORY TODAY

The automotive industry still hasn’t recovered: Automotive sales continued their decline in March as the FX shortage weighs on the sector. Sales were down 72% y-o-y last month, with distributors selling fewer than 6.7k vehicles compared to 18.9k in the same month last year, according to figures released by the Automotive Marketing Information Council (AMIC).

THE BIG STORY ABROAD

Picking up where we left off this morning, the race to prevent US lender First Republic’s collapse continues to lead the conversation in the international business press. An auction for the bank kicked off today, with the aim of securing a buyer before Asian markets open tomorrow morning. Among those bidding: JPMorgan Chase, PNC Financial, and Citizens Financial Group. The story is on the front pages of the Financial Times, Reuters, and Bloomberg, among others.

HAPPENING NOW-

Japanese Prime Minister Fumio Kishida is in town for a three-day visit as part of an Africa tour, with the prime minister set to meet with President Abdel Fattah El Sisi today, according to an Ittihadiyastatement.

The Grand Egyptian Museum could officially open its doors this November, AsharqBusiness reports, citing a government official. The opening of the USD 1 bn museum — which had been initially set for June 2020 — waspostponed as the covid-19 pandemic broke out. The GEM is part of our tourism revival strategy with a goal to boost tourism and help pour in some much needed hard currency.

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

Egypt will not default, says Madbouly. Prime Minister Moustafa Madbouly moved yesterday to reassure international markets about the sustainability of Egypt’s debt amid concerns among some investors that Egypt faces a rising risk of default.
Sudan ceasefire falters as fighting in Khartoum enters its third week: The Sudanese army and the Rapid Support Forces (RSF) militia accused each other of violating a ceasefire over the weekend as fighting continued in the capital.
Egypt’s economy will grow at a 4.0% clip in the current fiscal year, per the median forecast in an April poll conducted by Reuters.

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking place on Monday, 15 May. The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help Egypt build an export-led economy that makes us a magnet for foreign direct investment (FDI).

Why exports & FDI? In the wake of successive floats of EGP, exports and FDI have never been more important to our economy — or our businesses. We’re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what Egypt as a country can do to draw foreign investment and much-needed FX. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories.You can learn more on our conference website here.

And what better place to discuss moving our goods than Egypt’s original logistics zone — the Nile. That’s why we’re looking forward to holding the event by the river’s vistas at the Four Seasons, Nile Plaza.

Some of the biggest names in business and finance are on board — are you? The Enterprise Exports and FDI Forum is taking place with the generous support of our friends, including:

Banking partners: Banque Misr | Al Baraka Bank | Emirates NBD | HSBC

Event partners: Beyti | Concrete | Global Corp | Grant Thornton | Hassan Allam Utilities

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

HAVEN’T REQUESTED AN INVITE YET? If you’re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please fill out the form here to signal your interest, letting us know your name, title and where you work.

*** It’s Inside Industry day —your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: In the latest push to integrate the informal economy into the formal economy, the Federation of Egyptian Industries is looking to work with manufacturers operating in the shadow economy to assist them with going legit.

? CIRCLE YOUR CALENDAR-

The NBA Basketball Africa League Nile Conference group phase kicked off last week and runs through 5 May at Hassan Moustafa Sports Hall in Sixth of October City, according to a Youth and Sports Ministry statement. Six African teams will go head-to-head in Cairo to secure one of four slots in the playoffs and finals in Kigali, Rwanda in May, where they will face the top four teams from the Sahara Conference group phase that took place in Senegal in March, the NBA said.

☀️ TOMORROW’S WEATHER- Don’t be fooled by today’s chill — the weather will warm up again tomorrow, bringing us a daytime high of 29°C and nighttime low of 16°C.

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automotive tourism WHAT WE’RE TRACKING TONIGHT

FOR YOUR COMMUTE

The Backstreet Boys are here + Is Man United closer to getting a new owner?

BSB is in town: The five members of pop band the Backstreet Boys have landed in Cairo andtook a tour of the Pyramids of Giza ahead of their concert tomorrow, according to a press release (pdf). The band — which, to many, are a symbol of the 1990s and early 2000s — are performing at Zed East, New Cairo as part of their DNA World Tour to promote their ninth studio album.

Hard luck, Qatar? Manchester United could go to Sir Jim Ratcliffe as he outbid Qatar’s Sheikh Jassim bin Hamad Al Thani,the BBC reported yesterday. While the exact figure offered by the INEOS Group Limited CEO was not disclosed, it would value the club at more than the GBP 5 bn made by the son of former Qatari Prime Minister, the Guardian reports. While Sheikh Jassim wants to own 100% of the club, Ratcliffe’s GBP 5 bn offer is for a majority stake.

Still not enough? The two offers fall short of the GBP 6 bn valuation by the current club owners, the American Glazer family, according to the Guardian. The race for the football club has been heating up since the beginning of the year, with Ratcliffe, Sheikh Jassim, and US-based hedge fund Elliott Investment Management all getting in on the action. Ratcliffe hired JPMorgan and Goldman Sachs to advise on the transaction.

The real milestones for women in the workplace: There are now more women CEOs at S&P 500 companies than the number of CEO positions held by any single male given name, reports Bloomberg. The statistic watch was initiated by a New York Times article that garnered popularity in 2015, after it reported that fewer women ran big companies than men named John. Now, separate reports from a Stanford University economics doctoral student and Bloomberg indicate that as of the past year, no single male name outnumbered the number of women CEOs among S&P 500 companies. According to the data, women CEOs had previously outstripped singular male names in 2018 — only to tie with CEOs named James the following year.

It’s actually goodbye to any Tom, Dick, or Harry: The updated statistics reflect a greater diversity amongst S&P 500 CEOs, suggests Bloomberg, which reported that there are now 186 unique first names that appear in the index, up from 133 in 2015. The change has largely been driven by the rise of non-Western or otherwise non-Biblical first names, like Reshma Kewalramani, CEO of Vertex Pharma. It’s still a slow trudge, with only 41 (a measly 8%) of the S&P 500 CEOs being women. For comparison, CEOs named John (or Jon), Tom, Dick or Harry account for 47 of the top spots.

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FOR YOUR COMMUTE M&A Watch sports

ENTERPRISE RECOMMENDS

Netflix’s Beef: Two strangers embroiled in an intense personal rivalry after a road rage incident

? ON THE TUBE TONIGHT-
(all times CLT)

Road rage incident snowballs into personal feud:Beef, a new dark comedy show on Netflix, explores the intricate nature of anger through a road rage incident between two strangers that sparks intense rivalry. Danny Cho (Steven Yeun), who is a contractor struggling to succeed and harboring resentment, confronts Amy Lau (Ali Wong), a successful self-made businesswoman with an ideal life. Amy and Danny share a common experience of feeling dissatisfied with their lives. Amy worries that she has given up too much to achieve her success, while Danny is frustrated that his hard work has not resulted in any significant progress. This shared sense of discontent leads them both to a deep self-loathing, which we witness unravel in a standoff in the finale.

⚽ The top five players in the Enterprise Fantasy League:

Ted Laswa333 (Mohamed Rateb)
Rockets (Omar Halabi)
The Godfather (Ahmed Khalifa)
Bobos FC (Ehab Elsharkawy)
El Dehn Fil Ataky (Mostafa Asaad)

How can you join the league, you ask? It’s simple: Just click this link or enter the code 8o4sut.

Today in the Premier League: The most important match happening in the league today brings together Liverpool and Tottenham at 6:30pm, with both teams thirsty for the three points possible from a victory to secure a qualification for next season’s European championships. The Reds have 53 points, putting them in seventh place in the league, while the Spurs are just one point ahead in fifth place, although Liverpool has played one less match.

Other matches happening today, all at 4pm:

Fulham v Man City
Man United v Aston Villa
Newcastle v Southampton
Bournemouth v Leeds

Will Bayern take advantage of Dortmund’s stumble? Bundesliga defending champions Bayern Munich plays host to Hertha at 4:30pm as it looks to reclaim the top spot in the league from Borussia Dortmund. Bayern is currently two points behind first-place Dortmund, giving it a chance to move into the top spot if it earns three points today by defeating Hertha.

Elsewhere in the European leagues:

Valladolid v Atlético Madrid (La Liga — 10pm)
Napoli v Salernitana (Serie A — 4pm)
Bologna v Juventus (Serie A — 9:45 pm)
Paris Saint Germain v Lorient (Ligue 1 — 6:05pm)

Meanwhile on the homefront, National Bank faces Ceramica Clopatra in the EFA Cup quarter-finals at 6:30pm, while Haras Al Hodoud meets Future FC at 9pm. Al Ittihad El Sakandary and El Masry already qualified for the semi-finals after defeating Enppi and Al Ismaili.

?EAT THIS TONIGHT-

Brunch and Cake is a wonderland of pastel-colored delicacies for your eyes and stomach to gorge on: Spanish franchise Brunch and Cake landed in New Cairo’s Lake House in a soft launch this March and just had its grand opening yesterday. Born in 2010, the restaurant found its first home in Barcelona before making its way to Dubai, Abu Dhabi, and Riyadh. Its interiors are evocative of an Alice in Wonderland tea party spruced up for contemporary taste, pairing colorful pastels with boho-chic furnishings and flowers galore. Its menu in Om El Donia boasts an array of well-styled, ingredient-rich delicacies, from prawn mac and cheese stuffed in box-shaped garlic loaves to swirling chocolate berry pavlova cakes and acai bowls festooned with fruits, granola, and Ferrero Rocher.

? OUT AND ABOUT-
(all times CLT)

Dive into Egypt’s infinitely rich contemporary art world: The “Traces of Egypt” Exhibition began in late March and will continue until Thursday, 15 June, at the Grand Egyptian Museum. The exhibit is organized by Egyptian-German artist Susan Hefuna and celebrates the country’s Khayamiya tradition through 28 dresses celebrating local artisans and their craftsmanship.

Expressionist depiction of Egypt’s rural communities: Artist Omar Abdel Zaher’s latest art exhibition, Roots, will open at Safarkhan Art Gallery this Tuesday, 2 May and run through Wednesday, 24 May. The exhibition is “a sincere, impassioned exploration and meditation on the modest and down-to-earth sanctities of Egypt’s rural communities.”

Top of the Pops with Bubblegum Kollectiv returns this Wednesday, 3 May with Afrobeats and Reggaeton night at Cairo Jazz Club Agouza. DJ Amen-Ra will start the evening at 9pm.

Enjoy art for a good cause: The French Embassy in Cairo is hosting Le Printemps des Artistes, a nonprofit exhibition from this Friday-Sunday, 5-7 May at the Diplomatic Club in downtown Cairo. The exhibition — which will be open to the public at no charge — will feature nearly 400 art pieces from 80 Egypt-based artists. The exhibition will benefit French NGO Samusocial International Egypt, which “supports street children and isolated young mothers in Cairo,” according to a press release (pdf).

Learn how to (properly) use your phone camera with the help of professional photographer Mohamed Elmaandi, who will be running a 10-hour workshop on mobile photography. The workshop will run on Friday and Saturday, 5 and 6 May at the AUC School of Continuing Education from 9:30am until 6:30pm.

Back to the Cairo Opera House: Egypt’s iconic Omar Khairat will be performing next Wednesday, 10 and Thursday 11 May, starting 8pm. The concerts are expected to run through until 11pm at the historical venue’s Main Hall.

Who else has a 40-year roster of songs to choose from at a concert? Catch Amr Diabperforming some of his biggest hits — old and new — at AUC on Friday, 12 May. Tickets are available through Tazkarti.

Start training for your next half marathon: The TriFactory is hosting another edition of itsMadinaty Half Marathon on Friday, 9 June at Madinaty. You can sign up for the event through the TriFactory website.

? UNDER THE LAMPLIGHT-

Will we ever really understand the inner workings of what we feel?Atlas ofthe Heart is renowned psychologist Brené Brown’s latest exploration of humanity’s complex emotions. Brown helps us navigate through nearly ninety feelings and sentiments through mappings and illustrations in which she helps readers develop the necessary linguistic skills to establish deeper understandings of who they are, and improve how they communicate and relate to others. The author uses scientific evidence to peel off blanket emotions like “anger” and dissect what lies beyond those: Confusion, guilt, shame, helplessness, and loneliness are but a few of what a single word attempts, and often fails, to cover.

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GO WITH THE FLOW

What the markets are doing on 30 April, 2023

The EGX30 rose 0.7% at today’s close on turnover of EGP 2.9 bn. Local investors were net buyers. The index is up 21.0% YTD.

In the green: Ibnsina Pharma (+3.3%), GB Auto (+2.5%) and Juhayna (+2.3%).

In the red: Oriental Weavers (-4.9%), Sidi Kerir Petrochemicals (-3.9%) and Edita (-3.8%).

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EGX Go with the Flow

Our weekly look at the issues, trends, and policies that are shaping Egypt's manufacturing industries.

Published every Sunday in EnterprisePM.

Read Inside Industry

INSIDE INDUSTRY

The Federation of Egyptian Industries wants to help informal manufacturers go legit

A new initiative to help manufacturers + industry players enter the formal economy: The Federation of Egyptian Industries’ (FEI) engineering division launched last month a new initiative, dubbed Help Manufacturers (Sa’ed El Sonna’), designed to help local manufacturers overcome the usual obstacles they face when looking to enter the formal economy. The initiative will see the division assist informal players with paperwork and licensing, and otherwise streamline procedures for these manufacturers. The division also plans to eventually expand the initiative across the FEI’s 17 divisions.

The current status of the informal economy:Recent estimates suggest the shadow economy accounts for some 40% of our GDP, worth some EGP 2.6 bn. The government has rolled out several policies as it works to make the informal economy go legit, including with the rollout of a new digitized tax system to widen the tax base and reduce chances to avoid paying the taxman its due. This also comes as the Madbouly Cabinet is working to reduce our reliance on imports while encouraging the localization of industrial production.

So, what’s this new initiative for? Alongside the government’s efforts to use a combination of carrots and sticks to push the informal economy into the light, the FEI’s engineering division has also set up a committee dedicated to helping informal manufacturers with procedures to formalize their business, division head Mohamed El Mohandes told Enterprise. The division is hoping that its assistance will help make locally manufactured engineering products — particularly smaller components required for production — more readily available to the market, El Mohandes explained. The Help Industry Initiative will be primarily geared towards integrating informal players into the formal economy without harming their business operations, and then helping to develop their businesses and linking them up with different industries to increase GDP while meeting international quality standards, said Shaimaa Elba, head of the committee set up for the initiative.

Why now? The situation with imports, for one, played a significant role: Regulations on imports entering the country — which were imposed last year but have since been scrapped — led to a backlog at our ports and shortages in raw materials and production inputs for the industry, El Mohandes said. Many of these imported materials and products actually have local alternatives, but they’re not widely known or easily accessible because they are manufactured by informal players, he explained. Pushing these players into the formal economy would therefore help larger manufacturers to access their products, which would be beneficial to both sides of the equation and the economy at large.

The Help Manufacturers initiative is looking to target 100 factories in its first phase by providing a package of incentives, with the initiative set to bring in officials from the government and banks, El Mohandes told us. The initiative will initially focus on small factories in Moassasset El Zaka in El Marg, Basus in Qalyubia, and Embaba, Elba said. Basus is widely known for producing imitation products at lower quality standards, so integrating them into the formal economy will make their production output meet higher quality standards, FEI member Baseem Samy Youssef told Enterprise.

But it’s not going to be an easy feat: In addition to challenges with actually tracking down these informal players, El Mohandes anticipates some difficulties and pushback due to concerns about the tax burden from going legit, in addition to expenses such as ins. payments. Informal players also don’t necessarily meet international quality standards, which allows them to cut corners and offer their products at price points as much as 50% below formal players, Youssef said.

The key will be in the incentives: Informal players will be resistant to going legit unless they are offered significant incentives and a smooth process to integrate into the formal economy, several sources told us. These incentives can include an expedited route for industrial licensing, as well as a reduced tax rate, head of the FEI’s household appliances division Hassan Mabrouk told Enterprise. Legislative amendments to enshrine tax cuts and other incentives would go a long way to encourage the informal sector to go legit, El Mohandes said. The FEI has also been in negotiations with banks to offer low-interest or facilitated loans to manufacturers who join the Help Industry initiative, he said.

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Federation of Egyptian Industries informal economy INSIDE INDUSTRY Manufacturing

THE ENTERPRISE ENTERTAINMENT CALENDAR

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).

6-20 May (Saturday-Saturday): Film Society Festival for Egyptian Cinema.

12-15 May (Friday-Monday): Egypt Fashion Week.

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).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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