We’re getting a four-day weekend

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: EBRD earmarks USD 532 mn for Egyptian banks to on-lend to the private sector

Good afternoon, wonderful people. As we have our eyes set on the weekend just around the corner, we are also happily surprised with a four-day weekend coming up:

Thursday, 20 July and Sunday, 23 July will be national holidays for the public sector to mark the Islamic New Year and Egypt’s Independence Day, according to a cabinet statement. We’ll be keeping our eyes peeled for confirmations from the Manpower Ministry, the Central Bank of Egypt, and the EGX that the same holidays will apply for the private sector, the banking sector, and the bourse.

THE BIG STORY TODAY

EBRD earmarks USD 532 mn to support Egyptian private sector: The National Bank, Banque Misr, and Mediterrania Capital Fund will receive a total of USD 532 in soft development financing from the European Bank for Development and Reconstruction (EBRD), the International Cooperation Ministry said in a statement. The financing will be earmarked for the Egyptian private sector, the statement notes.

THE BIG STORY ABROAD

It’s another afternoon of Ukraine’s bid to enter NATO dominating headlines in the international press. After members of the defense alliance refused to set a timeline for Ukraine’s membership, Ukrainian President Volodymyr Zelenskiy is now lobbying for security assurances from NATO allies. The story is on the front pages of the Wall Street Journal, Reuters, Bloomberg, and CNBC.

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

The government has signed agreements worth USD 1.9 bn to sell state-owned assets under its privatization program aimed at ending the ongoing FX crunch and increasing the private sector’s role in the economy, Prime Minister Moustafa Madbouly said yesterday.
The government is out of Al Ezz Dekheila: The government has sold its entire 31% stake in Ezz Steel subsidiary Al Ezz Dekheila for USD 241 mn.
The Madbouly government is looking to secure some USD 3 bn in financing from bond issuances through the end of the year, Finance Minister Mohamed Maait said yesterday.

MARK YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

Day one is our Banking Forum, where we’ll dive deep into topics of interest to commercial and investment bankers, from an outlook on the 12 months to come in M&A, IPO, and debt capital markets to the national, regional, and global trends that are (re)shaping our industry.

Day two is all about Fintech and Non-Banking Financial Services. We’ll take a deep dive into everything from the magic of client acquisition to the prospects of consolidation and the coming of challenger banks.

** NEW: MORE NETWORKING TIME- Our agenda includes expanded networking time, including an expanded coffee break and a post-event networking room for you to interact with your peers and speak one-on-one with the team at Enterprise.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.

Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial, or fill out this form and we’ll be in touch.

STAY TUNED for more detail about our agenda.

DID YOU MISS THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast and listen for yourself: The Enterprise Podcast is back with another installment of our forum series, where we bring you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum,which took place in May.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami. We’re releasing a new episode every Sunday morning.

IN THIS WEEK’S EPISODE- We explored the lessons learned from the industries that have raised our export profile: Food and beverages, fertilizers and chemical products, and textiles and garments. We were joined on that panel by Mohamed Talaat Khalifa, CEO of Concrete, Shams Eweis, corporate affairs manager for North Africa and the Levant at Mars, and Tarek Hosny, head of investments and projects at Fertiglobe.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing Enterprise stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

☀️ TOMORROW’S WEATHER- We’re cracking into the 40s: The mercury will peak at 41°C tomorrow, with a nighttime low expected at 23°C, our favorite weather app suggests.

Scientists are making mice transparent for more efficient cancer research + Which jobs is AI actually putting under threat?

The newest way to scan cancer tissues in mice: Make the mice transparent. A new scanning method that involves making mice transparent while being used for lab testing of cancer treatments could help scientists detect and experiment on small tumors in their earliest stages, researchers at Germany’s Helmholtz Munich research center said in an article published in the Nature Biotechnology Journal. The transparent rodents allow scientists to see “tumors at the single cell,” as opposed to MRI and PET scans, which only pick up on larger growths, the BBC reported.

There is also hope for decreasing cancer recurrence rates: By observing the progression of tumors and how cancer treatments interact with them, scientists believe they can better test detection and treatment methods for the earliest stages of the disease. The innovation also means that smaller, previously invisible tumors, can be destroyed to bolster remission. While the method cannot be used on humans — as it involves, among other measures, the removal of fat and pigments from the body — it can advance our understanding of how cancers form and develop.

Which jobs is AI most probably coming for? Recent advancements in artificial intelligence are creating the highest amount of threat for “high-skilled occupations,” as AI is now being developed to perform “non-routine, cognitive tasks” that have typically only been performed by human employees, the OECD said in its 2023 Employment Outlook. With some 27% of jobs in OECD at high risk of automation, it remains “primarily high-pay occupations requiring higher than average education or training that are most exposed to AI,” the OECD says. These occupations include “business professionals; managers; science and engineering professionals; and legal, social and cultural professionals.”

But are the robots actually taking over, or are they just going to help out? The jury’s still out. Goldman Sachs research released earlier this year suggested that the US and eurozone could see as many as 300 mn jobs overtaken by AI, thanks to recent advances in the technology. Some jobs — including lawyers and administrative assistants — are likely to be replaced by AI systems, while others could just see AI significantly reducing their workload and helping avail more time for other, more productive activities, Goldman Sachs suggested.

The Out-Laws: Romcom meets heist action film — with 007 to boot

? ON THE TUBE TONIGHT-
(all times CLT)

Thought your first time meeting your in-laws was rough? Wait until you watch The Out-Laws: The star-studded cast featuring Pierce Brosnan, Nina Dobrev, Adam Devine, and Ellen Barkin shares a pleasantly unexpected on-screen charisma as they portray traditional comedy themes about meeting your other half’s parents — with a twist. When Parker (Dobrev) and Owen (Devine) decide to tie the knot, the bride cannot get out of introducing her bank manager fiancé to her parents. And we quickly find out why: Owen’s goofy demeanor contrasts sharply with her father’s (Brosnan) jaded persona which does not make for a great first impression. And that’s just the tip of the iceberg. When Owen’s bank is subjected to an armed robbery and he accuses her parents, Parker thinks he’s lost his mind — or is there a world where he could be right? You can catch the movie on Netflix.

FROM THE RUMOR MILL- Is Chelsea going to snap up Pyramids’ Ibrahim Adel? A handful of Premier League clubs — including Brighton, Brentford, Aston Villa, West Ham, Burnley, and Southampton — are eyeing Pyramids FC’s winger Ibrahim Adel. Chelsea FC is reportedly “leading the Premier League charge” and is looking to secure a transfer “before sending him on loan to Strasbourg,” which has the same owners as Chelsea, according to Football365. Mo Salah has been pushing to bring Adel to Liverpool, but previous regulations labeled Adel as “unqualified for a work permit.” Adel has also received interest from international clubs outside the UK, including Belgium’s Anderlecht, following his performance at the AfCON U-23.

? Wimbledon’s semi-final lineup will be determined today, as we enter the second and last day of quarter-final matches.

In the women’s singles: The US’ Madison Keys and Belarus’ Aryna Sabalenka (world no.2) are currently on the pitch, with Sabalenka already securing a break of serve to take the lead in the first set. Meanwhile, Tunisia’s Ons Jabeur and Kazakhstan’s Elena Rybakina are set to begin play just as we hit dispatch at 3:30pm.

In the men’s singles: Russia’s Daniil Medvedev (world no.3) will play against the US’ Christopher Eubanks at 4:15pm, followed by world no.1 Carlos Alcaraz Garfia and Denmark’s Holger Rune at 4:45pm.

MiniMelts lands in Egypt, just in time for peak Sahel season: Global brand MiniMelts has landed in Egypt, bringing its super-freezed mini ice cream beads to a handful of locations in Cairo and on the North Coast. Indulge in a cup full of the delicious sweet treats, which come in a range of traditional and outside the box flavors, including birthday cake, banana gum, and cherry cola. We also enjoyed the pina colada and candy mix being our favorite. MiniMelts is open in Cairo at City Stars, and has trucks in Sahel in several different spots, including La Vista Bay and La Vista Ras El Hekma, Amwaj, Almaza, Hacienda Bay, Telal, Diplo, and Mountain View.

Bookworms, Dawayer Cultural Festival is for you: Tanmia and Diwan are co-organizing a cultural festival which began last Thursday and continues until Saturday, 15 July at Cinema Radio in downtown Cairo. The festival will include several activities that vary between creative writing workshops, storytelling circles, seminars for prominent authors and novelists such as Buthaina Al Essa and Ibrahim Abdel Majid. Check out Dawayer’s website for more information and the full schedule of events.

The Cairo governorate is marking its 1054th anniversary with the Cairo Marathon this Friday, 14 July. The marathon, which begins at 6am from the Yasser Rizk Axis, will include races for runners, cyclists, and motorcycles.

Mahmoud Saad will host movie star Karim AbdelAziz in a new installation of the SoldOutlive interviews series this Friday, 14 July at 8:30pm. The live interview will be held at Ewart Hall at AUC’s Tahrir campus. You can book your ticket from Tazkarti.

Enjoy the beats with shaabi pop star Abdel Baset Hamouda, who will perform at El Sawy Culturewheel on Saturday, 15 July at 8pm. You can book your ticket here.

In celebration of the new Islamic year, the Cairo Opera house is arranging a festivalfeaturing singers performing religious songs on Tuesday, 18 July starting from 8:30pm in the main hall. Tickets are available on TicketsMallfor reservations.

Sharmoofers, Shaheen and El Walili x Alexandria:Sharmoofers will share the stage with the rap star Shaheen and the music producer El Waili at Al Ittihad Alex Club, Smoha branch next Thursday, 20 July. Doors will open at 4pm. You can book your tickets through TicketsMall.

Muslim x El Sawy Culturewheel. Egyptian pop performer Muslim will perform at El Sawy Culturewheel on Thursday, 20 July at 8pm. Tickets are available on the website through this link.

Get ready for the New Alamein Festival 2023: Tamer Hosny will take the stage for El Alamein Festival’s first concert at El Alamein Arenaon Friday, 21 July at 8pm. You can book your tickets now on Tazkarti.

Cairokee Empire returns: Cairokee is hitting the stage with two mega-concerts at New Cairo’s Manara Arena on Thursday, 27 July and Saturday, 29 July. Tickets are available on Tazkarti here and here.

Samer Tarek x El Sawy Culturewheel. Samar Tarek will perform at El-Nahar Hall, El Sawy Culturewheel on Thursday, 27 July at 8pm. Tickets are available on the venue’s website.

Get your shot of the chuckles. Standup comedian Ali Qandil will be performing his set at El Sawy Culturewheel on Friday, 28 July at 8pm. You can book your tickets from the culturewheel’s website.

Travis Scott at the Pyramids: The American rapper is performing at the Giza Pyramids on Friday, 28 July at 9pm. Tickets are sold out.

Tech geeks, get ready for theRoute Tech Summit: The summit will be held on Friday, 28 July from 9am until 10pm in the Greek campus, offering a chance to meet tech recruiters, apply for jobs and attend workshops. You can register through this link to receive your invitation for the event.

El Sawy Culturewheel book fair 2023: Get ready for a knowledge-nourishing week starting from Sunday, 13 August until Saturday, August 19 at El Sawy Culturewheel. The fair will include a variety of events such as workshops, panel discussions, cultural competitions and book signing events.

Don Mann and Kraig Becker’s Crimson Waters is an epic history documenting the lives of pirates. While taking readers on a journey through time and culture, Mann and Becker make sure not to miss a single era of piracy, whether it be the Sea People from the documents of Pharaohs or the iconic Caribbean pirates. The book scribes almost everything from naval battles, to how pirates emerged in different nations and times, to the pirates themselves. We can promise that anyone interested in history — or sea scoundrels — will find Crimson Waters to be an enchanting and exciting read. Crimson Waters is available on Amazon.

What the markets are doing on 12 July, 2023

The EGX30 fell 0.06% at today’s close on turnover of EGP 1.49 bn. Local investors were net buyers. The index is up 17.44% YTD.

In the green: TMG Holding (+5.8%), Abu Qir Fertilizers (+1.7%) and Oriental Weavers (+1.5%).

In the red: Qalaa Holdings (-3.5%), Mopco (-3.2%) and Heliopolis Housing and Development (-3.1%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

JULY

6 July-15 (Thursday-Saturday): Dawayer Cultural Festival, Cinema Radio, Downtown, Cairo.

14 July (Friday): Amr Diab Sunset Party, SOL Beach Bar, Marassi, North Coast.

14 July (Friday): SoldOut live interviews, Ewart Hall, The American University in Cairo (AUC), Tahrir.

14 July (Friday): Charlie, Movenpick Media City, Cairo.

15 July (Saturday): Abdel Baset Hamouda concert, ElSawy Culturewheel, Zamalek, Cairo.

18 July (Tuesday): Islamic New Year.

18 July (Tuesday):Islamic New Year festival, Cairo Opera House, Zamalek, Cairo.

19 July-23 July (Wednesday-Sunday): Egypt Summer Festival, Heliopolis.

20 July (Thursday): Muslim’s musical concert, ElSawy Culturewheel, Zamalek, Cairo.

20 July (Thursday): Sharmoofers, Shaheen and El Waily concert, Al-Ittihad Alex Club, Smouha, Alexandria.

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

21 July (Friday): Tamer Hosny Concert, New Alamein Festival 2023, Al Alamein Arena, North Coast.

23 July (Sunday): Revolution Day.

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

27 July (Thursday): Samar Tarek’s concert, ElSawy Culturewheel, Zamalek, Cairo.

27 July (Thursday): Cairokee mega-concert, Manara Arena, New Cairo.

28 July (Thursday): Travis Scott at the Pyramids, Giza Pyramids.

28 July (Friday):Ali Qandil’s stand up comedy show, ElSawy Culturewheel, Zamalek, Cairo.

28 July (Friday): Route Tech Summit 2023, Greek Campus, Tahrir, Cairo.

29 July (Saturday): Cairokee mega-concert, Manara Arena, New Cairo.

AUGUST

2 August-3 August (Wednesday-Thursday): Fintech Revolution Summit at 9:30am at Cairo Festival City.

13 August-19 (Sunday-Saturday): El Sawy Culturalwheel bookfair, ElSawy Culturewheel, Zamalek, Cairo.

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): El Gouna Film Festival (GFF).

NOVEMBER

15-24 November (Wednesday-Friday): Cairo International Film Festival (CIFF).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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