3D printed corals

1

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Fawry could apply for a digital banking license

Good afternoon, friends, and happy Monday. We have a relatively busy news day here at home, with a little bit of everything to keep us busy.

We’re heading towards a long weekend: We now have confirmation from the central bank, the EGX,and the Labor Ministry that banks, the bourse, and the private sector will be taking Thursday 20 July and Sunday 23 July as holiday in observance of the Islamic New Year and Revolution Day.

THE BIG STORY TODAY

Fawry is mulling applying for a digital banking license, Asharq Business quotes Fawry CEO Ashraf Sabry as saying. The fintech giant is looking into submitting its application to the Financial Regulatory Authority without bringing in a foreign partner with banking experience, Sabry said.

THE BIG STORY ABROAD

China’s growth tumbles in 2Q: China’s economy grew at a meager rate in the second quarter of 2023 on the back of declining exports, weak retail sales, and a struggling property sector, raising the likelihood that policymakers will ramp up efforts to boost the economy’s weak recovery more than six months after stringent covid-19 restrictions were lifted. GDP grew at a 6.3% y-o-y clip during the quarter, with q-o-q growth coming in at 0.8%, according to data released by the country’s National Bureau of Statistics. Meanwhile, the unemployment of youth aged 16 to 24 climbed to a record 21.3% in June, up from 20.8% the month before.

The story is everywhere in the international business press:Reuters| Wall Street Journal | Financial Times | Bloomberg | CNBC

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

Qalaa wants to follow up TAQA Arabia with another direct listing on the EGX: Qalaa Holdings is planning to take its printing subsidiary, National Printing Company, public on the EGX.
Maersk could be looking to purchase the Zafarana wind farm: The government has received an offer from Denmark's global shipping bellwether Maersk for the acquisition of the state-owned 545-MW Zafarana wind farm.
Foreign investors might soon be able to own as many properties as they want: As part of its efforts to secure much-needed hard currency, the Madbouly government has been taking steps to attract more foreigners and Egyptian expats to purchase property in Egypt.

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. We’re releasing a new episode every Sunday morning.

IN THIS WEEK’S EPISODE- From deciding the target markets, to focusing on quality, marketing in new markets, and restructuring a business around exports, our panelists discuss and provide key insights on what businesses need to focus on when building an exports and FDI strategy. We were joined on that panel by Hossam Sallab, CEO and vice-chairman of Sallab Group and Royal Ceramica, Mark Wyllie, CEO of Beyti Egypt, and Kareem Abou Ghaly, the chairman and CEO of Pasta Regina.

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- Hot temperatures will continue as the thermometers will read a high of 40°C and dip to a cooler 26°C when the sun goes down, according to our favorite weather app.

Roman self-healing concrete + 3D printing could help mitigate the impacts of coral reef deterioration

Self-healing concrete was used to build durable Roman structures: The ancient Romans used a unique type of concrete made by mixing water, pozzolana (volcanic ash) and lime, to give it its durability, according to Science Alert. A team of researchers examining this material found small white lumps of lime amid what seemed to be well-mixed concrete, which they initially ascribed to poor mixing. However, a materials scientist says that the Roman structures’ endurance indicates that this was actually far from being an accident.

Hot-mixing is the secret:After studying samples from Privernum, a 2000-year-old archeological site, they discovered that the concrete was made by mixing quicklime, pozzolana, water, and occasionally slaked lime, at high temperatures. This process — dubbed “hot mixing” — was proven to cause the lime clumps. Aside from producing compounds that would only form at this temperature with the lime, it also facilitates faster construction, as curing and setting times are slashed due to the reactions being sped up. Should it crack, the concrete can heal itself when water fills them. This is done by the liquid reacting with the lime to form a calcium-rich compound that hardens. The crack is filled, preventing its further spreading through the concrete, resulting in a monument that stands the test of time.

Coral reefs at risk as oceans are getting warmer: As our oceans reach record-breaking temperatures, coral reefs are increasingly at risk, says National Geographic. With the El Niño weather pattern, the world's coral reefs are in risk of bleaching — leading schools of fish to search for other corals or die off, affecting the oceanic ecosystem. According to National Geographic, even if the world maintains an average annual increase in temperature of 1.5°C, at least 70% of tropical coral reefs will die.

3D-printing could save the day, for now: Despite the bleak outlook scientists plan to 3D-print fakecoral reefs through the Caribbean Coral Restoration Center. Researchers also aim to cross-breed different corals and to work on their tolerance for warmer temperatures. Their aim is to create composite coral reefs using biorocktechnology to compensate the marine creatures that once took shelter in natural coral reefs and buy time from the devastating outcomes as temperatures soar.

Wham: Flashback to iconic bygone band

? ON THE TUBE TONIGHT-
(all times CLT)

One for the baby boomers: Netflix’s Wham takes us back to the groovy 80s when the two-man band was at the height of its popularity with major hits like Wake Me Up Before You Go-Go and Careless Whisper. Through archival concert footage, interviews, and a devoted mother’s scrapbook, we learn more about the short-lived alliance between British-Egyptian Andrew Ridgeley and British-Cypriot George Michael that came to a close a mere four years after its debut. Unlike other bands that may have split due to personal disagreements, or creative differences, the pair simply rose to stardom and “called it a day,” Director Chris Smith is quoted as saying in the New York Times. Years later, we see the old school friends come together to reminisce about their youth, global fame, and iconic songs.

? World no.1 Carlos Alcaraz Garfia took home his first-ever Wimbledon trophy last night, after defeating Serbia’s Novak Djokovic in a thrilling five-set final match that saw Garfia starting on the wrong foot and losing the first set 1-6. The Spaniard turned his fate around to take the second set to a tiebreak, and ultimately earned the championship title in the fifth set.

Alcaraz’s victory yesterday stood in the way of Djokovic earning his fifth consecutive Wimbledon trophy and the 24th Grand Slam title of his career. The Spaniard (who is currently 20 years and two months old) became the third-youngest Wimbledon men’s champion in the championship’s Open era, behind Boris Becker (who was 17 years old when he lifted the trophy) and Bjorn Borg (who earned his first Wimbledon title when he was 20 years and one month old). Alcaraz also cemented his spot as world no.1 by securing 2k points from his Wimbledon victory, putting him 880 points ahead of world no.2 Djokovic.

Want to get that summer body without compromising on enjoying your food? Nabat has got you covered. Nabat uses hydroponic farming for their fresh produce, which finds its way to your plate in the form of healthy meals and snacks. They specialize in making clean-eating appealing with an array of products to choose from: They offer tramezzini (Italian sandwiches in soft white bread and split into halves), wraps, crunchy bites, zesty snacks, soups, tangy smoothies and guilt-free desserts. We recommend the Chief of All Beef salad, which has a good mix of leafy greens, mushrooms, onions, sun-dried tomatoes, and is decorated with almonds and freekeh. Add some sour dressing as the final touch for a satisfying salad that tames your inner carnivore, but with less guilt. You can find Nabat in Capital Business Park’s promenade in Zayed, Gezira Club in Zamalek, and in Smart Village. Over in Sahel, Nabat is available in Diplo, Marassi, Hacienda Red, and D-Bay.

Brace yourselves for Jadal. The Jordanian rock band Jadal will be performing in Cairo and Alexandria next month. Cairo’s concert will be on Tuesday, 8 August at El Sawy Culturewheel at 8pm. The Alexandria concert will be on Thursday, 10 August at Bibliotheca Alexandrina. Tickets are available here and here.

Save these dates if you are a Massar Egbari fan. The band will be hitting three different spots in July and August. First stop will be at Cairo Jazz Club 610, Sheikh Zayed on Wednesday, 26 July. Second stop will be at Bibliotheca Alexandrinaon Thursday, 3 August. The third stop will be El Sawy Culturewheel, Sheikh Zayed branch on Saturday, 12 August.

Amr Diab Summer Concert. Amr Diab will be hitting Golf Porto Marina, North Coast on Friday, 11 August at 8:30pm. Tickets are available on Tazkarti.

El Sawy Culturewheel Book Fair 2023: Get ready for an enriching 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.

Akher Zapheer live in Cairo: Jordanian band Akher Zapheerwill perform at El SawyCulturewheel on Monday, 21 August at 8pm. Tickets are available on El Sawy Culturewheel’s website.

Russ xNew Alamein Festival 2023. The American rapper will perform in the New Alamein Festival, North Coast on Friday, 25 August.

Man and His Symbols by Carl G. Jung delves into the realm of psychology by examining the role of symbols in dreams, art, and cultural experiences.While the book analyzes the symbols and the resulting phenomena with a scientific approach (minus the skepticism), Jung provides comprehensive yet simple explanations of complex concepts, making it clear and digestible to even those unfamiliar with psychology. While most people in the profession try to stay objective in their exploration of the less scientific aspects of the human psyche, Jung attended seances, studied many religions (resulting in him being an outspoken pantheist), and was interested in philosophy. Jung presents a compelling case for the importance of symbols in understanding the human psyche by drawing upon various disciplines such as anthropology, literature, and mythology. No worries if you’re not widely versed in psychology, the book strikes a balance between scholarly rigor and accessibility, making it an interesting and insightful read for both psychology enthusiasts and those new to the subject.

What the markets are doing on 17 July, 2023

The EGX30 rose 1.0% at today’s close on turnover of EGP 1.52 bn (21.4% below the trailing 90-day average). Local investors were net buyers. The index is up 20.0% YTD.

In the green: E-Finance (+3.7%), Juhayna (+3.6%) and Oriental Weavers (+3.1%).

In the red: Taaleem Management Services (-2.5%), Credit Agricole (-2.0%) and Heliopolis Housing (-0.8%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

JULY

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.

26 July (Wednesday): Massar Egbari concert, Cairo Jazz Club 610, Sheikh Zayed, Cairo.

26 July (Wednesday): Hisham Kharma’s concert, Cairo Opera House, El Zamalek, Cairo.

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.

29 July (Saturday): Ali El Hagar concert, El Sawy Culturalwheel, El Zamalek, Cairo.

AUGUST

2 August-3 August (Wednesday-Thursday): Fintech Revolution Summit, Cairo Festival City.

3 August (Thursday):Massar Egbari concert, Bibliotheca Alexandrina, Alexandria.

8 August (Tuesday): Jadal Concert, El Sawy Culturalwheel, El Zamalek, Cairo.

10 August (Thursday): Jadal concert, Bibliotheca Alexandrina, Alexandria.

11 August (Friday): Amr Diab Summer Concert, Golf Porto Marina, North Coast.

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

12 August (Saturday):Massar Egbari concert, El Sawy Culturalwheel, Sheikh Zayed, Cairo.

21 August (Monday): Akher Zafeer concert, El Sawy Culturalwheel, El Zamalek, Cairo.

25 August (Friday): Russ Concert, New Alamein Festival 2023, North Coast.

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily