What’s a tweet called on X?

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Singapore’s Indorama has its eyes on investing in Egypt

Happy almost-THURSDAY, wonderful people. It may have been an abridged workweek, but we’re very much looking forward to the upcoming weekend (Sahel exodus notwithstanding).

THE BIG STORY TODAY

Singapore-based chemical company Indorama is looking at potential investments in Egypt, including in mining, industry, fertilizers, phosphate extraction, renewable energy, and medical fibers, as per an MoU the company signed with the Sovereign Fund of Egypt today, according to a cabinet statement.

THE BIG STORY ABROAD

NatWest Group’s CEO’s resignation has been leading the conversation in the international business press. Alison Rose decided to step down from her position as Natwest Group CEO in light of her discussing with a BBC journalist the relationship between Nigel Farage — a former leader of the UK’s Independence Party and a Brexiteer — and Coutts bank. The issue had come to light when Farage had noted that his Coutts bank account, which falls under the NatWest Group, had been closed and no explanation to the action was given. Reuters | BBC | Financial Times

HAPPENING NOW-

President Abdel Fattah El Sisi landed in St. Petersburg today to attend the two-day Russia-Africa summit, according to an Ittihadiya statement. El Sisi is expected to hold talks with Russian President Vladimir Putin, and is also reportedly set to be meeting with Ethiopian PM Abiy Ahmed, who last week agreed with El Sisi to accelerate efforts to find a solution to the long-running dispute over the Grand Ethiopian Renaissance Dam.

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

IMF holds Egypt growth outlook: The IMF left its 2023 growth forecast for Egypt unchanged in its latest projections released alongside its updated World Economic Outlook. The Fund is still expecting growth to slow to 3.7% this year from 6.6% in 2022.
The Big Two introduce new USD CDs: State-owned banks Banque Misr and the National Bank of Egypt will today launch two new USD certificates of deposit as they look to shore up reserves of hard currency.
We now know who snapped up a significant minority stake in Taqa Arabia this week: The military’s National Service Projects Organization(NSPO) acquired a 20% stake in recently-listed Taqa Arabia for EGP 1.6 bn this week.

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.

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 ask some of the biggest multinationals and suppliers operating here — namely, in logistics, e-commerce, and FMCG — what it is they’re looking for in a local partner, product or service and what are some of the pain points they’ve had to cope with. We were joined on that panel by Khaled Morsy, CEO of DB Schenker Egypt, Omar Elsahy, General Manager at Amazon Egypt, Tarek Kame l, Chairman and CEO of Nestlé Egypt and Sudan.

☀️ TOMORROW’S WEATHER- The mercury will be going up a notch reading 41°C in the daytime and cooling to 27°C come night time, according to our favorite weather app.

The implications of Twitter becoming X + TikTok is going up against Spotify and Apple Music

What’s a tweet going to be called on X? Elon Musk’s move to scratch the bird logo and all terminology associated with Twitter, including “tweet,” has wiped out USD bns from the platform’s brand value, Bloomberg reports, citing analysts and brand agencies. Twitter is a well-known brand that has become so omnipresent that its name is now used as a verb — a rare feat for a brand — and it is even rarer for the owner to announce plans to destroy it, the business information service notes .

Besides the potential financial losses, Musk’s rebrand could also land Twitter in hot water over legalities, Reuters reports. The letter X is widely used and cited in trademarks, and there are already several companies that have intellectual property rights to the letter, including Meta and Microsoft. “There's a 100% chance that Twitter is going to get sued over this by somebody,” trademark attorney Josh Gerben told Reuters. He also identified around 900 active US trademark registrations that pertain to the letter X across a wide range of industries.

TikTok is going up against Spotify and Apple Music with its own music streaming service: Searching for growth avenues, TikTok launched TikTok Music in some of its largest markets such as Indonesia, Brazil, and Mexico along with inking an agreement with Warner Music Group, according to CNBC. Although music streaming giants already have a strong footing in the market, analysts believe TikTok may have the upper hand when it comes to seizing market share. “There’s already this large installed base of users which TikTok can convert into paying TikTok Music subscribers — with a relatively low customer acquisition cost,” explained Jonathan Woo, senior research analyst at Phillip Securities Research.

We’re sorry for making you feel old, but kids aged 16-19 have been discovering a lot of music through TikTok: In MiDIA’s fourth-quarter consumer survey, they discovered that 41% of respondents discover songs on TikTok, which is a powerful advantage for the company. This will eventually encourage users to listen to the songs they hear on TikTok videos elsewhere — and that’s where TikTok Music comes in, explains Tatiana Cirisano, MiDIA Research’s music analyst.

Chinese bubble tea makers opt for overseas IPOs: A group of Chinese bubble tea makers are set to sell shares in Hong Kong and US, placing wagers on the revival of consumer spending after lifting covid-19 restrictions, Bloomberg reports, citing sources with knowledge of the matter. At least six bubble tea companies, including Mixue Bingcheng, Auntea Jenny, and ChaBaiDao, are mulling going public overseas, the sources said.

Why not list on the local A market? Earlier this year, Chinese regulators have banned local listing of companies that use “an explosive” business model, where they burn “money in order to surge in scale,” Bloomberg quoting Shen Meng, a director at Beijing-based investment bank Chanson & Co. “Unfortunately, almost all bubble tea makers adopt this business model,” Shen Meng said, adding that the majority are “in the red, so it becomes hard for them to meet standards of an IPO in the A share market.”

They Cloned Tyrone: A multi-genre film with Jamie Foxx headlining

? ON THE TUBE TONIGHT-
(all times CLT)

They Cloned Tyrone is a genre-bending thriller from directors Juel Taylor (Creed II) and Tony Rettenmaier (The Light Thief). The new Netflix release is an exciting blend of sci-fi, detective mystery, and comedy — think Stranger Things meets The Truman Show. The story revolves around an unlikely trio consisting of Fontaine (John Boyega), Slick Charles (Jamie Foxx), and Yo-Yo (Teyonah Parris) teaming up to uncover a deepening conspiracy in their neighborhood of the Glen. The plot is compelling even at face value, but those interested in sociological commentary w ill find much to analyze. A standout aspect of the film is its soundtrack. The chemistry between the trio is on point, and the lead’s performance is a good reminder that while there are clones running around, there is only one John Boyega in Hollywood.

⚽ The last matches of the Premier League: Al Masry will host league champions Al Ahly for their postponed match from the 30th gameweek, tonight at 8:30pm. This is the last match in the league, which comes after both teams faced difficult losses: Al Masry losing to Ceramica Cleopatra in the EGA cup, and Al Ahly at the hands of Pyramids, the first runner up, during the Egyptian league at the start of the week.

Head to west Sahel to Almaza Bay for some haute cookout at Brisk . This gourmet sandwich shop is all about the meat, starring unbelievably tender and moist brisket that all but melts in your mouth. If you’re a morning person, they have a curated list of breakfast sandwiches to choose from. Our favorite was the eggs and brisket English muffin for that extra dose of protein, but the smoked turkey bagel with buffalo mozzarella gets an honorable mention. You can also have your bagel butter-toasted or, for that added touch of lux, have it toasted with three levels of truffle oil: Regular truffle oil, extra truffle oil, and extra extra truffle oil. Late risers, you have not been forgotten. Our dilemma was choosing between the diced brisket tacos and the fried chicken tacos, so we got both. The diced brisket is a hearty bite, while the coleslaw in the fried chicken taco is crisp and fresh. We recommend the latter for lunch and the former for dinner.

Get ready for a new edition of Shorelines musical festival . The festival is back in its second edition at Almaza Bay, North Coast starting from Thursday, 27 July until Friday, 28 July. Throughout the two days, the festival will host local and international singing talents. You can book tickets from here.

Nancy Ajram and Raghab Alama x the New Alamein Festival. The Lebanese stars will be hitting the stage in a duo musical concert at the New Alamein city on Friday, 28 July. Tickets are available on Tazakarti.

Let your ears and soul get filled with Hany Shenouda’s nostalgic music. The musician Hany Shenouda is having a concert at Cairo Jazz Club 610, Sheikh Zayed branch on Wednesday, 2 August. You can book your ticket from here.

Get ready for a fancy event with enjoyable music at a Omar Khairat concert at Royal Maxim Palace Kempinski on Tuesday, 28 August. The concert will start at 6:30pm until 10:30pm. Tickets are available on TicketsMall here.

DJs Kygo , Tiësto, Kungs and Frank Walker are performing on Saturday, 28 October at the Giza Pyramids. The concert will be part of the next edition of the four-day Palm Tree Music Festival (PTMF) which will be held from Thursday, 26 October until Sunday, 29 October.

Paul McKenna reveals the secret to becoming rich. While some people easily make money, others are living paycheck to paycheck. Instead of crediting this cashflow to luck, McKenna explains in his book — I Can Make You Rich — that the key is mindset. While writing his book, Mckenna studied the mindset of some of the world’s wealthiest people including Sir David Barclay, Sir Richard Branson, Sir Stelios Haji-Ioannou and Dame Anita Roddick— drawing insight from their outlook towards money, happiness and quality of life. Not only does McKenna expertly explain how the way they think affects their life-styles, but he also includes proven psychological techniques that will allow readers to adopt a ‘rich mindset’, learning how to make money and mastering the art of living rich. You can purchase this book on Amazon.

Earnings watch: Speed Medical + Obour Land

EARNINGS WATCH-

Speed Medical in the red in 2022: Speed Medical recorded net losses of EGP 148.21 mn in 2022, down from a net income of EGP 135.76 mn the previous year, according to the company’s consolidated financials (pdf ). Its revenues dipped 67% y-o-y to EGP 120.01 mn in 2022.

Obour Land recorded a 17% y-o-y increase in its bottom line in 1H 2023 to EGP 212.1 mn, according to the company’s consolidated financials (pdf ). The company’s revenues for the first six months of the year rose 64.5% y-o-y to EGP 2.96 bn.

MARKET ROUNDUP-

The EGX30 fell 0.3% at today’s close on turnover of EGP 978.8 mn (49.1% below the trailing 90-day average). Foreign investors were net sellers. The index is up 19.4% YTD.

In the green: ADIB (+3.2%), Mopco (+2.8%) and Elsewedy Electric (+1.6%).

In the red: Ezz Steel (-3.3%), Eastern Company (-3.0%) and Qalaa Holdings (-2.5%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

JULY

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

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

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

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

27 July (Thursday): Ahmed Saad Concert, New Alamein Festival 2023, New Alamein, North Coast.

27-28 August (Thursday-Friday): Shorelines musical festival, Almaza Bay, North Coast.

28 July (Friday):Nancy Ajram and Raghab Alama Concert, the New Alamein Festival 2023, New Alamein, North Coast.

28 July (Friday):Ali Qandil 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 Culturewheel, El Zamalek, Cairo.

AUGUST

2 -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 Culturewheel, El Zamalek, Cairo.

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

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

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

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

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

22 August (Tuesday): Omar Khairat Live Concert, Royal Maxim Palace Kempinski, 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).

28 October (Saturday): Djs Kygo, Tiësto, Kung and Frank walker concert, Giza Pyramids.

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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