Underwater military museum

1

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Edita could be getting a USD 30 mn IFC loan this month

Happy hump day, ladies and gentlemen. It’s a reasonably busy news day as we kick off a fresh month, which begs the question: Is the summer slowdown going to make its presence known this year?

THE BIG STORY TODAY

Edita could see a USD 30 mn loan from the IFC: The International Financial Corporation (IFC) is considering providing a loan of up to USD 30 mn to EGX-listed snackmaker Edita Food Industries, the lender’s website said. The IFC's board will meet to approve the loan on 31 August.

THE BIG STORY ABROAD

A recent drone attack on a skyscraper that houses Russian ministries is dominating the conversation in the international press this afternoon. The second attack in three days has damaged the 42-storey IQuarter tower, where the trade, digital, and economic development ministries’ offices are located, although there were no casualties or deaths reported as the teams occupying the offices were working from home. Despite promising more “unidentified drone attacks,” Kyiv has not claimed responsibility. Reuters | BBC | Financial Times | CNBC | Associated Press | Bloomberg

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

Maersk could acquire half of the 545-MW Zafarana wind farm after the government approved the shipping giant’s ownership in principle.
Beltone looks to acquire mystery microfinance firm: Beltone Financial has inked an MoU to acquire an unnamed local microfinance firm through its holding company or one of its subsidiaries.
Auto sales resumed their decline in June , falling to the lowest level since February as the industry continues to suffer through the FX crisis.

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.

IN THIS WEEK’S EPISODE- We look at whether industrial clusters — which have been used to great effect elsewhere — can be a way for SMEs to be part of a potential export-oriented economy. Our speakers shed light on where industrial zones are working for us already, how Egypt can leverage clusters to get a bigger slice of that cross-border trade, and how industrial clusters can bring together SMEs to work with larger firms. We were joined on that panel by Shady Williams, managing director of IDG, Mohamed ElGebely, team leader at USAID Trade, and Nada El Ahwal, CSO of Transmar.

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

☀️ TOMORROW’S WEATHER- The mercury is creeping up reaching 38°C at its highest during the day and dropping to 25°C in the night, as per our favorite weather app.

Meet the all-women team saving endangered animals from poachers + Egypt is getting an underwater military museum

The Black Mambas are the first all-women, anti-poaching team in South Africa: Working in South Africa’s Olifants West Nature Reserve , part of the Greater Kruger National Park, the unarmed team works to locate any poachers or snares (wired traps to haunt animals from their feet or neck) in the bush, a sergeant with the Black Mambas tells National Geographic. If the team spots a poacher, the women are trained to call for backup, rather than attack — particularly since the team’s goal is to save animals, not to kill humans. They know that poachers are typically one of their own village inhabitants trying to poach to feed their children, especially after the pandemic, which caused several people to lose their jobs as tourist numbers dwindled.

The animal population has improved. The results of their efforts also improves the economy, as it keeps tourists coming back, as animal lovers, especially children, get to watch the real rhinos — not only see them in books. When the team initially started its activity, they found 70 to 80 snares daily — afterwards their presence made a difference and they barely caught any. Nxumalo further added that they arranged a new program that aims to provide food pouches to families in the neighborhoods close to the park to avoid poaching. They are also working on raising awareness by visiting schools to teach them how to farm and have their own food.

Egypt is opening Africa’s first underwater military museum in the waters of the Red Sea governorate on Thursday, the Hurghada Environmental Protection & Conservation Association (HEPCA) announced ( watch, runtime: 0:25). The new attraction, which is a collaboration between HEPCA, the Environment Ministry, and the Red Sea governorate, aims to provide divers with unique underwater experiences as they showcase the country’s military history while preserving the natural coral reefs of the Red Sea by deterring divers from the usual diving spots.

The museum will consist of 15 artifacts in three different sites in Hurghada:Shaab al-Saqala, Uruq al-Tawil, and Arg Jama’ in Magawish , the Red Sea Governorate added in a separate statement. The project, which has been years in the making, is being set up in these specific sites to relieve pressure on more popular diving sites while creating new coral reefs, the statement reads.

Catch Le Mans 66 from the comfort of your sofa tonight

? ON THE TUBE TONIGHT-
(all times CLT)

Great news for gearheads, film buffs, and casual lovers of well-made biopics and exceptional performances: Le Mans 66, also known as Ford v Ferrari, is now available to stream. Widely considered a masterpiece of storytelling, this film delivers high-octane action, gripping storytelling, and adrenaline-pumping drama based on the intense rivalry between the titular automotive giants during the 1960s. It stars Matt Damon and Christian Bale as car designer Carroll Shelby and race car driver Ken Miles respectively. Their mission? To build a revolutionary race car that can defeat the unbeatable Ferrari team at the 24-hour Le Mans race. You can find this unanimously heralded triumph in storytelling and filmmaking on Disney+, Hulu, and Prime Video.

⚽ Zamalek lost to Saudi Arabia’s Al Shabab 0-1 in their second group stage match in the Arab Club Champions Cup yesterday, pushing them back to third place in Group C with a score of three points. Zamalek’s final qualifying match is scheduled for this Thursday, when they will be facing KSA’s Al Nassr, who are leading the group by four points on goal difference.

Women’s World Cup matches tomorrow:

Argentina v Sweden (10am)
South Africa v Italy (10am)
Panama v France (1pm)
Jamaica v Brazil (1pm)

Key friendly matches happening tomorrow:

Milan v Barcelona (Wednesday 6am)
Bayern v Liverpool (Wednesday 2:30pm)

Akher Zafir is back again: The Jordanian rock band is back in Egypt to hold a performance on Saturday, 19 August in Bibliotheca Alexandrina as a part of the summer carnival. You can reserve your tickets through their website. They will also be performing in Cairo at ElSawy Culturewheel in Zamalek on Monday, 21 August at 8pm, with tickets available for purchase from the venue’s website.

Russ is coming to New Alamein. American pop star Russ will be performing as part of the New Alamein Festival on Friday, 25 August. Tickets are available on Tazkarti.

Get ready for a fancy event with exquisite music at the Omar Khairat concert at Royal Maxim Palace Kempinski on Tuesday, 28 August. The concert will start at 6:30pm until 10:30pm. Get your tickets on TicketsMall.

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.

Build, Don't Talk : Things You Wish You Were Taught in School is the practical guide to adult life? Crafted by entrepreneur and motivational speaker, Raj Shamani, the book aims to fill the perceived gaps and shortcomings of the educational system that leave us feeling stranded and baffled in the face of seemingly straightforward tasks. As educated grown-ups, we often find the skills we acquired in school very contrary to everyday life where things are not as neatly divided nor insulated as school subjects are. While we may learn geometry and arithmetics, we aren’t generally taught how to sell and price products, how to negotiate, or how to be rich and successful, generally speaking.

What the markets are doing on 1 August, 2023

EARNINGS WATCH-

Alexandria Mineral Oils Company’s (AMOC) consolidated net income rose 11% y-o-y to EGP 1.3 bn in FY 2022-23, according to an EGX disclosure (pdf). Revenues, meanwhile, climbed 31.3% to EGP 24.2 bn during the fiscal year.

MARKET ROUNDUP-

The EGX30 fell 0.2% at today’s close on turnover of EGP 3.55 bn (85.6% above the 90-day average). Foreign investors were net buyers. The index is up 19.97% YTD.

In the green: Beltone Financial Holding (+9.9%), Alexandria Containers and Cargo Handling (+2.8%) and Juhayna (+1.4%).

In the red: Eastern Company (-6.1%), Alexandria Mineral Oils Company (-5.3%) and TMG Holding (-3.5%).

Meet our founder of the week: Farida El Sherbiny, founder of Biyadi

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 Farida El Sherbiny, founder of Biyadi.

My name is Farida El Sherbiny, and I’m the founder of Biyadi, which is a local brand for handmade functional and decorative art that I started four years ago. I opened my first brick-and-mortar store last October, and we sell products that are embellished and decorated with specific patterns revolving around dots. I source my inspiration from the concept of the dot, and use it to create more intricate designs.

I actually studied international business in the Netherlands, which I did not enjoy at all, even though I’m the one who chose that degree. I’ve always been interested in a lot of fields, but my area of study has nothing to do with my current occupation.

Between Egypt and the Netherlands, I’ve never felt “at home.” But when I sat down to make, for instance, a laptable, regardless of where I was — that felt like home to me. That is why I identify as a maker. I love making handmade gifts for people because they hold a lot of meaning. That’s where Biyadi started — focusing on the meaning and story behind such items.

Biyadi reflects how a person has poured their heart, soul and effort into making an item. Our items are produced by women who create 100% handmade products as their bread and butter. Starting Biyadi felt right in my gut and my heart, as it hit all the notes for me. In 2018, while I was still a student, I launched Biyadi for a month to try out whether the reality of the business actually aligned with what I wanted. Thankfully, it was perfectly aligned.

In 2019, I relaunched and hit the ground running. The idea was that I was very lucky and privileged to do something that I loved, so I started to think about how this could translate to the people around me. Egypt has 110 mn people that have various talents and need jobs. I started off with teaching women, but that didn’t work out as well as I expected. So today, I work with two nonprofit organizations who have a network of women across Egyptian villages, as well as with small artisans and craftsmen.

The women teach each other the stitches and patterns. This to me is a sense of purpose, as I can provide them with a stable income. We also help them adapt. For instance, if a certain item is not selling as well anymore, we help them think of new products and designs to keep them relevant. I’m always constantly on the hunt for new non-profit organizations to partner with, as well as crafts that are dwindling, like hand-carving and glass-blowing. I completely fell in love with the potential in Egyptian artisanship — that’s what I live for.

While I don’t feel like I gave up anything to do what I do, it sometimes feels like I’m so entrenched in it that I forget to take care of myself. I’ve learned to take the time to have conversations with people and focus on the present.

The worst part of my job is the uncertainty of it. I used to be a chronic planner, which is why sometimes I get frustrated with how long it takes for new products or lines to materialize. Finding the balance of keeping your cool and managing the uncertainty is the most stressful part for me. Moreover, the market is currently very volatile, so it becomes difficult to predict what’s coming.

Being a founder is a lonely journey. I’ve always been more of an introvert, but it was a blessing to open my job as it opened up my horizons. However, in the end, the burden falls on my shoulders alone.

At Biyadi, we’ve never raised funding and we’re not planning to. I don’t feel the need to raise financing, because we want to make sure that the business supports itself.

The last great thing I read was Shoe Dog: A Memoir by the Creator of Nike by Phil Knight. It really hit home because I was reading it at a time when things were getting really tough. The fact that the founders of Nike made it through was very comforting.

In my freetime, which I don’t have a lot of, I love spending time in the kitchen. If I wasn’t doing Biyadi, I would probably have gone to culinary school. I also love moving around and being active.

THE ENTERPRISE ENTERTAINMENT CALENDAR

AUGUST

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

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

3 August (Thursday): Medhat Saleh and Reham Abd El Hakim concert, New Alamein Festival 2023, New Alamein.

4 August (Friday): Mounir and Hamid El Shaeri concert, New Alamein Festival 2023, New Alamein.

5 August (Saturday): Elissa and Tamer Ashour concert, New Alamein Festival 2023, New Alamein.

8 August (Tuesday): Jadal concert, El Sawy Culturewheel, El Zamalek, Cairo.

10 August (Thursday):Omar Khairat concert, the New Alamein Festival 2023, New Alamein.

10 August (Thursday): Carole Samaha and Bahaa Sultan concert, New Alamein Festival 2023, New Alamein.

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, New Alamein.

SEPTEMBER

21-23 September (Thursday-Saturday) L’Etape Egypt by Tour de France, Sharm El Sheikh

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.

13-20 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.

Sections

About

Privacy & Support

Get EnterpriseAM daily