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Hip-hop bling

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: GAFI is rolling out a new digital platform to establish companies

Good afternoon, ladies and gentlemen , andwelcome to this hot and humid Monday that is making us look forward to tomorrow’s slightly cooler climes.

THE BIG STORY TODAY

New digital platform to set up companies coming? The General Authority for Freezones and Investments (GAFI) is launching “within a few days” a new digital platform to establish new companies through the authority, Asharq Business quotes GAFI CEO Hossam Heiba as saying at a presser today. Foreign investors will also soon be able to get one-year residency permits within 10 days, Heiba said.

THE BIG STORY ABROAD

The international business press is offering up a mixed bag of headlines this afternoon , with the bankruptcy of US trucking firm Yellow filing for bankruptcy leading the conversation in Bloomberg and the Wall Street Journal. The company had said last week it would shut down operations after failing to refinance USD 1.5 bn of debt. Meanwhile, the discovery of a five-month breach of Russia’s NPO Mashinostroyeniya, a rocket design institution, by North Korean hackers, is getting top billing from Reuters.


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

  • Egypt added another USD 69 mn to its foreign reserves in July: Reserves inched up to USD 34.88 bn in July from USD 34.81 bn in June.
  • Does China’s Midea want Zanussi? China-based Midea Group is eyeing Swedish appliances manufacturer Electrolux Group’s Zanussi brand and factories in Egypt.
  • Loans to keep the lights on: State utilities firm the Egyptian Electricity Holding Company (EEHC) and state oil company the Egyptian General Petroleum Corporation (EGPC) have each borrowed EGP 10 bn from local banks to shore up our power infrastructure and fuel supplies.


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.

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

LISTEN TO OUR PODCAST-

MISSED THE ENTERPRISE EXPORTS AND FDI FORUM? The EnterprisePodcast has you covered : The Enterprise Podcast’s forum series has been bringing you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum,which took place in May. Throughout, we learned lessons from some of Egypt’s biggest exporters on how Egypt can export its way out of a crisis. We heard everything from how to build an exports and FDI strategy, to identifying a foreign partner and tapping into a global supply chain.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami.

IT’S THE FINAL EPISODE- Our final panel of the day was, naturally, the most forward looking. Our panelists discussed how the companies — be they in age-old industries or emerging ones — have adapted to changes to better position their businesses for an uncertain future. We were joined by Nadia El Tawil, investment officer at pan-African private equity firm AfricInvest, Mostafa Bedair , CEO of Giza Seeds and Herbs, and Abdallah Sallam, CEO of Madinet Masr.

OUR FORUM SERIES CONTINUES NEXT SUNDAY WITH THE ENTERPRISE CLIMATE FORUM- Fresh off the heels of a successful COP27, we held our first forum to dive deep into the fundamentals of what we think is the world’s most important industry. The conversations ranged from exploring the business opportunities for Egyptian entrepreneurs, companies and startups in climate, to demystifying green hydrogen, and how we finance our green transition. And we did it all in the Grand Egyptian Museum.

☀️ TOMORROW’S WEATHER- The mercury will peak at a cooler 37°C and drop to 25°C in the evening, according to our favorite weather app.

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FOR YOUR COMMUTE

Drake nabs Tupac’s “king” ring + The story of Magritte’s hidden woman

Canadian rapper Drake’s acquisition of Tupac Shakur’s custom ring makes it the most valuable hip-hop artifact ever sold. The custom-designed gold, ruby, and diamond ring was acquired last week at a Sotheby’s auction for a little over USD 1 mn. The ring, designed by Shakur himself, was worn by the late rapper during his last public appearance before his murder in 1996. Sotheby’s says that Shakur designed the ring during “a period of monumental transition in his life,” after leaving prison, where he was incarcerated on [redacted] abuse charges.

The ring, which was estimated to sell at USD 200-300k , contains large rubies and diamonds set in a miniature gold crown, which Shakur’s grandmother explains is fashioned after the crowns of medieval European kings “in an act of self-coronation.” Selling at over triple its presale estimate price, the buyer’s identity wasn’t revealed until Drake showed the ring off in an — in our opinion, underwhelming — Instagram story dedicated to Travis Scott’s new album.

This isn’t the first (and probably not the last) lavish Drake purchase. The rapper is known for being a little extravagant with his purchases, which include a USD 185 mn Boeing 767 (which seats 269 passengers), 49 pieces of singer Pharrel Williams’ old jewelry totaling USD 2.6 mn, and a diamond necklace made out of 42 engagement rings the rapper previously bought, one for each time he thought about proposing to a woman. The necklace — which he calls “Previous Engagements” — totals 351.38 carats worth of diamonds mounted on 18k white gold, estimated at the price of USD 12.5 mn.


The woman in the (infrared) painting: The Royal Museums of Fine Arts of Belgium (RMFAB) uncovered the portrait of a woman under René Magritte’s The Fifth Season, the Guardian reported. The hidden painting is said to feature Georgette, Magritte’s late wife, according to Catherine Defeyt, senior researcher at RMFAB, and RMFAB senior curator Francisca Vandepitte, who made the discovery beneath the 1943 painting, the article notes. The woman’s hair, lips, and face shape are consistent with other portraits the surrealist artist painted of his wife.

The hidden image was discovered with infrared reflectography — or infrared radiation — which is commonly used by art experts. The technology helps reveal layers of paint to better understand artists’ methods and construction process. Much like the stratigraphy conducted by geologists as they study layers of earth, art curators and conservators also study layers of paint to peer into the history and evolution of a painting.

Is it in line with Magritte’s artistic philosophy — or a case of recycling? The artist is famously quoted as saying: “Everything we see hides another thing, we always want to see what is hidden by what we see.” This is also consistent with this surrealist style which manifests itself most famously in a painting depicting a pipe with the inscription “This is not a pipe,” which he aptly called ‘The treachery of Images’ to question both the authority of images and the spoken word. While the discovery is exciting, one speculation suggests it is better explained by financial motivations, the Guardian adds. Magritte may have covered up a painting on more than one occasion simply to save the cost of a new canvas.

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ENTERPRISE RECOMMENDS

You may lose your appetite after watching Poisoned

Poisoned: The dirty truth about your food is a documentary not everyone can stomach. The 82-minute-long feature reveals some shocking — and quite disturbing — truths about an industry that is permeated with unethical practices. As income trumps health and safety concerns at almost every turn, the supposedly highly regulated food production sector in the US is the root cause of numerous illnesses. And the facts are here to prove it: The CDC reports that “48 mn people get sick from foodborne illness each year in the US.” From salmonella to E coli to countless other bacteria, consumers are duped into thinking they are safe when in fact the industry appears to need a complete overhaul where regulation and supervision must become more stringent to avoid unnecessary sickness and even deaths. This documentary is both an eye opener and a cautionary tale about the importance of knowing exactly where our food comes from.

The years of doubt are over: Arsenal defeated Man City to nab the FA Community Shield title yesterday. After eight consecutive defeats, the tides finally started to turn for Arsenal with a draw in the 101st minute of the match — mere seconds before the final whistle. The Gunners took home the title following a 4-1 penalty shootout.

Women’s World Cup matches tomorrow:

  • Colombia v Jamaica (11am)
  • France v Morocco (2pm)

Friendly matches today:

  • Bayern Munich v Monaco (6pm)
  • Liverpool v Darmstadt (9pm)

? EAT THIS TONIGHT-

Açaíro offers up healthy, fresh, and colorful bowls and smoothies to cater to the more health-conscious among us. The menu includes everything from salad bowls, eggs, sandwiches, oatmeal, and energy boosters, to pasta, along with several tangy smoothie options. Açaíro opens its doors at CSA Maadi from 8am, making it a great option to grab a nutritious breakfast — the choco banana oatmeal is an Enterprise favorite and has proven to keep us full for the rest of the day. If you want to run for a quick lunch, you can go for pesto pasta or coconut Thai chicken or Warm Hug pasta including aubergine, mushrooms, sun dried tomatoes all immersed in an oregano-herbed tomato sauce. We also enjoy the green chicken salad with its leafy fresh greens, fresh mushrooms, walnuts, and a drizzle of feta cheese topped with a choice of either honey mustard or balsamic dressing. Pro tip: Add a smoothie to round out your order — Açaí Berry Blast is a flavourful blend of berries, beetroot, banana and oat milk. Açaíro has yet to offer delivery services — you can order on the phone and arrange pickup.

? OUT AND ABOUT-
(all times CLT)

Jordanian band Jadal has two performances lined up in Egypt. The first will be tomorrow in El Sawy Culturewheel in Zamalek at 8pm and the other as a part of the summer carnival in Bibliotheca Alexandrina on Thursday, 10 August. You can reserve your tickets here.

Lebanese Carole Samaha and Bahaa Sultan will perform at the New Alamein Festival 2023. They will be on stage this Thursday, 10 August in New Alamein. Tickets are available on Tazkarti.

Legendary musician Omar Khairat is coming to New Alamein , meaning you can enjoy his unique symphonies even if you’re not staying in the capital. He will be performing this Thursday, 10 August at New Alamein. Book your tickets on Tazkarti.

Amr Diab x Porto Golf Marina. Amr Diab is hitting Sahel one more time to perform on Friday, 11 August at Porto Golf Marina, North Coast. Tickets are available on Tazkarti.

El Sawy CultureWheel’s annual book fair will kick off on Sunday, 13 August and will continue until Friday, 18 August. The fair will include different events which include discussions, book signings and even cultural competitions.

Akher Zafir is back again: The Jordanian rock band is back in Egypt to hold a performance on Saturday, 19 Augustin 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, 22 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.

Get your running shoes ready for the 2023 edition of the El Gouna Half Marathon, which is scheduled to take place on Saturday, 11 November. You can sign up for the marathon from here — and catch the lowest registration price with the early bird special which starts today and ends Saturday, 30 September.

? UNDER THE LAMPLIGHT-

The Memory Police by Yōko Ogawa is described as a “gentle and hypnotic novel” which is a stark contrast to the trend of dystopian novels that we know of. The novel is translated from the Japanese original and is set in an unnamed island that is slowly forgetting everything. Any item, animal, or scene that has become a part of someone’s memory is hunted by the Memory Police and erased. As a result, the populace do not remember, why should they recall something that no longer exists? On the Memory Police’s hunt list are the small number of individuals who still remember, one of which is the editor that a young female novelist is working with. When she discovers that he does remember and teaches her the value of memory, even after the item is gone, she starts on a course to protect him from the relentless Memory Police by hiding him in an ‘oubliette,’ which is French for “secret chamber” and stems from the word ‘oublier’ — to forget. This novel may be one of the few dystopian narratives that can be palatable by the beach, so order a long cocktail and enjoy.

This publication is proudly sponsored by

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GO WITH THE FLOW

What the markets are doing on 7 August, 2023

The EGX30 ro se 0.8% at today’s close on turnover of EGP 2.73 bn (39.7% above the 90-day average). Foreign investors were net buyers. The index is up 22.2% YTD.

In the green: Beltone Financial Holding (+5.9%), Ezz Steel (+4.8%) and Credit Agricole Egypt (+4.5%).

In the red: Orascom Construction (-0.9%), Edita (-0.9%) and Alexandria Containers and Cargo Handling (-0.3%).


AUGUST

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

11 November (Saturday):El Gouna Half Marathon 2023, El Gouna.

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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