Good afternoon dear readers, and happy ALMOST-THURSDAY. We hope that you have been able to manage the heat, along with the increased traffic as schools are back in full-throttle.
THE BIG STORY TODAY
New adjustments to the cap on tuition fee increases in private + international schools : The Education Ministry has issued a decision imposing a tiered system for annual tuition fee increases for international and private schools, ranging from 6-25%, according to Ahram Online. Schools with tuition fees at EGP 35k and above will be allowed to raise fees by 6%, while those with tuition fees below EGP 5k per year will be allowed to hike fees by up to 25%.
COUNTDOWN- There are just 12 days until the Enterprise Finance Forum, which takes place 18-19 September (Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech — and of their clients.
You won’t want to miss this one: Join Basel El Hini (chairman, Housing and Development Bank), Hazem Hegazy (CEO and vice chairman, Al Baraka Bank), Ibrahim El Missiri (CEO, Somabay), Lamyaa Gadelhak (partner, Baker McKenzie), Ashraf Sabry (founder and CEO, Fawry), Dalia Wahba (CEO, Hassan Allam Utilities) and many others for talks on everything from how banks are transforming, to calling the future giants in fintech. Stay tuned for the unveiling of our full list of speakers in the coming days.
We are honored to count some of the region’s most important financial institutions as our partners for this special event. The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, CI Capital, Global Corp, Visa, Hassan Allam Utilities, and the IFC.
THE BIG STORY ABROAD
The international business press can’t seem to agree on the leading story today, but Big Tech is getting some heat. The EU’s Digital Markets Act has tagged Apple, Alphabet, Meta, Microsoft, and China’s ByteDance as “gatekeepers,” suggesting that they are restricting users from properly accessing services such as online searches, advertising, messaging and communications. (CNBC | Reuters | Bloomberg | Financial Times)
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
Sanlam and Allianz move forward with their pan-African merger: South African non-banking financial services firm Sanlam and global insurer Allianz have received regulatory approvals to merge the bulk of their African operations, creating the largest pan-African non-banking financial services business on the continent.
☀️ TOMORROW’S WEATHER- Summer’s not over yet: The mercury will rise again to peak at 43°C and will drop to 28°C in the evening, according to our favorite weather app.
OpenAI CEO Sam Altman just became the first person to nab Indonesia’s new Golden Visa: One week after Indonesia launched its Golden Visa program, granting holders 10 years of no-hassle entry to the country, OpenAI’s chief executive received the first license, CNBC reports. Altman was granted the visa after visiting Indonesia earlier this year alongside other cities in Asia, with the expectation that he will help grow the country’s artificial intelligence system.
Could this help Altman get around US restrictions on investments and trade with China? AI is at the top of the Chinese and Indonesian cooperation list, Chinese Premier Li Qiang said following a meetingin Jakarta during the ASEAN summit, adding in his speech at the summit that their two nations intend to “expand cooperation on green energy, digital economy, biomedicine and artificial intelligence.” Last year, the Biden administration cracked down on exports of semiconductors and advanced chips to China as they are becoming a critical role in both military systems and the data-processing capacities that fuel our modern global economic system.
About the Golden Visa: The visa isn’t just granted in good faith — individual investors have to set up a company worth USD 5 mn to receive the 10-year pass, according to Reuters. A five-year visa is also up for grabs in exchange for a USD 2.5 mn investment. Corporate investors are required to invest USD 50 mn or USD 25 mn for the same number of years, respectively. Foreign investors who don’t plan to establish a company are given different provisions, and are allowed USD 350k-700k in funds used to purchase Indonesian government bonds. Indonesia, which is Southeast Asia’s largest economy, hopes that the program will attract foreign investment.
Influencers’ #1 new client: Big Oil. Companies like Shell and BP are taking tosocial media in an attempt to improve their image, with DeSmog uncovering records of hundreds of influencers and content creators being paid to promote fossil fuel firms. The goal? To push… questionable solutions to the climate crisis and tackle their reputation as “the bad guys.” Hundreds of influencers have been tapped to push the Big Oil agenda since 2017, with DeSmog estimating that the campaigns have reached bns of people.
Earning the trust of the younger generation? By offsetting negative press surrounding their record bottom lines, procured from decades of contributing to climate change supported by their continuous anti-climate lobbying, these companies are looking to preemptively repair their reputation with younger generations to clean their hands of climate disruption. ExxonMobil spent USD 23.1 mn on Facebook and Instagram ads in the past five years, while Shell employed a former BBC presenter to promote the net-zero benefits of hydrogen in a five-part series to their 500k followers. The ad claims that Shell will “kickstart the energy revolution” despite the fact that the UN Intergovernmental Panel on Climate Change estimates that hydrogen will represent a maximum of 2.1% of total energy consumption… in 2050.
Can greenwashing be regulated? Well, not yet. There is a growing effort to police the oil industry, including their greenwashing campaigns. The Advertising Standards Authority (ASA) in the UK have released guidelines for brands making green claims: Their bid aims to protect the public from being misled, and have made efforts to proactively seek out misinformative ads and remove them online rather than just do it in response to complaints. They’ve created a division, the Climate Change and Environment project, specifically to monitor green claims, saying that companies can’t claim that they or their products are greener alternatives without robust evidence.
According to Dan Buettner, the secret to living longer is living well. Partnering with Netflix, Buettner, a writer and researcher who specializes in longevity studies, delivers Live to 100: The Secrets of the Blue Zones, a mini-series created to teach us how to not only live longer, but lead happier, more fulfilling lives. He takes us around the world to explore five unique communities he refers to as the Blue Zones, where people live to be more than 100 and rarely ever suffer from diabetes, heart disease, or dementia. While a 101-year-old Okinawan woman says that the secret to a long life is to “have fun, and don’t get angry,” Buettner reveals that residents of the community eat mostly low-calorie, nutrient-rich food, though not on purpose. While psychological well-being is an inextricable factor in longevity as the centenarians suggest, Buettner asserts through research that a sense of community and belonging is a common and important component as well. Eating smarter and moving more being staples to a longer life is not a revelation, let alone a secret, but the deep dives into these people's lives is inspiring, and you might find encouragement to make big lifestyle changes, or maybe just apply specific pieces of advice day-to-day.
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⚽ …do you hear crickets? The silence in the football stadiums continues as fans look forward to the next international competitions and friendlies.
Afcon qualifiers: The sixth and final round of qualifying matches for the African Cup of Nations will take place today with only one match between Libya and Equatorial Guinea at 10pm tonight.
? The US Open quarter-finals are nearly over, with the last two matches in the men’s and women’s round of eight being played today and tomorrow.
Who’s already made it through: Serbia’s Novak Djokovic and the US’ Ben Shelton have booked their spots in the men’s semi-final round, while the women’s semi-finals so far have the US’ Coco Gauff and Czechia’s Karolina Muchova lined up to compete.
Happening tonight: Daniil Medvedev and Andrey Rublev are going head-to-head in an all-Russian match tonight at 8:15pm, while world no.1 Carlos Alcaraz-Garfia is set to hit the court at 3:15am to battle it out with Germany’s Alexander Zverev. Over in the women’s championship, China’s Qinwen Zheng will play against Belarus’ Aryna Sabalenka at 7pm, and the Czech Republic’s Marketa Vondrousova is scheduled to face off with the US’ Madison Keys at 2am.
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? EAT THIS TONIGHT-
Missing Sahel? Don’t worry — Shrimp Anatomy will bring the sea to you. The Saudi franchise, now located in New Cairo, is known for their dedication to using only premium ingredients for their dishes. Their dining experience is similar to Labash, in that the messier you get, the better. A table staple is their fried mixed seafood plate: A generous combination of fried shrimp, calamari, and fish with accompaniments of tartar and cocktail sauce. This may seem like a regular combo, but is actually a flex only foodies might spot. Each of the components are expertly cooked — neither the shrimp or the calamari are not rubbery, and the fish is crunchy on the outside and as soft on the inside. We strongly recommend their shellfish — apologies to those with allergies: Their lobsters are big and juicy, and go well with their signature Shrimp Anatomy sauce. For fans of a sweeter sauce, their cajun sauce is a hit with shrimp. Another winner is the mussels with the lemon pepper sauce, but if you’re more of a seafood purist, their herb butter sauce is the way to go.
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? OUT AND ABOUT- (all times CLT)
Improv classes with actor Ahmed Radwan in MQR will continue today at 6:30pm. The classes, which run twice a week,will introduce you to improvisation and help you enhance your communication and interpersonal skills. Check out the event’s Facebook page to reserve your spot.
Animatex is in town. Attend the event starting from this Thursday to Saturday for a weekend of short and longer feature films from all around the globe. There will also be competitions and masterclasses from international guest artists. Reserve your seat with Ticketsmarche.
The Citadel Music and Singing Festival continues today and wraps up this Thursday.The festival will be held at the Salah El Din Citadel with several acts lined up:
The legendary musician Omar Khairat will be performing with the Cairo Orchestra headed by Maestro Nayer Nagy tomorrow.
Tickets are available at the front of the house three hours before the concert starts.
El Morabba3 is in town: Jordanian rockband El Morabba3 will be performing at Cairo Jazz 610 tonight, where the band is set to share the stage with singer and songwriter Samar Tarek. Reservations can be made through their Facebook page.
Elsawy Culturewheel’s Puppet Theater is back with a performance of Om Kalthoum’s Enta Omri and Hathihy Laylati in two back-to-back shows at 6:30pm and 8:30pm at Wisdom MMax in Zamalek.
Tamino is coming back to Egypt to perform on Friday-Saturday, 22-23 September at 8pm at AUC’s Tahrir campus. Tickets for Friday’s concert are sold out, but are available for Saturday’s concert on Ticketsmarche.
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.
Jim Gaffigan’s Barely Alive Tour will be The Marquee stage at Cairo Festival City on Thursday, 16 November. Get your tickets with Ticketsmarche.
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? UNDER THE LAMPLIGHT-
The Wager: A Tale of Shipwreck, Mutiny and Murder is a nonfiction narrative fresh off the press written by David Grann, an American journalist and staff writer for The New Yorker. The book, which earned Grann anomination for the prestigiousBaillie Gifford Prize, is a gripping tale of survival, betrayal and crime on the high seas. The HMS Wager departed from England on a secret mission heading to Spain in 1740 amid the Imperial Wars, also known as Colonial Wars that took place between the 17th and the 18th centuries in North America. In proper Pirates of the Caribbean fashion, the ship was intended to find a “Spanish treasure-filled galleon known as ‘the prize of all the oceans’” but instead was wrecked and docked on a “desolate island off the coast of Patagonia” in 1742. A group of 30 crewmen miraculously survived a 100-day journey using a jerry-built craft to arrive at the coast of Brazil. Their arrival was met with adulation but things took a dramatic turn when six months later, another severely damaged ship reached the shores of Chile carrying three castaways from the The Wager that have a contrasting narrative. What comes next is mutinies, court martials, murders, evil senior officers — and every feature of a naval adventure that would take readers on a trip across time and space.
The EGX30 rose 1% at today’s close on turnover of EGP 2.28 bn (7.9% above the 90-day average). Local investors were net sellers. The index is up 31.7% YTD.
In the green: Orascom Development Egypt (+4.1%), Qalaa Holdings (+3.8%) and CIB (+3.4%).
In the red: Elsewedy Electric (-3.1%), Credit Agricole Egypt (-2.0%) and Eastern Company (-2.0%).