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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Gov’t looking at USD 2 bn Golden Triangle industrial zone with private sector players?

Good afternoon, wonderful people, and happy almost-THURSDAY. We have a pleasantly brisk but balanced news day so far as the slide towards the weekend gathers steam.

THE BIG STORY TODAY

New Golden Triangle industrial zone? The General Authority for Freezones and Investment (GAFI) is reportedly in talks with a handful of private sector companies to set up a USD 2 bn industrial zone in the Eastern Desert’s Golden Triangle, Asharq Business reports, citing three government sources it says have knowledge of the matter. The zone would bring together mining, agriculture, trade, and tourism-related activities, the sources are quoted as saying.


WE HAVE JUST FIVE DAYS TO GO until we see some of you at 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.

What to expect: Join Todd Wilcox (CEO and deputy chair, HSBC Egypt) , Akef El Maghraby (vice chairman, Banque Misr), Tarek El Nahas (group head of international banking, Mashreq), Hazem Hegazy (CEO and vice chairman, Al Baraka Bank), Fadi Abi-Nader (VP — One Demand, Global Emerging Markets, Mars-Wrigley), Bahaa Alieldean (senior and managing partner, ALC Alieldean Weshahi & Partners) and many others for talks on everything from what’s driving transformation in the banking and finance sector to how a can bank can transact in uncertain times.

Tap or click here to view the FULL AGENDA with SPEAKERS.

There will be plenty of parking available at the venue for all those attending.

** 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, Banque du Caire, CI Capital, Global Corp, Visa, Hassan Allam Utilities, the IFC, and Post for Investment.

THE BIG STORY ABROAD

The EU’s anti-subsidy probe into electrical vehicles coming from China is (broadly) leading the conversation in the international business press this afternoon, after European Commission President Ursula von der Leyen said the international market is “flooded with cheaper Chinese electric cars” which in turn undermines the European EV market. The Chinese manufacturers are able to charge less for their vehicles as Beijing is absorbing a majority of the costs through state-provided subsidies. (Financial Times | CNBC | Reuters)

Meanwhile in Russia, Kim Jong Un and Vladimir Putin’s meeting continues as the North Korean leader met his counterpart in the Vostochny Cosmodrome. The rest of the world remains uneasy as their warming friendship suggests that Kim may provide military apparatus to aid Russia in its conflict with Ukraine. (Wall Street Journal | Financial Times | Reuters)


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

  • Pundits are closely following news that suggests there could be fresh energy in the privatization program as the Madbouly government looks to bring in some USD 5 bn in proceeds this fiscal year. The latest news sees potential sales of stakes in two high-profile telecoms players as well as a renewable energy facility. The expectation is that all three sales will be paid for with inflows of foreign exchange.
  • Beshay Steel sells minority stake to NSPO: Military-owned conglomerate the National Service Projects Organization (NSPO) has acquired minority stakes in three private-sector steel companies owned by Beshay Steel Group.
  • Abdellatif Olama has been appointed CEO of Jumia Egypt, taking over from Hisham El Gabry, who is moving up to become chief commercial officer for Jumia Group.

☀️ TOMORROW’S WEATHER- Expect more sunny skies tomorrow with a high of 34°C in the daytime and a drop to 23°C in the evening, according to our favorite weather app.

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FOR YOUR COMMUTE

A natural Ozempic? Plus: Bosses are getting younger

Nature’s Ozempic? Berberine, a compound extracted from various plants as the European barberry and goldenseal is gaining popularity over TikTok videos as a potential weight loss aid, National Geographic reports. The compound is not new — since time immemorial it has been used in traditional Chinese medicine for treating “digestive disorders and inflammatory conditions.”

Not so fast: While Berberine can facilitate “mild weight loss” between four to five pounds (1.2-2.1 kg), insulin resistance medications such as Ozempic or Mounjaro are more effective, with clinical trials showing they can help reduce weight by 30-50 pounds (14-23 kg). Also, the medications undergo a rigorous evaluation process by the Food and Drug Association (FDA), as opposed to Berberine, which as a supplement, the FDA considers to be food, and is not subject to any evaluatory process.

Berberine can help with other ailments: Elevated cholesterol levels, insulin resistance, and irritable bowel syndrome are some of the conditions that the supplement can aid in treating, according to an integrative medicine physician at Northwestern University Feinberg School of Medicine. Nevertheless, the effectiveness of the supplement on metabolic diseases and cholesterol requires further study, as opposed to the more extensive data available on medicines.


Positions of seniority are no longer based just on age and experience. Thanks to AI and more recent developments in technology, companies are looking for younger and more knowledgeable hires for more senior positions, the Wall Street Journal says. With workers quitting during the pandemic, paired with the recent corporate layoffs, the hierarchies of companies have been topsy-turvy, creating a more multigenerational workforce. “It used to be, the older you were, the more experienced you were, the more authority you had, end of discussion,” Lindsey Pollak, an author on multigenerational workforces, tells WSJ.

Are you a young manager navigating how to handle older direct reports? Bridge the gap by focusing on the work and working on effective communication, Pollak says. There is often confusion and a clash of values, as younger managers prioritize speed and newer approaches while older employees may feel disrespected or misunderstood. Nevertheless, younger managers can still gain wisdom from older employees and ask for their advice, acknowledging that they can corroborate together for an efficient workplace.

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ENTERPRISE RECOMMENDS

Remember your BBM?

? ON THE TUBE TONIGHT-
(all times CLT)

BlackBerry is the tragicomedic account of the icarian cell phone company. While the director admittedly takes some artistic liberties, the film is based on the very real people behind the creation of the BlackBerry, which once owned over 50% of the global cell phone market and now sits at nill. This rags-to-riches-to-rags story follows the same vein as films such as Air, Tetris, and Flamin’ Hot. Gone are the days of product placement — we now live in the world of product movies. This particular one follows Mike Lazaridis (Jay Baruchel) and Doug Fregin (Matthew Johnson), who created the BlackBerry, and Jim Balsillie (Glenn Howerton — most prominently known for his role as Dennis from It’s Always Sunny in Philadelphia), who sold it. It is a whip-smart story that paints a dark, dog-eat-dog portrait of the business world. The dialogue and acting are excellent, the most surprising of which comes from Howerton’s portrayal of Balsillie. The film has a homemade feel that sometimes lends more distraction than artistic vision, but it is an overall gripping movie about what once was a technological marvel, but is now known as the thing that people used before they jumped ship and bought the iPhone.

The international break is about to end and all the fields are in a needed hiatus as the UEFA cup matches will resume during the weekend.

? EAT THIS TONIGHT-

Escape the city bustle at Julian Rooftop Restaurant . There is nothing quite like being transported within a few seconds to what feels like another world with the click of an elevator button. We’re talking, of course, about the ascent from our buzzing streets to panoramic views of the Nile from Aesha Al Taymorya street. Couple that with a nice meal and we’ve got ourselves a date. Julian Restaurant offers both indoor and outdoor seating for you to choose from. The menu doesn’t offer anything spectacular or particularly innovative, but expect to find the classics executed relatively well. For appetizers, we recommend the shrimp roll and country salad. As far as main courses go, we liked the rigatoni covered in ricotta, pesto, and caviar. The rosemary ribeye and mushroom stuffed chicken are also options to enjoy with the view. For more casual choices, you can go for one of their six pizzas or burger (they only have one). Do note that you need to call in advance to reserve a table in case you turn up and not find a spot.

? OUT AND ABOUT-
(all times CLT)

Ahimsa is showing Eat, Pray, Love at its Movie Night Under The Stars eventtomorrow at 8 pm. Go to their Instagram page for more details and reservations.

2023’s Medfest Cinematic Film Forum , Stigma, is happening at AUC’s Tahrir Cultural Centerfrom Thursday-Sunday, 14-17 September. Get your tickets from Ticketsmarche.

Egyptian trance duo Aly & Fila are performing at The Great Pyramids of Giza this Friday, 15 September. Get your tickets from Nacelle.

The Sodic Charity Run is happening at SODIC West this Friday, 15 September . Runners should start arriving by 7am, with the race scheduled to start at 8am and the awards ceremony at 10am. Sign up here.

Want a different type of Friday morning exercise? Check out Yala Agala ’s cycling and kayaking event this Friday from 7:30 am-1:30 pm.

The Cairo Flea Market is back at Zamalek Fish Garden on Saturday, 16 September from 11am-7pm.

Work on your breathing at Ahimsa this Saturday with anemotional healing breathwork session at 8 pm. Go to their Instagram page for more details and reservations.

Head to Dawar Arts for YinYoga with Nour on Saturday, 16 September from 7pm-10pm.

Catch comedian Ali Quandil’s standup comedy show at Teatro in Arkan Plazaon Thursday, 21 September from 8:30 pm. Get your tickets from Ticketsmarche.

Masar Egbari will perform at City Garage Live in City Centre Almaza on Friday 22 September. Tickets are available on Tazkarti.

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.

Samar Tarek, Muslim and Molotof are all set to perform on Friday, 29 September at the Greek Campus. Tickets are available on Ticketsmall here.

Italian opera Teatro Di San Carlo is coming to Egypt for the first time with a showat the Pyramids of Giza on Wednesday, 11 October. You can book your tickets from Ticketsmarche 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.

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.

? UNDER THE LAMPLIGHT-

Change is the rule: How to conquer the sweeping transformations of life. In Master of Change we learn that despite the seemingly menacing nature of life’s unexpected challenges: That change is the only constant. Rather than resisting the inevitable flow of disruptive personal and universal events, sustainable excellence coach and bestselling author Brad Stulberg — the man also behind The Practice of Groundedness — proposes a new approach. While we may not stop the outbreak of pandemics, the emergence of groundbreaking technologies, or even retirements, graduations, and divorces, we can find stability even within overwhelming change. Stulberg’s prescription? Cultivating “ a rugged yet flexible sense of self.” That is, learning to stand on solid ground by being anchored to core values all the while proactively engaging in a conversation with change. This approach is not only empowering but also helps us create meaning, overcome challenges, while honing our mindset from a more productive life.

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GO WITH THE FLOW

What the markets are doing on 13 September, 2023

The EGX30 rose 1. 1% at today’s close on turnover of EGP 1.5 bn (29% below the 90-day average). Foreign investors were net sellers. The index is up 32.6% YTD.

In the green: Ezz Steel (+5.1%), Talaat Moustafa Group (+3.5%) and Elsewedy Electric (+3.2%).

In the red: Juhayna (-1.5%), Edita (-0.8%) and Egypt Kuwait Holding (-0.8%).

This publication is proudly sponsored by


SEPTEMBER

14 September (Thursday): Movie Night Under The Stars: Eat, Pray, Love, Ahimsa.

14-17 September (Thursday-Sunday): Medfest Cinematic Film Forum at AUC Tahrir Cultural Center.

15 September (Friday): Sodic Charity Run, SODIC West, Cairo

15 September (Friday): Cycling and Kayaking event at El Sawy Culture Wheel.

15 September (Friday): Wust El Balad concert, City Center Almaza’s summer hub, Cairo.

15 September (Friday): Aly & Fila performance, The Great Pyramid of Giza.

16 September (Saturday): Cairo Flea Market at Zamalek Fish Garden.

16 September (Saturday): Emotional Healing breathwork at Ahimsa.

16 September (Saturday): Yin Yoga at Dawar Arts

21 September (Thursday): Standup Comedian Ali Quandil show at Theatro in Arkan Plaza.

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

22 September (Friday): Masar Egbari concert at City Garage Live in City Centre Almaza.

22-23 September (Friday-Saturday): Tamino Sahar Tour concert in AUC Tahrir Cultural Center.

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

29 September (Friday): Samar Tarek, Muslim and Molotof LitOne concert, Greek Campus, Tahrir, Cairo.

OCTOBER

6 October (Friday): Armed Forces Day.

11 October (Wednesday): Teatro Di San Carlo performance, the Pyramids of Giza, Giza.

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).

16 November (Thursday): Jim Gaffigan’s Barely Alive Tour at The Marquee, Cairo Festival City.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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