Truce starts within hours

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: El Sisi lauds Gaza humanitarian pause agreement

Good afternoon, friends, and happy ALMOST-Thursday. We have a reasonably steady news day as the week draws to a close.

** PSA- EnterprisePM, along with Enterprise AM, Climate, and Logistics, will be taking a publication break tomorrow and will be landing again in your inboxes on Sunday. You can still expect to receive the Weekend Edition on Friday morning, as per usual.

THE BIG STORY AT HOME + ABROAD-

After weeks of mediating negotiations, Egypt lauds reaching humanitarianpause agreement in Gaza: President Abdel Fattah El Sisi welcomed the humanitarian truce in Gaza, applauding the joint mediation of Egypt, Qatar, and the US and reiterating Egypt’s commitment to reaching a final sustainable end to the war on Gaza. The truce is set to come into effect within 24 hours, AlQahera News (watch, runtime: 4:15). Qatar also welcomed the agreement in a statement out this morning, thanking Egypt and the US for their work in the mediation.

The truce agreement entails a four-day pause in military action in exchange for the return of at least 50 women and children from among the over 200 hostages held by Hamas in Gaza since 7 October, reads a statement by the Israeli Prime Minister’s office. This pause should also allow for the entry of hundreds of trucks carrying humanitarian aid, as well as fuel for humanitarian needs. The agreement also accepted Hamas’ demands to release at least 150 Palestinian women and children currently held in Israeli prisons, according to Al Qahera News, AlJazeera, and Reuters.

HAPPENING NOW-

Jordan’s King Abdullah in town: King Abdullah has made a surprise visit to Cairo, Extra News reports (watch, runtime: 0:53). The visit will see Jordan’s King and President Abdel Fattah El Sisi discussing the latest developments in Gaza, including calls for a full ceasefire.

Erdogan could be visiting, too… Turkey’s President Recep Tayyip Erdogan could reportedly touch down in Cairo “soon” to discuss accelerating the evacuation of wounded Palestinians from Gaza, the Turkish leader told reporters today, writes Reuters. The visit — a first since diplomatic relations between Egypt and Turkey broke down in 2013 — comes as Erdogan calls for the Islamic world to be a “single fist” when discussing Gaza.

WITH THE PAUSE IN FIGHTING, GAZA IS NOW IN NEED OF MORE AID-

Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century. The pause in fighting means that there’s a chance to support Gaza with more aid that will make a difference.

The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.

Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.

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

e-KYC coming next year? The Central Bank of Egypt (CBE) plans to roll out e-KYC, or an electronic know-your-customer process, deputy assistant governor of the CBE Ehab Nasr said.
State asset sales to underpin stronger economic growth this year -BMI: The Egyptian economy will see improved growth this fiscal year on the back of the government’s privatization program, though the war in Gaza will add to the headwinds bearing down on the economy.
Turkey’s Hayat is borrowing to expand in Egypt: Emirates NBD Egypt has signed a EUR 30 mn medium-term loan agreement with Turkish sanitary product company Hayat’s local subsidiary Hayat Egypt to help it finance a new USD 70 mn tissue factory in Ain Sokhna.

☀️ TOMORROW’S WEATHER- Look for sunny skies tomorrow as the mercury peaks at 26°C in the day and drops to a chilly 16°C in the evening, according to our favorite weather app.

Sam Altman goes back to OpenAI + Climate change is affecting sugar

In today’s episode of the OpenAI soap opera: Sam Altman, after his turbulent ouster less than a week ago, is being brought back as CEO, the company posted on X. Greg Brockman, former president and chairman, was also reinstated. Turns out having almost all employees threaten to resign can put a little pressure on a company.

On the tails of a backfired coup, the board responsible for all the drama is being replaced by tentative members, Bret Taylor (former co-CEO of Salesforce) as chair, existing member Adam D’Angelo (Quora CEO), and Larry Summers (former Treasury Secretary).

Where does this leave Microsoft, who had hired Altman and Brockman to lead a team for advanced AI research? Still no word from CEO Satya Nadella who conveniently left out the info from his most recent statement.

But the five day frenzy’s not over yet. In the vague X post, the company said an agreement had been reached “in principle,” with collaborations still taking place to “figure out the details,” like a finalized, reworked board.

Up to nine new directors are in the works, a source close to the matter told Bloomberg, and it’s likely that Altman will be one of them eventually, but is sitting out for now to move the agreement along.

The story is getting a lot of ink: The Verge, Wall Street Journal, Time, Reuters, CNN, Washington Post, New York Times, CNBC.

One year after entering the private equity space, Kim K can now say she’s completed her first PE transaction. Skky Partners, Kardashian’s venture with copartner Jay Sammons, acquired a significant minority stake in Truff, a manufacturer of luxury condiments.

Truff seems like a good fit for the Kardashian brand. The manufacturer, operated by Sauce Ventures LLC, produces a variety of regular condiments — salt, mayonnaise, oil, hot sauce — infused with truffle. Nick Guillien, co-founder of the condiment company, described Truff as “the Dom Perignon of hot sauce.”

A 170g bottle of Truff hot sauce is priced at USD 17.98 (EGP 556.2, for those of you keeping track at home). For comparison, a bottle of hot sauce at the grocery store averages EGP 30. Truff’s best seller pack, containing black truffle hot sauce, white truffle hot sauce, and black truffle oil, sells for USD 74.99 (EGP 2.3k), but retails in Om El Donia for EGP 4.8k.

You might want to revisit how many spoons of sugar go in your tea:El Niño, the warming of surface waters in parts of the Pacific Ocean due to climate change, has caused extreme weather conditions impacting sugar production in Asia. Damaged harvests in India and Thailand, the world’s second and third largest sugar exporters, have seen prices worldwide at their highest since 2011.

It’s affecting some countries more than others. Import-dependent countries, especially those in sub-Saharan Africa, are feeling it a little more. Nigeria, which imports 98% of its raw sugar, has had prices jump 22.7% within a week.

IN OM EL DONIA- The Madbouly government met with sugar packing companies and traders to negotiate new terms for trading of the product last month. This came hot at the heels of the government’s temporary ban on selling sugar to traders in an effort to temper soaring prices.

This is affecting individual consumers, bakeries, and other food manufacturers globally, who are forced to raise their prices to turn a profit, to the chagrin of their customers.

As of October, the price for a kilo of sugar was EGP 40 — double the price subsidized by the government. The sugar export ban was also extended to curb inflation.

The United Nations Food and Agriculture Organization is predicting a loss of 3.5 mn metric tons in production compared to last year, according to AP. Thailand is expecting an additional 15% dip in production, but has imposed price controls on the product for the first time since 2018.

It’s a different story for Brazil. Their better weatherhas translated to a production increase of 20% — but its harvest won’t hit the market before April, and will only plug the leak in supply until late 2024.

Fingernail is a retro-futuristic drama that questions love

? ON THE TUBE TONIGHT-
(all times CLT)

What if you could take a test that tells you whether you and your partner are really in love? Fingernails is an offbeat and retro-futuristic sci-fi romance following Anna (Jessie Buckley), who works at the Love Institute. She and her husband Ryan (Jeremy Allen White) passed the love test with flying colors years ago, but now she’s not so sure.

Putting your love to the test is painful — literally. Both participants must have a fingernail removed without anesthesia, which are then placed inside a small microwave-sized machine.

How does it work? Once it dings, you receive one of three outcomes: Negative, meaning that the couple is not in love, 50%, meaning that only one is in love with the other, or positive, the best case scenario, meaning that you have both found true love. But what happens if you disagree with the results?

Why would people get tested? The objective of the test is to cut down on heartbreak and divorce, argues Duncan (an uncharacteristically stoic Luke Wilson), the founder of the Love Institute.

Love is not permanent — sometimes it grows, sometimes it dwindles. The Love Institute, founded by an idealistic Duncan , offers couples classes meant to bring them closer together before taking the test. Developing those classes alongside her mentor Amir (Riz Ahmed), Anna finds herself questioning her marriage.

The film is stubbornly self-contained. While there are no loose ends to complain about, we wish that the scope of the film was a little wider. While that might have taken away from the core of the film — namely, the existential/biological predisposition to yearn — the universe in which the technology behind cell phones doesn’t exist, but the science to determine the strength of your love does is one we want to explore.

WHERE TO WATCH- You can watch Fingernails on Apple TV+.

Palestine’s ethnography is on display at the Netherlands-Flemish Institute in Cairo tomorrowbetween 8:30-9:30pm. Sary Zananiri’s Unsilencing Palestine photo exhibition gives a rare view of modernity in Palestine. If you miss the opening, don’t fret — you can visit the exhibition whenever you like, but by appointment.

Unleash your inner artist at the Self-portrait workshop hosted by Dawar Artsevery Saturday until 16 December. Click here for more information.

The Cairo Symphony Orchestra at the Cairo Opera House: The Orchestra will be performing on Wednesday, 29 November at 8pm at the Cairo Opera House, Zamalek. You can book your ticket from here.

The Christmas Charity Bazaar will bring the warmth of the holiday season on Friday, 1 December, at All Saints’ Cathedral, Zamalek. The bazaar runs from 10:30am until 4pm. Proceeds will benefit a variety of charities here in Egypt.

Syrian-German band Shkoon is performing in Egypt for Gaza. The concert will be held at the Pyramids on Friday, 1 December. Part of the concert's proceeds will be donated to humanitarian aid dedicated to Gaza. Tickets are available here.

Wael Al Fashni x El Sawy Culturewheel. The Egyptian singer Wael All Fashni will be performing at El Sawy Culturewheel, Zamalek on Saturday, 2 December. Tickets are available here.

Celebrate Maria Callas’ birthday on Monday, 4 December, at the Cairo Opera in a joint event with the Greek Embassy. The event commemorates the 100th anniversary of the diva’s birthday with a concert conducted by Nayer Nagui, alongside performances by Greek and Egyptian sopranos. Click here for more information.

The Cairo Art Book Fair is in its second edition in the cultural city of Ghurnata in Heliopolis. The exhibition will display prints and books alongside a series of lectures and artistic discussions. The event will take place between 7-9 December.

In solidarity with Gaza, there will be an art exhibition held on Tuesday, 5 December in The Atrium in Arkan, Sheikh Zayed, between 5-10 pm where well-known artists and art collectors can donate some of their art to be sold and the proceeds of which will be donated to Gaza.

What the markets are doing on 22 November 2023

The EGX30 rose 1.0% at today’s close on turnover of EGP 4.5 bn (63.1% above the 90-day average). Regional investors were net sellers. The index is up 71.5% YTD.

In the green: Fawry (+5.7%), Orascom Construction (+4.6%) and Palm Hills Development (+4.6%).

In the red: Eastern Company (-2.4%), Sidpec (-1.5%) and Abu Qir Fertilizers (-1.3%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

NOVEMBER

23 November (Thursday): Saad ElOud Concert at Arkan Plaza.

25 November (Saturday): Masr El Gedida Carnival at Maryland.

29 November (Wednesday): Cairo Symphony Orchestra concert, Cairo Opera House, Zamalek.

DECEMBER

1 December (Friday): Cairo Fun Festival by Bike Zone Egypt in Heliopolis.

1 December (Friday): The Christmas Charity Bazaar, All Saints’ Cathedral, Zamalek.

1 December (Friday): Skhoon band concert, Pyramids, Giza.

2 December (Saturday): Wael Al Fashni concert, El Sawy Culturewheel, Zamalek.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Q1 2024: Opening of the newly developed Pyramids Plateau in Giza.

2024

JANUARY

7 January (Sunday): Coptic Christmas.

25 January (Thursday): Revolution Day.

APRIL

9 April (Tuesday): Eid El Fitr (TBC).

25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

MAY

1 May (Wednesday): National holiday in observance of Labor Day (TBC).

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (TBC).

JUNE

15-19 June (Saturday-Wednesday): Eid El Adha (TBC).

30 June (Sunday): June 30 Revolution Day (TBC).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

23 July (Tuesday): Revolution Day (TBC).

SEPTEMBER

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

OCTOBER

6 October (Sunday): Armed Forces Day.

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