Good afternoon friends, and welcome to this chilly Sunday. Our news cycle is picking up a lot of stories which foretells a busy week to come.
THE BIG STORY TODAY
It’s a wrap on Fawry’s cybersecurity investigation: Cybersecurity firm Group-IB has found that e-payments giant Fawry’s live production environment was not breached and that no financial records or card data were leaked after concluding its cybersecurity investigation on the company’s systems, Fawry said in a statement (pdf). However, an attack targeting the company’s test environment has exfiltrated some personal customer data.
THE BIG STORY ABROAD
The Israel-Hamas temporary ceasefire continues to lead headlines in the international press this afternoon. After some conflict yesterday threatened to derail the already fragile pause, there is potential for an extension of the four-day ceasefire, now on its third day. Saturday’s dispute delayed hostage releases by seven hours due to claims by Hamas that Israel had violated the terms of their agreement, but with the pause back on track, the next set of released hostages is expected to mainly be composed of American citizens. (Bloomberg | Financial Times | Associated Press | Washington Post | Wall Street Journal | New York Times)
ICYMI- The agreement was brokered by Qatar and Egypt to allow for a hostage swap, a pause of all military offenses, and the entry of humanitarian aid to Gaza.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
ACUD has a target raise for its planned IPO: The developer of the new administrative capital could raise more than EGP 150 bn when it goes ahead with its anticipated IPO on the EGX.
*** It’s Inside Industry day —your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.
In today’s issue: We discuss the details and potential benefits of AfCFTA and the challenges the continent faces to implement it.
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⛅ TOMORROW’S WEATHER- The mercury will rise to a high of 21°C in the daytime and drop to a cool 16°C in the evening, our favorite weather app tells us.
What’s with all the far-right leaders? In the past several months, hard right politicians have been elected in parliamentary and presidential elections, indicating that “once fringe” right-wing politics are becoming more popular across the globe, according to Axios. Rising rates of inflation, immigration, and cost of climate policy is fueling the salability of populism, says the Economist. By our count, eleven countries in the EU, most famously Germany, France, and Italy, have seen their far-right parties gain ground, and Latin America is following the trend.
The latest: Geert Wilders, a far-right candidate running on an anti-Islam and anti-immigrant platform, earned the most seats in the Dutch parliamentary elections last week. Wilders’ victory comes hot on the heels of the election of Argentinian president Javier Milei, a man with similar ideologies. However, Wilders’ Party of Freedom — which he founded in 2006 and has broadly found its success by tapping into anti-immigrant sentiment — will need to form coalitions to be able to form a working government.
Blame Trumpism: Like The Donald, Milei is also a former TV personality with no governing experience. They share similar radical far-right views on several issues, including immigration. Trump wrote to Milei on his social media platform, Truth Social, encouraging the new president-elect to “ Make Argentina Great Again.”
SOME UPDATES FROM THE WORLD OF SCIENCE-
#1- FIRST PRIMATE WITH TWO DNAS- The world witnessed the first live birth of a primate chimera using stem cells in China.Scientists were able to create a monkey chimera using two sets of DNA, CNN reported, by combining stem cells from a long tailed macaque with a genetically distinct embryo from the same species.
The injected stem cells contributed 67% to the cells inside the primate.The study, which was published this month in scientific journal Cell, said that the monkey contained a relatively high ratio of cells that grew out of the injected stem cells in its body before its health deteriorated and was euthanized 10 days later.
WHY DOES THIS MATTER? The study gives potential for modeling neurodegenerative diseases, driven by the fact that the live-birth monkey had a big contribution of stem cells to the brain, said study co-author Miguel Esteban, principal investigator at the Guangzhou Institute of Biomedicine and Health, Chinese Academy of Sciences and a researcher with BGI-Research Hangzhou, a nonprofit arm of Chinese genetics firm BGI, to CNN.
Near-extinct species could be replicated:If they are able to replicate the study using two types of primate species, and one is endangered, added Esteban.
#2-Coffee grounds are the new key ingredient for making concrete stronger: Researchers at RMIT University in Australia discovered that when coffee waste was processed to biochar, a type of charcoal, and added to concrete, it increased the material’s strength by 30% when substituted for sand.
Coffee grounds aren’t climate-friendly, by the way. The grounds are incinerated annually, or dumped in landfills, causing it to release methane, a greenhouse gas which traps heat more than carbon dioxide, making it harmful to the environment, according to CNN.
Meanwhile, recycling coffee waste for cement can reduce disposal costs, as well as lower emissions from cement’s production and can eventually contribute to a sustainable future.
Natural increased strength with biochar also allows a 10% reduction in cement content, which decreases its climate impact and “reliance on mining for sand,” according to Fast Company.
#3- A quick spreading respiratory illness is sweeping through canine populations across several US states. The mysterious disease is referred to as an “ atypical canine infectious respiratory disease ” as mentioned by the Oregon Department of Agriculture, according to BBC.
Dogs afflicted with the condition exhibit symptoms such as coughing, sneezing, nasal or eye discharge, and lethargy.
Why is this disease challenging? Reported cases affected with this disease show similar symptoms to upper respiratory disease, but standard respiratory diagnostic tests have mostly yielded negative results. The disease also appears to be resistant to conventional treatments, making it even more challenging for veterinarians to combat.
Dracula hasn’t been bled dry just yet. Turns out that the highly monetized charactercan still inspire new (and more importantly, compelling) media. With at least 10 TV shows and more than 80 films (not including non-Dracula vampires) the Count may have been stretched a little thin. But The Last Voyage of the Demeter (watch trailer, runtime: 2:34) is a refreshing adaptation.
The two-hour film is based on a 16-page chapter from Bram Stoker’s Dracula, following the crew of the Demeter, an ill-fated merchant ship haunted by the vampire during their voyage to London. While Stoker’s chapter is there to clarify how the Transylvanian Count ended up in the UK, the story of the crew was — until now and to our loss — largely glossed over.
Powerhouse ensemble cast: Captain Eliot (Game of Thrones’ Liam Cunningham) helms theship alongside first mate Wojchek (David Dastmalchian, who you’ve seen in The Dark Knight, Dune, and The Suicide Squad) and his grandson Toby (child prodigy Woody Norman, who you might’ve seen in Cobweb).
They are joined last minute by Clemens (tour de force Corey Hawkins from The Tragedy of Macbeth, BlacKkKlansman, and Straight Outta Compton), recruited as the ship’s doctor to pay for his passage home to England. Coming in handy straight away when they stumble upon ailing stowaway Anna (Aisling Franciosi of The Fall), who warns them that Dracula is on board.
While some critics argue that the film isn’t scary enough to deserve the Dracula moniker, we disagree. The claustrophobic terror of being confined on a doomed ship in the middle of the sea with no land in sight is spine-chilling enough to keep us up at night.
WHERE TO WATCH- You can stream The Last Voyage of the Demeter on Apple TV+.
Related
⚽ Zamalek will meet Libya’s Abu Salem tonight: This will be the opening match for Zamalek in the group stage of the African Confederation Cup and will kick off at 6pm.
Over to the Premier League: Tottenham will have a critical match against Aston Villa at 4pm this afternoon which is in the 13th round of the League.
The Spurs are aspiring to be back again to lead the competition, and are working on gaining three points. But this will come as a challenge to them, especially after Man City tied with Liverpool yesterday and both teams lost two valuable points while Arsenal remains in second place.
Update on Aston Villa: The team is performing exceptionally well this season, qualifying them to occupy fifth place, only one point behind Tottenham.
Other Premier League matches to catch: Manchester United (8th place) will be facing Everton (19th) at 6:30pm.
Over to LaLiga: Cadiz hosts Real Madrid in the 14th round of the league today at 7:30pm in a game changer match for Los Blancos as it can push it to the top of LaLiga, in case it wins, and surpasses Girona. Meanwhile, Girona will be meeting Athletic Bilbao tomorrow.
The Cairo Symphony Orchestra at the Cairo Opera House: The Orchestra will be performing this Wednesday, 29 November at 8pm at the Cairo Opera House, Zamalek. You can book your ticket from here.
Get ready for the season with the Cairo Opera House which will be hosting a series of events celebrating Christmas and New Year’s Eve:
The Cairo Symphony Orchestra will host a Christmas concert on Saturday, 23 December at 8pm. You can book your ticket from here.
The orchestra will also put on another concert on Sunday, 31 December celebrating New Year’s Eve. Click here to book your ticket.
Don’t miss the NutCracker ballet shows. The performances will be presented by the Cairo Opera Ballet, along with the Cairo Opera Orchestra. The first show will be held on Tuesday, 26 December, and will continue until Thursday, 30 December. Tickets are available here.
For Disney fans: The Disney Classics concert will be held at the Opera’s Main Hall on Monday, 25 December. The concert will start at 8pm. Tickets are available here.
Meet the virtual Tutankhamun. The Grand Egyptian Museum is hosting an interactive Tutankhamun exhibition, in partnership with the Spanish Madrid Artes Digitales Foundation. The exhibition kicked off and will continue until Saturday, 16 December. You can book your tour from here.
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.
Related
? UNDER THE LAMPLIGHT-
Technofeudalism: What Killed Capitalism by Yanis Varoufakis claims that capitalism as we know it has perished. The author, a world-renowned economist and former Greek Finance Minister (and a leftist, to boot) intends to define the rapidly changing world we live in today, starting with his claim that capitalism is over.
Varoufakis explains that every click and scroll provides for those in power: This is what he defines as technofeudalism.
HE USES GREEK MYTHOLOGY TO ILLUSTRATE HIS ARGUMENT- Pulling in his Greek roots into the equation, he elaborates on the concept using Greek mythology, and modern day realities. He argues that the global power dynamic has shifted, and discusses what it would take to change that in this completely original work.
THE TYRANNY OF TECHNOFEUDALISM. Instead of the usual market forces allowing large sums of money to re-adjust our economies in the case of financial crises and the recent pandemic, the money has ended up in the hands of big tech.
TECH IS IN CONTROL- These companies who have now become global monoliths seem to control most aspects of the economy, rather than markets and profit — the pillars we have become accustomed to. Instead, we have no option but to use what big tech provides: Their platforms, clouds, and servers, he explains in the Guardian.
Where to find the book- You can get this volume on Amazon.
The EGX30 fell 0.9% at today’s close on turnover of EGP 3.66 bn (30.6% above the 90-day average). Regional investors were net sellers. The index is up 73.3% YTD.
In the green: Abu Dhabi Islamic Bank (+3.9%), Qalaa Holding (+2.7%) and Oriental Weavers (+2.6%).
In the red: Mopco (-3.4%), CIRA Education (-3.1%) and Fawry (-3.0%).
AfCFTA could be a game changer for Egyptian industry exports — once it’s properly implemented: The African Continental Freetrade Agreement (AfCFTA) has the potential to be a boon for Egyptian export figures, particularly as African countries are promising export markets, but the agreement still needs to be implemented across the continent. Egyptian industry players Enterprise spoke with are optimistic about what the pact could mean for us here at home, but note that there are several obstacles that need to be cleared before it’s implemented, and to ensure that it has a real effect on our exports.
REFRESHER- The AfCFTA was signed in March 2018 by 44 countries with the goal of creating a pan-African single market and eventually, a single currency, alongside unobstructed movement for persons. Egypt signed the AfCFTA in 2018, but the outbreak of the Covid-19 pandemic threw a wrench in the works. To date, the agreement has 54 states that have signed the agreement, 47 of which have also ratified it. These 47 states returned to the discussion table in the past several months to resume talks on the implementation of AfCFTA and fully bringing it into force.
We have our first agreement under AfCFTA: Last month, Egypt signed a commercialagreement with Ghana on food exports, marking the first agreement under the framework of the AfCFTA.
By the numbers: Egypt exported some USD 6.3 bn worth of goods to African countries in 2022, up 14% y-o-y from the year prior. Libya was our biggest export market in 2022, accounting for USD 1.2 bn of our exports, followed by Sudan (USD 929 mn), Morocco (USD 881 mn), Algeria (USD 741 mn), Kenya (USD 356 mn), Tunisia (USD 307 mn), and Ghana (USD 238 mn). On the import side, Egypt has also been importing more from African countries, with imports coming in at USD 2.3 bn in 2022, up 15.4% y-o-y from 2021.
We could be doing better: Activating the AfCFTA and ironing out some key details could allow Egypt to bump up its export figures to Africa to USD 7.8 bn annually within three years, according to Egyptian Commercial Representation Service head Yahya Al Wathiq Billah.
Egypt has presence on the ground to boost trade: We have 14 commercial representative offices in Africa, including North African countries, with an eye to bumping up trade, industrial integration, and intra-continental trade, Al Wathiq Billah told us. AfCFTA aims to improve the competitiveness of the economies of African countries, attract investment opportunities within the continent, remove customs and non-tariff barriers and obstacles, as well as create a unified African market for goods and services.
There’s plenty of optimism — but challenges abound: The most critical aspects of the continental trade agreement for Egypt are setting a customs control framework that doesn’t create more hiccups, as well as ironing out monetary questions including how to conduct trade while accepting each country’s currency as payment, according to our sources. Central banks from across the signatory countries must work to create a payment mechanism for the continental platform, Egyptian-African Businessmen Association Chairman Yousry El Sharqawi told Enterprise. Policymakers also need to set up frameworks to link the countries’ financial systems with unified customs transactions and commodity codes, while establishing a unified accreditation body to streamline the movement of goods between countries.
And some infrastructural questions to answer, too: Africa’s transport network — particularly through river and sea transport — needs to be modernized and properly equipped to connect countries together for ease of movement, El Sharqawy noted. Perhaps more challenging, however, is customs warehousing across the continent, which will require investments and a unified framework and set of rules.
The most important lesson to apply in all this: Eliminate bureaucracy and focus on streamlining. That’s El Sharqawy’s take on the path forward with discussions, stressing that all the relevant authorities and organizations from each country need to be rowing in the same direction to create a unified system and avoid redundancies.
What’s next? Countries that have ratified the AfCFTA are now working on signing bilateral or multi-party trade agreements, some of which are only experimental or early-stage agreements, El Wathiq Billah told us. There are currently seven signatory countries waiting on parliamentary approval of their entrance into the continental pact, he said.
Your top industrial development stories for the week:
Several Chinese companies are reportedly in talks with local manufacturers and wholesalers to locally make and sell three-wheeled EVsin Egypt.
Suez Canal Economic Zone (SCZone) head Walid Gamal El Din talked with a delegation from Chinese tire maker Sailun group about potential investments in the SCZone.
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