Good afternoon friends, and happy almost-Thursday. We have a reasonably paced news day on our hands after the ballots closed yesterday in our presidential elections last night, and before we start the inevitable slide into the end-of-year slowdown.
THE BIG STORY TODAY
B Investments submits MTO for OFH: B Investments has submitted a mandatory tender offer (MTO) to acquire up to 90% of Orascom Financial Holding (OFH), B Investments said in a disclosure to the bourse (pdf) today. The acquisition would see the EGX-listed private equity firm acquire the stake in OFH via a share swap agreement.
Background: OFH’s majority shareholder OTMT Acquisition and minority shareholder Orascom TMT Investments have agreed to sell their combined 51.72% stake in the company.
THE BIG STORY ABROAD
COP28’s tumultuous end took over headlines in the international press today. After the summit was extended by one day due to backlash over the too-lax wording of a draft agreement that circulated on Monday, talks have finally come to a close. A new agreement was settled on that managed to keep both the nations pushing for curbing fossil fuel use, and top oil producers like Saudi Arabia, satisfied.
Bye bye fossil fuels? The final agreement calls for a transition away from fossil fuels in an attempt to reach global net zero emissions by 2050. Although mended, several small island nations still aren’t happy with the outcome, wanting more binding language in the text. (Bloomberg | Financial Times | Washington Post | Reuters | Wall Street Journal)
COME WORK FOR OUR ADVISORY ARM- Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell the stories of exciting companies. Enterprise Advisory is the region’s leading investor relations advisory company and works on investor and strategic communications issues that take you deep inside the c-suite. Our clients are in Egypt, Saudi Arabia, the UAE, and beyond. Egyptian and foreign nationals alike are welcome to apply, but native-level verbal and written English fluency is a must.
WHO YOU ARE- We're looking for gifted storytellers with a minimum of four years of work experience in investor relations, finance, banking, economics, or a related field to develop cutting-edge products and maintain relationships with a portfolio of clients. Candidates should have a bachelor's degree or higher in finance, accounting, economics, business administration, or a related discipline. We're looking for someone whose passion for storytelling is matched with strong analytical and problem-solving skills, as well as the ability to interpret and present financial data — with a keen eye for details and accuracy.
INTERESTED IN APPLYING? To apply for the position, drop us a line at jobs@enterprisemea.com and mention “Enterprise Advisory” in your subject line. Please send a solid cover letter telling us a bit about who you are and why you’re a good fit for our team. We want to see your CV, but the most important thing is a cover letter that makes us want to pick up the phone and give you a call.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
Election vote count begins as polls close: The National Elections Authority (NEA) has begun to count the ballots in this week’s presidential election, it said in a presser yesterday as polls across the country prepared to close following three days of voting.
An EBRD hat-trick: The European Bank for Reconstruction and Development (EBRD) is loosening its purse strings with an approved USD 50 mn loan to Elsewedy’s United Metals Company and two loans in the pipeline worth a combined USD 35 mn for aiBank.
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 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.
☀️ TOMORROW’S WEATHER- A sunnier day with the mercury rising to 24°C and dropping to cooler 16°C in the evening, according to our favorite weather app.
André Braugher, who is best known for playing Captain Raymond Holt in the comedy series Brooklyn Nine-Nine, has passed away. Braugher was an actor who peppered his portfolio with comedies, but was a powerhouse in big-ticket dramas like Thief, for which he won an Emmy, and Salem’s Lot, based on a bestselling novel by Stephen King, and a rendition of Shakespeare’s Othello. Since 1998, he has been nominated for 11 Emmys for his work, and won twice. He served on the board of the Classical Theatre of Harlem, to which die-hard fans can donate in his memory.
We’re getting closer to a humanoid AI brain:In a study at the University of Indiana Bloomington they’ve constructed a hybrid biocomputer that combines lab-grown human brain tissue from stem cells, called organoids, with electronic circuits to create “Brainoware.” The hybrid demonstrated capabilities not only in processing, learning, and memory retention but also showcased basic skills in speech recognition, Neuroscience news reports.
What does it mean? These findings build “a bridge between AI and organoids” as well as biocomputer models that could potentially facilitate research into neurological disorders like Alzheimer’s, study co-author Feng Guo tells Nature. It also opens the door to replacing animal models in research for more test treatments.
How could Brainoware impact AI’s development? For starters, it could speed up the process of acquiring knowledge, as our brains use 20 watts as opposed to AI hardware, which consumes a whopping 8 mn watts, which are used to power artificial neural networks (ANN) that go through large datasets using silicon computing chips. Another power is that the brain also takes in information from a lot of data using a limited amount of training thanks to “neuronal plasticity [the ability of the brain to change from one activity and the next in response to stimulus] and neurogenesis [how new neurons are formed in the brain]”, the researchers said in an article published in Nature.
But organoids are hard to keep alive: “The cells must be grown and maintained in incubators, something that will be harder the bigger the organoids get. And more complex tasks will demand larger brains,” says Lena Smirnova, a developmental neuroscientist at John Hopkins University.
How does Brainoware work: The process sets up connections between brain tissue and electric circuits by putting an organoid on a plate with many electrodes. Using a machine-learning algorithm, the electrodes interprets the organoid’s reactions to information and connect it to an AI tool to collate the data retrieved. The breakthrough was that Brainoware successfully identified speakers in voice recordings with 78% accuracy after practicing listening to the data sets several times and the AI tool recording it.
What’s next? Maintaining stability and reliability of the organoids in order for it to function in advanced tasks as well as incorporation into AI computing systems based on silicon microchips.
Do you think you’d survive playing a video game in real life? In Guns Akimbo, Miles (Daniel Radcliffe), a coding drone and video game developer addicted to being online, is forced to confront this question when he is violently thrust into the world of Skizm.
Skizm is an underground fight club that pits random “weirdos and criminals” against each other in a fight to the death while spectators watch online. Miles gets into an online argument on the Skizm platform, prompting management to kick down his door and bolt guns to his hands, making him a participant.
The movie (watch trailer, runtime 2:30) highlights the safety chronically-online people take advantage of behind the keyboard. It may have worked better if it had taken itself a little more seriously, as at one point it becomes the very thing it satirizes.
Note- It isn’t exactly a subtle commentary on the rise of desensitization online, but gamers with self-insert fantasies might get a kick out of it (or a reality check).
WHERE TO WATCH- Guns Akimbo is available to stream on Apple TV+ and Shahid.
Related
⚽Who will make the cut to qualify to the Champions League round of 16 and who will step down to the Europa League runners-up, Part 2: European clubs participating in the Champions League decide their fate today: Either ascending to the round of 16, shimmying over to the Europa League, or saying goodbye to the championship altogether and returning to play matches at home.
Group E- Atletico Madrid to play Lazio and Celtic to take on Feyenoord at 10pm tonight.
The two top teams emerging from the matches are assured qualification and each are looking to rise to the top of the group.Feyenoord’s arrival in the Europa League play-offs and Celtic’s departure from the UEFA Championship have been confirmed from the last round weeks ago.
Rankings: Atletico is in the lead with 11 points, followed by Lazio with 10 points, Feyenoord with 6 points, while Celtic is dead last with 1 point.
Group F- Dortmund will play host to Paris Saint-Germain and Newcastle faces Milan, both at 10pm.
Dortmund is the only team in the group of death guaranteed a qualification card to the next round, while all possibilities are still open for the other three teams.
Ranking: Dortmund occupy the top of the Group with 10 points, while Paris Saint-Germain has 7 points, Newcastle has 5 points and Milan, with a meager 5 points, is trailing behind.
Group G- Man City is the guest of the Serbian Crvena zvezda. Meanwhile, Leipzig plays Young Boys — watch all the teams fight it out at 7:45pm.
Here the situation is clearer: City will qualify at the top of the group, with Leipzig in second place. However, the European playoff card looks closer to Young Boys, as Crvena should beat Manchester City and wait for Young Boys to lose to qualify.
Ranking: Man City with the full mark is in the lead with 15 points, behind it are Leipzig with 9 points, young boys with 4 points and Crvena with 1 point.
Group H: Barcelona is a guest of Antwerp, Porto is facing Shakhtar Donetsk and both matches kick off at 10pm.
The Catalan giant has already qualified for the next round, but aspires to increase its score of points to ensure the lead. As for Porto and Shakhtar, one of them can still catch up with Barcelona in case of a win, while a draw will be in Porto’s favor. Antwerp, however, has no luck at all.
Ranking: Barcelona is in the lead with 12 points, followed by Porto with 9 points and Shakhtar Donetsk with 9 points, while Antwerp trails behind without points.
Related
? EAT THIS TONIGHT-
Dippy’s, located in Leven Square Mall, knows what it’s good at: Fried chicken. With no overwhelmingly large menu, your options are simple but varied enough. You have the choice of a bunch of fried goodness (chicken or buffalo strips, onion rings, and plain or different types of loaded fries), meal boxes, and sandwiches.
We’d personally go for the buffalo strips, which come smothered in spicy buffalo sauce with crisp skin and tender meat. They reminded us of Roufy’s version of the classic but with a bit more crunch. The regular fried chicken is a good option too, but stay away if you can’t handle some heat.
True to their name, they have a few sauce options. Our favorite is the Dippy’s sauce or the honey mustard but you can also get peri peri, cheese sauce, tasty sauce, smokey moky, and ranch (perfect to cool down the spiciness).
Love Popeye’s? Their box meals remind us of the world famous chicken joint where you can pair your fried chicken with bread, fries, and coleslaw. But make sure to bring your appetite because the whole menu is filling.
We weren’t crazy about the drinks. The spot offers a bunch of funky drink options but none of them hit the spot and were, frankly, too sweet especially when paired with such a dense meal. They do come in fun packaging and interesting flavors though so we wouldn't blame you if you still wanted to try them.
Related
? OUT AND ABOUT- (all times CLT)
ART-
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.
Warm up your vocal chords, gang. Karaoke Night is back at ROOM Art Space and Cafe. ROOM’s doors are open every Tuesday for you and your friends to belt out your favorite tunes, starting at 8pm and ending at 10pm. You can reserve your spot here. Keep in mind that the entry fee is accompanied by an EGP 50 minimum order per person.
Celebrate one of the all-time greats at yet another event at ROOM Art Space and Cafe in Garden City. The venue’s doors will open at 7:30 on Saturday, 16 December, giving you a half hour to settle in before the Fairouz Tribute Night begins. The music will be provided by the Michael Onsy Ensemble band, and Batoul El Abd will be delivering the golden vocals. Tickets are priced at EGP 200, and don’t include the price of the mandatory one-order minimum per person.
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.
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.
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.
The orchestra will also put on another concert on Sunday, 31 December celebrating New Year’s Eve. Click here to book your ticket.
CHRISTMAS EVENTS-
Get into the Christmas spirit with these festive events all around the capital.
Want to sit back and enjoy some Christmasy tunes? Arkan Plaza has you covered. TheirChristmas Show, put together by Gaby Bishara, will bring you the smooth sounds of Louis Armstrong and Ol’ Blue Eyes himself in a blend of your favorite jazz tunes and classic Christmas tracks. Clear your schedule on Friday, 22 December to head on over.
Kazoku is hosting a Christmas Dinner on Monday, 25 December, in celebration of this festive season. Head on over at 9pm and enjoy the great food we’ve come to expect. Mira Cassisseya will be performing throughout the evening. Interested? You can find more information in the link provided above.
Looking for something a bit more intimate? Villa Belle Époque cordially invites you to dinner on Christmas Eve Sunday, 24 December. Live entertainment and a five course dinner… What more could you ask Santa for? Don’t forget to reserve ahead of time.
The classic Christmas staple The Nutcracker Ballet will be performed at the Cairo Opera House by the Cairo Opera Ballet Company everyday starting 26 December up until the 30th.
FILM-
Zawya cinema will be screening five movies for the late director Ali Badrakhan until Tuesday, 26 December. You can know more about the schedule from here.
Eins Christmas Bazaar is bringing you some handmade goodies, kicking off this past Friday and continuing until Sunday, 1 January, 2024. The bazaar is being held at the Gallery, in Maadi.
THEATER-
What is Goha up to now? Relive the good old days with the ACT Theater Group. The group, which consists of AUC theater alumni, is reintroducing tales of Goha’s (mis)adventures into circulation, alongside other folktales of yore. Adults can bask in nostalgia, and younger ones can connect with their cultural heritage. Register for the shows on Friday, 15 and Saturday, 16 December here.
Investigation, or Tahqeeq, is bringing interactive theater to its audience. Help the writer and characters solve a mystery that is revealed on the day of the performance. This unscripted, improvised performance will be playing in Rawabet on Thursday, 14 December and Friday, 15 December, starting at 8pm. If you got your tickets, consider yourselves lucky, the show is sold out.
EVENTS-
Future Energy Corporation CEO Sherif Abdelmessih will be hosting a book signing event for his latest book Super Vision. The event will be held tonight at Bibliothek Egypt.
SPORTS-
The Cairo Half Marathon is taking place in a few months: Mark your calendars for Friday, 1 March and start stretching. Cairo Runners is bringing back a fan favorite, offering the same distances as The TriFactory. Tickets are available until 27 February, giving you ample time to convince seven of your friends to join, which will get a 10% reduction in price when you register.
Related
? UNDER THE LAMPLIGHT-
It wasn’t just Samuel Johnson who contributed to the Oxford English Dictionary: in her book, TheDictionary People: The Unsung Heroes Who Created the Oxford English Dictionary, author Sarah Ogilvie is passionate about unveiling the unsung heroes who contributed to its creation, revealing a wide range of characters responsible for the final product: Murderers and even the daughter of Karl Marx made the cut alongside ordinary laymen.
First proposed as “an historical monument, the history of a nation contemplated from one point of view,” the OED would be set apart from its counterparts by including current and archaic words, high blown and vulgar, and their etymology over history with supporting evidence for their usage. This is where the public was brought in to complete the 50 year long project.
Curious as they may be, these contributors helped shape how we read, write, and speak, for the past 70 years. Ogilvie calls it a “crowdsourcing endeavor,” likening it to the “Wikipedia of its time,” so it’s only right that we identify who played a role in the usage of words as we know them.
Research and dedication: Ogilvie clearly put in a lot of work compiling the information in her book, and she does a great job of relaying it in an approachable manner. Her genuine interest and enthusiasm in the topic is clear from the very beginning, which makes the text more engaging.
The chapter breakdown is a little haphazard though. There are 26 in total, one for each letter of the alphabet, which is admittedly a clever categorization, but at times it seems that she would try to cater or conform her story to the designated letter of the chapter. At times, this can make it so that the writing isn’t super cohesive, but it is interesting nonetheless.
The EGX30 rose 2.9% at today’s close on turnover of EGP 4.3 bn (36.5% above the 90-day average). Local investors were net sellers. The index is up 69.7% YTD.
In the green: Mopco (+20.0%), Sidpec (+9.2%) and Abu Qir Fertilizers (+8.6%).
In the red: Fawry (-1.5%), Egypt Kuwait Holding (-0.3%) and Credit Agricole (-0.2%).
Egypt Edition 
MENA+ Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridors 
Logistics (MENA) 
Climate (MENA) 
Share Issue
