Winter solstice

Good afternoon, ladies and gentlemen, and a very happy THURSDAY. The weekend is finally just around the corner, although we’ll all be keeping our eyes on the outcome of the Central Bank of Egypt’s monetary policy meeting later this evening.

THE BIG STORY TODAY

European consortium, international lenders sign contracts for Damietta cargo terminal II: A consortium of Hapag-Lloyd, Eurogate Terminals, Contship Italia, alongside HSBC Egypt, signed contracts today to finance development of Damietta Port’s second container terminal, according to a Transport Ministry statement.

Our friends at HSBC Egypt acted as the agent bank for the international lenders that will provide a USD 455 mn financing package for the project. The multilateral banking syndicate includes the EBRD, IFC, Asian Infrastructure Investment Bank (AIIB), development finance player Deutsche Investitions und Entwicklungsgesellschaft (DEG), and the French Development Agency’s private-sector investment arm Proparco.

What we know: The terminal will have a final capacity of 3.5 mn TEUs and it’s expected to begin operating by 2024, the ministry said previously.

THE BIG STORY ABROAD

The Houthis are still leading the conversation in the international business press this afternoon. In a televised speech, Houthi leader Abdul Malk al-Houthi warned that his forces will retaliate if the US decides to target Yemen. Their recent attacks on ships passing the Red Sea are unlikely to let up any time soon despite the US forming a maritime protection coalition entitled “Operation Prosperity Guardian” which includes Britain, Bahrain, Canada, Denmark, France, Italy, the Netherlands, Norway, Seychelles and Spain, along with the US, after cargo worth more than USD 80 bn had been rerouted around Africa to avoid the waterway. (Reuters | CNBC).

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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.

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

That’s a wrap on historic hotels sale: Talaat Moustafa Group (TMG) now officially owns a 39% stake in a group of historic hotels.
More on Ora’s mega UAE project: Sawiris-owned Ora Developers has partnered with Abu Dhabi investment firm Q Holding for a USD 10 bn real estate project in the Ghantoot area between Abu Dhabi and Dubai.
NBE is getting USD 100 mn from the EBRD: The European Bank for Reconstruction and Development (EBRD) will be granting the National Bank of Egypt (NBE) up to USD 100 mn senior unsecured loan to be on-lent to micro, small, and medium enterprises (MSMEs).

HELP GAZA-

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- We can finally expect a sunny day tomorrow with a high of 19°C coming in at midday and a low of 11°C earlier in the morning.

AI helps to solve one of art’s greatest mysteries. PLUS: Is today the winter solstice?

AI solves a two-century old mystery about Raphael’s Madonna della Rosa: The painting, depicting the Madonna (not the pop star), a baby Jesus, and infant John the Baptist with a near shadowy depiction of Joseph in the background, has been the subject of contestation from the 19th century, tells us The Guardian. Now, AI has stepped up to the task, using an algorithm made for the purpose, and uncovered that the face of Joseph was painted by another mysterious painter, but the lower section of the figure is ‘most likely’ Raphael.

The algorithm ‘studied’ 49 other Raphael paintings as practice. Developed by Hassan Ugail, professor of visual computing at the University of Bradford, he created the tech’s data set by making it study 49 undisputed Raphael paintings using a microscopic approach — looking at brushstrokes and several other minute nuances. He then tested its ability to recognise works of the master. The results? It was able to correctly identify Raphael paintings at a 98% rate of efficiency, as published in the Heritage Science Journal.

But the question still remains — who painted the face? And when? The article suggests that the painter may have emerged from the Renaissance master’s workshop. Maybe AI can come back to us in a few years and tell us who it was?

It’s winter solstice “week.” Here’s what that means. Since times immemorial, the start of winter, summer, spring and fall have been fundamental to all civilizations, marking harvests, celebrations, and piety in different cultures and traditions. Today, we measure the start and end of a season using temperature records, rather than rely on these solstices, considering the relative inaccuracy of solstices as markers of seasonable change, the National Geographic says. Tomorrow is the winter solstice, meaning it’s what is considered the first official day of winter.

Ancient Egypt was all about the solstices. Our Karnak temple was aligned with the winter solstice over 4k years ago. To us, this solstice marked the start of the germination season, when crops began to sprout and farmers resumed work in the fields after the flood season. The Egyptians also believed that Ra, the Sun God, fell ill each winter and would start to recover after the winter solstice. To celebrate Ra’s recovery, Egyptians would decorate their houses with green palm rushes.

In case you slept through geography classes: The earth’s 23.4 degree axial tilt is the reason why we get seasons, and solstices mark the two moments during the year when the planet’s “axis is tilted most closely toward the sun.” Other planets in our solar system don’t have the same features: Venus has a small axial tilt which means there's not much difference in seasonal changes whereas Mars has different variations in distance from the sun which can reflect in its intense seasonal temperatures.

Sisterhood taken to another level in Quiz Lady

? ON THE TUBE TONIGHT-
(all times CLT)

Quiz Lady is a heartfelt comedy that will make you chuckle. When their mother disappears from a senior home, sisters geeky Annie (Awkwafina) and grungy Jenny (Sandra Oh) discover that a gang had kidnapped their dog after their mother failed to pay back the money she owes them due to gambling. Stumped for a solution, they coincidentally discover a chance in The Quiz Show as Annie seems to be able to answer all their questions while watching at home.

The movie is full of 90s slapstick humor and sisterhood drama. The story ventures into many relatable comedic, self-discovery, and family angles — making the movie somewhat relatable. While the events of the film can be erratic, it does have moments of great wit and comedy. But some reviewers disagree, as some outlets believed the movie to be ‘overdoing ’ the performances to be ‘ silly ’, and a bit ‘ wobbly ’.

The chemistry between the actresses was spot on. The supporting cast who also deserve praise were Will Ferrell as Terry McTeer the Quiz TV Host, Jason Schwartzman as Ron the long-running returning champion on the show, and Holland Taylor as Francine the old neighbor.

The movie is not for all the family. It’s great for the adults to watch together for a special bonding night and some lighthearted giggles.

You can watch Quiz Lady on Disney+.

Meanwhile, Saturday’s face-off between Liverpool and Arsenal will begin shaping the top of the league, with the two teams set to hit the field at Anfield Stadium at 7:30pm. The Gunners are heading into the match while occupying the top spot with 39 points — just one point shy of the Reds. Aston Villa (in third place with 38 points) plays against Sheffield United a day before Liverpool and Arsenal go head-to-head giving Aston Villa the chance to lead the league, if only temporarily, if they beat Sheffield.

Other matches scheduled for Saturday:

West Ham vs Man United (2:30pm)
Tottenham vs Everton (5pm)
Luton vs Newcastle (5pm)
Fulham vs Burnley (5pm)
Nottingham Forest vs Bournemouth (5pm)

Don’t forget to finish setting up your fantasy teams before the cutoff point today at 8:30pm. We are also reminding you to join the Enterprise Fantasy Football League here or enter this code: abd0f7.

The battle for the top slot in LaLiga will continue tonight: Real Madrid will host Alaves at 10:30pm among the matches of gameweek 18 of the league. The Merengues occupy second place with 42 points, two points behind Girona, the league leader, who will face Real Betis at 8pm. Atletico Madrid, currently in fourth place (35 points), will host Sevilla on Saturday at 5:15pm.

The Club World Cup will end on Friday, which will mark the last time the competition is played with only seven teams. Look for Manchester City playing Brazil’s Fluminense at 8pm to determine first place, while Al Ahly will play against Japan’s Urawa to determine third and fourth place at 4:30pm.

The most important Calcio matcheshappening this weekend:

Salernitana vs Milan (Friday, 9:45pm)
Frosinone vs Juventus (Saturday, 1:30pm)
Inter Milan vs Lecce (Saturday, 7pm)
Roma vs Napoli (Saturday, 9:45pm)

Art and friendship clash in Fann by Kenoma Theater at Rawabet Art Space. Their most recent production is an Egyptian adaptation and production of renowned playwright Yasmine Reza’s Art. The play will have only three performances starting today, tomorrow, and Saturday. You can buy your tickets here.

Enter the improv world in 2024. Starting Friday, 5 January, Ramsi Lehner will be hosting a ten-class improv workshop to help you improve your public speaking skills, expand your range as an actor or performer, help you develop your standup comedy, or even just make you better at communication. The classes will take place every weekend on Fridays and Saturdays from 6:30pm to 10:00pm. Register here to claim a spot.

ART-

See the tale of three women through art at the A Tale of an Ethereal City exhibition by Khadiga Abou Hussien in collaboration with Rasha Arous & Sara Kouedi at Bibliothek Art Gallery. The exhibition opened its doors last Saturday and will continue until Tuesday, 2 January from 7-10pm.

MUSIC-

Warm up your vocal chords, gang. Karaoke Night is back at ROOM Art Space and Cafe. ROOM’s doors are open every Tuesday through to 27 February 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.

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 this 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.

SPORTS-

Double Dribble Leagues is for the guys and gals who play ball. Time to dust off your basketball and jersey and head over to Maadi Sporting Club to watch this season of the Double Dribble league that focuses on adult men, women and mixed-team basketball games. The season’s games are on every Friday and end on Saturday, 23 February 2024. Click here for more details.

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.

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. Their Christmas 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 tomorrow 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-

Catch a GFF film in Downtown: El Gouna Film Festival’s program continues today with a curated selection of films showing at Downtown’s Zawya cinema.

Zawya cinema will be screening five movies for the late director Ali Badrakhan until next Tuesday, 26 December. You can check out the schedule 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.

Get your thinking cap on with Philosophize This, an educational podcast that covers different theories, modern philosophical questions, philosophers, and fresh takes on current issues. It is hosted solely by Stephen West without any guest speaker — which may not be a bad thing as some of us prefer to focus on one voice. The episode lasts from 35-45 minutes.

The podcast covers a wide range of philosophical topics, from ancient Greek philosophical conundrums, to modern thinkers like Nietzsche and Foucault. West skillfully weaves together historical context, key ideas, and critical analysis into his episodes to keep listeners engaged.

The episode usually starts with a question about a certain topic and then he takes it from there: His step-by-step approach makes the podcast episodes easy to follow and likely to keep the information inside our heads. Whether you have some background or not, the podcast will tickle your brain.

He also delivers the topics with a tone of enthusiasm and sense of humor, alongside integrating catchy anecdotes to make the complicated topics easily digested.

WHERE TO LISTEN- You can listen to Philosophize This on Spotify, Apple Podcasts and Anghami.

What the markets are doing on 21 December, 2023

The EGX30 fell 2.1% at today’s close on turnover of EGP 3.7 bn (14.1% above the 90-day average). Local investors were net sellers. The index is up 66.5% YTD.

In the green: Alexandria Containers and Goods (+4.7%), Mopco (+1.7%).

In the red: Credit Agricole (-5.7%), Egypt Kuwait Holding (-5.1%) and Palm Hills Development (-5.1%).

The decades-long correlation between fashion and the economy

Over the course of history, fashion and economic conditions have proven to be inextricably linked. Aside from its role as carrier of societal and cultural mores, trends and preferences, fashion is typically also a means of reflecting the economic wealth (or downturn) associated with any given time period, with fashion designers and consumers alike responding with the movements of the economy.

Remember those luxurious fabrics of the Renaissance and the extravagant flapper dresses of the Roaring Twenties? Each of these were a sign of the times. In fact, post-World War II France, Christian Dior introduced the New Look — a fashion statement that bit back at the modesty and simplicity of the age that has passed and used layers upon layers of fabrics, to symbolize luxury after a period of fabric rationing.

Then there was the indie sleaze era, emerging as a result of the economic crisis of 2008.It picked up the previous Indie rock movement and proliferated mixed fabrics, messy hair, and a look of undoneness — like going through your parents’ 70s and 80s closet and throwing on a pair of your jeans because, well, you couldn’t afford to shop for new clothes. This example suggests that every fashion trend carries subtle nuances that tell the story of the prevalent economic climate: “When times are drab, maximalism seems to be the standard response,” ELLE Fashion Features Director Veronica Hyland told GQ.

Today, we are experiencing a fashion period dubbed “Recession Core,” with long skirts, vests, blazers — basic pieces accompanied with simple patterns and neutral colors. The current season’s silhouettes, basic color palettes and minimalistic approach take inspiration from past decades, and effectively impact the present, particularly through the Hemline Index, which posits that there’s a connection between the economy and the popular length of a skirt during that period.

Hemline… what? Stay with us here: During times of prosperity, hemlines tend to get shorter and micro skirts are everywhere. When there is a crisis (you guessed it), down goes the hemline, and maxi skirts are back. For example, hemlines rose in the 1920s as the stock market surged but fell during the Great Depression.

High net worth individuals are also consistentin their luxury spending habits:While some individuals who typically shop for more affordable brands tend to reduce their spending and only purchase high-quality items to replace those that have been lost or damaged, which in the long run are affecting emerging or newly-emerged designers in the market, suggests Julius Baer’s Global Wealth and Lifestyle Report.

The fashion industry, like others, is facing some tough times. Global economic and political headwinds have impacted the fashion industry, too, British Fashion Council CEO Caroline Rush said, according to Vogue. The war in Ukraine, the rising cost of living, decreasing consumer confidence, and currency devaluations have caused smaller or emerging brands to struggle to expand their businesses. This lack of growth leads to reduced brand exposure and sales, which are critical to keep these businesses afloat, Rush noted.

THE ENTERPRISE ENTERTAINMENT CALENDAR

DECEMBER

10-26 December (Sunday-Tuesday): Ali Badrakhan’s cinema at Zawya Cinema.

14-21 December (Thursday-Thursday): Gouna Film Festival (GFF), Gouna.

19-20 December (Tuesday-Wednesday): How Did We Get Here: Conversations about Palestine at ThatReallyCoolStudio.

21 December (Thursday): Art staged performance by Yasmina Riza at Rawabet Art Space.

22-23 December (Friday-Saturday): Family Fun Fest by Kult Creative at the National Museum of Egyptian Civilization.

22 December (Friday): The Christmas Show by Gaby Bishara at Theatro Arkan.

22 December (Friday): Tamer Ashour Live Concert at Dandy Mall.

22 December (Friday): The High Five Stand Up Comedy Show at The Marquee, CFC.

22-23 December (Friday-Saturday): The Garden Market, Christmas Edition at Merryland Park.

22-23 December (Friday-Saturday): LA Winter Vibes Market at the Egyptian International Exhibition Center.

23 December (Saturday): Pyramids Half Marathon by The TriFactory.

23 December (Saturday): The Cairo Symphony Orchestra’s concert at Cairo Opera House.

24 December (Sunday): Christmas Eve at Villa Belle Époque.

25 December (Monday): Walt Disney concert at Cairo Opera House.

25 December (Monday): Christmas Dinner at Kazoku.

26-30 December (Tuesday-Saturday): The Nutcracker at Cairo Opera House.

31 December (Sunday): The Cairo Symphony Orchestra New Year’s Eve concert at Cairo Opera House.

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

5 January-2 February (Friday-Friday): Intro to Improv with Ramsi Lehner.

7 January (Sunday): Coptic Christmas.

25 January (Thursday): Revolution Day.

26 January-6 February (Friday-Tuesday): Cairo International Book Fair.

MARCH

1 March (Friday): Cairo Half Marathon by Cairo Runners.

11-12 March (Monday-Tuesday): Creative Industry Summit.

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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Today at a glance

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AI helps to solve one of art’s greatest mysteries. PLUS: Is today the winter solstice?

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Sisterhood taken to another level in Quiz Lady

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This publication is proudly sponsored by

What the markets are doing on 21 December, 2023

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The decades-long correlation between fashion and the economy

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