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Sunday, 14 Jan 2024

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Inside Industry
Enterprise Entertainment Calendar

Tech layoffs

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Today at a glance

1

The Big Stories Today

Egypt could issue bonds in local currencies in BRICS’ NDB. PLUS: Chevron to start production in Nargis gas field in 2025.
2

INSIDE INDUSTRY

Manufacturing is in the crosshairs for El Sisi’s third term.
3

FOR YOUR COMMUTE

Some new gadgets from CES 2024.
4

ON THE TUBE TONIGHT

Society of Snow retells a painful true-story of survival.
5

Sports

Pharaohs play Mozambique in Afcon tonight.
6

Ears to the Ground

Get your zen in check with Meditative Story.

Sunday, 14 Jan 2024

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Inside Industry
Enterprise Entertainment Calendar
1

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Local currency bond issuance in BRICS countries could be coming soon. PLUS: Chevron to start production in Nargis gas field next year?

Good afternoon, folks and welcome to the first full week of 2024. Our news cycle is picking up in what looks like a busy week.

THE BIG STORIES TODAY

#1- Local currency bond issuances in BRICS countries on the horizon:Egypt is aiming to issue bonds in the local currencies of countries in the New Development Bank (NDB), according to a statement from Finance Minister Mohamed Maait. Founded by Brazil, Russia, India, China and South Africa (BRICS), the NDB has expanded to include Egypt as of last April, as well as the UAE and Bangladesh.

Remember: Egypt is planning to make an INR-denominated issuance in India in 2024, Maait said last month. Egypt has been looking to issue local currency bonds abroad as global inflation and currency uncertainty has all but shut the country out of USD denominated bonds. Egypt closed a CNY 3.5 bn issuance in China and a JPY 75 bn issuance in Japan last fall.

#2- Chevron to kick off production in Nargis next year: US energy giant Chevron will reportedlystart producing gas from Egypt’s offshore Nargis gas field in 1H 2025, Asharq Business quotes an unnamed government official as saying. Chevron will initially produce some 600 mn cubic feet (cf) during the first phase of production, with production expected to jump to 1 bn cf within two years of operation, the source added.

ICYMI- Chevron will reportedly invest USD 3 bn through 2025 to develop the Nargis gasfield, according to unconfirmed reports. The field holds an estimated 2.5 tn cf of gas

THE BIG STORY ABROAD

Dominating the international press today is Donald Trump’s staggering lead in the Iowa polls ahead of the caucuses tomorrow. Leading with 48% ahead of Nikki Haley’s 20% and Ron DeSantis’ 16%, the former US president looks to be well-positioned for the Republican nomination, although DeSantis is still hoping for a turnover in Iowa to help him move up the ranks. Over in New Hampshire, Haley is doing a little better but still trailing behind Trump by 14 points. With expected severe weather coming up in Iowa, it’s unclear how many voters will make it out to the caucus with campaign events being canceled ahead of the event. Meanwhile, Trump is spending time in courtrooms to defend himself against allegations of real estate fraud and attempting illegal means of retaining power after losing the 2022 election. (Bloomberg | Financial Times | Reuters | Washington Post | Wall Street Journal)

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

  • Unlocking a larger IMF package is “critical” for the success of Egypt’s loan program, the international lender’s director of communications said.
  • ADQ invests big in historic hotels: Abu Dhabi wealth fund ADQ and its subsidiary Adnec Group will take part-ownership of several luxury Egyptian hotels after it signed an agreement to acquire 40.5% of Icon, the hospitality arm of Talaat Moustafa Group (TMG), through a capital increase.
  • Tensions in the Red Sea spill over into conflict: The US and the UK with support from Australia, Canada, the Netherland, and Bahrain carried out air strikes on Houthi facilities across Yemen on Thursday after repeated attacks by Houthi fighters on commercial vessels crossing the Red Sea in recent weeks.

enterprise

*** 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 break down the government’s plans to develop Egypt’s manufacturing activity during President Abdel Fattah El Sisi’s third presidential term.

☀️ TOMORROW’S WEATHER- Expect another sunny day tomorrow with a high of 19°C during the day and a low of 11°C coming in later in the evening, according to our favorite weather app.

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2

FOR YOUR COMMUTE

Looks like AI is knocking out jobs in the tech industry. PLUS: CES tech trade show has a lot of gadgets up its sleeve

A recap of the AI boom: 2023 saw more than 25% of all of the US venture funding investments channeled into AI-related companies, rising from 12% of funding from 2018-2022. The rise of large language models (LLMs) and their generative AI capabilities has Goldman Sachs predicting global investments in AI to reach USD 200 bn by next year, with AI-related investments expected to peak at 1.5-2.5% of GDP in countries that are “major AI leaders” in the long term.

While these USD bn companies have asserted that not all the layoffs are directly linked to AI replacing workers, most of the job cuts — clocking in at over 7.5k as of this morning, just two weeks into 2024 — came hot on the heels of the disclosures of major investments into AI by those same companies.

Could you be next? The full extent of AI’s impact on the labor market is still unfolding, but generative AI is expected to negatively affect hundreds of mns of jobs around the world, mostly those of white collar workers. Goldman Sachs expects the impact of “computerizing” jobs to be more acute in advanced economies than in emerging markets.Women are also expected to bear the brunt — nearly 80% of US women’s jobs could be disrupted by AI, compared to 58% of men’s jobs that are thought to be at risk.

Keeping a close eye: Last year, we saw the EU and the US make legislative headway to regulate the development and use of AI. This year, we may see a response in a similar vein to the layoffs plaguing Silicon Valley. According to CNN, dozens of lawmakers have already officially submitted letters to US Labor Secretary Julie Su urging the Labor Department to pay close attention to the ongoing mass layoffs.

CES 2024 could have a gadget that you didn’t know you needed. The annual Consumer Electronics Show (CES) wrapped up last week but not without some brilliant — and many bizarre — gadgets that are currently being sold, or will hit the market soon. If you were looking to upgrade your gadget game, here are our picks from the new lineup on display from the trade show.

#1- Clicks is for iPhone14 Pro, 15 Pro, or 15 Pro Max users who have vintage telephone ringtones and can’t quite rage-type on a touchscreen. Clicks is a phone case that comes with a physical QWERTY keyboard that sticks out at the bottom and frees up space on your screen by getting rid of the virtual keyboard — until you get bored of typing and want it back.

COST- USD 139-159

#2- Terra Earbuds are an over-ear bone conduction buds with benefits — an activity tracker with AI that can build a tailored exercise program to make sure you stick to your new year’s resolutions as it pushes you to finish that last lap or rep.

COST-USD 300 (or USD 200 with code HFPRE1 for preorder)

Pet tech was a theme this year, with several items on display that can help you care for and monitor your furry friends better.

#1- Invoxia Minitailz Smart Dog Collar tracks your pet’s health through checking their respiratory and heart vitals, atrial fibrillation, and detection of anomalies, while also including GPS tracking just in case they ever lose their way. The collar is currently focused on dogs but will release the cat version in March.

COST-USD 99

#2- The Ilume Dog Wellbeing Smart Suite comes with a whole kit that will log your pet’s weight and activity levels to recommend a specific calorie intake without you having to measure, because the smart bowl does it for you (obviously).

COST-USD 299-399

#3- The RCA Cat & Dog Pet Feeder is an automatic feeder that you can schedule or put to work through the app, or using Google Assistant and Alexa. You have the option of getting it with a 1080p camera or without.

COST-USD 80-100

And then a couple of oddballs made the list…

#1- The Kohler PureWash E930 Bidet Seat is the most high tech “shatafa” on the scene, with voice controls to change the temperature, activate a heated seat, air dryer, and a motion-activated cover. There is also a remote, but where’s the fun in that?

COST-USD 1290

#2- Segway Go Kart Pro 2, which appears to be the transformer of Segways. First, it’s a standard Go Kart that can go up to 43km/h. You can separate the back and turn it into a hoverboard (cue Back to the Future teenage fantasies), or — the most exciting of all — you can use it as a racing sim for your TV. We’re not sure who the target audience is on this one, but we sure hope they have medical ins.

COST- USD 2.3k

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3

ENTERPRISE RECOMMENDS

Society of Snow retells the story of the plane crash survivors who resorted to cannibalism to survive

? ON THE TUBE TONIGHT-
(all times CLT)

A chilling retelling of the 1972 Andes plane crash in Society of the Snow: The movie is based on the true events of the plane crash that carried the Uruguayan rugby team as well as their family and friends to Santiago, Chile for an exhibition game in 1972.

This is a story of survival and a modern take after the 1993 version Alive. On October 13, 1972, a plane from Uruguay en route to Santiago, Chile crashed in the Andes with 45 passengers onboard, including the Old Christians rugby team and their families, friends, and supporters. When rescuers arrived 72 days later, only 16 had survived. Their survival relied on faith, union, morality, and the survival of the fittest — the ones who did survive resorted to cannibalism.

If you’re a nervous flier, we wouldn't advise watching it. Aside from that, the gruesome realities of survival and the empathy you build for each character will move you. News outlets were quick to praise the movie, saying that it filled the gaps that the 1993 film missed and calling it a more “ gripping take ” and “ nerve-shredding ” since it provided more details on each passenger’s fate, including names, relations, and occupation.

WHERE TO WATCH IT- You can watch Society of the Snow on Netflix.

⚽ The Pharaohs in Afcon: The Egyptian national team will begin their journey in the African Cup of Nations when they play Mozambique at 7pm tonight to kick off the group stage competition. Our team is keen to bring the cup back home for the first time in 14 years, particularly after coming within arm’s reach in 2017, before losing the final to Cameroon, and again to 2021, when Senegal beat us in the final.

Other matches today: Ghana will take on Cape Verde as part of Egypt’s Group B at 10pm, while Nigeria and Equatorial Guinea are playing at 4pm in Group A.

Man U and Tottenham kick off gameweek 21 of the Premier League at 6:30 pm. The Red Devils are in ninth place with 31 points and only one victory over the last five games. On the other hand, the Spurs have lost only one game in the last five matches and have held their position in fifth place with 39 points. Finally, Everton will be playing with Aston Villa at 4pm.

Supercopa de España final on Saudi soil: For the first time, Al Awwal Stadium in Riyadh will host the anticipated Spanish Super Cup final between Real Madrid and FC Barcelona at 9pm. The Merengues qualified for the final after eliminating Atletico Madrid with a 5-3 victory, while the Blaugranes sealed their qualification with a victory over Osasuna. FC Barcelona is the historical champion of the Supercopa with 14 titles, while Real Madrid has won the title 12 times.

Another slew of matches to catch from the European Leagues today:

  • UD Almeria vs Girona FC (La Liga, 3pm)
  • Cadiz CF vs Valencia CF (La Liga, 5:15pm)
  • AC Milan vs AS Roma (Serie A, 9:45pm)
  • Paris Saint-Germain vs RC Lens (Ligue 1, 9:45pm)

? OUT AND ABOUT-
(all times CLT)

ART-

Picasso Art Gallery has opened its doors to solo exhibitionist Hicham Rahma. Each of his paintings will exhibit “mixed tales with rich folkloric elements” with “magical strangeness and astonishing interaction”. This exhibition will open tonight at 7pm and will continue to be available for the public daily from 11 AM to 9 PM, except for Sundays, until Friday, 2 February. Click here for more information.

Practice your knitting and needling skills at a crochet workshop at the Monalisa ArtStudio. This three-hour course will teach you all the fundamentals from basic stitching shapes to making scarves. The course will be taking place every Saturday and Wednesday until Wednesday, 28 February from 1-4pm. Check out their Facebook page for more information.

Get ready, aspiring photographers: The Fujifilm festival starts on Thursday, 1 February, and ends on Sunday, 4 February. You’ll have four full days of activities, meetups, and talks, as well as a photography contest and an exhibition that you can partake in. You can bring your camera along to get a gratuitous CMOS and lens cleaning and check out the GFX 100 ii Studio on-site. Fujifilm X-Photographers and creators will be there too — don’t miss out on the networking potential. Check out their Facebook page for more information.

BOOKS-

The Cairo International Book Fair is starting on Wednesday, 24 January until Tuesday, 6 February. The event will be open to the general public on 25 January from 10am to 2pm, except Friday and Saturday, when their doors will close at 9pm. The fair will be in the Egyptian Center for Fairs and Conferences in the Fifth Settlement, New Cairo.

MUSIC-

Warm up your vocal cords, 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.

Soothe your ears with the sound of harmonious music at the Harp classic concert with Manal Mohei Eldin on the string quartet playing pieces by Mozart and Boïeldieu. The performance will also feature Huda Abde Elazim on the flute as the guest of honor. This is a one-day concert at Cairo Opera House’s small theater on Sunday, 21 January from 8pm. Reserve your seats here.

The Cairo Opera House is reserving its Main Hall for a Rageh Daoud homage concert next Sunday, 21 January. The concert will be conducted under the tutelage of Maestro Ahmed Farag, and will kick off at 8pm. Before you book your tickets, note that there is a strict black-tie dress code for the night. Gentlemen, that means a full suit, tie included.

Brooklyn Babies are bringing Lana del Rey to Cairo. The tribute band will perform at El SawyCulturewheel on Thursday, 25 January from 7-9pm. Click here to book your tickets.

Hamza Namira will be dropping his album at a concert hosted by ZED park on Friday, 9 February at 8pm. The park’s gates will open at 2pm but the concert gates will open later at 6pm. You can get your tickets here, with the option of regular standing, VIP standing, or VIP seated.

FILM-

The Panorama of European Film is back. The annual awaited event for film lovers is running from Thursday, 11 January to Saturday, 20 January. Films will be screened at Zawya, Cima Arkan, Point 90, and Zamalek Cinema. You can find the schedule as well as other important information here.

Henedy hive, rise up. Cairo Jazz Club 610 is hosting a watch party dedicated to comedy icon Mohamed Henedy on Monday, 15 January. The double bill will feature Se3eedi Fi El Gam3a El Amrikeyya and Hamam Fi Amsterdam. Message CJC between 12-8pm anyday to secure your seats.

FOOD-

Villa Belle Epoque wants to keep you warm this winter with their cheese fondue brunch every Monday and Wednesday until 28 February from 2-6pm. The meal is reservation only and click here to find out how to book your spot.

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.

? EARS TO THE GROUND-

Meditative Story is a podcast that entwines relaxation, inspiration, and grounding.Hosted by Rohan Gunatillake, the author of Modern Mindfulness, the podcast invites guests from various industries and career paths to share stories that impacted them.

People from all walks of life speak on the podcast:Authors, Emmy-awarded journalists, and activists are some of the people who have shared their fears and anxieties, limiting beliefs, and the quest for inner peace and happiness while connecting to greater meaning. Doing so against a background of music that aids mindfulness and a sort of serenity we could all use on a busy day.

The different episodes are relatable, engaging, and a potent reminder that we are all — in one way or another — connected by our shared humanity, no matter the perceived differences we may get caught up in.

You can listen to the podcast on Apple Podcasts, and Spotify.

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This publication is proudly sponsored by

4

GO WITH THE FLOW

What the markets are doing on 14 January, 2024

The EGX30 rose 1.8% at today’s close on turnover of EGP 4 bn (18.2% above the 90-day average). Local investors were net sellers. The index is up 4.3% YTD.

In the green: Credit Agricole (+6.4%), TMG Holding (+6.0%) and Mopco (+5.0%).

In the red: B Investments (-1.8%).

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Our weekly look at the issues, trends, and policies that are shaping Egypt's manufacturing industries.

Published every Sunday in EnterprisePM.

Read Inside Industry
5

INSIDE INDUSTRY

Recapping Egypt’s manufacturing development strategy through to 2030

Egypt has big manufacturing ambitions for El Sisi’s third term: The Madbouly government is looking to localize more manufacturing to drive more exports, with plans to set up more industrial zones for Egyptian industry during the coming six-year period. These plans are all part of a strategy to cut down on Egypt’s FX-heavy import bill, according to the Cabinet Information and Decision Support Center’s recently released report (pdf) outlining the government’s economic strategy for President Abdel Fattah El Sisi’s third term, which starts this April.

LOCALIZATION = SMALLER IMPORT BILL

A bigger role for manufacturing in Egypt’s economic activity: The government is looking to bring up the overall contribution of “transformative industries” to 20% of total GDP, worth EGP 2.7 tn. It also wants manufacturing to hit an annual growth rate of 20% in 2030.

And more local component contributions: The plan hinges on deepening and localizing the local manufacturing industry, as it aims to raise the percentage of local components used in manufacturing to no less than 60% by 2030, eyeing an average range of 60-80%.

The goal? More exporting, less importing: The government aims to increase the growth rate of exports of manufactured goods to at least 20% annually until the end of the decade, and is placing a particular emphasis on specific sectors such as the pharma and automotive industries, as it looks to become a major regional exporter in these sectors.

Egypt wants to be a big regional player in the automotive sector: Egypt is looking to manufacture between 400-500k cars annually, with a particular focus on electric vehicles (EVs), and wants to increase its manufacturing of other vehicles including buses and tow trucks — a quarter of which will be allocated towards the country’s exports by 2030. This falls under Egypt’s yet-to-be-launched automotive strategy, the Automotive Industry Development Program, which is set to provide incentives to carmakers in a bid to increase local assembly and component manufacturing here, up the sector’s competitiveness to become a regional manufacturing hub, and bolster export volumes. Implementing the program and becoming a regional export hub would save the country USD 4 bn a year, according to the report.

In the short term: The government wants to increase manufacturing investments by 21% to reach EGP 101 bn, which contributes to generating an overall industrial output of about EGP 393 bn. It has also been planning to launch 152 potential investment projects in the sector with the goal of strengthening local manufacturing to plug the import gap that is estimated to be around USD 30 bn. The government plans to include these projects in the Industrial Development Authority’s investment map, which it wants to turn into a detailed and dynamic map for priority sectors using a GPS system in 2024. It did not specify which projects it aims to focus on at this time, or when these goals are to be met.

Other manufacturing goals:

  • Pharma exports to receive a boost: The government aims to increase overall pharmaceutical exports to USD 5 bn by the end of the decade.
  • Increasing Egypt’s benefit from its mineral and quarry wealth, with the aim of reducing the import bill by at least USD 25 bn.
  • We’re looking to export USD 20 bn to Africa alone by 2030.

BIGGER, BETTER INDUSTRIAL ZONES

Egypt will nearly double its industrial zones by the end of the decade, with plans to have 32 industrial zones by 2030, up from 17 in 2023. The plan includes setting up seven new zones between 2023-2024.

The current layout of industrial zones: There are industrial zones across the country in different governorates, including Abu Rawash in Giza, Al Mahalla in Gharbia, Ataka in Suez, Mut Al Dakhla and Al Kharga in the New Valley, Al Kawthar and Tahta in Sohag, and Rubiky in Cairo. Qalyubia, Beheira, Aswan, Menoufia, Ismailia, Marsa Matrouh, Alexandria, Kafr El Sheikh, Port Said, and North Sinai also host several industrial zones, according to the Trade and Industry Ministry website.

The priorities: The industrial zone in Rubiky for leather tanning is a top priority, along with completing the facilities of the industrial zones in Sohag and raising the operating efficiency of the industrial zones in Sohag and Qena. The government also wants to continue to modernize the infrastructure of a number of industrial zones, including the Industrial Plastic Factory in Margham in Amriya, Damietta Furniture City and the Textile Industries Zone in Mahalla El Kobra and Kafr El Dawwar.

Your top industrial development stories for the week:

  • Upskilling workers for int’l labor markets: The Madbouly government wants to provide specialized training programs in order to help 1 mn Egyptians access labor markets in developed countries by 2030, a report from the Cabinet Information and Decision Support Center said. (Cabinet statement)
  • Tarboul is getting an EV factory: Russian EV manufacturer Concordia is setting up an electric vehicle components factory in GV Investments’s Tarboul industrial project in Giza.
  • Production at Ecab’s Saudi facility set to kick off by mid-2024: Local cable manufacturer Ecab plans to begin operations at its USD 10 mn Saudi facility by mid-2024.
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ENTERPRISE ENTERTAINMENT CALENDAR

JANUARY

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

6 January-28 February (Saturday-Wednesday): Crochet courses at Monalisa Art Studio.

14 January-2 February (Sunday-Friday): Hicham Rahma's Solo Exhibition at Picasso Art Gallery.

15 January (Monday): Henedy Watch Party at Cairo Jazz Club 610.

16 January (Tuesday): Karaoke Night at ROOM Garden City.

19 January (Friday): Amr Selim Live in Concert at the Cairo Opera House.

19 January (Friday): Comedy Bunker West at Elmasrah Theater.

20 January (Saturday): Comedy Bunker East at Elmasrah Theater.

21 January (Sunday): Amplified concert ft. Medic and Mythos at El Sawy Culturewheel.

25 January (Thursday): Revolution Day.

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

27 January (Saturday): 24 in 2024 art exhibition at Picasso East.

FEBRUARY

1-4 February (Thursday-Sunday): Fujifilm Egypt Festival at Consoleya.

2 February (Friday): Darb 15’s Garage Sale in Maadi.

21-22 February (Wednesday-Thursday): Omar KhairatHafliti concert at the Cairo Opera House.

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.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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

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