Good afternoon, friends, and happy hump day. We are at the midpoint of what looks like a busy week.
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THE BIG STORY TODAY
Fresh funds for food and fuel: Egypt will receive a USD 250 mn shariah-compliant trade loan facility — a loan specifically targeted towards international trade transactions — from the Africa Finance Corporation (AFC) and International Islamic Trade Finance Corporation (IFTC) to support Egypt’s food and oil security, the AFC said in a statement.
The beneficiaries: The one-year facility will be split evenly between state-owned Egyptian General Petroleum Corporation (EGPC) and state grain buyer the General Authority for Supply Commodities (GASC) to fund purchases of fuel and petroleum products and commodity imports including wheat, corn, vegetable oils, and sugar, the lender said.
THE BIG STORY ABROAD
Picking up where we left off this morning, the results of the Iowa caucus are still topping headlines in the international press this afternoon. Ron DeSantis landed in second place behind former President Donald Trump — albeit by a very wide margin — after edging out Nikki Haley. DeSantis earned 21% of the votes, just two percentage points ahead of Haley. Although DeSantis is now in pole position to battle it out with Trump for the Republican Party’s presidential nomination, Haley is still not out of the picture entirely, boasting strong numbers in the next two Republican primary nomination states — New Hampshire and South Carolina. (Financial Times | Associated Press | Washington Post | Reuters | Wall Street Journal)
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Gov’t plans to double the capacity of Cairo International Airport: The new terminal that the government plans to add to the Cairo International Airport will accommodate an additional 30 mn passengers per year, according to a cabinet statement. The airport last year hosted 26 mn passengers and received 198k flights.
?️ TOMORROW’S WEATHER- Expect a partly cloudy day with skies clearing up in the afternoon at a high of 21°C before dropping down to a low of 15°C, according to our favorite weather app.
The usual suspects swept up accolades at the Emmys overnight.Succession took home Best Drama for the third time for its final season, along with five other awards, and joined the ranks of shows that wrapped up their run with critical acclaim such as The Sopranos, Breaking Bad, and Game of Thrones.
The Bear beat out Ted Lasso for best comedy and took home an award in every category it was nominated for, including Best Actor in a comedy for Jeremy Allen White (the stressed-out chef who probably developed a heart condition). Finally, wrapping up the same trio that triumphed at the Golden Globes, Beef snagged five awards including Best Limited Series.
History was made: 76-year-old Elton John is now finally an EGOT (Emmy, Grammy, Oscar, and Tony winner), which only 19 people have ever managed to achieve, for the live stream of his farewell tour. Quinta Brunson took home the Best Actress in a comedy for Abbott Elementary, making her the first Black woman to earn the award since 1981 and adding to her long list of accolades. For Beef, Ali Wong and Steven Yeun were the first Asian Americans to ever be named Best Actress and Actor in a limited series.
An unusual year for the Emmys: Due to the tumultuous screenwriter and actor strikes last year, the ceremony was pushed to last night from the standard September slot, marking the first postponement since 9/11. Because of the shift, shows that are no longer on air or already working seasons ahead were nominated. The Bear earned its array of awards for its first season after doing well at the Golden Globes for their second season, while The Daily Show took home Best Talk Show over a year after host Trevor Noah parted ways with the network. (New York Times | Variety | Associated Press | Reuters)
Your electric car won’t be getting a large battery boost soon. EV giants have been trying to develop a revolutionary — and so far hypothetical — battery that was at one point expected to increase an EV’s driving range by 50-80%. The range boost expectation now stands at 14-48%, dispiriting manufacturers after decades of research and bns of USD, according to Reuters.
What you need to know: The solid-state battery, if produced, promises more energy storage, longer driving range, and faster charging. Six major automakers, including Volkswagen, are relying on US startup QuantumScape for delivery. The startup shipped its prototypes in 4Q 2022, which VW reported gave cars a driving range of 640-800 km and charging time to 80% capacity within 15 minutes.
The race for first-mover advantage: A competitor, Blue Solutions, is working to convert the solid-state battery they manufacture for buses to one compatible with cars and boasts a potential 1k km driving range and a full charge within 20 minutes. The company aims to build a gigafactory dedicated to battery manufacturing by 2029, signing a joint development agreement with BMW, explains the article.
Toyota joined the race last June, saying that a durability breakthrough meant they could go to market in 2027/2028 with a battery capable of reaching a range of 1k km and a charging time of 10 minutes.
VW is holding talks with Blue Solutions, potentially leaving QuantumScape in the dust, Reuters reported earlier this morning. VW seems to be casting a wider net in search of the solid-state battery after an array of technical hurdles but stopped short of accepting that its venture with QuantumScape had come to an end. The private talks with Blue Solutions are expected to come to a head within the coming months.
Belfast is a coming-of-age story set in a time of increasing turmoil. As a young boy’s cherished hometown is subject to rising religious and political conflict, the movie — nominated for seven Oscars and winner of Best Original Screenplay in 2022 — provides a vignette of a small and quiet life full of familial love, childhood mischief, and a hint of budding romance, at the same time as a developing civil war in the late 1960s.
Unlike many Oscar baits, this movie is easily palatable for the masses. Director Kenneth Branagh does a great job capturing childhood innocence in the face of familial struggle. Faced with troubling circumstances, they must decide to wait out the conflict or leave behind everything they’ve ever known. The weight of the decision is made clear to the audience through simple but beautiful black-and-white shots of everyday life, revealing the strong sense of community shared. Viewers get an earnest glimpse into life in Belfast at such a tumultuous time.
⚽ Afcon face-offs: The first round of the African Cup of Nations is still underway with a slew of matches lined up for today.
Group D goes head to head, starting with Burkina Faso facing off against Mauritania at 4pm. Group E is also battling it out, with the kickoff for Tunisia’s match against Namibia set for 7pm, followed by Mali taking on South Africa at 10pm.
Missed last night’s matches? Here’s the scoreboard: Senegal secured an easy victory over Gambia, beating them 3-0. Guinea and Angola both snatched points from their respective matches against Cameroon and Algeria.
Over in the Egyptian League Cup: Smouha will be playing Modern Future as will Talaea El Gaish and Pyramids at 5pm tonight.
Don’t miss the third-round replays from the FA Cup:
Wolves vs Brentford (9:30pm)
Bristol City vs West Ham United (9:45pm)
Bolton Wanderers vs Luton Town (9:45pm)
Juve chases the lead: Juventus will be facing Sassuolo to wrap up gameweek 20 of Serie A tonight at 9:45pm. Il Bianconeri is currently in second place with 46 points, five points away from Inter, who are leading in first place.
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? 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.
Doodlers, unite. If you’re interested in learning how to tell stories through comic form? Comics artist Magdi El Shafai is teaching a Flash Masterclass this Thursday, 18 January from 7pm at 302Labs. Learn how to storyboard, perfect dialogue for the medium, and hone your panel design skills. Register here.
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, 6February. 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.
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-
Watch the African Cup on the big screen. Mivida is hosting The Stadium, screening upcoming matches from today through to this Thursday and again on Saturday and Sunday. The Lake District is within arm’s reach in case you need to fuel up before or after the matches. More of a doer? The Stadium is also hosting sports activities you can partake in. You can book your tickets through Ticketsmarche.
The Cairo Half Marathon is taking place in less than two months: Mark your calendars for Friday, 1 March, and start stretching. Cairo Runners is bringing back a fan favorite, offering 5km, 10km, and 21km runs as well as a Family Run. 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.
EVENTS-
Listen up, brainiacs. Darb15 is bringing Trivia Night back. Grab 3-5 friends and head over to Maadi this Thursday, 18 January to test your general knowledge. If you do well enough, there may be some prizes in it for you. Interested? Book ahead of time through their Facebook page.
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? EARS TO THE GROUND-
Darknet Diaries introduces a different internet browsing experience. The show’s host, Jack Rhysider, has nearly seen it all when it comes to cyber security failures and limitations.
Come to the dark side. Through his experienced narration — one that “occasionally [strays] into nerdiness”, according to a Guardian review — we come to learn about the terrifying realm of hacking, data breaches, and e-crimes of all kinds.
The devil you know…From an episode on malware called Predator which targets individuals’ phones and robs them of their private data to conversations with security professionals who look for vulnerabilities in everything from banking apps to buildings, the show nearly covers it all. It leaves us more informed, maybe better protected, and certainly a little paranoid as we face dangers that were previously unknown to us.
The EGX30 rose 2.6% at today’s close on turnover of EGP 6.46 bn (122.6% above the 90-day average). Foreign investors were net buyers. The index is up 8.2% YTD.
In the green: TMG Holding (+11.8%), Abu Dhabi Islamic Bank-Egypt (+6.6%) and B Investments (+6.5%).
OUR FOUNDER OF THE WEEK – Every Tuesday, Founder of the Week looks at how a successful member of Egypt’s startup community got their big break, asks about their experiences running a business, and gets their advice for budding entrepreneurs. Speaking to us this week is Nadim Iskander (LinkedIn), founder of Moshpits.
My name is Nadim Iskander and I am the founder of Moshpits, an online clothing brand for men and women that aims to provide good quality and unique designs that are locally made, at affordable prices. I double majored in computer science and computer engineering at the German University in Cairo (GUC).
I chose these areas of study because I liked computer science during my high school years but it was much harder than I anticipated at university. At the same time, I wanted to do something related to art — my childhood passion. So, from October 2021 to August 2022 I started planning, and eventually, launched my first collection in Moshpits.
The reason I started Moshpits was a combination of things: I didn’t want to work a 9-5 job. I’ve always envisioned myself having my own business — particularly as a fresh graduate, as they are relatively underpaid. As a result, I decided to open my own business while I was still in university so that by the time I graduated I would be financially independent.
I’ve always been into art, fashion, and designing — I add my touch to literally everything.My grandmother and mom have always encouraged my creative side, but what pushed me towards starting my brand was that I always felt that my vision in fashion was different and I wanted to showcase that through each piece.
To help improve my business I took fashion courses in shoe design, foot anatomy, and patron. Podcasts also helped — I listened to podcasts about how to start a business and leadership skills.
Inspiration comes to me in many forms: My latest collection was inspired by nature where I merged nature and a real-life mosh pit. One of my pieces from the collection was a pair of jeans called Circular Waves Jeans, inspired by the motion of the waves. In the ocean, waves typically follow a regular pattern with crests and troughs, and in a mosh pit, there can be a rhythmic, pulsating movement as concertgoers respond to the music.
The best and worst part of my job isthat you have everything under control and no one tells you what to do. Being your own boss has its own perks since you get to decide what to do, when to do it, and where you should allocate all your resources. However, because you take all the risks, you’re always stressed out and are typically alone in all of it. But in the end, the advantages outweigh the disadvantages.
Being a founder isn’t only a lonely journey, but a hard one too. It’s lonely because you’re always thinking by yourself for the first couple of years until you build your team. In the first year, I was doing everything from production to customer service. At times it felt like I was lost in the desert — in the middle of nowhere, always looking, searching, and experimenting without anyone’s help. I do believe it’s hard — and you’ll feel that loneliness to the point that makes you reconsider a 9-5 job.
I’m looking forward to the brand’s growth. For the long term, I’m aiming to expand into accessing international markets and customers. As for our short-term goals, we’re launching four new sub-brands that will be announced by the end of this year or at the start of 2025.
I try to do a lot of charity work during my freetime:I believe sharing this will encourage our community to get in touch with our humanitarian side and help the ones in need. For my part, I collect all the samples and items that have really small defects and fix them, add a tag so they seem brand new, and put them in Moshpits bags to give them away to people in need, so they feel that they just bought new items. I also collect money from people to renovate homes and provide water pumps, send food, and so on. I believe that’s what we’re here for — to help each other through difficult times.
If Moshpits didn’t exist I think I’d open a logistics company…but with a twist. This is because after starting my brand, I’ve always faced plenty of problems with providing alternative delivery options for my customers, for example, the option of picking up your order or standard/fast delivery.
Being a local brand myself, I believe the local startup scene is a force to be reckoned with.Several people are now shifting from international brands to local brands due to affordability and accessibility, which is why starting a brand here that acts as an alternative to everyone’s usual apparel choices is a great opportunity within the startup scene. But some people in Egypt refuse to accept the fact that just because it’s a local brand it can charge high prices — providing the same quality and standard as an international brand means that it will not be cheap, nor exorbitantly expensive.
What I would change about the startup scene is the lack of communication and internal business disorganization, meaning when you buy an item from a local brand, most of them have a no refund or exchange policy — and when you try to contact them regarding your order there's no answer. This potentially puts off or discourages the customer from buying from them in the future.
One piece of advice I would give is to never give up. Moshpits wasn’t my first business venture; I’ve started four businesses before that failed, which devastated and demotivated me, but instead of playing the victim and coming up with excuses I chose to take a step back and look at what was causing the problem. I found that a lack of planning and market research were the culprits. As a result, I did extensive market research on my new brand.
Asking yourself difficult questions is another pivotal step. Will people accept your ideas? Will they pay for your items? Does your market really want this model, or is it just to your taste? Asking these tough questions will help dissect your business to uncover the obstacles and help it move forward.
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