Good morning, ladies and gentlemen. It’s nearly the end of this abridged week as the country prepares for a three-day weekend on account of Police Day and the 25 January revolution.
THE BIG STORY TODAY
Construction on Dabaa’s fourth reactor kicks off: Russian President Vladimir Putin virtually joined President Abdel Fattah El Sisi for a ceremony marking the beginning of concrete pouring for the Dabaa nuclear power plant’s fourth reactor (watch, runtime: 32:22). “Egypt is truly our close friend and strategic partner. We interact on the principles of equality, mutual respect and consideration of each other’s interests,” Putin said.
REFRESHER- Russian state nuclear company Rosatom was contracted in 2015 to construct and provide fuel for the 4.8 GW plant, finally breaking ground on the project in July 2022 after covid-19 delayed progress.
THE BIG STORY ABROAD
No one story is dominating the international press this afternoon, but Israel’s biggest day of military losses is getting some ink. A total of 24 soldiers died in a ground assault on southern Gaza’s Khan Younis, while the military killed at least 195 Palestinians, Reuters reports. The Palestinian death toll has now risen to at least 25,490, with thousands more still unaccounted for. The Israeli military claims a Hamas Brigade is hiding in Khan Younis and has launched an “extensive operation” to continue “eliminating Hamas,” including blockading and invading hospitals.
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Shipping giants divert more Red Sea routes and seek overland alternatives: Shipping giant Maersk has suspended westbound calls to Salalah and Jeddah suspended until further notice amid the Red Sea disruption, while Hapag Lloyd will introduce land corridors through Saudi Arabia to minimize the impact of disruptions to client businesses.
There’s investor appetite for local edtech startups: Edtech startup Edura has closed a six-figure USD pre-seed round led by local tech company Smart Zone Startup Studio.
CIRA Education’s top line grows 31% on strong enrolment: Higher enrollment rates at CIRA’s higher education, K-12, and nursery segments spurred revenue growth, with its revenues rising 31% y-o-y to EGP 704.2 mn in its 1Q 2023-2024 ended in 30 November.
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- Expect a partly cloudy day tomorrow in the capital city with a high of 19°C before dropping down to a low of 12°C, according to our favorite weather app.
The snowy mountains we associate with Switzerland are falling victim to climate change — and so are cornerstones of the Swiss economy: Warmer temperatures caused by climate change are leading to glacier loss and unpredictable snowmelt patterns that are changing the snowy peaks that are emblematic of Switzerland, and threatening farmers’ traditional way of life, reports the New York Times. The changing climes are also forcing farmers — who are responsible for Switzerland’s dairy industry, and by extension, their famous cheeses and chocolates — to adapt, the New York Times says.
The changes threaten cultural heritage and representation: Not only are the Swiss mountain aesthetics threatened, but other countries are feeling the heat. France has had a similar cheese-climate-related crisis: One of their specialties, Salers cheese, was not sold for the first time in 2k years in 2022 due to scorching temperatures. The favorite grape beverage also took a hit with Bordeaux winemakers considering abandoning their hectares due to changes in the temperature and drop in sales.
It’s not just the image — it’s also changing Europe’s water supply: Freshwater sources, which Europe relies on for everything from drinking and agriculture to manufacturing, are under pressure as a result of climate change, pollution, and other factors, says the European Environment Agency. There is particular cause for concern about Europe’s freshwater supplies as temperatures in Switzerland are increasing at twice the global average rate, leading glacier volume to drop by 10% in the past two years. For context, that’s the same rate of decrease between 1960 and 1990, according to the Swiss Academy of Sciences.
And there could be natural disasters:Deemed Europe’s reservoir, Swiss snow melts into the runoff that sustains European rivers — this means we could be looking at natural disasters such as floods, landslides, and collapsing glaciers that can threaten nearby villages and towns.
What’s being done about it? NGOs have been pushing for an EU Climate and Water Resilience Law, according to the World Wildlife Fund. The UN Water Conference is also marking 2025 as the International Year of Glacier Preservation to set a plan to adapt to glacier changes with water resources and societal effects in mind.
It isn’t all bad for everyone in the mountains due to varying microclimates. Many farmers have had to shorten their summer graze due to droughts but others are enjoying more productive fields and pushing back their return to the valleys. But for the most part, practices that farmers rely on for income are being threatened. The Mottier family is one of 70 in the area who make L’Etivaz cheese and, with cows needing 80-100 liters of water a day, droughts put a wrench in the business.
Centenarians operate over 2.2k shell companies, Moody’s finds: Organizations looking to hide their ownership structures and questionable corporate relationships are turning to shell companies with atypical directorship, research from Moody’s Analytics found in November, reports Bloomberg. The entities allow organizations to input aged individuals as company directors — with the oldest clocking in at 942 years old, placing his birth in the 11th century, while Moody’s also cite mass registration, dormancy and circular ownership.
Some of these shell companies are (kind of) right here at home: Some 22k entities were said to have an address registered to the Giza Pyramids. (Talk about Western stereotypes…)
While many shell companies operate for legitimate reasons, their lack of transparency and regulation can enable criminal financial activity. Moody’s Analytics has collected the data to indicate the ways in which shell companies empower organizations to launder funds, with USD 1.6 tn reportedly laundered annually.
The Brothers Sunis a cathartic action comedy that almost pays homage to Jackie Chan’s contribution to the martial arts film scene. This Taiwanese-American series also gives us a mix of The Family and Beef which recently earned a Golden Globe.
Charles Sun, the son of a powerful Taiwanese crime boss, needs to protect his mother and brother, who lead ordinary lives in Los Angeles, after their family comes under attack. Charles, a prominent mobster himself, faces threats from Taiwanese enemies while trying to shield his estranged family members.
His brother, Bruce, gets culture-shocked when Charles re-enters his life and reveals their family’s criminal ties. Bruce doesn’t fit the bill of a gangster — he is a nervous, struggling student secretly pursuing improv classes and working as a taxi driver to make ends meet.
The general consensus is that this is a must-watch, with critics calling it “ supreme and gloriously lethal,”and hailing all of the actors’ performances.
Before you grab your TV remote, remember that this isn’t a family-friendly watch. The violence is graphic and the language is spicy, so make sure no little ones are around.
WHERE TO WATCH IT- You can watch The Brothers Sun on Netflix.
Related
⚽ The last shot at qualifications for groups C and Dare taking place today to determine who stays or who has to say goodbye to Afcon 2023.
Group C: Senegal secured early qualification by taking home six points in its first two matches, but will be facing off with Guinea, who are in second place, tonight at 7pm. At the same time, Cameroon, who have a single point to defend, will be engaging in a life-or-death match against Gambia, who are still looking for their first points.
Group D:10pm will see Angola and Burkina Faso, who are tied at four points each, battle it out. Meanwhile, Algeria and Mauritania will be facing off, with Algeria defending its two points and Mauritania trying to score its first.
QUALIFICATION REFRESHER- These are the teams that have secured their spots so far:
Equatorial Guinea
Nigeria
Cape Verde
Egypt
Senegal
Today in EFL matches: Chelsea will be going head to head against Middlesbrough in the second leg of the Carabao Cup semi-final tonight at 10pm. This comes after the Blues’ defeat in the first leg of the League. The victor will qualify to play against Liverpool or Fulham, who will play the other semi-final tomorrow.
Related
? OUT AND ABOUT- (all times CLT)
THIS WEEK-
BOOKS-
The Cairo International Book Fair opens its doors tomorrow, and will be running until Tuesday, 6 February. The event will be open to the general public starting Thursday 25 January. You can visit everyday from 10am to 8pm, except Thursdays and Fridays, when their doors will close at 9pm. The fair is taking place at the Egypt International Exhibitions Center in the Fifth Settlement, New Cairo.
FOOD-
Why go to Dubai Village when the Walk of Cairo has a day of street foods. This one-day street food and tasting event is starting at 12pm this weekend on Friday, 26 January and will bring together artisanal, farm and comfort food from all of the best bites around. There will also be activities and entertainment for the kiddos — all you have to do is bring yourself.
If you missed the cheese fondue brunch at Villa Belle Epoque you can plan to be there tomorrow.This takes place every Monday and Wednesdayuntil 28 February from 2-6pm. The meal is reservation only. Click here to find out how to book your spot.
ART-
Motion Art Gallery’s posthumous exhibition for artist Mahmoud Moussa is a must-visit. The artist’s iconic sculptures are on display in the gallery in Zamalek, everyday except Fridays until 5 February. That’s sooner than you think, so head on over tomorrow or mark it down.
EVENTS-
Take the kids and head on over to Theatro Arkan on Saturday for the Circus Show. If you get there at 1:30pm you’ll find a variety of acts to enjoy, including a clown performance, a magician show, bicycle balance feats, and a host of activities to keep you entertained. Book your spot here.
Photographers, videographers, and cinematographers: The Nikon Z-series camera is making its debut in Egypt. The Nikon Festival is taking place at The Warehouse this Saturday, giving you the chance to check out their newest hardware. Step into their Experience Zone to try the camera in different settings. All you need is your SD card, so you can take your creations home with you. You can bring your own Nikon, but other brands won’t be allowed into the venue. Register here.
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.
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 opens from 11am to 9pm, except for Sundays, until Friday, 2 February. Click here for more information.
LATER-
SHOPPING-
Cairo Vintage Souq is back with more old finds for you to scavenge. Bring your thrifting skills to Al Ismaelia venue in Downtown Cairo from 12pm till 9pm on Saturday, 3 February to get the best retro and vintage finds. For more information go to their instagram page.
MUSIC-
Indulge your Mexican cravings at Cairo Jazz Club’s Taco Tuesday next Tuesday, 30 January from 7pm. Gather your work buddies or friends and enjoy a night of unlimited tacos and cool drinks. For reservations message their Facebook page.
End the month on the dance floor at Cairo Jazz Club’s Wednesday Night Live event next Wednesday, 31 January from 9pm. The night will have Riffs sha’bi tunes, El Waili with his top hits, and Donia Wael for soothing wrap up. Message their Facebook page for reservations.
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.
PHOTOGRAPHY-
The Fujifilm festival starts next Thursday, 1 February, and runs until 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.
POETRY-
Amr Hassan will be performing at El Sawy Culturewheel for their annual end of winter show. Alongside his band, he will perform two concerts on Friday, 16 February, one at 3:30pm and one at 7pm. Find out more here.
SPORTS-
The Cairo Half Marathon is taking place in just over a month: 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.
Decoder Ring gets to the bottom of it — “it” being a different cultural question, object, or habit which host Willa Paskin unravels to examine the history and explain why it matters.
With 71 episodes under her belt, and one released every week, there’s a large catalog for you to get started. Ranging from the aggravating lack of parking spots seemingly everywhere you go to the origins of the tooth fairy, each episode is a standalone giving something there for everyone.
Paskin really does her research, but her delivery is what makes the facts especially interesting. Topics you’ve never really thought about before will have you hanging on to every word of the 40-ish minute episodes — who knew the history of the mullet could be so interesting?
One of our favorite episodes is Tattoo Flash, where one of the producers goes over four stories about tattoos throughout time. He discusses preserved 19th century tattoos, a personal investigation into the Tasmanian Devil tattoo, a man who dedicated his tattoos to his love of Microsoft, and why Chinese characters are often mistranslated. The blend of anecdotal and historical discourse makes it especially pleasant to listen to without making it sound like a lecture.
The EGX30 fell 0.7% at today’s close on turnover of EGP 6.72 bn (112.5% above the 90-day average). Local investors were net sellers. The index is up 10.8% YTD.
In the green: Oriental Weavers (+3.5%), E-finance (+0.8%) and CIRA Education (+0.8%).
In the red: Orascom Development (-5.5%), GB Corp (-5.1%) and Eastern Company (-4.9%).
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 Nagui (LinkedIn), co-founder and CEO of Partment.
My name is Nadim Nagui and I’m the co-founder and CEO of Partment. My company offers a new concept: A way to customize your real estate investment by having a digital platform that offers zero-hassle second home ownership. We provide people the chance to co-own second homes in prime locations at a fraction of the price while providing an end-to-end property management service.
My educational background is actually in engineering, of all things. After I graduated from Virginia Tech with a degree in Industrial Engineering, there was this sudden trend of people going into consulting, which made me eager to pursue the same thing. But I soon realized it wasn’t what I expected it to be, so I moved back to Egypt. I then got yet another chance to work in a consultancy firm in Germany but due to military conscription issues, it didn’t pan out.
I don’t have hard feelings about that chance falling through. Instead, I opted for the traditional family business route. Working with my father at the time provided me with a lot of insight into the business industry that later helped me.
Around that time I landed a position at Uber and that completely transformed my career. It was early 2014 when Uber had just launched in Egypt. I had used the app a few times when I was in the US but I knew that it was the most funded startup in the world, so to me it was a big break. Ironically, though, it’s also the job that pushed me towards entrepreneurship. I felt like my hands were tied and that I didn’t have space for experimenting, and I enjoy the idea of organizing chaos and making something out of it.
The story of Partment started when I was looking at one of the up-and-coming vacation homes in a compound near the Red Sea. The first thing that came to mind was that this equally can be both an investment — because it will appreciate over time — as well as a vacation home. Still, the property was very expensive and five hours away, and when I crunched the numbers, I realized the house would be mostly vacant for 11 months unless I were to go through the hassle of renting it out.
To me, it’s not a balanced investment to spend so much money on a property you will use a few weeks a year. Usually, people bring someone they trust or know to share the house — and that’s what I did. I started with a friend where we bought a property and split it in half including utilities, days, maintenance, etc.
That’s when it clicked. I took two months off from work to research the market, because I saw that I wasn’t the only one who was interested in this type of investment. It was also at a time when hybrid work setups became more common, so people could work from home — even if it’s a vacation home.
We’re not replacing owning or renting a vacation home — we’re offering the community another option. Accessibility to a second home or a vacation home is something I strongly believe in,and this is what I’m trying to solve or make more accessible in Partment.
Instead of wasting your money renting every year, you can accumulate your money to buy a share and let it appreciate over time and sell it whenever — and then invest in another property without fully committing. Now you have a vacation home on the back of a real estate foundation that gives you a seamless experience. But for the co-ownership idea to succeed we had to focus on three key issues: Legality, as in who owns what; a system to govern who goes when; and the framework for property management, meaning who’s responsible for design, furnishing, utilities, cleaning, maintenance, etc.
The way Partment works is very seamless and eliminates the hassle of a lot of things. We acquire a property based on location and demand. We completely redesign the house’s interior and exterior starting from the landscape, artwork, and bedding right down to the cutlery. Through fractional ownership, co-owners access a set number of nights for personal use or rentals, managed by Partment’s Smart Booking System, with comprehensive property management and potential returns upon divestment.
We pick our properties based on seasonal accessibility and proximity. This is why we expanded out of Egypt to Athens first due to its proximity as well as popularity with Egyptians and Egyptian investors. The real estate market there has been extremely stable and is equally rewarding for investors when they sell or rent their property in EUR.
The three key performance indicators (KPIs) I consistently monitor aregrowth metrics, customer satisfaction, and cashflow. These indicators hold significant importance, especially considering our status as an early-stage startup. Tracking growth, assessing customer satisfaction through NPS, and maintaining a close eye on our cashflow is critical for our strategic decision-making and long-term success.
For our short to mid term plan, we’re aiming to target expats who come to Cairo to visit family or are interested in Cairo to buy houses and invest in Egyptian real estate.
As for expansion, Athens is the first step but not the last: We’re aiming to expand in the MENA region as well as southern Europe. But our more immediate concept is bringing together Partment co-owners to encourage the idea of swapping properties.
At present, Partment has closed at USD 1.5 mn in a pre-seed round in September 2022, led by Nclude, Plus Venture Capital, and a renowned list of Angel investors including Emil Michael.
When I am not working I like building my Lego collection and sports. I live between three homes and in each household you’ll find some of my Legos there — I’ve been doing it for the past 30 years. I’ve even been forcing my son to love it also because it’s a great toy for building. The biggest one I’ve done so far is a 3k-piece model of a rocket. I’ve also loved playing sports, specifically football — I’ve been playing it all my life — but sadly with Partment I haven’t had much time to focus on it. I also enjoy traveling, which was also part of the inspiration for starting Partment.
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