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Are women investors more risk averse than men?

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WHAT WE’RE TRACKING TONIGHT

Egypt targets USD 6.5 bn from the privatization program in 2024- Maait

Good afternoon ladies and gentlemen, and happy hump day. We’re not sure about you, but this week feels to us like it’s moving particularly slowly, even if the news cycle isn’t.

THE BIG STORY TODAY

New privatization program targets just in: Egypt aims to raise some USD 6.5 bn through the privatization of state-owned companies and assets by the end of the year, Finance Minister Mohamed Maait said at the Annual Arab Fiscal Forum in Dubai, according to a ministry statement. The figure will include sales made only throughout 2024, a government source confirmed to Enterprise.

A handful of transactions might be around the corner:The long-delayed stake sale of fuel retailer Wataniya could wrap up this month, the Gabal El Zeit and Zafarana wind farms could see stake sales before the end of March, and the sale of a c. 70% stake in the Siemens-built Beni Suef power plant could go through by June. The government is also said to be close to finalizing stake sales in two state-owned banks, with Banque du Caire and United Bank being likely targets.

THE BIG STORY ABROAD

It’s a mixed bag of headlines in the international press this afternoon but the US Senate’s aid package vote is getting some ink. The Senate proposed a USD 95 bn aid package for Israel, Ukraine, and other allies but House Speaker Mike Johnson publicly rejected it ahead of the vote for not including border control policy. Republicans are mostly against providing Ukraine with aid and although the Senate can get Democrats to push it through with a discharge petition, many of them oppose Israel’s actions thus opposing sending aid. Voting for the funds that the Pentagon requested back in October will take place on Monday. (Washington Post | Associated Press)

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

HAPPENING NOW-

Cairo is hosting another round of ceasefire talks: CIA head William Burns, Mossad chief David Barnea, Shin Bet head Ronen Bar, and Qatari Prime Minister Mohamed Bin Abdul Rahman Al Thani are in Cairo today to meet with Egyptian officials for ceasefire in Gaza and hostage negotiations, Al Qahera News confirmed this morning (watch, runtime: 0:48).

HELP GAZA-

Want to support relief efforts in Gaza, but don’t know how? We’ve got you. Nearly 2 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- Look out for another partly cloudy day with a high of 20°C and a low of 12°C, according to our favorite weather app.

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FOR YOUR COMMUTE

Businesses face friction on sick leave policies + Women Swedish retail investors are outperforming men

Paid sick leave is more common, but employees are also more uncertain about when they should tap into their balance: Some 78% of private sector employees in the US now have access to paid sick leave (although the vast majority of low-wage workers still can’t take a paid sick day), according to a recent report from the Economic Policy Institute. However, businesses are still grappling with the question of when it’s a good time to allow employees to take a sick day, Axios says.

The culprit behind the upended norms? It’s the pandemic, stupid. The prevalence of work from home policies during the height of the pandemic blurred the lines between work and personal life, and many fully remote employees (and their employers) became accustomed to “working through mild symptoms,” Axios says.

We’ve (kind of) shifted back to normalcy, but nobody’s really sure how to approach sick leaves now — should we carry over WFH norms and expect to work through mild illness, or should we go back to the way things were and stay home when we get sick? For some employees, the rising threat of layoffs is a deterrent to taking personal time or sick leave. But for others, coworkers who show up to the office while sick are raising the chances of infecting those around them.

Enterprise’s take: If you’re feeling sick, stay home — even if that means working a regular day from home, rather than your office desk. It’s always best to limit the spread of whatever you have, especially during peak flu season, like this week, when there appears to be a toxic stew of everything from the common cold to the latest strain of covid and respiratory syncytial virus making the rounds. Nearly one third of folks here at Enterprise have been or are down this week with symptoms including aches, pains, chest infections, fever and (for some) vomiting — sending the rest of us into a work from home footing through week’s end.

The key is for managers + top brass to lead by example: “When executives say, ‘Hey, I’m sick and going to take the day off,’ that signals to people who work for them that it’s OK for them to take time off if they're sick,” a managing partner at Workplace Intelligence, a research firm focused on the world of work, told Axios.


Being risk-averse pays out — at least as far as equity investments in Sweden go:Domestic stock portfolios picked by Swedish women outperformed their male counterparts by almost 50%, writes Bloomberg, citing data tracked by Euroclear Sweden on retail investors’ holdings. Women-run portfolios tend to favor more established firms compared to those run by men, who give preference to younger tech firms, Euroclear said. The difference between the two supports the hypothesis that “women investors, both on retail and institutional levels, are more risk-averse than men,” Bloomberg says.

Are women the more wary gender? The jury is still out on whether that’s fact or stereotype. “The statement women are more risk-averse than men is fundamentally a metaphysical assertion about unobservable essences or characteristics, and therefore cannot be empirically proven or disproven,” is the conclusion of an essay (pdf) by Tufts University Senior Research Fellow Julie Nelson, who puts widespread acceptance of the statement as “rooted more in confirmation bias than reality.” But there is other research that suggests that women have plenty of appetite for risk-taking — it’s just that they tend to take risks in specific contexts, including when it involves social risk.

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ENTERPRISE RECOMMENDS

Father and son react to popular music albums on Turning the Tables

? ON THE TUBE TONIGHT-
(all times CLT)

YouTube show Turning the Tables only has one format, and it’s all about the music:The father-son duo of music fanatics listens to a new album each episode where it’s cut down to 30-40 minute clips.

They know what they’re talking about:Both being musicians and avid music fans, the pair bring an interesting perspective to the listening sessions. They use their musical knowledge to dissect things like the production value, songwriting quality, and vocals.

Seeing two generations come together over their shared love of music makes it a fun watch. Although their tastes may differ, when they break down a record they can usually agree on what was done well or what’s missing. You can also tell how the son has been influenced by his dad’s taste growing up because it’s reflected in their joint-excitement when something like a guitar riff blows them away simultaneously.

Genre-less: The duo doesn’t restrict themselves to certain kinds of music so there’s an episode for you no matter your musical inclinations. Episodes vary from Baby Keem’s The Melodic Blue to Bon Iver’s For Emma, Forever Ago, and more.

Champions League nights are back: After a two-month hiatus following the conclusion of group stage matches, the Champions League anthem will echo through the stadiums once more.

The round of 16 matches is kicking off tonight with two concurrent matches: Real Madrid will be facing off against Leipzig at 10pm, and Man City will be sharing the pitch with Copenhagen at the same time.

The Egyptian League is also making its comeback later today, ending its break from the start of the year. Here’s what to track:

  • El Gouna vs Al Masry — 4pm
  • Smouha vs National Bank — 7pm

? OUT AND ABOUT-
(all times CLT)

SPORTS-

Double Dribble Leagues has got all basketball enthusiasts covered. Running until Friday, 23 February, the weekly mixed league hosted at the Maadi Sporting and Yacht Club is for anyone who wants to live out their baller dreams or stay fit while having fun.

Join a run for Gaza this Friday, February 16 with the TriFactory in the Wadi DeglaProtectorate. All proceeds will go towards sending aid to Gaza and you can sign up here for the 5K or 1K distances.

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 still available, giving you ample time to convince seven of your friends to join, which will get a 10% reduction in price when you register.

Get down and dirty at the TriFactory’s Tough Mudder Egypt on Friday, 1 March. The obstacle course challenge will take place at Belle Vie Club in New Zayed.

THEATER-

Ebni is back at Rawabet Art Space: The play, an adaptation of God of Carnage by Yasmina Reza, demonstrates how two different families react when their children get into a fight,and as the play unfolds their true colors are revealed. Catch the performance today and tomorrow at 8pm. Book your tickets here.

MUSIC-

Don’t miss out on Mohamed Mounir, Ramy Sabry, and Sharmoofers taking the stageatFamily Park. The event will take place this Friday, 16 February with gates opening at 1pm and performances starting at 7pm. Get your tickets through Tazkarti.

Amr Diab is back on stage for the first time in Egypt this year. El Hadaba’s concert is taking place in Manara Arena this Friday, 16 February. Grab your tickets while you can.

Ready to rock? ROKN, a rising Egyptian rock band, is performing at ROOM Art Space and Café this Friday, 16 February. You can snag tickets for EGP 200 here or at the door.

Oud player Saad Al Oud and his band will be playing at Theatro Arkan this Saturday, 17 February. The night of classical Egyptian music will open its doors from 7:30pm and begin at 8pm. You can get your tickets at Ticketsmarche.

Renowned musician and composer Omar Khairat will be gracing the stage again at the Egyptian Opera House for two nights next Wednesday, 21 February and Thursday, 22 February at the Grand Theatre at 8pm. Get your ticket for the first night here and the second night here.

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 this Friday, 16 February, one at 3:30pm and one at 7pm. Find out more here.

ENTERTAINMENT-

In another of Mahmoud Saad’s live interviews, Ashraf Abdelbaki will be featured on stage this Saturday, 17 February. Accompanying entertainment will be provided by Mai Farouk. Before you grab a ticket, keep in mind that this is a no-phone, filmed experience, meaning that you should expect to hand your phone over at the gate and be seen by friends and family on their TV screens at home.

Russell Peters is taking the stage at Sports City Stadium later this month. Peters is making his comeback in Egypt next Monday, 19 February in the New Administrative Capital City. Grab your tickets while you can. For EGP 12k, you can meet the all-time highest grossing standup comedian.

INTERACTIVE EVENTS-

Fancy yourself a detective? Murder-mystery fans can pull out their magnifying glasses to crack this case. Cluedupp and Crime Scene Investigator are staging a hard-boiled outdoor event on Saturday, 2 March where you have to solve four murders around the city by solving puzzles, interrogating witnesses, and hunting for clues. Find more details here.

COMMUNITY SERVICE-

JoinWadi Ibex on their Wadi Degla clean-up event on Saturday, 9 March. All you have to do is wear your trainers, sunglasses, and refillable water bottles and head down to Wadi Degla Protectorate at 10am. You can sign up here.

? EARS TO THE GROUND-

Intercepted is a breath of fresh air, bringing us international news with intelligence and clarity. With over 260 episodes discussing a myriad of current issues and topics, the show is a good place to understand what is going on across the globe. From the military coup in Niger last fall to racially-fuelled protests in France after police took the life of young Nahel Merzouk, hosts Murtaza Hussain and Jeremy Scahill — from The Intercept — are joined by guests to look beyond the headlines and analyzes the deeper forces that motivate, shape, and alter current events. Every episode since 11 October has focused on a different aspect of Israel’s ongoing war in Gaza, including the White House’s stance on the assault and its continued backing of Netanyahu.

The conversations, carried forward by the insights of investigative journalists and authors, military advisors, professors and more provides listeners with important information, interesting insights, and a substantive analysis of the forces at play in the world we live in today.

WHERE TO LISTEN: Intercepted is available on Apple Podcast, Google Podcast, Spotify, Deezer, Anghami, Audible, and Amazon Music.

This publication is proudly sponsored by

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GO WITH THE FLOW

What the markets are doing on 13 February 2024

The EGX30 rose 0.4% at today’s close on turnover of EGP 6.5 bn (75.5% above the 90-day average). Local investors were net sellers. The index is up 14.9% YTD.

In the green: Juhayna (+13.5%), Ibnsina Pharma (+11.7%), and Edita (+10.2%).

In the red: CIB (-2.5%), Orascom Development (-1.4%), and Oriental Weavers (-1.2%).

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Founder of the Week

Meet our founder of the week: TUT FC’s Ali Elbeshbishy

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 Ali Elbeshbishy (LinkedIn), founder and CEO of Tutankhamun Football Club (TUT FC).

My name is Ali Elbeshbishy, and I’m the founder and CEO of TUT FC, a community-focused football club. I graduated with a bachelor’s degree in Mechanical & Green Engineering from Virginia Tech, which equipped me with problem-solving skills and a passion for sustainability. I embarked on my entrepreneurial journey with the founding of TUT FC, which was first based in Shubra El Kheima before moving to Fayoum.

Launching TUT FC was a chance to make a positive impact on the community. I saw lots of untapped potential and hidden talent in youths playing football in crowded communities, and wanted to provide a chance for aspiring players who may have not had access to play the sport professionally otherwise. To me, the natural solution was to create a platform for those willing to dedicate themselves to the sport and give them a chance to shine.

I was a newcomer to the industry and felt uncertain about entering the market. But I was determined to get this done, and so relied on people more experienced than me for guidance and on my own problem-solving skills to navigate tough situations. Learning from my own mistakes was key in gaining insight into the market and navigating it successfully.

TUT FC isn’t just driven by community — it’s also driven by technology. We stand out from the competition by integrating advanced data analytics to enhance our performance on the field. We have partnered with companies like IBM to leverage the power of that tech into maximizing our learning curve. But it would be dishonest not to attribute a lot of our improvement to human talent too. At TUT FC, we focus on nurturing our players’ skills and providing them with support both on and off the pitch, which gives them the space to commit and develop together.

Success is a journey, not a destination. Personal achievements are helpful markers of success, but a more important measure is the positive impact we have on the lives of others.

We have achieved many notable milestones along the way, but to me, our success lies in the collective effort, teamwork, and transformative influence we’ve been able to bring to the community. The progress we have made is something to be proud of, but it’s a journey we commit to everyday, not just a material objective we want to reach.

That being said, we do have our sights set on some quantifiable goals. Within the next five years, we see TUT FC elevating the standards of both men and women’s football and leaving our mark on the sporting world. Our men’s team is working to reach the second division of Egyptian football within the next three years, and we’re hoping to participate in the Women’s CAF Champions League and make a mark on the international stage.

The recent economic challenges have helped us reframe our understanding of ROI beyond monetary gain. For any successful football club, ROI should come from creating opportunities for aspiring players, fostering a sense of community, and inspiring the next generation. Instead of a financial ROI on its own, we’ve learned that the talent we foster has value beyond the platitudes we hear — prioritizing our players’ growth and well-being is the strongest foundation for sustainable success.

As members of the football industry, we’re keen to improve it. The goal is to leave the business better than we found it, and that means working to end corruption within the football industry and promoting transparency on all levels of the game. One thing we’re already working on but would like to see become the norm is an equitable system that offers everyone a chance regardless of their background or their resources. We also want to introduce more innovative tech to further revolutionize the way football is played and experienced.

But it’s not without its challenges. The hardest part of the business is the constant need to adapt and overcome. The industry is just as dynamic as the game, and staying ahead of the competition requires continuous innovation, strategic planning, and the ability to navigate unexpected obstacles on the fly. It demands resilience. You need a dedicated and committed team to manage the club, knowing that you will face uncertainty at every turn both on and off the pitch.

Balancing home and work requires a lot of flexibility. I’ve learned to divide my time effectively on a whole, but I have also had to accept that my line of work operates at every time of day. Some days I might just have eight hours of work, but other days I will have to spend the night (or several) at the office. It’s an unpredictable lifestyle that requires a lot of adaptability. The key is finding a rhythm that also allows for personal wellbeing within the chaos of the job.

The last book I read will not come as a surprise. Mike Carson’s The Manager: Inside theMind of Football’s Leaders is a uniquely insightful book that delves into the most influential people behind football. It explores their strategies, and most importantly their decision-making processes, especially in the face of immense pressure. It resonates with me especially because of our commitment to nurturing leadership qualities and management at TUT FC, which are pivotal for on- and off-pitch success.

If I wasn’t leading TUT FC, I would have likely immersed myself in other projects with the same purpose of improving others’ lives. I was lucky to be able to combine that with my love for football at TUT FC, but whether it was within the football industry or beyond it, my primary passion lies in creating opportunities for others, tackling social issues, and trying to foster community development. The desire to leave a meaningful legacy remains at the core of all my aspirations.

If I could reach out to my younger self, I would tell him to embrace failures as stepping stones to success — every setback holds a valuable lesson. Trust in your vision, but be adaptable. Believe in your ability to make a positive impact. Perseverance and resilience are harder and more important than you could ever imagine, but the journey is also more rewarding than you could ever imagine.

I would extend that advice to new entrepreneurs. I would also add this: Every challenge is an opportunity for growth. A strong support system will see you through, so surround yourself with people who can provide encouragement and reliable guidance. Embrace innovation — technological advancements can propel your business forward and set you apart. But above all, foster your determination and let it drive you, and never lose sight of your potential.


FEBRUARY

13-14 February (Tuesday-Wednesday): Ebni at Rawabet Art Space.

15 February (Thursday): Nouran AbuTaleb concert at Theatro Arkan.

15 February (Thursday): Komedy Koshk comedy open mic night at EDEN Spaces.

15 February (Thursday): Valentine’s Bazaar by Le Marché.

16 February (Friday): Amr Hassan concert at El Sawy.

16 February (Friday): Amr Diab live concert at Al Manara Arena.

16 February (Friday): Run for Gaza with TriFactory.

16 February (Friday): ROKN x ROOM concert at ROOM Garden City.

16 February (Friday): Game night at ROOM New Cairo.

16-17 February (Friday-Saturday): Football Access Summit at Zed Park.

17 February (Saturday): Ashraf Abdelbaki interviewed live by Mahmoud Saad.

17 February (Saturday): Gudran tour and workshop with Qahrawya.

17 February (Saturday): Saad El Oud concert at Theatro Arkan.

18 February (Sunday): Time Plus Tragedy comedy show by Rawabet Art Space.

19 February (Monday): Russell Peters standup show at Sports City Stadium.

21 February (Wednesday): Celebrating 100 Years of the Legendary Um Kalthoum at the Grand Egyptian Museum.

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

-23 February (Friday): Double Dribble Leagues weekly mixed basketball league.

24 February (Saturday): Fatma, Marcia and Rachel tour with Qahrawya.

24 February (Saturday): Gheer La2eq comedy show at Theatro Arkan.

MARCH

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

1 March (Friday): Tough Mudder Egypt by TriFactory.

2 March (Saturday): CSI Cairo by CluedUpp.

9 March (Saturday): Wadi Degla clean up event at Wadi Degla Protectorate.

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

11 March (Monday): The Oscars

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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