Good afternoon, ladies and gentlemen, and happy hump day. The news cycle is beginning to gain traction as we steamroll to the weekend and the start of March.
THE BIG STORY TODAY
QIB, KFH wrap up due diligence on United Bank:Qatar Islamic Bank and Kuwait Finance House concluded due diligence on United Bank in December ahead of plans to acquire a stake in the CBE-owned lender, Asharq Business reports, citing four sources it says have knowledge of the matter. United Bank is reportedly close to finalizing the transaction, which could reel in the equivalent of EGP 22 bn (USD 711.9 mn) in hard currency.
The exchange rate is still a sticking point: One of the potential bidders remains on the fence about the acquisition due to difficulty in calculating the exchange rate at which the transaction will be made, one of the sources said, noting the discrepancy between the official and parallel market rates.
Remember: United Bank — in which the CBE owns a 99.99% stake — is in the lineup of 35 state companies and assets earmarked for privatization via stake sales to strategic investors, the EGX, or a mix of both.
THE BIG STORY ABROAD
US President Joe Biden’s comments on a ceasefire are getting some ink in the international press this afternoon. POTUS foresees a 40-day Ramadan truce agreement as early as next week after talks in Paris between Israel, the US, and mediators Qatar and Egypt. But Hamas says there is still some ground to cover before this arrangement can be realized. The terms would involve Hamas releasing 40 hostages in exchange for 400 Palestinian prisoners, withdrawal of Israeli troops from populated areas, Gazans (except adult men) permitted to return to their homes, and increased aid. Hamas says there are “still gaps to be bridged,” including a permanent withdrawal of the IDF and a plan for the remaining hostages. (Reuters | Bloomberg)
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Telecom Egypt, Huawei announce partnership to deploy 5G services in Egypt: Telecom Egypt and Chinese tech giant Huawei have announced a strategic partnership for the deployment of 5G networks.
House votes to amend Consumer Protection Law: The House gave final approval to an amendment to the 2018 Consumer Protection Law that will see those hoarding key food commodities facing sentences of one year in prison and fines between EGP 150k-3 mn.
?️ TOMORROW’S WEATHER- Expect more of the same with the mercury climbing to 23ºC during the day and a low of 12ºC at night, according to our favorite weather app.
The future of food is…pink? Biomolecular engineer and Yonsei professor Jinkee Hong developed a form of rice containing lab-grown protein that adds 8% to the normal protein serving, according to a paper in the journal Matter, without adding carbon emissions to what the production of the grain normally emits. To achieve this, beef cells were grown inside of rice coated in fish gelatin and other enzymes, resulting in pink rice.
Why does this matter? Modern factory farming has a long list of negatives, including injected hormones, antibiotics, and elevated livestock stress levels that produce lower-quality meat. Then there are the spreading pathogens like E. coli and salmonella, adds the Washington Post. And, as growing movements advocate for less animal cruelty, lab-created foods would mean fewer animals slaughtered or cramped into overcrowded conditions. This also entails a reduction in emissions since 32% of human methane emissions come from livestock.
You can’t get your hands on it just yet. The rice hasn’t been approved for public consumption and it looks like it will be some time before it’s available. At present, an 8% increase in protein isn’t that substantial, but figuring out how to attach the protein to rice is a breakthrough in a field that has been attempting to find the best protein “microcarrier” for years.
There are some obstacles to overcome before finding pink rice in grocery stores. Despitebns of dollars of investment, only two countries (US and Singapore) approve cultivated meats for public consumption. Not to mention, people are still wary of the lab-grown creations, with around 50% of adult Americans reporting themselves “not at all likely” to try it. From a production side, lab-grown meat is also quite costly.
The results are in: Coffee rules the brew battle. While coffee and tea each have their fan bases and certain health benefits, recent research has found that coffee is linked to more health benefits, according to the Washington Post. Coffee offers more fiber than tea, has been found to improve microbiome health, and reduces the risk for developing chronic diseases, WaPo says.
Your cup of Joe is a stealthy fiber delivery system? Surprisingly, coffee packs 1.1-1.8 grams of fiber per cup (depending on how you take it), making it more fiber-dense than a glass of orange juice. Although consuming two or three cups of coffee each day can contribute to your daily fiber intake, it does not replace your five fruits and vegetables per day to reach the recommended 25 grams of fiber.
When it comes to antioxidants, coffee and tea both have a lot to show for themselves.Both beverages have plenty of polyphenols, which lower the risk of chronic illnesses and support healthy bacteria in our gut microbiomes. While coffee drinkers toast to lower cancer risks and defend against diabetes, tea lovers revel in the longevity-inducing powers of their preferred drink.
And it’s heart-healthy (not just because of the caffeine): Both brews hold their own, with studies suggesting protective effects against cardiovascular issues. Coffee ’s lead in this category is undeniable, but tea is far more effective in being a calming drink. Antioxidants and polyphenols found in both beverages are also likely to contribute to improved heart health.
The latest iteration of the Scottish King’s tragedy has a stellar cast and dumbfounding set.In The Tragedy of Macbeth, the monochrome film has a more violent take on Shakespeare’s renowned play by adding more suspense, icy, eerie scenes, and theatrical music.
What makes this one different from the other adaptations is its minimalist approach, with the use of only black and white palettes which looks like a stage in itself. There is also a twist in the storyline — the emphasis is on the character Ross. Going off Roman Polanski’s 1971 adaptation, Ross becomes a central figure in the story with a diabolical purpose, portraying him as a figure who operates in the shadows, manipulating events to serve his own agenda.
Director Joel Coen explores other themes such as legacy, mortality, and the corrupting influence of power. The film’s focus on the psychological and existential dimensions of the characters’ journey sets it apart from more traditional versions of the play.
This adaptation has been described as a “noirish nightmare,” where Denzel Washington takes on the role of the mad general and Frances McDormand as his Lady Macbeth — creating what's been described as a “ toxic power couple.”
WHERE TO WATCH IT- You can watch The Tragedy of Macbeth on AppleTV+
Related
⚽ Al Ahly is ready to make their comeback to the Egyptian Premier League. The Red Devils will be meeting Baladiyat Al Mahalla on the pitch tonight at 7pm for a match that was postponed from round 5 of the league. Al Ahly is currently in 10th place with 14 points from six matches, and is hoping to rise through the rankings by securing a victory in its postponed games.
The road to the FA Cup finals is busy tonight, with three round of 16 matches taking place. The most important one we’re tracking is Luton’s fixture with Manchester City at 10pm.
Other matches to keep tabs on:
Bournemouth vs Leicester City (9:30pm)
Blackburn vs Newcastle (9:45pm)
Related
? OUT AND ABOUT- (all times CLT)
MUSIC-
ROOM New Cairo is hosting Hardcase and Divine, two bands hot on the Egyptian rock scene. Hardcase will perform covers from legendary artists such as Beth Hart to Guns & Roses. Divine will be providing tunes by Black Sabbath and Dio. Doors open at 8:30pm tonight. You can snag your tickets for EGP 200, but they don’t include the required minimum order per person.
Get ready to be mesmerized as Aziz Maraka takes the Cairo Jazz Club 610 stage tomorrow. Get your tickets today to book your seat to hear him sing in an unforgettable performance from CJC 610’s Facebook page.
Ali El Haggar is also taking the stage at ElsawyCulturewheel tomorrow. The performance will begin at 8pm at the Zamalek venue. Keep in mind that photos and video recordings are not allowed, as are children under six years of age. Tickets are sold out.
ARTS-
Catch a glimpse of Egyptian cinema through Mohamed Bakr’s lens at Photopia in FiftyYears of Cinematic Portraits. This exhibition opened yesterday and continues until Saturday, 9 March (except for Sunday) where you’ll get to see a selection of portraits taken from his extensive collection of over 2000 artistic works captured since 1956. The exhibition showcases around 100 images from 80 films, covering various genres including literature, cinema, performance, comedy, and realism.
Bibliothek Art Gallery is hosting an artist talk featuring Amani Mousa, Eman Hussin, and Yasmine Shash, moderated by Ismail Fayed, to discuss their Lines of Intimacy Exhibition which continues until this Saturday, 2 March. You can find the catalog here.
ENTERTAINMENT-
Like comedy and want to get in on the fun? Presented by Al Mothalas, El Khatba is an interactive comedy experience at Rawabet Art Space this Friday, 1 March at 8pm.
SPORTS-
The Cairo Half Marathon is this weekend.Start stretching now as Cairo Runners is bringing back a fan favorite, offering 5km, 10km, and 21km runs as well as a Family Run. Tickets are still available, register now.
The TriFactory’s Tough Mudder Egypt is also on this Friday, 1 March. The obstacle course challenge will take place at Belle Vie Club in New Zayed. Today is your last chance to register for the event, click here for registration.
FILM-
Gaza Mon Amour will be screened at Qahrawya this Thursday, 29 February from 8pm till 11pm. Find out how to get your tickets here, but before you do, keep in mind that the Qahrawya studio is home to a few friendly cats. Tickets can be purchased at the door, but seating is limited, so don’t take any chances.
EVENTS-.
Bibliothek Egypt is hosting yet another book signing for Reem Basyuni’s two latest works, Mario Abu al-Abbas and In Search of Happiness, this Friday, 1 March at 6:30pm. Along with the book signing will be a seminar titled Architecture and Impact.
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 this 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.
For all the mothers who need a break — or a bit of fun — Rahet Bally is collaborating withEl Malahy to give moms a day of fun with their children this Saturday, 2 March. All you have to do is download the Rahet Bally app, sign up for entry without charge for you and your kids, and buy your playing credit — at a marked-down price — for you to play all day alongside endless competitions and prizes.
Dust off your tote bags: The Cairo Flea Market is back at the Zamalek Fish Garden this Saturday, 2 March. You’ll have a day of second-hand shopping where you can browse the products of over 250 local vendors selling handmade products, antiques, secondhand items, and more. It only happens once a month so be sure not to miss it. The market runs from 11am to 7pm but we’d recommend getting there early to avoid the crowds.
No Stupid Questions lives up to its name. A production of the Freakonomics Radio Network, the podcast is a medium for hosts Angela Duckworth (author of Grit) and Mike Maughan (tech and sports executive) to get into a safe space of inquiry that listeners can enjoy.
The sky’s the limit as to what the pair ask about. Naturally curious minds, they cover a wide range of topics from the ethics of keeping secrets, to the existence of freewill, to what exactly constitutes a generation. Whatever shower thoughts you’ve had have probably been touched on.
It feels like you’re listening to two best friends talking. The conversation is inviting and you’ll feel like you’re a part of it. Because of their dynamic, time will fly by — but if you’re not a fan of a chatty podcast then it’s best to skip this one.
It’s more about wondering aloud than getting all the facts right. While they do some research to prep for the episodes, the podcast is mostly about two friends bouncing off each other’s random thoughts and opinions. We wouldn’t classify it as educational, but it is, at the very least, thought-provoking.
The EGX30 rose 0.94% at today’s close on turnover of EGP 8.9 bn (112.2% above the 90-day average). Foreign investors were net sellers. The index is up 17.3% YTD.
In the green: Orascom Construction (+12.8%), El Sewedy (+9.8%) and Fawry (+8.1%).
In the red: Oriental Weavers (-5.7%), Juhayna (-4.0%) and Ezz Steel (-4.0%).
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 Zeina Salama (LinkedIn), co-founder and managing director of Tulima Farms.
My name is Zeina Salama, and I’m the co-founder and managing director of Tulima Farms. We launched Tulima with a clear vision: Provide zero-pesticide, healthy, delicious produce for the local market while prioritizing environmental sustainability. Each of our 150 product varieties at Tulima is cultivated without the use of any chemicals throughout its entire life cycle.
My academic background is not directly related to agriculture, but the Product Design degree I earned at IED Barcelona instilled in me a design-thinking approach that has led me to come up with practical but innovative solutions for operational issues. An example would be the development of our dripping plates, which facilitate large-scale water recirculation and recycling in our greenhouses.
I see Tulima leading the way in sustainable farming and inspiring other farmers to take the same approach. We will achieve this by constantly innovating alongside the latest tech, and by sharing our knowledge within our communities. We see ourselves becoming the go-to provider of safe and zero-pesticide produce for conscious consumers and businesses.
While there wasn’t a specific moment where I felt that we had “made it,” I recognized that we were on the right track when we started gaining loyal customers who not only enjoyed our products but enthusiastically supported Tulima. Their willingness to advocate for us reaffirmed that we were making a positive impact and that our customers — both B2C and B2B — trust that everything they buy and consume is 100% safe and follows the highest safety and quality standards.
Because biosecurity (and integrated pest management) is the most important pillar at Tulima, farming without the use of pesticides is the hardest part of the job. It lies at the core of our ethos, but also poses significant challenges, as any disease or contamination within a greenhouse could necessitate its complete removal. Because we refuse to resort to harmful substances, we only rely on natural remedies and rigorous contamination control measures to keep our produce healthy.
Seeing tangible changes in the industry based on our practices is the most rewarding aspect of what we do. This is why we’re especially proud of our work in the Beheira community, where we were able to empower women in a traditionally male-dominated field. We’ve been able to provide women with the chance to take on managerial roles at Tulima, breaking barriers to promote gender diversity and inclusivity within the industry.
The biggest change we’d like to see within the agriculture industry is in its mindset on competition:We believe that competition is a catalyst for fostering healthy business relationships and working towards shared goals of sustainability and innovation. This includes the sharing of knowledge among farmers, especially with the introduction of new practices like hydroponics and tech-driven farming.
Navigating the recent economic challenges has reinforced our commitment to prioritizing our customers’ needs above all else. Even in the face of fluctuating prices from suppliers, we’ve remained steadfast in maintaining fair price points that reflect the quality, consistency, and service that we provide to our clients. We recognize that every business is grappling with similar struggles, but we firmly believe in taking a forward-looking approach. This experience has taught us the importance of integrity and customer-centricity in building a resilient business.
My dedication to Tulima while we entered a new market meant that balancing my professional and private life was a lot of work. Some days allow for a slow morning, a workout, or quality time with loved ones, but other days require me to focus solely on work. Either way, maintaining a clear mindset and being mindful is key to keeping me centered and managing my stress effectively. It’s still an ongoing challenge — and my approach is still evolving, but I prioritize carving out some time for myself each week and adjusting my schedule as needed.
There are two recent books I enjoyed.Farmhouse Vegetables by Michael Smith is a cookbook that focuses on the allure of farm-fresh produce, providing fantastic recipes that spotlight seasonal harvests. However, I do enjoy life outside of work, which brings me to my next recent read: The Island of Missing Trees by Elif Shafak, which I adored. Set in 1970s Cyprus, the novel weaves a story of identity and love that is inextricably linked to a fig tree.
If I could tell budding entrepreneurs one thing, it would be that achieving balance is a gradual process that demands patience. You’ll invest countless hours, navigate numerous stressful situations, and confront various challenges along the way. Entrepreneurship is a journey of determination, not resistance.
That’s why prioritizing your own well-being is absolutely essential. As a leader and the cornerstone of your team, you will have to inspire trust, offer support, and spark their drive to success. So it is crucial that you give yourself the necessary space and care to do so. When it gets overwhelming, sometimes the best course of action is to call it a day, get some rest, and approach the next day with renewed energy and clarity. You can’t pour from an empty cup.
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