Good afternoon, ladies and gentlemen, and happy Monday from a very sunny Om El Donia. Ramadan is one week away — where did the time go?

Day one of the EFG Hermes One on One Conference is underway as we hit send, bringing together some 670 investors, 250 global institutions, and execs from over 215 companies. Under the theme Exploring the Depth of FEM, the conference will allow investors to “delve into the depth and breadth of the regional markets, identifying promising opportunities and navigating potential challenges,” EFG Hermes Group CEO Karim Awad said in a statement(pdf). The event — being held in collaboration with the Dubai Financial Market — is taking place at Dubai’s JW Marriott Hotel Marina and will run until Thursday.

** Enterprise is in Dubai for the conference and will bring you full coverage of day 1 in tomorrow’s EnterpriseAM Egypt.

Attending the conference? Shoot us an email on 1x1@enterprisemea.com if you want to have coffee or pitch us an interview.

THE BIG STORY TODAY-

Hassan Allam opens up Saudi HQ: Our friends at Hassan Allam Holding inaugurated their regional headquarters in Riyadh after securing its investment license from the Saudi Investment Ministry, the group said in a statement (pdf).The new HQ will monitor the group’s international operations. It will take care of business planning and development and managing HR, corporate communications, accounting, and financing, among other activities.

THE BIG STORY ABROAD

Apple’s hefty USD 1.95 bn lump sum EU antitrust fine is causing a lot of chatter in the international press. The fine, which is Apple’s first antitrust infringement from the EU and the third largest ever imposed by the European Commission, comes as a result of the company preventing music streaming services from disclosing alternative payment options to users outside of the App Store. Spotify triggered the legal action with a 2019 complaint over this and the 30% in App Store fees reflecting higher subscription costs for unaware users. The Commission also barred Apple from blocking apps from operating outside of the iOS software. The iPhone maker made it clear they would appeal the decision for failing to “uncover any credible evidence of consumer harm.” (Financial Times | CNBC | Reuters)

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

  • Egypt to launch project to double the remainder of the Suez Canal: The government has conducted preliminary studies on a project to duplicate the remainder of the Suez Canal, Suez Canal Authority boss Osama Rabie said yesterday, adding that the studies have been presented to President Abdel Fattah El Sisi.
  • The Egypt Healthcare Authority (EHA) yesterday inked three cooperationprotocols with local and regional healthcare players as part of a wider plan to grow the local medical tourism industry.
  • A rough start to auto industry in 2024: Auto sales in January fell to their lowest level since April 2023 from the previous month’s spike, noting a 40% m-o-m drop to 6.3k.

☀️ TOMORROW’S WEATHER- Look out for sunny skies tomorrow in the capital city, starting off with a low of 13°C in the early morning before climbing up to a high of 27°C and dropping again to 14°C at night, according to our favorite weather app.

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