Good afternoon, folks, and happy Thursday. As much as this week has brought on some positivity we couldn’t be more excited for the weekend and the onset of Ramadan.
THE BIG STORY TODAY
It’s day one after the float and the news cycle is only accelerating-EGP is slightly up in the banks this afternoon, with the USD ranging from49.7 to 49.4 at dispatch time.
Our debt story is also making the headlines in the int’l press:
JP Morgan ❤️ our debt. The bank recommended buying our one-year t-bills at today’s auction, Reuters reports citing a note from the bank, in another sign that the Egyptian debt will be once again lucrative to foreign investors following the float and the unprecedented 600 bps rate hike yesterday.
ICYMI: The Central Bank of Egypt is selling EGP 110 bn worth of t-bills between today and Sunday, including EGP 30 bn worth of one-year t-bill today.
Egypt local-currency bonds are now offering the third highest among 23 developing economies, according to data tracked by Bloomberg. “The return of portfolio inflows would lock in the final piece of the funding puzzle for Egypt,” the news service wrote.
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CBE takes its hands off EGP, delivers 600 bps rate hike: The Central Bank of Egypt floated the EGP yesterday, leaving the exchange rate “to be determined by market forces” after it hiked interest rates by 600 bps at a surprise monetary policy meeting.
Egypt has lined up a USD 8 bn program with the International Monetary Fund and could add another USD 1-1.2 bn in climate finance if separate negotiations translate into an agreement.
IMF mission chief for Egypt Ivanna Hollar says the cabinet has pledged to slow spending on infrastructure as part of a package to bring more discipline to how we manage fiscal policy.
?️ TOMORROW’S WEATHER- Expect a partly cloudy day starting at a low of 12°C before reaching an afternoon high of 23°C and falling back down to 15°C, according to our favorite weather app.
A new test + some DNA could reveal whether people are at risk for an opioid addiction. AvertD, a genetic test recently approved by the FDA, uses a snippet of your DNA, and aims to pinpoint your genetic vulnerability to opioid use disorder, reports National Geographic. There is still some way to go before this test can be reliably used to pick out those more at risk, but the FDA said in a statement that innovative measures are needed to “prevent, diagnose and treat opioid use disorder” which includes evaluating an individual's susceptibility to addiction.
How does polygenic risk testing work? This revolutionary approach in genetics traces back its roots to the groundbreaking work of geneticists who initially focused on testing single genes. However, the true breakthrough occurred in 2008 when cardiologist and geneticist Sekar Kathiresan’s team successfully combined the effects of numerous genes to assess an individual’s risk. This discovery not only enhanced the identification of people at risk of heart disease — but also opened avenues for exploring broader applications of polygenic risk assessment.
Then what? Doctors can factor AvertD test scores into their patients’ treatments. For example, if one is identified as having an above-average risk of opioid addiction, they can approach pain management differently and engage in educational conversations on the risks. However, the medical community is still grappling with the challenge of effectively implementing non-opioid pain management practices.
Not everyone’s convinced. Genetics are definitely a factor in understanding addiction, says psychiatric geneticist Arpana Agrawal, but we don’t know enough to use DNA alone to predict the risk of addiction. Other experts expressed similar concern but don’t deny that polygenic tests are promising risk tests in general, including for other diseases such as Type 2 diabetes.
There are some kinks to work out before polygenic risk scores can be taken as fact. Psychiatric condition or not, there is a lot of overlap in genetic material making it hard to identify differences. This could indicate either the need for more research or that genetic differences are not significant enough in these cases. Also, most genetic studies are based on white Europeans making it hard to apply to diverse populations, and even if that wasn’t the case, the test doesn’t account for environmental factors that play a role in developing disorders.
The Regime (trailer: runtime 2:13) is a modern parody of authoritarianism and its leaders. Somewhere in “Middle Europe,” Chancellor Elena (Kate Winslet) — a cross between Greta Garbo and a blonde dominatrix — runs an authoritarian regime. Like most regimes of this sort, she rules behind the screen and uses phrases such as “I bless you all, and I bless our love. Always,” a removal — or satire — of the rhetoric used by iron-fisted leaders.
And like most authoritarian heads of state, she is paranoid…of mold, which is ironic as she was a doctor by profession. Enter Herbert Zubak (Matthias Schoenaerts), a corporal sporting an Eastern European accent (Winslet’s Elena speaks RP English with a soft lisp) named ‘The Butcher’ on account of his actions killing protestors opposed to her regime. As a reward for his good work, he acts as a sort of ‘mold’ security — walking ahead of her to check the air should the humidity increase and put the chancellor at risk.
The Butcher becomes her confidante and closest advisor. Elena and Herbert start to get closer as he exposes her to his parochial nationalist sentiments eventually becoming her confidante and source of advice. This comes as her ministers try to win her favor to avoid the risk of disappearing should she feel displeased by them.
There’s only one episode out so far, but we’re already hooked. Kate Winslet is brilliant — there has already been chatter about her character being based on current totalitarian leaders. But we’ll leave you to judge. We’re looking forward to seeing what happens in the next five episodes that will drop each coming Sunday.
Acting aside, the set design was impressive. Every scene and every room is riddled with details that scream easter eggs and bring everything together to sell the story. The palace, while in the process of a deep clean — courtesy of Elena’s fear of fungus — delivers grandiosity that is enjoyable to behold despite the entire episode being shot inside the palace.
⚽ A classic end to the 2022-2023 Egypt Cup with Al Ahly and Zamalek in a fight for victory tomorrow at Saudi Arabia’s Al-Awwal stadium at 7:30pm.
Why Riyadh? It’s all part of the city’s seasonal festivities, where for the first time in history another country has hosted the Egyptian Cup. Al Ahly reached the final after eliminating Enppi with a score of 3-0, while Zamalek qualified after a penalty shootout against Pyramids.
More Egyptian League matches to catch this weekend:
Modern Future vs ZED (tonight, 7pm)
Baladiyat Al Mahalla vs El Gouna (tomorrow, 4pm)
Al Mokawloon vs Ismaily (Saturday, 4pm)
Liverpool, Milan, and others are battling it out in the Europa League: We are now inround 16 of the Europa League which brings together the European football heavyweights.
Liverpool will be playing against Sparta Prahatonight at 7:45pm, at the same time as Roma’s game with Brighton, while Milan and Slavia Praha will be playing later at 10pm.
The rest of the matches include:
Qarabag vs Leverkusen (7:45 pm)
Benfica vs Rangers (10pm)
Marseille vs Villarreal (10pm)
Freiburg vs West Ham (10pm)
On the other hand, we are kicking off gameweek 28 of La Ligawith Barcelona and Mallorca playing tomorrow at 10pm.
Over to the Premier League, looks like it’s going to be an intense Saturday, with Man United opening gameweek 28 with a match against Everton at 2:30pm.
Later in the evening Arsenal will close off the daywith a game against Brentford at 7:30pm, where the Gunners are setting their hopes high for victory as they aim to lead in the English league.
The rest of the matches that start at 5pm:
Bournemouth vs Sheffield United
Crystal Palace vs Luton
Wolverhampton vs Fulham
**Have you joined the Enterprise Fantasy League yet? You can do this by clicking on thislink or entering this code: abd0f7.
The most important matches we’re keeping an eye on in the European leagues this weekend:
Napoli vs Torino (Serie A, Friday 9:45pm)
Cádiz vs Atlético Madrid (La Liga, Saturday 5:15pm)
Girona vs Osasuna (La Liga, Saturday 10pm)
Bologna vs Inter (Serie A, Saturday 7pm)
Bayern Munich vs Mainz (Bundesliga, Saturday 4:30pm)
Werder Bremen vs Dortmund (Bundesliga, Saturday 7:30pm)
Related
?EAT THIS TONIGHT-
Babbo’s, the same people behind Babbo’s Taverna, brings you traditional Egyptian cuisine this Ramadan in their Downtown pop-upthat won’t send you into a food coma.Their concept is classic dishes we have grown to love getting a modern twist. Everything served on their menu is wholesome and made under their roof — down to the Baladi bread (white, brown, or mixed grain) and will deliver on taste — sans the guilty conscience.
We got a taste of the menu in Gezira Club before the holy month — it is diverse and will make a hearty meal. One of their Instagrammable items is their hummus bowls: A vibrant pink concoction — they use beetroot water — which through some sort of alchemy, colors the pureed pulse without changing its flavor. You can then add your toppings of different proteins to amp up your bowl. Try their mushroom hummus bowl — it was an Enterprise favorite.
It’s not all vegan and vegetarian here… Their shawarma and shish taouk with a side of vegetables are great if you want a full-on meal. Other dishes we enjoyed were the red bean hummus that had a nice kick to it and the freshly made labneh. Some more quirky dishes that also hit the spot were the foul heraty bruschetta that’s topped with parmesan (yes, you read that right). Then there are the sweet potato eggs, which had a nice balance of savory and sweet, and so did the lentil salad sprinkled with barameely cheese.
… but our vegans and vegetarian friends approve: There are a whopping lot of veggie and vegan choices on the menu making it a great joint for anyone who struggles to find food that fits their dietary preferences — or for big groups where people want different things. Even the desserts are protein-rich and ideal for the plant-based folk out there. Hurrah.
You can tell that the entire team is heavily involved. The staff and executive team are all part of the process and clearly devote time and energy to their work. If you stop by, you’ll be greeted by smiling faces and attentive waitstaff that will also help you navigate the menu if you’re unsure of what to go for.
And they're giving the same dedication to their Downtown Ramadan pop-up. Their venue, which was once a 1930s paper factory, will deliver a culinary and cultural experience in the heart of the action in Om El Donia. Babbos collaborated with some of Egypt’s finest artisans and family businesses to manifest a warm and welcoming venue giving a carefully curated Ramadan experience. Did we also mention that they will have stand-up comedians, improv performances, and live music at suhoor? Well, now you know.
This would be the place to have that family get-together or corporate iftar. If you’re stumped for new ideas for a corporate Ramadan iftar or suhoor contact them as their space can accommodate large parties and corporate events. They don’t do walk-ins though, so make sure to book by calling 01092661144 or messaging them on Instagram. They can also organize tours around downtown in case your group fancy a bit of activity to digest their meal.
The Downtown popup menu will offer some Babbo’s favorites with an addition of Ramadan specials. Make sure to bring your appetite: Duck moammar, sharkaseya, and aubergine fettah are some of the features on their menu. They also have their own twist on the classic assortment of soups and side dishes — but, as always, everything is made fresh. You can also have Babbo’s at home or the office, as they cater and have a penchant for outdoor venues that go along with their whole healthy vibe.
NOTE- For Babbo’s Downtown, reservations should be made a couple of days in advance as they are filling up fast.
Related
? OUT AND ABOUT- (all times CLT)
ARTS-
Dive into the vibrant world of Egyptian textile art at Bibliothek Art Gallery’sBursts ofInspiration exhibition. From tomorrow to Monday, 8 April visit Seif El-Rashidy and Ismail Fayed’s display to discover the artistry of Khayameya. From ancient lotus motifs to modern Arabic calligraphy, these textiles capture Egypt’s rich heritage and evolving society.
Celebrate International Women’s Day with Echo Production’s Within a Day and Night performance. Tomorrow will see four women take to the stage to navigate the reality of social transformation in a satirical performance that discusses society’s commentary on women’s bodies, social status, and age. The show will begin at 7pm sharp at the French Institute.
Catch a glimpse of Egyptian cinema through Mohamed Bakr’s lens at Photopia in FiftyYears of Cinematic Portraits. This exhibition ends on Sunday, 10 March 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.
Ring in Ramadan with a Game Night for a Cause.Rotaract Cairo, Makanuna, and Egypt’sKitchen are giving you the chance to have fun while raising funds for Ramadan iftar meals for those in need. Show up at Soul Lounge tomorrow at 7pm for some friendly competition. 100% of the ticket proceeds go towards meal donations. Spots are limited, so snag a seat for this event while you can.
In need of comic relief? Konafa Comedy Night at Room Garden City’s got you covered. With a lineup of eight comedians, you’re in for a night of laughs starting from 8pm but doors open at 7:30pm. You can purchase your tickets in person at the branch or via this link.
MUSIC-
Looking for a night of Egyptian folklore?The Egyptian Project is taking the stage at Elsawy Culturewheel tonight at 7:30pm. Get your tickets here.
El Sakia Puppet Theater is back with an ode to Om Kalthoum tonight at 6pm and again at 8pm. You can listen to the puppet orchestra performing ‘Hob Eh’ and ‘Seeret al-Hob’ by purchasing a ticket through this link.
Tablet El Sitt are taking the stages alongside our ancestors at the Grand Egyptian Museum (GEM) this Friday, 8 March from 7pm. The all-female band is dedicated to resurrecting Egypt's ancient musical heritage, immersing yourself in the rich tapestry of Egyptian folk rhythms, vibrant singing, and dynamic dance performances. Get your tickets here and don’t miss out on this celebration of culture and tradition.
Let your inner star shine at Cairo Jazz Club 610’s Karaoke Night on Saturday, 9 March from 8pm. Gather your friends and take the stage this weekend to sing your favorite tunes. For reservations, message them on their Facebook page.
Take listening to cruisin’ and groovin’ up a notch at Cairo Jazz Club’s Taxi El Sahra nighttonight from 9pm. The theme for this edition is our nostalgic friends Boogie and Tam Tam featuring Bakir and Andy Cheikho. For reservations, message them on their Facebook page.
EVENTS-
Bibliothek Egypt is having a book signing and discussion of The Chimera by Hossam Badrawy this Saturday, 9 March at 6:30pm. There are also offers on a selection of books in honor of International Women’s Day and Mother’s Day.
Osana’s upcoming bazaar is a two in one Ramadan and Mother’s Day theme. Happening on Saturday, 16 March, you’ll find gifts, decorations, and Ramadan essentials as well as a Sohour between 7pm and 11pm.
The Tim Ferriss Show is a treasure trove of wisdom and insights from some of the world’s most extraordinary individuals. Hosted by best-selling author, entrepreneur, and self-experimenter Tim Ferriss, this podcast offers listeners a front-row seat to in-depth conversations with top performers across various fields.
From athletes and artists to scientists and entrepreneurs, Ferriss delves into the minds of his guests, uncovering the habits, routines, and strategies that have propelled them to success—such as Lebron James, Arnold Schwarzenegger and Vince Vaughn.
Packed with practical tips, actionable advice, and fascinating anecdotes, making it a valuable resource for anyone looking to optimize their life and achieve their goals.
The EGX30 rose 5.2% at today’s close on turnover of EGP 6.6 bn (44.2% above the 90-day average). Egyptian investors were net buyers. The index is up 25.7% YTD.
In the green: Abu Dhabi Islamic Bank (+9.8%), CIB (+9.5%) and E-finance (+9.0%).
In the red: Juhayna Food Industries (-4.4%), Ibn Sina Pharma (-4.1%) and Madinet Masr (-3.4%).
It’s the day after the float. Following the news barrage yesterday, we decided to take one step back today to recall together the months that preceded the Central Bank of Egypt’s decisions, and how Egypt has been collecting ammo to ensure the ability to liberalize the exchange rate and its sustainability.
How the government has been preparing: The government has taken steps over the past 12 months to shore up its FX buffers as it geared up for the devaluation, attracting FX via the sale of state assets and the issuance of government debt instruments. It also took measures to mitigate the float’s effect on the average citizen, hiking the minimum wage by 100% since last year.
#1- Ras El Hekma agreement: The Madbouly government inked a USD 35 bn agreement with ADQ last month, giving the Abu Dhabi wealth fund and longtime investor in Egypt the development rights to Ras El Hekma on the North Coast in what was Egypt’s largest FDI transaction.
Egypt received the first USD 10 bn tranche from the Ras El Hekma agreement last weekend, and an additional USD 5 bn tranche is set to be rolled from a previous UAE deposit at the Central Bank of Egypt, Prime Minister Moustafa Madbouly said at the time. Meanwhile, the remaining USD 20 bn from the agreement will be deposited within the next two months — USD 6 bn of which will be from existing UAE deposits at the CBE. Altogether, some USD 11 bn worth of UAE deposits will be converted.
ALSO- Egypt received USD 520 mn as part of the USD 800 mn sale of seven historic hotels to Talaat Moustafa Group’s Icon Investments.
#2-Rebooted state privatization program: The state’s privatization program was rebooted in February of last year and later expanded to include 35 companies that will sell stakes to private investors. The government raised some USD 5.6 bn from the program between April 2022 and December 2023. The government reportedly tapped 61 additional companies in January to be added to the list.
Egypt is aiming to raise some USD 6.5 bn through finalized sales from the privatization program by the end of 2024. A large chunk of that could be raised by June through stake sales of Wataniya, Gabal El Zeit wind farm, Port Said and Damietta Container & Cargo Handling companies, United Bank, and a Siemens-built power plant in Beni Suef, sources in the know told Enterprise.
#3- Wage hikes: An EGP 180 bn social protection package announced last month by President Abdel Fattah El Sisi went into effect this month. The package includes raising the public sector minimum wage by 50% to EGP 6k, increasing pension payouts by 15%, implementing salary increases for employees in the education and healthcare sectors, and raising the personal income tax exemption threshold to EGP 60k from EGP 45k.
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