Good afternoon, folks, and happy hump day. Even with Ramadan, the news cycle hasn’t slowed down and is still going strong with more updates after last week’s float.
So, when do we eat? Maghrib prayers are at 6:02 pm in the capital, and you’ll have until 4:41 am tomorrow to hydrate and caffeinate ahead of fajr.
THE BIG STORY TODAY
Float spurs influx of FX sales at the country’s two biggest FX bureaus: Customers have sold some EGP 765 mn worth of foreign currency at the National Bank of Egypt’s foreign exchange bureau Al Ahly Exchange and Banque Misr’s Misr Exchange in the five days following the central bank’s decision to float the currency, Al Arabiya reports, citing Al Ahly Exchange head Abdel head Meguid Mohy El Din and Misr Exchange boss Adel Fawzy. Most of the transactions at the former bureau were USD sales, with SAR and EUR accounting for a smaller portion of transactions.
And unlocks a flurry of remittances: Emirati FX bureau Al Ansari Exchange has seen a “remarkable increase” in expat transfers from the UAE to Egypt following the float, it said in a statement today.
Remember: FX trading on the parallel market has come to a halt in recent days. The USD on the official exchange market is changing hands between EGP 48.7 - 49.23 today.
THE BIG STORY ABROAD
Biden’s memory is making headlines in the international media this afternoon. US President Joe Biden was interviewed by special counsel, Robert Hur, who decided that Biden should not face charges over the evidence found that accuses him of withholding classified information from his time as vice president, reports the Associated Press. Biden maintained that he never intentionally retained the information. And while he did clear Biden in his report, Hur highlighted the president’s memory retention, calling him a “well-meaning, elderly man with a poor memory.”
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The price tag of Scatec’s Naga Hamamdi solar plant unveiled: Norwegian renewables developer Scatec’s planned solar plant to power EgyptAlum’s Nagaa Hammadi industrial complex will be set up with investments of USD 1.1 bn.
☀️ TOMORROW’S WEATHER- Expect similar weather to today, with the mercury climbing to a high of 28°C in the day and cooling down to 14°C at night, according to our favorite weather app.
Did you have a Banksy identity reveal on your 2024 Bingo card? Neither did we. Art collectors Nicky Katz and Ray Howse have taken legal action against Banksy’s company, Pest Control, for their refusal to authenticate one of his artworks, Monkey Queen. If taken to court — which isn’t yet a certainty — Banksy may be forced to reveal his name.
Despite a promise of authenticity certificates on the Pest Control website, Banksy’s company has dodged Katz and Howse’s request for three years, the reasons for which are unclear. But John Bradler, an expert on graffiti artists, speculates that Pest Control has not released the certification “because Banksy will only certify works that he wants particular individuals to have.”
Pest Control was set up in 2008 to combat fake prints after they were sold online under Banksy’s name. These certificates of authenticity play a key role in selling (or reselling) the artist’s work for exorbitant prices. Currently, the print in question could fetch a handsome price of USD 70-90k if authenticated.
Why keep his identity a secret? The mystery is intrinsic to the Banksy brand, and at this point, destroying the mystique surrounding his identity, which has been under speculation since his emergence in the late 1990s, could drastically affect the price of his work. However, this isn’t likely to be a significant concern for Banksy, who has repeatedly called collectors of his art “ morons,” and even shredded work that was sold for USD mns.
Ashghal Shaqa is one of the most eagerly awaited family comedies this Ramadan. Forensic pathologist Hamdy (Hesham Maged) and his wife Yasmin (Asmaa Galal) just gave birth to twins. We see the first-time parents struggle not only with figuring out parenthood, but with their respective mothers-in-law and a nanny that does more to complicate their lives than help (watch trailer, runtime: 1:25).
It’s not often you see a comedy so well-written. The humor in the show serves the plot instead of what we’ve gotten used to: Where the plot is contrived to serve a single (often underwhelming) joke. In this show, we have co-writers and siblings Sherine Diab and director Khaled Diab to thank for the solid writing.
Maged and Galal’s performances are stellar: We’ve seen one episode so far, but the exhaustion and fatigue of early parenthood is obvious in the way they play Hamdy and Yasmin. Maged’s dry humor is perfect for this role, his signature deadpan making the comedic situations he finds himself in all the more chuckle-worthy. Supporting actors Sherine, Salwa Mohamed Ali, El Kebeer’s Moustafa Gharieb, and guest star Intesar were well-cast, effortlessly rounding out the ensemble for a well-crafted comedy.
WHERE TO WATCH- You can find the first three episodes of Ashghal Shaqa on Shahid.
Related
⚽The CAF Champions League and Confederation Cup draws are here:Zamalek will be playing against Modern Future in the Confederation Cup quarter finals. As for the CAF Champions League quarter finals, Al Ahly will go head to head with Tanzania’s Simba.
In the Egyptian Premier League tonight we have the postponed match between Zamalek and El Gouna at 9:30pm. The White Knights are currently in 13th place with 15 points from 10 games, hoping to put the cup loss behind themselves and get back on track.
Al Ahly and National Bank of Egypt are also playing tonight at the same time, with Al Ahly in 10th place with 17 points from only seven fixtures — but things can change for the better if they manage to maintain a streak of victories in the upcoming nine postponed matches.
Things are heating up on European fields at the UEFA Champions League: Barcelona and Napoli are going head to head again in the second leg of round 16 at 10 pm tonight — after the first leg at Camp Nou resulted with a 1-1 score.
Arsenal is also returning for seconds with Porto tonight at 10pm after Porto left the first legat the Emirates Stadium with a clean victorious goal.
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? OUT AND ABOUT- (all times CLT)
RAMADANIYAT-
Good news for all of our West-siders and adventurous Easties:Qahwet WOC is back this year for your Ramadan nights out starting this Thursday, 14 March. Walk of Cairo is collaborating with Topaz Restaurant to fill every night with live performances throughout the Holy Month, including a Mawlaweya show, a tanoura show, board games, and a traveling Mesaharaty. You can head down there any time during Ramadan from 8pm to 2am.
What’s a Ramadan night out without a suhoor tent?Layalina is launching on Thursday, 14 March at Zed Park, with Nouran AbuTaleb providing her mellow sounds for company, and again on Friday, 15 March with Hana Yousy’s vocal talents. Their extensive menu, which includes drinks, cold and hot mezzahs, and mini sandwiches, is going to make sure you’re ready for your fast. You can snag spots for two, four, five, or eight people. Like any authentic Suhoor experience, Layalina expects you there well into the night, opening its doors at 11:30pm.
Layalina is also going to East Cairo.El Baron Palace is hosting this Suhoor tent on Friday, 15 March, and along with the Sharmoofers, are bringing you a night of tradition and entertainment under the stars. The menu will be the same as our West-siders, but those attending at El Baron have a larger selection of seating. You can choose between lounges, tables, and high table seats here.
Can’t keep track of which suhoor tent is up when? Layaly HydeOut is making it easy for you — they’re open all month. HekaytnaHelwa is launching Saturday, March 16 at Hyde Park, opening its doors at 10pm. In addition to a set Suhoor menu, weekdays feature oud and takht sharqi music, and weekends will host superstar performers who are yet to be identified. Tickets from 16-20 March are available now, retailing for EGP 800 per seat.
MUSIC-
Witness some of the last remaining Zar practitioners in Egypt tomorrow. The Mazaher ensemble shares their tradition with audiences with two concerts every Wednesday at Makan. Reach out by the email or Whatsapp number provided on the page to experience the spiritual poly-rhythmic drumming and vocals practiced in Upper Egypt. Note that taking photos and/or videos is prohibited during the performance.
ENTERTAINMENT-
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 on Thursday, 14 March, with doors opening at 7:30pm. You can purchase your tickets in person at the branch or via this link.
Comedy Stuff is taking the stage at ROOM New Cairo on Sunday, 17 March. Five comedians are armed with their best material for a hilarious night that starts at 8:30pm. You can snag tickets here for EGP 200. That doesn’t include the minimum order — but why not treat yourself to some suhoor while you’re there?
Missed it? No problem, there’s no shortage of comedy at ROOM. Six more comedians are laying it all on the table on Thursday, 21 March at the space’s Garden City branch for The Mad Day. Like the previous event, doors also open at 8:30pm, and the same ticket and minimum order regulations apply.
Drop the sobia and face your phobias at Rawabet Arts Space’s Mesh Mawgood LivePodcast: Fobia Elsobia event. On Tuesday, 19 March from 9pm the event will help you confront and understand your fears, or phobias, such as potatoes, car headlights resembling human faces, associating even numbers with good and odd numbers with evil, having a fear of cheese, or feeling uneasy about the Ring Road. Get your tickets here.
SPORTS-
Have you registered for The TriFactory’s Ramadan Relay Run this year? Athletes will be at the Palm Hills Club tomorrow to compete from 9-11pm. Teams of four runners will be taking part in this signature race to complete as many laps as possible within the two-hour timeframe.
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? EARS TO THE GROUND-
There are a lot of weirdos out there, and Other People’s Lives wants to interview them. Joe Santagato and Greg Dybec host anonymous guests who have applied to be on the show to talk about their (often strange) experiences or behaviors. It’s a wild ride that is usually hilarious, infuriating, or even disturbing.
While the topics at hand are interesting, some of the subject matter should be approached with caution. For example, one very interesting episode we met a woman with synesthesia who can taste words. But expect to hear from guests that we are shocked to even mention.
Santagato and Dybec are incredibly composed when handling intense issues, sometimes to the point where it’s frustrating. To be clear, some of their guests are objectively not good people. Sometimes we wish the hosts would hold them accountable, or express their opinion, or even pass judgment, but they maintain an objective and almost clinical tone while speaking with their guests.
The EGX30 fell 2.2% at today’s close on turnover of EGP 5.7 bn (20.1% above the 90-day average). Local investors were net sellers. The index is up 31.2% YTD.
In the green: Juhayna (+15.6%), Edita (+7.1%) and Talaat Moustafa Group (+5.6%).
In the red: Alexandria Containers and Cargo Handling (-7.4%), Sidi Kerir Petrochemicals (-7.0%) and Eastern Company (-6.2%).
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 Omar Hikal (LinkedIn), co-founder and CEO of The Brand Company.
I completed my undergraduate studies at Boston University, earning a degree in Business with a concentration in Marketing. After that, I pursued several executive education programs at Harvard Business School and INSEAD.
Having co-founded my fourth business, I attribute much of my success to forging the right partnerships. Despite the inherent challenges, I’ve been lucky to collaborate with exceptional partners, who know who they are, and are always there to lean on.
The Brand Company is a project that is close to my heart born out of the entrepreneurial struggle to find professionals capable of building a brand beyond the superficial elements. Recognizing the universal need for businesses, regardless of size or focus, to prioritize their brand, I partnered with Dara Abdul Hadi from design firm DNA. Together, we established a unique business model, blending consultancy and design services.
Our distinctive approach involves co-creating with the clients, steering away from the conventional practice of simply taking and executing briefs. We collaborate on the brief, identifying challenges and craft strategies together.
Our positioning sets us apart: We don’t just compete with graphic design firms, but rather provide comprehensive brand-building solutions. You can get logos on a budget on platforms like Upwork, but building a brand requires a deeper understanding — that’s something our consultancy-based model excels in.
I wouldn’t say I’m successful— the entrepreneurial path is an ongoing journey, and my partners and I continually seek new challenges. In the next five years, our trajectory aims for a more global presence, expanding beyond the UAE, GCC, and Egypt. Additionally, I aspire to see our business thrive by attracting and nurturing new, young talent.
Resilience, encompassing culture, leadership, and brand, is crucial for a company facing adversity. The Brand Company weathered the challenges of covid-19 by making tough decisions, prioritizing employee retention, and meeting client needs. As we move forward, I hope more companies will prioritize branding early and embrace calculated risks for greater opportunities.
The most rewarding part is seeing the impact of our work. When I drive around somewhere or I’m scrolling through Instagram and I see how our clients have implemented our work, that’s really rewarding. I also love getting phone calls from clients who want to join forces again.
Outside of work, my hobbies include photography, travel, and spending time with my boys who live in different parts of the world. I also enjoy watching movies, and I am fond of cycling, despite my occasional struggle with enjoying exercise.
My advice to my younger self would just be pay attention — observe your surroundings, and learn from everyone. The ability to work by choice, rather than necessity, is a luxury, and finding fulfillment in one’s work is essential.
At The Brand Company, we believe in the power of collaboration, expressing it through the mantra “I can, but we can better.” We’re so proud of our internship program because we get wonderful people coming through and we help them to identify quickly whether there's something about our work that they like and whether they want to pursue it or not.
But I need to acknowledge the luck factor. So much of what happens to us in life is a chance presenting itself and us being able to seize it. A lot of the things that happened to me in my life were strokes of luck — I was lucky to meet my partners when I did and that we were able to work together when we did. There’s a great saying that the harder you work the luckier you get. Jim Collins has this thing he calls return on luck — when an opportunity arises, if you’re not in a position to take it then it’s going to pass by, but if you’re ready for it then big things can happen.
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