Good afternoon, ladies and gentlemen, and happy Thursday. We’re wrapping up the first workweek of Ramadan on a slightly calmer note than the past few days.
THE BIG STORY TODAY
The EGP strengthened by c. 60 piasters today to close below 48 against the greenback for the first time since the float on 6 March, according to Central Bank of Egypt data. The local currency has been in an upward trend since the float, gaining around 6% in the last six banking days, according to our calculations.
THE BIG STORY ABROAD
It’s a mixed bag of headlines in the international press this afternoon. The Biden administration has been actively working on exhausting all options to de-escalate Houthi attacks on vessels passing through the Red Sea including reigniting a nearly year-long dormant diplomacy with Iran to persuade them to exert authority over the militia which they insist act independently, according to the Financial Times. Meanwhile, anonymous US officials revealed that former US president Donald Trump approved a CIA job to infiltrate Chinese social media in order to spread content opposing Chinese President Xi Jinping’s government and turn public opinion, while fostering distrust amongst the Chinese leaders in office, says Reuters. Trump has notoriously taken the strongest stance against China of any US President and vows to be even harsher if re-elected but the worry is that China uses this newly revealed information to support their own misgivings against the US.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
We’re in for a big package from the EU: The EU and Egyptian officials are expected to ink an agreement that would unlock EUR bns of funding on Sunday when a delegation of EU officials—including European Commission President Ursula von der Leyen and the Greek, Belgian, and Italian prime ministers — visits Cairo.
Egypt’s first-ever SAF production project is underway: The Oil Ministry has devised a plan that will see state-owned firm Egyptian Petrochemicals Holding Company (ECHEM) producing the country’s first sustainable aviation fuels (SAF).
Gaza tops the agenda in El Sisi, Dutch PM meeting: President Abdel Fattah El Sisi called for an immediate ceasefire in Gaza and an end to Israel’s hostilities and called on Dutch Prime Minister Mark Rutte to “exert his genuine efforts in this regard for ending this humanitarian catastrophe in the Gaza Strip and halting the escalation and tensions in various parts of the region as well.”
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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 a partly cloudy day with a high of 25°C during the day and a low of 12°C in the evening, according to our favorite weather app.
Culture could be South Korea’s biggest export. From the infectious beats of chart-topping K-pop groups to the cinematic brilliance of awardwinning films like Parasite, the Korean wave, or Hallyu, is sweeping across the globe, captivating audiences with its vibrant energy and enchanting storytelling, The Guardian writes.South Korea’s emergence as a cultural superpower is a testament to its remarkable transformation over the decades, evolving from a nation known primarily for cars and electronics to a global hub of creativity and innovation.
The global appetite for all things South Korean remains insatiable. K-pop dominates the charts, while groundbreaking shows like Squid Game captivate audiences worldwide. This cultural wave has prompted a Korean “gold rush ” in Western studios, with Netflix leading the charge with a USD 2.5 bn investment in South Korean projects. Even the BBC is getting a slice of the Korean Wave, launching a series like the GangnamProject that explores the journey of becoming a K-pop superstar.
Behind this cultural explosion lies a mix of government support and private sector ingenuity. Initiatives from the Culture, Sports, and Tourism Ministry have nurtured talent and facilitated the export of cultural products, while private enterprises have thrived with government backing. From the secrets of K-beauty to the flavors of K-food, South Korea’s cultural exports are booming, with local and international sales reaching a high of USD 52.8 bn in the first half of 2023 — and is expected to expand.
However, this cultural success story is not without its challenges. Issues like fair funding distribution alongside controversies surrounding mental health and exploitation have cast shadows on the industry. Yet, the Korean wave continues to evolve and expand, with growing international interest in Korean language and literature.
Is “the halving” driving BTC’s surge? There are as many theories about what has driven BTC north of USD 72k as there are pundits talking up the asset class, but one theory gaining a lot of currency in recent days attributes it to “the halving.”
Uh, Enterprise? What the [redacted] are you talking about? “The halving” (BTC bulls insist it is “The Halving, a proper noun) is a mechanism built into the currency designed to control the supply of new coins — effectively ensuring it remains valuable.
How it works: BTC has a built-in limit of 21 mn coins. The halving is a programmed event (architected by BTC’s pseudonymous creator, Satoshi Nakamoto) that cuts the reward for miners in half, roughly every four years, thus controlling supply and making it hard to hit 21 mn coins in circulation (cf: Zeno’s Paradox).
It’s happened before: When BTC was first introduced, the reward for mining a block (IYKYK) was 50 BTC. The reward dropped to 25 BTC in 2012 (the first halving), then to 12.5 BTC in 2016, and to 6.25 BTC in 2020.
Why is it important? The idea is that the halving makes it less attractive for “miners” to make BTC, thus slowing its production and putting a floor under the price — kind of like OPEC+ output cuts designed to make sure oil remains expensive.
When will the “halving” happen? Nobody knows for sure, but most likely in April, it seems.
How is it impacting price? Some pundits think the prospect of tighter supply going forward is behind BTC breaking the USD 72k barrier for the first time a few weeks back.
Two worlds collide in Masar Egbari. When Omar (Mahmoud El Bezzawy) ends up in the hospital, Hussein (Ahmad Dash) and Ali (Essam Omar), two complete strangers, discover that they are siblings. Their father had married into two different social classes and did not tell his respective families about his polygamy. Ali is an academic hoping to practice law in France, while Hussien is a hustler running his own food truck. But when the cat is out of the bag they’re forced to work together.
The first episode starts off with the death of a woman, who we see falling off the roof of a building.Little do they, and we, know that their father has been roped into the case, prompting the brothers to come together to uncover who’s responsible. Expect to see them struggle to reconcile their differences and come to terms with the fact that they are family.
The casting looks great so far. Dash gets better and better in each role he takes on and is able to commit to completely different characters. His brash, street-smart character contrasts nicely to Ali’s soft-spoken, calm persona. Cinema veterans Basma and Sabreen play the concerned, hardworking mothers who have been betrayed. Look for the moment of the reveal, as each actress truly outdoes the other.
There is a clear direction with the cinematography. As the characters roam the streets, their backdrops are grim and reflect their turmoil. It’s almost like the saturation has been toned down to give the setting a gloomy, gray cast as opposed to the glamorous shots of the Nile and bright skyscrapers we’re used to seeing.
⚽ Tonight marks the start of the second leg of the Europa League, and these are the matches we’re keeping an eye on:
Slavia Praha vs Milan (7:45pm, first leg result: 2-4)
Brighton vs Roma (10pm, first leg result: 0-4)
Liverpool vs Sparta Praha (10pm, first leg result: 5-1)
Bayer Leverkusen vs Qarabag (10pm, first leg result: 2-2)
Champions League draw: UEFA will do the quarter-final Champions League draw tomorrow at 1pm now that the qualifying teams have been determined.
The teams playing in the quarter-final: Bayern Munich, PSG, Real Madrid, Manchester City, Arsenal, Barcelona, Atlético de Madrid, and Borussia Dortmund.
Gameweek 29 of the Premier League will be short and sweet: It kicks off on Saturday with three matches and ends on Sunday with just one match.
Saturday’s matches:
Luton vs Nottingham Forest (5pm)
Burnley vs Brentford (5pm)
Fulham vs Tottenham (7:30pm)
Don’t forget to join the rest of the Enterprise community in competing for the top spot of our Fantasy League by clicking this link or using this code: abd0f7.
Some FA Cup quarter-finals to look forward to on Saturday:
Wolverhampton vs Coventry City (2:15pm)
Manchester City vs Newcastle (7:30pm)
The Merengue are one step closer to the La Liga title: Real Madrid will be hosted by Osasuna at 5:15pm on Saturday as part of gameweek 29 of the Spanish League. The Royal Club occupies the lead with 69 points — seven points ahead of Girona in second place and eight points ahead of third place’s Barcelona as we enter the decisive stages of the competition.
And in the rest of the European Leagues:
Real Sociedad vs Cadiz (Friday, 10pm, La Liga)
Mallorca vs Granada (Saturday, 3pm, La Liga)
Getafe vs Girona (Saturday, 7:30pm, La Liga)
Darmstadt vs Bayern Munich (Saturday, 4:30pm, Bundesliga)
Related
? OUT AND ABOUT- (all times CLT)
RAMADANIYAT-
The iconic Taghmisa experience is back. If you missed it last year (or the last eight years), there’s no reason to worry. This unconventional Ramadan tent features experimental Middle Eastern cuisine (we’ve been craving their sobya latte since last year) and continuous live performances that will keep you entertained all night long. You can reserve a table here, picking between suhoor from 10:30pm-1am if you’re an early bird or 1-3am if you intend to head home at dawn.
Have iftar and suhoor beneath the night sky at the Citadel of Salah El Din.Sawa is curating a must-try experience at this historic site with culinary expertise from Carlo’s and Le Pacha. You can choose between having iftar from 5:30-8:30pm and suhoor from 10pm-2am starting tomorrow night. Tickets are selling out fast despite the steep price of EGP 2.4k per person (excluding taxes), so grab yours while you can.
Qahwet WOC is back this year for your Ramadan nights out starting tomorrow.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.
Layalina is launching tonight at Zed Park, with Nouran AbuTaleb providing her mellow sounds for company. Tomorrow, Layalina will have Hana Yousy providing the entertainment for the night. 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. Layalina has extended their stay at El Baron Palace adding four additional dates to choose from. The Sharmoofers will be bringing you a night of tradition and entertainment under the stars on the opening night. 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 this Saturday 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.
Skip the reservations and take a walk after iftar at Mamsha Ahl Misr’s ‘Qahwet ElMamsha’ where every Thursday and Friday you get to immerse yourself in the festive spirit with board games and a lively entertainment schedule throughout the holy month.
Footloose brings the magic of Ramadan at Wadi Campwhere the desert comes alive with traditional festivities and cherished traditions under the starry night sky. From mesmerizing Tanoura shows to sumptuous iftar feasts and late-night suhoor meals, immerse yourself in the spirit of the season. Enjoy movie nights under the open sky, engage in a variety of activities including volleyball and card games, and gather around the bonfire for shared stories and laughter. Reserve your spot through their number on their Facebook page.
Qahrawya are back again with their Ramadan ‘Iftours’where you get to stroll through the bustling streets and ancient wonders of Cairo iconic landmarks as well as indulge in its delicious dishes. The Salah al-Din Citadel and the labyrinthine alleys of Khan el-Khalili will be included in the tour. Their dates are Wednesday, 20 March in Downtown and Thursday, 28 March for the Mounira x Garden City tour. Saturday, 30 March will be in Zamalek and Thursday, 4 April will be in City of the Dead. To book your spot, message them on their Facebook page.
MUSIC-
Witness some of the last remaining Zar practitioners in Egypt. 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-
Konafa Comedy Night at ROOM GardenCity’s is giving you some comic relief tonight. With a lineup of eight comedians, you’re in for a night of laughs, 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 next 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.
EVENTS-
Nurture your connection with our cultural heritage with Megawra. Their three-day Spendthe Day in Khalifa event is on its eleventh edition, taking place this year on Friday and Saturday, 22-23 March, and Friday, 29 March. The event focuses on connecting space, place, and people at al-Khalifa Park and al-Khalifa Community Center.
The first day will build your connection to this space through fun experiences and activities, like board games, puzzles, craft activities, trivia, and a live performance. The second day is focused on important discussions about public spaces led by Yasmine El Dorghamy, founder of Rawi, Egypt’s Heritage Review, and a walkthrough exhibition at the park. The third day will see food archaeologist Mennat Allah El Dorry lead a panel discussing food, heritage, and community that will culminate in communal suhoor. Attendance is without charge, but registration is required.
Celebrate Mother’s Day uniquely this year with the Society of Play by bringing your mom to a special adult playdate. On Wednesday, 20 March mothers and their (adult) children will gather for a day of fun and games through interactive group activities for a chance to bond, laugh, and create lasting memories together. For reservations click on this link.
Raymond and his guests will cover it all over a cup of tea. The biweekly show discusses all things Gilded Age from society and culture to architecture, food, design, and music. Sometimes they’ll look at specific well-known names from the time and detail their influence over their societies, such as socialite Mrs. Astor who had the final say on who made it into high society.
Edith Warton’s The Age of Innocence is the topic of our favorite episode. It’s no secret how talented the prolific author is, but the well-researched podcast fills you in on the nuances of the time that might help you understand her writing and its subtleties better.
If you’re a fan of HBO’s The Gilded Age, this one’s for you and these two podcasts are a good pairing to get through together. The show delivers on the visuals and storyline, while the podcast can provide you with the context and background. Either way, you’ll see just how cut-throat those times were if you wanted to make it into a certain crowd.
The EGX30 rose 1.0% at today’s close on turnover of EGP 4.5 bn (6.7% below the 90-day average). Local investors were net buyers. The index is up 25.8% YTD.
In the green: GB Corp (+10.0%), Edita (+5.0%) and Delta Sugar (+3.8%).
In the red: Egypt Kuwait Holding (-7.7%), E-Finance (-3.2%) and Juhayna (-2.1%).
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