Can we fix the internet?

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: FInMin shares preview of next year’s fiscal budget

Good afternoon, folks, and happy hump day. The news cycle remains relatively subdued today as we inch towards the back half of the week.

THE BIG STORY TODAY

FinMin gives a preview of next fiscal year’s budget: The government plans to spend a total of EGP 596 bn on subsidies in FY 2024-25, Finance Minister Mohamed Maait said, according to a ministry statement. This includes EGP 134 bn for commodity subsidies, more than EGP 147 bn to subsidize fuel products, and north of EGP 40 bn for its Takaful and Karama social safety programs, Maait said.

How does this compare to the current fiscal year? The government’s budget for FY 2023-24 penciled in EGP 127.7 bn for food subsidies, and EGP 119.4 bn for fuel subsidies. Takaful and Karama were allocated EGP 31 bn for the fiscal year.

The government expects to spend some EGP 3.9 tn in the upcoming fiscal year, while total government revenues are expected to come in at EGP 2.6 tn. Tax revenues are forecasted to hit EGP 2 tn in FY 2024-25, with no plans for new taxes, Maait said.

THE BIG STORY ABROAD

A turning point in Japan’s economy: The Bank of Japan hiked its interest rates for the first time in 17 years on Tuesday, pushing its interest rates up to zero after keeping them negative for the last eight years. This marks a shift in its aggressive monetary easing policy which sought to encourage bank lending and restimulate Japan’s deflationary economy.

The story got a lot of attention in the int’l press:Reuters | New York Times | Financial Times | Wall Street Journal

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

A USD 6 bn package from the World Bank: The World Bank will provide Egypt with a USD 6 bn financing package over the next three years. The package is subject to the group's board approval, which is anticipated before the end of June.
S&P Global Ratings has become the second rating agency this month to upgrade Egypt’s outlook, raising its outlook to positive from stable, citing a significant increase in foreign direct investment and recent policy measures taken by the Central Bank of Egypt that have helped the country access a bigger package from the International Monetary Fund.
Introducing Concrete Fashion Group: Our friends at Arafa Holding are wrapping up a demerger that will see them rebrand as Concrete Fashion Group for Commercial and Industrial Investment and spin off subsidiary GTEX Holding.

☀️TOMORROW’S WEATHER- It’s going to be a sunny day in Cairo with a high of 25°C and a low of 14°C, according to our favorite weather app.

There is still hope for the World Wide Web

The inventor of the internet as we know it knows he created a monster… but he hasn’t given up hope. Sir Tim Berners-Lee, the mind behind the World Wide Web, is raising concerns about the state of his creation. Despite 35 years of progress, three main issues are why the internet is riddled with problems.

#1- Too many big fish in one small pond: Tech giants have monopolized our online experience, which Berners-Lee believes is stifling innovation and hindering healthy competition. This goes against the very purpose of the internet’s creation, says the innovator, which was built on “the intention to allow for collaboration, foster compassion, and generate creativity.”

The first decade of the internet did just that. Alongside the unending variety of content, the web was a hub of smaller contained communities that promoted huge value, and, Berners-Lee believes, provided individual empowerment. Within the past decade, the internet has eroded those features at the behest of large corporations’ self-interest. A homogenized online environment now prioritizes corporate revenues over user needs.

#2- The internet is now a B2B model: As personal data has become the most valuable form of currency these days, the collection and exploitation of our information are continually raising privacy concerns. The saturation of targeted ads is both a symptom and a root cause, as companies strive to manipulate user behavior, compromising online autonomy.

#3- Then there’s AI: Berners-Lee is worried that the emergence of AI will only exacerbate these existing problems, adding to the proliferation of misinformation and manipulation of online discourse. The father of the World Wide Web believes that these trends show that the issues at the forefront of our online experience are “deeply intertwined” with emerging technologies.

But there’s still hope. “It would be defeatist and unimaginative to assume that the web as we know it can’t be changed for the better,” says the techno-idealist. But not on its own. The power concentration and exploitative business models that plague the internet need to be addressed, he believes, which he is actively working to do through the World Wide Web Foundation.

Is it possible? Maybe. Social networks like Bluesky and Mastodon don’t rely on advertising and business engagement to run. It’s easier said than done, but Berners-Lee believes that morally courageous leadership is emerging and that someday, the online world will be dictated by the needs of humanity instead of financial gain.

Lahzet Ghadab is a fast-paced series about the straw that breaks a wife’s back

? ON THE TUBE TONIGHT-
(all times CLT)

Birthday celebrations go wrong inLahzet Ghadab: Yomna(Saba Mubarak) is in an abusive marriage. Sherif, her husband (Mohamed Farrag) neglects and verbally abuses her. She tries to salvage their marriage, listening to Sherif’s commands and dolling herself up — and even buys a red dress in the hopes that Sherif becomes more loving.

On her birthday, Sherif avoids them having any time alone together by inviting his brother, his wife, and their son over to their house to celebrate. But before the guests arrive Sherif pushes Yomna too far and things don’t go as planned. From that moment, fear, anxiety, and a state of confusion takes over Yomna as she tries to handle life after this incident.

The series is fast-paced — putting us on the edge as Yomna, making viewers eager to know what’s next. Especially with the sudden appearance of her mysterious new neighbor Asser (Aly Kassem) and Nayera (Nardine Farag) Yomna’s old best friend. Both appearances in Yomna’s life at that moment creates a huge shift in the narrative and events.

The excitement is built right at the start — the series has successfully been able to capture the viewer’s attention seconds into the first episode. Honorable mention goes to Sherif’s brother, Mustafa (Mohamed Shahin), whose performance is also hard to ignore — his distinctive look, excellent chemistry and the ability to keep us tense in a comedic manner enhances the dramatic nature of the work.

WHERE TO WATCH- You can watch the series on Watch IT, or check out the trailer here (watch, runtime: 2:03).

Can’t keep track of which suhoor tent is up when? Layaly HydeOut is making it easy for you — they’re open all month with Hekaytna Helwa at Hyde Park. In addition to a set Suhoor menu, weekdays feature oud and takht sharqi music, and weekends will host superstar performers, including Hakimand comedian Mohamed Helmy. Tickets from 19 to 23 March are available now.

Drop the sobia and face your phobias at Rawabet Arts Space’s Mesh Mawgood Live Podcast: Fobia Elsobia event. Tonight at 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.

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.

TOMORROW-

Celebrate Mother’s Day this year with the Society of Play by bringing your mom to a special adult playdate. Tomorrow 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.

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 tomorrow 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 Desert of the Mamluks. To book your spot, message them on their Facebook page.

LATER THIS WEEK-

There’s no shortage of comedy at ROOM. Six comedians are laying it all on the table this Thursday, 21 March at the space’s Garden City branch for The Mad Day. Doors open at 8:30pm.

Nurture your connection with our cultural heritage with Megawra. Their three-day Spend the 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.

Looking to do some good without skimping on the fun? Join Dayma in celebrating World Water Day with a clean-up followed by a delicious Iftar and some trivia. Head over to the Qursaya crossing to VeryNile headquarters on the island on Friday, March 22 at 3pm. Bring your teens along for some community building. The EGP 850 fee includes activities, food, drinks, and the ferry. Don’t forget your refillable water bottle. You can register here.

American Hysteria explores how fantastical thinking shapes culture: Similar toYou’re Wrong About, the podcast covers moral panics, urban legends, hoaxes, crazes, fringe beliefs, and national misunderstandings that America just can’t seem to shake. Host Chelsey Weber-Smith, poet-turned-podcaster, examines how these phenomena develop into shared reality.

You probably find dolls creepy. We do too. But how did these little play things become the hallmark of haunted possessions? In the episode titled Haunted Dolls, Weber-Smith takes a look at the dolls that became horror movie staples: Thomas Edison’s little monsters, a demonic Raggedy Ann, a living ventriloquist dummy, a deadly voodoo curse, and an online market where you can buy yourself a soul trapped in the body of a doll.

The podcast tries to break down how something, usually unassuming, could become such a vital part of collective consciousness. Each episode runs about an hour, give or take, and presents analysis and background on illogical human behavior.

While the host is a great storyteller, her delivery is controversial. Some users can’t get behind the podcast because of her slow cadence and pauses, but most just enjoy the content as is.

You can listen here on Apple Podcasts or Spotify.

What the markets are doing on 19 March 2024

The EGX30 fell 1.4% at today’s close on turnover of EGP 4.0 bn (18.8% below the 90-day average). Foreign investors were net sellers. The index is up 15.2% YTD.

In the green:E-finance (+10.6%), Orascom Development Egypt (+6.2%) and Abu Qir Fertilizers (+5.7%).

In the red: TMG Holding (-6.3%), Juhayna (-4.7%) and CIB (-3.6%).

Meet Malak Hany, founder and CEO of Front Row Studios

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 Malak Hany (LinkedIn), founder and CEO of The Front Row Studios.

My name is Malak Hany and I’m the founder of The Front Row Studios, a fashion brand dedicated to empowering women to express themselves freely through our pieces. We prioritize our customers feeling good in our items because we believe a positive outlook on life is paramount. While our brand may not directly address a specific problem or gap, it serves as a catalyst for confidence and self-assurance.

As for my professional background, it has been a long journey. I began taking on freelance projects during school to add to my portfolio and advance my career. Graduating with a degree in Integrated Marketing Communication from The American University in Cairo was pivotal, as I completed internships — including a six-month stint at Iris Cairo PR agency — during my studies, because my passion for fashion surpassed my interest in traditional marketing.

Then I moved on to work at Maison Pyramide, a brand building service where I met interesting people within the field, and worked on many projects that taught me about social media, PR, fashion marketing, and how to market yourself properly.

With everything I learned, I noticed that I had time and ideas to execute my own brand. My business venture was not an overnight decision — it was years in the making. Trust in myself was a significant factor that helped me translate it into the real world. I began formulating an action plan, and immediately started moving forward with production from samples to the final product.

My success was reflected in my first collection doing better than I anticipated: In the first drop of our collection, we not only broke even, but we also generated additional gains. I decided that the surplus funds would be strategically reinvested into the company for the development of our upcoming gold jewelry line.

For our future, we are strategically focused on long-term growth. While financial stability remains a key objective, our immediate priority lies in building a certain community around our brand. In the short term, our efforts are centered on enhancing brand awareness and positioning through the creation of compelling media, meticulously crafted garments, and strategic partnerships with like-minded collaborators. Expansion will initially target local and regional markets, with international ventures slated for realization within the next 2-3 years.

As for the long term plan,we aspire to diversify our offerings beyond apparel to jewelry, bags, and shoes. These expanded product lines will ideally feature prominently in our forthcoming boutique stores which we aim to open in Greece, New York, London, and Paris.

Sadly, the luxury of time is something I don’t have anymore. When you’re running your own business, commitment is non-negotiable. Regardless of external circumstances — be it a challenging mood, financial constraints, or missed opportunities — consistently showing up is a must.

The most fulfilling aspect of my role is bringing ideas to fruition. Witnessing the transformation of a concept into a tangible reality is truly gratifying, especially in the context of my field. Seeing a vision materialize and convey a positive message, impacting people in meaningful ways, is immensely rewarding.

And the uncertainty in my job is undeniably one of its most challenging aspects. To navigate this uncertainty, confidence and self-belief are essential. Putting yourself and your work out there entails risk, but it also brings an exhilarating rush of adrenaline. It’s a double-edged sword, balancing the thrill of taking risks with the potential for uncertainty.

My advice would be don’t waste your time waiting for the right time — and for good reason. In the past, I often had ideas but hesitated to pursue them. Later, when I saw someone else successfully execute those same ideas it left me feeling regretful and somewhat foolish for not taking action myself. Ultimately, I had no one to blame but myself for not seizing the opportunity when it presented itself.

If I were to sell the brand I would invest in real estate — I have no intention in being an employee, as the very essence of starting this venture was to break free from the traditional employment and dictate my own terms. If the opportunity arose to sell my brand, I would likely seize it, cash out, and invest in a property, perhaps a house in Greece.

ENTERPRISE ENTERTAINMENT CALENDAR

16-20 March (Saturday-Wednesday): Hekayatna Helwa suhoor at HydeOut.

19 March (Tuesday): MeshMawgoodLive Podcast: Fobia Elsobia at Rawabet.

20 March (Wednesday): Qahrawya’s Iftour in Downtown.

20 March (Wednesday): Software Upgrade: Book launch and discussion at Gypsum Gallery.

20 March (Wednesday): Mother's Day with Society of Play.

20 March (Wednesday): Mazaher Zar ensemble at Makan.

20-23 March (Wednesday-Saturday): Advertising Workshop: Presenting and Pitching for Creatives at SYNC School.

21 March (Thursday): The Mad Day standup show at ROOM Garden City.

21 March (Thursday): Komedy Koshk open mic at Eden Spaces.

21 March (Thursday): Helmy standup comedy show at Layaly HydeOut Ramadan tent.

22 March (Friday): Nos Nos improv play by Mashrou3 Meem at Dawar Arts.

22 March (Friday): Hakim concert at Layaly HydeOut Ramadan tent.

22 March (Friday): WTFun standup show at ROOM Garden City.

22 March (Friday): Al Hadra concert at Cairo Opera House.

22 March (Friday): Alaa El Sheikh standup comedy show at Majarrah.

22 March (Friday): Nesma Mahgoub concert at Layalina x El Baron Palace Ramadan tent.

22 March (Friday): Sharnobyl standup comedy at Rawabet.

22 March (Friday): Iftar and shelter visit with Meow Tours.

22 March (Friday): Cleanup, Iftar, and Trivia Night for World Water Day by Dayma at Verynile.

23 March (Saturday): Manal Mohei Eldin concert at Theatro Arkan.

22-29 March (Friday-Friday): Spend the Day in Khalifa event by Megawra.

23 March (Saturday): Ramadan Comedy Night at ROOM New Cairo.

23 March (Saturday): Dina Elwedidi concert at Cairo Opera House.

23 March (Saturday): Dina El Wedidi Saharat Ramadan concert at Cairo Opera House.

25 March (Monday): Connect Four Live standup comedy show at Rawabet Art Space.

29 March (Friday): Ishteri Menni El Helw Ba3d El Fitar standup comedy show at Elsawy Culturewheel.

29-31 March (Friday-Sunday): Ramadan Raid by Arabhardware at The GrEEK Campus.

31 March (Sunday): Medhat Salah concert at Cairo Opera House.

APRIL

4 April (Thursday): Qahrawya’s Iftour in Desert of the Mamluks.

5 April (Friday): Iftar at Wadi Degla with VAMOS.

5 April (Friday): Sufi Dance Performance at Dawar Arts.

5-6 April (Friday-Saturday): Mevlevi Night at Royal Park.

9 April (Tuesday): Eid El Fitr (TBC).

10 April (Wednesday): Amr Diab concert at Cubix El Gouna.

12 April (Friday): Amr Hassan concert at Elsawy Culturewheel.

19 April (Friday): Keinmusik at the Giza Pyramids by Panorama 2.

20 April-June 8 (Saturday-Saturday): Sketching Course at Art Square Academy.

23-24 April (Tuesday-Wednesday): Omar Khairat concert at Cairo Opera House.

25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

25-27 April (Thursday-Saturday): Insomnia Egypt Gaming Festival at the International Exhibitions Center.

MAY

1 May (Wednesday): National holiday in observance of Labor Day (TBC).

3 May (Friday): Youth to Business (Y2B) event at The GrEEK Campus.

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (TBC).

23-25 May (Thursday-Saturday): The Design Show at Cairo International Conventions Center.

25 May (Saturday): Techne Summit at the Cairo International Stadium.

JUNE

15-19 June (Saturday-Wednesday): Eid El Adha (TBC).

30 June (Sunday): June 30 Revolution Day (TBC).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

23 July (Tuesday): Revolution Day (TBC).

SEPTEMBER

15 September (Sunday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER

6 October (Sunday): Armed Forces Day.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Q1 2024: Opening of the newly developed Pyramids Plateau in Giza.

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