Get EnterpriseAM daily

Available in your choice of English or Arabic

Egypt vs Croatia tonight

1

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Banking sector shuffle expected within hours

Good afternoon, ladies and gentlemen, and happy hump day. We’re passing the midweek point with more local business news cropping up, as we suggested this morning when we last wrote to you.

So, when do we eat? Maghrib prayers are at 6:10 pm in the capital city, and you’ll have until 4:23 am tomorrow to hydrate and caffeinate ahead of fajr.

THE BIG STORY TODAY

EXCLUSIVE- We may be just hours away from a major shuffle of the leadership of at least six state-owned banks, a source with knowledge of the situation told us today.

What can you expect? Our source says new leaders could be appointed at banks where the state retains substantial control, including: the National Bank of Egypt, Banque Misr, Banque du Caire, AAIB, EBank, and Suez Canal Bank.

SOUND SMART- NBE, Banque Misr, and Banque du Caire are the “big three” state-owned institutions. BdC and AAIB are both perennial candidates for stake sale or IPO as part of the Sisi administration’s privatization program.

The caveat: The source cautioned that the roster of changes and which banks are involved in the shuffle is not final and could change before it is announced. In some cases, we could see proven execs move from one bank to another. It is unclear how many other c-suite leaders could find themselves moving in the days to come.

The changes could be announced “within hours,” our source says — that’s press shorthand for “any moment now, but please don't hold your breath.”

THE BIG STORY ABROAD

Bridge collapse in Baltimore: A major bridge in Baltimore collapsed, snapping and falling into the Patapsco River sending numerous vehicles into the water after a cargo ship collided with the structure today. Rescue efforts are searching for up to 20 people and have so far pulled up two people from the water, with one in critical condition.

The story dominated int’l headlines across the board:New York Times | CNBC | Reuters | Washington Post | Bloomberg | BBC

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

  • The war on commodity prices continues: The government has directed local manufacturers, suppliers, and retailers to slash commodity prices by up to 30% over a series of meetings between the Supply Ministry, the Federation of Egyptian Chambers of Commerce, and the Federation of Egyptian Industries.
  • Mubadala acquires full stake in Adwia parent company Kelix bio from DPI, BII, and EBRD consortium: Abu Dhabi sovereign wealth fund Mubadala has fully acquired pan-African biopharma platform Kelix bio.
  • Concrete, GTEX off to a good start on the EGX: Our friends at Concrete Fashion Group for Commercial and Industrial Investment and spin off subsidiary GTEX Holding closed in the green with double digit share price jumps yesterday, following their EGX debuts a day earlier after the demerger of Arafa Holding last week.

?️ TOMORROW’S WEATHER- Expect a warmer day with a high of 31°C and a low of 18°C, according to our favorite weather app.

2

FOR YOUR COMMUTE

OpenAI are pushing for Sora to take part in entertainment industry

Sora lobbying for a shot in Hollywood? OpenAI is lining up meetings with Hollywood executives and industry leaders to pitch Sora, its latest AI video generation technology, to be included in the media and film industry, Bloomberg reports, citing people with knowledge of the matter. These meetings have reportedly been happening since February, where OpenAI COO Brad Lightcap has been flexing Sora’s muscles. Bloomberg also suggests that CEO Sam Altman’s presence at Hollywood parties during Oscars’ weekend have something to do with Sora’s petition for a shot at the entertainment industry.

There’s already competition in the space: Industry behemoths Meta,Google (with its AI generator Lumiere), and AI startups Runway AI Inc and Stability AI have already been hustling in Los Angeles showcasing their tech. AI has also been used by industry professionals for a while — pre-production and post-production stage, whether its previsualizations or to add special effects, the tech has been utilized by Hollywood already — it’s the generative AI that’s causing them to itch.

Generative AI is still a contested issue in Hollywood and the media industry at large, as it can spell the end of several creatives’ careers. The article states how a few safeguards were put into place to control how AI is used in the industry as a result of the strikes that brought Hollywood to a standstill last year. It has even pushed some media giants to take steps to avoid their products being picked up to feed Open AI’s large language models — CNN, Fox Corp., and Time Magazine have been discussing a contract with Open AI to allow the use of their material, says Bloomberg, rather than it being taken another way.

OpenAI was able to let select individuals and actors play around with Sora — but laymen like ourselves won’t have access to the tech, and OpenAI has yet to share a release date for public use.

3

ENTERPRISE RECOMMENDS

Mai Omar is back as the ambitious Neama El Avocato

? ON THE TUBE TONIGHT-
(all times CLT)

Revenge is a dish best served cold — and after Iftar. Neama Al Avocato is a drama following Neama Abu Elab (Mai Omar), a young lawyer supporting her low-life husband Salah (Ahmad Zaher), who she discovers is having an affair after stealing her money. After attempting to kill her, Neama vows to exact her revenge.

Director Mohamed Sami is at the helm of this production, once again working alongside his wife and muse Mai Omar. Its strong main cast is supported by Arwa Gouda, Kamal Abu Rayyah, and Emad Zeyada, among a wealth of other characters as Neama navigates to exact her revenge on Salah. But it’s not all drama. In his signature style, Sami injects heavy scenes with unexpected comic relief that releases some of the tension that permeates the series.

At times, the show does seem a little over the top. Suspension of disbelief may come in handy more than once, but who doesn’t love an extravagant tale of revenge? There’s something very satisfying about watching bad people get their due, and there’s no shortage of that on Neama Al Avocato. The events may not be more fantastical than ones we saw before on Gaafar El Omda and Al Ostoora, which are a good litmus test for whether this show is for you.

Despite the ongoing debate online, Omar’s performance has been widely commended. Even viewers who had gripes with the show’s rise to Shahid’s #1 spot — previously occupied by Ashghal Shaqa — after the attempt on Neama’s life, praised Omar’s convincing depiction of the ambitious, good-willed, but occasionally morally gray Neama.

WHERE TO WATCH- All 16 episodes of Neama Al Avocato are available on Shahid. You can catch the trailer here (watch trailer, runtime: 1:43).

A thrilling final is upon us at The Egypt Capital Cup: Our Pharaohs will be going head to head with Croatia at 10pm tonight, for the final of the friendly Egypt Capital Cup at Egypt Stadium in the new administrative capital. Our boys secured their spot in the final after their victory goal against New Zealand, whereas Croatia made it to the finals via a penalty shootout against Tunisia.

Speaking of Tunisia, they will be going up against New Zealand battling for third place, which will be held in Cairo Stadium at 10pm, too.

Important friendly matches we’re tracking today:

  • England vs Belgium (9:45pm)
  • Germany vs Netherlands (9:45pm)
  • Slovenia vs Portugal (9:45pm)
  • Spain vs Brazil (10pm)
  • France vs Chile (10pm)
  • Argentina vs Costa Rica (4:45am)

? OUT AND ABOUT-
(all times CLT)

TONIGHT-

Vibe with the Egyptian Mavlavie group tonight. The group will be performing their signature ballads and traditional dances at AUC Tahrir’s Ewart Hall starting 9pm. Tickets are available here. Keep in mind that children under the age of six are not allowed to attend. Seats are not assigned, so get there early to nab the best ones.

Fancy yourself an art connoisseur?CLEG Art Gallery is holding its annual Ramadan charity exhibition, Changing Lives. This year, in collaboration with Nour ‘Ala Nour, 40 artists are displaying their artwork for purchase to support the education of underprivileged children in Egypt. Proceeds from their annual exhibitions contribute to the education of over 1k children, and help support a special needs center. The exhibition runs everyday until 9 April, operating from 11am-4pm during Ramadan.

THIS WEEKEND-

Enjoy suhoor with Hisham Abbas at Galleria40. The 3al Tawla suhoor tent is hosting the superstar this Friday, 29 March. You can find booking information on their Facebook page here.

Warm up for Cairo Runners’ Women Night Race. Cairo Runners is celebrating Women’s History Month at Promenade on Thursday, 28 March. You can join the 5 km Women Race for EGP 250 or the 1 km Family Run for EGP 150 per person. Registration for the event ends at noon on Wednesday, 27 March. Registration information is available on Cairo Runners’ Facebook page. If you’re a Cairo Runners veteran, you can sign up directly from your account.

Running not really your thing? Yalla 3agala is hosting a dish party for Iftar after a bike ride through Zamalek on Friday, March 29. Bikes are provided if you need to reserve one, otherwise you can bring your own. More details can be found here.

Mustafa Amar is making an appearance at HydeOut. Patrons of the Hekayatna Helwa Ramadan tent at HydeOut can enjoy Suhoor with live music from the famed singer on Friday, March 29 starting 10pm. Grab a seat or a table from TicketsMarche. Tuck the kids into bed before you go.

COMING UP-

Bibliothek is bringing back the cultural salon. On Friday, April 5, Bibliothek will be hosting El Warsha band as part of an evening that will contain songs, stories, and sketches. Experience Sufi ballads, Chekov’s parables, and music from the roaring 20’s. More details can be found here.

? EARS TO THE GROUND-

Eating While Broke is a podcast of candid conversations with famous guests as they indulge in meals reminiscent of their humble beginnings.

Culinary exploration and personal storytelling are what to expect. In each episode, self-made celebrities, influencers, disruptors, and entrepreneurs recreate their favorite low-cost meals. And not only that, they share intimate anecdotes from their past, reflecting on pivotal moments and life lessons learned along the way. From ramen noodles to simple sandwiches, every dish serves a trip back to the future (pun intended), resurfacing memories of perseverance and triumph.

Coline Witt is at the mic and his warm and engaging style creates an intimate atmosphere. Guests are made to feel comfortable about opening up about their journey from hardship to prosperity — and you get a new recipe in your book every episode.

With food, laughter, and heartfelt conversation, this podcast reminds us that even in our darkest moments, there is always a nibble to have and hope to be found.

You can listen to Apple Podcasts, iHeart and YouTube.

This publication is proudly sponsored by

4

GO WITH THE FLOW

What the markets are doing on 26 March 2024

The EGX30 fell 1.0% at today’s close on turnover of EGP 3.4 bn (31.6% below the 90-day average). Local investors were net buyers. The index is up 16.7% YTD.

In the green: Edita (+4.7%), Delta Sugar (+3.4%) and Alexandria Container and Cargo Handling (+2.8%).

In the red: Ezz Steel (-4.5%), Palm Hills Developments (-4.1%) and Madinet Masr (-4.0%).

5

Founder of the Week

Meet Mohamed Eid, founder and general manager of Elevate

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 Mohamed Eid, founder and general manager of ElevateEgypt.

My name is Eid, and I’m the founder and general manager of Elevate Egypt, a fitness and rehab services company that bridges the gap between fitness and healthcare. While I started out as a mobile network planning engineer, I began my coaching career teaching soccer to kids before I joined a fitness center part-time.

During my time there, I saw a demand for personalized training in group settings. I noticed that clients often opted for personal training because they felt that the group sessions didn’t provide enough individual attention from the coaches. I implemented that knowledge into my classes and saw how much people enjoyed attending them, so I launched Elevate to revolutionize the way people train in group sessions. A coach shouldn’t just be there to count your reps, a coach should be an educator specialized in rehabilitation.

I worked in the fitness industry for five years before going out on my own, which gave me a lot of insight about the market. I was familiar with the pricing, the trends, the demand, and what was being offered by competitors.

I felt success from day-one — but I realized that Elevate was successful when we became one of the most visited fitness centers in West Cairo after just seven months of operation. I believe that there’s a big difference between feeling successful and feeling fulfilled. In the early days of my career, my work with clients was mostly related to aesthetics — I was successful, but I wasn’t necessarily proud of my work. I found my passion in helping people live a pain-free life.Helping my clients improve their quality of life through personal training and rehabilitation is what fulfills me on a professional level.

One of the things that makes Elevate different is that we’re more interested in health and longevity than aesthetics. We customize our training sessions for people who have physical issues. We’re more interested in helping someone regain the ability to navigate stairs on their own than just people who want to break personal training records. We want our sessions to work towards making people live well outside of the gym.

We choose to build coaches, not just hire them — which differentiates us from our competition. Our criteria are very strict for who we allow on our team, which is unfortunately not standard practice. Instead of hiring people who have gotten a weekend or two-week certificate, we make sure that everyone on our team is serious about being educated, which is why our coaches are some of the most certified in the Middle East.

And while this gives us an edge over our competitors, the entry barrier is one thing I’d like to change about the industry. In Egypt, coaches who have complete control over the physical wellbeing of their clients don’t need an official license to be hired. The bar needs to be way higher, and we’ve implemented that at Elevate. This is obviously slowing down our team and business growth, but I believe that this is the way to create a sustainable business. It’s not about maximizing your returns as quickly as possible, it’s about building an establishment that people trust with their health.

One bad coach can hurt the whole industry. When someone has a negative experience with a trainer at any fitness center, they become skeptical of the industry as a whole. At the end of the day, people are investing their time, money, and health into this experience, which are some of the most valuable things you can invest.

You can’t strengthen the human body without being knowledgeable about it. That’s why our coaches undergo a vigorous educational program where they study functional anatomy, physiology, and kinesiology. They study for nine hours a week for nine months, take monthly exams, and have to score higher than 75% to pass. They learn pretty much everything you need to know before handling someone’s joints and heart rate.

Within five years, I hope to see Elevate as the destination for building coaches in the Middle East. I want us to be accredited by an official association to be able to certify coaches in the region, to attract people who are serious about coaching. I want institutions to prefer hiring people accredited by us because they know that the education they’ve received is more than they would get anywhere else.

To do that, I need to put in a lot of work, but just as importantly, I need to recharge around the people I love. I don’t spend as much time with them as I would like, so I try my best to make sure that I focus all my energy on them when I do. I make it a point to spend time on Thursdays with my wife, Fridays with her parents, and Saturdays with my mother. These days are sacred to me, and no matter what is going on professionally, this is time I do not compromise.

If I could, I would tell my younger self, and budding entrepreneurs, to take faster decisions, even if they’re not all in the right direction. It’s faster to make a mistake and correct your path accordingly than agonize over a decision for months — not growing is dying. Try to separate how you’re doing from how your business is doing. Entrepreneurship is an emotional rollercoaster, and it would be better for them mentally to detach how they feel from what the business is going through. I would also tell them that just because someone is successful doesn’t mean that they know what they’re doing all the time — don’t worry about having to have everything figured out.


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

26 March (Tuesday): Fertile Memory film screening by Nazar.

26 March (Tuesday): Egyptian Mavlavie performance at AUC.

27 March (Wednesday): Mazaher Zar performance at Makan.

28 March (Thursday): Women Night Race by Cairo Runners.

28 March (Thursday): Kayf Bada2at Al Bakasa comedy performance at Rawabet Art Space.

28 March (Thursday): Mai Kamal performance at The Drive.

28 March (Thursday): Layalina x Wust El Balad at El Baron Palace.

29 March (Friday): 3al Tawla with Hisham Abbas at Galleria40.

29 March (Friday): Advanced Gear Talks: The Impact of Lighting in Advertising by Shutter Shop.

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

29 March (Friday): Rula Zaki performance at The Drive.

29 March (Friday): Looperia Project at Makan.

29 March (Friday): Kayf Bada2at Al Bakasa comedy performance at Rawabet Art Space.

29 March (Friday): Ride and Iftar by Yalla 3agala.

29 March (Friday): Khan Majarrah x Egyptian Project in Sheikh Zayed.

29 March (Friday): Hekayatna Helwa ft. Mustafa Amar at HydeOut.

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

30 March (Saturday): Monologue Fikri standup comedy show at Elsawy Culturewheel.

30 March (Saturday): Flamenca musical experience at ROOM Garden City.

30 March (Saturday): Kayf Bada2at Al Bakasa comedy performance at Rawabet Art Space.

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

31 March (Sunday): No Time Lost performance at Rawabet Art Space.

APRIL

1 April (Monday): Fi El Leila El Kebira performance at Rawabet Art Space.

2 April (Tuesday): Folkloric Night at Rawabet Art Space.

4 April (Thursday): Sarah Morgan performance at The Drive.

4 April (Thursday): Red Sea Heritage Musical performance at ROOM Garden City.

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

5 April (Friday): Sufi dance performance at Dawar Arts.

5 April (Friday): Amar Al Din musical performance by Al Warsha band at Bibliothek Egypt.

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

5 April (Friday): Evodia performance at The Drive.

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

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

6 April (Saturday): Sufi singing with Mostafa Mohalel at ROOM New Cairo.

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

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

11 April (Thursday): Om Kalthoum puppet theater performance at Elsawy Culturewheel.

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.

Now Playing
Now Playing
00:00
00:00