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Y2K was a coding error

1

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Egypt signs three industrial investment agreements + NUCA is taking its first sukuk issuance to market

Good afternoon, wonderful people. We have a mixed bag of news on the local front as the week begins to wind down.

** A QUICK PROGRAMMING NOTE- EnterprisePM is taking a publication holiday and will be back in your inboxes at the usual time Sunday afternoon. We’ll be publishing the Weekend Edition as usual on Friday.

So, when do we eat? Maghrib prayers are at 6:11 pm in the capital city, and you’ll have until 4:21 am tomorrow to hydrate and caffeinate ahead of fajr.

THE BIG STORIES TODAY

#1- Egypt signed three separate industrial investment agreements, according to Cabinet statements (here, here, and here). The agreements include:

Silo design + manufacturing: An agreement between East Port Said Development and Feerum Egypt allocating land for an EGP 1.6 bn factory in the East Port Said zone to design, manufacture, and establish silos and their components.

EUR 160 mn glass factory: The Suez Canal Economic Zone also signed an agreement with Saint-Gobain Glass Egypt to establish a EUR 160 mn glass factory in the Ain Sokhna industrial zone.

Ductile Iron Pipes factory: China’s Xinxing Ductile Iron Pipes Company also signed an agreement with the SCZone that will grant the Chinese company the right to use a 270k sqm plot of land in the TEDA industrial park to set up a ductile iron pipe factory. The project includes manufacturing 250k tonnes of cast iron pipes per year, with USD 146 mn in investments.

#2- The New Urban Communities Authority (NUCA) is planning to take a EGP 260 bn sukuk issuance to market in 2024, in what would be the first ever issuance of sukuk from a government institution, Asharq Business reports, citing four sources in the know. The issuance, which is expected to be completed within a month, will help the authority pay settle debts owed to state-owned banks Banque Misr and the National Bank of Egypt, and will be backed by the Finance Ministry, the sources added.

NUCA maintains its spot as biggest player in the securitization market: NUCA has been setting records in the securitization market in recent years, issuing a total of EGP 70 bn of securities since 2019. The authority last closed a EGP 15 bn securitized bond issuance in November, in what was the second and final issuance in a EGP 30 bn program. It also set new records in 2020 with a EGP 10 bn issuance, and 2022 after closing a EGP 20 bn transaction.

THE BIG STORY ABROAD

The international press is closely following updates from the Baltimore bridge collapse, as six workers on the cargo ship that crashed a major bridge yesterday in Baltimore have still not been found. News of a previous collision in Antwerp in 2016 involving the same Singapore-flagged ship has also emerged. It’s hoped that federal investigators will be able to glean more insight into how yesterday’s crash occurred, as the rescue team has recovered the vessel’s black box from the water.

The story is across the front pages this afternoon:Reuters | Bloomberg | Associated Press | CNBC

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

?️ TOMORROW’S WEATHER- A cloudy day with a high of 32°C and a low of 18°C, according to our favorite weather app.

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FOR YOUR COMMUTE

Meta’s oversight board is pushing for a reversal of the ban on the word “shaheed”

Meta’s oversight board is calling for a reversal of the ban on the word “shaheed” (meaning martyr in English). The social media giant currently enforces a policy banning the word on Facebook, Instagram and Threads — not taking into account that the word has multiple meanings — or it being several people’s first or last names. The Meta oversight board, a group that operates independently but is funded by Meta, saw that the approach was “overbroad,” and has been curtailing countless users’ liberty to express themselves, according to the ruling on their website.

Instead, the board is arguing for a context-sensitive approach. The oversight committee believes that the policy is too broad, and fails to consider the context in which “shaheed” is used. Banning the word altogether can prevent people from sharing important stories or commemorating those who have died, says the group, which marginalizes whole populations. They now recommend that Meta develop a more nuanced approach that takes into account the context in which the term is used.

This is more urgent considering Israel’s ongoing war on Gaza,where Facebook and Instagram have been accused of limiting the content that supports Palestinians. At present, Meta hides any posts that use the word when used to describe individuals that the tech giant has placed on its list of “dangerous organizations and individuals,” such as militant groups, drug organizations, or racist groups, including Hamas.

This could be a potential precedent for future moderation.The board’s recommendation, if adopted by Meta, could set a precedent for how tech companies handle content moderation in the future. This development highlights the limitations of content moderation as it exists in its current form on platforms that operate globally. In a statement reported by Reuters, a Meta spokesperson said that the company would review the board’s recommendation and make a decision within 60 days.

This isn’t the first time Meta has considered this issue. Almost exactly a year ago, Meta sought the board’s opinion on this issue as they reassessed the policy, which went into effect in 2020, after trying to reach a consensus internally. In its appeal to the board, the company revealed that the ban on the word accounted for more content removals than any other words or phrases on both Facebook and Instagram.

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ENTERPRISE RECOMMENDS

Did you really know what the Y2K glitch was about?

? ON THE TUBE TONIGHT-
(all times CLT)

Y2K panic is proof that mass panic isn’t always a product of social media. Most people over 30 will remember how ringing in the new millennium was expected to bring the world economy to a grinding halt because of a computer glitch. Time Bomb Y2K will make you relive the years and days leading up to the year 2000 through expertly edited archival footage that documented this maybe-almost-catastrophe.

People were preparing for the end of all civilization. It wasn’t that the computer glitch that would’ve stopped digital systems from registering the year 2000 wasn’t a real concern — it was the anticipation of the complete breakdown of society and the fearmongering that followed, some all too familiar. Gun sales skyrocketed, grocery store shelves were emptied, and militias were mobilized.

The bug wasn’t a bug — it was a coding error. Most people believed that the Y2K hysteria was unwarranted after the year 2000 rolled over and nothing happened, but the truth is nothing happened because engineers worked night and day to prevent the very thing people were concerned about.

Time Bomb Y2K is uncomfortably timely. Much of what the documentary discusses connects directly to the present, and we were left wondering what happened to many of the figures who appeared in the footage. That is perhaps the documentary’s only blind spot.

WHERE TO WATCH- You can relive the panic with Time Bomb Y2K on OSN+ or watch the trailer here (watch runtime: 1:43).

The international break has officially ended as of yesterday, but there are still a few days to go before local leagues are back on a regular schedule.

?EAT THIS TONIGHT-

Breadfast has come up with two new creations this year, and we don’t know how we’ve lived this long without them. First up is the basbousa baklawa with mastik cream. We won’t lie, we were skeptical at first, but we were quickly won over by this one. The mastik pastry cream and the crunchy unsweetened baklawa topping perfectly complement the sweet basbousa base. The baklawa doesn’t add much flavor, but we think that its crispiness was definitely much needed to balance out the rich creaminess of the basbousa-mestika combo.

One Ramadan party favorite that has already made a name for itself: Breadfast’s konafa millefeuille. Released last Ramadan, this dessert has been a hit at most dining tables it’s reached — and for good reason. A base layer of shredded konafa is topped with a generous layer of pastry cream, and a crispy millefeuille top dressed with powdered sugar.

What we like: None of the components are overly sweetened. In fact, it seems like the powdered sugar is the only thing lending obvious sweetness to the dish. This is great if you’re trying to avoid the infamous Ramadan sugar coma, but dangerous if you want to control your portions.

Disclaimer: Breadfast has released an updated version of this Ramadan hit in the form of a mango konafa millefeuille. Our verdict? Nothing tops the original.

Last but not least, the banana pudding basbousa: This newcomer has rivaled the popularity of the konafa millefeuille, even becoming some people’s favorite offering from Breadfast. This dish is a hodgepodge of basbousa chunks, banana slices, crushed biscuit, and pastry cream with a drizzle of caramel on top. Again, Breadfast masters the sugar level, making it so that this delicious combo doesn’t overwhelm your sweet tooth.

? OUT AND ABOUT-
(all times CLT)

TONIGHT-

Try out the iconic Taghmisa experience: 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.

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.

? UNDER THE LAMPLIGHT-

Mobility is a novel about the impact of climate change, examined through the journey of its protagonist, Bunny. Bunny’s story starts as an angsty American teenager living with her Foreign Service family in Azerbaijan, and takes us through to her adulthood, when she decides to pursue a career in the oil industry — drawn by the allure of wealth and power. As the story progresses, we can see her transformation as she becomes aware of the impact that the fossil fuel business has on the planet and the role she plays in it.

The book reflects on the consequences of willful ignorance and the tendency to prioritize personal narratives over confronting uncomfortable truths. Bunny’s journey symbolizes a broader societal reluctance to acknowledge and address pressing issues like climate change. It also implies that ignoring these challenges is unsustainable, leading to widespread destruction — and also offers a sobering glimpse into a future highlighting the urgency of confronting these realities rather than escaping into comforting narratives.

You can get your copy on Amazon.

This publication is proudly sponsored by

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GO WITH THE FLOW

What the markets are doing today 27 March 2024

The EGX30 fell 2.9% at today’s close on turnover of EGP 3.0 bn (42.1% below the 90-day average). Foreign investors were net buyers. The index is up 13.4% YTD.

In the green: Orascom Construction (+1.0%).

In the red: E-Finance (-11.6%), Alexandria Container and Cargo Handling (-6.1%) and Juhayna (-5.5%).


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

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.

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