Good afternoon folks, and happy Monday. We have some fresh economic updates to unpack as we start the second day of this relatively hot week.
THE BIG STORY TODAY
Egypt’s GDP growth slowed to 2.3% in 2Q 2023-24, down from 2.65% in 1Q 2023-24 and 3.9% during the same period last year, according to Planning Ministry figures carried by Al Masry Al Youm.
Refresher: The Madbouly government had penciled in GDP growth at a 3.5%clip in the fiscal year ending June 2024, which is on par with projections from both S&P Global Ratings and the World Bank. The IMF is slightly less optimistic, forecasting Egypt’s GDP growth for the current fiscal year at 3%.
On the external debt front: The Planning Ministry data showed the country’s external debt for 2Q 2023-2024 inched up by USD 3.51 bn to some USD 168 bn. This figure could fall after the landmark USD 35 bn Ras El Hekma agreement, which includes USD 11 bn of UAE deposits with the Central Bank of Egypt that will be written off our debts ledger.
THE BIG STORY ABROAD-
It’s all eyes on Erdogan’s electoral blow in the foreign press: Turkish President Recep Tayyip Erdogan and his Justice and Development Party (AKP) suffered their biggest defeat in the local elections today as the opposition landed a sweeping victory across several major cities. Ekrem Imamoglu came ahead by 10 percentage points in the megacity of Istanbul, where he is mayor, early results showed. His Republican People’s Party (CHP), meanwhile, retained Ankara and secured 15 other mayoral seats across the country. Erdogan’s defeat — his worst since he rose to power more than two decades ago — comes amid rising dissatisfaction with rampant inflation and soaring borrowing costs as well as discontent from Islamist voters. (Reuters | Bloomberg | Financial Times | Associated Press | CNBC)
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El Sisi wants more private sector involvement in the healthcare sector ASAP:President Abdel Fattah El Sisi called for the swift completion of the required legislative steps to facilitate the participation of the private sector in the country’s healthcare sector.
☀️ TOMORROW’S WEATHER- Look for a sunny day with the mercury climbing to a high of 34°C and dropping to a low of 18°C, according to our favorite weather app.
This former rockstar turned scientist wants you to eat less to live longer: Valter Longo traded in his fame as the guitarist for grunge-era band DOT for a career in biochemistry. Now a professor with a long career studying aging and longevity, Longo says that living longer isn’t about finding a magical elixir, but about adopting a mindful approach to eating — and tricking your body.
The land of centenarians: Italy boasts some of the world’s oldest populations, with pockets of communities known for their high volume of people over the age of 100, commonly referred to as Blue Zones. This makes it a haven for researchers like Longo, who believe that a modified Mediterranean diet is the secret to longevity and not genetic factors that can be replicated with anti-aging drugs.
Fasting without fasting: Longo’s research has led him to a plant-based and nut-rich diet — aided by supplements and kale crisps — that mimics the cellular rejuvenation effects of fasting. The scientist sees this as a way to achieve the same benefits of food abstinence minus the starvation. He has patented this method, which he calls the ProLon diet, published best-selling books to promote it, and has even been called the “ Fasting Evangelist ” by Time magazine.
It’s not just about living long, it’s also about living well. Longo’s vision for the future isn’t just about extending our lifespans, but about extending our health and wellbeing. He believes that his faux-fasting approach can help reduce biological aging as well as the illnesses associated with getting older.
Nvidia is doubling down on its healthcare expansion: Theartificial intelligence chip giantannounced two partnerships with Johnson & Johnson and GE Healthcare to use generative AI in surgery and enhance scientific imaging this month. This move underscores the significance of healthcare in Nvidia’s prospective revenue streams beyond its core technological sector, CNBC reports.
Their new tech makes a compelling case: Nvidia — typically known as the manufacturer of chips that power AI models like OpenAI and GPT-4 — also unveiled 25 new AI tools geared towards pharma companies, doctors, and hospitals. To name just one use, the tools can help speed up drug development — which usually takes up to a decade — by screening trns of drug compounds at a time.
“Healthcare, whether it’s biotechnology, chemicals, or drug discovery is a very powerful area,” explained Raj Joshi, senior vice president at Moody’s Ratings. “The reason why Nvidia is so popular today is because it provided the plumbing and the technology for something that you could not do simply before.”
That said, the company has long had an interest in healthcare: Nvidia’s path into healthcare has been ten years in the planning, with earlier products including their Clara and BioNeMo products to aid drug discovery and development.
There’s an industry-wide penchant for AI research among health-tech companies: Around 41% of biotech CEOs are searching for “concrete” ways to incorporate generative AI into their business, according to a survey run by EY last year and mentioned in the article.
Apples Never Fall comesin the wake of Big Little Lies’ explosive success. The story kicks off with the abrupt disappearance of Joy Delaney (Annette Bening), who, alongside her husband Stan (Sam Neill), built a tennis academy in West Palm Beach. Their four adult children, each burdened by their upbringing in the shadow of elite athletes, grapple with their own issues as they confront their family’s tangled history. Complicating matters further are twists and turns, including Joy’s friendship with Savannah, a woman fleeing an abusive past.
The series relies heavily on the flashbacks and flashforwards, revealing the layers of the Delaneys’ lives with finesse. Each episode delves into the psyche of a different family member, unraveling their motivations and inner conflicts. Themes of neglect, resentment, and redemption resonate throughout, culminating in a surprising resolution that, while not entirely satisfying, doesn’t overshadow the journey.
Despite its flaws, the scenic and engaging ride through the Florida country clubs and buried secrets of one family’s turbulent history makes it worth the watch. Some reviews on news outlets have praised the show calling it “ a propulsive beach read you can binge.” If that’s not enough, Roger Ebert gave it the stamp of approval along with the rare four star rating.
This is perhaps the most controversial dessert this Ramadan.Elmalky came out with Khufu, Khafre, and Menkaure — three pyramid-shaped kunafas, stuffed with cream, shredded kunafa, and various fillings. The reception has been divided, with some calling it the best dessert this year, and others calling it a scam.
While its shape is innovative and creative, it presents some logistical challenges. The biggest pyramid, Khufu, feeds 12-15 people, but the design of the pyramid makes it so that it can only be enjoyed family-style. Whether you cut the top off or cut a door into it as the shop suggests, sharing this dessert is a bit of a Sphinx’s riddle. Khufu comes in just one flavor — mango — and will set you back EGP 680.
The smaller pyramids have more flavor variety. Among the five flavors are mango, dried fig with toffee and cream, and pistachio. The smallest of the three sizes, Menkaure, can feed 1-2 people, and comes with a starting price tag of EGP 130. Khafre can feed 5-8 people for EGP 390. While the pyramids make for visually impressive desserts to bring to a family gathering, we recommend getting single servings if you’re hosting in your own home.
THE VERDICT- Based on online reactions, Elmalky may have a consistency issue — some reported generous chunks of mango, some reported none, and others reported canned mango compote instead of the fresh fruit. The fig-toffee-cream may be too sweet for some, but appears to be the more consistent flavor. If you’re looking for a guaranteed crowd-pleaser, opt for Elmalky’s signature rice pudding instead.
WHERE TO GET IT- You can order Elmalky online, or visit one of their many branches.
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? OUT AND ABOUT- (all times CLT)
TONIGHT-
Get in the Ramadan spirit with Fi El Leila El Kebira performed by Fabrica in the Rawabet Art Space starting tonight from 9pm. The musical performance is based on the beloved puppet masterpiece by Salah Jahin and Sayed Mekawy. Don’t miss out on all your favorite characters who are brought to life on stage through song. Tickets are unfortunately sold out.
THIS WEEK-
Watch a Sawt El Aseel which is a folkloric performance at Rawabet Art Space on tomorow starting from 9pm to 10:30pm. Listen to wedding songs, mawawil, gypsy music,and countryside love stories told through song.
If you can’t make it to Rawabet you can still attend Fi El Leila El Kebira at Theatro Arkan on Wednesday, 3 April, starting from 9pm. Get a hold of your tickets here.
Witness some of the last remaining Zar practitioners in Egypt. Join the Mazaher ensemble on Wednesday, 3 April at Makan for a night of traditional spiritual poly-rhythmic drumming and vocals practiced from Upper Egypt. Note that taking photos and/or videos is prohibited during the performance.
THIS WEEKEND-
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.
Round off Ramadan with Iftar at Wadi Degla. VAMOS is hosting a light hike ahead of Maghrib before settling down for Iftar with a view of the valley at sunset. Huddle around the campfire and enjoy some post-Iftar tea prepared on charcoal under the stars on Friday, 5 April. The EGP 500 price tag includes the meal and the entrance ticket to the protectorate. Bring your own plates, cups, and utensils, but don’t worry about the TP. The campsite has four spic and span bathrooms.
Vibe at a Mevlevi Night this weekend. The group will be performing their signature ballads and traditional dances at Royal Park Mall starting at 9:30 pm on Friday, 5 April. Booking details can be found on the events page. Tickets range from EGP 250 to EGP 2.5k.
COMING UP-
Not too early to make Eid plans. Grab yourself some fast-selling tix to El Hadaba’s Eid concert in El Gouna on Wednesday, 10 April.
Massar Egbariare taking the stage at AUC Tahrir’s CultureFest on Thursday, 18 April. They’ll be performing their blend of rock, jazz, blues, and Oriental influences hits starting from 7pm. Get your tickets at Ticketsmarche.
People have had a habit of protesting in the past decade. In fact, between 2010 and 2020, more people have protested than at any other time in history. But, what do we have to show for it? If We Burn: The Mass Protest Decade and the Missing Revolution by Vincent Bevins aims to answer this question.
Have these protests been fruitful? Not exactly. Bevins argues that the demonstrations rarely achieve what they were looking for and explains why. After conducting research for four years, he takes a look at some of the most notable public uprisings whose plans went awry such as Brazil’s left-wing protests that resulted in an even more conservative government.
A varied worldview: The scope of this book was huge, and we personally enjoyed the sections on Brazil, which took up the majority of the text, because it was clear that that was where the author’s expertise lay, but in the end having varied accounts helped solidify his point. We also liked how he explored the origins of protesting to further political movements.
It’s clear he’s a journalist. The facts are presented in a manner that makes the book more interesting to get through. Having that perspective also shines through the writing with his clear knowledge and passion for understanding revolutionary acts, some of which he was able to witness himself.
The EGX30 rose 5.3% at today’s close on turnover of EGP 2.9 bn (41.8% below the 90-day average). Regional investors were net sellers. The index is up 13.7% YTD.
In the green: E-finance (+11.8%), Heliopolis Housing (+11.7%), and Beltone Holding (+10.4%).
In the red: Ezz Steel (-2.7%), Juhayna (-1.5%) and Eipico (-0.2%).
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