Meta is long VR

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: B Investments' board gives the green light to capital increase ahead of OFH acquisition

Good afternoon, ladies and gentlemen, and happy Tuesday. We’re already in the middle of an abridged workweek, but can’t say we’re not happy that we have another long weekend to look forward to soon.

PSA- We’re ringing in May with another short workweek: The public and private sectors will be off on Sunday, 5 May in observance of Labor Day, and Monday, 6 May in observance of Coptic Easter, according to a cabinet statement.

THE BIG STORY TODAY

We’re nearing the finish line of B Investments’ OFH acquisition: Private equity firm B Investments’ board yesterday approved a decision to increase the company’s share capital ahead of its share swap agreement with Orascom Financial Holding (OFH), the company said in a disclosure (pdf). The company will issue some 58.3 mn shares at a value of EGP 5 per share — raising its capital from EGP 800 mn to some EGP 1.09 bn, according to our calculations.

What’s next? B Investments will now need to complete the share swap — its board had agreed to a share swap ratio of one B Investments share to 56.76 OFH shares.

B Investments is snapping up a majority stake in OFH,after owners of some 3.3 bn shares — a 70% stake in the company — have responded to B Investments’ MTO for up to 90% of OFH, according to an EGX disclosure (pdf).

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and our competitive advantages are clear to many of them: We’re a massive consumer opportunity and the regional export hub of tomorrow.

…but here at home, our community is in a rut. The enthusiasm gap between domestic business leaders and global investors is stark.

We’d all do well to remember: It’s a chicken-and-egg kind of thing. Foreign strategic investors will be reluctant to commit capital here until they see Egyptian businesses leading the way.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks.It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

*** Interested in attending? Tap or click here to let us know. Seating is limited.

THE BIG STORY ABROAD

Trump’s hush money trial and ongoing Palestine protests on university campuses in the US are leading the conversation in the international press. The trial of former president Donald Trump is about to take a dramatic turn as prosecutors are preparing to question David Pecker, ex-publisher of The National Enquirer, who is accused of concealing “damaging” news about Trump as he prepared for his presidential campaign. Meanwhile, the New York Police Department cleared an encampment of pro-Palestinian New York University students while California State Polytechnic University Humbolt had a sit-in inside a building and barricaded others from entering. (NYT | Washington Post)

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

Alamal Alsharif Plastics stake sale within weeks? The Madbouly government is preparing to fully exit state-owned plastics manufacturer Alamal Alsharif Plastics, selling its entire 46.6% stake within weeks.
Egypt could spend up to USD 120 mn a month on LNG shipments this summer to support domestic demand as rising temperatures strain supplies with the Madbouly government planning to import three LNG shipments a month between July and October.
Another Chinese manufacturing project headed to the SCZone: Chinese steel maker Wu’an Xin Feng will set up a USD 297 mn hot-rolled steel coils plant in the Sokhna Industrial Zone after the Suez Canal Economic Zone (SCZone) allocated the steel maker a 750k sqm land plot to house the plant under an usufruct agreement yesterday.

☀️ TOMORROW’S WEATHER- We’re riding today’s scorching heat wave into tomorrow, with the mercury continuing to rise to reach 42°C, while the low will be a more tolerable 20°C.

Meta shares Quest headset OS to third-parties

Meta is going all-in on VR headsets: Meta is launching the Quest headset’s operating system, the company said yesterday, in an apparent effort to cement its influence in the virtual (VR) and mixed reality (MR) industry. The move means that partner companies like ASUS and Lenovo can license and use the Meta Horizon OS, which allows for gesture recognition, passthrough, scene understanding, and spatial anchors on their devices, Meta said.

Is The Zuck following Google’s footsteps? Meta CEO Mark Zuckerberg wants the company to be the default computational platform for VR and MR devices. Google accomplished the same goal in the smartphone industry by making their Android OS open source, according to the Verge. This isn’t the only way Meta has benefited from Google’s strategy — Horizon itself is Android-based, running on a version of Google’s OS.

This investment is a bit of a gambit: While Zuckerberg is excited about the diverse iterations of VR/MR headsets — presenting specialized headset concepts on Instagram — the technology hasn’t been picked up by everybody. The gaming community has been the most adaptable sector, followed by companies that utilize the tech for training or remote conferencing, according to Reuters.

Apple is already in the chat: Earlier this year, Apple launched its Vision Pro headset. While Meta is still the current market leader, large competitors entering the industry are putting more pressure on securing a foothold. Zuckerberg seems to resent the comparison that was made calling Horizon OS the Android alternative to Apple’s Vision Pro, saying he prefers the equivalence to Microsoft shaping the early PC market by licensing Windows, the Verge says.

Google is also allegedly developing Android systems for VR/MR devices, which Meta CTO Andrew Bosworth warned could “fragment the ecosystem,” Reuters says. The Zuck is playing it cool, however, saying he would welcome Google Play on devices running Meta Horizon OS.

The road to VR has been bumpy for Meta, with early versions of Horizon’s 3D socialplatform, Horizon Worlds, being virtually laughed out of the building. The platform has seen more success as a 2D platform, but Zuckerberg has continued to double down on its development. Any devices using Horizon OS will give their users access to Horizon Worlds that Meta intends to line up with ads and traffic to make it profitable.

Michael Douglas is Benjamin Franklin in this period series

Michael Douglas takes on the role of Benjamin Franklin in new periodic drama Franklin. The new Apple TV+ series ventures into the tumultuous era of the Revolutionary War with a focus on the diplomatic efforts of one of the founding fathers, Benjamin Franklin, and his grandson Temple (Noah Jupe). Set in 1776 France, the series unfolds as Franklin endeavors to rally French support for the American cause.

Franklin’s wit and stratagems are under the limelight: From the opening shot on the Brittany Coast to the bustling streets of Paris, the narrative follows Franklin’s clandestine maneuvers and diplomatic encounters in pursuit of aid for the beleaguered Continental Army. Amid the chaos of war, Franklin’s wit and foresight shine as he navigates the intricate web of European politics and intrigue.

The series is packed with historical figures: As Franklin and Temple navigate the corridors of power, they encounter a cast of characters, including the Comte de Vergennes Charles Gravier (Thibault de Montalembert) and enigmatic playwright Pierre Beaumarchais (Assaad Bouab). Each interaction unveils layers of deception and negotiation, as Franklin seeks to secure vital resources for the American cause.

While Douglas delivers a charismatic performance as the iconic statesman, bringing therole to life with charm and cunning, the series falters in its portrayal of supporting characters. Jupe’s portrayal of Temple lacks depth, and secondary characters often feel one-dimensional, serving merely as foils to Franklin’s brilliance.

Still, the show offers a compelling glimpse into the intricate world of 18th-century diplomacy, blending historical intrigue with contemporary storytelling — capturing the essence of Franklin’s character as well as presenting him as a complex figure whose genius and flaws are laid bare.

You can watch the series on AppleTV+ or check out the trailer (watch, runtime: 2:26).

⚽ Who will be the victors of this season’s Premier League? Arsenal will go up against Chelsea at 9pm tonight to determine who will be the victor of this season. Arsenal sits at the top of the league on goal difference ahead of Liverpool and one point ahead of Man City who played one less match.

The Gunners are hoping to come out on top as they look to earn the title that has evaded them for 20 years, which Man City took home last year. As for Chelsea, they hope to move up the standings in order to qualify for European football next season.

Today in the Egyptian Premier League:

Smouha vs Baladeyet El Mahalla (4pm)
Pharco vs Al Masry (7pm)

As for the Coppa Italia: Juventus will be playing against Lazio in the second leg of the semi-final at 9 pm, after the first leg ended with Juventus scoring two clean goals.

Ali El Haggar will be performing a tribute to the legacy of the late musical legend Mohamed Fawzi as part of the 100 Years of Singing series at Cairo Opera House. The singer will perform an ensemble of Fawzi’s most popular songs on Sunday, 28 April at 8 pm. Grab tickets to this homage here.

Also taking place at the Cairo Opera House is Hani Shaker’s celebration of the Spring Festival. The artist will be taking the stage at the Main Hall on Monday, 29 April at 8 pm to usher in the season. Tickets are available here.

Don’t miss out on Metro. Iconic producer Metro Boomin is rocking the stage at Kundalini Grand Pyramids on Monday, 29 April at 9:30 pm, and again on Tuesday, 30 April.

Spenda spring day with Tamer Ashour and Mahmoud El Esseily. The singers will be performing at Family Park in Rehab on Friday, 10 May. Doors open at 7 pm. You can find tickets ranging from EGP 400 to EGP 20k (for 10 people) here.

The Cairo Flea Market is back. Head to the Fish Garden in Zamalek on Saturday, 11 May to browse through local products, antiques, and pre-loved treasures from 11 am to 7 pm.

Fans of Cairokee and Marwan Pablo need to catch theirperformance of El Mahatta at The American University in Cairo on Friday, 17 May. Get your tickets now while you can on Tazkarti.

The Elite are back in C-Town to bring you a night of laughter. The troupe are back from their international tour to celebrate their five-year anniversary in their hometown. The Super Show is being held at the Cairo International Stadium on Friday, 24 May at 8 pm. Grab tickets here to laugh along with Taha Dessouky, Waleed El Moghazy, Ahmed Khairy, Mohamed Ashraf, Ahmed Essam El Sayed, Mohamed Helmy, and Toffi.

Everything we do in life is driven by Invisibilia: Named after the Latin word for “the invisible,” the podcast delves into the invisible forces that shape human behavior, emotions, and relationships. Hosted by Kia Miakka Natisse and Yowei Shaw, each episode delves into a different aspect of the human experience, using storytelling, science, and personal anecdotes to uncover hidden truths and insights.

Tackling complex and abstract concepts with clarity:Whether exploring the power of empathy, the nature of identity, or the impact of expectations, the podcast offers a nuanced and multidimensional understanding of human nature that challenges listeners to rethink their assumptions and beliefs.

One episode, TheCallout, examines the phenomenon of “callout culture” and its impact on social interactions and relationships. They begin by sharing an individual’s story who faced severe backlash on social media after making a seemingly innocuous comment about cultural appropriation. Spiegel and Rosin delve into the complexities of online shaming, public accountability, and the psychology behind it, discussing the motivations behind public outrage and the consequences of social media mob mentality.

WHERE TO LISTEN-You can listen to the podcast onApple Podcasts, NPR, Spotify, Google Podcasts, and Amazon Music.

What the markets are doing on 23 April 2024

The EGX30 fell 4.9% at today’s close on turnover of EGP 3.7 bn (26.3% below the 90-day average). Local investors were net sellers. The index is up 7.6% YTD.

In the green: Oriental Weavers (+0.5%).

In the red: Fawry (-8.6%), Orascom Development Egypt (-8.6%) and Alexandria Mineral Oils Company (-8.0%).

Meet our founder of the week: Ascai & Co.

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 Amr Sameh (LinkedIn), founder and CEO of Ascai & Co.

My name is Amr Sameh, and I am the CEO of Ascai & Co., a collective of enterprises that operate in entertainment, nightlife, food and beverages, and events.While I studied at Girne American University in North Cyprus, my studies had no impact on me — neither personally nor professionally. While education is undeniably important, I believe that you can achieve whatever you set your mind to without a university degree.

Ascai & Co. was born as the last of all my ventures, so I could group them all under one umbrella. My business strategy has revolved around researching and fulfilling client needs — I like identifying what people are looking for, and providing those services for them with top-notch quality. I began in 2018 with Viaggio, a community café. I wanted to give people a comfortable place to hang out after work for a coffee and a chat, to watch matches, or to play board games. A shoe manufacturing factory followed to provide locally made footwear that lived up to global standards.

In 2019, I realized that small- and medium-scale rappers were on the rise in the concert industry. I hosted Russ in the North Coast under my event company, Cvents, with major success. I noticed a shift into electronic music in 2020, and created Ulter in response, hosting Maceo Plex as our launch event. Since then, we have hosted many high-profile artists including ARTBAT, WhoMadeWho, Kevin De Vries, Woo York, Massano, and KAS:ST.

I decided to centralize all my business ventures under one parent company after the creation of Ascai Weddings, a service launched to tailor wedding and engagement party arrangements to the couple’s vision of their special day, leading to the institution of Ascai & Co.

My primary goal was to offer diverse services within the event management and F&B industries — whether that was event organization, wedding planning, concerts, catering, or other amenities that fit the bill. I chose this field because it offers the steepest learning curve — you’re forced to continually develop your problem-solving and communication skills, and work under immense pressure without cracking.

Entering the market was a very long and tough journey, but it was an incredibly rewarding one. When I first started out, the market was full of strong competitors and there was no gap for me to fill. But as I became more familiar with noticing trends, I was able to create pockets for myself and build strong names for each brand. I believe that each branch of Ascai & Co. successfully fills a gap in its own industry, which is why we’re able to go head-to-head with large competitors who have been in the business for years.

I could see Ascai & Co.’s success even at its weakest point. Every time we fell down, we managed to come back bigger and better. We built a prestigious reputation that is recognized on both a local and international scale, and are now being contacted for collaborations outside of Egypt. Within the next five years, I see us showcasing our abilities as an Egyptian company in the European market, hosting premium events and delivering exceptional experiences.

While the current economic challenges are an unfortunate hurdle, I believe that things will get better. We’ve faced difficulties booking international artists due to inflation, which has forced us to increase costs by 50% through ticket prices, which I don’t think is fair to the consumer. But I’m proud to be a part of the reason why so many international artists are interested in performing in Egypt, and will continue to showcase the quality with which we operate, which we aim to be even better than the international standard.

There are three things I’d like to change about the industry. The first is leaving enough space for small competitors to grow. Without competition, there is no market. We learn from each other by challenging one another to compete in quality. Another very important aspect I’d like to change is crowd etiquette. The number of event-goers has been rapidly increasing at a steady pace, and attendees practicing proper crowd etiquette ensures everyone having the best possible experience.

Attendees also need to stop buying into the negative perception of the events industry. I would love for the Egyptian crowd to believe that anything being done in an international event can be done even better in Egypt. They should give themselves the chance to enjoy local events, to support local artists, and to respect local event promoters.

The most challenging part of my job is multitasking. I handle so many projects at the same time, manage so many different relationships, and deliver a number of diverse services to different clients with different interests all at the same time. Sometimes I’ll find myself hosting an event for 3k+ attendees as well as a 600-person wedding on the same day. So it definitely is a challenge, but I love doing what I do and I’m capable of juggling multiple brands at the same time. It is hectic but incredibly rewarding at the same time.

If I could give my younger self a piece of advice, it would be to focus your energy.Working hard and dedicating yourself to your goals are the only way to make the business bigger and better everyday. If you want something to happen, work day and night to make it happen. Where there’s a will, there’s a way.

ENTERPRISE ENTERTAINMENT CALENDAR

APRIL

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

23 April (Tuesday): Novel writing workshop at Bibliothek Egypt.

23 April (Tuesday): Society of Play PlayDate.

25 April (Thursday): Moustafa Amar at CJC 610.

25 April (Thursday): KONAFA CN standup comedy show at Elsawy Culturewheel.

25 April (Thursday): Komedy Koshk open mic at Eden Spaces.

25 April (Thursday): Tamsin Elliott and Tarek Elazhary at Rawabet Art Space.

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.

26 April (Friday): Qamar El-Din musical performance by Al Warsha band at Bibliothek Egypt.

26 April (Friday): Business Portraits from Zero to Hero with Karim Soliman at Consoleya

26 April (Friday): Melouk El San3a concert at Rawabet Art Space.

27 April (Saturday): Abdelbassit Hammouda concert at Elsawy Culturewheel.

27 April (Saturday) Amr Selim concert at Cairo Opera House

27 April (Saturday): Spring-cleaning flea market at Osana.

28 April (Sunday): Ali El Haggar tribute concert at Cairo Opera House.

29 April (Monday): Tahqiq Show at Rawabet Art Space.

29 April (Monday): Hany Shaker concert at Cairo Opera House.

29 April (Monday): Metro Boomin concert at Kundalini Grand Pyramids.

30 April (Tuesday): Metro Boomin concert at Kundalini Grand Pyramids.

30 April (Tuesday): Reading Reem Basyuni's latest work at Bibliothek Egypt.

30 April-5 May (Tuesday-Sunday): Next Level International Summer Camp.

MAY

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

1-6 May (Wednesday-Saturday): Maadi Book Festival.

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

5 May (Sunday): Coptic Easter.

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

10 May (Friday): Tamer Ashour and Mahmoud El Esseily concert at Family Park.

11 May (Saturday): Cairo Flea Market at Zamalek Fish Garden.

17 May (Friday): El Mahatta at The American University in Cairo.

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

24 May (Friday): The Glow Run by The TriFactory at Palm Hills Sports Club.

24 May (Friday): The Elite Super Show at the Cairo International Stadium.

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.

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THIS EVENING: B Investments' board gives the green light to capital increase ahead of OFH acquisition

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Meta shares Quest headset OS to third-parties

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Michael Douglas is Benjamin Franklin in this period series

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What the markets are doing on 23 April 2024

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Meet our founder of the week: Ascai & Co.

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Sections

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Get EnterpriseAM daily

Meta is long VR

An independent publication supported by

Today at a glance

THIS EVENING: B Investments' board gives the green light to capital increase ahead of OFH acquisition

Get Enterprise daily

Related

Related

Meta shares Quest headset OS to third-parties

Related

Related

Michael Douglas is Benjamin Franklin in this period series

Related

Related

Related

Related

Related

This publication is proudly sponsored by

What the markets are doing on 23 April 2024

Related

Meet our founder of the week: Ascai & Co.

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ENTERPRISE ENTERTAINMENT CALENDAR

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An independent publication supported by

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