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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Egypt’s net foreign liabilities narrowed significantly in March

Good afternoon, folks, and happy almost-Thursday. In today’s issue, we delve into why Apple has been culling Google AI experts and founders of AI startups and sending them to Zurich. We are also looking at the unprecedented drop of net foreign liabilities in Egypt’s banking system in March amid the renewed investor appetite for local debt following the float.

THE BIG STORY TODAY

Net foreign liabilities narrowed significantly in March as the banking system started to feel the impact of the wave of reforms introduced by the Central Bank of Egypt — the float of the EGP and the jumbo rate hike — and the renewed investor appetite for local debt. Our net foreign liabilities fell to just under USD 4.2 bn, after having recorded nearly USD 22 bn in February, according to Enterprise calculations based on the CBE figures.

Commercial banks were the main drivers: The net foreign assets deficit in commercial banks narrowed to USD 2.8 bn in March compared to USD 13.2 bn the month before. Foreign assets in commercial banks rose 44% m-o-m, while liabilities fell 10% m-o-m.


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

Pro-Palestinian protests at US campuses are dominating the news rounds today. University students and some faculty members have held pro-Palestine protests in 23 states in the US for several weeks, setting up encampments on campus to pressure universities to divest from Israel and support the ceasefire. Administration officials in UCLA, Tulane University, the University of Arizona, City College in Harlem, University of California, and Brown, among others, have called the police on their students, sparking clashes. Police have forcibly detained the protesters, using chemical irritants to disperse them. Pro-occupation counter-demonstrators at UCLA tried to tear down an encampment, using sticks and poles to attack the pro-Palestine protestors. Israel’s murder of over 35k Palestinians has sparked the biggest demonstration of US student activism since 2020. (NYT | Reuters | CNN)

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

  • A bout of fresh investments into our industrial zones: China’s state-owned XinxingDuctile Iron Pipes Company has begun construction on a USD 146 mn ductile iron pipe factory in the TEDA industrial park.
  • First visit of a Belarusian prime minister to Egypt ends with a raft of agreements: Belarusian Prime Minister Roman Golovchenko wrapped his visit to Egypt yesterday with the inking of three agreements between the two nations on trade, stock market cooperation, and bilateral investment.
  • The car market has been running low on gas: Auto sales in March recorded a 43%m-o-m drop to 4.2k vehicles.

☀️ TOMORROW’S WEATHER- The mercury will peak at 31°C in Cairo tomorrow and drop to a low of 17°C by night, according to our favorite weather app.

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FOR YOUR COMMUTE

Why is Apple picking up Google AI experts + AI tech founders?

Apple is expanding its AI team and seems to have had its eye out for Google’s. Looks like the tech giant is putting together a dream task force for their AI innovations as they successfully attracted at least 36 of Google’s AI team, employees from other competitors, like Amazon and Microsoft, and swallowed some two to three AI startups, according to the Financial Times.

A research paper and employee information on LinkedIn are reportedly behind this exposé. In one of Apple’s research papers from last month, six of the authors listed were ex-Google employees recruited within the past two years. Founders of startups that have shifted to Apple have been flagged from their profiles on LinkedIn.

They’re being suspiciously secretive about their plans, too. Rather than working in their California or Seattle offices like most of the Apple horde, this tech department has been shipped to work in a new laboratory in Zurich that was built with the help of two of the company’s acquired AI tech startups, according to Professor Luc Van Gool from Swiss university ETH Zurich. The hiring has not stopped, too and it’s all being kept on the down-low, says the salmon-colored paper.

What the heck are they working on? Apple hasn’t shared its AI plans, yet — despite falling behind its competitors. However, an industry insider believes the company is working on creating generative AI that is embedded into their smartphones. Whereby AI chatbots and apps would function on the device’s hardware and software rather than rely on “cloud services” in data units.

This suggests that they could be enhancing the AI they already have, a.k.a Siri, who is having a great run with the tech giant: Conversational AI expert and former Apple employee, Chuck Wooters, explained that during his time there the team was pushing to “move to a neural architecture for speech recognition.” This refers to neural networks — a machine learning program that mimics the human brain to process information.

They might also be introducing all-new AI features. Other than the employees they’ve recruited, Apple has also acquired two dozen startups that focus on AI reasoning to image and video recognition, data processing, search capabilities, and music content curation. Ruslan Salakhutdinov, the founder of one of these start-ups, said that Apple is focused on the idea of doing “as much as you can on the device.” And, in order to handle that amount of AI model data, the company will need more powerful chips with dynamic random access memory (Dram).

We might see what they have been up to soon. Seeing as Apple’s Worldwide DevelopersConference is starting on 10 June, it may be the place and time that the company introduces the generative AI features that they’ve been working on.

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ENTERPRISE RECOMMENDS

The Boys in the Boat is an uplifting story to relax to tonight

? ON THE TUBE TONIGHT-
(all times CLT)

Rowing to Olympic victory in this modern take of the 1936 US rowing team. George Clooney’s latest directorial endeavor, The Boys in the Boat, sailed to our screens as a wholesome crowd-pleaser that recounts the true-life underdog story of the University of Washington’s rowing team. Set against the backdrop of the Great Depression era, the film promises to deliver a nostalgic journey of triumph against the odds.

The University of Washington's rowing team is preparing to compete in the 1936 Berlin Olympics. Led by the determined Joe Rantz (Callum Turner), the ragtag group of lower-middle-class students face numerous challenges on their path to victory. With guidance from their avuncular boat builder, George Pocock (Peter Guinness), and the taciturn coach, Al Ulbrickson (Joel Edgerton), the team navigates obstacles both on and off the water. As they strive to overcome adversity and prove themselves on the world stage, their bond strengthens, culminating in a thrilling showdown at the Olympics.

It follows a familiar Rocky formula. George Clooney’s direction ensures that the film remains an engaging and uplifting tale of resilience and camaraderie. Despite lacking the political edge of his previous works, Clooney delivers a polished and heartfelt cinematic experience that celebrates the indomitable spirit of these unsung heroes of American sports history.

WHERE TO WATCH- You can watch this film on Amazon Prime Video and you can check out the trailer (watch trailer, runtime 2:34).

The thrill is back: Al Ismaily will host Al Ahly at Borg El Arab Stadium in gameweek 20 of the Nile League at 7pm tonight. The Red Devils are currently in eleventh place with 21 points from 11 matches and need all the points from their postponed matches to lead the league. As for El Daraweesh, they can surpass both Al Ahly and Zamalek in the leaderboard, if they take home the three points tonight.

Pyramids, the current league leader, will face Enppi at 7pm with an eye to widen the score gap with its rival, Al Ahly.

Is that the Champions Anthem we're hearing? Signal Iduna Park Stadium will host Borussia Dortmund’s match against Paris Saint-Germain in the first leg of the Champions League semi-finals at 10pm tonight. The second leg will be played at the Parc des Princes Stadium in Paris next Tuesday, 7 May.

? EAT THIS TONIGHT-

The Super Bowl gives you a wholesome meal in, you guessed it, a super bowl.Nourishment and convenience at this online restaurant are just a click away. With a menu curated to cater to health-conscious individuals, this eatery offers a delightful array of salads, wraps, sandwiches, and nourishing bowls, all packed with protein and with options suitable for vegetarians and vegans alike.

One standout feature of this online restaurant is its diverse selection of bowls, which offer a complete and balanced meal in a single serving. If you’re not liking the options provided you can always opt for customizing your own with salads and meals only.

We tried the Zesty Steak Bowl and Chicken Quinoa Bowl. The zesty steak bowl had tender grilled beef strips, zesty spices, and grilled to perfection — but it was a tad dry. The bed of spiced rice added that hearty and aromatic base to the bowl. The meal was topped with grilled onions, sweet corn, and pickled red onions which played a symphony of sweet and tangy on our palate.

What we left out of the original orderwas the grilled bell peppers. Since we are not huge fans of the grilled veggie, we recommend you keep it, as it might tie in all the flavors.

As for the protein-packed quinoa bowl. The chicken was topped with grilled vegetables on a bed of grains, greens, and wholesome toppings. It follows the steps of the Zesty Steak bowl but the chicken was juicier — but we would still advise that you double up on the sauce for added moisture and flavor.

With The Super Bowl’s emphasis on health, flavor, and convenience, it makes for the perfect destinationfor anyone lookingto build ‘formet el sahel.’ Now, for the bad news, they only deliver to the Kingdom of Maadi, New Cairo, and Nasr City through their number on their Instagram, online website, or Talabat.

? OUT AND ABOUT-
(all times CLT)

HAPPENING THIS WEEK-

Head on to Cairo Jazz Club tonight for another edition of VictoraSekret. Up and coming DJs SoS, Lana, and Lydie the Djette are taking the stage behind the deck tonight at CJC to deliver heart thumping bangers. Message CJC on the Facebook page to book your spot.

Looking for a night of Egyptian folklore? The Egyptian Project & Mawawil will be performing at CJC 610 tonight at 9 pm. For reservations message their Facebook page.

Or you can go to something similar at Rawabet Art Space where they’ll be bringing ElSiraEl Hilaleyah to the stage presenting a collection of inspiring stories from The Hilali Epic tonight from 8pm. The storytelling performance will tell the tales of the spirit of heroism, bravery, and generosity, which is considered one of the most important and popular traditional folk tales. Get your tickets at Ticketsmarche.

If that doesn’t float your boat, CJC 610 are also rewinding the tapes and hosting a 90sFlashback nightthis Friday, 3 May at 9pm. For reservations send them a message on their Facebook page.

Egyptian rap is taking the stage all over Egypt on Friday, 3 May. Red Bull is holding six concerts around the country simultaneously to celebrate rappers in their respective hometowns. Assiut, Mansoura, Tanta, Ismailia, Alexandria, and Fayoum will be hearing their rappers’ bars one by one. The following week, Friday, 7 May, all six rappers will unite to perform right here in C-Town at Mall of Arabia. Find tickets for each city’s concert here, and Cairo’s here.

Tablet El Sitt is heading to Alex this weekend to perform at the Al Anfoushi Culture Palace. The concert, a celebration of Egyptian art and folklore, is taking place next Friday, 3 May at 8pm. Tickets can be found here, but seating is first come first served.

Pop icon Tamer Hosny is making an appearance in Makani Village. If you find yourself in Sokhna this weekend, you might want to catch the singer’s concert at Hibou Beach on Friday, 3 May. Book your tickets here.

Join the Nouma x Lamba Art tour by Qahraweya this Saturday, 4 May. The tour will take you on a journey through the contemporary art scene of Downtown Cairo. You’ll also get to go on a felucca ride. To reserve your spot, message their page.

HAPPENING LATER-

The Sleeping Beauty on the Grand Stage: The Cairo Opera Ballet Company and the Cairo Symphony Orchestra will be performing Tchaikovsky’s The Sleeping Beauty next week. The performance will take place over four nights at the Zamalek Opera House, from Friday, 9 May, to Monday, 13 May. Here’s where to grab tickets for the first (9 May), second (10 May), third (12 May), and fourth (13 May) productions.

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.

To celebrate forty years of musical excellence, the legendary Omar Khairat will be taking the stage at Abdeen Palace. Dress to the nines for this event, which is taking place on Friday, 7 June. Tickets can be found here, ranging from EGP 1.5k to EGP 5k.

? UNDER THE LAMPLIGHT-

Behind You Is the Sea, a voice to our diaspora Palestinian brothers and sisters.Written by Susan Muaddi Darraj, the novel centers on a community of Palestinians living in Baltimore, focusing on three families — the Salamehs, Baladis, and Ammars — and the dynamics between rich and poor immigrants.

The book also covers generational conflicts that surface at weddings, graduations, unplanned pregnancies, and funerals. Gender issues, with a focus on women, plays a big part in its narrative that provides the connection of stories between families — as well as a heartfelt ending.

Even though the book is relatively new, it has gained positive reviews. Morgan Talty, the award-winning author of Night of the Living Rez, called the book “ spellbinding.”

You can find the book on Amazon.

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GO WITH THE FLOW

What the markets are doing on 1 May, 2024

The EGX30 rose 3.4% at today’s close on turnover of EGP 2.4 bn (51.3% below the 90-day average). Local investors were net buyers. The index is up 1.51% YTD.

In the green: Talaat Moustafa Group (+7.9%), Heliopolis Housing (+7.9%) and Juhayna Food Industries (+7.1%).

In the red: Delta Sugar (-1.0%) and Edita (-0.7%).

This publication is proudly sponsored by


APRIL

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

MAY

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

1 May (Wednesday): The Egyptian Project & Mawawil at CJC 610.

1 May (Wednesday): El SiraEl Hilaleyah at Rawabet Art Space.

3 May (Friday): Tamer Hosny concert at Hibou Beach in Sokhna.

3 May (Friday): Red Bull Sada Sot concerts across Egypt.

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

3 May (Friday): Tablet El Sitt performance at Al Anfoushi Culture Palace in Alexandria.

3 May (Friday): 90’s Flashback at CJC 610.

4 May (Saturday): Nouma x Lamba Art tour by Qahrawya.

5 May (Sunday): Coptic Easter.

5 May (Sunday): National holiday in observance of Labor Day.

6 May (Monday): National holiday in observance of Sham El Nessim.

9-13 May (Thursday-Monday): Tchaikovsky’s The Sleeping Beauty performance at The Opera House.

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

10 May (Friday): Fouad and Mounib at Theatro Arkan.

10 May (Friday): Madinaty Half Marathon at Madinaty Open Air Mall

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.

30 May (Thursday): Mochakk Concert at Saqqara Pyramid

JUNE

7 June (Friday): Celebrating 40 Years of Omar Khairat at Abdeen Palace.

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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