See you on Tuesday

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WHAT WE’RE TRACKING TONIGHT

MDI gets initial approval to launch Egypt’s first digital bank

Good afternoon, folks, and happy Thursday. Don’t forget to switch off your alarm clocks as the public and private sectors and all banks will be off on Sunday and Monday in observance of Labor Day and Sham El Nessim next week.

And that includes EnterprisePM Egypt, which will be taking a break from your inbox until Tuesday afternoon when we will be back with all the most important lifestyle + business news to keep you up to date.

In today’s issue, we wonder how much of our favorite food we can enjoy before climate change completely alters how it tastes. We also have a look at the steps taken towards establishing Egypt’s first digital bank.

THE BIG STORY TODAY

A big step towards Egypt’s first digital bank: Banque Misr’s Misr Digital Innovation (MDI) has received an initial approval from the Central Bank of Egypt to launch the country’s first digital bank, dubbed Onebank, MDI said in a statement today (pdf). Onebank aims to launch in 4Q 2024 “after completing the second phase of the due and obtaining the operating license,” the statement reads.

Three years in the making: Banque Misr has been planning to launch its digital bank since 2021 after it founded MDI in 2020. MDI became the first company to submit an official application for a digital banking license in August, one month after the CBE published the new licensing rules for digital banks.

One bank among many: Several banks and financial firms have previously announced their interest in establishing digital banks, including National Bank of Egypt, Emirates NBD, Orascom Financial Holding (OFH), Ostoul Securities Brokerage, and OPay.

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

Campus protests across the US are still in the foreground of international coverage today, as police forces storm the encampments. Early this morning, the LAPD stormed the pro-Palestinian encampment at UCLA, declaring the protests no longer peaceful. International publications have reported clashes between both parties. Pro-Palestinian protesters were sprayed with chemicals, beaten with poles, and hurt by fireworks shot at the camp by pro-Israel instigators. (NYT | Reuters | CNN)

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

Gov’t to collect capital gains tax on EGX transactions starting 2025: The Madbouly government plans to start collecting taxes on capital gains incurred from trading EGX-listed financial securities starting March-April 2025.
Cairo-born mass transit app Swvl is in the black, recording a net income of USD 3.1 mn in 2023, bouncing back from the USD 123.6 mn in net loss in 2022.
Made-in-Egypt silos: Elsewedy Electric has inked an MoU with Swiss tech firm Bühler Group and Jordan-based firm IBC Group to work towards localizing the manufacture of grain silos in Egypt.

☀️ TOMORROW’S WEATHER- The mercury will peak at 33°C in Cairo tomorrow and drop to a moderate low 24°C at night, according to our favorite weather app.

The future of flavor is uncertain

Climate change isn’t just altering the landscapes, it’s changing how our food tastes. The changes in weather conditions are looming over the flavors of the food we know and love. Causing authorities to face unprecedented challenges, pushing many producers to adapt or create instant solutions to avoid alteration in taste, reports National Geographic.

The concept of terroir (fancy for incorporating ecological factors and social practices) defines the flavor of our favorite foods. Fluctuations in temperature, moisture, soil, and pests influence the chemical composition of food, eventually impacting the flavor. Edible plants that affect meat flavors are decreasing. Southwest Spain’s Iberian Black pig’s distinctive flavor, for instance, is a result of their diet of acorns and other shrubs in their surroundings. In comes climate change, causing heat waves and droughts on the Iberian Peninsula and eventually shrinking the production of these plants. Feeding the pigs different food sources means that the flavor that patrons expect to taste has changed.

Remember the salers cheese uproar? This premium French cheese is losing its stamp of approval from the AOP Cheese Association due to the changes in the weather. Warmer temperatures in the summer mean less grass, which should form 75% of a cow’s diet to produce the milk that makes salers cheese.

No food is safe.Studies have shown that temperature variations can significantly impact the sweetness and acidity of strawberries. In the water, warmer temperatures or increased salt levels bring on a risk of diseases and mortality in oysters. Even tea producers in Yunnan province, China, grapple with extreme droughts affecting the quality of their products.

But producers are taking new measures to adapt and mitigate the effects. Matt Schwab, the owner and farmer at Hold Fast Oyster Co., is looking to explore options like deeper water farming. The French, where cheese comes after country, the government is considering relaxing strict regulations amid heat-induced pasture and barn issues.

The true-story of two women who set up a counterfeit coupon ring

? ON THE TUBE TONIGHT-
(all times CLT)

In Queen Pins, two financially strapped women who love coupons manage to scam their way to riches. The 2021 Netflix film is loosely based on true events where two women decide to help the have-nots and hurt the companies stopping them from living hand-to-mouth. But when their project gets out of hand they have to work to hide from the authorities.

Connie Kaminski (Kristen Bell), a suburban housewife struggles to make ends meetdespite her husband's (Joel McHale) steady job. Frustrated by their growing debt and feeling overlooked in her marriage, Connie discovers a loophole in couponing that allows her to get high-value coupons for free products. With the help of her best friend and next door neighbor, JoJo Johnson (Kirby Howell-Baptiste), they decide on a scheme to exploit this loophole and create counterfeit coupons, essentially printing money in the form of discounts.

As the coupon counterfeiting operation grows and gains momentum the authorities begin to notice. Simon Kilbury (Vince Vaughn) a US Postal Inspector and Ken Miller (Paul Walter Hauser), a bumbling loss prevention officer start chasing the two women and their growing business.

If you liked the series Good Girls you’ll enjoy this. It’s a comedic caper filled with twists, turns, and larger-than-life characters, offering an entertaining and surprisingly heartfelt exploration of friendship and ambition.

WHERE TO WATCH- You can catch the film on Netflix or watch the trailer (watch trailer, runtime 2:55)

Zamalek vs National Bank of Egypt (7pm, tonight)
Future vs Talaea El Gaish (7pm, tonight)
Al-Ittihad vs Baladiyet El Mahallah (7pm, Friday)
ZED vs Al Mokawloon (7pm, Friday)
Pharco vs Al Ismaily (4pm, Saturday)
Al Ahly vs El Gouna (7pm, Saturday)
El Dakhleya vs Ceramica Cleopatra (7pm, Saturday)
Smouha vs Zamalek (7pm, Sunday)
National Bank vs Enppi (7pm, Sunday)
Pyramids vs Modern Future (7pm, Monday)
El Gaish vs Al Masry (7pm, Monday)

Gameweek 35 of the English Premier League is closing with a London derby between Chelsea and Tottenham in Derby, London at 9:30pm tonight.

And gameweek 36 kicks off on Friday with a single game between Luton Town and Everton at 10pm, and continues as follows:

Arsenal vs Bournemouth (2:30pm, Saturday)
Brentford vs Fulham (5pm, Saturday)
Burnley vs Newcastle (5pm, Saturday)
Sheffield United vs Nottingham Forest (5pm, Saturday)
Man City vs Wolverhampton (7pm, Saturday)
Chelsea vs West Ham (4pm, Sunday)
Brighton vs Aston Villa (4pm, Sunday)
Liverpool vs Tottenham (6:30pm, Sunday)
Crystal Palace vs Man Utd (10pm, Monday)

**Join Enterprise’s Fantasy League by clicking this link or using this code: abd0f7.

Exciting matches in La Liga happening this Saturday: Round 34 of the Spanish league will include Real Madrid playing against Cadiz at 5:15 pm, Girona facing Barcelona at 7:30pm, and Mallorca taking on Atletico Madrid at 10pm.

More exciting matches we’re following in the European leagues in the long weekend:

Sassuolo vs Inter Milan (Serie A, 9:45pm Saturday)
Dortmund vs Augsburg (Bundesliga, 4:30pm, Saturday)
Stuttgart vs Bayern Munich (Bundesliga, 4:30pm, Saturday)
AC Milan vs Genoa (7pm, Sunday)
Roma vs Juventus (9:45pm, Sunday)
Eintracht Frankfurt vs Bayer Leverkusen (6:30pm, Sunday)

Get ready for Maadi Book Festival at The Courtyard Maadi, the event started yesterday and will continue till Monday, 6 May from 11am-11pm. Immerse yourself in a world of literature and creativity as they showcase a diverse array of books, novels, handcrafted products, unique gifts, and interactive activities. There’s also endless price reduction and something for every book lover to enjoy. No tickets are required.

TAM.Gallery’s Solos in Parallel exhibition is open until Tuesday, 7 May from 10am-5pm weekdays and 11am-6pm on Saturday. The exhibition features artworks from Rabab Eissa and Walid Taher where they showcase how parallel worlds intertwine, especially the profound interplay of love and transformation through art. No entrance fee is required.

CJC 610 are rewinding the tapes and hosting a 90sFlashback night tomorrow at 9pm. For reservations send them a message on their Facebook page.

Egyptian rap is taking the stage all over Egypt tomorrow. 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 tomorrow 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 tomorrow. Book your tickets here.

Join the Nouma x Lamba Art tour by Qahraweya this Saturday. 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. The performance will take place over four nights at the Zamalek Opera House, from Thursday 9 May to Monday, 13 May. Here’s where to grab tickets for the first, second, third, and fourth productions.

Spend a 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 7pm. You can find tickets here.

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.

What the markets are doing on 2 May 2024

The EGX30 closed again in the green in the last trading session before the holiday. The clarity about the date of implementation of the capital gains tax on EGX transactions prompted the benchmark index to jump for the second session in a row by 3.3% on turnover of EGP 2.6 bn (47.1% below the 90-day average). Foreign investors were net buyers. The index is up 3.3% YTD.

In the green: E-finance (+10.3%), Eastern Company (+9.1%) and Telecom Egypt (+9.1%).

In the red: Beltone Holding (-0.7%), Egypt Kuwait Holding (-0.4%).

ENTERPRISE ENTERTAINMENT CALENDAR

MAY

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

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.

20 April - 7 May (Saturday-Tuesday): Solos in Parallel at Tam.Gallery.

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.

27-30 May (Monday-Thursday): Account Management For Ads Workshop with FP7’s Momen Aboutaleb at The GrEEK Campus.

30 May (Thursday): Mochakk Concert at Saqqara Pyramid

JUNE

4 June (Tuesday): Karaoke Night at Room Garden City

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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