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Scientists are moving towards proactive vaccinology

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Non-oil private sector activity slows again in April

Good afternoon, wonderful people. It’s not a particularly busy Wednesday here at home as everyone appears to still be shaking off the cobwebs after a series of long weekends and holidays.

THE BIG STORY TODAY

Egypt’s non-oil sector activity contracts again in April: Egypt’s purchasing manager index (PMI) figure — which tracks the country’s non-oil business sector — fell to 47.4 in April from 47.6 in March, according to S&P Global’s Egypt Purchasing Managers’ Index (pdf). This reflects “a renewed fall in employment as well as sustained downturns in output and new orders,” said Phil Smith, S&P Global Economics Associate Director.

New order volumes and business activity “markedly” dropped again in April, albeit at slightly slower rates than in March, as firms are weighed down by “weak demand conditions, high prices and volatile exchange rates,” the index shows.

On the bright side: There was a notable easing in cost inflation, as improved FX availability tied to the recent EGP float contributed to the slowest rise in input costs in over 3 years.


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

Cracks emerge inWashington’s unconditional support for Israel: The White House has withheld a shipment of 2k- and 500-pound bombs to Israel amid Tel Aviv’s full-scale invasion of Rafah, and concerns over how the heavy explosives will be applied to the dense urban environment, where over 1 mn civilians are seeking shelter, Reuters reports, citing a US official.

Israel claims that it has reopened the Kerem Shalom crossing into Gaza, which has served as a key entry point for humanitarian aid but was closed over the weekend after a Hamas rocket killed four Israeli soldiers — but no aid has yet entered since its reopening and there is no one to receive the aid, says the UNRWA, according to the Associated Press.

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

  • PIF returns to market in first post-float investment, aims to take CIRA Education private in partnership with founders: Egypt’s leading private education company, CIRA Education, could delist from the EGX and become the regional education platform of Saudi Arabia’s sovereign wealth fund.
  • Foreign reserves hit their highest level in over four years:Net foreign reserves increased by USD 696 mn from the month before to USD 41.1 bn at the end of April, reaching their highest level since pre-pandemic.
  • Swypex raises USD 4 mn in seed round: Local fintech platform Swypex has announced its launch, after raising USD 4 mn in a seed investment round.

☀️ TOMORROW’S WEATHER- It’s getting even warmer in Cairo tomorrow, with the mercury set to peak at 35°C and drop to a low of 18°C, according to our favorite weather app.

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FOR YOUR COMMUTE

Scientists develop vaccine that could protect against future pandemics

Scientists have developed a new “universal coronavirus” vaccine that could be effective against several different forms of coronaviruses, including the virus that caused the 2003 SARS outbreak and MERS-related coronavirus. The team of researchers from the University of Cambridge, the University of Oxford, and the California Institute of Technology said in a paper published in Nature that the experimental vaccine, which has been tested on mice, showed positive results even against coronavirus variations that weren’t added to the vaccine cocktail.

How it works: The vaccine is a “step forward” towards “proactive vaccinology,” a preventative measure where experimental shots are prepared for manufacture ahead of the actual emergence of a pandemic, the Guardian says. Harmless proteins taken from different iterations of coronaviruses are attached to nanoparticles — microscopic molecules that can pass through cell walls, making them ideal drug delivery systems — and injected into the body, priming the immune system to recognize viruses with similar proteins should they ever be introduced. Because these proteins are shared across many iterations of each virus, protection is extremely broad, meaning that it could target new versions of the same virus family.

It could be revolutionary, but proactive vaccinology could take a few years to become standard practice: Medical regulators don’t have ready-made procedures to certify and circulate preventative vaccines. When and if the vaccine proves safe and effective in humans, a fast way to bring it to the public would be through a technical loophole, administrating it as a covid booster instead of a vaccine until medical bodies give the green light, the Guardian says.


We’re getting two new iPads. Here’s what you may have missed from Apple’s event : CEO Tim Cook unveiled the iPad Pro and iPad Air at Apple’s Let Loose event late last night, marking the first release of a new line of iPads for the first time since 2022. The iPad Air is a lighter and cheaper 11- or 13-inch alternative to the iPad Pro, boasting an M2 chip instead of the M1 on the 2022 model. It comes in three different colors and three storage size options that can set you back between USD 599 to USD 799.

Do they come closer to being a laptop-equivalent — or are they just reinventing the wheel? As we noted yesterday, Apple has been working towards making its iPad products a compelling replacement for full-fledged laptops, although keptics raised eyebrows at the device’s processing power in comparison to a laptop. And for iPad keyboard users: The Magic Keyboard has been revamped to “ feel just like using a MacBook,” even coming with an aluminum palm rest to make you feel right at home (if home cost USD 299 or USD 349).

Finally, OLED. Despite the price difference, you might find yourself tempted to shell out for the iPad Pro, which now comes with a shiny new OLED screen. While the iPad Air is lighter, the Pro won’t give you a workout — the models’ profiles measure just 5.3mm and 5.1mm, with the 13-inch iPad surprisingly slimmer than its 11-inch counterpart.

The new screen may be the beauty, but the iPad Pro’s M4 chip is the brawn. Apple’s newest MacBooks are decked out with M3 chips, meaning that the new iPad Pro’s processing power may be even higher than your current lap warmer. A new iPad will eat between USD 999 to USD 1.3k of your budget. For comparison, a 14-inch MacBook Pro with the latest M3 chip comes at a base price of USD 1.6k.

Update your accessories: The Apple Pencil has received a much-needed upgrade to the tune of USD 129, and now has haptic feedback support, responding to brand new gestures.

Honorable mentions: The new tech drop means a new price drop in older models. Cook announced that base model 10th generation iPads will be reduced in cost by USD 100, now coming to a starting price of USD 349. The CEO also revealed Final Cut Camera, a supporting app for Final Cut Pro, to “let users connect multiple [devices] to capture additional angles during a live multicam shoot or record professional video.”

Last but not least, the plat du jour: AI. The tech giant, which has been increasingly investingin the tech, has just announced new AI features for Logic Pro, their digital audio workstation. Coming hot on the heels of reports of Apple developing their own AI chips, this may just be the company dipping their toes into the implementation of AI-powered tools.

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ENTERPRISE RECOMMENDS

The Asunta Case opens up old wounds in Spain

? ON THE TUBE TONIGHT-
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The depths of tragedy in The Asunta Case. This six-part new true crime thriller on Netflix delves into the shocking murder of Asunta Basterra, a young girl killed by her adoptive parents shortly before her 13th birthday in 2013 — offering a compelling and chilling exploration of the real-life tragedy that shook Spain to its core.

From the moment Asunta is reported missing to the harrowing discovery of her lifeless body beside a country road, the series meticulously follows the police investigation that unravels the disturbing truth behind her death. With a blend of fact and fiction, the drama skillfully navigates through the complexities of the case, leaving viewers gripped with suspense until the very end.

The series explores possible motives behind the crime. Through flashback scenes and courtroom drama, viewers are presented with two stark theories: one implicating Asunta's mother acting alone, and another suggesting a joint effort between both parents. The ambiguity surrounding the true events of that fateful night adds an extra layer of intrigue, echoing the unanswered question posed at the beginning of the series: "Why would a mother kill her daughter?"

The performances by the cast are riveting, particularly in portraying the complex dynamics within the Basterra-Porto family. The portrayal of Rosario Porto (Candela Peña) and Alfonso Basterra's (Tristán Ulloa) troubled marriage, coupled with their individual struggles and psychological issues, offers a glimpse into the underlying tensions that may have contributed to Asunta's tragic fate.

You’ll be left pondering the chilling reality of the case and the devastating aftermath. The tragic fate of Asunta, coupled with the subsequent events involving her adoptive parents, serves as a sobering reminder of the complexities of human nature and the darkness that can lurk within seemingly ordinary lives.

WHERE TO WATCH- You can watch the series on Netflix or catch the trailer (watch, runtime:1:41)

Who will Dortmund face in the Champions League final? We’ll find out tonight when Real Madrid hosts Bayern Munich at Santiago Bernabéu Stadium at 10pm for the second leg of the Champions League semi finals. The first leg at Allianz Arena ended with a 2-2 draw.

Tonight’s aggregate winner will face Borussia Dortmund, who defeated Paris Saint-Germain once again with a 1-0 score last night.

? EAT THIS TONIGHT-

Good Turkish restaurants in Cairo are few and far in between but Ozel fills that gap. Located in Garden 8, the restaurant is going for more of a fine-dining experience but still has all the Turkish classics while catering a unique selection on their menu. By having two Turkish chefs, you can tell that the food is authentic.

Breakfast, lunch, and dinner: No matter what time of day you go — whether it’s at 9am or as late as 11:30pm — you’ll have some tasty options to choose from. Running until 2pm, Ozel has a set breakfast menu for two or four people, or you can order whatever you want on your own. The serving sizes for breakfast were filling and provided a lot of variety including a good amount of cheese, eggs, sausage, fresh bread including simit, and more. Our personal favorite was the grilled soujouk, but we enjoyed having options to choose from.

If you’re going later in the day, we’d say their grilled menu is the standout. The Kebap plates made to share are great if you’re there with a group and want to try more than one thing or any of their tenderloin options will hit the spot. If you’re not feeling carnivorous, you can go for the classic mezzes and wrap it up with a delicious dessert — the baklava and dessert tray don’t disappoint.

? OUT AND ABOUT-
(all times CLT)

HAPPENING THIS WEEK-

The Goethe Institute in Cairo is hosting a screening of Certified Mail tonight at 7pm. This is part of the institute's new weekly initiative, Der Projektor, in which they showcase highlights from the independent Egyptian film scene every Wednesday. No entrance fee is required.

To commemorate the anniversary of the passing of the musician of generations, Diwan’s original branch in Zamalek will host a seminar to discuss the book Memoirs of the Great Musician Mohammed Abdel Wahab tonight, at 7 pm. No entrance fee is required.

Experience true culinary discovery at Flavor Republic’s Cairo Food Week. The week-long event being held at Downtown District is starting tomorrow and will continue through to Thursday, May 16. You can follow the event itinerary here and grab tickets for each of the individual events here, but expect prices to make a dent in your bank account. You can get to know the co-founders of Flavor Republic, Hoda El Sherif and Sherif Tamim, in this edition of Founder of the Week.

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 over four nights at the Zamalek Opera House, from tomorrow to Monday, 13 May. Grab tickets for the first, second, third, and fourth productions from Tazkarti.

Spend a spring day with Tamer Ashour and Mahmoud El Esseily. The singers will perform at Family Park in Rehab this Friday, 10 May. Doors open at 7pm. You can find tickets here.

HAPPENING LATER-

Rawabet Art Space is hosting Turning Tables, which looks at human relationships and the complexities of the past that shape our identity and personalities. The play is written and directed by Hani Iskandar and is performed in English. The performances will run over three days from Thursday, 16 May through Saturday, 18 May from 8pm.

The RiseUp Summit returns again from Thursday, 16 May through Saturday, 18 May at the Grand Egyptian Museum. The summit focuses on bringing together the most prominent investors, leaders, and entrepreneurs in the region to network with promising startups in Egypt and the Arab region. Get your tickets here.

Techne Summit is back too: This year’s Techne Summit will be held in the halls of the CairoInternational Stadium, from Saturday, 25 May till Monday, 27. The summit focuses on investment and entrepreneurship. Register your attendance.

To celebrate 40 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-

Henrietta Lacks is a name you should know. Another victim of unrecognized contributions to science, she is the reason much of modern medicine is what it is today. In The Immortal Life of Henrietta Lacks by Rebecca Skloot, Lacks’ role in science is revealed and leads into a discussion of medical ethics, negligence, and non-consensual procedures.

Named HeLa by scientists, Lacks was a poor tobacco farmer whose cancer cells were taken without her knowledge. These were then to become the first “immortal” human cells, still alive long after her death, to be used for developing groundbreaking science like the polio vaccine, cancer breakthroughs, progress for in vitro fertilization, gene mapping, and much more.

And yet, she is given no credit. Left behind by the scientists who used her cells, Lacks’ family had no knowledge of the events until two decades after her death despite her pivotal role in modern science. Although responsible for multimns in profit, none was shared with the family, who ironically cannot afford their own medical bills or a lawyer to rectify the situation, opening up a conversation of neglect in healthcare in regards to African Americans.

Skloot takes it beyond analysis to share the stories of the Lacks family. Left with many questions but no answers, the family was completely in the dark. The author documents their troubles with their newfound knowledge and the consequences of prioritizing scientific discovery over people.

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GO WITH THE FLOW

What the markets are doing on 8 May, 2024

The EGX30 fell 1.7% at today’s close on turnover of EGP 4.3 bn (12.2% below the 90-day average). Regional investors were net sellers. The index is up 4.4% YTD.

In the green: Talaat Moustafa Group (+7.5%), Elsewedy Electric (+4.0%) and Ezz Steel (+1.4%).

In the red: Qalaa Holdings (-12.8%), EFG Holding (-7.4%) and Egypt Kuwait Holding (-6.9%).

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8 May (Wednesday): Certified Mail screening at Goethe Institute.

8 May (Wednesday): Mohamed Abdel Wahab seminarat Diwan Library.

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.

11 May (Saturday): Freelancers Union - Meetup at The GrEEK Campus

16-18 May (Thursday-Saturday): Turning Tables at Rawabet Art Space.

16-18 May (Thursday-Saturday): Rise Up Summit at the Grand Egyptian Museum.

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

17 May (Friday): Musical Theatre Event with Medhat Saleh, Reham Abd Elhakim, and Mai Farouk at Zed Park.

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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