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Sunday, 19 May 2024

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Inside Industry
The Enterprise Entertainment Calendar

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Today at a glance

1

The Big Story Today

UAE-based Electra Investment Holding puts in a bid for a 24.5% stake in Elsewedy Electric.
2

INSIDE INDUSTRY

A new industrial fund is set to launch this month as SMEs breathe a sigh of relief.
3

FOR YOUR COMMUTE

Warren Buffet’s secret investment comes to light.
4

On the Tube

A true-crime podcaster seeks to solve a mystery of his own.
5

Sports

Zamalek’s final showdown for the CAF Confederation Cup tonight.
6

OUT AND ABOUT

Spring is in bloom at the Dokki Flower Exhibition.
7

Ears to the Ground

What is with the King of Pop and controversy?

Sunday, 19 May 2024

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Inside Industry
The Enterprise Entertainment Calendar
1

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: UAE-based Electra Investment Holding bids for a 24.5% stake in Elsewedy Electric

Good afternoon, folks. We are kicking off this week by sending plenty of gratitude to WillisCarrier and his invention that is making this heatwave bearable.

THE BIG STORY TODAY

Electra Investment Holding has put in a bid for a 24.5% stake in Elsewedy Electric, according to a statement (pdf) from the Financial Regulatory Authority (FRA) earlier today.The UAE-based company’s voluntary purchase offer is seeking to buy up 15-24.5% of the company that is over 70% collectively owned by the Elsewedy family for USD 1.05 per share. The FRA is currently studying the offer.

Remember: Elsewedy Electric finished 2023 on a high note after net income after minority interest jumped 87% y-o-y from 2022. The company's revenues also jumped 65% y-o-y to EGP 152.2 bn during the same period.

Market reax: Elsewedy Electric shares jumped 20.0% to EGP 44.41 a share at the end of trading today.

THE BIG STORY ABROAD

Israel is launching more attacks against Palestinians ahead of talks with US envoy. Israeli airstrikes and ground attacks continued to devastate the Gaza Strip throughout the night as US national security adviser Jake Sullivan made his way to the occupying state. Sullivan is set to speak with Israel’s Benjamin Netanyahu to practice discretion in their assault of Gaza and Rafah by targeting militants instead of indiscriminately killing Palestinians, whose death toll has risen to 35.3k. Another item on the agenda is resuming ceasefire talks after Israel’s rejection to bring their hostages home in exchange for a pause in its attacks and access to humanitarian aid last week. (Reuters | Washington Post)

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

  • IDH wants out of the EGX: Integrated Diagnostics Holdings (IDH) could soon delist its shares from the Egyptian Stock Exchange due to “limited trading activity” and the “absence of any investment potential in maintaining the listing on the secondary market.”
  • Ras El Hekma land to be transferred soon:Egypt will finalize the transfer of the land for the Ras El Hekmaproject to the newly established Ras El Hekma for Urban Development Project Company “in the coming days.”
  • Egypt could lose up to USD 20 bn due to war in Gaza: The UN Development Program estimates that the war in Gaza could cost Egypt’s economy between USD 5.6 bn and USD 19.8 bn throughout the current and upcoming fiscal years, with Suez Canal and Tourism revenues expected to take the biggest hit.

enterprise

*** It’s Inside Industry day —your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: The new industrial fund put together by the National Initiative for Developing Egyptian Industry (Ebda) and Cairo Capital Securities (CCS) could mean a big, positive change for SMEs bringing about access to finance and a contraction in Egypt’s import bill.

☀️ TOMORROW’S WEATHER- The mercury will be showing highs of 42°C and lows of 25°C in Cairo, according to our favorite weather app.

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2

FOR YOUR COMMUTE

Warren Buffet’s latest investment in Chubb has been making waves

What has Warren Buffet been hiding? Berkshire Hathaway’s CEO has revealed that the investment that he’s been keeping from the public is a major stake in the company Chubb, an ins. business operating in 54 countries.

Berkshire Hathaway has accumulated about 26 m shares of the company for approximately USD 6.7 bn, CNN reports. This information was revealed after a year of being kept confidential as it was growing the stake.

As expected, lots of investors followed this move. The Oracle of Omaha is synonymous with investment success so it comes as no surprise that other investors frequently mimic his choices. The Chubb acquisition was no exception, seeing as the company’s stock rose by over 8% in Wednesday’s after-hours trading. Chubb made the rounds in business news in March after it underwrote Donald Trump’s 92 mn appeal bond in Jean Carrol’s defamation case.

Berkshire Hathaway’s investment strategy is solid. This acquisition is familiar ground for the company, considering that it already has three investment company subsidiaries. It seems to also be leaning away from consumer products, like Apple and HP (for both of which it significantly sold shares), and more towards financial companies like American Express and Bank of America.

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3

ENTERPRISE RECOMMENDS

A crime thriller that takes us to modern day Ireland

? ON THE TUBE TONIGHT-
(all times CLT)

Unraveling mysteries and mismatched partnerships in Bodkin, where an American true-crime podcaster Gilbert Power (Will Forte) embarks on a cold case investigation in the quaint town of Bodkin, Ireland. Backed by the Obamas’ production company, the series introduces a cast of characters grappling with personal demons and enigmatic mysteries against the backdrop of scenic Cork.

A 25-year old investigation is the focus of the series. Gilbert Power, a popular true crime podcaster, teams up with earnest researcher Emmy Scissor (Robyn Cara) and skeptical reporter Dove (Siobhán Cullen) to investigate the disappearance of three individuals during Bodkin's Samhain festival 25 years ago. Dove, a hard-nosed journalist, is reluctantly assigned to assist Gilbert after losing a key source for her own investigation. Together, they delve into the eerie atmosphere of Bodkin, uncovering secrets hidden beneath its picturesque facade.

Despite initial setbacks and resistance from the townsfolk, the trio uncovers unsettling connections that suggest there is more to the disappearances than meets the eye. As they dig deeper, they find themselves entangled in a web of lies, cover-ups, and long-buried truths that threaten to unravel the fabric of Bodkin’s idyllic existence.

It’s a promising premise marred by an underwhelming debut episode. The series has hints of dark humor and compelling character dynamics — The Guardian ’s review even deemed it as a “a funny Irish thriller for Only Murders in the Building fans.”

WHERE TO WATCH- You can watch the series on Netflix or catch the trailer (watch trailer,runtime 2:34)

⚽ White Knights are chasing the CAF Confederation Cup tonight:Zamalek will be battling for the title against RSB Berkane in the second leg of the final tonight at 8pm, after the first leg ended with 2-1 to Berkane. Zamalek will have to have a two goal difference or a one goal victory to clinch the cup before their 50k fans.

Speaking of cups, who will lift the 2023/2024 Premier League cup? English Premier League teams are playing their final matches of the season tonight in the gameweek 38, all kicking off at 6pm to ensure fair play for all.

The race for the top: Manchester City, who leads the league with 88 points, will play against West Ham, while second-placed Arsenal, trailing by two points, will go against Everton. A victory for City by any scoreline is enough to clinch their fourth consecutive league title, a feat unprecedented in Premier League history. As for Arsenal, they need to triumph and hope for their rival to either lose or draw in order to secure the title they haven’t received in 20 years.

Liverpool has secured third place and qualified for the Champions League. The teamwill also play against Wolverhampton in a match that doesn't hold much importance after they secured their spot in the league and not competing for any European spots. Aston Villa, in fourth place, also qualified for the Champions League and will kick off a match with Crystal Palace in a match that also carries no importance for either team.

Things are getting intense for positions qualifying for both the Europa League and the Conference League. Tottenham, in fifth place with 63 points, will play against Sheffield United, followed by Chelsea in sixth place with 60 points, kicking off with Bournemouth. Next is Newcastle in seventh place with 57 points, who will play Brentford and finally Manchester United in eighth place with 57 points, who will go head to head with Brighton.

Here’s the breakdown of how things will go: Fifth place qualifies for the Europa League, while sixth place qualifies for the Conference League. However, if Manchester United succeeds in the FA Cup final, fifth and sixth place will qualify for the Europa League, and seventh place will qualify for the Conference League.

Who will stay and who will go? Sheffield United, 16 points, and Burnley, 24 points, have confirmed their relegation into the Championship. Meanwhile, Luton Town, currently in 18 place, clings to a glimmer of hope on their three-point difference with Nottingham Forest in 17 place. Luton will go head to head with Fulham, while Forest will kick off with Burnley, needing only a draw to survive. Luton, on the other hand, has to get the three points and wait for Forest to lose, but with a significant goal difference to compensate for the gap between them, a 12 goal difference.

Matches to watch in La Liga tonight (all matches will be at 8pm):

  • Athletic Bilbao vs Sevilla
  • Atletico Madrid vs Osasuna
  • Barcelona vs Rayo Vallecano
  • Valencia vs Girona
  • Villareal vs Real Madrid

Highlights of today’s matches in the other European Leagues:

  • Inter vs Lazio (Serie A, 7pm)
  • Roma vs Genoa (Serie A, 9:45pm)
  • Monaco vs Nantes (Ligue 1, 10pm)
  • Metz vs Paris Saint-Germain (Ligue 1, 10pm)

? OUT AND ABOUT-
(all times CLT)

HAPPENING THIS WEEK-

The Flower Exhibition opens its doors today in the agricultural museum in Dokki and will continue for a month. 200 companies and more will be presenting a wide array of plants and flowers. They will be accepting visitors daily from 9am to 9pm.

Zawya’s Cairo Cinema Days is back: Zawya’s film program is a showcase of the latest and most prominent productions in Arab cinema within the past year. All through July 31, you can watch films from Palestine, Lebanon, Tunisia, Saudi Arabia, Jordan, Morocco, Sudan, and Egypt. You can find more information on this month’s film selection here.

The National Museum of Egyptian Civilization (NMEC) is hosting the Empower Her Forumstarting Sunday, 19 May, to Wednesday, 22 May. The forum is meant to promote creative empowerment for women in the art community, hosting women artists from around the world. More information will be posted on their Facebook page closer to the event.

Celebrate Disco Misr’s eighth album release at their concert on Friday, 24 May at Zed Park Sheikh Zayed. Grab your tickets here.

Missed the main event? Catch the Disco Misr’s Album Launch after party at CJC 610 on Friday, 24 May. For reservations message their Facebook page.

HAPPENING LATER-

Egyptian rapper Marwan Moussa will perform with Jordanian singer Aziz Maraka on Thursday, 30 May at Zed Park in Sheikh Zayed. You can also enjoy the concert online through the Minly app. (Zed Park Tickets | Online Tickets)

Brazilian DJ/Producer Mochakk will be performing at Saqqara Pyramids on Thursday, 30 May. This performance is part of his world tour, calling on different cities to perform including New York and Dubai. Get your tickets here.

Marriage in time and its complexities are explored in What Have The Years Done To Us at Rawabet Art Space from Wednesday, 29 May till Saturday, 1 June. Click here to reserve your tickets.

Fusing Lebanese and Egyptian music, Disco Beirut will be performing at CJC with tunes from the '70s to the '00s all night long on Wednesday, 29 May. For reservations message their Facebook page.

? EARS TO THE GROUND-

Michael Jackson’s legacy has drawn controversy. Think Twice is a ten-part podcast that dives into the king of pop’s history and unfolds disturbing allegations against the American icon.

It’s been over a decade since his death, why is this resurfacing? The accusations and investigations towards Michael Jackson have been around for a while and have continuously influenced different forms of art, but they just seem to die down over time. The podcast’s hosts, journalist Leon Neyfakh and hip-hop commentator Jay Smooth wanted to dig into the case with fresh eyes and speak to people involved who hadn't been given the platform before.

“It's not a biography of Jackson,” says Neyfakh “rather a social history about the world he operated in and the people who loved him and the consumers of his art.” The show had welcomed over 100 guests who were all involved in his story at some point.

WHERE TO LISTEN- You can tune in on Apple Podcasts, Spotify, Amazon Music, and Audible.

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4

GO WITH THE FLOW

What the markets are doing on 19 May 2024

The EGX30 rose 4.5% at today’s close on turnover of EGP 6.0 bn (25.3% above the 90-day average). Regional investors were net sellers. The index is up 9.7% YTD.

In the green: Elsewedy Electric (+20.0%), AMOC (+19.9%), and Mopco (+17.8%).

In the red: Telecom Egypt (-4.9%) and Edita (-0.3%).

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Our weekly look at the issues, trends, and policies that are shaping Egypt's manufacturing industries.

Published every Sunday in EnterprisePM.

Read Inside Industry
5

INSIDE INDUSTRY

Egypt’s SMEs are getting a shot in the arm from a new industrial fund

A new industrial fund could be a boon for SMEs:The National Initiative for Developing Egyptian Industry (Ebda) and Cairo Financial Holding’s brokerage arm Cairo Capital Securities (CCS) plan to launch the country’s first specialized industrial investment fund this month. The new fund could help resolve problems for small manufacturing players, including access to financing — which continues to be an obstacle for manufacturers amid the current high-interest rate environment — and reducing Egypt’s import bill, according to several industry sources Enterprise spoke with.

REFRESHER- The Nile Fund for Industrial Investment — which was unveiled by Ebda and CCS earlier this month — aims to invest in all industrial sectors to ramp up exports and lower the country’s import bill. The fund will be launched on the EGX with an initial value of EGP 2.5 bn and a lifespan of 5-7 years. Ebda will invest EGP 200 bn over the next four years through its executive arm, Ebda, which is majority-owned by the Hayah Karima (Decent Life) Foundation, to help support existing industrial projects and fast-track the development of new ones. It also aims to create some 150k direct and indirect jobs over the course of four years.

What’s been accomplished so far: Since its launch in October 2022, Ebda has so far helped 23 projects worth EGP 62.5 bn in different sectors go live as a first phase, according to recent data. The second phase is set to include 24 projects.

More is coming in the pipeline: Ebda is expected to announce several new potential investment projects soon, with priority being given to hospitality, agriculture, and related industries due to their significant role in the economy, Ebda member Ahmed Badra told Enterprise.

How will the new fund drive investments in the industrial sector and improve access to financing? The initiative offers financing of up to EGP 50 mn, while also offering ready feasibility studies for potential investments, which helps to expedite implementation, Ebda member Ahmad Badra told Enterprise. Although the government launched a new EGP 120 bn subsidized loan program for manufacturers in freezones and agriculture and renewable energy companies, carrying a 15% interest rate last month, access to financing remains difficult for industry players, Badra said.

The market needs more investments: The Egyptian economy needs a renewed focus on local manufacturing as a core component of the economy, which is what the Ebda initiative is designed to achieve, Badra said. Ebda’s involvement in managing the Nile Fund for Industrial Development is hoped to encourage investors to ramp up their investments in local industry, which will eventually help cut down on our import bill and FX reliance for manufacturing, Badra explained.

Raw materials and production inputs are a key priority: Ensuring that raw materials and production inputs are readily available for local industry should be top of mind, particularly for industries related to renewable energy, including locally producing solar panels, as well as the iron and cable industries, which are mostly reliant on imports, Badra said. Improving the availability of production inputs for these sectors will go a long way towards weaning manufacturers off imports as the government hopes to encourage more exports.

REMEMBER- Egypt relies primarily on imports for mineral and chemical products, which together account for some 25% of our annual total imports. Manufacturers we previously spoke with agreed that local players’ ability to ramp up local production — and help cut down on our import bill — is largely dependent on the local availability of raw materials.

Could the government play a more active role in the initiative? Badra suggested bringing in the government as a partner in new projects financed by the Ebda initiative — if only with a partial share — in a way that would cut down on procedures and help speed up project implementation.

Your top industrial development stories for the week:

  • Engineering industries are eager to join government’s localization push: The Chamber of Engineering Industries plans to locally produce 140 products by the end of 2025, around 92% of the 152 engineering sector products that the government is targeting in its initiative to localize imported products. (Al Borsa)
  • Gov’t mulls performance-based export incentives to encourage localization: In a bid to double the local components in manufactured goods annually over the next four to five years, the government wants to roll out a system to give more export rebates to manufacturers who commit to the plan and reduce export support for those who don’t. (Al Borsa)
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THE ENTERPRISE ENTERTAINMENT CALENDAR

MAY

11 May-1 June (Saturday-Saturday) Summer Showcase art gallery at Bibliothek

19-22 May (Sunday-Wednesday): Empower Her Art Forum at The National Museum of Egyptian Civilization

21 May (Tuesday): Disco Arabesco- Tablet El Sett & Fabrica at Theatro Arkan

23-25 May (Thursday- Saturday): Insomnia at Rawabet Art Space

22-24 May (Wednesday-Friday): 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.

24 May (Friday): Disco Misr Festival - Album Launch V8 at Zed Park

24 May (Friday): Disco Misr's Album Launch After-Party at Cairo Jazz Club 610.

25 May (Saturday): Techne Summit at the Cairo International Stadium.

26 May (Sunday): El’Emaraperformance at Rawabet Art Space.

27 May (Monday): Half of a Yellow Sun book club meeting at Bibliothek

27 May (Monday): Youssra El Hawary at Rawabet Art Space

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

29-30 May (Wednesday-Thursday): Solar & Storage Live Mena at Egypt International Exhibition Center, New Cairo

29 May-1 June (Wednesday): What Have The Years Done To Us?at Rawabet Art Space

29 May (Wednesday): Disco Beirut at Cairo Jazz Club.

30 May (Thursday): Mochakk Concert at Saqqara Pyramid.

30 May (Thursday): Marwan Moussa and Aziz Maraka concert at Zed Park.

31 May (Friday): Opera Carmen at Cairo Opera House

31 May (Friday): QADYA 04 at Madinaty Club Tennis Center Court

JUNE

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

4-7 June (Tuesday-Friday): Africa Health ExCon at Egypt International Exhibition Center

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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