EFG Hermes acquires minority stake in Kenzi Wealth: Our friends at EFG Hermes have acquired a minority stake in the Danish fintech wealth manager Kenzi Wealth and inked an MoU which will allow EFG Hermes to leverage Kenzi’s AI tools to streamline the management of investment portfolios and give investors a more personalized experience, according to a joint statement (pdf).
New features coming to EFG platforms? Under the partnership, EFG Hermes will roll out new AI-powered services to its customers, such as advanced investment risk analytics, investment selection, portfolio construction and rebalancing, Kenzi’s CEO Mohamed El-Masri said. In addition, Kenzi will help EFG Hermes add new features to its online trading platform EFG Hermes ONE as it seeks to transform it into a one-stop investment platform, the statement showed.
THE BIG STORY ABROAD
Semiconductor giant ASML reveals chip machine “kill switches” that can be used in case of China’s invasion of Taiwan. US government officials reached out to the Dutch company to express concern over China’s imminent invasion of Taiwan, whose semiconductor firm TSMC produces the global majority of advanced semiconductors. ASML reportedly reassured US and Dutch officials of their ability to disable the machines remotely, citing successful risk assessment simulations. ASML has long been prohibited from selling their machines to China at the behest of the US, which fears that it would help give its competitor a leg up in the global chip war. (Bloomberg)
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
Jordan’s liwwa wants to set up shop in Egypt:Jordanian SME lenderliwwa has secured (pdf) a USD 5 mn loan from the US International Development Finance Corporation (DFC) which will be used for on-lending to SMEs in Jordan and supporting the company’s plan to launch in Egypt.
Valu has raised EGP 616.8 mn in securitized bonds, part of a EGP 9 bn securitization program.
A Molto good start to the year for Edita:Snackmaker Edita Food Industries saw its bottom line surge to EGP 436.4 mn in 1Q 2024, marking a 16.2% y-o-y increase on the back of strong sales across all segments.
☀️ TOMORROW’S WEATHER- The mercury will hit a high of 40°C with a cooler low of 25°C in Cairo, according to our favorite weather app.
Spray the loneliness away with oxytocin nasal spray. A team of doctors have recently studied the effects of oxytocin — dubbed the love hormone — on individuals who are experiencing loneliness, a condition linked to mental and physical illnesses, using an oxytocin-infused nasal spray. The results showed a decrease of feeling lonely for several months after one treatment — it even strengthened the cohort’s ability to connect with people.
Doctors are optimistic — but there’s a slight hiccup: The study sample size was small and distinction between types of loneliness can be difficult, but doctors suggest that it was a significant help to reduce the loneliness feeling and could aid in supporting the therapeutic process, especially at the beginning of therapy when patients often feel more distressed.
When marriage hits a dead end, a couple goes down a deadly route to reignite to keep it together.All But Divorce is based on the 2021 Japanese series with the same name, the Amazon Prime series follows a couple: Yara (Dina El Sherbiny) and Seif (Eyad Nassar) whose seven-year marriage starts to become rocky.Yara, a chemistry teacher at a local international school, had always prided herself on her keen observation skills — using those same skills that made her suspicious of her husband, Seif, a freelance writer.
Their conflicts begin when Yara insists that she wants to conceive and Seif refuses to bring a child into this world. This, along with her family pressuring Seif to find a more stable career leads him to look elsewhere for love and acceptance. Seif’s secretive phone calls and late nights out spur doubts and paranoia in Yara which pushes her to confront him and ends up discovering Seif’s infidelity with a young girl, Habiba (Salma Abu Deif), as well as another truth that puts their marriage and reputation on the line.
The series also uncovers layers of Seif’s insecurities and explains his averseness in having children. Being adopted by wealthy parents who later were able to have a sibling has left him unsettled and unable to accept growing their family.
All 10 episodes are available for you to binge-watch in one go: The show’s transition from once an idyllic marriage to a story of emotions, betrayal, and unexpected twists has kept us piqued.
⚽ Local matches will be dominating the screens today, as three meets kick off round 24 of the Egyptian League:
Baladiyat Al Mahalla vs El Dakhleya (4pm)
Ceramica Cleopatra vs National Bank (7pm)
El Gouna vs El Gaish (7pm)
Related
? OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
Disco Arabesco at Theatro Arkan is on tonight. This theatrical musical show features two renowned troupes: Tablet el Sit and Fabrica. Not only will you be in the presence of good music but you will be giving back: The revenue from ticket sales for this event will be donated to Al Nas Hospital. Buy your tickets on Ticketsmarche.
The National Museum of Egyptian Civilization (NMEC) is still hosting the Empower Her Forumuntil tomorrow. 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.
Don’t miss your chance to be part of the future of design at The Design Show in CairoInternational Conventions Center from tomorrow through to Friday, 24 May. Attracting over 20k industry professionals, architects, interior designers, furniture manufacturers, and design solution providers alike will converge to unveil their latest innovations. Register your interest to visit here.
Is nighttime running on your bucket list? The TriFactory and Palm Hills Developments are bringing you The Glow Run this Friday, 24 May for a 5k run through the landscapes of 6 October golf course with UV lights and neon signs to guide you — with a special guest DJ making an appearance at the start and finish line. Register here to get in on the fun.
Can’t sleep? Neither can Rawabet Art Space with Kenoma Theatre Company’s Insomnia from this Thursday, 23 May till Saturday, 25 May. Written and directed by Moustafa Khalil and adapted in Arabic by Ahmed El Shamaa, this comedy-horror play explores the struggles of an individual battling sleeplessness. Get your tickets here.
The Flower Exhibition opened its doors on 19 May 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.
HAPPENING LATER-
Soothe your ears and indulge in Youssra El Hawary’s soulful and intimate musical performance. The acclaimed singer-songwriter and her talented ensemble of musicians will be playing at Rawabet Art Space on Monday, 27 May. Get your tickets at Ticketsmarche.
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.
For all you MMA enthusiasts, get ready for an adrenaline-pumping night with QADYA 04 at Madinaty Golf Club on Friday, 31 May. Experience the thrill of Mixed Martial Arts (MMA) as they bring you a night of intense fights, incredible athleticism, and unforgettable moments ringside as top fighters from around the world step into the octagon, ready to showcase their skills and determination. Get your tickets here.
Shababco is celebrating their third birthday with a bazaar on Friday, 24 May at ZED Park.This one-day event is dedicated to showcase the creative and entrepreneurial spirit of young local brand owners with a diverse array of unique products ranging from handmade crafts and fashion, all crafted by the next generation of local entrepreneurs. Enjoy live performances throughout the day from both up-and-coming and well-known local artists. Tickets have not been released yet but keep an eye on their Instagram page for more information.
Related
? EARS TO THE GROUND-
The Geek’s Guide to the Galaxy is for fans of Star Wars and Star Trek. In the vast universe of podcasts, finding one that consistently combines intellectual depth with unabashed geekery can be a challenge. However, for aficionados of fantasy, science fiction, and everything in between, this podcast hosted by David Barr Kirtley, is nothing short of a cosmic gem.
This podcast is filled with over a decade of stellar content under its belt, where it has firmly established itself as a guiding light for those navigating the multifaceted galaxies of speculative fiction. The show’s format is as diverse as the topics it covers, featuring engrossing conversations with luminaries from across the creative and intellectual spectrum.
One of the podcast’s impressive features is its roster of guests, which reads like a who's who of the genre. From literary titans like Neil Gaiman, Margaret Atwood, and George R. R. Martin to visionary directors such as David Cronenberg and Alex Garland, the show leaves no asteroid unturned in its quest for enlightening discourse. Notably, the inclusion of voices from diverse fields like science, history, and politics adds layers of complexity and richness to the conversations.
The EGX30 was essentially flat at today’s close on turnover of EGP 5.7 bn (16.8% above the 90-day average). Regional investors were net sellers. The index is up 9.4% YTD.
In the green: Ezz Steel (+7.2%), Mopco (+6.1%), and AMOC (+5.5%).
In the red: Qalaa Holdings (-7.7%), GB Corp (-4.8%), and Sidi Kerir Petrochemicals (-3.0%).
OUR FOUNDER OF THE WEEK- Every Tuesday, Founder of the Week looks at how asuccessful 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 Dina Aboughazala (LinkedIn), founder and CEO of Egab.
My name is Dina Aboughazala, and I am the founder and CEO of Egab. I received my bachelors from the faculty of Economics and Political Sciences at Cairo University and later got my masters degree in interactive journalism from City, University of London.
My introduction to journalism happened at a very young age, since my father worked as a journalist for Al Ahram. I had always thought his job was so unique because none of my friends at school had journalist parents. I even had my own little newspaper at 10 years old, which I had named “Life.”
I was raised in a family that truly values writing. We were always surrounded by books and my mom had always been an avid reader. Intellectual debates were a major part of our day-to-day casual conversation, which developed my journalistic passion even further.
When the time came for me to decide on my university studies, I knew I was drawn to journalism. However, my father had always said that you didn’t need to study journalism to become a journalist, he called it “a profession of practice.” So, I ended up studying politics, which was another passion of mine. But in the back of my mind, I knew journalism was my calling.
Finding a job. It took a bit of moving around for me to get to a stable point in my career. I worked for the State Information Service for a while, where I was involved in the presidential elections of 2005. Then I shifted to the Ministry of Trade and Industry where I worked closely with Dr. Samiha Fawzy and had more political exposure. During these two jobs, I had been constantly applying to the BBC.
Third time’s the charm. My third application to BBC was when I finally heard back. The position I had applied for required five years of relevant work experience, which I definitely did not have. But I was given a test, then called in for an interview, and 10 months later I began my journey there.
The need to start my own business started when my father passed away. I got the sudden realization that life is too short — I needed to figure out what I wanted to do with it. I was writing for a huge organization…but that was it. I thought about what I was getting back from my job — the legacy I would leave behind — and I wasn’t satisfied. It was never about money, if it were I probably would have stayed at BBC. It was about giving back to the community and making the most out of my time here on earth.
I was introduced to Solutions Journalism Network, which is essentially a shift in journalismto rigorous, evidence-based reporting of response to societal problems. It reminds people of the problem in a more positive light. I immediately fell in love with the concept and realized I had been unknowingly adopting the concept into my work.
During my 14 years there, I would receive so many messages from strangers asking how they could start writing for the BBC, so I knew there was a gap. I also realized how difficult it was to get a job at a big organization. And then it dawned on me: You have so much local talent but they don’t know where to go or where to start.
I was also frustrated with small lens reporting, where news would often cover a superficial side of the news. I had noticed that when covering events in Egypt, international news organizations would send foreign correspondents, claiming that it was for the purpose of objectivity. But then I’d find British correspondents covering British news, and that’s when I realized it was never about bias, it was a colonial legacy.
I understand that it’s impractical to have correspondents all around the world, but it doesn’t make sense to have foreign reporters who know nothing about the language, culture, or background, reporting from their small, limited lens.
The solution seemed obvious: Local talent plus genuine reporting, this was when Egab was born. I created a platform where any journalist can pitch stories and they get circulated around international media as pitches. And then when commissioned, the writer completes the piece and it gets published under their name with Egab’s name. We didn’t need to fly anyone. We relied on the wide range of local talents in different areas of different countries. We now have 700 journalists from 45 countries, as well as 45 media outlets including The Guardian, CNN, and Al Jazeera English.
It’s very rewarding. The messages I receive from journalists after they see their names on the huge publications never fails to make me proud. We’re leveling the playing field and giving people opportunities they never knew how to approach.
In five years time,I hope to see Egab become the go-to platform for any journalistacross the global south wishing to kick start their international journalism career and that we’re able to accomplish our vision of building a world where the news is the trusted source for accurate and holistic representation of events and communities.
If I were to change three things about the industry, I would push for better pay, achieve diversity in the big organizations by ending Western dominance, and have more solution-focused reporting.
My experience has taught me that everyone’s journey is different. One of the biggest problems entrepreneurs face is the pressure that exists on social media to always do more. Definitely learn and surround yourself with good advisors, but working at your own pace and not comparing yourself to those around you is important. I was hesitant at first but looking back, I wish I could’ve told my younger self to just go for it.
I’m grateful to have always been surrounded by so much support. Both my family growing up, and then later my husband, have always encouraged me to chase after what I wanted. And it truly is a blessing to have been given such a strong support system.
Egypt Edition 
MENA+ Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share Issue
