Good afternoon, folks. It’s another hot Monday here at home, with another sluggish news cycle to boot.
THE BIG STORY TODAY
PIF eyeing local agri firm Daltex Crop? Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) is reportedly currently in talks with people from local agriculture firm Daltex Corporation to acquire an unspecified minority stake in the firm, Al Mal reports, citing sources it said are in the know.
What we know: The talks are still in the early stages, and both sides are doing their due diligence. If the talks go smoothly, the acquisition will be completed through a capital increase that will be used to fund the company’s expansions, and finance its exports of production requirements.
THE BIG STORY ABROAD
Israel’s airstrikes on Rafah continue to lead the conversation in the international press this afternoon. The IDF’s attacks on Rafah — which killed at least 45 refugees and wounding 200 — came after Hamas fired rockets at Tel Aviv yesterday for the first time since January. Israeli officials claimed that their attacks were in compliance with the ICJ ruling to halt its bombardment against Palestinians, passing it off as a “precise” attack against Hamas freedom fighters. Over 37k Palestinians have been killed by Israel since last October. (Reuters | Bloomberg | CNN | AP)
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
Beltone Holding continued its profitable streak in 1Q 2024, recording netincome of EGP 514 mn compared to a net loss of EGP 52 mn in 1Q 2023, which the company attributed to the “growth driven by the restructuring and turnaround strategy.”
☀️ TOMORROW’S WEATHER- We have clear skies and a few clouds with a high of 31°C and a low of 23°C in the evening, according to our favorite weather app.
Women are increasingly complaining of negative user experiences on dating apps, leading to big players in the industry — including Match Group, the dating app group behind Tinder and Hinge, as well as Bumble — to lose USD bns from their market valuations in the past three years. Match Group (valued at USD 7.8 bn) and Bumble (valued at USD 1.5 bn) have both seen their shares fall more than 80% since their peak in 2021, “wiping more than USD 40 bn and USD 18 bn from their respective values,” the Financial Times reports.
Behind the fall: Women have fallen out of love with the experience, which some users say has included everything from unsolicited explicit material and violent threats, to simply being bombarded with an imbalanced gender ratio on the apps.
Gender + age disparity makes for a big demographic gap: Of men aged between 18-34, almost half of the respondents had used dating platforms, according to a UK market poll by Mintel, a market intelligence agency. Only 25% of the women surveyed responded the same way and cited “dating app fatigue” as the reason for the breakup with the platforms.
What’s causing dating app burnout? The gender imbalance means that men have fewer chances to connect with women, leading them to more aggressively pursue the women who are on the apps. Meanwhile, women’s phones are flooded with matches, making the experience less exciting and/or rewarding for both groups. Some 50% of women on dating apps also report routinely being harassed with inappropriate content or threatening messages, making the apps feel unsafe.
Bringing back women users may not be all that straightforward: The dating platforms have tried — and thus far not been very successful — to attract women again and lead them to engage more with the apps, the FT notes. One marketing blitz from Bumble backfired for being tone-deaf and essentially shaming the women who opted out of the online dating experience. Match Group is also aware of the challenge, with CEO Bernard Kim recently referring to women and Gen Z as “the most critical demographic” for dating apps.
The lengths some will go to when they need money: In The 8 Show, eight people are promised a reward of USD 33 mn if they are able to subsist in a studio for 100 days while paying 1000x the cost of all living necessities. The group attempts to stay as long as possible, seeing as time is literally money in their situation. They have nearly nothing to keep them alive and must think strategically to avoid spending too much money on things like food or a bucket to use as a toilet.
This psychological game-based show pulls at a number of existing socio-economic issues: For example, the contestants are situated in an 8-story building, but they are not all equal. The higher the floor, the more power and advantages they gain.
Does this Korean game show sound familiar? Financial hardship, given the chance to earn more than they can imagine, seemingly impossible challenges? The series has many of the same genetics as Squid Game, except without a lot of the gore. In The 8 Show, no one gets killed, but rather they just lose money.
⚽Round 25 of the Egyptian League is coming to a close. Pyramids — currently at the top of the league with 50 points — is expected to continue its victory lap when it plays against El Gouna at 4pm. The White Knights will be going head to head against Al Ittihad at 7pm with the goal of correcting course and inching up the leaderboard.
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?EAT THIS TONIGHT-
Kavun is a tranquil coffee getaway. You might almost miss this coffee shop tucked away on Zamalek’ s Ismail Mohamed street. The spot focuses on making truly delicious specialty coffee without too many distractions, and you’re sure to get a reliable cup of joe if you pay them a visit.
You’ll feel like you've stepped out of the city when you set foot inside. The warm, earthy tones that dominate the decor will make you feel right at home, and because it’s small, there isn’t too much noise. The setup is simple, with its small tables and raw concrete walls, which is why the environment is so peaceful. You might even find a few remote workers shacked up on one of the seats, focused and typing away on their laptops.
The traditional coffee orders are what bring us back. We’d recommend a cappuccino or cortado for a dose of warmth and caffeine, but if you prefer some added sweetness, they make a mean Spanish latte. Pair your drink with a honey cake, and thank us later.
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? OUT AND ABOUT- (all times CLT)
Fi Africa is a hub for members of the F&B industry. Attend to discover global food trends and stay ahead in the industry, create connections with industry leaders, and explore global innovations. The event started yesterday and will continue until tomorrow at the Egypt International Exhibition Center. Register through this form.
The Flower Exhibition opened its doors on 19 May at 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.
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.
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.
The return of SoldOut Comedy shows. Mohamed Helmy and Alaa El Sheikh, accompanied by Mark Fanous and Ahmed El Hareedy, will grace the Falaki Theater at AUC Tahrir, on Thursday, May 30 at 8 pm, and Friday, May 31 at 5 pm and 8:30 pm. Tickets for the first show, second show, and third show can be purchased here.
Shababco is celebrating its third birthday with a bazaar on Friday, 31 May at ZED Park. This one-day event is dedicated to showcasing the creative and entrepreneurial spirit of young local brand owners with a diverse array of unique products ranging from handmade crafts and fashion. In addition to the bustling bazaar, enjoy live performances throughout the day from both up-and-coming and well-known local artists. Stay tuned to their Instagram for when their tickets drop.
Cairo Comedy Club presents a special comedy evening at Boom Room in Open Air Mall Madinaty on Friday, May 31. The show is presented by Omar Kintt, Amgad El Shawshy, Khaled El Shoky, Hatem El Sokkary and will start at 9pm. Tickets can be found 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.
Get ready for the eighth edition of the Manasat Film Festival, set to kick off at ZawyaCinema in Downtown Cairo from Thursday, 30 May to Saturday, 1 June. Presented by MasrdotBokra for Skills Development, this year's festival promises a captivating lineup of films, panel discussion, workshops and more. Secure your tickets now online or by messaging Manasat Film Festival and Zawya Cinema on their official Instagram accounts.
HAPPENING LATER-
If creating content is an interest of yours, you can join this online workshop with MarwanImam and Sync School. The workshop will introduce different types of content, how to start a profile, and other digital marketing basics. It will take place over four days (5, 6, 12, and 13 June), from 7:30 to 10:30pm. Reserve your place by contacting Sync School via their Facebook or Instagram page.
Take your seat as the curtains pull away for The Greek National Opera Βallet at the CairoOpera House on Thursday, 6 June and Friday, 7 June. In cooperation with the NGO Greek Action Africa, prepare for two nights of ballet in the Opera’s Main Hall. Get your tickets on Tazkarti for first night and second night.
El Galsa: Healing Is Not Linear is a play that will make you feel all the emotions. It navigates through a therapy session and discusses challenges, childhood, hopes, and dreams. It is quite a comfort show with moments of comedy and emotional moments. Catch the play at Rawabet Art Space from Thursday, 6 June to Saturday, 8 June.
Ahmed Helmy returns to the stage with his play Memo at Grand Nile Tower Hotel in Cairo, after the success of the show in Saudi Arabia. The show will be on Sunday, 16 June at 9pm. Get your tickets here.
In celebration of Eid al-Adha, Tamer Hosny will hold a concert at Zed East in New Cairo, on Monday, June 17th. The show starts at 8:30pm. (tickets)
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? UNDER THE LAMPLIGHT-
Isextreme wealth unjustifiable and harmful? This is the argument that Dutch philosopher Ingrid Robeyns makes in Limitarianism: The Case Against Extreme Wealth, suggesting that there should be a limit on how much money a single person can have.
Society suffers from unlimited wealth: Robeyns argues that as the poor get poorer, everyone is impacted. Case in point: The number of homeless people increases, and food bank queues start to grow. Meanwhile, as the rich get richer, nothing happens — they are the only ones who benefit.
Personal wealth is far more unevenly distributed than income. In his review of Limitarianism, Stewart Lansley, author of The Richer, The Poorer: How Britain Enriched the Few and Failed the Poor, backed up Robeyns’ claim with Greek Philosopher Plato’s ideology for political stability: The richest shouldn't own more than four times what the poorest own.
This book is a conversation starter and great for debates: Its direct attack on the uber-rich might unsettle some readers, but it is thought-provoking in our world of rags-to-riches stories and falls from grace.
The EGX30 fell 0.9% at today’s close on turnover of EGP 3.4 bn (30.4% below the 90-day average). Foreign investors were net buyers. The index is up 9.6% YTD.
In the green: Juhayna Food Industries (+4.8%), Eipico (+4.7%) and Delta Sugar (+4.3%).
In the red: Sidi Kerir Petrochemicals (-5.6%), Mopco (-3.4%) and Palm Hills Development (-3.2%).