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Tuesday, 4 Jun 2024

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Founder Of The Week
Enterprise Entertainment Calendar

Pink noise

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Today at a glance

1

The Big Story Today

Non-oil private sector is at its highest level since 2021.
2

Founder of the Week

Meet our founder of the week, Anchor’s Omar Wahba.
3

FOR YOUR COMMUTE

The colorful science of noise.
4

ON THE TUBE TONIGHT

Comedian Shane Gillis tries his hand at TV.
5

OUT AND ABOUT

Ski Egypt is bringing winter sports to Cairo.
6

Ears to the Ground

Learn about all things food on this podcast.

Tuesday, 4 Jun 2024

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Founder Of The Week
Enterprise Entertainment Calendar
1

WHAT WE’RE TRACKING TONIGHT

ُTHIS EVENING: Non-oil private sector at its highest since 2021

Good afternoon, ladies and gentlemen, and happy hump day. We have finally reached the midpoint of this hot week but the news shows no sign of cooling.

THE BIG STORY TODAY

Latest PMI numbers show non-oil private sector nearing growth levels: Egypt’s non-oil private sector activity increased to its highest level in almost three years in May, with cooling inflation and rebounding demand pushing it to the verge of growth, the S&P Global’s Egypt Purchasing Managers’ Index (pdf) showed. Improved foreign currency availability post-float has spurred “greater price stability and stronger confidence” among firms, S&P Global Market Intelligence Economics Senior Economist David Owen said.

The headline PMI rose to its highest level since August 2021 at 49.6, up from 47.4 in April and just shy of the 50 threshold that separates growth from contraction. The survey also showed business activity decreasing at its slowest rate since July 2023, with activity in services and construction registering an uptick. Confidence in the economy’s 12-month outlook improved, alongside employment levels.

Not all roses: While growth in services and construction augurs well for the economy as a whole, “ongoing downturns in industries such as manufacturing and wholesale & retail show that the recovery is still lopsided and may take more time to spread across the economy,” said Owen. Salaries also increased at one of the fastest rates in the previous three years, likely in response to cost-of-living pressures.

THE BIG STORY ABROAD

India is dominating international headlines today as its elections come to a close. Despite a landslide victory being projected in Prime Minister Narendra Modi’s favor, early results are showing narrower outcomes. While the PM is set to keep his role in office, his government may lose its decade-long grip on voter majority. As the forecasted results slipped with Rahul Gandhi’s centrist party leading congress seats, so did Indian equities, with the biggest loss in four years being reported. (NYT | Reuters | Bloomberg | CNBC | CNN)

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

  • El Sisi calls for new government to help take Egypt to the “next phase”: President Abdel Fattah El Sisi instructed Prime Minister Moustafa Madbouly to form a new government yesterday after Madbouly submitted his government’s resignation.
  • MPs pass next year’s budget: The House of Representatives yesterday gave its seal of approval to the FY 2024-2025 state budget and socioeconomic development plan.
  • Auto sales rebound after reaching multi-year low: Auto sales in April rose 35.1% m-o-m to reach 5.7k vehicles

☀️ TOMORROW’S WEATHER- It’s getting even hotter with the mercury reaching a high 40°C and dipping to a low of 27°C in the evening, according to our favorite weather app.

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2

FOR YOUR COMMUTE

Color sounds can help you focus and relax

White noise is so last year — pink noise is the color du jour. White noise, a broadband sound that plays all audible frequencies, is known as an “audio blanket”: The steady background noise it creates masks disruptive sounds around us, helping listeners focus or relax. But now, there’s a new color on the scene with some studies showing that it has a positive impact on concentration and sleep, the Associated Press reports.

If white noise is static, pink noise is rain. Since all audible frequencies are played at the same volume, high frequencies are also in the mix. Pink noise lowers the volume on higher -pitched frequencies, which makes its overall sound deeper, and more like the natural sound of rain, or the crashing of waves. Other sounds that favor other frequencies also exist, like brown and green noise. Brown noise is even deeper than pink, more like a rumbling, and green is somewhere between white and pink.

How does it help? Some studies have shown white and pink noise help people with ADHDfocus, noting an uptick in task performance. John Nigg, an ADHD researcher at the Oregon Health & Science University, says that the noise provides stimulation without information, which alerts the brain without distracting it.

White and pink noise can also treat your tinnitus. Exposure to white or pink noise has been used as an effective treatment for tinnitus. Scientists believe that the feedback trains your brain to ignore the high-pitched buzzing.

You can use pink noise for better sleep and a better memory. A study at Northwestern University is researching how pink noise, in short pulses, encourages the brain to produce the slow brain waves associated with deep sleep. Studies have also shown that these pulses produced some evidence of memory improvement.

You should be microdosing on color noises. While color noises have been proven to drown out distractions, you shouldn’t keep them on 24/7. They should be played at a low volume, says Nigg, and sporadically to give your ears time to rest.

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3

ENTERPRISE RECOMMENDS

This group of underdogs work at keeping their friend’s tire business thriving

? ON THE TUBE TONIGHT-
(all times CLT)

Netflix is known for capitalizing on emerging comedic talent, and their latest bet on Shane Gillis is no exception. Following his comedy special hit and a notable, albeit brief, stint on Saturday Night Live, Gillis is back with Tires, a new sitcom already greenlit for a second season.

Will (Steve Gerben), manages the Valley Forge Automotive Center, a mini-chain owned by his father. He’s trying to improve the shop's performance after taking over two months ago, but his efforts are often seen as failures by both his employees and customers. His misguided initiative keeps backfiring and his employees feel compelled to help their manager keep the business running and (hopefully) profitable.

The show highlights the dysfunctional yet endearing relationships among the staff, particularly between Will and his cousin Shane (Shane Gillis), the best mechanic who often mocks Will’s management style. The series also introduces other quirky characters, such as Cal (Chris O’Connor), Schultz (Andrew Schulz), and Tommy (Tommy Pope), friends from a nearby sales lot who complicate matters with their antics.

As the season progresses, tensions rise when Will’s father disapproves of his decisions, and Shane considers leaving for another job opportunity, revealing deeper layers of their characters and the bonds they share. Despite the rough start and suggestive jokes, the show hints at more profound character development and evolving relationships.

WHERE TO WATCH- You can watch the series on Netflix or catch the trailer (watch trailer,runtime 2:10).

⚽ It’s a quiet day on the pitch with a few interesting friendlies to watch in preparation for Euro 2024:

  • Switzerland vs Estonia (9:15pm)
  • Portugal vs Finland (9:45pm)
  • Italy vs Turkey (10pm)

? OUT AND ABOUT-
(all times CLT)

Step into the past with the MisrIskindireyaExhibition. Starting tomorrow June 5 and ending on Monday, June 10, the exhibition will showcase the vibrant yet fleeting essence of Alexandria during the 1970s and 80s. The exhibition will start at 6:30pm tomorrow at Radio Theatre in Downtown Cairo and then will be open daily from 11am to 9pm.

Experience the first-ever 4x4 Snow Rally in the Middle East and Africa at Ski Egypt, Mall of Egypt. Prepare to witness over ten teams race in the snow, conquering challenging obstacles on their quest to be crowned the Rally Snow Champion. The race will take place on Saturday, 8 June at 4pm. Grab your tickets here.

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.

The Italian Cultural Institute in Cairo’s Italian Cinema in Cairo film festival has begun. It's a 10-day affair, showcasing Italian films. The screenings started last week and will continue until Sunday, 9 June. They’re bringing classics and some 2023 releases to explore Italian cinematic heritage. The screenings are at Zamalek Cinema and the Italian Cultural Institute, and you can check out their schedules here and here.

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.

Cairo Flea Market is back this weekend at the Aquarium Grotto Garden in Zamalek on Saturday, 8 June. The market, which includes local products and antiques, will begin at 11am to 10pm.

The Comedy Bunker’s line-up at AlMalahy is sure to leave you in stitches. Mohamed Moula, Alaa ElSheikh, and Mohamed Helmy will be taking to the stage on Saturday, 8 June at 8pm. Get your tickets here to secure your seats.

HAPPENING LATER-

Sound of Movies at National Museum of Egyptian Civilization: Medhat Saleh and Reham Abdelhakim are preparing to perform a musical evening led by Maestro Nayer Nagui at The National Museum of Egyptian Civilization in Fustat on Wednesday, June 12, to celebrate the museum’s third anniversary. Click here to get your tickets to the performances.

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)

Don't miss the comedic musical journey I Love You, You’re Perfect, Now Change at Rawabet Art Space from Thursday, 27 June to Saturday, 29 June. Explore the ups and downs of love and relationships through humorous scenes and heartwarming songs that will have you laughing and nodding along. Secure your tickets for June 27, June 28, and June 29.

? EARS TO THE GROUND-

The Food Chain delves into the fascinating world behind the food we eat. Whether you’re curious about chocolatiers, exploring the best foods for new moms, or craving a taste of the history of banh mi, this podcast serves up insightful and engaging content that will leave you hungry for more.

One of the podcast’s standout features is its guest interviews. Rather than spotlighting celebrities or industry experts, the show often features regular people sharing their day-to-day experiences in the food industry. This approach adds authenticity and relatability, offering listeners a glimpse into the lives of individuals from diverse backgrounds and cultures.

For starters, we recommend listening to episodes like The Flavourists and Shop Like theQueen. These episodes offer a taste of the podcast’s diverse range of topics and engaging storytelling delivered using wit and expertise.

WHERE TO LISTEN- You can listen to this podcast on BBC, Apple Podcasts, Spotify, Podbean, YouTube, Everand, and Podtail.

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4

GO WITH THE FLOW

What the markets are doing today 4 June 2024

The EGX30 rose 0.5% at today’s close on turnover of EGP 3.4 bn (29.5% below the 90-day average). Local investors were net buyers. The index is up 8.4% YTD.

In the green: Alexandria Containers and Cargo Handling (+4.7%), Palm Hills Development (+4.1%), and Egypt Kuwait Holding (+3.5%).

In the red: Qalaa Holdings (-2.0%), Sidi Kerir Petrochemicals (-1.7%), and E-finance (-1.1%).

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5

Founder of the Week

Meet our founder of the week: Anchor’s Omar Wahba

OUR FOUNDER OF THE WEEK- Every Tuesday, Founder of the Week looks at how a successful 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 Omar Wahba (LinkedIn), founder and CEO of Anchor.

My name is Omar Wahba, and I’m the founder and CEO of Anchor, a travel agency that specializes in adventure travel. We offer our clients curated travel experiences with activities that explore the whole country, whether on land or by boat. We’re not here to just book flights or your hotels, we want to maximize travelers’ experience of each country to make it stand out.

I graduated from AUC with a degree in business finance and international business, but a huge part of my academic experience was at Semester at Sea. I took a gap semester at AUC and attended Semester at Sea, a four-month program where you live on a boat and travel the world while you attend courses taught by Colorado State University. Every week I was in a different country — we traveled to 13 different countries in Europe, Africa, South America, and North America. It was the most impactful period of my academic career.

We’re a family of travelers. I was interested in traveling even before Semester at Sea. My parents run Tutankhamun Tours, a company that’s been around since 1972 and they love to travel, so it’s been in my blood since I was born. I used to travel for fun with friends, and because I played water polo competitively, we would also travel every six months to compete. All of these experiences made me very passionate about traveling.

Entering the market was easy for me given my background, but it took time for people to know who we are and why they should travel with us. Of course, our friends and immediate social circles knew us off the bat, but widening that horizon and establishing ourselves took more time. The most important aspect to our growth was word of mouth. I still believe that it’s the strongest marketing tool at our disposal, especially in Egypt. Even if you don’t have social media, if people have a good experience with you, that’s your advertisement.

What sets us apart from other agencies is that all of us at Anchor are experienced travelers. I’ve personally been to 84 countries. We don’t plan a trip for our clients unless we know the place well and have experienced the country first-hand. We go to each country and study it very well. If we want to offer trips to Japan, we go there and explore it for ourselves. What activities can we offer here? What are the hidden gems that will set our trip apart from someone else’s?

If I could change anything about the industry, I would change the culture around travel. People are used to traveling within their comfort zones. They don’t want to gamble by traveling to new places and trying new things, even though they might be missing out on better experiences. Traveling should be about exploring, about adventure.

In five years, I want Anchor to be the go-to for anyone who wants a good travel experience. We want people’s thought process right after “We want to go on a trip” to be “Let’s check out what trips Anchor has organized this month.” And at that point, we intend to be launching two trips a month. On top of that, we want to be steadily working alongside organizations. We already organize trips for 15 international schools, but I want us to cross the 20 school mark by then.

The recent economic challenges almost pushed us off course. I founded Anchor in 2018, and by the time we had landed on our feet, covid hit. Travel was the most affected industry, and it was the last to recover. And then came the currency devaluation. People, especially our target demographic, weren’t thinking about travel — they were worried about being able to buy a car, buying a house, and even just buying groceries or paying EGP 2k every time they went out to eat.

But if I learned one thing from these obstacles, it was how to pivot on the fly. It’s the most important part of starting a business, but especially in the travel industry. The pandemic, travel restrictions, and currency devaluations are why we started offering island hopping trips in Egypt. Before the pandemic, these islands didn’t even exist on our radar. But now it’s a trendy and fun trip to take, even after some of these issues have dissipated.

You can’t survive in the travel industry without learning to adapt at the drop of a hat. You could organize the trip only for the flight to be canceled last minute. You have to adapt, and you have to respond quickly. You need the flexibility to do it quickly. The industry is about constant crisis management. You may feel like you’ve hit a wall, but a dead end is never a dead end. It’s not an option. You need to find a solution.

But at the end of a trip, you get messages from people thanking you, and it makes it worth it. It’s rewarding to see people happy, and knowing that your hard work is paying off not only in the satisfaction of your current clients, but also in interest from future ones.

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ENTERPRISE ENTERTAINMENT CALENDAR

JUNE

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

6 June (Thursday): Konafa Comedy Night at El Sawy CultureWheel

6-8 June (Thursday-Saturday): El Galsa: Healing Is Not Linear at Rawabet Art Space.

6-7 June (Thursday-Friday): The Greek National Opera Βallet at Cairo Opera House.

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.

8 June (Saturday): 4x4 Snow Challenge Event at Ski Egypt.

8 June (Saturday): Sunset Sunrise X HVOB Concert at CLSTR 11

8 June (Saturday): Comedy Bunker At ElMalahy

15-19 June (Saturday-Wednesday): Eid El Adha (TBC).

16 (Sunday): Memo at Grand Nile Tower Hotel.

17 June (Monday): Tamer Hosny concert at Zed East.

26 June (Wednesday): Ali El Haggar concert at ElSawy Culturewheel

27 June (Thursday): Cyberx Egypt Summit & Awards 2024 at Grand Nile Tower

27-29 June (Thursday-Saturday): Fabrica's I Love You, You're Perfect, Now Change musical at Rawabet Art Space

30 June (Sunday): June 30 Revolution Day (TBC).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

16-17 July (Sunday-Monday): Cairo Consultants Forum 2024 at Royal Maxim Palace Kempinski

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.

29-30 October (Tuesday-Wednesday): Intelligent Cities Exhibition & Conference (ICEC) at Waldorf Astoria.

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