Good afternoon, ladies and gentlemen, and happy Monday. Today is the midway mark to this shorter business week.
THE BIG STORY TODAY
Remittances from Egyptians abroad surged 73.8% y-o-y in May to USD 2.7 bn, according to a statement (pdf) from the central bank. On a monthly basis, remittances increased for the third consecutive month, rising 26.6%.
Remember: Egyptians abroad have started sending more of their remittances through official channels after the float of the EGP. Remittance inflows saw a major dip over the past year or so as Egyptians abroad either held onto their money or sent it back through parallel mechanisms — remittances were down 30% y-o-y in 2023. The government said it wants to raise remittances — one of Egypt’s biggest sources of FX — from Egyptian expats by 10% each year to reach USD 53 bn by 2030.
THE BIG STORY ABROAD-
All about French politics: France is now heading towards “difficult negotiations” to form a new government after its leftist Nouveau Front Populaire (NFP) bloc scored an unexpected victory in yesterday’s parliamentary election, upending Marine Le Pen’s push for a far-right government. Despite coming out on top, the NFP failed to secure the majority needed to form a government. In the meantime, French President Emmanuel Macron has turned down Prime Minister Gabriel Attal's resignation, asking him to sit tight in order to maintain an orderly transition. This comes at a critical time for France, as the country prepares to host the Paris Olympics in less than three weeks. (Reuters | AP | Financial Times)
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FX reserves reach new high: Net foreign reserves increased by USD 258 mn in June to just under USD 46.4 bn, surpassing the previous record high of USD 46.1 bn recorded in May.
QIB is out of the running for United Bank: The Qatar Islamic Bank (QIB) has reportedly backed out of the race to acquire Central Bank of Egypt-owned lender United Bank after the two parties failed to agree on a valuation for the bank.
Egypt did not breach its investment treaty in dispute with UAE oil company in EGP 3 bn claim: The World Bank’s International Center for the Settlement of Investment Disputes (ICSID) last week dismissedclaims brought against the Egyptian government by UAE-based CTIP Oil & Gas Investment Limited.
☀️ TOMORROW’S WEATHER- Mercury is peaking with a high of 39°C and dropping to a low of 25°C in Cairo at night, according to our favorite weather app.
Companies are busting remote workers who fake online activity. Remote workers have taken the pressures of micromanagers into their own hands by using mouse and keyboard jigglers — but they cannot get away with it for long. Their bosses are now utilizing employee-monitoring software to detect the funny business which often ends with the employee losing their job, according to the Wall Street Journal.
Yes, other tactics can be detected. According to Gartner, nearly 50% of medium to large employers were using electronic surveillance by 2023. Tools like Teramind and Hubstaff now use machine learning to sniff out unnatural patterns in computer activity. Most mouse jigglers, like those sold by Tech8 USA, are no match for these sophisticated algorithms.
How does this work? Simple, these tools can’t mimic the nuanced movements of a human hand and are easily flagged by the software.
… but this raises questions about privacy: Too much surveillance can backfire, with a Glassdoor survey finding that 41% of professionals felt less productive when their work devices were monitored.
Love real estate reality TV? Watch Owning Manhattan. This Netflix reality show follows Ryan Serhant's ambitious journey to expand his empire beyond his previous series. With this new platform and a team of agents at SERHANT, his namesake brokerage, the real estate fox aims to cement his place at the top of New York City’s property market.
Serhant’s charm might have you looking for a slice of the Big Apple. The strategy: networking, determination, and excellence. These are what make Serhant stand out in the dramatic — and oversaturated — real estate market in New York. He passes his skills down to his team by pushing agents to outshine one another in pursuit of monumental deals like the USD 250 mn Central Park Tower penthouse — a daunting challenge that tested their skills.
This series will please fans but bore accompanying viewers. While the series leans heavily on familiar reality TV tropes — which have their own fanbase in between Netflix viewers — it provides genuine insights into the complexities of luxury real estate. His interactions with clients, from NBA players to affluent homeowners, offer glimpses into the personal stakes involved in buying and selling properties in one of the world’s most competitive markets.
⚽European and South American teams are taking a break to prepare for their respective continental semi-finals, so tonight's focus shifts to the local matches.
Al Ahly are on their way to the top: Al Ahly will play against Tala’ea El Gaish at 7pm tonight in gameweek 30 of the Nile League. Al Ahly is currently in second place with 54 points, with four fewer games played than the league leaders, Pyramids— who are topping the standings with 65 points. The aim is to score three points to stay in the race for the title.
But Pyramids are still clinging to the dream of first title: Pyramids are going head to head with Al Ittihad Alexandria at 5:30pm tonight as part of the same round. The visiting team is also aiming to secure three points, with their fingers crossed that Al Ahly might get a setback.
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? EAT THIS TONIGHT-
Familiar and new flavors on the Nile at Luuma. If you miss Left Bank, then check out Luuma. In the heart of Zamalek, this restaurant has an Instagrammable Nile View and a long menu that includes Neapolitan pizzas, pasta, mains, and an array of appetizers and desserts.
We started with their truffle-infused fries. The short twiggy fries were crunchy, hot, and generously topped with truffle mayo. Despite this being a common starter it was quickly devoured and ordering another was contemplated — but we opted for jumping into the mains.
The chicken teriyaki shouldn’t be missed. The tender chicken was well-marinated with a tad of caramelization on its exterior. We could taste all of the elements: Soy sauce, ginger, and umami. We did question the accompanying mashed potatoes as we were expecting a side of noodles — but the pairing went down quite nicely.
Then there was the margarita. And by margarita, we mean the pizza. The pie was baked in a proper wood-fired oven and the crust arrived bubbly and packed with flavor. And yes, we licked our fingers and have no regrets.
Seafood Risotto Noir was a fancy yet salty main. The squid ink-infused risotto strikes a delicate balance, complemented by the fresh seafood — shrimp and calamari — that add layers of briny richness. The creamy texture of the risotto contrasts beautifully with the tender seafood, creating a dish that’s both comforting and indulgent.
You gotta have that fetir. The Oriental Sausage Feteer is crispy, flaky, and is generously filled with spiced sausages, kiri, mixed cheese, tomato, and bell peppers. It is a great option if you intend to start your day strong with a heavy breakfast that leaves no room for any more food.
NOTE- They don’t deliver, unfortunately. Also, try to reserve as plenty of tourists tend to flood this venue and parking can be an issue. They are also generous with sugar in their smoothies and drinks — so make sure to tell your waiter not to add too much.
You can find them at their North Coast branch at Stella Walk.
Related
? OUT AND ABOUT- (all times CLT)
Laugh the midweek blues witha night of stand-up comedy tomorrow. This event is hosted by Cairo Comedy Club at Boom Room at The Open Air Mall, Madinaty. Grab your tickets here.
Ahmed Helmy’s play continues this week. The actor is performing in his interactive play Mimo at the Grand Nile Tower Hotel in Cairo. Catch the show this week, Thursday 11 July, and Friday 12 July. Get your tickets here.
Affichat w Aflam is still on. This exhibition showcases a vast selection of the late Pierre Sioufi’s collection of more than 10k pieces of Egyptian cinema memorabilia from 1932 to 2017. Showing in three editions, with the first ending this Thursday, 11 July, it will display pieces from the 1930s to 1970s. The exhibition is open from 10am to 10pm at Bibliothek.
Egyptian Nights with Cairokee. The Egyptian band will be performing at the AAST in Alexandria as a part of the Egyptian Nights Festival on Saturday, 13 July at 8pm. Click here for the tickets.
Master the art of punch needle embroidery at Darb 15 on Friday, 12 July from 12pm Whether you’re a seasoned stitcher or a complete beginner, this workshop is perfect for anyone looking to unwind, get crafty, and unleash their inner artist. To book your spot DM Darb 15 on their Instagram.
Another tribute night from El Sawy Culturewheel is dedicated to Lana Del Rey. Brooklyn Babies will be performing their homage to the queen of summertime sadness on Saturday, 13 July from 7pm. Get the details here.
Mona El Shazly will be hosting a special live episode hosting Medhat Saleh at the New Alamein Festival on Thursday, 11 July at 10pm. Get your tickets here.
If you missed it, musical icon Mohamed Mounir will be performing the next day on Friday, 12 July at the New Alamein Festival from 9pm. Get your tickets here.
HAPPENING LATER-
Smooth melodies, upbeat rhythms and enticing energy. Don’t miss Blackout ’s smooth jazz tunes at Cairo Jazz Club on Sunday 14 June at 8pm. Message CJC on Facebook to reserve.
20 years of Masar Egbari: The band is celebrating its 20th anniversary with a concert at Al Sawy Culturewheel, Nile University branch in Sheikh Zayed, on Thursday, July 18, at 8pm. Click here to get your tickets.
Mouled Ahl Al Zikr x Sawy Culture Wheel: Sheikh Mahmoud Al-Tohamy will present an evening of recitation and chanting at El Sawy Wheel in Zamalek on Friday, July 19 at 8 pm. (Tickets)
Related
? UNDER THE LAMPLIGHT-
Life during the pandemic in Fourteen Days. In this collaborative novel, featuring contributions from 36 American and Canadian authors, the novel weaves together a diverse tapestry of stories within a frame narrative set in an NYC tenement during the March 2020 lockdown.
Spanning 14 chapters from March 31 to April 13, 2020, the narrative unfolds within the Fernsby Arms, a dilapidated tenement on Manhattan’s Lower East Side. As the pandemic ensnares the city, residents find themselves bound by their shared circumstances. Gathering on the rooftop to honor healthcare workers with clanging pots, they embark on nightly storytelling sessions.
The landlord, dubbed ‘1A’ curates these tales, adding them to a binder filled with quirky descriptions of tenants penned by her predecessor. From jokes to horror, nonfiction to romance, the stories encompass a wide spectrum.
The EGX30 fell 0.7% at today’s close on turnover of EGP 4.4 bn (3.2% above the 90-day average). Foreign investors were net sellers. The index is up 14.1% YTD.
In the green: e-Finance (+5.1%), Delta Sugar (+3.7%) and Palm Hills Development (+1.8%).
In the red: Oriental Weavers (-3.8%), Abu Qir Fertilizers (-3.3%) and Orascom Construction (-3.0%).