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Nail-biter

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WHAT WE’RE TRACKING TONIGHT

Has the IMF’s fourth loan review been pushed back another month?

Good afternoon, friends. Hold on in there, we’re only two days away from a long weekend.

THE BIG STORY TODAY

Has our fourth loan review with the IMF been pushed back once again? The Fund is likely to conduct the fourth review of our USD 8 bn loan program in November, a government source told Enterprise. The review that will unlock a USD 1.3 bn tranche — the biggest among the four tranches to date — was initially scheduled for September, before being delayed to the end of October.

The why: Partly behind the move is the government who wants to wait so investment incentives and investment agreements currently in the works can be finalized and then included in the review. In addition to this, the delayed third review has pushed back the timetable for subsequent reviews, our source told us.

THE BIG STORY ABROAD

The global press is squarely focussed on Israel’s ground invasion into southern Lebanon, with the number of displaced now reaching 1 mn — around a fifth of the total population — as civilians flee north to escape Israeli shelling. Thirty villages were told to flee as Israeli forces launched what it describes as “limited” raids, but some are worried that these warnings may be precursors to a larger offensive and Turkish officials are already warning that this may be the beginning of a longer occupation of the region. (Financial Times | New York Times | BBC | Guardian | Reuters | Associated Press)

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

  • How have Egyptian consumers and businesses managed to remain resilient amidsoaring prices? We asked Boston Consulting Group London Managing Director and Partner Michal Panowicz, MNT-Halan founder and CEO Mounir Nakhla, and Valu CEO Walid Hassouna at the EnterpriseAM Finance Forum.
  • Construction work on the Ras El Hekma project will officially kick off on Friday: Emirati sovereign wealth fund ADQ will lay the foundation stone for its USD multi-bn Ras El Hekma project on Friday.
  • Another big-ticket data center in the works: Intro Group subsidiary Intro Technology signed a MoU with Omani data center leader Oman Data Park to establish a new USD 450 mn sustainable data center in the Suez Canal Economic Zone.

☀️ TOMORROW’S WEATHER- October is kicking off with cooler weather, with the mercury seeing a high of 30°C and a low of 22°C in the capital tomorrow, according to our favorite weather app.

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FOR YOUR COMMUTE

The iPhone 16 is out and it’s not doing well

Apple’s iPhone 16 pre-sale numbers fall flat: Apple’s upgrade cycles have not dazzled consumers since the iPhone 12, writes CNN, but the iPhone 16 was supposed to change that. Despite the new AI features, consumers don’t seem convinced that it's worth the upgrade.

(Tap or click the headline above to read this story with all of the links to external sources.)

The numbers: Analysts estimate first-weekend pre-sales of the iPhone 16 to be around 37 mn units, 12% lower than last year’s iPhone 15. Sales of the iPhone 16 Pro and Pro Max have dropped by 27% and 16%, a steep y-o-y decline compared to the iPhone 15’s debut.

The problem might be that the standard models are just too good. “The standard devices [got] a really great upgrade in terms of their cameras and internal processors,” CFRA Research analyst Angelo Zino says. Translation? Why splurge on the Pro when the regular iPhone 16 is almost just as good? Consumers’ wallets may be grateful, but the same can’t be said for Apple’s bottom line, which relies on Pro model sales to bump up its average sales price and total revenue.

Is this due to the delay of Apple Intelligence? Or its existence altogether? Despite the company’s AI-heavy event last month, Apple revealed that the long-awaited Apple Intelligence — a cornerstone of their marketing for the iPhone 16 models — will get a gradual rollout. Experts and investors alike were concerned this might affect sales at the time. Another possible factor might be marketing AI altogether. Recent studies have shown that mentioning AI in marketing campaigns has been hurting sales due to mistrustful consumer sentiment towards the technology.

Tough competition: Chinese brands offer similar features at a much lower price, appealing more to consumers tightening their belts during economic hardships.

But some experts are hopeful. Wedbush analyst Dan Ives believes the real sales are going to happen once the holiday season comes around, and others predict that consumers are only waiting for Apple Intelligence to fully release before they make the purchase.

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ENTERPRISE RECOMMENDS

A series where you’ll be rooting for the bad guy

? ON THE TUBE TONIGHT-
(all times CLT)

What better way to usher in a spooky season than with the OG charismatic serial killer? Dexter — which premiered in 2006 and ran for 8 seasons — follows the titular character, a forensic blood spatter analyst by day, and a serial killer by night. The series exposes the psyche of a man struggling to deal with his violent impulses while honoring his father, who taught him to use it for good.

(Tap or click the headline above to read this story with all of the links to external sources.)

This crime drama-slash-psychological thriller takes place in the sunny streets of Miami, where Dexter plays a cat and mouse game with the police department in which he works, trying to navigate his double life without getting exposed. It lets you explore the mind of a serial killer from his perspective — to the point where you might sympathize and root for him, raising questions about justice, identity, and evil.

It has its ups and downs. The toll of an eight season run takes its toll on the storytelling at times, especially during the later episodes. A strong plot and solid twists will pull you in during the early seasons, but many have called the rest inconsistent and, at times, confusing. Many others enjoyed the finale, and we want to know what all the fuss is about.

WHERE TO WATCH- You can watch the series on Netflix or watch the trailer on Youtube (runtime: 1:00).

⚽ The return of Champions League nights are upon us, with nine matches to start off the second round. The matches everyone will be tuning into are Arsenal’s against PSG, and Bayer Leverkusen’s against Milan, both kicking off at 10pm.

Other matches to flip through:

  • Salzburg vs. Brest (7:45pm).
  • Stuttgart vs. Sparta Prague (7:45pm).
  • Slovan vs. Manchester City (10pm).
  • Barcelona vs. Young Boys (10pm).
  • Dortmund vs. Celtic (10pm).
  • Eindhoven vs. Sporting Lisbon (10pm).
  • Inter vs. Red Star (10pm).

The Carabao Cup: Newcastle will be hosting Wimbledon for the end of the third stage, round of 32 at 9:45pm. The winner will qualify to face Chelsea in the final.

? OUT AND ABOUT-
(all times CLT)

Swan Lake x Opera: For classical lovers, don't miss the performances of Tchaikovsky’s ballet Swan Lake performed by the St. Petersburg Classical Ballet Company. The shows will take place over three days — tomorrow, October 3 and 4 — at the Cairo Opera House’s Main Hall in Zamalek, starting at 8:30pm. Grab your tickets for the first, second and third night from Tazkarti.

Maybe you want some childhood magic… take a step back into your childhood self at Room Art Space NC’s Disney tribute night tonight — where they’ll bring all the tunes and hits to stage. Grab your tickets through easykash.

For fans of Lege-cy, don't miss his live performance at Boom Room tomorrow. Get your tickets from Ticketsmarche.

MENA’s first and only design-film festival is back: Film My Design festival is back for its third edition — under the theme Designing Our Lives for a Better Future —, taking place from Thursday, 3 October to Saturday, 12 October at Zawya Cinema. The festival features film screenings, masterclasses, a motion design exhibition, VR immersive experiences, and much more. Buy your tickets from Collard Tickets.

Calling all cinema aficionados, Affichat w Aflam is getting an extension. The exhibition will continue to showcase a vast selection of the late Pierre Sioufi’s collection of more than 10k pieces of Egyptian cinema memorabilia from 1932-2017 until 6 October. The exhibition is open from 10am to 10pm at Bibliothek.

Relive the magic of Amy Winehouse withThe Amy Winehouse Band. This isn’t just a tribute band, it’s Winehouse’s actual original band keeping her spirit and legacy alive. Witness the era defining music at The Theater in Somabay on Saturday, 5 October. Grab your tickets from Tazkarti.

HAPPENING LATER-

Attend a book signing for Hatem S. Badr’s translated version of Taha Hussein's The Curlew’s Call. The event will take place at Bibliothek Egypt Tuesday, 8 October.

Bibliothek is als hosting another book signing for Riccardo Mancuso’s book Nos Se'eedi wi Nos Khawaga — an exploration of both the origins of Italian cuisine and Egyptians who have Italian origins.The event will take place on Saturday, 12 October.

Layali Misr with Angham: Singer Angham will be performing live as part of the Layali Misr event at the Grand Egyptian Museum on Friday, 11 October from 10pm. Tickets are available on Tazkarti.

Go on a run in Egypt’s historic city at the Luxor Half Marathon. Cairo Runners’ annual event will take place on Friday, 11 October. Pick between a 21km or 10km race, or a short family run. You can register here.

The fourth edition of Forever is Now is approaching. This year, a lineup of 12 global visionary artists are ready to display their work at the iconic Pyramids of Giza — including two groundbreaking AI-powered projects. The exhibition will start on Thursday, 24 October and continue till Saturday, 16 November.

Prepare for the sixth edition of The Marakez Pyramids Half Marathon, organized by the TriFactory. Pick your race of choice and start training, because the marathon will take place on Saturday, 14 December. Note: ticket prices will increase in a week, so get in line for early bird registration on the marathon’s website.

? EARS TO THE GROUND-

Fans of the unlikely friendship on New Girl will be happy to know that two of its cast members have teamed up for yet another classic Cece and Winston mess around. Hannah Simon (Cece) and Lamorne Morris (Winston) developed a real-life friendship outside Apartment 4D, creating The Mess Around with Hannah and Lamorne to give fans of the Emmy-nominated series the goss.

The two hosts invite other cast members to share behind-the-scenes, including fan favorite Jake Johnson (Nick), the hilarious Max Greenfield (Schmidt), the New Girl herself, Zooey Deschanel (Jess), and others involved in the making of the show. Listeners will be pleased to find out that the chaos in Apartment 4D was no act.

Don’t expect deep dives. The hosts don’t give a blow-by-blow analysis of the show — most of the content is fun banter between the actors and an organic conversation related to the show, giving us little tidbits that make New Girl all the more special.

WHERE TO LISTEN- You can find The Mess Around on Spotify, Apple Podcasts, and YouTube.

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GO WITH THE FLOW

What the markets are doing on 1 October 2024

The EGX30 rose 0.9% at today’s close on turnover of EGP 5.3 bn (31.9% above the 90-day average). International investors were the sole net sellers. The index is up 28.0% YTD.

In the green: Edita (+5.3%), Juhayna (+5.2%), and Elsewedy Electric (+5.1%).

In the red: Ezz Steel (-3.7%), Emaar Misr (-2.5%), and Madinet Masr (-2.0%).

This publication is proudly sponsored by


OCTOBER

1 October (Tuesday): Disney tribute night at Room Art Space NC.

2 October (Wednesday): Afrobeats and Reaggaeton at CJC.

2 October (Wednesday): Lege-cy live at Boom Room.

2-4 October (Wednesday-Friday): Swan Lake at Cairo Opera House.

3 October (Thursday): Rock performances at CJC.

4 October (Friday): Obstacle Challenge at IL Monte Galala, Ein El Sokhna.

5 October (Saturday): The Amy Winehouse Band at The Theater in Somabay.

6 October (Sunday): Armed Forces Day.

10 October (Thursday): Bahgaga Sings Shokoko at Theatro Arkan.

11 October (Friday): Half Marathon in Luxor.

12 October (Saturday): TechUp Women Summit '24 at AUC Tahrir.

3-12 October (Thursday-Thursday): Film My Design festival at Zawya Cinema.

10-12 October (Thursday-Saturday): EVs Electrify! Expo & Conference 2024 at Egypt International Exhibition Center.

13-17 October (Friday-Tuesday): Cairo Water Week at The New Administrative Capital.

18 October (Friday): TriFactory Tough Mudder 5K run at Sodic.

18 October (Friday): Ash at Pyramids of Giza.

21-26 October (Saturday-Thursday): Premier Padel P2 Tournament at New Giza.

24 October-16 November (Thursday-Saturday): Forever is Now art exhibition at the Pyramids of Giza.

24 October - 16 November (Thursday - Saturday): Art D'Egypte’s Forever is Now Bus Tour at the Pyramids.

25 October (Friday): TriFactory Trailmaster run at Wadi Degla.

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

31 October (Thursday): TriFactory’s The Glow Run at Badya Palm Hills.

31 October- 8 November (Thursday-Friday): Cairo International Jazz Festival at the historic American University in Cairo.

NOVEMBER

8 November (Friday): TriFactory’s The Run for Upper Egypt at New Giza.

14-16 November (Thursday-Saturday): Raabta Wellness Festival at El Gouna.

15 November (Friday): Circoloco Ibiza at The Great Pyramids of Giza.

16 November (Saturday): Charlotte Cardin at Cairo Jazz Club 610.

16 November (Saturday): TriFactory Half Marathon at El Gouna.

22 November (Friday): TriFactory TMK run at District 5.

DECEMBER

6 December (Friday): TriFactory PMH warm-up run at District 5.

14 December (Saturday): TriFactory’s The Marakez Pyramids Half Marathon at the Great Pyramids of Giza.

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