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WHAT WE’RE TRACKING TONIGHT

Another IPO in the works for 2025

Good afternoon, friends, and welcome to the second half of a shorter-than-usual workweek.

THE BIG STORY TODAY

The Smart Village Development and Management Company is planning to offer a 30-35% stake in an IPO on the EGX in 1H 2025, according to two separate disclosures by Naeem Holding and its real estate investment vehicle Reacap Investments (here and here). The offering is currently pending regulatory approval.

What we know so far: The company aims to raise approximately EGP 2 bn from the upcoming IPO, with proceeds earmarked for the development of a new Smart Village in East Cairo and to fund ongoing expansions in West Cairo, anonymous sources told Asharq Business. The offering will also be done through a capital increase, one of the sources said.

AND- Adenia Partners sets up shop in Egypt: Mauritius-headquartered private equity firm Adenia Partners has opened a new office in Egypt, marking its eighth location across Africa and second in North Africa, it said in a press release. The expansion comes on the heels of Adenia’s USD 470 mn Capital V fund, its first pan-African vehicle targeting mid-sized companies, with Egypt singled out as a key target due to the size of its economy. Heba Hakky will oversee the new office as its principal.

Where’s the money headed? Adenia seeks to capitalize on investment openings in Egypt’s consumer goods, healthcare, education, and financial services sectors, according to Managing Partner Stéphane Bacquaert, who highlighted Egypt’s “expanding consumer base, young, well-educated population, and stable economic and financial environment with an abundance of interesting and fast-growing businesses.”

THE BIG STORY ABROAD

Our region of the world is once again dominating the international business press, with reports that Israel is deploying thousands more additional troops for its invasion of southern Lebanon — bringing the number up to around 20k. The big question and concern for diplomats and intelligence chiefs remains how Israel will do respond to Iran’s missile barrage last week, with Israeli Defense Minister Yoav Gallant traveling to Washington amid US efforts to rein back Israeli retaliation it fears could unleash a wider and more prolonged war.

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

5G licenses for all: The National Telecom Regulatory Authority inked USD 450 mn worth of agreements granting 5G service licenses to Vodafone Egypt, Orange Egypt, and e& Egypt.
SFE is in line for a shakeup: In its first session back, the House of Representatives preliminary approved government-drafted amendments to the law regulating how the Sovereign Fund of Egypt operates.
A message from Vodafone: As global networks expand and technology excels, the need for reliable, high-quality infrastructure has become increasingly critical. In response to the dynamic shifts in global networks, we at Vodafone have joined forces with El Sewedy Group, signing a strategic partnership aimed at localizing advanced telecommunications equipment manufacturing in Egypt.

☀️ TOMORROW’S WEATHER- Stable temperatures are now skewing warm, with tomorrow’s temperature expected to reach a high of 34°C and a low of 22°C in the capital, according to our favorite weather app.

Why do your own reading when AI can do it for you?

Google is enlisting AI to teach you through personalized podcasts. Google’s NotebookLM introduces a new feature that will turn almost any uploaded document into a podcast, writes Washington Post. The research assistant is free of charge, and has previously made personalized summaries of books, interviews, legal briefs, and papers, or turned them into Q&A formats for easy learning.

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

NotebookLM’s new podcast feature breaks down each document and presents it in a conversational tone. The reimagined text to audio has a host, guest speakers, and a short runtime — a dream for anyone short on time. But the eternal AI question remains: Is it all smoke and mirrors?

Here’s the catch: Your podcast host won’t always nail the details. AI has long had an issue with accuracy, but the infamous hallucinations aren’t the only thing to worry about. Google has admitted that the software can go off on a tangent, and that it’s not always clear where the AI is drawing its conclusions from. The tech is also prone to oversimplifying information to the point where it misses key points — WaPo reports that, once fed Meta’s privacy policy, NoteBookLM side-stepped any mention of how the company uses (or misuses) your data.

Proceed with caution: Critics warn that relying on GenAI podcasts could mean coming out the other side empty-handed. Like most AI tools, NotebookLM’s podcast feature is a creative and resourceful method to make information more easily digestible, but still isn’t polished enough to replace the real thing. It’s a better tool for understanding the gist of a subject — if you want a deeper understanding, you still need to roll up your sleeves and do the dirty work yourself.

We may be getting more Apple upgrade cycles from now on. Or less. Maybe both. Apple is moving away from the annual September product launch we’re accustomed to, and towards more organic releases, says Bloomberg.

Instead of its reliable June announcement and September release schedule, the Silicon Valley giant is letting the tech call the shots. The annual launch had benefits including a clear annual schedule to maintain employee motivation and productivity, and letting analysts and investors know when to expect a sales bump. But now that Apple has a wide range of products, upgrading every single one of them — from iPhones to iPads to Macs and Airpods — annually isn’t practical. Or necessary.

Some products can go longer without upgrades. There’s only so much mileage updates to the iPhone SE and the Apple Watch Ultra can get. Apple’s new organic approach will ensure that products are released when they’re ready rather than being updated for the sake of being updated.

No promises to be kept. The tech giant was forced by its own schedule to announce September launches of large updates and lofty upgrades, and has — many times, as recently as this year — been unable to fulfill these promises. What’s the cost of a broken promise? Some experts believe that the iPhone 16’s subpar sales are the result of the long-awaited Apple Intelligence being delayed. With a more flexible schedule, the tech titan can release their products when they’re ready on a year-round schedule, rather than operate on a rigid and unforgiving deadline.

Zuzu proves the saying “Mother knows best”

? ON THE TUBE TONIGHT-
(all times CLT)

It’s time to ditch the shallow reality shows and watch the adventures of Teta Zuzu: From the creative mind of Shereen Adel this series takes you on a heartwarming journey with Doctor E’tezaz, Zuzu. She’s not a regular widowed grandma, she’s a hard-hitting agronomist and a member of the Export Control Committee.

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

A vow of revenge: The show kicks off when Zuzu (Esaad Younes) discovers a huge shipment of spoiled goods at the port under the name of Ismail El Bahrawy (Mahmoud Al Bezzawy). She goes and alerts the authorities, alongside her old flame Salem (Salah Abdallah), which lands them in hot water with El Bahrawy, who vows to take revenge. While fending off threats Zuzu juggles life with her four kids: Seif (Nour Mahmoud), Khaled (Mohamed Kilany), Heba (Nada Mousa), Mona (Samar Allam), and her seven grandchildren.

It’s a family comedy with modern takes: The series introduces an AI character (Islam Ibrahim), summoned through smart glasses by the wearer — a digital genie catering to all their needs. The series also delves into issues that affect younger generations of today, from the misuse of social media to isolation and family dynamics — which makes it a perfect family watch with many moments of laughter.

WHERE TO WATCH- You can watch the series on WatchIt or watch the trailer on Youtube (runtime: 2:10).

The celebration of music continues at the Arab Music Festival, which kicks off on Friday, 11 October. The festival’s lineup includes Medhat Saleh, Ali El Haggar, Abeer Nehme, Wael Jassar, Lotfi Bouchnak, and more. The festival will run until Thursday, 24 October — tickets can be booked through 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.

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

HAPPENING LATER-

The largest collection of prints in the country. Cairopolitan is bringing together a collection of artwork from over 180 local and regional artists to display in the Cairo Prints Exhibition. The gallery will be open from Friday, 18 October till Monday, 18 November in Garden City.

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.

Got the moves? The 16th edition of Cairo International Jazz Festival will take place from Thursday, October 31 to Friday, November 8, 2024 at the American University in Cairo campus in Tahrir. Tickets available on Ticketsmarche.

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.

Party like you’re in Ibiza. Circoloco — the iconic Ibiza party — is coming to the Pyramids on Friday, 15 November. The 9-hour party kicks off at 6pm and will feature an array of electronic, house, and techno music. Grab your tickets from Collard Tickets.

Hosted by Michael Calore, Lauren Goode, and Julian Chokkattu, the show combines insightful analysis with a fun, casual rapport that makes tech discussions feel accessible and engaging. Their Rants & Raves segment lets the hosts share their latest tech pet peeves and praises, as well as personal suggestions on what to try next.

What do they think about Google’s photo manipulation tools? In an episode titled Your Photos Aren’t Real, the hosts dive into these AI-powered features, which allow Pixel phone users to seamlessly add themselves to group photos or alter backgrounds from day to night. This subject sparks a debate on the implications of technology in shaping our memories and perceptions of reality.

WHERE TO LISTEN- You can listen to the podcast on Apple Podcasts, Spotify, iHeart, and Audible.

What the markets are doing on 8 October 2024

The EGX30 fell 3.0% at today’s close on turnover of EGP 6.1 bn (49.7% above the 90-day average). Local investors were the sole net buyers. The index is up 23.9% YTD.

In the green: Edita (+2.7%) and Cleopatra Hospitals (+1.3%).

In the red: Elsewedy Electric (-12.8%), GB Corp (-5.6%), and Emaar Misr (-5.2%).

ENTERPRISE ENTERTAINMENT CALENDAR

OCTOBER

7-21 October (Monday-Monday) First Wave exhibition at Downtown Cairo.

9 October (Wednesday): Climate Connect at Downtown Cairo.

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

10 October - 10 November (Thursday-Sunday): International Flower Expo at Al Horreya Garden

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

11 October (Friday): Half Marathon in Luxor.

11 October (Friday): The Goats - Vol.1 at Theatro Arkan.

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

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

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.

18 October - 18 November (Friday-Monday): Cairo Prints Exhibition in Garden City

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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