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Thursday, 10 Oct 2024

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

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Today at a glance

1

The Big Story Today

Egypt-Saudi power grid interconnection to commence in April 2025.
2

HEALTH

The neverending health fad.
3

FOR YOUR COMMUTE

Elon, king of empty promises.
4

ON THE TUBE TONIGHT

Sweet cakes, bittersweet story.
5

Sports

AFCON, UEFA… Football is back, baby.
6

OUT AND ABOUT

Two weeks of iconic Arab music.
7

Ears to the Ground

USD 244 mn off the back of a ghost herd.

Thursday, 10 Oct 2024

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

WHAT WE’RE TRACKING TONIGHT

Egypt-Saudi power grid interconnection to commence in April 2025

Good afternoon, folks, and a very happy Thursday. The weekend is finally here after this shorter-than-usual workweek kept us busy with a swath of national economic news and international updates.

THE BIG STORY TODAY

Egypt is set to launch the trial operation of the first phase of an electricity interconnection project with Saudi Arabia in April 2025, a government official told Asharq Business. The government aims to expedite the process, changing the date for starting the first phase to June instead of July 2025, with a capacity of 1.5k MW. The maximum capacity of the interconnection line will be 3k MW.

THE BIG STORY ABROAD

All eyes are on Florida today as the US state assesses the damage left in the wake of Hurricane Milton. More than 3.2 mn homes and businesses have lost power as Florida was battered by the storm, though the hurricane had reportedly weakened by the time it reached the southeastern state. The center of Hurricane Milton has finally left the continental US, but strong winds and rainfall still continue to wreak havoc. Estimated damages as a result of the storm across the country are USD 135 bn, but according to Bloomberg, federal aid is only expected to cover 2% of the damages. (NYT | Reuters | Bloomberg | CNN)

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

  • Tax facilities 1.0: The Madbouly government announced a long list of tax facilities during a presser yesterday, aimed at simplifying the tax system and easing the burden on taxpayers. The new measures could also see the 0.25% healthcare tithe to fund the universal healthcare system calculated based on companies’ net income, instead of their total revenues.
  • Inflation nudged higher for the second consecutive month in September: Annual headline urban inflation ticked up for a second month, rising 0.2 percentage points from the month before to 26.4% in September.
  • Auto sales take a dip in August: Auto sales in August dropped 12% m-o-m to record 10k vehicles, down from 11.4k in July.

ENTERPRISEAM IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. EnterpriseAM — the essential morning read on all the important news shaping business and the economy in Egypt, GCC, and the wider region — is looking for writers, reporters, and editors to help us build out new publications.

NEVER WORKED IN A NEWSROOM BEFORE? We have the EnterpriseAM Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the EnterpriseAM Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors, and entrepreneurs.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing EnterpriseAM stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

☀️TOMORROW’S WEATHER- Temperatures are stagnant, with the mercury expected to reach a high of 33°C and a low of 24°C in the capital tomorrow, according to our favorite weather app.

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2

FOR YOUR COMMUTE

Will Elon finally deliver on his self-driving promises?

Elon Musk, king of empty promises, now has to pony up. The Tech titan and online troll has been promising fully autonomous vehicles since 2016. After almost a decade of being constantly (and allegedly) on the cusp of delivering this revolutionary piece of technology, he says it’s finally here.

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

Later today, Musk is expected to reveal “robotaxi,” a self-driving car that owners can let roam free, racking up fares from riders. This combination of “ Uber and Airbnb ” will, according to Musk, make Tesla a USD tn company. The car, designed similarly to the infamous Cybertruck, is eight years past its deadline, and its reveal will also be that of Musk’s entrepreneurial mettle.

The consensus is that expectations are low. A reveal doesn’t necessarily mean delivery. The Cybertruck was announced back in 2019 in an unveiling that smashed two of its “indestructible” windows, and missed the promised production date by two years. The Verge expects his ever-optimistic investors to swoon, and safety experts to warn the Trump supporter’s fans against buying an objectively unpredictable and unsafe car.

Is Elon just ahead of his time? His lofty promises (like being able to sleep in the driver seat of your Tesla) are seldom backed by the capabilities of technology, but driverless technology already exists — although imperfect and in its early stages. Just ask Waymo. Musk’s ambitious (or grandiose) claims tend to shoot past trial and error, refusing to accept steady progress and instead demand the existence of the tech in his imagination. Biographer Walter Isaacson once summarized this insistence as a “tantrum” by a “mercurial man-child.”

Specialists are a little more forgiving, saying his actions are dictated by revenues rather than pure foolishness. “He’s “grasping [at] straws,” said robotics expert and former senior safety official Mary Cummings. “He’s so desperate to try to drive more money into [his company] that he’s doing things like this.”

Tesla is currently under US federal investigation for 1k crashes directly attributed to autopilot and Full Self-Driving mode.

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3

ENTERPRISE RECOMMENDS

A bittersweet tale of cakes and friendship

? ON THE TUBE TONIGHT-
(all times CLT)

Sitting in Bars with Cake reminds you to always take a sweet slice out of life. Based on Audrey Shulman’s real-life cakebarring adventures, the premise of this film follows two friends who decide to bake cakes, bring them to bars, and spark connections.

With a little help from my friends: Corinne (Odessa A’Zion), loud and spontaneous, pushes the shy and reserved Jane (Yara Shahidi) to put herself out there by dedicating a year to baking cakes and bringing them to bars across Los Angeles. Jane, whose life is dominated by LSAT prep and parental expectations, begins to come out of her shell, largely thanks to Corinne’s constant nudging.

But Corinne’s health deteriorates, and the light-hearted cakebarring tradition evolves into something deeper. What starts as a weird experiment turns into an emotional journey, focusing on the importance of friendship in the face of life’s hardest moments.

It isn’t a flawless recipe, but it’s still worth savoring. The film has its ups and downs, with some uneven pacing and subplots. While the cakes serve as a tasty and fun visual, the real sweetness lies in the friendship between the two women. It’s a movie that will tug at your heartstrings and leave you feeling nostalgic for friendships that shape your identity.

WHERE TO WATCH- You can find the film on Amazon Prime,or watch the trailer on YouTube (runtime: 2:32).

⚽ Our Pharaohs are just a few steps away from AFCON glory: It’s game time for the Pharaohs as they kick off their match tomorrow night at 7pm for the third round of the AFCON qualifiers. As of now the Egyptians are sitting comfortably at the top of Group C with six points, and they’re eager to snag another three to boost their chance of securing a spot in the tournament.

Important matches to watch today and over the weekend:

  • Cape Verde vs. Botswana — Group C (7pm).
  • Ghana vs. Sudan — Group F (7pm).
  • Algeria vs. Togo — Group E (10pm).
  • Cameroon vs. Kenya — Group J (Friday, 7pm).
  • Nigeria vs. Libya — Group D (Friday, 7pm).
  • Senegal vs. Malawi — Group L (Friday, 10pm).
  • Tunisia vs. Comoros — Group A (Friday, 10pm).
  • Morocco vs. Central African Republic — Group B (Saturday, 10pm).

The third round of the UEFA Nations League kicks off tonight and continues to Saturday, featuring over twenty matches. We recommend tuning in to these matches, all starting at 9:45pm:

  • England vs. Greece — Group B2.
  • Italy vs. Belgium — Group A2.
  • Hungary vs. Netherlands — Group A3 (Friday).
  • Bosnia and Herzegovina vs. Germany — Group A3 (Friday).
  • Poland vs. Portugal — Group A1 (Saturday).
  • Spain vs. Denmark — Group A4 (Saturday).

On the other side of the globe, Venezuela and Argentina will be going head to head at midnight on Friday in the World Cup qualifiers, and Chile will be playing against Brazil at 3am on Friday. The Tango team is leading with 18 points, while Brazil is trailing off in fifth place with 10 points.

? OUT AND ABOUT-
(all times CLT)

HAPPENING THIS WEEK-

The celebration of music continues at the Arab Music Festival, which kicks off tomorrow. 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.

Calling all plant parents. The autumn edition of the International Flower Expo begins today at Al Horreya Garden. Take home anything from ornamental plants, trees, and all different kinds of flowers. The expo will continue until Sunday, 10 November.

The Bahgaga band sings Shokoko: Bahgaga will perform a special tribute to Shokoko’s classic songs at Theatro Arkan tonight at 8pm. Get your tickets through Ticketsmarche.

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

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

Bibliothek is hosting a 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.

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.

Did somebody say cheese? The third edition of Egypt Cheese Festival will begin on Thursday, 31 October at Al Horreya Garden. This is the only dairy and cheese festival in Egypt and the Middle East so prepare to witness all the different sorts of this delicious delicacy. The festival will last till Sunday, November 3.

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.

Egypt’s premier electro and dance music event. Witness immersive visuals and soundscapes with an electrifying lineup of international and local artists at the Aura Music Festival. The festival will take place on Friday, 13 December at Lac Du Caire and tickets are available at Collard Tickets.

? EARS TO THE GROUND-

The scandal that rocked the agricultural community: Ghost Herd, hosted by reporter Anna King, unravels the story of Cody Easterday and the fraud that led to the collapse of his family's once-thriving ranching empire.

King’s background in agriculture reporting brings a perspective to the 265k nonexistent cattle that generated USD 244 mn in fraudulent revenue. Through interviews with local farmers and community members, King paints a vivid picture of the close-knit agricultural community, where reputations are hard-earned and easily tarnished. Many members of the community were hesitant to speak on the record because of their deeply ingrained values of loyalty and silence.

King’s expertise makes the listener better understand the complexities of modern farming and why this case made waves in the industry. She doesn’t just focus on the fraud itself, but also sheds light on the bigger picture of trust and economic pressures that drive individuals to desperation. This exploration raises important questions about accountability and the nature of success in today’s competitive landscape.

The structure is different from most true crime stories. The answers to "who" and "what" are known early on, so the episodes focus on the "how" and "why."

WHERE TO FIND IT- You can listen to the podcast on Apple Podcasts, and Spotify.

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4

GO WITH THE FLOW

How the markets are doing on 10 October 2024

The EGX30 fell 1.3% at today’s close on turnover of EGP 5.4 bn (31.1% above the 90-day average). International investors were the sole net sellers. The index is up 23.6% YTD.

In the green: Cleopatra Hospitals (+7.0%), Oriental Weavers (+4.9%), and Abu Qir Fertilizers (+2.4%).

In the red: Ezz Steel (-7.5%), AMOC (-7.3%), and Fawry (-4.0%).

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5

HEALTH

The neverending health fad

Our obsession with health makes it easy for us to fall for the latest fad. Then the latest fad. Then the latest fad. Each new health trend promises to be the one and final solution to all our health woes. They follow the same cycle as fast fashion — everyone’s all about green smoothies one minute, and the next thing you know, it’s cabbage and bone broth.

These trends often emerge in response to societal anxieties about weight, aging, and chronic diseases. From consuming powdered Egyptian mummies to getting plasma transfusions from teenagers, collective fixation with health is nothing new.

The origins: It all began in Ancient Greece, where dieting was seen as key to both physical and mental health. However, dieting for weight loss only emerged in the 19th century with William Banting’s low-carb approach, targeting men concerned about their softening bodies due to industrialization.

Over the decades, various trends have come and gone. The 1920s embraced thinness with the flapper look, popularizing calorie counting, while the 1960s introduced fad diets like grapefruit and cabbage soup as quick fixes. The late 20th century saw diet culture explode with brands like Weight Watchers, cementing the ideal of a slim body in modern consciousness.

In true cyclical fashion, we’ve seen a lot of old diet trends making a comeback — with a fresh new look. The infamous Atkins Diet from the '70s was all about cutting carbs and boosting protein — today, it’s back in the spotlight as the Keto Diet or the more drastic Carnivore Diet. A little magic pill from back in the '70s promised appetite suppression and effortless weight loss. Today we have Ozempic, a weekly injection that promises the same. Both medications were co-opted from their original purposes — Ephedra was based on an amphetamine prescribed to WWII soldiers to stay awake, and Ozempic was (and is) a drug used to treat type 2 diabetes.

But today the resurgence of extreme thinness — the early noughtie’s heroin chic — is back, fueled by drugs like Ozempic, which has gained viral popularity for its weight loss effects, among other trends. This comes on the heels of the “ slim-thick ” era of the 2010s, showing that diet fads often recycle over time, often in a form that overcorrects the previous one. While new technologies and medications are pushing rapid weight loss, the motivations remain much the same: achieving a socially ideal body.

One big reason diet trends keep cycling back is cultural influence, especially when celebrities jump on board. When people like Khloe Kardashian or Elon Musk begins showing the benefits of Ozempic — even indirectly —, suddenly everyone’s paying attention. Celebrity endorsements give these diets a sense of credibility and make them desirable.

On top of that, as societal values shift, so do our health fads. For instance, the rise of sustainability and environmentalism has fueled interest in plant-based diets, showing how much our evolving priorities shape what we eat.

Then, of course, there’s science. A more recent example of how changing recommendations from health organizations can influence health trends is the evolving guidance on saturated fat. For many years, saturated fat was demonized and linked to heart disease — this led to a widespread focus on reducing saturated fat intake. However, in recent years, research has suggested that the link between saturated fat and heart disease may be less clear-cut than previously thought.

This year, the American Heart Association revised its dietary guidelines, stating that there is no longer a need to limit saturated fat intake to less than 6% of daily calories. This shift in recommendations has led to a resurgence of interest in diets that include moderate amounts of saturated fat, such as the Mediterranean Diet.

The revised guidelines have sparked debate among experts and consumers alike. Some argue that the new recommendations could lead to increased consumption of unhealthy saturated fats, while others maintain that the focus should be on overall dietary patterns rather than individual nutrients.

The solution is the problem: Studies show that while many people can lose weight based on these fads initially, most regain it within a few years due to biological responses like a slower metabolism and increased appetite. This cycle not only frustrates dieters but can also have serious psychological impacts, including the potential development of eating disorders for some individuals, as the pressure to conform to certain body standards can lead to unhealthy relationships with food.

The economic implications of these dieting trends are also significant. The global weight loss and weight management industry was a staggering USD 224.27 bn market in 2021, and is expected to surpass USD 405.4 bn by 2030. It thrives on the promise of quick results through diet plans, supplements, and meal replacement products.

This often results in inflated prices for items that may not be effective or safe, and in some cases, people face fatal side effects from unregulated diet pills or extreme diets. Many experts caution against the relentless pursuit of weight loss, advocating instead for sustainable, healthy habits that prioritize your relationship with food and overall well-being — whether or not weight loss is the goal.

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ENTERPRISE ENTERTAINMENT CALENDAR

OCTOBER

28 September - 24 October (Saturday-Thursday): Bastet’s Daughters Exhibition at Craftastic.

7-21 October (Monday-Monday) First Wave exhibition 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): Cairokee at ZED East.

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 (Thursday): Omar Khairat Concert at Monaco Hall, Triumph Luxury Hotel.

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- 3 November (Thursday-Sunday): Egypt Cheese Festival at Al Horreya Garden.

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.

13 December (Friday): Aura Music Festival at Lac Du Caire

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

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