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1

WHAT WE’RE TRACKING TONIGHT

Helios Investment Partners eyes a further three big-ticket Egypt acquisitions

Good afternoon, and a happy hump day to you all.

THE BIG STORY TODAY-

Raya Foods may just be the beginning of Helios’ Egypt acquisition spree: Africa-focussed and London-based PE outfit Helios Investment Partners is studying acquiring stakes in a further three Egyptian companies, the company’s consumer and healthcare head Raed Barkatis told Al Arabiya . The three companies work in the fintech, digital infrastructure, data center, and consumer sectors and could see Helios invest between USD 40 mn-150 mn per company, Barkatis added.

Remember: Raya Holding’s board approved and initially accepted Helios’ offer to acquire 49% of subsidiary Raya Foods for USD 40 mn last week. Half of Helios’ USD 40 mn acquisition bid will go towards building a new factory partly dedicated to freeze-dried fruits and vegetables with the aim of upping exports.

HAPPENING NOW-

Egypt makes its debut at Brics’ annual leaders summit: President Abdel Fattah El Sisi is in the Russian city of Kazan for the Brics Summit 2024, which officially kicked off today, according to an Ittihadeya statement. Egypt plans to present its vision for closer cooperation among member states and multilateral efforts to tackle current political and economic challenges in the region and beyond.

THE BIG STORY ABROAD-

Calls for a ceasefire are falling on deaf ears once again in Israel, with US Secretary of State Antony Blinken’s trip to the country being overshadowed by Israel ramping up its bloody strikes on civilian infrastructure and the displaced in Lebanon and Gaza. Following his meetings with Netanyahu and Defense Minister Gallant, Blinken is expected to travel to surrounding Arab nations — but we’re yet to hear confirmation of this or whether Egypt will be on the list.

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

  • Egypt asks IMF for more time to implement reforms: The Madbouly government has reportedly asked the International Monetary Fund for an extension on the timeline for the implementation of economic reforms that were agreed upon as part of our loan program.
  • Beltone Holding subsidiary Beltone Leasing and Factoring has closed its first securitized bond issuance, raising some EGP 1.3 bn. The three-tranche issuance, with tenors ranging from 12-48 months, received ratings from AA+ to A from MERIS.
  • Beltone Financial Holdings and CRIF got the FRA’s greenlight to launch a credit rating agency, meaning that MERIS will soon no longer be the country’s sole credit rating agency.

☀️ TOMORROW’S WEATHER- Mercury will continue to maintain the slight dip we saw yesterday, with a high of 30°C and a low of 19°C in the capital, according to our favorite weather app.

CORRECTION- In this morning’s edition of EnterpriseAM Egypt, we mistakenly said that Sawari Ventures’ upcoming Sawari Ventures Fund II has a size of USD 30 mn. The fund instead has a target size of USD 200 mn that it will invest over the next four to five years. The story has been amended on our website.

2

FOR YOUR COMMUTE

The corporate world is about to get a serious AI upgrade

Welcome to the age of the AI employee. Microsoft’s Copilot Studio will be rolling out a new wave of autonomous AI bots called agents, who will soon be handling everything from answering client enquiries to identifying sales leads. All with zero human involvement, the Guardian reports.

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

They’re different to traditional automated systems — these agents can learn from feedback and make decisions with minimal human oversight, adapting to unforeseen circumstances. This level of interactivity means they can handle complex tasks, like managing scheduling conflicts or adjusting responses based on real-time data, thus enhancing the overall efficiency of the workflow.

Copilot Studio will allow companies to create their own employees — no coding skills required. If you’re not into DIY, no worries — Microsoft is also launching ten ready-to-use bots for tasks like customer service and supply chain management. International consulting firm McKinsey have already hopped on board by building agents to process new client inquiries and tasks like scheduling followup meetings.

But don’t worry about your job just yet. AI agents are meant to eliminate the menial tasks that plague daily work and boost productivity by automating the boring stuff — giving the average human employee time to focus on the heavy lifting.

The bigger picture. OpenAI’s new Chief Product Officer Kevin Weil is betting big that these AI agents will revolutionize the workplace by 2025, and has even compared the introduction of AI in the workplace to the arrival of personal computers in the 80s — it started slow, but eventually every desk had one.

Proceed with caution. Microsoft’s head of AI, Mustafa Suleyman, acknowledges that while the technology is promising, there have been some “ car crash moments ” in its development. Trust and accountability are major concerns, especially with managing sensitive information like customer data. Alongside issues like AI hallucinations, where bots give wrong or misleading answers, the reliability of the tech is called into question, echoing IBM’s warning in 1979 that “a computer can never be held accountable.”

3

ENTERPRISE RECOMMENDS

Back in the nightmare prison of The Platform

? ON THE TUBE TONIGHT-
(all times CLT)

A much-anticipated sequel to the 2020 hit, The Platform 2 returns to the dystopian world of concrete cells and floating food. It’s an interesting watch, but unfortunately, doesn’t quite capture the brilliance of its predecessor.

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

The sequel follows the same structure. Taking place in the dystopian prison known as “the pit,” inmates are confined in individual cells on descending floors. Each day, a platform filled with food is lowered, and by the time it makes its way to the bottom levels, the food has run out — leading to starvation and desperation for those below. This time, we meet Perempuan (Milena Smit) and her cellmate Zamiatan (Hovik Keuchkerian) on level 24.

The inmates have implemented a new system called "the law," which dictates that each person can only eat the food they chose upon entering the prison. While this aims to create a sense of fairness, it quickly proves to be ineffective. As the plot unfolds, we see the inmates struggle to survive under “the law,” at the mercy of those above in a thinly veiled critique of capitalism and the class system.

WHERE TO WATCH- You can watch the movie on Netflix or watch the trailer on YouTube (runtime: 2:39).

Champions League nights are back with nine anticipated matches in the roster tonight kicking off matchday 3 of the group stage, headlined by Real Madrid’s game against Dortmund at 10pm.

The rest of the matches include:

  • Monaco vs. Red Star Belgrade (7:45pm)
  • AC Milan vs. Club Brugge (7:45pm)
  • Arsenal vs. Shakhtar Donetsk (10pm)
  • Juventus vs. Stuttgart (10pm)
  • Sturm Graz vs. Sporting Lisbon (10pm)
  • Paris Saint-Germain vs. PSV Eindhoven (10pm)
  • Girona vs. Slovan Bratislava (10pm)
  • Aston Villa vs. Bologna (10pm)

? OUT AND ABOUT-
(all times CLT)

HAPPENING THIS WEEK-

Run for a cause. CairoRunners are hosting Run4Her on Friday, 25 October at ZED park to support breast cancer patients. The run will start at 8am. Pre-registration is required.

The celebration of music continues at the Arab Music Festival. 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.

For the love of tapestry. Today in History is Amsterdam-based Egyptian artist Dina Danish’s first exhibition in Egypt in nearly a decade. Composed of a collection of appliqué tapestries that resemble medieval banners, the exhibition is still open at the Gypsum Gallery till Saturday, 30 October.

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.

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 tomorrow till Monday, 18 November in Garden City.

HAPPENING LATER-

Zawya goes to Gouna (again): Zawya Cinema is preparing to screen a selection of films submitted to the Gouna Film Festival 2024 starting on Sunday, 27 October, to Saturday, 2 November. You can find the screening schedule on Zawya’s official Instagram account.

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. Tickets are available at Collard Tickets.

Enjoy some authentic Egyptian vocals with Saad Eloud. The live show will take place on Thursday, 7 January at Theatro Arkan. Grab your tickets through Ticketsmarche.

? EARS TO THE GROUND-

The darker side of the music industry. Disgraceland offers captivating stories about the scandals and controversies surrounding musicians, diving into musicians’ darker moments. Each episode features a different artist or story, spanning various decades and genres.

Not a gossip sesh. What’s interesting is that this isn’t a gossip podcast, each narrative is told with a level of respect that acknowledges the human experience behind the fame. Host Jake Brennan brings a certain charisma to the storytelling. His deep knowledge of musical history and thorough research on each story allows him to present these tales in a refreshing light, avoiding the cliché pitfalls and rumors.

We need to talk about Travis Scott. One episode that stood out was about Astroworld, a 2021 concert held by US rapper Travis Scott in 2021, during which at least eight people were killed and many more injured in a crowd crush. Brennan relayed the narrative in second person, immersing the listener into the scene. Backed up by sound effects and music, the episode made for a unique listen.

The bummer: You’ll have to subscribe. While some episodes are available for free, a large portion is locked behind paywalls on platforms like Amazon and Apple Podcasts. This limited accessibility lowers its appeal, especially considering that the free episodes include frequent segments advertising the paid versions.

WHERE TO FIND IT- You can listen to Disgraceland on Apple Podcasts, Deezer, AmazonMusic, iHeart, and Audible.

4

GO WITH THE FLOW

What the markets are doing on 22 October 2024

The EGX30 fell 0.1% at today’s close on turnover of EGP 5.0 bn (22.5% above the 90-day average). Local investors were the sole net sellers. The index is up 22.2% YTD.

In the green: Beltone Holding (+5.2%), ADIB (+4.3%), and Elsewedy Electric (+4.3%).

In the red: Abu Qir Fertilizers (-9.2%), Oriental Weavers (-7.2%), and Edita (-3.0%).

This publication is proudly sponsored by


OCTOBER

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

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.

24 October (Thursday): Bazarna F/W Special Edition at District 5.

25 October (Friday): Run4Her at ZED Park.

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

7 November (Thursday): Saad Eloud live at Theatro Arkan.

7-9 November (Thursday-Saturday): SYNC Summit 2024 at District 5, Marakez.

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.

24 November (Sunday): Omar Khairat concert at Monaco Hall, Triumph Luxury Hotel.

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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