The robot dreams of recession

1

WHAT WE’RE TRACKING TONIGHT

Gov’t inks 5.2 GW worth of new solar and wind projects

Good afternoon folks, and welcome to the weekend. We’ve got the wrap on the week’s news as we power our laptops down for the weekend.

THE BIG STORY TODAY

#1- Another 5.2 GW worth of renewables are in the works: UAE’s Alcazar Energy and a consortium of Taqa Arabia and France’s Voltalia could establish a total of 5.2 GW worth of renewable energy projects in the country after inking two separate build-own-operate MoUs with the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA) today, according to a cabinet statement. Under the terms of the agreements, Alcazar Energy will initiate studies for a 2 GW wind power project, while the Taqa Arabia-Voltalia consortium will conduct studies for a hybrid project that produces 1.1 GW of wind energy and 2.1 GW of solar energy. The news comes as the government works to raise the share of renewables in its energy mix to 42% by 2030.

#2- United Bank mulls acquisition of local bank, tech company as IPO draws closer: Central Bank of Egypt-owned United Bank is currently studying the acquisition of an unnamed local bank in the coming period after the bank’s initial target was acquired by another party, CEO and managing director Ashraf Elkady told Al Mal. Elkady added that United Bank has also completed due diligence on a number of tech companies as part of a soon-to-be-announced plan to expand in the fintech arena. The news follows United Bank’s announcement that it will be floating 330 mn of its shares — equivalent to a 30% stake — on the EGX by the end of the year.

#3- Unemployment inches up to 6.7% in 3Q 2024: Egypt’s unemployment rate rose to 6.7% of the total workforce in the third quarter of the year, climbing 0.2 percentage points from the previous quarter, according to data by state statistics agency Capmas. On a year-on-year basis, unemployment dropped by 0.4 percentage points from the same period in 2023. The quarter-on-quarter rise in unemployment ends a streak that saw the jobless rate dropping for three consecutive quarters.

THE BIG STORY ABROAD

Hezbollah will abide by ceasefire terms with Israel, says a Lebanese official: A top aide to Lebanon’s speaker of parliament indicated this morning that Hezbollah would support Lebanon’s implementation of a 2006 UN Security Council resolution stipulating that a 30 km area between the Lebanese border with occupied Palestine and Lebanon’s Litani River remain free of weapons and fighters affiliated with Hezbollah or the Israeli military. If accepted by Israel — which itself routinely violates the resolution through breaches of Lebanese airspace — Hezbollah will retreat from the border it was defending against ground invasion attempts by Israel.

This comes hot on the heels of news of a possible truce in Lebanon being drawn up by White House envoy Amos Hochstein, which is awaiting response from Israel. The one point of contention is Israel’s insistence to “intervene … to enforce [the ceasefire] if it deems necessary.” The aide, Ali Hassan Khalil, stated that “no Lebanese … would accept Israel having freedom of movement in Lebanon,” but that they would not object to the US or France overseeing ceasefire compliance. (Reuters)

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

PHD’s Saudi expansion gains momentum: Real estate developer Palm Hills Developments (PHD) and Saudi investment group Dallah Albaraka subsidiary Dallah Real Estate made official their plans to develop integrated, multi-use urban projects and 15 international schools in the kingdom under a newly inked partnership agreement between the two firms.
New gold extracting and processing factory in the works: Canadian gold miner Aton Resources will set up a gold extracting and processing facility to process finds from its Abu Marwat concession in the Eastern Desert, with plans to launch the facility in 1Q 2026.
Earnings, earnings, earnings. The earnings just keep on coming, with more companies out with their financials for the third quarter of the year.

☀️ TOMORROW’S WEATHER- The mercury remains stable during the day, when we expect a repeat of today’s 27°C. The temperature tomorrow night will be knocked down by a single degree at 17°C, according to our favorite weather app.

One man’s recession is another AI’s coup d’état

AI’s big moment could arrive with the next recession. The buzz around AI replacing jobs has been building ever since OpenAI’s ChatGPT brought the generative AI into the mainstream, Fortune reports. But despite the panic, robots haven't taken over the workplace yet — though mostly because the economy has held steady.

AI’s role in a downturn: In short, when profits are high, companies are less inclined to cut jobs, Fortune writes. When things get tight, however, AI could become the go-to solution for companies looking to trim costs. This sudden shift would mean more machines stepping into roles traditionally held by people, leading to what economists call a “jobless recovery.” IMF deputy managing director Gita Gopinath noted that a similar thing happened after the US’ Great Recession, with many manufacturing jobs lost to automation.

The numbers are staggering, but come with a caveat: A report estimated that AI could replace the equivalent of 300 mn jobs in the US and Europe, though it would likely only take over 25% to 50% of the work in any individual role. In emerging economies, AI is expected to be less immediately disruptive, touching just 40% of jobs instead of 60% of positions in the rich world, according to the IMF. But Gopinath's message of “don't get too comfortable” stands — if the economy goes south, we might be facing a particularly tough period of belt-tightening.

But there’s an upside: AI has a lot of productivity potential — which could translate into an economic boom, new and better jobs, and rising living standards. Economist and Nobel laureate Daron Acemoglu has estimated that AI adoption will prompt a 0.7% productivity increase over the next decade in the US alone. The IMF has even higher predictions, suggesting that AI could add 10 to 80 basis points to global productivity growth over five years — a boost that could raise growth rates from their currently sluggish levels.

The Bad Sisters are back

? If you thought the Garvey sisters’ drama is over, think again. Season two of Bad Sisters picks up where they first left off — but this time, it’s less plot twists and more messy consequences and aftermaths.

A recap from the previous season: Spoilers ahead. Season one is all about the death of John Paul (Claes Bang), who treated his wife and sisters terribly. After a bunch of failed attempts on his life, Grace (Anne-Marie Duff) finally kills him, choking him out in a rage. She makes it look like an accident with some help from her neighbor Roger (Michael Smiley). Meanwhile, the Claffin brothers — Matthew (Daryl McCormack) and Thomas (Brian Gleeson) — dig into the sisters’ secrets, and Matt starts getting involved with Becka (Eve Hewson). Also, JP had his dad’s (Paul Bentall) dead body hidden in the pond.

The new season kicks off with a flash-forward: Four of the Garvey sisters are in a car, trying to get rid of a dead body. Grace is nowhere to be seen, and the mystery of what happened to her — and to the body — unfolds from there.

While the sisters are still caught up in their own criminal antics — with some new characters adding to the fun — this season leans heavily on the aftermath of season one. A cold case reopens, dragging Grace back into suspicion just before her and Ian’s wedding. But it’s the new faces — like Angelica (Fiona Shaw) and Detective Houlihan (Thaddea Graham) — that really shake things up.

Less tight, twisty thriller and more of a straight-up crime caper: Many have said it’s not as jaw-droppingly clever as the first season, but it still delivers that same dark humor and Irish charm.

WHERE TO FIND IT- Watch the series on Apple TV+ or catch the trailer on YouTube (runtime: 2:16)

It’s a weekend of qualifiers for the world of football

⚽ Our Pharoahs at the AFCON qualifiers: Egypt’s national team is set to face Cape Verde at 6pm for the fifth round of the 2025 AFCON qualifiers. Our Pharoahs are currently at the top of its group — Group C — with 12 points, while Cape Verde sits in third with just three points.

Weekend lineup at the qualifiers for today and tomorrow:

Equatorial Guinea vs. Algeria - Group E (3pm)
Rwanda vs. Libya - Group D (6pm)
Niger vs. Sudan - Group F (6pm)
Madagascar vs. Tunisia - Group A (6pm)
Benin vs. Nigeria - Group D (9pm)
Burkina Faso vs. Senegal - Group L (9pm)
Zambia vs. Ivory Coast - Group G (Friday, 6pm)
Gabon vs. Morocco - Group B (Friday, 9pm)

The UEFA National League’s fifth round kicks off tonight, and rolls on through the weekend with a stacked list of matches. Here are our two top picks to watch, both kicking off at 9:45pm tonight:

Greece vs. England - League B, Group 2
Belgium vs. Italy - League A, Group 2

Get ready for some intense matches from League A in the weekend, with five must-watch games, all scheduled at 9:45pm:

Friday:

Scotland vs. Croatia - Group 1
Denmark vs. Spain - Group 4
Portugal vs. Poland - Group 1

Saturday:

Netherlands vs. Hungary - Group 3
Germany vs. Bosnia and Herzegovina - Group 3

On the other side of the globe, South America’s World Cup qualifiers are on: The CONMEBOL world qualifiers have Brazil, currently at 16 points, facing Venezuela, with 11 points, at 11pm for the tournament’s eleventh round. Paraguay, with 13 points, will be going head to head with Argentina, with 22 points, at 1:30am on Friday.

The Royal Philharmonic at the Grand Egyptian Museum

HAPPENING THIS WEEK-

?For the first time in Egypt, the British Royal Philharmonic Orchestra is set to perform two concerts at the Grand Egyptian Museum today and tomorrow, featuring award-winning Egyptian musicians Amira and Mariam Abou Zahra, under the baton of Maestro Stephen Bell. The concert begins at 8:30pm. Tickets for both concerts (first and second) are available on Ticketsmarche.

The 45th edition of the Cairo International Film Festival is here. Until November 22, films being screened at CIFF will also have showings at VOX Cinemas, the Cairo Opera House, Zamalek Cinema, and the Tahrir Cultural Center. This year’s selection also includes both Egyptian and international classics, including Cairo 30 (1966), The Bus Driver (1982), The Impossible (1965), and The Godfather Part 2 (1974). You can find more information about screenings and ticket passes on Tazkarti’s Instagram page.

A Thousand and One Nights is being told in Alexandria. The Cairo Opera Ballet Company will perform two consecutive performances at the Sayed Darwish Theater at the Alexandria Opera House tonight and tomorrow at 8pm. You can book your seats from Tazkarti.

Party like you’re in Ibiza. Circoloco — the iconic Ibiza party — is coming to the Pyramids tomorrow. 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.

For the Tamer Ashour fans: Don’t miss his concert at Malahy Arena this tomorrow at 8:30pm. Grab your tickets from Ticketsmarche.

Moustafa Amar is making an appearance alongside Andy Cheiko at CJC 610 tomorrow. For reservations message their Facebook page.

Medhat Saleh and Reham Abdelhakim are headlining a charity concert in the Royal Garden of the El Qubba Presidential Palace. Tomorrow the doors will open for attendees — who will be required to be dressed formally — at 6pm, with the concert slated to start at 8pm. You can grab tickets on Tazkarti.

HAPPENING LATER-

Hankering for some rap? Abyusif will be performing alongside Lella Fadda at CJC 610 on Wednesday, 20 November. For reservations message their Facebook page.

Sharmoofers are about to liven the stage at their Malahy concert on Friday, 22 November. The concert will start at 7pm. Tickets are available at Ticketsmarche.

A night with Abdel Halim Hafez’s music. The Sawah concert with Medhat Saleh and Mai Farouk will take place at the Grand Egyptian Museum on Thursday, 5 December at 8:30 pm. Tickets are available on the TicketsMarche.

Masked viral singer Tul8te is taking the stage at ZED Park as part of The Cocktail Tour on Thursday, 5 December. Tickets are available on Ticketsmarche.

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.

This podcast isn’t your standard promotional tour

? Happy Sad Confused is a celebrity interview podcast that celebrities actually enjoy doing. In the crowded podcast landscape, Josh Horowitz’s Happy Sad Confused stands out with his signature blend of in-depth interviews, humor, and genuine fan appreciation. Horowitz, a certified cinephile, brings his film history expertise to his conversations with A-list actors and directors.

The podcast unravels each guest’s careers, passions, and even their childhoods to help acquaint them with the listener on a more personal level. Despite the depth of the conversation, Horowitz’s ability to connect with his guests creates a relaxed and engaging atmosphere, leading to insightful discussions. His deep knowledge of cinema shines through, leading to informative technical conversations about filmmaking, storytelling, and the industry’s inner workings.

But it’s not just all about the Hollywood heavyweights. Alongside silver screen greats like Tom Hanks, Kate Winslet, and Francis Ford Coppola, Horowitz also invites and interviews emerging talent, using his podcast to provide a platform for up-and-coming voices. His enthusiasm for the craft is infectious, which makes the podcast a must-listen for fellow cinephiles.

WHERE TO FIND IT- You can listen to Happy Sad Confused on Apple Podcasts, Spotify, and YouTube.

What the markets are doing on 14 November 2024

The EGX30 rose 0.2% at today’s close on turnover of EGP 3.4 bn (19.9% above the 90-day average). Local investors were the sole net buyers. The index is up 26.5% YTD.

In the green: B Investments Holding (+2.4%), Ezz Steel (+2.0%) and Alexandria Containers and Cargo Handling (+2.0%).

In the red: Telecom Egypt (-2.9%), Faisal Islamic Bank -EGP (-2.6%) and Egypt Kuwaiti Holding (-1.9%).

Alternative meat: Fact or fad?

Fake and alternative meats have swept through the global food industry, but are they truly healthier options, or an adopted trend for the sake of a markup? From veggie burgers to plant-based sausages and even lab-grown meat, the variety of meat alternatives is only growing thanks to developing concerns with health, sustainability, and animal welfare. But the question remains — do these products actually pack the nutritional punch we’re led to believe they do?

The plant-based meat market is booming, reaching USD 7.17 bn in 2023, and projected to grow at a compound annual growth rate of over 19% up to 2030. The reasons behind this growth are varied, but they largely stem from increasing awareness about the health benefits of plant-based diets and the environmental impact of animal agriculture. Studies consistently show that eating more plant-based foods can lower the risk of diseases like heart disease, diabetes, and even some forms of cancer. Paired with concerns about climate change, more people are making the switch to plant-based alternatives.

These alternatives know no limitations. Companies like Beyond Meat, Las Vegan and Apricot Food are now producing plant-based burgers, sausages, and even seafood that look, smell, and taste like the real thing. Grocery stores are dedicating more shelf space to these products, and restaurants are integrating items — or even indicators of vegan options — into their menus. The question is whether these foods are as nutritious as their natural counterparts, and if they can meet consumers' dietary needs in the long term.

Plant-based meats often come with a nutritional trade-off. Many of these products are designed to mimic the taste and texture of meat, but to achieve this, manufacturers frequently use highly processed ingredients. While they may offer similar protein content, they can be high in sodium, preservatives, and saturated fats, making them less ideal from a health perspective. For example, popular brands like Beyond Meat pack their burgers with plant-based protein, but also rely on ingredients like coconut oil and soy protein isolate, which can raise cholesterol levels or irritate those with soy sensitivities.

On the flip side, these products can provide health benefits, especially for those looking to reduce their intake of red and processed meats. Many plant-based options are rich with vitamins and minerals, such as vitamin B12, iron, and zinc — nutrients commonly found in animal meat.

Adding to the complexity of the meat alternative debate is lab-grown or cultivated meat. Unlike plant-based products, cultivated meat is actual animal meat grown from animal cells in a lab, which promises the taste, texture, and nutritional profile of traditional meat without the ethical and environmental downsides. First showcased in 2013, cultivated meat has gained momentum, with over 174 companies now working on producing it at scale.

Nutritionally, cultivated meat has the potential to closely match the real thing, as it’s made from the same cells. It could even be engineered to offer improved nutritional profiles, such as reduced saturated fats or enhanced omega-3 content. However, it’s still in its baby-steps phase, with expansion and cost being major hurdles. While Singapore has already approved lab-grown chicken for sale, other countries are still in the process of developing regulatory frameworks.

ENTERPRISE ENTERTAINMENT CALENDAR

NOVEMBER

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

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

8 November-31 January (Friday-Friday): Double Dribble League at the Maadi Sports Club.

12-24 November (Tuesday-Sunday): From Alexandria With Love exhibition at Art Talk Gallery in Zamalek.

13-16 November (Wednesday-Saturday) : ELFIT Sports Competitions at New Capital Sports City.

13-22 November (Wednesday-Friday): Cairo International Film Festival.

14-15 November (Friday-Saturday): A Thousand and One Nights ballet at the Alexandria Opera House.

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

15 November (Friday): Moustafa Amar at CJC 610.

15 November (Friday): Tamer Ashour at Malahy.

15 November (Friday): Charity concert at the El Qubba Presidential Palace.

15 November (Friday): Circoloco Ibiza at the Giza Pyramids.

15-16 November (Friday-Saturday): The Royal Philharmonic Orchestra at the Grand Egyptian Museum.

16 November (Saturday): Tablet El Sitt show at Theatro Arkan.

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

16 November (Saturday): Open Mic at Room Garden City.

20 November (Wednesday): Abyusif and Lella Fadda at CJC 610.

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

22 November (Friday): Sharmoofers at Malahy.

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

DECEMBER

5 December (Thursday): Muslim at Theatro Arkan.

5 December (Thursday): Abdel Halim Hafez tribute concert at the Grand Egyptian Museum.

5 December (Thursday): Tul8te at ZED park.

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily