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Wrapped

1

WHAT WE’RE TRACKING TONIGHT

The EGP takes another dip

Good afternoon all you wonderful people, and welcome to the weekend. We have a packed issue for today, with all the latest on the outlook for the EGP, Spotify Wrapped’s much-maligned 2024 showing, and AI reliance’s impact on human communication and connection.

THE BIG STORY TODAY

#1- The EGP fell to EGP 50.90 against the greenback at some banks during trading today, down from 50.58 at markets’ close yesterday. This new low comes after six weeks of steady declines in the value of the EGP, as authorities move toward allowing for more exchange rate flexibility.

Maturing short-term treasuries are driving the decline, says Goldman: Goldman Sachs economist for MENA Farouk Soussa told Bloomberg that the EGP’s drop is largely a result of a “huge spike” in the redemption of short-term T-bills, which comes as investors opt to maximize their year-end profits rather than roll over their positions.

Don’t get too discouraged by our slowly eroding purchasing power, though: Soussa is penciling in a rebound for the EGP in the new year, with the economist predicting that Central Bank of Egypt rate cuts in 1Q 2025 will lead to further treasury issuances — particularly of long-term T-bonds — that will offer investors a solid opportunity to re-enter the market, thus bolstering the EGP.

#2- PHD ups its stake in Taaleem to 32.61%: Palm Hills Development (PHD) has purchased an additional 22.1 mn shares — equivalent to a 3.02% stake — of higher education outfit Taalem for an average price of EGP 10.5 a pop in an EGP 231.56 mn transaction, according to a company disclosure (pdf). This brings PHD’s stake in Taaleem to 32.61%, after the property development giant’s board greenlighted the purchase of Chairman Yasseen Mansour’s 29.6% stake back in October.

THE BIG STORY ABROAD

As a new government begins to take shape in post-Assad Syria, some are citing concerns about the inclusivity of the country’s de facto political leadership. Reuters cites four members of the opposition and three diplomats as expressing concerns about a lack of inclusivity in leading rebel faction Hayat Tahrir Al Sham’s (HTS) policy and administrative decisions so far, with sources citing the installation of senior HTS administrators from Idlib in key positions in Damascus and a lack of HTS consultation with other Syrian entities.

Over in South Korea, the head of President Yoon Suk Yeol’s own party has joined calls for the embattled president’s resignation or impeachment after opposition parties submitted a second bill calling for Yoon’s impeachment late last night. Saturday’s vote will be the opposition’s second impeachment attempt in two weeks, with the previous effort stymied by a boycott by Yoon’s fellow party members.

And in business news, Mark Zuckerberg’s Meta has reportedly donated USD 1 mn to US president-elect Donald Trump’s inauguration fund — the first such donation by Zuckerberg to a president-elect and a sign that the Facebook owner is looking to mend fences with the incoming US president. (Financial Times | Wall Street Journal)

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

  • It looks like ramping up privatization efforts is going to be one of the state’s New Year’s resolutions, with Prime Minister Mostafa Madbouly announcing in his weekly presser that the government is planning to offer up stakes in ten state-owned companies in 2025.
  • There’s a new kid on the EGX block, with energy solutions firm Korra Energi temporarily set to list 2.3 bn shares at EGP 00.20 each today after the bourse’s listing committee approved the move.
  • Hilton is amping up its presence in Egypt, with the global hospitality brand working on tripling its presence in Egypt’s market by opening 25 new hotels across the country.

☀️ TOMORROW’S WEATHER- We’re expecting chillier weather in the capital tomorrow as we inch closer to winter, with our favorite weather app telling us to anticipate highs of 23°C and lows of 13°C at night.

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FOR YOUR COMMUTE

Spotify’s 2024 Wrapped felt more like a miss than a hit

If you found yourself underwhelmed by your Spotify Wrapped this year, you’re not alone. Spotify Wrapped missing its mark turned the annual tradition of musical introspection (and bragging) looked forward to by mns of users into a critical look at the company’s algorithm, Business Insider reports.

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

First off, what is Spotify Wrapped? For those who are unfamiliar with the feature, it’s like a yearbook of music taste. Every December, it shows off users’ top artists, favorite songs, and even how long they’ve spent listening to them. It also gives fun superlatives like the users’ listening personality, age, and what the overall mood of the year was.

Blame it on the AI: 2024’s Wrapped over-relied on AI-generated features, including a bot-hosted podcast and, supposedly, overspecified trending labels, like Pink Pilates Princess Vogue Pop. One Redditor, commenting on the lack of depth, said “This was one of the most boring Spotify Wrapped recaps I've been a part of and I've been a member since 2017,” mirroring the collective ‘meh’ of many users.

But was it a record-breaking flop? Ironically, Spotify reports that this was the most successful Wrapped yet, with a 26% increase in engagement. However, Glenn Mcdonald — a former Spotify software engineer who worked on Wrapped for years — thinks it’s more than just numbers, “It didn't connect me to communities or the world, or put my listening in relationship to anything.” Other than that, he also mentioned that the overprioritizing of AI gimmicks and sidelining the features that actually popularized Spotify Wrapped is the problem — along with the fact that Spotify’s numerous layoffs that resulted in a 25% staff reduction could have demotivated many employees to push boundaries creatively.

It was an attempted pivot to AI for Spotify, but as Mcdonald has noted, technology alone cannot replace the human-generated creative elements that makes the feature special. This year’s Wrapped simply replicated a data report, and lacked the quirky features of prior years such as Sound Town, which connects your taste to a city, or Audio Aura, assigning a color to match your personality. While they may be simplistic, it added a layer of personal connection and customization that users largely felt Wrapped lacked this year.

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ON THE TUBE TONIGHT

Love knows no age

? A dating show that says it’s never too late for love. The Later Daters focuses on love-seekers between the ages of 50 to 70. Produced by Michelle Obama, this show is about the quest for connection in the later years of life — which makes it stand out amongst the sea of dating shows we’re used to.

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

Some are divorced — others widowed. The participants embark on blind dates guided by relationship expert, Logan Ury, to confront their past and open up to new opportunities.

The Later Daters does more than entertain — it challenges societal perceptions about aging, romance, and personal reinvention, arguing convincingly that emotional growth and romantic connection aren’t confined to youth.

WHERE TO WATCH: You can watch the show on Netflix or catch the trailer on Youtube (runtime: 2:10).

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Sports

Heated matches around the globe

⚽ The Europa League and the Conference League will be wrapping up their sixth and fifth rounds today. Of the 35 matches that will mark the conclusion of these rounds, we recommend that you flip through these:

  • Astana vs. Chelsea — Conference League (5pm)
  • Roma vs. Braga — Europa League (7:45pm)
  • Victoria Plzen vs. Manchester United (7:45pm)
  • Porto vs. Midtjylland — Europa League (10pm)
  • Rangers vs. Tottenham — Europa League (10pm)
  • Lyon vs. Eintracht Frankfurt — Europa League (10pm)

A Premier weekend: Round 16 of the Premier League is kicking off on Saturday with five matches. Two standout clashes are Arsenal — in third place with 29 points — and Everton at 5pm, and Liverpool — still ruling the roost with 35 points — and Fulham at the same time.

Catch these matches tonight:

  • Wolverhampton vs. Ipswich Town (5pm)
  • Newcastle vs. Leicester City (5pm)
  • Forest vs. Aston Villa (7:30pm)

**Don’t miss out on the fierce competition in the Enterprise Fantasy Premier League — click on this link or use the code dlrxz4 to join.

A temporary throne: Real Madrid will be visiting Rayo Vallecano for Round 17 of La Liga on Saturday at 10pm. Los Blancos are in second place, trailing closely behind long-time rival Barcelona with a difference of two points. The Blaugrana have a postponed match up their sleeve, that currently allows Los Merengues to jump to the top of the leaderboard in the event of a victory against Rayo Vallecano.

Stadium 974 in Qatar is preparing to host the semifinal of the FIFA Confederations Cup, where Al Ahly will be going head to head against Mexico’s Pachuca at 7pm on Saturday. The Red Devils claimed their spot after defeating Al Ain with three points to nil, while Pachuca came out on top against Brazil’s Botafogo — the Libertadores Cup champions — with the same score. The two clubs are familiar with each other, having met in the quarter finals of the Club World Cup in 2008, a match that ended in favor of the Mexican team with four goals to two.

The third round of the group stage of the African Champions League will see Pyramids facing Tunisia’s Esperance at 9pm on Saturday. The Egyptian Sky Blues are hoping to clinch the top spot on the scoreboard, as both teams currently tie with four points each. This won’t be an easy victory for Pyramids, who are now facing their first challenging confrontation away from home.

Keep your eyes on these major European league matches this weekend:

  • Augsburg vs. Bayer Leverkusen — Bundesliga (Saturday, 4:30pm)
  • Mainz vs. Bayern Munich — Bundesliga (Saturday, 4:30pm)
  • Udinese vs. Napoli — Serie A (Saturday, 7pm)
  • Juventus vs. Venezia — Serie A (Saturday, 9:45pm)
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OUT AND ABOUT

Artisan goods for Christmastime

MARK YOUR CALENDAR-

? Arkan’s Farmers’ Market returns for its Christmas edition, which will take place for 10 days, starting tomorrow and until Sunday, 22 December. Get into the festive shopping spirit and start the holiday season by discovering local artisan goods, from natural skincare to fresh organic products and much more.

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

HAPPENING THIS WEEK-

Aziz Maraka and Silawi live in concert. The show will take place at ZED Park in Sheikh Zayed tomorrow at 8pm. Tickets can be purchased through Ticketsmarche.

A transformative experience for your young ones. Youth Summit: Unfiltered is packed with inspiring talks, creative competitions, and hands-on mentorship. The summit will take place on tomorrow and Saturday, 13 and 14 December at the Grand Egyptian Museum. Tickets are available on Collard Tickets.

Shop for gifts at the Christmas edition of Cairo Flea Market. CFM is back on Saturday, 14 December at the Zamalek Fish Garden from 10am to 7pm. The market features local products and artisan crafts, vintage items and collectibles, and pre-loved clothes.

Cairo Celebration comes back with a Christmas concert. At Theatro Arkan on Saturday, 14 December Cairo Celebration Choir and Orchestra will ring in their 25th annual Christmas concert. Tickets are available on Ticketsmarche.

HAPPENING LATER-

Bahaa Sultan and Mahmoud El Esseily are bringing their music to ElMalahy Arena in New Cairo. The concert will take place on Thursday, 19 December at 8pm. Tickets are available through Ticketsmarche.

District 5 is having its own Christmas Market, bringing festive cheer from Thursday, 19 December to Saturday, 21 December. The three days of holiday spirit, will include an array of Christmas themed gifts, delicious treats, and seasonal delights. Stay tuned for more details.

Comedian Ali Quandil brings an evening of laughter to Boom Room in Open Air Mall Madinaty, on Tuesday, 24 December at 8pm. Tickets are available through Ticketsmarche.

It’s that time of year again... The Nutcracker is returning to the opera. Celebrate the season with The Nutcracker Ballet, performed by the Cairo Opera Ballet Company and Orchestra. The performances will run from December 26 to December 31. Tickets are available on Tazakarti.

Egyptian rapper Afroto will be performing at ElMalahy on Friday, 27 December from 8pm. Tickets are available on Ticketsmarche.

Tablet El Sitt band is coming back with some more folklore but Christmas themed. The show will take place at Theatro Arkan on Friday, 27 December at 8pm. Tickets are available on Ticketsmarche.

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Ears to the Ground

Simple ideas can solve complicated problems

? Ever wondered how small ideas can spark big changes? People Fixing the World does. The podcast explores innovative solutions tackling global challenges, whether it’s reducing waste, saving forests, or finding sustainable alternatives.

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

Did you know coconuts can help with plastic waste? In one standout episode, CoconutsFixing the World, the hosts explore how coconut husks are being used in Sierra Leone to become eco-friendly charcoal alternatives, helping reduce deforestation and prevent the health risks of traditional charcoal use. Another project shows the use of coconut fibers to create plastic-free cooling packs, extending the shelf life of fresh produce.

It’s for those who enjoy clever ideas that actually make a difference — and those who have green thumbs too. For those who don't, it’s eye-opening, inspiring, and a reminder that even small changes can have a huge impact. Give it a shot, you might just walk away feeling a little more hopeful about the world.

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

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GO WITH THE FLOW

What the markets are doing on 12 December

The EGX30 rose 0.2% at today’s close on turnover of EGP 4.5 bn (7.2% above the 90-day average). Egyptian investors were the sole net buyers. The index is up 23.7% YTD.

In the green: GB Corp (+4.4%), Juhayna (+2.0%) and Emaar Misr (+1.4%).

In the red: Ezz Steel (-1.4%), E-Finance (-1.2%) and EFG Holding (-1.2%).

This publication is proudly sponsored by

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TECHNOLOGY

Are we relying too much on AI?

AI interference is no longer a futuristic concept — the technology is embedded in our everyday reality, reshaping how we interact with the world around us. From offering emotional support to transforming education and redefining societal norms, AI's impact is clear and multifaceted. But as we embrace its accessible capabilities, concerns are increasing on whether our reliance on it might be changing us in ways that impact us in a more personal capacity.

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

AI is stepping into the shoes of confidants and counselors. Emotional connections once reserved for friends, family, or therapists are being replaced by AI. Tools like ChatGPT or Perplexity have become modern confidants, offering advice on everything from marital conflicts to career decisions. But it's mainly used by individuals grappling with grief, social anxiety, or shame, where AI provides an affordable and judgment-free space to share thoughts.

This digital reliance is not without consequences. A globalsurvey conducted by the Oliver Wyman Forum found that 32% of respondents expressed interest in using AI for mental health support, where the highest percentage was 51% among respondents from India.

Which entails that these interactions can worsen loneliness and isolation. Over-reliance may weaken our ability to interaction as a whole. Human relationships thrive on empathy, shared experiences, and genuine connections — qualities AI, no matter how advanced, cannot replicate genuinely.

Even education has undergone a digital revolution: Students now use AI to answer classroom questions, write essays, and get personalized tutoring — teachers are also reliant on AI for lesson plans, grading, and tracking progress, making learning more efficient and customized. The numbers are high, with 77% of middle and high school students as well as 86% of higher education students using AI tools for assignments — while 51% of educators admitted to relying on AI for assistance.

Yet, this convenience comes with risks. Relying on AI could weaken students' critical thinking and creativity, while teachers grapple with issues like plagiarism. In workplaces, AI's efficiency might replace human creativity and devalue their skills, threatening long-term innovation and employment.

The numbers don't lie: The work field has embraced new work trends to adapt to these developments — where 35 mn people globally have embraced digital nomadism, often supported by AI tools that facilitate remote work with no oversight.

Its influence on societal norms is also underappreciated. Quick, automated responses are now the norm in our online interactions, whether we're chatting on social media or reaching out to customer service. The increasing move toward immediate responses rather than taking time to engage in thoughtful dialogue could have to do with AI's ability to mimic human conversation so well.

But the downside of it all is that children might end up struggling to tell what's real and what's generated by a machine — which could result in a superficial understanding of emotional dialogue. Children may begin to adopt AI language without fully understanding the emotional context behind it, which could affect their development of empathy and emotional intelligence. Studies show children who often interact with AI can start to mirror its ‘ polite ’ language, thinking this is the proper and acceptable way of conversing.

The rise of AI in these spaces is staggering. It was revealed that 69% of online dating profiles involve some form of AI assistance — from crafting bios to responding to messages — to ensure success. On social media, AI-generated content is so convincing that 27% of users in a recent survey couldn’t differentiate between human-written posts and AI-created ones.

So what’s the solution? The key is balance — using AI to complement, not replace, human effort and relationships allows us to benefit from its power responsibly. As society adjusts, raising awareness and setting boundaries will ensure AI enhances, not diminishes, what makes us human.


DECEMBER

12 December (Thursday): Proverbs and Stories Play at El Nahda Jesuit, Cairo.

12-14 December (Thursday-Saturday): Cairo Art Book Fair at Ghurnata, El Montaza in Heliopolis.

12 December (Thursday): Drama Songs Series at Cairo Opera House.

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

13 December (Friday): Cairo Celebration Choir at AUC Tahrir.

13 December (Friday): Aziz Maraka and Silawi concert at ZED Park.

13-14 December (Friday- Saturday): Youth Summit: Unfiltered at the Grand Egyptian Museum.

13-22 (Friday-Sunday): Arkan’s Farmers Market

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

14 December (Saturday): Cairo Celebration Choir at Theatro Arkan.

15-17 December (Sunday-Tuesday): Cairo Blockchain Week at Cairo Citadel.

19 December (Thursday): Bahaa Sultan and Mahmoud El Esseily concert at ElMalahy Arena.

19-21 (Thursday-Saturday): District 5’s Christmas Market

24 December (Tuesday): Ali Quandil standup comedy at Boom Room, Open Air Mall Madinaty.

27 December (Friday): Afroto at El Malahy.

27 December (Friday): Tablet El Sitt at Theatro Arkan.

31 December (Tuesday): KAS:ST at Le Lac Du Caire.

31 December (Tuesday): Hisham Abbas and Hamid El Shari at CJC 610.

JANUARY

18 January (Saturday): Founders Live Cairo at Creativa Innovation Hub.

29-31 January (Wednesday-Friday): The Fire of Anatolia at Cairo Opera House.

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