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WHAT WE’RE TRACKING TONIGHT

To cut, or not to cut

Good afternoon, wonderful people, and happy Thursday. Despite the slow newsday the EnterpriseAM presses continue to churn, with today’s issue covering all the latest on possible Central Bank of Egypt rate cuts and Microsoft’s recent advance in quantum computing.

THE BIG STORY TODAY-

#1- It’s interest rate day: All eyes are on the Central Bank of Egypt’s Monetary Policy Committee’s (MPC) meeting later today, where the committee will decide on whether to cut interest rates after having kept rates stable over six consecutive MPC meetings since its March hike that coincided with the float of the EGP. The overnight deposit rate currently stands at 27.25%, the overnight lending rate at 28.25%, and the main operation and discount rates at 27.75%.

Analysts and economists polled by EnterpriseAM have been split on which way the MPC will go, with four out of nine surveyed analysts telling us that they expect the bank to cut interest rates between 100-200 basis points on the back of a strong positive base effect and slowing inflation. Three of the participants forecasted that the committee would hold rates, and the last two were on the fence as to which way the bank would go. Fitch Ratings, for its part, has predicted that the MPC will cut today, with the rating agency seeing the CBE slashing rates 100-200 bps thanks to a dip in inflation.


#2- ADQ-backed Agthia takes bigger bite of Abu Auf: ADX-listed and Abu Dhabi-based food giant Agthia Group has nabbed an additional 10% stake in homegrown snack-maker Abu Auf, bringing its total stake in the specialty nut and date processor to 80%, it said in a filing (pdf) to the bourse. The financial terms of the transaction were not disclosed.

Not the first we’re hearing of it: Agthia — which is majority-owned by Abu Dhabi sovereign wealth fund ADQ — has been slowly upping its stake in the company, with the Emirati food giant first acquiring a 60% interest in Abu Auf back in 2022 before securing another 10% in February 2024, exercising a contractual put option (pdf).

THE BIG STORY ABROAD-

As int’l news outlets continue to digest the recent verbal sparring between US president Trump and Ukrainian president Volodymyr Zelensky, headlines are following the first return of deceased Israeli hostages under the Hamas-Israel ceasefire, with the Red Cross facilitating the transfer of four deceased Israelis — including the bodies of infant Kfir Bibas and his four-year-old brother Ariel — to their families. Israel set to receive an additional six hostages on Saturday in exchange for hundreds Palestinian detainees. Negotiations to release all of the 60 remaining hostages are expected in the coming days as the ceasefire agreement moves into its second phase. (Reuters)

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

  • The reconstruction of Gaza can be completed in three years. Prime Minister Moustafa Madbouly said during his weekly presser yesterday that Egyptian universities and consulting firms will take part in preparing the plan for rebuilding Gaza alongside Arab and international firms, with Madbouly estimating that the process would take around three years.
  • Moody’s kept Egypt’s outlook positive and affirmed its Caa1 rating — seven rungs into junk territory. The agency believes the positive outlook “reflects the prospects for an improvement in Egypt's debt service burden and external profile.”
  • The banking sector will need to make some changes in the event of a rate cut: With the prospect of a monetary easing cycle looming large, commercial banks are expected to take several measures to prevent a decline in their revenues, after an extended period of high earnings achieved due to high interest rates on loans and treasury bills.

☀️ TOMORROW’S WEATHER- It’s getting even colder tomorrow in Cairo with a high of 17°C and a low of 10°C by nightfall, according to our favorite weather app.

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FOR YOUR COMMUTE

Microsoft may have made a key breakthrough for quantum computing

Microsoft might be on to something. The tech giant has reportedly made a breakthrough in its longest-standing quantum computing research project — the development of a topological qubit, The New York Times writes. This new technology relies on the curious behavior of subatomic particles and particular metals when cooled to extremely low temperatures to create a more stable quantum computing technology — offering the possibility that quantum computers could become a reality not in a matter of decades, but in a matter of years.

First off, what is a quantum computer? Regular computers make computations using a binary number system, which translates any kind of information — whether it is text, a song, or a video game — into a unique sequence of only two digits: 1s and 0s, or what we call bits. Each bit can hold only one of two values: 0 or 1. Unlike simple binary computing, quantum computers exploit unusual properties of physics that allow a special bit — termed qubit — to hold multiple values at once. This property of qubits allows quantum computers to make significantly faster calculations than traditional computers. How much faster, you ask? When Google was experimenting with a quantum computer, they found that it was able to complete a calculation that would take a supercomputer 10 septillion years — longer than the age of the universe — in five minutes.

So what’s the problem? Despite their potential for executing complex tasks incredibly quickly, qubits continue to be unstable and prone to error, making their practical application — up until this point — limited.

That’s where Microsoft’s new breakthrough comes in. The tech giant has created a special chip — the topological qubit — that combines the semiconductors used in traditional computers with super conductors, or materials that allow electricity to flow at extremely cold temperatures. They’ve found that when cooled down to -240°C, topological qubits become more stable and reliable.

Despite the breakthrough, a lot of questions remain unanswered: “If everything works out, Microsoft’s research could be revolutionary,” Philip Kim, a physics professor at Harvard, told the NYT. Yet other researchers point out that the tech remains largely untested, with Jason Alicea, a professor of theoretical physics at the California Institute of Technology, noting that “you have to verify … that a device behaves in all the magical ways that theory predicts it should.” Still, he added, Microsoft — with eight topological qubits already built — now has the ability to test whether the reality lives up to theoretical expectations.


Apple is rolling up its sleeves with the launch of their new iPhone 16e: Apple announced on Wednesday the release of their new iPhone 16e — a wallet friendlier version priced at USD 599 — which comes with Apple’s latest A18 chip, a 48-megapixel camera, and the company’s first in-house C1 modem for faster 5G and better battery efficiency. Pre-orders kick off tomorrow, with full availability set to go live February 28.

Apple wants to give users the best of both worlds: Premium features without the premium price. "The iPhone 16e packs in the features our users love, including breakthrough battery life, fast performance, and an innovative camera system — all at an incredible value," Kaiann Drance, Apple’s vice president of Worldwide iPhone Product Marketing mentioned. Their sales pitch? You’re getting your money's worth.

Apple Intelligence is the star of the show here, bringing AI tools while keeping privacy features in place. Tools like Image Cleanup for editing, Natural Language Search in Photos, and Genmoji for custom emojis add a fun and practical touch. Siri also gets a glow up with ChatGPT integration — but you get to decide if you want to enable it. Most AI tasks happen on-device or via Apple’s Private Cloud Compute — a service that allows Apple to process data for your phone without retaining any record of the data itself — ensuring that your data stays yours.

For a small phone, the camera and display pack a big punch. The iPhone 16e flaunts a 6.1-inch Super Retina XDR OLED display, plus IP68 water resistance and Ceramic Shield protection for durability. The 48-megapixel Fusion Camera System, complete with a 2x Telephoto lens, Night Mode, Portrait Mode, and 4K Dolby Vision video, promises stellar shots in any setting. Bonus: Spatial Audio Recording and Wind Noise Reduction mean your videos will sound as good as they look.

It also reportedly has a battery life that won’t quit: In their press release, Apple goes on to mention that the iPhone 16e has the longest battery life of any 6.1 inch iPhone yet, with up to 90 hours of audio playback and 26 hours of video playback. Plus, with the new C1 modem, Apple is cutting ties with Qualcomm and boosting both 5G speed and power efficiency.

Bringing premium features to a more affordable model, the iPhone 16e introduces the Action Button once exclusive to Pro models letting users set up quick shortcuts for their favorite tasks. Satellite-based features like Messages via Satellite, Emergency SOS, and Roadside Assistance also make the cut, proving that Apple isn’t skimping on safety.

It’s looking like a greener future, one iPhone at a time. In true Apple fashion, the iPhone 16e is built with recycled materials — including 100 percent recycled cobalt and 95 percent recycled lithium in the battery and 85 percent recycled aluminum in the enclosure — marking a significant step forward in the company’s sustainability push.

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ON THE TUBE TONIGHT

Honey, this isn’t our baby

? A dark fantasy that explores love, grief, and family. An adaptation of Victor LaValle’s novel by the same name, the eight-episode Apple TV+ series The Changeling begins as an unsettling modern fairytale and spirals into increasing mystery with its intriguing, dream-like narrative and stunning visuals.

The plot: Apollo Kagwa (LaKeith Stanfield) is a new father, whose life takes a turn when his wife, Emma (Clark Backo), becomes convinced that their newborn baby isn’t really theirs. Apollo dismisses the paranoia as postpartum depression, but when Emma disappears he finds himself caught in a supernatural mystery that causes him to question everything as he tries to find her.

The visuals pull the viewer into the story. As Apollo’s search takes him through hidden corners of New York City, we see dimly lit alleyways and eerie underground tunnels leading to enchanted islands and mystical waters — creating an unearthly version of reality.

The series drags a bit. The series’ main weakness is the dreamlike sequences that seem to linger for too long. Unlike the quick pace of the novel, this stretches out the story — making it somewhat less engaging. In addition, the series is not afraid of muddying the waters with additional storylines — leaving the watcher to parse through and keep track of threads that, by the end of season one, have yet to be brought together.

WHERE TO WATCH- You can watch the series on Apple TV+ or catch the trailer on YouTube (runtime: 2:28).

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Sports

Europa League + Premier League Saturday + an exciting weekend of matches

The second leg of the Europa League’s playoff matches start today. We’ll be following the match between Roma and Porto at 7:45pm, whose first leg ended in a 1-1 draw.

The 26th round of the English Premier League starts tomorrow with a match between Leicester City and Brentford at 10pm. The rest of the round’s matches will take place on Saturday and Sunday.

There are seven more EPL matches to look forward to on Saturday, beginning with Everton vs. Manchester United at 2:30pm. The most pivotal match will be between Arsenal and West Ham at 5pm, with the Gunners aiming to shrink the eight-point gap at the top between them and top-of-the-table Liverpool — who have a game in hand and dropped two points in a draw with Aston Villa yesterday. Ninth-placed Aston Villa will also host sixth-placed Chelsea at 7:30pm.

The rest of the round’s matches will start at 5pm:

  • Bournemouth vs. Wolverhampton.
  • Ipswich Town vs. Tottenham.
  • Southampton vs. Brighton.
  • Fulham vs. Crystal Palace.

The Nile League Summit: Zamalek will host Al Ahly in the 15th round of the Egyptian Premier League at 7pm. The Red Devils currently stand in second place with 32 points — one point behind Pyramids in the lead — while the Whites are in third place with 27 points.

The most prominent matches of the round:

  • National Bank vs. Al Ittihad (7pm on Friday)
  • Al Masry vs. Ismaily (4pm on Saturday)

In La Liga: Barcelona hosts Las Palmas and Atletico Madrid travels to face Valencia.

Matches we’re following this weekend:

  • Lille vs. Monaco - Ligue 1 (6pm Saturday)
  • Holstein Kiel vs. Bayer Leverkusen - Bundesliga (4:30pm Saturday)
  • Dortmund vs. Union Berlin - Bundesliga (7:30pm Saturday)
  • Torino vs. Milan - Serie A (7pm Saturday)
  • Inter Milan vs. Genoa - Serie A (9:45pm Saturday)

This publication is proudly sponsored by

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OUT AND ABOUT

A morning walk into history

MARK YOUR CALENDAR-

? Explore the heart of historic Cairo with the Desert of the Mamluks tour organized by Al Qahrawya tomorrow, from 9am to 4:30pm. The tour includes visits to Mamluk-era monuments, domes, historical landmarks, and a market for handmade crafts. For booking you need to fill out this form.

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

HAPPENING THIS WEEKEND-

The Animatex Festival is back for its fifth edition. It’s bringing a packed program including screenings of both short and feature animated films, discussions, panel talks, and workshops for animation enthusiasts — and those looking to network with local and international industry leaders. The festival will take place at the AUC Tahrir campus from tonight until Tuesday, 25 February. You can grab your tickets from Ticketsmarche.

Amal Maher takes on the Sound and Light theatre at the Giza Pyramids. The concert will take place tonight with doors opening at 7pm. Formal attire is required. You can book your tickets through TicketsMall.

Welcome in the holy month of Ramadan with the finest dates at the CairoInternational Date Festival, under the theme From Egypt to the World. The festival will take place tonight till Tuesday, 25 February at Al Horreya Park in Zamalek. Admission to the festival is free, with entry requiring a park ticket that costs 20 EGP.

Beatport Live is coming to CJC 610 for the first time. Tonight at 9pm, Acid Arab are taking the stage to perform their blend of Western electronic music and Eastern sounds and vocals to give you an unforgettable night — alongside other sets from Misty and Aly Goede B2B Jess. Tickets are available on Ticketsmarche.

Cairokee x new capital: Cairokee will perform in El Nahr El Akhdar Park in the new administrative capital at 8pm tomorrow. Tickets are available on Ticketsmarche.

Get dreamy with Ghostly Kisses. The French-Canadian pop band Ghostly Kisses will return to Cairo later this month for a performance at the Mövenpick Media City Theater on Sixth of October. After their initial concert tomorrow sold out, the band announced that it will be adding a second performance date tonight as part of their 2025 world tour. Get your tickets to the show on Ticketsmarche.

Massar Egbari is preparing to celebrate the release of their latest album, Maba’etsh Akhaf tomorrow at 7pm. The event will take place at El Sawy Culturewheel Theatre at Nile University in Sheikh Zayed. Tickets are available through El Sawy Culturewheel’s website.

For the gamers and the cosplayers. EGYCON 12 is taking place tomorrow at Family Park, New Cairo. The event will feature Japanese live performances, trivia games, a fire show, a merch bazaar, and a whole lot more. Grab your ticket from the link in the event description.

The Ain Gamal comedy show is back with comedian Omar El Gamal at Kamelizer, District 5, tomorrow, at 8:30pm. Tickets available on Ticketsmarche.

For Pink Floyd fans, take part at The Floyd Paradox, a tribute concert by the Egyptian band Paranoid Eyes, celebrating the legendary rock group. The show kicks off tomorrow, at 8pm at Room Art Space, Garden City. Tickets available on the venue's website.

Want to support Gaza’s artisans in Cairo? Don’t miss the Gazan Artisan Craft Fair at KMT House in Maadi, featuring products crafted by Palestinian artisans here in Cairo. The fair will take place on Saturday, 22 February from 11am to 6pm.

HAPPENING LATER-

Attend a classic ballet opera. Sleeping Beauty will be showing at the Cairo Opera House at the end of the month. Tickets for shows on the 24, 25, 26, and 27 February are available on Tazkarti.

Sports Expo 2025 is near: Head down to the Egypt International Exhibition Center to meet global athletes and stock up on all kinds of sporting equipment at this year’s Sports Expo 2025. The government-hosted event will bring together private- and public-sector players in the fitness and health sectors and related industries and will be open from Monday, 24 February until Wednesday, 26 February. Get tickets from Tazkarti.

Why play connect four when you can laugh at it. Don't miss the hilarious comedy game night Connect Four on Tuesday, 25 February at Boom Room, featuring comedians Khaled El Shoky and Islam Amin, delivering non-stop laughs and interactive fun. Get your tickets from Ticketsmarche.

The Loran Gang are back. For all Kefaya Ba2a fans, this is your chance to catch a special live episode with the legendary Loran Gang on Thursday, 27 February at Theatro Arkan. Come for raw takes, big laughs, and an unforgettable night. Grab your tickets now on Ticketsmarche.

Disney On Ice returns to Cairo with Let’s Celebrate. Get ready for a magical experience as Disney On Ice makes its grand return to Cairo with the spectacular show Let’s Celebrate, running from Wednesday, 21 May to Saturday, 31 May. Join Mickey Mouse, Moana, and some of the Disney princesses as they bring beloved stories to life in a performance featuring over 100 world-class skaters, stunning visual effects, and dazzling stage designs. The show will take place at the indoor hall of Cairo International Stadium in Nasr City. Tickets are already selling out, so get them while you can from Tazkarti.

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GO WITH THE FLOW

What the markets are doing on 20 February 2025

The EGX30 rose 0.1% at today’s close on turnover of EGP 4.7 bn (29.3% above the 90-day average). Local investors were the sole net sellers. The index is up 4.0% YTD.

In the green: EgyptAlum (+5.5%), Orascom Development Egypt (+4.7%), and Palm Hills Development (+4.6%).

In the red: Beltone Holding (-3.1%), Eipico (-1.7%), and CIB (-1.2%).

7

Office life

The problem with getting things done

The modern world revolves around the metrics of productivity. From optimized lunch breaks, time blocking our schedules, to using LLMs to craft our emails, we’ve engineered our lives to maximize output at every turn. Even our leisure activities increasingly come with metrics, scores, and achievements — fitness means closing rings on our Apple Watches, hobbies turn to side-hustles, and reading becomes a challenge with annual targets. Why? Because time is money. So every moment must be measured, every action quantified to chase an ever-rising benchmark of efficiency that often prioritizes profit over human wellbeing.

But what if we told you that before the rise of industrial capitalism, humans had no concept of productivity as we understand it today? That there was simply life and the work needed to sustain it ? Time was dictated by the sun: once it had set, work simply ceased because it was too dark to work — nature’s own punch-out clock. The setting sun drew a firm, non-negotiable line between work and rest — no overtime, no urgent emails to answer by lamplight.

While this period had its own forms of exploitation through feudal systems, work itself was viewed as a natural part of life’s fabric, rather than a commodified, measurable activity to be optimized for maximum profit.

The late 18th century marked a rupture in humanity’s relationship with work. The invention of steam power and the mechanization of production created unprecedented capabilities, but it also gave rise to new forms of work — or overwork. Factory owners, driven by the bottom line, needed ways to measure and optimize their operations, leading to the birth of modern productivity concepts — ones that would be used to justify increasingly demanding working conditions under the guise of it benefiting society as a whole.

With the late 19th century came electricity, assembly lines, and mass production. In 1913, Henry Ford introduced the first ever moving assembly line. It wasn’t just a technical innovation — it represented a philosophical shift that reduced workers to interchangeable parts in a greater machine. While Ford’s USD 5 day wage is often celebrated, it came with stringent behavioral controls and intensified work expectations that kickstarted capitalism’s growing power over workers’ lives. US inventor Frederick W. Taylor’s Principles of Scientific Management emerged during this period, promoting the system for — essentially — stripping workers of their specialized knowledge and autonomy, transferring control to management.

One of the most cynical aspects of productivity’s history is the repeatedly broken promise of technology-enabled leisure. In 1930, economist John Maynard Keynes predicted that by 2030 we might only work 15 hours per week thanks to technological advancement. But we’re still working almost three times as much, just five years away from Keynes’ (retrospectively bullish) prediction. Similar predictions emerged with each major technological breakthrough — cough, AI, cough — dangling the prospect of liberation from toil while concealing our global economy’s insatiable appetite for surplus value.

The first computers sparked particular optimism. When IBM introduced its early office computers in the 1950s, many believed that automation would dramatically reduce working hours while maintaining or increasing living standards. In 1956, Richard Nixon, then Vice President, promised US citizens a four-day workweek in the “not too distant future.”

It’s a feature, not a bug: As productivity increased, working hours didn’t decrease proportionally — instead, these promises proved hollow as corporations consistently chose to extract more value from workers in chase of a bigger bottom line, rather than split the difference to improve workers’ quality of life. This wasn’t a quirk of the system, but rather its fundamental logic. Capitalistic drive for endless growth and profit accumulation meant that any gains in productivity would be channeled into expansion rather than worker welfare.

Unfortunately, the rise of digital technology has done more to erase the boundaries between work and personal life. Email, smartphones, and remote work capabilities have created an “always-on” culture where workers are expected to be perpetually available. And the technofascist tendencies of Silicon Valley has given birth to surveillance technologies that monitor keystrokes, track bathroom breaks, and measure productivity in increasingly invasive ways.

Today’s productivity crisis goes beyond economic metrics — it has evolved into what many experts call toxic productivity, an unhealthy compulsion to be productive at all times, often at the expense of mental health, physical wellbeing, and interpersonal relationships. The mindset has become deeply embedded in corporate culture, where the drive to be constantly productive is celebrated — and even expected — despite mounting evidence of its harmful effects. The old mantra “I’ll sleep when I’m dead” has become a disturbing badge of honor in many workplaces.

Many thought that the rise of remote work would usher in a healthier work-life balance, but in some ways, working from home has intensified these issues. The WFH model led to a staggering 192% increase in weekly meetings, according to the Harvard Business Review, likely an overcorrection of losing the control inherent in the physical confinements of an office. Workers are now caught in a cycle of over-meeting, over-collaboration, and constant digital availability.

While some economists argue that we’re measuring productivity wrong, perhaps the real issue is that we’re measuring the wrong things entirely. The problems go beyond the obsession with GDP growth and corporate profits — we’re seeing a crisis of worker wellbeing with increasing rates of burnout, anxiety, and physical health issues tied to overwork.

The history of productivity offers crucial lessons for those seeking alternatives. While some companies experiment with four-day workweeks and discussions about universal basic income gain prominence, these reforms don’t address the fundamental issue: the continuous need to expand.

Real change would require reconceptualizing productivity itself, moving away from metrics focused solely on output and profit, and toward measures that prioritize human wellbeing, environmental sustainability, and social progress. But degrowth and reducing working hours without loss of pay seems more outlandish — and unacceptable — to the corporate economy than grueling workloads and 80 hour workweeks.

Breaking free from toxic productivity relies on systemic change, but on a personal level, it means learning to separate self-worth from productivity metrics, setting healthy boundaries, and recognizing that rest is not just permissible, but necessary for sustained performance. Author and medical professional Dr. Will Cole writes that toxic productivity is continuously conflated with success. “There’s nothing wrong with being successful, productive and proficient, but when it comes at the expense of your health, it becomes a problem.” He adds that without rest, “your body’s going to pick a time for you that you won’t be able to work.”


FEBRUARY

20 February (Thursday): Beatport Live at CJC 610.

20 February (Thursday): Amal Maher concert at the Sound and Light stage.

20-25 February (Thursday-Tuesday): Animatex Festival at AUC Tahrir.

20-25 February (Thursday-Tuesday): Cairo International Date Festival at Al-Horreya Park.

20-21 February (Thursday-Friday): Ghostly Kisses at Movenpick Media City.

21 February (Friday): Massar Egbari launch album at El Sawy Culturewheel.

21 February (Friday): E7kky Festival.

21 February (Friday): Egycon 12 at Family Park, New Cairo.

21 February (Friday): Cairokeeat El Nahr El Akhdar Park in the new administrative capital.

21 February (Friday): Desert of the Mamluks Al Qahraweya.

21 February (Friday): The Ain Gamal comedy show at Kamelizer District 5.

21 February (Friday): The Floyd Paradox at Room Art Space.

22 February (Friday): MENA Product Summit at Townhall by Kamelizer – District 5.

22 February (Friday): Gazan Artisan Craft Fair at KMT House.

22 February (Friday): VeryNile’s The Nile Parade.

22 February (Saturday): MENA Product Summit at Kamelizer Spaces.

23 February (Sunday): Umm Kulthoum Tribute Concert at The Grand Egyptian Museum.

23-25 February (Sunday-Tuesday): Sports Expo 2025 at Egypt International Exhibition Center.

24 February (Monday): Umm Kulthoum Tribute Concert at The Grand Egyptian Museum.

24-27 February (Monday-Thursday) Sleeping Beauty at the Cairo Opera House.

25 February (Tuesday): Connect Four at Boom Room.

27 February (Thursday): Loran Gang at Theatro Arkan.

APRIL

1 April (Tuesday): Annual Flower Exhibition at the Agricultural Museum.

MAY

21-31 May (Wednesday-Saturday): Disney On Ice at Cairo International Stadium

OCTOBER

16-24 October (Thursday-Friday): Gouna Film Festival.

30 October - 22 November (Thursday-Saturday): Forever is Now at the Great Pyramids of Giza.

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