Good afternoon, friends, and congratulations on making it to the halfway mark of the workweek. The news cycle is taking a breather, and we’d suggest you do the same.
THE BIG STORY TODAY-
Fresh green bond issuance may make its way to the market soon: Egypt plans to issue a new tranche of sustainable sovereign green bonds, a senior government source told EnterpriseAM. The Finance Ministry, in consultation with the offering advisors, is considering either replacing the bond maturing in September or reopening the current bond for another five years.
Where will the proceeds go? The green bonds are likely to finance some social and environmental projects under the government’s investment plan for the current fiscal year, according to our source.
Debt issuance calendar already packed: Egypt is also planning to issue new tranches of Panda + Samurai green bonds to finance a range of sustainable development projects, with the government looking to pull the trigger on the issuance during the current fiscal year.
In the bigger picture: The Finance Ministry targets to issue up to USD 4 bn in international bonds over the next 12 months, to help address its USD 11 bn external financing gap. The planned issuances could include EUR- and USD-denominated securities, sustainability bonds, sukuk, and CNY- or JPY-denominated instruments.
Mark your calendar for the 2025 EnterpriseAM Egypt Forum, our flagship forum and part of our must-attend series of invitation-only, C-suite-level gatherings. Tap to register your interest to attend. Want to partner with us? Reach out to Moustafa Taalab at mtaalab@enterprisemea.com to explore sponsorship opportunities.
THE BIG STORY ABROAD-
Musk to sue Apple over unfavourable App Store rankings: Tech b’naire Elon Musk’s latest online rant saw him threatening Apple with a lawsuit over alleged antitrust violations. Musk believes that the iPhone maker is rigging App Store rankings, pushing down Grok AI in favor of competitors such as ChatGPT — which currently occupies the first position on the store’s unpaid apps list. “Apple is behaving in a manner that makes it impossible for any AI company besides OpenAI to reach #1 in the App Store, which is an unequivocal antitrust violation. xAI will take immediate action,” Musk posted on X.
Anything but first place won’t cut it for the b’naire. Musk accused Apple of “playing politics,” tipping the scales in OpenAI’s favor — with whom Apple has recently partnered to integrate ChatGPT into their software. ChatGPT, however, also leads the rankings on Google’s Play Store. “Apple didn't just put their thumb on the scale, they put their whole body,” Musk wrote. Musk provided no supporting evidence for his claims. (CNN | Reuters | Business Insider | AP)
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☀️TOMORROW’S WEATHER- The heat wave continues, with temperatures in Cairo set to peak at 41°C, before cooling down to 26°C. It’s more of the same up north, with a high of 32°C and a low of 27°C, according to our favorite weather app.
? Baby boomer CEOs’ successors aren’t Gen X professionals — they’re millennials. Gen X (born 1965-1980) professionals have long stood in queue for their slice of the C-suite cake, but it appears that incumbent baby boomer CEOs have opted to hand out the goods to millennials instead, Fortune finds.
Skipping the lines: Doomed to live up to its “forgotten generation” label, Gen X is getting fewer chances to lead, occupying 43.4% of CEO seats, down from 51.1% eight years ago, according to the Wall Street Journal. The Russell 3000 index is seeing a rise in chief executives over the age of 60 — past retirement — at 41.5%, up from 35.1% in 2017. Concurrently, millennial CEOs have grown to 15.1%, up from 13.8% in the same timeframe, according to research conducted by the Conference Board.
Hard labor might not always bear fruit. Holding onto the hope that hard work will pay off, Gen Xers are facing a tough truth, according to WSJ. “Gen X is being squeezed in the middle,” Conference Board Head of Benchmarking and Analytics Matteo Tonello says. Perhaps as AT&T CEO John Stanky recently said, “loyalty is dead.” What gives? Willingness to adopt AI.
Companies are looking to millennials to lead the AI charge. While Gen Xers remain at the top of the CEO population, that likely won’t be the case for long. Younger professionals are in favor, in a shift owed to the rising importance of AI adoption in the workplace, something Gen Xers don’t seem to be quite content with as their millennial counterparts. A 2024 report from recruitment agency Randstad found that 50% of millennials already use GenAI in day to day operations, in contrast to Gen X’s 37%.
Why do millennials fit the bill? It’s simple: they have both ample industry experience, and are optimistic about the future of AI in business — with up to 55% proving more forward-thinking about AI use.
It’s not all bad news for Gen X professionals. Despite being skipped over for C-suite roles, a rising number of private-equity backed companies seem to have their eyes set on Gen X professionals to lead the charge on short-term investments with quick exits, WSJ notes.
Where does Gen Z stand in all of this? Prioritizing work-life balance, a growing number of Gen Z professionals are practicing “ consciousunbossing ” — deliberately avoiding leadership roles. What does this mean for the future of corporate? It seems only time will tell.
?There’s a common misconception about Sushi, and it’s that it’s best enjoyed in a dine-in experience — but we’ll argue that the joy of the Japanese delicacy lies in the ability to savor piece by piece and roll by roll from the comfort of your own home. Yet, where do you go for fresh, high-quality sushi that you know will survive the 20-minute commute to your kitchen? This week, we found out for ourselves: Ama Sushi.
With over six branches armed and ready to serve in Cairo, Ama Sushi has quietly built an army of loyal patrons — which we can now count ourselves amongst. While the menu does not offer anything out of the ordinary, you can expect to find all your favorite sushi rolls and then some. You’ll come across a selection of pan-Asian soups, salads, noodles, and appetizers, before being greeted with a few pages worth of rolls in all shapes, colors, and sizes.
Be your own curator, or go for the combos. We were in a bit of a hurry — which is to say, we were starving, and had enough decision-making on our plates for the day. In a swift move that could have easily taken a wrong turn, we opted for the 16-piece combo of hot lemon rolls, hoso shrimp tempura, and crispy rolls — an order of shrimp kunafas snuck its way into our baskets as well. As we waited, our worries grew — yet we would soon be comforted.
The sushi was hot and fresh out of the kitchen. As is the case with sushi deliveries, we were bracing ourselves for some sort of disaster that never came. Our order was safely packed, hot to the touch, and a quick bite proved it as fresh as could be. We had ordered a side of spicy mayo and teriyaki sauces, yet did not need to as the order came with a generous serving of complementary dips. The shrimp kunafas were a champion in our book, and so were the spicy lemon rolls.
Ama Sushi promises and delivers — its 4.5/5 star rating out of 10k reviews on Talabat definitely checks out, and we’ll be going back for more. Next time, however, we’ll be skipping out on the combos and getting creative. If you were not sure what to have this evening, Ama Sushi is worth your time.
WHERE TO GET IT- You can order from Talabat or El Menus, or dine in at one of Ama Sushi’s many branches across Cairo.
?The Egyptian U19 handball team will face off against Denmark at 7:30pm in the Cairo-hosted U19 World Championship.
Yesterday’s match between the young Pharaohs and the Czech Republic ended in a 35-35 tie. Egypt opened the scoring, but the Czechs finished the first half with a three-goal lead. Egypt made a comeback in the second half, securing the tie.
The match against Denmark tonight marks the last in the main round, and will determine the two Group IV teams qualifying for the quarterfinals. It’s a particularly pivotal night for Denmark — last edition’s runner-up and three-time champion — who topped the group after defeating Japan last night.
The Group D scoreboard:
Denmark: 4 points (Goal difference +18).
Egypt: 3 points (Goal difference +8).
Czech Republic: 1 point (Goal difference -5).
Japan: 0 points (Goal difference -21).
What does Egypt need to qualify? A victory or a draw against Denmark will automatically qualify Egypt. In the case of a loss, however, qualification would depend on the result of the match between the Czech Republic and Japan — who have already lost all qualification hopes. The match starts at 5:15pm today. If the Czech Republic secures victory and Egypt loses, both teams will have the same number of points, with goal difference being the tie-breaker.
⚽All second-leg matches of the third qualifying round of the UEFA Champions League are happening tonight. Here are the matches on our radar:
Feyenoord vs. Fenerbahçe (8pm) — First-leg score: 2-1.
Club Brugge vs. Salzburg (8:30pm) — First-leg score: 1-0.
Benfica vs. Nice (10pm) — First-leg score: 2-0.
REMEMBER- The third-round matches are played in a home-and-away format. The losers will move to the Europa League, whereas the victors advance to the playoff round.
? Calling all aspiring opera singers: Soprano Amira Selim is holding a singing masterclass at Khayal Arts and Music Academy from Monday, 1 September to Sunday, 7 September. Secure your spot by heading to Khayal’s Instagram before registration closes on Monday, 25 August.
HAPPENING THIS WEEK-
In need of some comedy in your life? CJC 610 will be bringing a much-needed dose of laughter tonight with Comedy Therapy. Ready to hear a joke (or 27)? Head to Ticketsmarché to secure your spot.
Sahel nightlife is still in full swing. Join a groovy night of intense electronic music at ESCĀ Beach Club with In Act’s Mathame and supporting performers Dish Dash and Baset. Don’t miss this night on Thursday, 14 August and get your tickets on Ticketsmarché.
Missing the ‘90s? Join Masrah Sokseeh for a night with 90s icon Mohamed Fouad at Porto Golf Alamein. Catch his nostalgic hits live on Friday, 15 August and get your tickets on Ticketsmarché.
If you’re looking to get active by the beach, now’s your chance. Fouka Bay is holding its annual Beach Festival on Friday, 15 August with a lineup of beach sports. Fuel your competitive spirit and secure your spot in one of the teams through Ticketsmarché.
HAPPENING LATER-
Enjoy a night of rock classics at Cairo Jazz Club610 with the band Seattle. With covers of songs by the iconic Nirvana and Radiohead, get your dose of nostalgia and catch their live performance on Thursday, 21 August. Book your tickets on CJC’s website.
Stage powerhouse Wegz is back again for another epic performance at New Alamein Festival at U Arena. Don’t miss this electric night on Friday, 22 August. Get your tickets on Tazkarti.
Jordanian band Jadal is bringing pop rock to Bibliotheca Alexandrina on Sunday, 24 August. Don’t miss out on this energetic live show and book your tickets from Bibliotheca Alexandrina’s website.
The EGX30 rose 0.3% at today’s close on turnover of EGP 4.8 bn (7.4% below the 90-day average). Local investors were the sole net buyers. The index is up 21.1% YTD.
In the green: Egyptian Kuwaiti Holding-USD (+2.5%), Beltone Holding (+1.3%), and Raya Holding (+1.3%).
In the red: Qalaa Holdings (-1.6%), Rameda (-1.3%), and Palm Hills Development (-1.2%).
? OUR FOUNDER OF THE WEEK- Every Tuesday, Founder of the Week looks at how a successful member of Egypt’s startup community got their big break, asks about their experiences running a business, and gets their advice for budding entrepreneurs. Speaking to us this week is Marwan Imam (LinkedIn), Co-Founder and Senior Creative Consultant at Peace Cake.
My name is Marwan Imam, I’m a Co-Founder and Senior Creative Consultant at Peace Cake, an online video content creation — I don’t want to call it agency, but — agency. We create videos for our own channels, and we create videos for our clients.
I graduated from the American University in Cairo in 2011 with majors in mechanical engineering and arts, and a minor in film. When I graduated, I decided I wasn’t going to work in mechanical engineering — I loved it, but I quickly realized that wasn’t what I wanted to do in life. At that point, I’d been editing videos since seventh grade. The concept of online videos back then was basically downloading clips from anime or video games and cutting them up to Lincoln Park and Eminem music. That was all the rage back then. I didn’t know that these were the formative years that would lead me to YouTube eventually, but looking back now, it all evolved from there.
When I graduated, I knew part of me was always into filmmaking, but at that point, I was also interested in comics. Because I wanted to be a comic artist and writer, a friend of mine and I decided to build our own publishing house, and we modeled it after the Japanese publishers — think Shonen Jump. The idea behind it was, instead of me just making comics, I wanted to open the doors for other people as well.
Unfortunately, I was very young and optimistic, and getting the word out wasn’t easy. We got around for a bit, our first issue was in Virgin, Diwan, and other places, but the second issue never saw the light. From there, I got a job at ThePlanet (Studios). I came in as a graphic designer, and during my first week, they had a video position open, and I took it. They then decided to start a video department — which was me.
I was “the video department” for four years, until I decided I wanted to start my own thing. This was around 2014, when I decided to make that move. YouTube was growing, and I saw the potential in that. When I talked to the people that I’m now partners with, they also saw the potential — we saw the writing on the wall.
The idea behind Peace Cake was born in 2014, and Peace Cake officially launched around 2015. Back then, there was no market for YouTube videos. We created that market. We just knew we wanted to make videos. The unique thing about Peace Cake — what makes us special — is that it was us that truly kicked off that practice in Egypt. There were other people who had tried before, but they died out quickly, whereas we stuck around.
The plan was, we were going to do our own original content, and we were going to do advertising to pay the bills, to keep the lights on. We started off with YouTube sketches, and soon we started hiring creative teams. After doing a few sketches, Yaya [Yahia El Sady] wanted to test out his idea for a cheesy pickup line show — which eventually would turn into Romanseya Manseya. We’ve had viral hits before, and the thing with virality is that it dies.
Romanseya Manseya was our first consistent hit. It made us realize, “this is how content should be done.” There are always times when you believe you’re successful. The first viral hit? We felt successful. The 2019 Pepsi Ramadan AD campaign we did? That was a moment when we felt super successful.
There were several milestones as we were going when we felt as though we were there, we had made it, and honestly, that’s the fun part about this job. When you think you’re successful, you’ll always hit another milestone where that previous success pales in comparison. You should never be satisfied with just one milestone.
Looking to the future, I see expansion for Peace Cake in the next five years across the Middle East, from Morocco to the Levant. I want Peace Cake to be a full-on multinational company, operating in Lebanon, Saudi, Tunisia, Morocco, and all throughout the region. How are we planning on getting there? Well, that’s under wraps for now.
I’m the kind of person who’s always thinking about the biggest, grandest way to do something, but I’ve learned recently to question myself and ask, ‘is this the most fiscally conservative thing I could be doing right now?’. Maneuvering through the recent economic challenges fell into the hands of [Peace Cake’s] amazing CEO Kareem Abou Gamrah; he’s been the one pulling his hair out making it work. The other partners and I would challenge his every move, try to force him to spend more, but he has a way of managing things that just works. I was thinking more so on the creative side and [Abou Gamrah] on the practical side. That balance in ideologies is what makes it work.
I don’t think the industry is still fully-established, I believe it’s still in its nascent stages. We’re constantly changing and constantly pushing into the next level.
If there’s one thing I would like to change about the industry is how it is perceived. Clients often look down on what we do as lesser than traditional media, but at this point, we’re as big — if not bigger — than traditional media. Another thing I’d change, especially when it comes to content, is to get rid of the competition narrative, it takes collaboration to propel an industry forward.
The most rewarding aspect of being a part of Peace Cake is feeling people’s love. People appreciate what we do, even if it’s just entertainment — though I’d argue that entertainment is a huge thing. Putting a smile on people’s faces is in itself very rewarding. Watching the talents you discovered grow is also very rewarding. We’re not just helping ourselves grow, we’re helping the scene grow.
The hardest part is the fact that not only are you in constant competition with every creator in existence, you’re in constant competition with an algorithm. You’re just trying to convince a robot that your work is worthy of being seen by other people, and that robot only understands numbers.
As I grew older, I realized that the thing called work-life balance that people kept talking about is not really about work-life balance. You need to be living life, and love your work. I don’t think of work as work because I love it so much — but the fact is, if we’re not living our lives and just working all the time, this is when burnout happens.
Burnout doesn’t happen because you work too much, burnout happens because we’re not living our lives. Spending time with your family and your kids is the refresh button that makes you want to go back and do better. If you’re doing all this work for your family, what’s the point if you don’t spend time with them?
I’ve recently read The Creative Act by Rick Rubin, and this is actually a book that people kept telling me to read, and once I did, I realized why: so many of the ideas Rubin discusses are ones that I’ve had. It’s a book on why creative people do what they do, and the philosophy behind creativity. It led to a lot of introspection on the way I do things.
If I weren’t one of the brains behind Peace Cake, I’d probably be in film, which I’m actually working on now — so I haven’t given up on that. I want to be making cinema, and honestly speaking, since Peace Cake is running on its own legs, it’s time for me to start expanding into other things I’ve wanted to explore.
I wouldn’t give myself any advice if I were to meet my younger self. A lot of what I’ve learned happened through me trying and failing — despite warnings. Even if I went back and gave myself advice, my younger self probably wouldn’t listen, and it’s that defiance that got me where I am today.
Though if I were to give advice to budding entrepreneurs, I’d say keep doing what you’re doing, don’t change, but keep an open mind. Everyone has a different perspective for a reason, and even if you deem their advice wrong, there’s probably something there for you. Do not close your eyes and ears off. Give up on control, and embrace failure. You can never control everything, and you will always fail.