50 years since the first cell phone call

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: It’s issue #500 of EnterprisePM + OC consortium reaches financial close on Gulf of Suez wind farm

Happy Monday, wonderful people, and welcome to the 500th issue of EnterprisePM. We first began writing to you at the end of your workday just a little over two years ago, and we’re honored to continue writing to each of you today.

** SO, WHEN DO WE EAT? We’ll be breaking our fasts at 6:14pm CLT today. You have until 4:14am tomorrow morning to hydrate and grab a bite to eat.

THE BIG STORIES TODAY

#1- OC + Engie + Toyota Tsusho reach financial close on Gulf of Suez wind farm: The consortium of Orascom Construction, Engie, and Toyota Tsusho has reached financial close on its 500 MW wind farm in the Gulf of Suez near Ras Ghareb, according to a joint statement (pdf). The Japan Bank for International Cooperation (JBIC) will provide non-recourse financing for the project, along with Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, and Société Générale, and the European Bank for Reconstruction and Development. HSBC Egypt is the working capital bank and onshore security agent.

#2- Kuwait Investment Authority wants to up its stake in AAIB: The Kuwaiti sovereign wealth fund is reportedly studying the prospects of buying an additional stake in the Arab African International Bank (AAIB) which would make it the lender’s largest shareholder, Al Borsa reports, citing unnamed sources it says are in the know.

THE BIG STORY ABROAD

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

Gig-Egypt could soon be AIG Egypt’s largest shareholder: Gig-Egypt is on course to acquire at least 95% of AIG Egypt after the latter’s largest shareholder agreed to sell its stake in an upcoming mandatory tender offer (MTO) approved by the Financial Regulatory Authority.
Big Two state-owned banks introduce new CDs: Banque Misr and the National Bank of Egypt are issuing two new high-interest certificates of deposit (CDs) following the central bank’s 200-bps rate hike last Thursday.
Does Aldar want in on Heliopolis Housing’s Heliopark project? Emirati real estate giant Aldar Properties is interested in co-developing Heliopolis Housing and Development’s (HHD) Heliopark project.

? CIRCLE YOUR CALENDAR-

PSA #1- Start planning the next run of holidays:

Coptic Easter falls on Sunday, 16 April;
Sham El Nessim is on Monday, 17 April;
Eid El Fitr should land on or around Friday, 21 April (it’s still not clear what days will be official holidays);
Tuesday, 25 April, is Sinai Liberation Day, for which we’ll likely have a day off on Thursday, 27 April.

PSA #2- Need funding for a green project? You can now apply to the second round of the Smart Green Projects Initiative until the end of May, according to a Planning Ministry statement. Eligible projects must use technology solutions to address environmental issues, present evidence of feasibility or innovation, and provide a written acknowledgement that no awards have been received during the initiative’s first round, among other requirements. You can view the full list of criteria here and apply here.

☀️ TOMORROW’S WEATHER- Hydrate well during sohour — we’re getting another warm day tomorrow. Our favorite weather app tells us to expect a daytime high of 33°C and a nighttime low of 15°C.

Five decades since the world’s first cell phone call + The traditional workweek is really getting a rethink

Fifty years have passed since the world’s first cell phone call — and it’s been an eventful five decades, with momentous repercussions: On 3 April, 1973Motorola’s Martin Cooper dialed the number of his competitor, Joel Engel, to inform him that the race was over. Cooper was standing in New York's Sixth Avenue and calling the Bell Labs in New Jersey from a brick-sized cell phone, not much different from the regular house phone — minus the cord, the BBC writes, recapping the 50-year history of the device that has become an extension of the human body.

The mass sale of mobile phones only happened 10 years later, initially retailing at hefty price tags — a Motorola phone in the late ‘80s would set you back nearly USD 500. And their sole purpose was to enable voice communication on the go. But these devices soon became obsolete as newer models offered much more than cell phone inventors had originally planned.

Enter ”technological bundling”: Over the years, mobile phones have become our single most indispensable possession. And look at the casualties: Torches, personal cameras, music players, and GPS devices are but some of the devices that have now been replaced by apps on most phones today.

The benefits are huge, but at what cost? Cell phones have been revolutionary in incredibly diverse, innumerable ways. From supporting swift communication tofacilitating education through innovative applications, and even helping farmers with irrigation schedules — the power and advantages of technology permeate our life. But concerns are often voiced about addiction to smartphones and the ill-effects of social media on impressionable young kids who are now accessing this technology earlier as the years go by.

More people are rethinking their workweek schedules, mostly to spend more time with family members, enjoy hobbies and leisurely activities, or simply to reduce the pace of their otherwise stressful lives, the Wall Street Journal writes. And we’re not talking about an eccentric niche of employees: As of last February, almost 22 mn Americans were opting to work part-time — an additional 2 mn people since the previous year. Across the pond, scaling back the traditional workweek is also gaining traction. A four-day workweek experiment conducted in the UK was so successful, participants said they would never go back to their traditional employment arrangements.

Egypt is getting in on the shift, too: Tech startup BasharSoft trialed a four-day workweek last year, with impressive results: The company said that 89% of its employees reported higher productivity, 82% said they were better able to manage their time, and 93% experienced lower levels of stress.

Science approves: While structure and discipline are important, the traditional structure of an 80-hour work week spent entirely at the office is not necessarily imperative, research has found. According to a 2019 study by sociology professor Brendan Burchell, people performing as little as one to eight hours of paid employment per week had the same improvements in their mental health as people working upwards of 48 hours per week, the WSJ reports.

There is a potential downside to working less, though: In the plainest terms — fewer hours put in mean less bills in the bank, which is not an affordable option for everyone. While surgeons may be able to get by with shorter days, not all jobs are compensated enough to support a more comfortable pace. Also, health ins. and other work-related benefits are not always readily available when people opt out of more hours, which some researchers suggest could be remedied by making less-intense work schedules the norm throughout entire organizations.

What would Ramadan be without Nelly Karim?

? ON THE TUBE TONIGHT-
(all times CLT)

In Omla Nadra (literal translation: rare currency) Ramadan staple Nelly Karim expands her breadth of acting — and accents — by playing the part of Nadra, an assertive Upper Egyptian wife to one of the Abdulgabbar sons. The family is one of Upper Egypt’s prominent families, who have made their money not just through the land, but through the weapons and illicit substance trade. When Nadra’s husband, Belal, is fatally shot in his car, Belal’s father (Gamal Suleiman) forces her to remarry another one of his sons to keep Belal’s inheritance in the family. Despite her extreme disapproval to have her fate sealed for her, Nadra goes along with it in an effort to discover who murdered her husband, collecting evidence and statements any chance she gets. In a recent episode, she gets a chance to access one of her immediate family’s bedrooms and there she discovers a clue that incriminates one of her suspects. The events of the series unfold in the backdrop of the illegal weapons and substance trade in the Egyptian south and illustrate the feuds between the leading families while trying to keep the old traditional southern principles. You can catch the latest episodes on WatchIt.

Ramadan is nearly at its halfway point — can you cover 100 km before the month is over? Participate in the Trifactory’sRamadan Virtual Running Challenge and try to run (or walk) 100 km by the end of the month. Proceeds from participants’ tickets will be donated directly to Misr El Kheir for its annual Ramadan campaign to feed less fortunate families.

Get moving after iftar with Trifactory’s Relay Run this Wednesday, 5 April in Palm Hills Club, 6 October. Call up four buddies for a 2-hour (non-konafa-related) competition to run as many laps as possible. This event is happening from 9-11pm. Visit Trifactory’swebsite to register.

For the young and not so young, Goha fe Rawabet performed by ACT Theatre Groupputs on a show adapting Goha’s famous anecdotes, along with other short scenes from Egyptian folklore with enduring messages. The production will run this Wednesday, Friday, and Saturday, with ticket proceeds going to public sector children’s hospitals. For more information, check out the event’s Facebook page, and for reservations through Ticketsmarche click here.

Dina El-Wedidi will be performing this Wednesday, 5 April, at the Cairo Opera House at 9:30pm. Tickets are available here.

Don’t miss Massar Egbari this weekend: The band will put on an acoustic performance on Friday, 7 April, at the Cairo Opera House starting from 9:30 pm.

Looking for an Easter activity for your little ones? Join Bookly Ever After next Monday, 10 April in Maadi. To register for the event and for more details click here.

Want to make new friends in the great outdoors?Head over to the Wadi Degla Protectorate this Friday, 7 April with your food in hand and join others gathering for iftar or sohour. The event is organized by Backpacker.

Expose yourself to some art and culture and walk around central Cairo: Qahrawya are organizing two separate “iftour” (iftar tour) events next month, which entail an art walking tour after sitting down for iftar together. The tours include one in Zamalek on Saturday, 8 April and one in downtown Cairo on Saturday, 22 April, both starting at 5:30pm.

Catch Medhat Saleh on Wednesday, 12 April at 9:30pm at the Cairo Opera House as performs some of his hits along with Arabic favorites.

Hazem Shaheen, one of the Middle East’s best oud players,will be performing on Friday, 14 April at 9pm at Rawabet Art Space. To book tickets check out the event’s Facebook page.

Learn more about popular Egyptian folk sayings at a unique location on Saturday, 15 April at 8pm in MASQ - Maq’ad of Sultan Qaitbey. Through storytelling with Nesma Medhat, a director, author, and founder of several projects focused on reviving Egyptian folklore, you will be guided through Egyptian heritage using a unique method.

Have a laugh at BigBang’s stand-up comedy night at Room Art Space and Cafein New Cairo on Saturday, 15 April at 8:30pm with the performance starting at 9pm. For more details about the line-up and tickets check out their Facebook event page.

Find hope in an unbearable place in Behind the Beautiful Forevers: Life, Death, and Hopein a Mumbai Undercity by Pulitzer Prizewinner Katherine Boo. This work of creative nonfiction places the reader somewhere they would turn their eye away from, a Mumbai slum with sounds, smells and scenes they would rather forget existed. Here, several people and their families’ lives intersect, conflict, and resolve as they seek a way out from their difficult lives spent navigating religious conflict and global recession. Abdul, a garbage collector, seeks to make his fortune as he forages through his mountain heaps of rich people’s refuse. Asha is looking forward to her daughter graduating from college and hopefully graduating them out of the slum, despite the pressure to marry her daughter. Boo’s years of journalism in India makes the characters and their narratives familiar and sympathy with their plight impossible to resist. Find the book on Amazon today.

What the markets are doing on 3 April, 2023

MARKET NEWS-

Ezz Steel’s net income rose 23.2% y-o-y to EGP 6.6 bn in 2022, according to an EGXdisclosure(pdf). The company’s revenues, meanwhile, rose 23.8% y-o-y to EGP 84.0 bn.

OFH to carry out capital reduction: Orascom Financial Holding’s (OFH) board of directors has agreed to reduce the company’s share capital to EGP 1.49 bn from EGP 1.63 bn, while maintaining the shares’ nominal value at EGP 0.31 apiece, according to an EGXdisclosure(pdf). The company intends to carry out the capital reduction by canceling treasury shares that have been purchased three or more months ago, which constitute 8.5% of the company’s total issued shares.

Telecom Egypt is paying out a dividend of EGP 1.25 per share to eligible shareholders on its 2022 earnings, the company said in a statement (pdf). The payment will be made on 20 April, according to an emailed statement.

Egypt Kuwait Holding (EKH) is paying out a dividend of USD 0.11 per share to eligible shareholders on its 2022 earnings, according to an EGXdisclosure(pdf). The price represents 44% of the shares’ nominal value.

MARKET ROUNDUP-

The EGX30 rose 2.2% at today’s close on turnover of EGP 2.4 bn. Foreign investors were net buyers. The index is up 16.8% YTD.

In the green: GB Auto (+9.4%), Qalaa Holdings (+8.8%) and Abu Qir Fertilizers (+6.8%).

In the red: Taleem (-3.0%), CIRA Education (-1.5%) and Juhayna (-0.4%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

APRIL

16 April (Sunday): Coptic Easter.

17 April (Monday): Sham El Nessim.

21-26 April (Friday-Wednesday): LaLiga Egypt Football Camp, Xanadu Hotel, Makadi Bay, Hurghada.

22 April (Saturday): Eid El Fitr (TBC).

25 April (Tuesday): Sinai Liberation Day.

27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

MAY

1 May (Monday): Labor Day.

1 May (Monday): Backstreet Boys at 7pm, ZED East, New Cairo.

4 May (Thursday): National holiday in observance of Labor Day (TBC).

12-15 May (Friday-Monday): Egypt Fashion Week.

JUNE

10 June (Saturday): Thanaweya Amma examinations begin.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY

18 July (Tuesday): Islamic New Year.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

SEPTEMBER

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER

6 October (Friday): Armed Forces Day.

13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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