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Tuesday, 2 Jul 2024

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Founder Of The Week
Enterprise Entertainment Calendar

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Today at a glance

1

WHAT WE’RE TRACKING TONIGHT

Four new foreign universities from Al Ahly CIRA.
2

Founder of the Week

Meet Our Founder of the Week: Narima Ehab, Co-Founder of PÀO.
3

FOR YOUR COMMUTE

Don’t let social media make you believe you’re broke.
4

ON THE TUBE TONIGHT

Efron and Kidman share the screen in A Family Affair.
5

Sports

The Euro 2024 round of 16 fixtures come to an end tonight.
6

Ears to the Ground

Find out what makes a marriage endure in Forever is a Long Time.
7

OUT AND ABOUT

An homage to film icon Pierre Sioufi.

Tuesday, 2 Jul 2024

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Founder Of The Week
Enterprise Entertainment Calendar
1

WHAT WE’RE TRACKING TONIGHT

Four new universities courtesy of Al Ahly CIRA. PLUS: TMG’s first North Coast project

Good afternoon, friends, and happy hump day. It’s another busy day here in Om El Donia as the news flow shows no sign of slowing down.

THE BIG STORIES TODAY-

Al Ahly CIRA to set up four new international university models in Egypt under a newly-signed agreement with the Sovereign Fund of Egypt, according to a statement from the cabinet and a joint statement (pdf) from the participating parties.

International expertise: The universities will be established in collaboration with global educational institutions from Canada, Switzerland, Germany, and the US, with the specific partners set to be announced once cooperation agreements are finalized.

Talaat Moustafa unveils its first North Coast project: Talaat Moustafa Group announced its first project on Egypt’s North Coast, a 23-mn square meter project with investments of around EGP 1 tn (c. USD 21 bn), the company said in an EGX disclosure (pdf).

People are already lining up for a piece of the new development: The project, dubbed SouthMed, garnered a record EGP 60 bn worth of reservations in the first twelve hours of booking prior to the project’s official sales launch. The company sees the development generating sales surpassing EGP 1.6 tn, ultimately contributing EGP 2.4 tn to the Egyptian economy and creating 1.6 mn new jobs.

THE BIG STORY ABROAD-

All eyes on France’s parliamentary elections: France’s far-right Rassemblement National (RN) party would form a new government even if it fails to secure a majority following the run-off vote on 7 July, the party’s leader Marine Le Pen told a local radio station today. RN would look for allies to achieve a majority, Le Pen explained. The party last week took the first round of the snap two-round general election and is widely expected to notch the top spot again on Sunday. In the meantime, opponents of RN are intensifying efforts to prevent the party from rising to power, with over 180 candidates confirming that they have withdrawn from Sunday’s round to consolidate the anti-RN vote. (Financial Times | Reuters)

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

  • We got our first LNG shipment for the season: The government received the first of a number of anticipated LNG shipments at the Ain Sokhna port yesterday.
  • Volkswagen seems keen on proposed shared auto production facility: German carmaker Volkswagen is interested in helping develop a shared production facility in the East Port Said Industrial Zone.
  • Egyptian-made elevators? The Arab Organization for Industrialization and Talaat Moustafa Group will work to localize elevator manufacturing under a framework agreement inked with Swiss elevator and escalator manufacturer Schindler.

☀️ TOMORROW’S WEATHER- Expect another hot day tomorrow in the capital city, with the mercury rising to 39°C and dipping to 23°C.

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2

FOR YOUR COMMUTE

Don’t let social media make you believe you’re broke

You’re not broke, you just think you are. Scrolling through influencer posts boasting luxury lifestyles ornamented by expensive cars, designer bags, and exotic vacations is distorting our perception of our own finances. Unrelated to real concerns over rising living costs and a competitive job market, social media has been creating the illusion of financial insecurity.

The unofficial diagnosis? Money Dysmorphia. This new side effect of social media is hitting young people with higher exposure to social media the hardest. Similar to body dysmorphia — which causes people to focus on an imagined flaw in their appearance — money dysmorphia causes a warped view of people’s financial situations.

Don’t compare your wallet to their Instagram highlights… According to a survey by Intuit Credit Karma, 43% of American Gen Zers and 41% of millennials experience money dysmorphia. Some 37% of those that believe that they’re lagging behind financially have more than USD 10k in savings, with another 23% having USD 30k. For comparison, the average balance for that demographic is USD 5.3k.

…And don’t let it influence your spending behavior. A 2023 survey (pdf) by financial planning firm Edelman Financial Engines showed that a third of those surveyed admitted to going over their budgets to emulate lifestyles and experiences they see online. This figure increased an additional 50% among those who spent over three hours scrolling through social media.

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3

ENTERPRISE RECOMMENDS

Nicole Kidman and Zac Efron share the screen in Netflix’s A Family Affair

📺 ON THE TUBE TONIGHT-
(all times CLT)

Dating your daughter’s boss? Call that A Family Affair. The unlikely pairing of teen heartthrob Zac Efron and Golden Globe winner Nicole Kidman share the screen in this new Netflix original.

The premise: Efron plays movie star, diva, and womanizer Chris Cole, with whom assistant Zara Ford (Joey King) is completely fed up. He fires her on a whim and quickly realizes he made a mistake, heading over to her house to apologize and give her her job back. It’s there that he meets Zara’s mother, renowned author Brooke Harwood (Nicole Kidman). The two fall into a whirlwind romance despite the daughter’s disapproval — and chaos follows.

It’s a fun, light dramedy that will leave you chuckling and shipping the two together despite how wrong it feels on so many different levels. You can’t help but root for them as Harwood makes Cole realize he needs to change his ways, and Cole helps her believe in love again after her late husband’s passing.

Catch the movie on Netflix, or check out the trailer here.

⚽ The Euro 2024 round of 16 fixtures come to an end tonight, and will see the Netherlands face Romania tonight at 7pm at the Allianz Arena. While The Flying Dutchmen qualified as a third-best team in their respective group stages, they hope to advance to the next round amid general dissatisfaction with their performance. The Tricolori, on the other hand, surprised audiences by leading Group E with four points.

Austria vs the Turks: The last quarter-final qualifying match will be kicking off tonight at 10pm, when Austrian and Turkish national teams will be meeting on the pitch. Austria advanced to this stage after leading Group D at the expense of France and the Netherlands. The Turks came in in second place from Group F with six points.

The victors of each match will meet on the quarter-finals pitch on Saturday, 6 July.

Across the pond, the Copa América’s group stage will be finalizing in the wee hours of the morning at 4am tomorrow. Brazil, currently in second place with 4 points, is hoping to close the gap with Colombia — currently in first place with 6 points —. At the same time, Costa Rica, currently in third place with a single point, will face Paraguay, who are trailing behind in last place with no points.

Smouha and Pyramid resume their match: Tonight at 8pm, Smouha and Pyramids will be finishing up the rest of their match at Borg El Arab Stadium, which ended abruptly last Friday at Alexandria Stadium due to an electrical short that led to a fire. As it stands, the teams were drawn with a single goal each when the match was halted 4 minutes into the second half. The Egyptian Football Association has chosen to resume the match under the same conditions in which it was stopped. Pyramids, currently leading the tournament with 62 points, is hoping to secure their victory and seize their first ever league title.

Al Mokawloon and Enppi will also be meeting on the pitch tonight at 7pm.

🎤 OUT AND ABOUT-
(all times CLT)

HAPPENING THIS WEEK-

Helmy on stage: The comedic genius Ahmed Helmy will be performing in his interactive play Mimo at the Grand Nile Tower Hotel in Cairo on July 4, 5, 11 and 12 starting from 9 pm. Get your tickets here.

Don’t miss the latest production of one of the most famous romantic tragedy ballets: Giselle the Ballet. Accompanied by the Cairo Opera Ballet and the Cairo Symphony Orchestra, your last chance to see the show is tonight at the Grand Theater of the Cairo Opera House at 8:30 pm. Get your tickets here.

Get ready for an evening of stand-up tonight with Weekend Comedy. Head to CJC 610 tonight for some nonstop laughs courtesy of the Weekend Comedy folks. Doors open at 8pm and the show starts at 10pm. Message the CJC Facebook page to reserve your spot.

Go for a friends and family day out at the Adeer Plaza Festival. This event will have carnival games, arts and crafts, colorful parades, and stilt walkers. The festival will take place on Saturday 6 July from 4pm to 12am at Adeer Plaza, Waslet Dahshour in Sheikh Zayed. Register here.

Affichat w Aflam for the cinema aficionados. This exhibition showcases a vast selection of the late Pierre Sioufi’s collection of more than 10k pieces of Egyptian cinema memorabilia from 1932-2017. Showing in three editions, with the first ending on Thursday, 11 July, it will display pieces from the 1930s to 1970s. The exhibition is open from 10am to 10pm at Bibliothek.

Experience a mesmerizing performance in ‘Nawah’ or ‘Fertile Presence’ on the Rawabet stage. The performance fuses movement and sound to highlight the interconnectedness of agriculture, fertility and motherhood. The performance will be on Saturday, 5 July and will start from 8pm. Get your tickets here.

HAPPENING LATER-

Egyptian Nights with Cairokee. The Egyptian band will be performing at the AAST in Alexandria as a part of the Egyptian Nights Festival on Saturday, 13 July at 8pm. Click here for the tickets.

Smooth melodies, up-beat rhythms & enticing energy. Don’t miss Blackout ’s smooth jazz tunes at Cairo Jazz Club on Sunday 14 June at 8pm. Message CJC on Facebook to reserve.

20 years of Masar Egbari: The band is celebrating its 20th anniversary with a concert at Al Sawy Culturewheel, Nile University branch in Sheikh Zayed, on Thursday, July 18, at 8pm. Click here to get your tickets.

Mouled Ahl Al Zikr x Sawy Culture Wheel: Sheikh Mahmoud Al-Tohamy will present an evening of recitation and chanting at El Sawy Wheel in Zamalek on Friday, July 19 at 8 pm. (Tickets)

👂 EARS TO THE GROUND-

Love, mistakes, and commitment in Forever is a Long Time. Hosted by Ian Coss, this five part series embarks on his personal journey, grappling with the weighty question of what makes a marriage endure. With an entire family history of divorces looming over him, Coss seeks solace in conversations with his relatives, exploring the intricacies of their own relationships.

Coss’s introspective quest takes him even closer to home, engaging in heartfelt dialogues with his wife. Together, they navigate the fears and uncertainties that shadow the path of commitment, ultimately confronting the daunting realization that the future of a relationship remains shrouded in uncertainty. Yet, amidst the ambiguity, Coss unearths profound insights about the essence of trust—both in oneself and in a partner—as the cornerstone of forging a life that resonates with authenticity and purpose.

It’s a testament to the complexities of relationships and their resilience. Through Coss’s poignant storytelling and introspection, you’re instantly brought into the intimate spaces of familial reflection, where wisdom is imparted from those who have weathered the storms of matrimony.

WHERE TO LISTEN- You can listen to this podcast on iHeart, Apple Podcasts and Podnews.

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4

GO WITH THE FLOW

What the markets are doing on 2 July 2024

The EGX30 rose 0.1% at today’s close on turnover of EGP 4.3 bn (1.1% below the 90-day average). International investors were the sole net sellers. The index is up 12.4% YTD.

In the green: Alexandria Containers and Cargo Handling (+6.9%), Ibnsina Pharma (+5.1%), and Qalaa Holdings (+3.6%).

In the red: AMOC (-3.2%), Eastern Company (-2.9%), and Eipico (-2.6%).

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5

Founder of the Week

Meet Our Founder of the Week: Narima Ehab, Co-Founder of PÀO

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 Narima Ehab (LinkedIn), co-founder of PÀO.

My name is Narima Ehab Medhat and I’m one of the founders of PÀO, a bubble tea concept offering a thoughtfully curated selection of fruit and milk bubble teas, complemented by freshly cooked tapioca pearls. Our company name, PÀO, originates from the Mandarin word for “bubbles,” reflecting Taiwan’s cultural influence on our brand. I hold a degree in Strategic Communication from the University of Modern Sciences and Arts (MSA).

I began my career journey in the family’s business, Tradeline, for over 3 years in the marketing department after I graduated. Working in my family’s company was a learning phase in my career journey that allowed me to explore different sectors in the business world as well as how to tackle them.

PÀO originated from a childhood fascination that evolved into a business aspiration, alongside my partners, my sister Nada Ehab and my brother Medhat Ehab. During my travels through Europe and Asia, I often encountered bubble tea establishments and pondered the scarcity of such offerings in Egypt. This observation, coupled with the burgeoning demand and limited supply, inspired us to venture into the realm of bubble tea and establish our own Boba destination.

I was determined to execute the concept exceptionally. We sought extensive training from a renowned Tea chain in Taiwan, supplemented by expert consultation. This comprehensive training program spanned approximately two weeks and included both theoretical and practical aspects— from the origins of bubble tea to intricacies of tea brewing techniques, toppings preparation, and cooking methods.

Stepping out of my comfort zone and taking the risk was my biggest sacrifice. I had to take on new roles, learning new skills and facing challenges that I haven’t encountered before. It meant taking on new tasks, learning new things, and facing new challenges. Getting into PÀO’s finances was tough at first, especially budgeting since I hadn’t done much of it before.

Launching any business entails a learning curve. When we introduced PÀO, it was exciting to observe the customer response to bubble tea, a Taiwanese concept that is not widely familiar to Egyptian palates unless they’ve traveled abroad. Our primary learning curve revolves around comprehending our customers’ preferences and tastes. Thankfully, there are abundant opportunities for creativity and innovation.

So continuous learning is the most important advice. Invest time in understanding your brand and its potential for expansion, and persevere. Seize opportunities to avoid being overshadowed in the market.

The conception of being alone in starting up a business is false, at least in my experience. I am fortunate to have my siblings as partners on this journey. Having them around has made it easier to make important decisions, deal with uncertainties, and overcome challenges in starting a business.

The biggest strength in today’s Egyptian startup scene is the growth in local brands. Previously, consumers often relied on imported goods for quality products. However, it is great to see the expanding presence of local brands across various industries. This trend reflects a growing confidence in our aspirations and abilities. Our collective belief in realizing our dreams, coupled with the utilization of available resources and capabilities, serves as our greatest strength. Through harnessing our collective potential, we can foster success across all sectors.

For PÀO’s future strategies, our focus is on broadening the brand’s presence. We aim to extend our reach to additional governorates while upholding consistency across all our branches. Furthermore, we intend to educate the public about bubble tea and cultivate strong connections with our customers. Finally, we plan to venture into the B2B market, aspiring to establish ourselves as one of the leading bubble tea chains in the Middle East.

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ENTERPRISE ENTERTAINMENT CALENDAR

JULY

4-5 July (Thursday-Friday): Ahmed Helmy’s Memo at Grand Nile Tower.

5 July (Friday): Fertile Presence performance at Rawabet Art Space.

5 July (Friday): BAZAR By Sasson at Sol Beach Bar.

6 July (Saturday): Adeer Plaza Festival at Adeer Paza.

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

9 July (Tuesday): Cairo Comedy Club at Boom Room, Open Air Mall, Madinaty.

16-17 July (Sunday-Monday): Cairo Consultants Forum 2024 at Royal Maxim Palace Kempinski.

23 July (Tuesday): Revolution Day (TBC).

AUGUST

3 August (Saturday): Founders Live at MINT Incubator by EGBANK

SEPTEMBER

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

OCTOBER

6 October (Sunday): Armed Forces Day.

29-30 October (Tuesday-Wednesday): Intelligent Cities Exhibition & Conference (ICEC) at Waldorf Astoria.

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