Good afternoon, folks, and happy Monday. The news cycle here at home is as lethargic as we are on this sweltering second day of the business week, while regional developments continue to capture attention.
THE BIG STORY TODAY
Tourism incentives on the way? Egypt is planning to provide incentives to investors who are looking to complete the construction of any tourism facilities and projects before June 2026, Tourism Minister Ahmed Issa said at an industry event, Asharq Business reported.
Tourist arrivals so far this year verge on record highs: 4.6 mn tourists set foot in Egypt in the first four months of the year, generating some USD 4.3 bn in revenues for the tourism sector, Asharq Business quotes the minister as saying. This represents the second-highest number of tourist arrivals to be recorded in the first four months of the year, coming in just shy of 4M 2010’s record of 4.7 mn tourist arrivals.
THE BIG STORY ABROAD
Iranian President Ebrahim Raisi, 63, was found dead in a helicopter crash early this morning along with the country’s Foreign Minister Hossein Amir Abdollahian and several other officials. The helicopter crashed while traveling through the country’s mountainous northwestern region yesterday, according to state-run Islamic Republic News Agency. Raisi, a hardline president and protégé of Supreme Leader Ayatollah Ali Khamenei, represented a shift towards a more aggressive foreign policy since his appointment in 2021.
What does his death mean for politics in Iran? Vice President Mohammed Mokhber will take over as interim president until fresh elections are held within 50 days. Pundits expect that Raisi’s death is unlikely to result in significant changes to domestic or foreign policy in Iran, particularly as Raisi’s hardline politics has been “solidified among the higher echelons of Iran’s political and clerical leadership.” Politico, Foreign Policy, CNBC, Sky News, and BBC all have more analysis.
The Central Bank of Egypt is expected to leave interest rates unchanged when it meets on Thursday as inflation cools, FX inflows pick up, and the USD / EGP exchange rate stabilizes.
The House greenlights hospital privatization bill: The House gave preliminary approval to a new bill that will permit the private sector to manage and operate public hospitals and healthcare facilities in Egypt.
☀️ TOMORROW’S WEATHER- We’re going to have yet another hotter day — albeit slightly cooler than today — with the mercury hitting a high of 40°C and low of 29°C in Cairo, according to our favorite weather app.
Some of the smartest (and biggest) names in AI are once again flagging concerns about harnessing the technology. The dangers of AI are wide-ranging and addressing them may not be a high enough priority for the companies tasked with harnessing the technology, several leaders in the AI field and researchers following the technology are saying.
Let’s start with last week’s (fresh) turnover at OpenAI, which saw co-founder Ilya Sutskever and research scientist Jan Leike quit the AI giant. Both Sutskever and Leike had been key members of OpenAI’s “ superalignmentteam,” which is tasked with assuring that superintelligence remains aligned with human intent even as it outstrips our intelligence.
AI security is lagging behind: While Sutskever left the company quietly, Leike made clear that his departure stemmed from concerns that the company was not devoting sufficient resources — particularly computing resources — to researching AI safety. Leike was also quick to point out the heavy social responsibility AI developers are carrying. “Building smarter-than-human machines is an inherently dangerous endeavor,” Leike said in his resignation thread onX. “OpenAI is shouldering an enormous responsibility on behalf of all of humanity.”
There are others sounding the alarm: Professor Geoffrey Hinton, a pioneer of the neural network theory that underpins the technology, recently spoke to the BBC about AI’s potential social effects and military threats. In Hinton’s view, the value created by AI is going to disproportionately accrue to the rich, “and not the people whose jobs get lost.” Hinton left Google in 2023 after having an “epiphany” about the dangers of superintelligence.
Hinton has suggested that a universal basic income (UBI) might assuage this dislocation by providing an avenue for transferring wealth to displaced workers — though the benefits and feasibility of UBI as a panacea for AI-related labor market shifts remain up for debate. He is also calling for new “Geneva Conventions” to regulate the international application of AI technology to warfare, saying that the best position would be a wholesale ban on the use of military AI.
Bridgerton returns for its third season: Members of the Ton have gathered for the latest season of Netflix’s acclaimed 19th century drama, after the second season ended in early 2022. Since then, fans have been hoping for the storyline to bring together Penelope Featherington (Nicola Coughlan) and Colin Bridgerton (Luke Newton), particularly as the “Polin” relationship is a fan favorite in the original books by Julia Quinn.
What’s happening? The first episode shows Penelope struggling to cope with her conniving mother and sisters, along with the fallout with her best friend, Eloise Bridgerton (Claudia Jessie). She decides that her only hope is having a makeover to step into the marriage market and find a husband. Penelope lacks the skills to charm prospective suitors so she confides in Colin, who agrees to help her find a husband — and begins to develop feelings for Penelope.
Netflix has only dropped the first half of the season, but the reviews are already mixed:The first four episodes of the eight-episode season are out now (with the second half premiering on 13 June). Some critics are lukewarm about the new season so far: “The elevation of Penelope from a wallflower, observing and critiquing the Ton’s society, to the show’s protagonist, does her a disservice. Not least because the character is deeply flawed, exploiting her friends and family for the vicarious thrills of tittle-tattle,” the Independent says.
⚽ The Egyptian League continues today with round 24 and kicks off with three matches: Al Masry will face Enppi at 4pm, followed by Al Mokawloon Al Arab v Pharco and Al Ittihad Al Sakandary v Pharco, both at 7pm.
Over in Serie A, the following matches will conclude gameweek 37:
Salernitana vs Hellas Verona (7:30pm)
Bologna vs Juventus (9:45pm)
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? EAT THIS TONIGHT-
Syne doesn’t have a specific cuisine, serving up international staples and rare finds:Nestled in New Cairo’s Garden8, you’ll find the restaurant with a “whimsical twist” on its menu and in its interior.
Their take on the classics offers different flavors and experiences. We ordered the shrimp chowder soup, which had a fair ratio of creaminess to grit that makes it a hug in a bowl. To top it off, the soup comes with chargrilled shrimp skewers and popcorn — an unexpected but welcome touch that added an extra crunch. We also tried the fried shrimp tempura, which was juicy, with the breading resembling a fried haddock, but with a more fluffy, airy, and crispy texture.
The surf’n’ turf was stellar, but the Peruvian roasted chicken fell a bit short: We opted forthe surf’n’turf — steak with three chargrilled shrimps on top — with a side of mashed potatoes with gravy and spinach dip. The dish was as pleasing to the palate as it was to the eyes, and to us outperformed the Peruvian roasted chicken, which could have had less time on the barby. Although it was well-spiced, the chicken lost much of its juiciness while cooking.
We were too full for dessert, but were told that the cinnamon rolls and brownies are a hit.
Pro tip: They don't offer delivery, which means you’ll have to make your way to the branch in Garden 8 — and it can get crowded so you’ll have to reserve your spot prior via their Instagram.
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? OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
The National Museum of Egyptian Civilization (NMEC) is still hosting the Empower Her Forumuntil this Wednesday, 22 May. The forum is meant to promote creative empowerment for women in the art community, hosting women artists from around the world. More information will be posted on their Facebook page closer to the event.
Don’t miss your chance to be part of the future of design at The Design Show in CairoInternational Conventions Center from Wednesday, 22 May through to Friday, 24 May. Attracting over 20k industry professionals, architects, interior designers, furniture manufacturers, and design solution providers alike will converge to unveil their latest innovations. Register your interest to visit here.
Is nighttime running on your bucket list? The TriFactory and Palm Hills Developments are bringing you The Glow Run on Friday, 24 May for a 5k run through the landscapes of 6 October golf course with UV lights and neon signs to guide you — with a special guest DJ making an appearance at the start and finish line. Register here to get in on the fun.
There’s also Disco Arabesco at Theatro Arkan. Happening tomorrow, this theatrical musical show features two renowned troupes: Tablet el Sit and Fabrica. Not only will you be in the presence of good music but you will be giving back: The revenue from ticket sales for this event will be donated to Al Nas Hospital. Buy your tickets on Ticketsmarche.
Can’t sleep? Neither can Rawabet Art Space with Kenoma Theatre Company’s Insomnia from Thursday, 23 May till Saturday, 25 May. Written and directed by Moustafa Khalil and adapted in Arabic by Ahmed El Shamaa, this comedy-horror play explores the struggles of an individual battling sleeplessness. Get your tickets here.
The Flower Exhibition has opened its doors in the agricultural museum in Dokki and will continue for a month. 200 companies and more will be presenting a wide array of plants and flowers. They will be accepting visitors daily from 9am to 9pm.
Zawya’s Cairo Cinema Days is back: Zawya’s film program is a showcase of the latest and most prominent productions in Arab cinema within the past year. All through July 31, you can watch films from Palestine, Lebanon, Tunisia, Saudi Arabia, Jordan, Morocco, Sudan, and Egypt. You can find more information on this month’s film selection here.
Celebrate Disco Misr’s eighth album release at their concert on Friday, 24 May at Zed Park Sheikh Zayed. Grab your tickets here.
Soothe your ears and indulge in Youssra El Hawary’s soulful and intimate musical performance. The acclaimed singer-songwriter and her talented ensemble of musicians will be playing at Rawabet Art Space on Monday, 27 May. Get your tickets at Ticketsmarche.
Egyptian rapper Marwan Moussa will perform with Jordanian singer Aziz Maraka on Thursday, 30 May at Zed Park in Sheikh Zayed. You can also enjoy the concert online through the Minly app. (Zed Park Tickets | Online Tickets)
Brazilian DJ/Producer Mochakk will be performing at Saqqara Pyramids on Thursday, 30 May. This performance is part of his world tour, calling on different cities to perform including New York and Dubai. Get your tickets here.
Fusing Lebanese and Egyptian music, Disco Beirut will be performing at CJC with tunes from the '70s to the '00s all night long on Wednesday, 29 May. For reservations message their Facebook page.
For all you MMA enthusiasts, get ready for an adrenaline-pumping night with QADYA 04 at Madinaty Golf Club on Friday, 31 May. Experience the thrill of Mixed Martial Arts (MMA) as they bring you a night of intense fights, incredible athleticism, and unforgettable moments ringside as top fighters from around the world step into the octagon, ready to showcase their skills and determination. Get your tickets here.
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? UNDER THE LAMPLIGHT-
The Paris Novel by Ruth Reichl is a reminder to live in the moment. It’s atestament to living life to the fullest, taking chances, and finding your true home. The main character, Stella St. Vincent, lost her mother, who left her with one final wish — she wanted Stella to use her inheritance to head to Paris.
In response to a traumatic childhood, Stella lives a rather rigid lifestyle. The second chapter focuses on that episode of her life, which is graphic and could be upsetting for some. With this past under her belt, impulses and spontaneity don’t make her comfortable. However, after being encouraged by her boss, she gets on the plane and heads to France.
The novel is also an ode to the city of lights in the 80s: The novel follows Stella on her journey of experiences and self-exploration devouring everything that comes her way from foie gras to oysters to poetry to cheese. Yes, we know that the novel does sound a lot like Eat, Pray, Love but rest assured, it will offer something a little different to Liz Gilbert’s book.
The EGX30 fell 0.32% at today’s close on turnover of EGP 4.8 bn (0.8% below the 90-day average). Egyptian investors were net buyers. The index is up 9.4% YTD.
In the green: Orascom Construction (+5.3%), Talaat Moustafa Group (+3.0%) and EIPICO (+2.5%).
In the red: Eastern Company (-4.8%), Orascom Development (-3.9%) and E-finance (-3.3%).
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