Good afternoon, wonderful people. It’s THURSDAY, an occasion made that much sweeter by the fact that we’re ending the first week of Ramadan and the first full workweek of the holy month.
CORRECTION- In this morning’s edition of EnterpriseAM, we incorrectly referred to A Developments — which just landed an agreement with the Sovereign Fund of Egypt to develop the former Interior Ministry HQ in Downtown Cairo — as A Investments. The story has been updated on our web edition.
THE BIG STORY TODAY
National Paints Holding ups its offer for Pachin — again: The UAE’s National Paints Holding (NP) has boosted its offer for EGX-listed Paint and Chemical Industries (Pachin), according to a disclosure to the bourse. NPH is now offering to purchase at least 75% of Pachin for EGP 37.75 per share, up from its previous offer of EGP 36 per share. NPH’s latest bid for the company values Pachin at EGP 906 mn, according to our math.
LATER TODAY- The Central Bank of Egypt’s Monetary Policy is meeting to review interest rates. Six of seven analysts we polled expect the Monetary Policy Committee to hike rates by at least 200 bps as it tries to tamp down inflation and boost FX liquidity amid continued pressure on the EGP. A Reuters poll out earlier this week sees a median forecast 200-bps hike, while seven of 15 pundits surveyed expect a rise of 300 bps.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
Expect more social spending in the FY 2023-2024 budget: The Madbouly government plans to increase spending on food and fuel subsidies in the coming fiscal year as it aims to cushion the impact of soaring inflation on lower-income households.
More Gulf investors are reportedly interested in Palm Hills: Unnamed Saudi investors are mulling the acquisition of Arab African International Bank’s (AAIB) 12.9% stake in EGX-listed Palm Hills Developments.
Eagle Chemicals’ rival bid for Pachin goes live today: Shareholders of state-owned Paint and Chemical Industries (Pachin) have until market close on 12 April to decide whether sell shares to Eagle Chemicals or National Paints Holding (NPH), which have launched rival mandatory tender offers (MTO) for the EGX-listed firm.
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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- 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- We’re getting some beautiful weather over the weekend, with daytime highs of 23°C tomorrow and 24°C on Saturday, and nighttime lows of 11°C and 14°C.
We are delighted to share with you that the Enterprise Exports & FDI Forum will be taking place on Monday, 15 May at the Four Seasons Hotel at Nile Plaza.
DO YOU WANT TO ATTEND? The first wave of invites is going out soon. If you’re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please TAP OR CLICK HEREto request a spot at this exclusive event.
Your kids’ case for getting a pet just got a lot more compelling — and it’s all based on science: New research led by Fukushima Medical University’s Hisao Okabe examining the effects of pet ownership on the prevalence of allergies in children suggests that fetus and infant exposure to pets actually reduces the risk of allergic diseases, the Wall Street Journal reports. The study examined 100k fetuses in Japan, with pregnant mothers responding to questionnaires on a broad range of questions from maternal history of allergies, to cleaning habits in the household, to the children’s nutrition.
Interestingly, the study found that while exposure to pets did reduce allergies among young children, the type of allergies differed based on the type of pet the family owns and the allergen type. Having an indoor dog in the house, for instance, reduces the likelihood of being allergic to eggs, milk, and nuts. Cats, on the other hand, reduce the incidence of sensitivity to eggs, wheat, and soybeans.
Why is that? “Pet exposure may increase abundance of certain gut microbes as well as contribute to the diversity of gut bacteria,” all of which are factors that could have a positive impact on the tendency of allergies to develop in children, Okabe said, according to the WSJ.
Your next hotel stay probably isn’t going to have daily housekeeping: Household hotel chains like the Marriott and Hilton will no longer be cleaning rooms daily — unless guests specifically request it, the New York Times reports. Save for top-tier luxury hotels like the St. Regis and the Ritz-Carlton, hotel guests need to manage their expectations in terms of their rooms’ tidiness and cleanliness. Some hotels even put “incentives” like additional loyalty points to dissuade visitors from what is now portrayed as an unnecessary practice.
The reason? A combination of factors according to hospitality professor and expert Bjorn Hanson, NYT reports. Chief among those is cost and staffing, as expected. But sustainability and guest privacy are also allegedly factors behind the change: “Some guests may have varying levels of comfort with someone entering their rooms,” a Hilton spokesman was quoted as saying in the article.
We’re not quite sure that’s the real reason: If guests need more privacy, the “do not disturb” sign is always available. It’s more likely that cutting costs during the pandemic is one legacy the industry wants to maintain — even as occupancy rates are projected to bounce back to 64% in 2023, after covid-19 cost the industry USD 108 bn between 2020 and 201, according to a report by the American Hotel & Lodging Association and Kalibri Labs.
And hotels’ cleaning staff aren’t too thrilled, either. While the change in cleaning schedules may form a minor inconvenience to hotel-goers, it has much more serious ramifications for the establishments’ staff: Over USD 5 bn in cut wages per annum for cleaners —with women of color being particularly vulnerable to their hours being reduced, a 2021 report (pdf) by Unite Here has found. And the immense financial blow aside, cleaning rooms less frequently is actually more taxing physically on hotels’ staff, seasoned hotel staffer Elena Newman is quoted as saying. The reason is simply that as dirt and trash pile-up, they simply become more time consuming to clean up.
El Harsha El Sabaa is getting mixed reviews, but we think it’s (almost surprisingly) well done — and relatable for most: This mosalsal follows Nadine (Amina Khalil) and Adam (Mohamed Shahin) as they navigate the ups and downs of their first seven years of marriage — which is when popular belief holds that El Harsha El Sabaa, or the “seven-year itch” of declining happiness in a marriage starts to take hold. The series begins in 2016, when the couple first gets married, and runs through the following seven years, which brings happy moments during the honeymoon phase, moments of friction over their different lifestyles, and moments of tender emotion as they endure life’s curveballs. The show also looks at parallel story lines, including the budding relationship between Salma (Asmaa Galal) and Sherif (Aly Kassem), which delivers plenty of touching moments and some powerful commentary on coping with difficult childhood experiences. You can watch El Harsha El Sabaa on Shahid.
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⚽ There are three matches kicking off in the Egyptian Premier League tonight, all at 9:15pm: Ceramica Cleopatra v Arab Contractors, Enppi v National Bank, and Smouha v Al Ismaili.
Tomorrow, also at 9:15pm: Pharco v Aswan and Ghazl El Mahalla v Al Ittihad.
A foregone conclusion for Zamalek and Al Merrikh: Zamalek plays host to Sudan’s Al Merrikh in the final breath of the U-23 Africa Cup of Nations’ group stage, tomorrow at 9pm. The outcome of the match is inconsequential to either team, after both missed their chance to qualify for the next round thanks to a wide point differential with ES Tunis (10 points) and CR Belouizdad (9 points). Zamalek is at the bottom of the group with 4 points, while Al Merrikh is in third place with a total of 5 points.
One last chance for Al Ahly: Al Ahly heads out for its final group stage match in the CAF Champions League against Sudan’s Al Hilal at 9pm on Saturday at 9pm. The Red Devils have no choice but to secure a victory to be able to qualify for the quarter-final round, as it’s currently in the third spot with 7 points, lagging 3 points behind second-spot Al Hilal. A tie or a loss would mean the end of the road in the championship for Al Ahly.
European leagues are coming back to life tomorrow as the international break comes to an end, bringing us a fresh batch of matches:
RCD Mallorca v Osasuna (La Liga — 9pm)
Marseille v Montpellier (Ligue 1 — 9pm)
Eintracht Frankfurt v VfL Bochum (Bundesliga — 8:30pm)
Super Saturday is going to be super indeed: This Saturday brings us a number of exciting matches in the major European leagues, with the standouts being the Man City and Liverpool’s face-off in the English Premier League and Dortmund v Bayern in the Bundesliga.
Man City plays host to Liverpool as we kick off Gameweek 29 in the English Premier League, with the match scheduled for 1:30pm this Saturday. Man City (61 points) needs the full three points to continue playing catch-up with Arsenal, which is at the top of the league with 69 points. Liverpool — in sixth place with 42 points — also can’t afford to let any points slip through its fingers to ensure it qualifies for the UEFA Champions League. There’s still uncertainty about whether or not Man City star Erling Haaland will make it to the pitch, after the striker suffered an injury that forced him to pull out of his national team over the international break.
More from the Premier League on Saturday:
Arsenal v Leeds (4pm)
Brighton v Brentford (4pm)
Crystal Palace v Leicester (4pm)
Nottingham Forest v Wolverhampton
Bournemouth v Fulham (4pm)
Chelsea v Aston Villa (6:30pm)
With just 10 Gameweeks left, you still have a chance to join the Enterprise Fantasy League and compete for a special prize at the end of the season. Just click this link, or enter the code 8o4sut.
Over in the Bundesliga, Bayern v Dortmund is going to be a highlight: The battle between Bayern Munich and Borussia Dortmund in Matchday 26 of the Bundesliga kicks off at 6:30pm on Saturday. Bayern — which has been the title holder for the past 10 seasons — is currently in second place in the league with 52 points, just one point behind Dortmund, which currently sits at the top of the league. The match will be the first trial for Thomas Tuchel, the Bavarians’ new head coach who took over the team after Julian Nagelsmann was sacked.
And the most important European league matches we plan to watch this Saturday:
Elche v Barcelona (La Liga — 9pm)
Inter v Fiorentina (Serie A — 6pm)
Juventus v Verona (Serie A — 8:45pm)
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? EAT THIS TONIGHT-
Our first insta-ready Ramadan dessert recommendation of the season:Chouchou’s line-up of Ramadan-themed éclairs. The selection of elegant éclairs are sure to be a crowd pleaser as a treat for both your eyes and your taste buds. Whether you intend to enjoy them with friends, or alone (don’t worry, we won’t judge), the Ramadan box will be an impressive and delicious part of your post-iftar experience. Flavors to look out for include basbousa vanilla orange blossom, qamar el din, and karkadeh (hibiscus) lemon. Chouchou has set up shop in Sheikh Zayed’s Arkan.
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? OUT AND ABOUT-(all times CLT)
We’re a week into Ramadan — 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.
The Cairo Opera House is bringing us an instrumental version of Ramadan dramas’theme songs. Maestro Ahmed Amer and his orchestra are performing on Sunday, 3 April at 9:30pm — doors open at 8:30. The tickets are available online here.
Pick up new fabric skills with a Macrame workshop: Starting today until this Saturday, 1 April at Gusour Cultural Center you will have the chance to learn with Martina Luther the fundamentals of this art form through her workshop.
Enjoy oriental music in the AUC Tahrir Cultural Center garden today at 8:30pm. Zaii Zaman — a trio of violin, oud, and double bass players — will be playing traditional Arabic music to their audience. This event is open to the public and is without charge.
Attend a Sufi Dance Performance tomorrow at Dawar Arts. Immerse yourself in the season with a mulit-faceted cast and crew who will provide a performance of dance, poetry and singing.
Love the drum? Join a drum circle tomorrow with Mostafa Baccar at Gusour Cultural Center. There will be two 50-minute drum circles, the first at 8pm and the second at 9pm. Check out their page on Facebookto know more details about the event.
The Comedy Bunch’s “Make’em Laugh 16” at Art Room Space in New Cairowill be stirring some chuckles this Saturday, 1 April. Want to have your shot at stand-up? This will be your chance as there will be an open mic during the evening. Visit their Facebook page to learn more details and register.
Get moving after iftar with Trifactory’s Relay Run next 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 in Beit Yakan in Al Darb El Labbana puts on a show adapting Goha’s famous anecdotes, along with other short scenes from Egyptian folklore with enduring messages. The production will run on 5, 7, and 8 April, with ticket proceeds going to public sector children’s hospitals. For more information, check out the event’s Facebook page and for reservations click here.
Want to make new friends in the great outdoors?Head over to the Wadi Degla Protectorate next 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.
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? EARS TO THE GROUND-
Tuck into a smooth retelling of Arab heritage stories: Kerning Cultures’ Hkayat Ramadan is a two-season show that narrates a series of stories from Arab heritage, with each story giving us a little bit of insight into historical events or social dynamics during a specific time in Arab history. The episodes narrate stories such as that of Shaghab, a slave to an Abbasid-era caliph, who falls in love with a trader before eventually becoming queen-mother and using her newfound power and influence to elevate the status of women within the caliph’s court. Each bite-sized episode of the two-season show runs under 10 minutes long, making it a nice, light listen to indulge in while you enjoy your post-iftar caffeinated beverage of choice.
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? UNDER THE LAMPLIGHT-
Nobel Prize laureate Kazuo Ishiguro’s The Remains of the Day transcends the claws of time with its simplicity and universal humanity. The book is a work of historical fiction that earned its writer the Booker Prize in 1989, and despite being published over three decades ago, the novel has become a classic that continues to capture readers today. The story takes us back to post-war England where the impossibly dutiful Stevens takes a trip through the countryside and reminisces about his long years as a butler for late Lord Darlington with immense reverence and nostalgia. As the memories flurry in his mind, Stevens slowly begins to realize perhaps his unwavering devotion clouded his judgment of Lord Darlington’s nature and political affiliations as the Nazis rose to power. The book was adapted to the big screen in 1993 starring Anthony Hopkins, Emma Thompson, Hugh Grant and Chritopher Reeve and was nominated for eight Academy Awards.
Juhayna Food Industries reported net income after tax of EGP 164 mn in 4Q2022, up 351% y-o-y, according to their earnings release (pdf).The company recorded EGP 3.2 bn in revenues during the period, up 40% y-o-y.
MARKET ROUNDUP-
The EGX30 rose 0.04% at today’s close on turnover of EGP 1.87 bn. Foreign investors were net sellers. The index is up 12.5% YTD.
In the green: Oriental Weavers (+4.1%), CIB (+2.2%) and Abu Qir Fertilizers (+1.5%).
In the red: Sidi Kerir Petrochemicals (-4.2%), AMOC (-3.5%) and Rameda Pharma (-2.9%).
Have Ramadan jingles completely taken over your mind like us or are you normal? How is it that even after we have refined the speed of our “skip ad” button-hitting skills into a competitive sport, we still end up learning all the songs by heart? But we have to hand it to the creatives in the industry: Some of that stuff is pretty good. And let’s face it, it’s part of the holy month’s charm.
Vodafone is leading the telecom behemoths with 20 mn views on Youtube as Amr Diab’s unmistakable voice reminds us of all the people whose unwavering love and support make life worth living. Parents, friends, partners — the ad is about being grateful for the proverbial backbones we sometimes take for granted. Mo Salah, his wife Magi, and their two little girls make a heartwarming appearance that gets us all emotional when the football megastar holds his wife as the lyrics describe how she believed in him and stuck with him through it all (watch, runtime 2:52).
Etisalat opted for an inspirational message about being your own competition. The ad featured some of the country’s most recognizable faces including musician and composer Omar Khairat, singer Wegz, and squash champion Nour El Tayeb — twofold. The idea being to promote the fact that the only person you must challenge and surpass is the one you see in the mirror (watch, runtime 2:03). It’s an interesting take, but we can’t help but see the uncanny similarities with this Porsche ad (watch, runtime: 1:00).
WE kept things light and cheerful with Donia Samir Ghanem as she recounts all our favorite things about Ramadan — from big gatherings, to favorite desserts, outings and more (watch, runtime 2:16).
Orange, however, did not take any prisoners and hit us right in the feels with an ode to the go-getters: The working moms, job-seeking youth, and small business owners. Luckily the clip ends on a happy note with all their hard work being rewarded as Hussein al Jasmi serenades us about “Rizq,” or how God provides. The anthropologically-inclined among us might rightfully see this as a nod of encouragement to all those currently undergoing financial stress (watch, runtime 2:34).
Memaar al Morshedy’s ad charmed us thanks to the graceful Razane Jammal. The Lebanese-British actress was featured dancing and singing along with Mahmoud el Esseily as they danced on a beach to promote the developer’s latest coastal community, Zahra (watch, runtime 2:53).
Talaat Moustafa Group (TMG) has not one, but two lengthy commercials for Madinaty. The first one, which features actor Karim Abdel Aziz, is a documentary-length ad for the gated city, which reportedly houses a staggering 600k people (watch, runtime 3:31). The second video is less factual and leans more towards the typical gated community-style ad with Amr Diab taking over the soundtrack (watch, runtime 2:13).
We can’t conclude without a tip of the hat — or a standing ovation — to Sir Magdy Yacoub. At this point, we have perfected sobbing in front of our screens down to a science. And we are sure you will too. The famous cardiothoracic surgeon’s renowned institution — the Magdi Yacoub Heart Foundation — is behind an ad where we are reminded of the strength of the littles. The commercial’s song, performed by Angham and Esseily, pays homage to young patients suffering from heart conditions and reminds us of our collective responsibility to do everything in power to alleviate their pain so that they may enjoy the blissful childhoods all kids deserve (watch, runtime 1:36).
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