Good afternoon, folks, and happy Monday. Our news cycle is starting to gain some traction as we finish the second day of this business week.
THE BIG STORY TODAY-
We just got the second tranche from the Ras El Hekma agreement: The Abu Dhabi wealth fund ADQ has delivered the second tranche of Ras El Hekma agreement on Sunday, a senior government source confirmed to Enterprise. The tranche consists of USD 14 bn fresh inflows and USD 6 bn in the form of a previous UAE deposit at the Central Bank of Egypt.
Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and our competitive advantages are clear to many of them: We’re a massive consumer opportunity and the regional export hub of tomorrow.
…but here at home, our community is in a rut. The enthusiasm gap between domestic business leaders and global investors is stark.
We’d all do well to remember: It’s a chicken-and-egg kind of thing. Foreign strategic investors will be reluctant to commit capital here until they see Egyptian businesses leading the way.
The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are “long Egypt.”
We’ll be talking with you about the agenda over the coming couple of weeks.It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.
*** Interested in attending? Tap or click here to let us know. Seating is limited.
THE BIG STORY ABROAD-
The Israeli assault on Gaza is still dominating the foreign press this afternoon.Israeli forces have re-entered the once abandoned ruins of Northern Gaza where it “claimed to have defeated Hamas” in the past months, meanwhile military tanks and personnel are making their way into Rafah leaving the Palestinians to move again to find shelter. Antony Blinken, US Secretary of State, added that Israel is instigating a “Hamas insurgency” in Gaza, adding that there will be armed militias in the region, regardless of Israel’s attack on Rafah. (Bloomberg | Reuters)
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
The inside story of what’s really happening with the Qalaa Holdings debt buyback:We spoke with Qalaa Holdings’ chairman Ahmed Heikal yesterday to get the inside track on the company’s debt buyback transaction and why he thinks it’s good for shareholders.
QatarEnergy to snap up stakes in two offshore exploration blocks: Qatari state-owned oil and gas company QatarEnergy is set to acquire a 40% working interest in ExxonMobil’s Cairo and Masry offshore concessions under a farm-in agreement inked by the two parties.
☀️ TOMORROW’S WEATHER- The mercury will hit 30°C at its highest and 17°C at its lowest in Cairo tomorrow, according to our favorite weather app.
Miners are aiming to tap into cosmic resources. A tiny satellite shot into space in 2023, led by AstroForge, kicked off a big mission: Mining asteroids. The plan did hit some snags, but it’s part of a growing trend of companies wanting to mine space rocks — providing easier access to materials and potentially reducing environmental damage to our beloved blue-green planet that we call home, Undark Magazine reports.
Why go so far away? Asteroids are rich with metals like platinum and cobalt, which are found in electronics and batteries. While we might excavate them on Earth, asteroids have them in higher concentrations making them easier to extract — and these metals can open doors to advancing in clean technology to create “platinum-based batteries” that have lasting storage that can be used in “electric vehicles and energy-storage systems.”
Past attempts at space mining have failed, but companies have risen to the challenge. The cost of launching rockets was a king's ransom, which made it hard for companies to turn a profit. There were also no clear rules about space mining: Whether it was legal or how to do it responsibly — which made investors hesitant to take on this venture. TransAstra, Karman+, and AstroForge are taking another swing at it as reusable rocket systems are more available alongside improvements in materials science and manufacturing techniques.
Not so fast. Before they dig into space there are some things that need addressing. Space mining could potentially add to pollution and create more junk in orbit — a study suggested setting aside parts of space, like we do with nature reserves here, to protect our cosmic backyard. Also the concept of establishing rules where everyone agrees on how to mine and to take care of the environment is essential.
If you pick your cookie off the floor in five seconds it’s still good, right? You could be wrong, tells us National Geographic. Science has revealed that the five seconds rule relies on how moist the item of food is, the surface it dropped on, and how long it stayed there.
Duration of exposure is paramount. The longer food is exposed to a surface, the more bacteria transfer occurs, according to this study published in 2021. That doesn’t exactly mean we get a 5-second head start against the germs, but it does suggest the rule holds some water.
Wet food vs dry food. Food scientists, Donald Schaffner and Robyn C. Miranda, conducted a study that showed bacteria transfer was highly dependent on the level of moisture in the food. They tested watermelon (wet food) against bread (dry food) and found that the watermelon picked up more bacteria.
What’s the verdict? Based on the scientific input, use your good judgment. There should be some evaluation of the situation and what potential bacteria might be picked up. Food scientist, Paul Dawson, who conducted this study, said “Ninety-nine percent of the time, it’s probably safe, but If you’re in a hospital and you drop something, you probably don’t want to eat it.”
Murder mysteries solved by…ghosts? Edwin (George Rexstrew) and Charles (Jayden Revri) are best friends and the best detective duo in the (mortal) world. They just also happen to be dead. Dead Boy Detectives follows the two protagonists, one from 1910 and the other from 1990, alongside psychic Crystal and her friend Niko, as they solve people’s murders and run away from Death. The show is based on just a few pages from Neil Gaiman’s The Sandman and the showrunner is Steve Yockley who brought us Supernatural and The Flight Attendant.
But it’s not all bleak. The charm of the show comes from the teens being teens — silly, dramatic, and heartfelt. It’s difficult not to root for the kids trying their best to survive while they help others pass onto the afterlife — something they’re unable to do themselves as their murders were never solved. The show’s procedural structure — each episode is dedicated to one mystery, which is solved by the end of runtime — keeps things fresh while lingering mysteries build up in the background.
⚽The Reds are merely an obstacle for the Villans to cross. Aston Villa will host Liverpool at 10pm tonight as part of gameweek 37 of the Premier League. The Reds have already lost their chance at competing for the league and secured their third-place ranking, so this match won’t be piling on the pressure. The Villans, on the other hand, are still trying to maintain their current fourth-place standing (with 67 points) to qualify for The Champions League and evade Tottenham that is hot on their tails in fifth place.
La Blaugrana has eyes on second place: Barcelona will host Real Sociedad at 10pm tonight, for the end of gameweek 35 of LaLiga. The Catalan is seeking to seize second place from Girona, which is ahead by two points. Meanwhile, Sociedad occupies seventh place and is seeking to occupy a qualifying position for one of the European tournaments.
?EAT THIS TONIGHT-
Related
Have you tried Mōko chocolates yet? This Egyptian chocolatier has only three branches in Cairo, one in Sheikh Zayed’s Arkan Plaza and the other two in New Cairo’s District 5 and Uvenues.
It resembles a Willy Wonka factory with all the different shapes, colors, flavors, and types of chocolates. The diverse array of artisanal chocolates covers every taste bud from Egyptian Lime to Creamy Peanut Butter flavored chocolate. They even have ice cream, brownies, crepes, waffles, cookies, macarons, pastries, drinks, and more.
We tried their hot chocolate, crepes, and chocolate bars. We were surprised to know that they do offer hot chocolate with dairy alternatives that didn't alter the taste (hurrah). The drink was still velvety smooth and had just the right amount of sweetness. For our first desserts, we went for the crepe with chocolate and strawberries: The cocoa-infused spread is even better than Nutella (sorry, fans), and the strawberries were freshly picked. We also picked two chocolate bars, the Praline n’ Pistache, and the Praline n’ Hazel — and yes, we licked our fingers afterwards.
This could be a good spot to get some sun on a cooler day and get some work done — but don’t overdose on the sugar. The seating area is quite cozy with a few chairs and tables enough for you to also enjoy your treat and go. But their chocolate bars are available on a number of delivery services, which they have listed in their highlights under ‘Find Us’, that includes Talabat, Breadfast, Rabbit, Botit, Gourmet and more — but for the other stuff you’ll have to make the trip to the store.
Mōko is definitely not just a place to get a treat, it’s an experience — and we can happily say for all our gluten-intolerant readers that their chocolates are gluten-free, but for our lactose-intolerant readers, it just might be worth the stomach ache. They also make lovely gifts to carry along with you on visits as their boxes present the chocolates beautifully.
Related
? OUT AND ABOUT- (all times CLT)
The Sleeping Beauty on the Grand Stage: The Cairo Opera Ballet Company and the Cairo Symphony Orchestra only have two remaining shows of Tchaikovsky’s The Sleeping Beauty at the Zamalek Opera House. Grab tickets for the fourth (tonight) production from Tazkarti.
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. Throughout a three-month period, 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.
Experience true culinary discovery at Flavor Republic’s Cairo Food Week. The week-long event being held at Downtown District is continuing through to Thursday, May 16. You can follow the event itinerary here and grab tickets for each of the individual events here, but expect prices to make a dent in your bank account. You can get to know the co-founders of Flavor Republic, Hoda El Sherif and Sherif Tamim, in this edition of Founder of the Week.
An art exhibition that supports both Egyptian contemporary artists and a local charity. The eighth edition of Le Printemps Des Artistes will take place at Villa Magenta in Heliopolis this Friday, 17 May till Saturday, 18 May. Entry is open to the public and free of charge.
HAPPENING LATER-
The National Museum of Egyptian Civilization (NMEC) is hosting the Empower Her Forumstarting Sunday, 19 May, to 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.
Celebrate Disco Masr’s eighth album release at their concert on Friday, 24 May at Zed Park Sheikh Zayed. Grab your tickets here.
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)
Rawabet Art Space is hosting Turning Tables, which looks at human relationships and the complexities of the past that shape our identity and personalities. The play is written and directed by Hani Eskandar and is performed in English. The performances will run over three days from Thursday, 16 May through Saturday, 18 May from 8pm.
To celebrate 40 years of musical excellence, the legendary Omar Khairat will be taking the stage at Abdeen Palace. Dress to the nines for this event, which is taking place on Friday, 7 June. Tickets can be found here, ranging from EGP 1.5k to EGP 5k.
The return of the Caesar: Legendary singer Kazim Al Sahir is set to perform in Egypt on Friday, 28 June as part of his global concert tour. Booking details will be coming soon, so keep your eyes peeled.
Related
? UNDER THE LAMPLIGHT-
We All Want Impossible Things and this book makes it okay. Best friends Ash and Edi, who grew up near each other in Manhattan, endure tough moments when Edi is diagnosed with ovarian cancer and Ash goes through a divorce.
After enduring grueling treatments for three years, Edi is given a heartbreaking talk by a hospital social worker, urging her to make the most of her remaining days elsewhere. This pushed Ash to suggest a hospice in western Massachusetts, where she now resides. Initially resistant, Edi and her husband, Jude, eventually agree, finding solace in the decision amid the chaos of Edi's illness.
The EGX30 rose 0.9% at today’s close on turnover of EGP 2.3 bn (52.7% below the 90-day average). Foreign investors were net buyers. The index is up 2.0% YTD.
In the green: Madinet Masr(+3.4%), Ezz Steel (+3.4%) and Orascom Construction (+3.3%).
In the red: Eastern Company (-3.6%), Oriental Weavers (-2.8%) and Telecom Egypt (-2.4%).