Battle of the rivers

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Eleven MoUs signed with Iraq on tourism, trade, and more

Good afternoon, wonderful people, and happy hump day. The news cycle is still relatively calm today — as it was this morning.

THE BIG STORY TODAY

Egypt and Iraq signed a total of 11 MoUs earlier today during Iraqi Prime Minister Mohammed Shia Al Sudani’s visit for the Iraqi-Egyptian joint higher committee meeting, according to a cabinet statement. The agreements include one for technical cooperation to help Iraq join the World Trade Organization; one on developing SME activity, which Iraq’s central bank and Egypt’s MSME Development Agency signed; an agreement on tourism cooperation between Egypt and Iraq’s tourism and antiquities ministries; and one between the two countries’ foreign ministries on diplomatic training, among others.

THE BIG STORY ABROAD

A Russian strike on Ukrainian President Volodymyr Zelensky’s hometown is dominating the headlines in the international press. The missile attack on an apartment building in Kryvyi Rih has claimed 10 lives and injured 28 more, and comes after Ukraine’s counter-offensive efforts against the Russian forces. BBC| Financial Times | Reuters| Bloomberg| CNBC| Associated Press

The Enterprise Finance Forum is our flagship gathering — the one so many of you have been waiting for. The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings. Stay tuned for more information on the location.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations just after the 30 June holiday.

Do you want to become a commercial partner? Email mtaalab@enterpriseadvisory.com.

STAY TUNED for more detail about our exciting agenda in the weeks to come.

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

That’s a wrap on the budget: The House of Representatives yesterday gave its final approval to the FY 2023-2024 budget and socioeconomic development plan after just two days of debate.
Greek Campus, MQR are now one:The Greek Campus and coworking space provider MQRhave entered into a definitive merger agreement, creating what they say is the MENA region’s largest community of entrepreneurs.
No line of credit has been opened with India, Supply Minister Ali El Moselhy told Reuters, after Bloombergquoted him as saying that the country would provide us with a loan of unspecified value. "Nothing of the sort has been implemented but there are discussions so that we can trade in local currencies of countries like India, Russia or China," El Moselhy told Reuters.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.

That said, we're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

During the program you will learn:

The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;
How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
How to develop sources that will give you the key insights needed to tell a complete story;
How to communicate these stories with the confidence and language of an insider.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

☀️ TOMORROW’S WEATHER- Welcome back sunny skies tomorrow with the mercury rising to a warm 35°C and dropping to a cool 22°C when the sun sets, as per our favorite weather app.

Scientists want to know: Is the Nile actually the world’s longest river? Plus: Is ManU ending up with a Qatari owner?

Scientists are planning expeditions to reach a consensus on which river is the world’s longest, the Washington Post reports. Although conventional wisdom holds that the Nile River — whose length stands at 4.1k miles — is the world’s longest, some are vehemently arguing that it is the Amazon, which follows closely with 4k miles, according to the US Geological Survey and Britannica. But numbers aren’t enough to settle the dispute.

A new mapping attempt to settle things: Scientists have planned a seven-month-long expedition to attempt to map the Amazon for more accurate data with the support of organizations like the Explorers Club. They intend to journey through the Nile next. However, the expedition is not as straightforward as many may think. Rivers are far from stagnant bodies of water: In 1846, the Amazon measured 3.2k miles, while the Nile was 2.7k miles long, the Maps of Useful Knowledge atlas says, according to the WaPo. These changes are due to shorelines shifting, canals affecting water paths, and the lack of consensus on where a river begins and ends, the newspaper.

There’s also the issue of safety as drug traffickers and river pirates can prove dangerous — if not deadly — to people attempting the journey like slain solo kayaker Emma Kelty whose body was found earlier this year.

Could the Red Devils be getting a Qatari owner soon? Manchester United’s stock rose a whopping 30% in premarket trading as a report emerged today claiming that Sheikh Jassim bin Hamad Al Thani, son of former Qatari Prime Minister, is likely to be announced the preferred bidder for buying the club, CNBC reports citing Qatar’s Al Watan newspaper. The club’s owners — the Glazer family — have also been engaged in extensive talks with British b’naire Jim Ratcliffe since the initiation of the sale process last year. Earlier reports suggested that Ratcliffe was better positioned to snag the purchase as he reportedly outbid his Qatari rival.

Watch these three former first ladies’ impact on modern America

? ON THE TUBE TONIGHT-
(all times CLT)

The First Lady on Starz Play shares the stories of three of America’s most memorable former first ladies across three different American epochs. The series illustrates how they met their husbands, the role they played as they climbed their ladder to power, and how, today, they are managing their status as first ladies beyond the White House. The performance of the lead actresses makes this series a true pleasure as you see them transform themselves into the iconic women they play and immerse themselves in the controversial times that they were experiencing. Gillian Anderson plays Eleanor Roosevelt, Michelle Pfeiffer plays Betty Ford, and Viola Davis takes on the role of Michelle Obama. Look for moving moments such as the arrival of the Obamas to the White House, or the determined Eleanor Roosevelt whose resilience and belief in her husband pushed him to become the legendary figure he is today despite battling polio. Observe how Betty Ford fought for women’s rights, despite the resistance from the White House and how she advocated for breast cancer awareness and support.

The “Traces of Egypt” Exhibition wraps this Thursday, 15 June. The exhibition, which began in late March at the Grand Egyptian Museum, is organized by Egyptian-German artist Susan Hefuna and celebrates the country’s Khayamiya tradition through 28 dresses celebrating local artisans and their craftsmanship.

Check out Fetch-the-Sketch this Thursday, 15 June at 5-9pm in Darb 15in Maadi. This one-day, three-hour workshop on sketching and illustration aims to discover your creativity and explore your drawing abilities. For more information on materials and reserving a spot, visit their Facebook page.

Lebanese mega star Elissa will be performing in Alexandria on Friday, 16 June in Alex West’s Club. Also performing on stage are Massar Egbari and comedian Alaa El Sheikh. Just remember that doors open at 2pm. Click here to reserve your tickets.

Calling fans of composer Hany Shenouda and his unique music: Don’t miss out on Shenouda’s concert, along with several other singers, at Cairo Festival City’s Marquee theater on Friday, 16 June. You can get tickets on Ticketsmarche.

Hiba Tawaji is back with her first concert in Cairo after three years: The Lebanese singing sensation will be performing in the Cairo Opera house on Friday, 16 June starting from 8:30pm to celebrate the release of her new album, Ba’d Seneen. The performance will be conducted by Maestro Ahmed Aweida and under the supervision of Oussama El-Rahbani. Click here to reserve your tickets.

Egyptian soprano Amira Selim will perform at the National Museum for Egyptian Civilization on Wednesday, 21 June to celebrate the one-year anniversary of the museum’s inauguration. Doors open at 7:30pm and the performance begins at 9:30pm. You can book tickets here.

You can catch El Sofara’s Ahmed Amin at the next SoldOut live interview with TV host Mahmoud Saad on Thursday, 23 June at El Falaki theater at 8:30pm. The live interview will be followed by a performance by singer Nouran Abou Taleb. Tickets for both events are available on Tazkarti.

Cairokee Empire returns: Cairokee is hitting the stage with two mega-concerts at New Cairo’s Manara Arena on Thursday, 27 June and Saturday, 29 June. Tickets are available on Tazkarti here and here.

The Days of the Shining Sun, an Arabic novel by Egyptian author Miral El Tahawy, endeavors to answer the question: Will traveling to a new land add more meaning to life? In her second novel tackling the issue of immigration, El Tahawy extends that the land that immigrants claim as a space to achieve one’s dreams is actually a grave they are buried into. The novel opens with a shocking event, the suicide of Gamal, who lived in this new land while suffering from an identity crisis. Thus, the novel shares the reality that immigrants face — that they are not escaping the harsh reality of their own countries. The novel is set in a fictional city called The Shining Sun on the western borders of the US, which is a hotbed for illegal immigrants. We meet Ne’am, and her friends Nagwa and Fatima. As the novel unfolds we observe tragedy, as an unnamed construction worker brings a gun to his son’s school to obligate everyone to listen to what he has to say. The illegal immigrants also find themselves coveted for their openness to take on often high-risk jobs because of their illegal status, a situation that impacts how society views them. Nevertheless, the novel ends as it began — a death by suicide. This time, it is Mimi, an African woman who escapes genocide in her own nation to ironically die in a strange land. In turn, the novel rules out the common myths surrounding immigration as a pleasant experience and makes us face the harsh reality of a life that can implode at any moment. The novel was short-listed for the International Prize for the Arabic Novel (also known as the Arabic Booker) in 2023. You can get your hands on a copy from Diwan Bookstores or the Abgad app.

What the markets are doing on 13 June, 2023

The EGX30 rose 0.9% at today’s close on turnover of EGP 3.84 bn. Foreign investors were net sellers. The index is up 22.4% YTD.

In the green: Mopco (+20.0%), GB Corp (+6.4%) and Telecom Egypt (+4.7%).

In the red: TMG Holding (-2.1%), Egypt Kuwait Holding (-2.0%) and Madinet Masr (-1.9%).

Meet our founder of the week: Fares Senior, founder and CEO of E-Combo

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 Fares Senior (LinkedIn), founder ofE-Combo.

My name is Fares Senior and I’m the founder and CEO of E-Combo, a social e-commerce service platform that facilitates procedures for freelance marketers operating from Egypt and selling products in the UAE. I graduated with a bachelor’s degree in law from El Sadat Academy for Management Sciences but my career in law was relatively short-lived because digital marketing has always been my ultimate passion. I worked as a marketing manager for Pixel Arabia, a Saudi media agency, and then moved on to become a freelance affiliate marketer for a couple of years before deciding to set up E-Combo.

I decided to launch E-Combo because I felt it was time to start my own journey. I got my fill from working as a freelancer and a corporate employee. I had more to give in the field of digital marketing and e-commerce and I wanted to help other marketers to develop their products and businesses.

E-Combo provides freelance marketers with a wide range of products, such as cosmetics, bags, shoes, clothes, and baby products — without the responsibility of handling the logistics and storage. Our clients then promote these products; when they’re sold, E-Combo delivers the products and collects the money. A commission is given to the marketer on every transaction, so it’s a mutually beneficial structure.

I launched E-Combo with my partner, Abdallah El Barbary (LinkedIn) whom I first met back in 2016 during a marketing course. We were both working as freelance marketers at that time and then decided to start working on E-Combo together at the beginning of 2022. We have shared passions and he has a good vision for the Emirati market.

We launched the business with a modest USD 500 in capital, without formally raising funds. All of the business’ income is invested back in the company. My long term goal is to attract investors and to expand the business in more Gulf markets. We started with the UAE and expanded to Saudi Arabia and Oman earlier this month.

One of the best things about my job is knowing that I’m opening the door for many freelance marketers to build their own brand without carrying the burden of the logistical aspects — which is the heaviest part of the journey — because I’m carrying it on their behalf.

If I could give someone who is thinking of starting their own business any advice, it would be to work as an employee in a company in the same field for a year or two. When you feel you have a big portion of knowledge and experience, you can set up your own business — even if it doesn’t immediately start out as a big or powerful company.

The three KPIs I measure regularly and take as indicators of success are the number of products available on the platform, the number of orders on a daily basis, and the customer service performance and how efficiently it works with the freelance marketers.

Family is always my home base. My family has supported me from the beginning of my journey — especially my sister, who was my number one believer and supporter when I shifted my career from law to digital marketing. My wife pushes me forward all the time and she understands the pressure and the load of starting my own business. This was especially evident during the first six months of operations, as I used to travel a lot. My older daughter sometimes suggests new products to add on the platform although she is still quite young.

Rich Dad Poor Dad is one of the best books I read. It discusses financial literacy, financial independence, the best channels for investments, and other financial topics.

One startup that I think is doing a great job is Bosta, the logistics and shipment services company.

THE ENTERPRISE ENTERTAINMENT CALENDAR

MAY

27 May-27 June (Saturday-Tuesday): Annual Flower Exhibition from 10am at the Agricultural Museum.

JUNE

12-13 June (Monday-Tuesday): Omar Khairat performs at the Cairo Opera House.

13 June (Tuesday): Mesh Feminist standup comedy show, CJC 610.

14-27 June (Wednesday-Tuesday): Zawya’s two-week festival for Italian director Michelangelo Antonio.

15 June (Thursday): Last day of the Traces of Egypt Exhibition at the Grand Egyptian Museum.

15 June (Thursday): Fetch-the-Sketch art workshop, Darb 15.

16 June (Friday): Elissa performs at Alex West Club, Alexandria.

16 June (Friday): Composer Hany Shenouda concert, Cairo Festival City’s Marquee theater.

16 June (Friday): Hiba Tawaji concert, Cairo Opera House.

21 June (Wednesday): Egyptian soprano Amira Selim performance, National Museum for Egyptian Civilization.

23 June (Friday): Ahmed Amin’s interview on SoldOut Live, El Falaki theater.

27 June (Thursday): Cairokee mega-concert, Manara Arena, New Cairo.

29 June (Saturday): Cairokee mega-concert, Manara Arena, New Cairo.

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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