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Tuesday, 17 Sep 2024

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

Beanless coffee

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Today at a glance

1

The Big Story Today

Local hospitality player Pickalbatros expands across Morocco.
2

FOR YOUR COMMUTE

The future of coffee is beanless.
3

FOR YOUR COMMUTE

AI emissions are killing the planet.
4

ON THE TUBE TONIGHT

August Wilson’s enduring legacy.
5

Sports

Champions League nights are back.
6

OUT AND ABOUT

Omar Khairat in concert.
7

Ears to the Ground

Never miss the biggest news stories.
8

Enterprise explains

Everything you need to know about the new Champions League format.

Tuesday, 17 Sep 2024

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

WHAT WE’RE TRACKING TONIGHT

Local hospitality player Pickalbatros expands across Morocco

Good afternoon, friends. The day is off to a calmer than usual start as we start counting down to the weekend.

THE BIG STORY TODAY-

Pickalbatros had a busy year expanding across Morocco: Egypt-based hospitality group Pickalbatros Hotels & Resorts acquired four hotels in Morocco this year, pushing its portfolio in the country to seven hotels and 2.6k rooms, CEO Kamel Abou Aly told Asharq Business without disclosing the value of the acquisitions.

The new additions: The new additions to the company’s portfolio include Sangho Club, Palmeraie Palace, and the Hotel Du Golf all of which are in Marrakech as well as Palais des Roses in Agadir. Some of the hotels will undergo renovations and reopen their doors next year, Abou Aly added.

Remember: The group first let us in on its plan to expand in Morocco last year, when Abou Aly said the group will invest USD 140 mn through 2025 to increase its hotel capacity.

THE BIG STORY ABROAD-

It’s a mixed bag in the international press this afternoon: The Financial Times is out with a report on European Commission President Ursula von der Leyen naming the commission’s new top team for her new five-year term, giving key industrial and economic roles to more interventionist countries like Spain, Italy, and France in a bid to boost the EU's lagging competitiveness. Meanwhile, Reuters is out with the latest on former President Donald Trump’s second assassinationattempt — the suspect may have been lurking in the bushes for nearly 12 hours at the Republican presidential candidate’s golf course, putting the US Secret Service under renewed scrutiny.

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

  • A whole lot of Saudi investments incoming: Saudi Crown Prince Mohammed bin Salman announced that he has directed Saudi’s Public Investment Fund to invest USD 5 bn in Egypt as part of the “first phase” of a larger program of investment.
  • SMEs are getting a slew of tax incentives as part of new tax reform: A new package of tax incentives for SMEs aimed at helping small businesses grow and easing the administrative burden of monitoring them are soon to be released as part of the government’s new tax reform package.
  • More local real estate players are looking at the Saudi market: Tatweer Misr and Mountain View are working towards becoming the latest Egyptian real estate companies to enter the Saudi market.

☀️ TOMORROW’S WEATHER- We expect to see a high of 34°C in the capital tomorrow and a low of 23°C, according to our favorite weather app.

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2

FOR YOUR COMMUTE

The future of coffee is here, and it’s beanless

I’ll have a black coffee, please. Hold the beans. It may be time to start rethinking the sustainability and ethics of a traditional brew. Beanless coffee startups have the gargantuan task of convincing mns of java enthusiasts to let go of their daily pick-me-ups, but surprisingly, these alternatives seem to be making their way around the world.

(Tap or click the headline above to read this story with all of the links to external sources.)

You might not need to give up the taste or the caffeine to save the turtles. Traditional coffee cultivation is the sixth largest cause for deforestation, says the WFF. While startups like Atomo want to revolutionize the world of brewed coffee, they also intend to replicate the flavor and the kick that comes along with it… just with less damage to the environment.

Your wallet might thank you. If the business scales up, this could end up being a cheaper alternative, which is great considering coffee prices are reaching record highs. This is a long term plan, as beanless alternatives currently cost slightly more than conventional brews — an additional USD 0.5 per cup.

What is beanless coffee anyway? The ingredients list includes date seeds, seeds from ramón — a coffee-like nut historically roasted by the Maya —, sunflower seed extract, fructose, pea protein, millet, lemon, guava, fenugreek seeds, caffeine, and baking soda.

The concept is spreading. Atomo is currently sold in 70 US coffee shops, five years after its launch. Northern Wonder, a Dutch bean-free startup, is being sold in supermarkets in the Netherlands and Switzerland. Singapore-based Prefer and San Francisco's Minus are also making their mark on the coffee industry.

A coffee-er alternative: Finnish researchers have also demonstrated proof of concept for cell-based coffee. This refers to cups of joe made from cells extracted from coffee plants. They are now pushing to accelerate its commercialisation. Swiss-based Foodbrewer and US-based California Cultured are among the startups racing to do the same.

AI may be smart, but it’s harming the planet: Google, Microsoft, Meta and Apple try to tout themselves as eco-warriors of the digital age by using recyclable packaging and boasting carbon neutrality. But the ugly truth is that emissions from their AI data centers — a critical tool for powering this technology — are 662% higher than reported, which could put the companies’ environmental pledges to the test, The Guardian reports.

The bigger and smarter AI gets, the more energy it needs: Your personal data is stored not in the cloud but in a server — a hefty piece of machinery. To maintain that data, it needs to constantly be fed large amounts of energy, which is then expended as emissions. As AI starts to become more sophisticated and complex, the more information it needs to store. There are hundreds of thousands of servers working all day and night to understand your requests or predict your next binge-watch — leading to the overconsumption of energy.

To keep their eco-cred in check, companies often rely on renewable energy certifications — that they purchase. These bootleg certificates are a way to feign the use of renewable energy even if their data centers are still plugged into fossil fuel-powered grids. Taking that into account, The Guardian was able to determine that between 2020 and 2022, emissions were seven times higher than what was officially reported.

But wait, the situation gets trickier: Data centers already accounted for up to 1.5% of global electricity use in 2022, a number that is expected to rise. AI models, like our friend ChatGPT, need way more energy than other cloud applications — which pushes its expected power demand, and will eventually suck up to 160% of today’s energy by 2030. Despite this, companies are still relying on market-based emissions calculations that downplay their true impact.

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3

ENTERPRISE RECOMMENDS

High school students and the playwright that inspired their love for theater

📺 ON THE TUBE TONIGHT-
(all times CLT)

August Wilson stood out for his ability to transform everyday dialogue into poetry, making his plays a cornerstone of modern drama. With his passing in 2005, his friends and colleagues established the August Wilson Monologue Competition to honor his memory and keep his legacy alive. Giving Voice is a documentary that follows high school students who participated in the 2018 competition.

(Tap or click the headline above to read this story with all of the links to external sources.)

There’s archival footage of Wilson himself, which introduces us to his artistic philosophy surrounding the importance of history and the value of the way Black people speak.

Coming from diverse backgrounds and experiences, their personal stories are woven into the material they perform. The audience is shown the students’ deep connection to Wilson’s work — performing his monologues is not just an academic exercise for them, but rather a deeply personal experience.

WHERE TO WATCH- You can watch the documentary on Netflix or watch the trailer (runtime:2:37).

⚽Champions League nights are back, but the rules have changed. The first gameweek debuting the first league phase of the UEFA Champions League, continuing through Wednesday and Thursday, is already underway in an entirely new format.

Confused? You’re not alone. The new format has the best of us scratching our heads, but we’ve got you covered. Scroll down to our Enterprise Explains section for a detailed breakdown of this new development.

In the meantime, here are the matches we’re looking out for: We’re looking at six must-watch matches tonight, the most notable being that between Milan and Liverpool, as well as reigning champion Real Madrid’s match against Stuttgart, both at 10pm. The rest of the matches are:

  • Juventus vs. PSV (7:45pm).
  • Young Boys vs. Aston Villa (7:45pm).
  • Bayern vs. Dinamo Zagreb (10pm).
  • Sporting vs. LOSC (10pm).

The EFL round three of 32 is kicking off today. We’ll be clicking back and forth between these matches:

  • Everton vs. Southampton (9:45pm).
  • Manchester United vs. Barnsley (10pm).

🎤 OUT AND ABOUT-
(all times CLT)

HAPPENING THIS WEEK-

Omar Khairat takes over ZED Park on Thursday, 19 September for a night of classical music that kicks off at 9pm. Get your tickets here.

It’s a levantine week at CJC 610: Palestinian singer Noel Kharman will be performing alongside Jordanian singer Akheras tomorrow at 10pm. Reserve your spot by messaging their Facebook page.

Egyptian artist Ash is back with a concert from the heart of the Pyramids of Giza, part of his world tour, on Friday, 18 October. Tickets will be out tomorrow at 5pm, Cairo time.

HAPPENING LATER-

Go on a run in Egypt’s historic city at the Luxor Half Marathon. TriFactory’s annual event will take place on Friday, 11 October. Pick between a 21km or 10km race, or a short family run. You can register here.

Registration is open for the Scaled Games. Show off your skills by taking part in one of the three sporting competitions available: running, football, or crossfit. Running and crossfit will both take place on Friday, 11 October, while the football tournament will take place starting Friday, 27 September to Friday, 11 October. All events will happen in New Heliopolis City. Sign up here.

Got the moves? The 16th edition of Cairo International Jazz Festival will take place from Thursday, October 31 to Friday, November 8, 2024 at the American University in Cairo campus in Tahrir. Schedule is yet to be announced.

The fourth edition of Forever is Now is approaching. This year, a lineup of 12 global visionary artists are ready to display their work at the iconic Pyramids of Giza — including two groundbreaking AI-powered projects. The exhibition will start on Thursday, 24 October and continue till Saturday, 16 November.

👂 EARS TO THE GROUND-

The day’s biggest headlines in tenish minutes: NPR’s Consider This will help you make sense of the day’s biggest stories, while it's marketed as a 15-minute listen, most episodes are around 10 minutes long. Tune in for new episodes Sunday through Friday to get your daily dose of global news.

Video game performers are on strike — and AI is the sticking point, is one episode worth noting for its brief but deep dive into the ongoing strike by video game voice and motion-capture actors. The episode breaks down how these actors contribute to the industry and their concerns about being replaced by AI which led them to go on strike.

And no they’re not skimping on quality to keep things brief. The hosts are often interviewing experts and conducting their own analysis of certain topics. Whether you're deeply involved in current events or just looking for quick insights, consider this podcast (pun intended).

WHERE TO LISTEN- You can listen to the podcast on Apple Podcasts and Amazon Music.

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4

GO WITH THE FLOW

What the markets are doing on 17 September 2024

The EGX30 fell 0.3% at today’s close on turnover of EGP 3.1 bn (20.5% below the 90-day average). International investors were net buyers. The index is up 21.2% YTD.

In the green: B Investments (+1.9%), Abu Qir Fertilizers (+1.8%), and Sidi Kerir Petrochemicals (+1.5%).

In the red: Palm Hills Development (-3.5%), Egypt Kuwait Holding- USD (-3.4%), and Beltone Holding (-3.1%).

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5

Enterprise explains

Everything you need to know about the new Champions League format

The new format of the Champions League is going into effect today. So what the hell is going on? UEFA’s announcement of the system change back in April of 2021 sparked a deluge of controversy in the football industry. Critics called the new drawing process convoluted and accused the organization of putting too much pressure on the players. Supporters of the move pointed out that clubs will be seeing an increase in revenue, and fans will get to enjoy more compelling matches throughout all stages of the tournament, not just in the finals.

(Tap or click the headline above to read this story with all of the links to external sources.)

But both sides agreed that the system was so complicated that it would make even Pelé’s head spin. But have no fear, dear reader. Here’s everything you need to know.

The context: Founded in 1955 under the name of European Champions Clubs’ Cup, or simply the European Cup, the competition was originally joined only by the champions of European domestic leagues in addition to the title defender. In 1992, the competition took its currently known name — the UEFA Champions League — and the group stage was introduced, among other changes. The tournament consisted of 32 teams in 8 groups. The teams compete in home and away matches within their groups, and the top two teams in each group then advance to the round of 16. This system held strong for over three decades before, ending last season.

The new format: The system upheaval will implement significant changes in terms of the number of teams competing, the qualification system through league stages — previously group stages — will also change structure, as will the current relegation system to the Europa League.

The new system will add four teams to the tournament, making the total number of teams 36 in the preliminary draw, with the group stage becoming a league stage consisting of a single group comprising all the teams. The UEFA will then divide the participating teams into four categories based on their performance in domestic and continental competitions over the previous years. Each team will play eight matches during the league stage (compared to six in the old format), four at home and four away, facing two opponents from each category.

Road to finals: The top eight teams will advance directly to the round of 16, while the teams that finish from 9 to 24 will go through a two-legged play-off stage, each team will play a match at home and another away, and the winning eight will move on to join the round of 16. As for the teams ranked 25 and below, they will be eliminated from the group stage.

The old format had been a huge success in terms of quality and competitiveness, it also helped draw in a record number of viewers from around the world. The Champions League finals were able to compete, and sometimes surpass, the viewership of the Super Bowl — historically the most watched event on TV.

So, why the change? Despite its success, the old format had several weaknesses — some competition groups were pretty weak, matches between big clubs were few and far in between, and it made it difficult for smaller clubs to make their way to the final stages. Above all, the UEFA wanted to spice things up and make the Champions League audience more excited for the competition.

Not everyone is a fan of change: The new system has faced some criticism, mostly from fans feeling that the new classification of teams and the way the draw is conducted are overly complicated. Critics also believe this new system will make it more difficult for smaller teams to qualify for the final stages.

In its defense: This new format will result in an increase in the frequency of matches between the top teams and an increase in the revenues all teams are expected to rake in — the UEFA expects to distribute an additional $477 mn in prize money among the participating teams each season after implementing the new format.

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ENTERPRISE ENTERTAINMENT CALENDAR

SEPTEMBER

16 July-15 October (Tuesday-Tuesday): In the Company of Mahmoud Said exhibition at Aisha Fahmy Palace.

3-18 September (Tuesday-Wednesday): Racines art exhibition at Art Corner Gallery.

14 September - 19 October (Saturday-Saturday): Fiction Workshop with Mai Serhan at Diwan Heliopolis.

17 September to 30 October (Tuesday-Saturday): Today in History exhibition at Gypsum Gallery.

18 September (Wednesday): Noel Kharman and Akheras at CJC 610.

19 September (Thursday): Omar Khairat concert at ZED Park.

20 September (Friday): Bikers Automotive Festival at El Leila El Kebira.

21 September (Saturday): Cairo Vintage Souqat Cinema Radio.

23-24 September (Monday-Tuesday): Omar Khairat concert at Cairo Opera House.

26-29 (Thursday-Sunday): She Arts festival at AUC Tahrir.

26 September (Thursday): Fouad & Mounib concert at Theatro Arkan.

27 September (Friday): The Artful You! Journaling Workshop at Diwan Heliopolis.

27 September - 11 October (Friday-Friday): Scaled Games at New Heliopolis City.

28 September (Saturday): Ice Warrior Challenge at Ski Egypt.

28 September (Saturday): Improvisation Performance: Irtigalia Honn at Falaki Theater.

26-28 September (Thursday-Saturday): El Leila El Kebira at Rawabet Art Space.

OCTOBER

2-4 October (Wednesday-Friday): Swan Lake at Cairo Opera House.

5 October (Saturday): The Amy Winehouse Band at The Theater in Somabay.

6 October (Sunday): Armed Forces Day.

11 October (Friday): Half Marathon in Luxor.

3-12 October (Thursday-Thursday): Film My Design festival at Zawya Cinema.

10-12 October (Thursday-Saturday): EVs Electrify! Expo & Conference 2024 at Egypt International Exhibition Center.

13-17 October (Friday-Tuesday): Cairo Water Week at The New Administrative Capital.

18 October (Friday): TriFactory Tough Mudder 5K run at Sodic.

18 October (Friday): Ash at Pyramids of Giza.

24 October-16 November (Thursday-Saturday): Forever is Now art exhibition at the Pyramids of Giza.

25 October (Friday): TriFactory Trailmaster run at Wadi Degla.

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

31 October (Thursday): TriFactory’s The Glow Run at Badya Palm Hills.

31 October- 8 November (Thursday-Friday): Cairo International Jazz Festival at the historic American University in Cairo.

NOVEMBER

8 November (Friday): TriFactory’s The Run for Upper Egypt at New Giza.

14-16 November (Thursday-Saturday): Raabta Wellness Festival at El Gouna.

16 November (Saturday): TriFactory Half Marathon at El Gouna.

22 November (Friday): TriFactory TMK run at District 5.

DECEMBER

6 December (Friday): TriFactory PMH warm-up run at District 5.

14 December (Saturday): TriFactory’s The Marakez Pyramids Half Marathon at the Great Pyramids of Giza.

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