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WHAT WE’RE TRACKING TONIGHT

EFG Holding reports strong operational growth despite y-o-y decline

Good afternoon, wonderful people, and welcome to the almost-weekend. We’re on yet another temperature upswing, and anticipate a second consecutive scalding end to the week. You can find a comparison of two tech titans in this issue, whose management styles show that the path to innovation can be paved with all types of intentions.

THE BIG STORY TODAY-

1Q 2025 was good to our friends at EFG Holding, where revenues for the quarter would have been up 31% y-o-y if you set aside the impact of a one-off FX windfall booked in 1Q 2024 on the back of the devaluation of the EGP, the company said in an earnings release (pdf). Factoring in the exceptional FX gain last year, the company’s topline was down 34% y-o-y at EGP 5.6 bn in the quarter, while net income after tax and minority interest declined at the same pace to EGP 1.2 bn.

A strong operational performance: The Investment Bank unit’s sell- and buy-side divisions posted solid year-on-year growth, while non-bank financial institution EFG Finance’s top line climbed 23% y-o-y to EGP 1.3 bn in 1Q 2025. Bank NXT, EFG Holding’s commercial banking arm, turned in an 11% y-o-y rise in revenue at EGP 1.4 bn. We'll have detailed coverage tomorrow in EnterpriseAM.

THE BIG STORY ABROAD-

Israeli forces have encircled two of northern Gaza’s last functioning hospitals, the Indonesian hospital and Al Adwa hospital, prohibiting anyone from exiting or entering the medical facilities amid Israel’s renewed offensive on the territory, the Associated Press reports.

Airstrikes launched on the Indonesian hospital yesterday damaged its power and water supplies, while drones fired at Al Awda have halted movement at the hospital, where 47 patients and approximately 140 staff remain trapped.

Gaza’s health system is stretching “beyond the breaking point on the back of Israel’s attacks and evacuation orders, said World Health Organization Director-General Tedros Adhanom Ghebreyesus. The two hospitals and three primary health care centers fall within the evacuation zone determined by Israel this week, while another two hospitals and four primary care centers are located within 1km of the zone.

☀️ TOMORROW’S WEATHER- The capital will be seeing yet another upswing in temperature, with a peak of 33°C throughout the day tomorrow, and lows of 21°C at night, according to our favorite weather app.

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FOR YOUR COMMUTE

Musk vs. Gates — the dos and don’ts of leadership

Different strokes for different b'naires. Elon Musk and Bill Gates — two of the 21st century’s most prominent tech titans — naturally have different approaches when it comes to running their shows. For Musk and Gates, efficiency holds an entirely different meaning. But when it comes to getting things done, who’s pulling ahead in this race without excessive collateral damage?

The “mercurial man-child,” — as American journalist Walter Isaacson described him in the biography he authored on the South African businessman — is notorious for raising the bar often too high for his team, to the point where his demands and promises may prove unattainable. Musk’s dreams and aspirations often manifest in rash, unilateral decisions that at times go against his teams’ best interests — in Isaacson’s biography, the journalist recounts Musk’s insistence on physically moving 2.5k servers ahead of Christmas Eve against expert advice. The result? X (formerly Twitter) destabilized for two months. But Musk still called it a W.

Who’s paying the price for Musk’s failure to lead? Right now, the US. Through the Department of Government Efficiency, or DOGE, — not to be confused with the doge meme, the name of which Musk co-opted for the LOLz — Musk has dismantled USAid, cut down government spending on crucial frameworks, bypassed US congress, and nearly halted the flow of US foreign aid, according to Business Insider. Musk recently announced that he will be stepping back from DOGE — though not before letting his ego do some considerable damage.

Is Gates the hero to Musk’s anti-hero? There was a time when Gates was considered a combative and arrogant leader at Microsoft, according to BI, but the comparison quickly pales when compared to Musk. Gates’ leadership style is all about collaboration and communication. Gates is often noted to ask his team for feedback, Forbes reports, and seems to have a “slow and steady wins the race” approach to things — BI goes as far as calling him a “bespectacled tortoise” to Musk’s chainsaw-wielding hare, and we all know how that story goes.

No one doubts Gates’ coding finesse. Gates built his empire from the ground up. The businessman and philanthropist’s approach to leadership is one that is calculated and empathetic, even helming the Gates Foundation. Earlier in May, Gates announced that the foundation will be shuttering in December 2045, but not before amping up its spending on humanitarian aid to USD 200 bn. Even setting aside the philanthropy, having a 20-year plan is enough of an illustration of both leaders' management styles. Michael Morris, a professor at Columbia Business School, tells BI that “these days Gates looks like a sage compared to Musk.”

So what can Musk — and everyone else — learn from Gates? Well, it’s a safe bet to say that unilateral decisions made with the infamous “move fast and break things” mentality is a no-no… Especially when you’re running a government branch. Moving fast almost always guarantees things going south, but taking your time to make a decision doesn’t guarantee success either, and Gates has long been aware of that — but risk is a part of the game. In 2013, Gates took a USD 5.5 bn gamble in hopes of eradicating Polio — a move that could have easily seen zero ROI, but it paid off. Polio may still be an issue in some parts of the world, but Gates’ efforts led to significant improvements.

For Gates, being comfortable with uncertainty is part of having a solid plan, but that uncertainty needs to be assuaged by other calculations, according to CNBC. When it came to polio, Gates drew upon the history of smallpox — the only disease humanity managed to completely wipe out. In doing so, Gates highlights the importance of slowing down and thinking strategically, but still taking risks.

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ON THE TUBE TONIGHT

Adults are people too

? This cozy, conflicted ensemble piece won’t be for everyone — and maybe that’s the point. Netflix’s eight-part dramedy, The Four Seasons, arrives with a stacked cast including Tina Fey — also the show’s creator —, Steve Carell, and Colman Domingo. The series explores long-term friendship, aging, and how easily social equilibrium unravels when someone breaks the group’s unspoken rules, sparking surprisingly divided reactions online.

The show follows three affluent, long-time couples who take seasonal vacations together — a tradition spanning decades. But things unravel when Nick (Carell) arrives on their spring trip freshly divorced and unexpectedly accompanied by his 25-year-old new girlfriend, Ginny (Erika Henningsen). Her arrival not only disturbs the group’s delicate ecosystem, but forces each couple to reexamine their own illusions about happiness, relationships, and identity.

Reception has been mixed. Some viewers found the pacing rushed, the friendships unconvincing, and the dialogue stiff. Others praised its realism, dry humor, and rare focus on characters in their 50s and 60s, navigating life without resorting to murder or mayhem stories (cough, The Expendables, Red, Taken, The Foreigner, cough).

Don’t expect a laugh-out-loud comedy or a tightly plotted drama. The Four Seasons is more of a “quiet show,” in the realm of comfort TV, delivering occasional emotional gut punches amid its leisurely pace. The performances are solid, but even fans agree it’s the kind of series you might enjoy while folding laundry rather than one that lingers in your mind for months.

The bottom line: The Four Seasons doesn’t aim for prestige TV status — and that is both its strength and its shortcoming. For viewers in the right mood, it offers a thoughtful, grown-up slice-of-life that thoughtfully explores how relationships evolve over time. For others, it may feel like an overhyped vanity project with minimal payoff. Regardless, it stands as one of the few recent shows giving older characters emotional complexity beyond tired clichés — which alone might make it worth your time.

WHERE TO WATCH- All eight episodes are now streaming on Netflix. You can watch the trailer on YouTube (runtime: 2:04).

This publication is proudly sponsored by

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Sports

An all-English Europa League final

⚽ San Mamés Stadium is lighting up to host Manchester United and Tottenham in the all-English Europa League final at 10pm tonight. The Red Devils stormed into the final after a devastating 7-1 aggregate victory over Athletic Bilbao in the semifinals, while the Spurs secured their spot by dispatching the Norwegian Bodø/Glimt with a 5-1 aggregate victory.

Both clubs are desperate to end their European trophy drought, with United’s last continental triumph coming in 2017, lifting this very trophy. Tottenham’s wait has been even longer, stretching back to 1984 when they clinched the same cup under its previous UEFA Cup moniker. Tonight’s victor not only claims the silverware, but punches their golden ticket to next season’s Champions League — a much-needed perk given both teams’ disappointing Premier League campaigns this season, leaving United in 16th and the Spurs in 17th place.

Tonight will also see the continuation of the second legs of the Egypt Capital Cup quarterfinals, with the remaining semifinalists waiting to be determined after Ismaily and National Bank secured their spots yesterday.

Tonight’s matches will kick off at 8pm:

  • Petrojet vs. Ceramica Cleopatra — First leg score: 1-4
  • Haras El Hodoud vs. Enppi — First leg score: 0-2
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OUT AND ABOUT

Homegrown talent under the global spotlight

MARK YOUR CALENDAR-

Homegrown talent under the global spotlight. Egyptian artist and young entrepreneur Zeina Soliman will be showcasing her latest collection at the Home, Heritage and Transcendental Cultures group exhibition taking place in London this Thursday, 22 May. Soliman explores memory, home, and belonging through a series of dreamlike acrylic paintings, each embodying a different facet of Middle Eastern culture and identity. If you find yourself in Old Blighty, you can grab tickets from the University of the Arts London’s website.

HAPPENING THIS WEEK-

Craving a taste of Downtown Cairo? Flavor Republic is bringing The Corner Shop back for its second 2025 edition. The limited-edition café, offering a slew of homegrown products and produce you can bring home, and their all-day café menu brims with Egyptian classics, in honor of Egyptian culinary traditions and iconic spots like Café Riche and Groppi. The Corner Shop will be up and running Downtown at the Kodak passageway on Adly Street until Saturday, 31 May.

In your strolling-down-the-farmers’-market era? You might just want to head to Arkan Plaza this weekend. From Friday, 23 May to Sunday, 25 May, the Sheikh Zayed hotspot will be hosting the summer edition of their Farmers’ Market, brimming with fresh produce, natural skincare products, and other goodies you won’t be able to resist bringing home.

Hip Hop fans: Don’t miss the historic Project Meem concert, headlined by rap icons Marwan Pablo and Marwan Moussa sharing the stage. The concert will take place on Friday, 23 May at Cairo Festival City, and tickets are selling fast on Tazkarti.

All work and no play makes Momo a dull boy. Feel like partying it up this weekend? Egyptian party series PlayHaus will be bringing their signature beats and “late-night mischief” to Cairo Business Park’s The Warehouse this Friday, 23 May. Hypnotic DJ Cap, Berlin-based artist E.Lina, and resident DJs Joey and Mazen El Messery will be this edition’s players. You can grab your tickets from PlayHaus’ official Instagram.

HAPPENING LATER-

Can you handle a roast? WKND CMDY ’s Mohamed Kamtcho, Iron Tawfik, Khalid Elshoky, and Amgad El Shawshy will be dishing out uncensored]jokes and roasts on stage at CJC 610 on Tuesday, 27 May — just make sure you can take it, because these guys don’t hold back. You can secure your spot through CJC’s official website.

Jordanian Arabic pop rock band Jadal will be causing a commotion this May at CJC 610. Generous with their bangers since ‘03, the Amman-born group will be showing up and rocking out at CJC610 on Wednesday, 28 May, with tickets available through Ticketsmarché.

When hosting a birthday bash, it’s only logical to call up the Sharmoofers. On Friday, 30 May, the Boom Room will be celebrating its first anniversary with a bang. The night will feature a special performance by viral Egyptian band Sharmoofers — and if a certain little birdie is to be believed, a few surprise performances. You can grab your tickets from Ticketsmarché.

It seems German DJ and Record Producer Adam Port couldn’t get enough of Egypt. Bringing the beats to the New Administrative Capital’s Green River on Friday, 30 May, Port will once more turn it up with his signature house beats, sprinkled with a musical dash of jazz and soul. Tickets are available through Ticketsmarché.

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GO WITH THE FLOW

What the markets are doing on 21 May 2025

The EGX30 rose 0.7% at today’s close on turnover of EGP 4.3 bn (7.3% below the 90-day average). Local investors were the sole net buyers. The index is up 7.1% YTD.

In the green: Fawry (+5.0%), ADIB (+4.7%) and Beltone Holding (+4.3%).

In the red: Abu Qir Fertilizers (-2.4%), Rameda (-2.0%) and Eipico (-1.5%).


14-31 May (Wednesday-Saturday): The Corner Shop pop-up in Downtown Cairo.

21-31 May (Wednesday-Saturday): Disney On Ice at Cairo International Stadium.

21 May (Wednesday): Gaby Bishara at Boom Room.

21 May (Wednesday): Zaid Khaledand Massar Egbari at CJC 610.

22-23 May (Thursday-Friday): Carmen Opera at The Cairo Opera House.

22 May (Thursday): Tetrat w Zekrayat at Theatro Arkan.

23-25 May (Friday-Sunday): Arkans’ Farmers’ Market at Arkan Plaza.

23 May (Friday): PlayHaus at Cairo Business Park’s The Warehouse.

23 May (Friday): Project Meem at Cairo Festival City.

23 May (Friday): Redbull Jukebox at Taj City.

25 May (Sunday): Saad El Oud at Boom Room.

25-26 May (Sunday-Monday): Carmen Opera at The Cairo Opera House.

26 May (Monday): Michael Bublé at New Administrative Capital.

27 May (Tuesday): WKND CMDY Night at CJC 610.

28 May (Wednesday): Jadalat CJC610.

29 May (Thursday): Omar Khairat at the Cairo Opera House.

30 May (Friday): Disco Misr Festival at Zed Park.

30 May (Friday): Adam Port at the New Administrative Capital’s Green River.

30 May (Friday): Sharmoofers at Boom Room.

30-31 May (Friday-Saturday): Dalida: Bint Shoubra at The Theatre.

31 May (Saturday): AUC Alumni Folklore Group at Theatro Arkan.

JUNE

1 June (Sunday): Mai Farouk at the Cairo Opera House.

6 June (Friday): 50 Years of AC/DC concert.

7-8 June (Saturday-Sunday): Makadi Heights Music Festival at The Haus, Makadi Heights.

26 June (Thursday): Jeff Dunham at the New Capital’s Drama Hall.

27 June (Friday): Medhat Saleh at Cairo Opera House.

28 June (Saturday): Cairokee Empire concert at Cairo International Stadium.

OCTOBER

16-24 October (Thursday-Friday): Gouna Film Festival.

30 October - 22 November (Thursday-Saturday): Forever is Now at the Great Pyramids of Giza.

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