Good afternoon, ladies and gentlemen. It’s almost-THURSDAY, but the news cycle is picking up pace for the last two days of the workweek.
THE BIG STORY TODAY
Adnoc and BP team up on new gas JV in Egypt: Abu Dhabi National Oil Company (Adnoc) and global energy giant BP have agreed to form a joint venture that will target the development of natural gas assets in Egypt, Adnoc announced in a statement today. BP will bring the stakes it owns in three development concessions to the JV, as well as exploration concessions, while Adnoc will provide funds to support the venture’s expansion.
The concessions: The JV will see BP add its wholly-owned North Damietta concession, 50% share in North El Burg and 10% share in Shorouk — which contains the Zohr field. BP will also add exploration concessions in North El Tabya, Bellatrix-Seti East, and North El Fayrouz.
Ownership: BP will own 51% of the JV — which is expected to be formed during the second half of this year — while Adnoc will own the remainder.
HAPPENING NOW
El Sisi meets with Erdogan in Turkish president’s first visit to Cairo in over 10 years: President Abdel Fattah El Sisi has received his Turkish counterpart Recep Tayyip Erdogan at Ittihadiya today, in the latter’s first visit to Cairo since 2012. The two presidents are scheduled to hold talks on ways to form closer bilateral ties between the two countries, as well as their shared interest in achieving a ceasefire in Gaza and ensuring the flow of aid to the people in the strip, according to an Ittihadiya statement released just before the meeting.
THE BIG STORY ABROAD
The international press is discussing BTC gains while also looking at Egypt’s very own Nassef Sawiris. BTC is trading above USD 51.5k, reaching a market cap over USD 1 tn for the first time since 2021, with a price increase of more than 21% this year. Over on our turf, it seems Nassef Sawiris is considering a major restructuring of his assets. Still no verdict on what the money will be used for, but the businessman hinted at taking apart his chemicals group OCI, in which he has an almost 40% stake, to use in a cash-shell company to venture into different industries. (CNBC | Financial Times)
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New privatization program targets just in: Egypt aims to raise some USD 6.5 bn through the privatization of state-owned companies and assets during 2024.
GlobalCorp raises EGP 1.35 bn in securitized bonds: Non-banking financial services firm GlobalCorp has issued a EGP 1.35 bn securitized bonds, which is part of an EGP 10 bn program.
A record year for outdoor ad spending: Businesses spent a record EGP 3.9 bn last year on out-of-home (OOH) advertising — billboards, bus posters, and checkout advertising — in Greater Cairo and Alexandria, up almost 22% y-o-y.
HELP GAZA-
Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.
The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.
Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.
☀️ TOMORROW’S WEATHER- Expect a cloudy day with some potential early morning drizzle, a high of 19°C, and a low of 12°C, according to our favorite weather app.
Using AI in healthcare has its (moral) limits: The US’ Centers for Medicare and Medicaid Services (CMS) issued a memo (pdf) last week warning healthcare providers associated with the program against relying on artificial intelligence to determine patient eligibility for healthcare. The memo stresses that “an algorithm or software tool” such as AI can, for example, be used to help physicians predict how long a patient may need certain services but cannot be used to determine when it’s time to discharge a patient.
It’s a reminder that AI is still not a replacement for human healthcare providers:Physicians and service providers need to reassess a patient’s condition and trajectory of recovery to be able to determine when to terminate their care, which AI and other tech tools are unable to do because they look at a “static” set of information that is publicly available. A study published last year also found that doctors’ intuition — which is based on years of experience and knowledge in the field — remains more effective than AI when it comes to diagnosing patients and predicting the outcome of a condition.
AI simply isn’t flawless — and can actually exacerbate issues of discrimination and bias:CMS’ memo expresses concern that “algorithms and many new artificial intelligence technologies can exacerbate discrimination and bias.” This specific issue comes after a slew of lawsuits as a result of the technology leading to patients being denied coverage by Medicare Advantage (a private healthcare coverage ins. provider), The Register notes.
SIGN OF THE TIMES-Only 3% of businesses in the Middle East are on track to reach their sustainability goals, despite 70% of businesses claiming to integrate sustainability in their business models, according to a Bain & Company survey conducted at the World Governments Summit in Dubai yesterday, reports UAE state news agency Wam. “The gap between ambition and action occurs despite universal agreement on the case for change,” Bain Senior Partner Samer Bohsali said, adding that 90% of executives find the need for more sustainable operations.
It’s not just our region: The same trend holds up on a global level. More than two thirds of large companies have “a bold sustainability ambition with clear targets across environmental, social, and governance aims,” but only a tiny minority (3%) believe they’re on track to meet these targets, Bain found in a separate global survey late last year. The survey pointed to a consistent lack of bottom-up integration of these sustainability goals, which “are set without input from the business units tasked with leading change.”
We now have technology that allows people to control their phones with their tongues:Designed to assist individuals with disabilities, tech manufacturer Augmental released last month its handsfree tongue-controlled trackpad, MouthPad^, according to NBC news. The product, Augmental’s first, includes a retainer-like trackpad chip that’s placed on the roof of the mouth. The chip connects to any Bluetooth-enabled device and detects tongue movements to allow users to scroll, type, make calls, or even play games. While not recommended for use during meals, it’s safe for drinking, promising extended battery life and potential future enhancements such as voice and wheelchair control.
It’s not a novel idea, but it’s the most improved version so far: The MouthPad^ is meant to address the shortcomings of existing similar products, such as bulkiness and a lack of portability, creators Corbin Halliwill, Corten Singer, and Tomás Vega said. The product is similar to the “ Tongue Drive Wheelchair,” released 10 years ago, which is a similar dental retainer embedded with sensors that track the movement of a tiny magnet attached to the user's tongue to allow people to self-drive a wheelchair.
The core target clientele is individuals with disabilities, but the product has garnered interest from professionals, including mechanics, surgeons, and astronauts, according to NBC. Augmental has spent about two years refining the prototype to ensure functionality, durability, and comfort, with plans for a market release later this year.
One Day is a depiction of the indecisiveness and complexity of youth that trickle into adulthood: David Nicholls’ 2009 bestseller One Day was initially adapted into a 2011 film starring Anne Hathaway and Jim Sturgess, and has now been remade into a 14-episode Netflix series. The story revolves around Emma (Ambika Mod) and Dexter (Leo Woodall), who share a moment of connection at their graduation ball at Edinburgh University on 15 July, 1988. Each year on that same day, known as St Swithin’s Day, we get a glimpse of where the two characters are in life.
As the years pass, we see how the two characters change and how their relationship develops:Dexter, a charming but profoundly unserious individual, stumbles into a career in post-pub TV presenting, causing concern for his parents due to his hedonistic lifestyle. Meanwhile, Emma, a northerner, finds herself captivated by Dexter despite her initial literary aspirations veering into teaching. Over the course of two decades, Emma and Dexter reunite for various occasions, including meals, holidays, weddings, and facing life’s triumphs and tragedies.
The dynamic is supposed to be romantic as depicted in the book but it seems more platonically friendly — perhaps more career- and life-focused rather than emotional and romantic development.
⚽ The first leg of the Champions League’s round of 16continues tonight with two big matches:Paris Saint-Germain (PSG) goes up against Real Sociedad at 10pm, while Bayern Munich and Lazio hit the field at the same time.
Yesterday’s results:Man City beat Copenhagen 3-1, while Real Madrid was content with their one goal against RB Leipzig.
The Egyptian League continues today:
Al Mokawloon vs Enppi — 4pm
Al Ittihad vs El Gaish — 4 pm
ZED vs Pyramids — 7 pm
Related
?️EAT THIS TONIGHT-
Stumped for your Valentine’s Day plans? Get some inspiration from MENA’s 50Best Restaurants, which includes a handful of local spots, making us tied for the city with the second-highest entries on the list:
Khufu’s made the top 5. The relatively new restaurant has an outstanding view of the pyramids and serves Egyptian cuisine with a twist. To pair with the classic menu, there is a fully stocked bar ready for any concoction you might crave.
Kazoku came in 12th. The upscale Japanese restaurant has been a staple for many years and you’re surely familiar with the name.
Sachi made it onto the list twice, with the Giza location (6 October) at #15 and #33 going to the Cairo location (Heliopolis). Another Baky hospitality creation, the Mediterranean cuisine lives up to the group’s high standard.
Zooba (Zamalek) came in as the 24th on the list. Redefining Egyptian streetfood, the restaurant put Egyptian food on the map in the West, expanding to New York, and currently expanding in the Mena region as well.
Finally, Izakaya made it to the 38th spot on the list. The Japanese Peruvian fusion restaurant is often compared to Kazuko but serves smaller plates along with their extensive drinks menu.
Dubai dominated the list once again, being home to four out of the five top spots and 18 total entries while the UAE had 20 in total. Later this year on 5 June, the list of the World’s 50 Best Restaurants will drop and we’ll see how MENA establishments fare on the global stage.
Related
? OUT AND ABOUT- (all times CLT)
SPORTS-
Double Dribble Leagues has got all basketball enthusiasts covered. Running until next Friday, 23 February, the weekly mixed league hosted at the Maadi Sporting and Yacht Club is for anyone who wants to live out their baller dreams or stay fit while having fun.
Join a run for Gaza this Friday, February 16 with the TriFactory in the Wadi DeglaProtectorate. All proceeds will go towards sending aid to Gaza and you can sign up here for the 5K or 1K distances.
The Cairo Half Marathon is taking place in just over a month: Mark your calendars for Friday, 1 March, and start stretching. Cairo Runners is bringing back a fan favorite, offering 5km, 10km, and 21km runs as well as a Family Run. Tickets are still available, giving you ample time to convince seven of your friends to join, which will get a 10% reduction in price when you register.
Get down and dirty at the TriFactory’s Tough Mudder Egypt on Friday, 1 March. The obstacle course challenge will take place at Belle Vie Club in New Zayed.
THEATER-
Ebni is back at Rawabet Art Space: The play, an adaptation of God of Carnage by Yasmina Reza, demonstrates how two different families react when their children get into a fight,and as the play unfolds their true colors are revealed. Catch the performance tonight at 8pm. Book your tickets here.
Gaza Mon Amourwill be screened at Qahrawyaon Thursday, 29 February from 8pm till 11pm. Get your tickets here.
MUSIC-
Flip the script on Valentine’s Day at Cairo Jazz Club’s Heartbreak Hotel tonight. The event — an Anti-Valentine’s Day party featuring Bubblegum Kollectiv — starts at 9pm and ends at 1 am. Send a message on their Facebook page for reservations.
Don’t miss out on Mohamed Mounir, Ramy Sabry, and Sharmoofers taking the stageatFamily Park. The event will take place this Friday, 16 February with gates opening at 1pm and performances starting at 7pm. Get your tickets through Tazkarti.
Amr Diab is back on stage for the first time in Egypt this year. El Hadaba’s concert is taking place in Manara Arena this Friday, 16 February. Grab your tickets while you can.
Ready to rock? ROKN, a rising Egyptian rock band, is performing at ROOM Art Space and Café this Friday, 16 February. You can snag tickets for EGP 200 here or at the door.
Oud player Saad Al Oud and his band will be playing at Theatro Arkan this Saturday, 17 February. The night of classical Egyptian music will open its doors from 7:30pm and begin at 8pm. You can get your tickets at Ticketsmarche.
Renowned musician and composer Omar Khairat will be gracing the stage again at the Egyptian Opera House for two nights next Wednesday, 21 February and Thursday, 22 February at the Grand Theatre at 8pm. Get your ticket for the first night here and the second night here.
POETRY-
Amr Hassan will be performing at El Sawy Culturewheel for their annual end-of-winter show. Alongside his band, he will perform two concerts this Friday, 16 February, one at 3:30pm and one at 7pm. Find out more here.
ENTERTAINMENT-
Experience three days of three types of love at HydeOut with Bonds of Love. Starting tonight with Laugh is in the Air, followed by tomorrow’s The Family Circle, and ending with Self Love on Friday, 16 February. Each day will feature live performances, immersive activities and endless delicious food. Get your tickets here.
In another of Mahmoud Saad’s live interviews, Ashraf Abdelbaki will be featured on stage this Saturday, 17 February. Accompanying entertainment will be provided by Mai Farouk. Before you grab a ticket, keep in mind that this is a no-phone, filmed experience, meaning that you should expect to hand your phone over at the gate and be seen by friends and family on their TV screens at home.
Russell Peters is taking the stage at Sports City Stadium later this month. Peters is making his comeback in Egypt next Monday, 19 February in the New Administrative Capital City. Grab your tickets while you can. For EGP 12k, you can meet the all-time highest grossing standup comedian.
Laugh at love and all the times it has gone awry at Cairo Jazz Club 610’s Al Hob Fain interactive show. Next Tuesday, 20 February tell your stories of woes and heartbreak and they’ll help you find true love — in a comedic, dramatic, romantic, and musical way. For reservations message their Facebook page.
INTERACTIVE EVENTS-.
Fancy yourself a detective? Murder-mystery fans can pull out their magnifying glasses to crack this case. Cluedupp and Crime Scene Investigator are staging a hard-boiled outdoor event on Saturday, 2 March where you have to solve four murders around the city by solving puzzles, interrogating witnesses, and hunting for clues. Find more details here.
Unlike the cliche group cinematic heists, Breitwieser acted alone and unmasked, impulsively stealing whatever caught his eye armed only with a Swiss army knife. His girlfriend, Anne-Catherine Kleinklaus, served as lookout and occasionally aided in smuggling artworks. Breitwieser hoarded his loot in his mother's attic just to look at it.
The book looks at Breitwieser’s background, his privileged upbringing, and lifelong fascination with high art. But the fate of over 80 pieces of work whereabouts are unknown, adding a twist to this captivating tale of art, crime, and obsession.
The EGX30 rose 1.0% at today’s close on turnover of EGP 5.3 bn (41.1% above the 90-day average). Local investors were net buyers. The index is up 16.0% YTD.
In the green: Qalaa Holdings (+15.0%), Juhayna (+5.7%) and Eipico (+5.2%).
In the red: Talaat Moustafa Group (-2.5%), Alexandria Container & Cargo (-0.9%) and Edita (-0.3%).
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