Circadian rhythms

Sunday, 3 Nov 2024

Circadian rhythms

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Today at a glance

The Big Story Today

IMF will start fourth review on Tuesday -Madbouly

INSIDE INDUSTRY

A deep dive into Egypt’s localization efforts.

FOR YOUR COMMUTE

Should we ditch daylight savings?

ON THE TUBE TONIGHT

Time travel meets murder mystery.

Sports

Exciting evening for football.

OUT AND ABOUT

A blind date live on stage.

Ears to the Ground

Behind the scenes at Amazon.

WHAT WE’RE TRACKING TONIGHT

IMF will start fourth review on Tuesday -Madbouly

Good afternoon, folks, and welcome to what’s shaping up to be a busy week on the economy front.

THE BIG STORY TODAY

El Sisi, Georgieva talk economic reforms: President Abdel Fattah El Sisi met with the IMF’s managing director Kristalina Georgieva and senior officials today to discuss progress on economic reforms tied to our IMF loan agreement, according to an Ittihadeya statement. The meeting — which follows earlier talks between Kristalina and key Egyptian officials yesterday — comes as the state seeks to renegotiate the terms of our USD 8 bn loan agreement and precedes a visit from a Fund delegation in preparation for the program’s fourth review, which Prime Minister Moustafa Madbouly said is set to begin on Tuesday.

The tone was largely positive: The IMF chief highlighted improvements in Egypt's macroeconomic indicators despite significant regional and international headwinds, citing positive assessments from international rating agencies and increased investment flows. In a possible sign of Fund flexibility, she noted that the IMF “seeks to find the best reform trajectories that address all relevant dimensions” in order to sustain the positive impact of the reforms.

Getting inflation under control is key: Georgieva also noted that the Fund agrees with its Egyptian counterparts that tackling inflation needs to be a key priority for the government and its international partners. Rising energy costs — a substantial part of which is accounted for by fuel prices — have been acknowledged as driving two consecutive monthly upticks in inflation.

Next up — the green economy: The IMF managing director added that the green economy will be the focus of upcoming discussions next week, without going into further detail.

THE BIG STORY ABROAD

Meanwhile, the foreign press is focused on US presidential hopefuls Kamala Harris and Donald Trump’s final rounds of campaigning ahead of election day, with Harris visiting the state of Michigan on Sunday and the Trump campaign set to make a stop in three eastern battleground states — Pennsylvania, North Carolina, and Georgia — in what opinion polls indicate will be a historically close race to the presidency. A recent poll shows Harris taking the lead over Trump in Republican-leaning Iowa — a state that Trump won in the last two US elections —- with the Democratic candidate set to campaign in East Lansing, Michigan, a town viewed as a must-win for her campaign. (Reuters | Financial Times)

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

The FinMin’s key economic indicators for 1Q 2024-25: Egypt has seen its budget deficit narrow, its primary surplus expand, and its revenues up during the first three months of FY 2024-25, despite ongoing regional conflict.
Fitch Ratings upgraded our credit rating from ‘B-’ to ‘B’ with a stable outlook for the first time since 2019, citing FX inflows from the USD 35 bn Ras El Hekma agreement, our expanded USD 8 bn IMF program, and the EU’s EUR 7.4 bn aid package, alongside greater confidence in the durability of our structural reforms.
IMF strikes upbeat tone on Egypt’s medium-term growth: The IMF expects constraints on Egypt’s growth to ease as regional tensions subside and structural reforms are implemented.

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

☀️ TOMORROW’S WEATHER- The city had some sun this weekend but it’s still maintaining its cool with highs of 27°C and a low of 19°C in the capital tomorrow, according to our favorite weather app.

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IMF Moustafa Madbouly WHAT WE’RE TRACKING TONIGHT

FOR YOUR COMMUTE

Should we ditch daylight savings?

As we fall back to standard time, experts say it’s where we should stay. Even though we’re gaining an hour of early morning sunlight, the annual clock shift has experts arguing we should stick to standard time for the sake of our health, the Washington Post reports. Daylight saving time can disrupt our body’s natural rhythms in ways that standard time does not.

Saving an hour every summer may be hurting our health: Daylight saving time throws our bodies out of sync by pushing off daybreak and extending evening light. This shift makes it harder for us to wake up and fall asleep, and over time, it can lead to what experts call “ circadian misalignment.” When our internal clocks don't match the natural light-dark cycle, it can disrupt sleep and hormone regulation, increasing risks for heart disease, strokes, obesity, diabetes, mood disorders, and seasonal depression.

The sun is our natural alarm clock: Our bodies depend on sunlight in the morning to reset our circadian rhythms, preparing us for the day and regulating sleep-wake cycles. But daylight saving time, especially if it were to become permanent, would mean darker mornings during the winter months, depriving our bodies of this natural “ reset ” signal. Over time, this misalignment can cause a chronic lag in our internal clocks.

Health impacts: Studies show that right after the spring shift, rates of heart attacks and accidents rise as our sleep cycles are thrown off. Missing out on morning light also delays melatonin production, making restful sleep harder to come by. Over time, the sleep disruption adds up, creating a debt that affects focus, mood, and one’s long-term health.

Why do we do it? Daylight saving time was originally introduced during WWI in Germany as a way to save energy by extending evening daylight. The big question is: Does it still save energy? Newer studies say probably not. In fact, the state of Indiana saw a USD 7 mn spike in annual electricity costs after adopting daylight saving time in 2006, and productivity dips after each spring shift. Still, some research shows that longer evening light may reduce crime rates and get people moving outdoors more often — though it depends on the climate.

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FOR YOUR COMMUTE health

ENTERPRISE RECOMMENDS

Time travel meets murder mystery

ON THE TUBE TONIGHT-

?Netflix's foray into the realm of time travel. Time Cut follows Lucy Field (Madison Bailey), who travels back in time to confront her sister’s murderer. Field is an aspiring scientist thrilled to have landed a NASA internship — but her joy is undercut by her parents' unresolved grief over the tragic murder of her older sister, Summer (Antonia Gentry), in 2003.

On the anniversary of Summer’s death, Lucy stumbles upon a time machine that sends her back to the days leading up to the tragedy. Determined to save her sister, Lucy faces the moral dilemma of altering her family's future while risking her own existence.

The film focuses on the bond between sisters. The chemistry between Bailey and Gentry is incredible, with the two perfectly projecting intimate sisterhood on-screen. A particularly touching moment involves a makeover scene that captures the nostalgic vibe of the early 2000s, with the film's focus on heartfelt connection on full show.

Despite its billing as slasher flick, the film doesn’t deliver the eeriness you’d expect from a film of that genre. The horror components feel underwhelming, lacking the tension and gore that could have placed the film more firmly within the genre. Key moments intended to be chilling instead feel muted, largely due to editing choices that avoid showing violence.

WHERE TO WATCH- You can watch the movie on Netflix or watch the trailer (runtime: 2:03)

SPORTS-

⚽ A lot of action is going down on the pitches of the Premier League tonight with matchday 10 wrapping up. There are two high-stakes matches on the cards tonight, with tenth-ranked Tottenham taking on fifth-ranked Aston Villa at 4pm, followed by Premier League stalwarts Chelsea and Man United at 6:30 pm. We’ll have a particular eye on the latter game, which is set to be United’s first Premier League game since the sacking of former coach Erik ten Hag.

The Spanish league is also set to have an exciting evening at the Catalan derby: Barcelona will be going head-to-head with the city rivals Espanyol at 5:15pm in La Liga’s round 12. The Blaugrana aim to extend their lead over Real Madrid to a temporary nine points, thanks to Madrid’s postponed game against Valencia. Meanwhile, Espanyol is keen to steer clear of the relegation zone early.

More big-name European matches going down tonight:

Verona vs. Roma - Serie A (7pm)
Sevilla vs. Real Sociedad - La Liga (7:30pm)
Inter Milan vs. Venezia - Serie A (9:45pm)

OUT AND ABOUT-

HAPPENING THIS WEEK-

? Watch a blind date happen live. Binge Circle are hosting the first ever The Blind Date Show:Live on Stage. Two strangers will meet and converse from behind a curtain and decide whether it will be a night to remember — or a date they’d rather forget. The event will take place on Friday, 8 November at Trivium Square. Tickets are available at Collard Tickets.

Got the moves? The 16th edition of Cairo International Jazz Festival will run until Friday, November 8, 2024 at the American University in Cairo campus in Tahrir. Tickets available on Ticketsmarche.

The Cairo Opera Ballet Company is bringing back One Thousand and OneNights after a 17-year hiatus. Accompanied by the Cairo Opera Orchestra and conducted by Nader Abbasi with music from Fikre Amirov, the show started its run last Monday and will continue this week with two additional shows on Tuesday 5 November, and Wednesday, 6 November. Tickets are available on Tazkarti.

Enjoy some authentic Egyptian vocals with Saad Eloud. The live show will take place on Thursday, 7 November at Theatro Arkan. Grab your tickets through Ticketsmarche.

Time to dust off basketball shoes and jerseys, Double Dribble League is back. Starting Friday, 8 November at Maadi Sports Club, guys and gals who play ball will get together in twelve teams and battle it out every Friday for the next 12 weeks. Stay tuned for more details.

Shop for the winter at the next edition of the Cairo Flea Market. CFM is back on Saturday, 9 November at the Fish Garden in Zamalek, starting at 10am and ending at 7pm. The flea market boasts beautiful artisan crafts, vintage items, and pre-loved clothes.

Creatives, assemble. SYNC Summit 2024 is here from Thursday 7 November to Saturday 9 November at District 5, Marakez. Prepare to dive into immersive workshops and inspiring talks across multiple creative tracks. It’s all about making connections in the industry, learning, and unleashing your creativity. You can grab tickets at Ticketsmarche.

Calling all plant parents. The autumn edition of the International Flower Expo began on Thursday, 10 October at Al Horreya Garden. Take home anything from ornamental plants, trees, and all different kinds of flowers. The expo will continue until Sunday, 10 November.

The fourth edition of Forever is Now is here. 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 continue to be open everyday till Saturday, 16 November.

The largest collection of prints in the country. Cairopolitan is bringing together a collection of artwork from over 180 local and regional artists to display in the Cairo Prints Exhibition. The gallery is open everyday until Monday, 18 November in Garden City.

HAPPENING LATER-

Party like you’re in Ibiza. Circoloco — the iconic Ibiza party — is coming to the Pyramids on Friday, 15 November. The 9-hour party kicks off at 6pm and will feature an array of electronic, house, and techno music. Grab your tickets from Collard Tickets.

El Khatba Show x Boom Room: Prepare for a unique night at this live dating comedy show experience with comedy group Al Mothalath. The event will take place at Boom Room in Open Air Mall Madinaty on Tuesday, 12 November. Grab your tickets from Ticketsmarche.

For the Tamer Ashour fans: Don’t miss his concert at Malahy Arena on Friday, 15 November at 8:30pm. Grab your tickets from Ticketsmarche.

Medhat Saleh and Reham Abdelhakim are headlining a charity concert in the Royal Garden of the El Qubba Presidential Palace. On Friday, 15 November, the doors will open for attendees — who will be required to be dressed formally — at 6pm, with the concert slated to start at 8pm. You can grab tickets on Tazkarti.

Another Tablet El Sitt show on the Theatro stage in Sheikh Zayed. The show will take place on Saturday, 16 November at 8pm. Grab your tickets from Ticketsmarche.

Attention, fitness fanatics. The ELFIT Championship features 1.2k athletes from over 55 countries competing for the ELFIT Champion title. The event will take place from Wednesday, 13 November till Saturday, 16 November at the New Capital Sports City. Grab your tickets from Ticketsmarche.

Sharmoofers are about to liven the stage at their Malahy concert on Friday, 22 November. The concert will start at 7pm. Tickets are available at Ticketsmarche.

Masked viral singer Tul8te is taking the stage at ZED Park as part of The Cocktail Tour on Thursday, 5 December. Tickets are available on Ticketsmarche.

Prepare for the sixth edition of The Marakez Pyramids Half Marathon, organized by the TriFactory. Pick your race of choice and start training, because the marathon will take place on Saturday, 14 December. Note: Ticket prices will increase in a week, so get in line for early bird registration on the marathon’s website.

Egypt’s premier electro and dance music event. Witness immersive visuals and soundscapes with an electrifying lineup of international and local artists at the Aura Music Festival. The festival will take place on Friday, 13 December at Lac Du Caire. Tickets are available at Collard Tickets.

EARS TO THE GROUND-

? An exploration of Amazon’s complexities and controversies. The third season of Foundering, produced by Bloomberg Technology, takes a deep dive into Amazon and its founder, Jeff Bezos.

The season kicks off with a focus on the billionaire founder himself, as the podcast seeks to understand the man behind the massive corporation. But it quickly becomes a bit challenging to separate his polished public persona from the narrative, with host Brad Stone — a seasoned journalist with extensive knowledge of Amazon — presenting Bezos as slick and calculated, a portrayal that might rub skeptical listeners the wrong way. However, as the season progresses, Stone begins to reveal the darker side of Amazon, shifting from admiration to a more critical evaluation of the man behind the globe-spanning company.

One area of focus is Amazon’s approach to consumer privacy. The contrast between the company's commitment to secrecy around new projects and its treatment of customer data is striking. An interview with a former Amazon transcriber highlights unsettling truths about how conversations with Alexa were monitored without users’ knowledge, shattering the illusion of privacy many consumers assume they have.

We also hear about Amazon's corporate culture. Stone amplifies the voices of exploited workers and frustrated Amazon marketplace sellers, sharing narratives that are at times infuriating and at other times darkly humorous.

WHERE TO FIND IT- You can listen to Foundering on Apple Podcasts, Spotify, iHeart.

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Enterprise Recommends On The Tube Tonight

GO WITH THE FLOW

What the markets are doing on 3 November 2024

The EGX30 rose 0.6% at today’s close on turnover of EGP 3.6 bn (14.5% below the 90-day average). Local investors were the sole net buyers. The index is up 23.9% YTD.

In the green: Credit Agricole (+3.8%), ADIB (+3.3%), and AMOC (+1.8%).

In the red: Juhayna (-1.2%), Abu Qir Fertilizers (-1.2%), and Emaar Misr (-1.1%).

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EGX Go with the Flow

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INSIDE INDUSTRY

A deep dive into Egypt’s localization efforts

A look into Egypt’s localization efforts: The government has been very outspoken about its localization push as it works to cut down on imports and increase industry’s share of the total GDP.

Enter the government’s plan: The Madbouly government is working to slash its import bill, meet local market needs, and ensure production input is available by encouraging Egyptian manufacturers and attracting global investors. In order to achieve its goals, the government has a plan to:

Expand Egypt’s industrial base to boost exports, especially in green and electronic industries;
Improve the technical attributes and capabilities of Egyptian industry as a whole;
Assist struggling factories — boosting their overall activity, increasing production capacity, and providing them with technical assistance.

Imports have been on the decline: Egypt’s imports fell 5.1% y-o-y to USD 7.4 bn in May, according to data from state statistics agency Capmas. The drop was driven by a decrease in iron and steel imports, which fell by 0.3%, plastics (2.9%), pharma products (24.7%), and chemicals (23.3%).

Egypt’s localization efforts are in full swing: The government is aiming to localize 152 industries by 2030 in sectors including — but not limited to — the engineering, transport, pharma, and automotive sectors, a government source told EnterpriseAM. The Madbouly government last month announced its plans to localize the manufacture of 12 products selected by the ministries of housing and industry — the products include electric motors, generators, valves, pumps, water filtration devices, electric tools, solar cells, electrical control and power distribution panels, and elevators.

Support to factories is key: Egypt has the potential to manufacture a wide range of industrial equipment and products domestically, provided that there’s sufficient support for factories and reduction in imports to boost demand for local products, Chamber of Engineering Industries head Mohamed El Mohandes tells us.

Having specific target industries in mind is also crucial: Federation of Egyptian Industries’ Mohamed El Bahy told EnterpriseAM that localizing industries and supporting local production is a top priority for the Federation — but it’s also essential to identify target industries based on the cost-effectiveness of producing certain goods locally, saying that it would be better to invest in goods that are economically viable if production costs are significantly lower abroad. This would help balance investments and avoid draining the country’s FX supply.

Work is underway to better govern key industries: The government is in the process of conducting studies to transfer the oversight of pharma, cosmetic, and nutritional supplement industries from the Health Ministry to the Industrial Development Authority, a government source told us. This would help the localization push by unifying oversight over production, easing land allocation, and facilitating the approval process, which would make the sectors more attractive to investors, El Bahy said.

Local industry will have a bigger role to play in our GDP: The government aims to increase the overall contribution of the local industrial sector to Egypt’s GDP to 20%, up from 16% currently, one government official told EnterpriseAM. Current efforts to stimulate investment in the industrial sector will bear fruit over the next two years, the source said, adding that the restructuring of the sector and the development of specialized industrial zones and services will have a big role to play in that regard.

There’s still a long way to go: Deepening Egypt’s industrial activity and increasing the ratio of local component used will not happen without active effort from the state, MP Mohamed Attia El Fayoumi told EnterpriseAM, pointing to the need to hold exhibitions that showcase local suppliers’ products, particularly production inputs that Egypt currently imports. This would create synergy between local factories, deepen local manufacturing, reduce import costs, and boost exports.

Integration between manufacturers and suppliers will speed the process along: Industrial integration between manufacturers and their suppliers is crucial to ensuring the successful relaunch of the government’s Local Manufacturing Empowerment program, which aims to connect manufacturers and local suppliers and connect local suppliers to global supply chains for major companies.

One glaring issue stands in the way: All those we spoke to indicated that energy and electricity prices represent one of the biggest challenges for industrial expansion, especially with additional price hikes soon to come.

Remember: Prime Minister Moustafa Madbouly signaled in May that the state is looking to gradually “restore balance” between fuel cost and its end price by the close of 2025. The latest energy price hike in October saw the price of industrial mazut rise 11.8% to EGP 9.5k per ton.

Could renewables be the answer? Solar energy presents a glimmer of hope for industry, especially with the government working to localize solar cell production — a move that would reduce the cost of establishing solar units for industrial expansion. The zones for most of the industries targeted for localization are located in Upper Egypt, close to Egypt’s large renewable energy stations.

A promising future: The future of renewable energy as a solution for manufacturing and localization in Egypt is promising, Romany Hakeem, chairman of Beneshty Solar and vice chairman of Sustainable Energy Development Association told EnterpriseAM, pointing to the current strategy to localize various industries to boost renewable energy capacity and to lower import costs.

A move in the right direction: The cabinet in August approved a draft resolution to set up the National Council for the Localization of Chip and Solar Cell Tech Production, which will be tasked with approving the government’s strategy for localizing the manufacturing of chips and PV cells, updating the strategy as needed, and overseeing the progress of its implementation, as well as working to eliminate any obstacles for investment in the sector and reviewing related legislation.

Localizing solar panels? We dive into why Egypt should double down on manufacturing solar panels in a Going Green published earlier this year.

Your top industrial development stories for the week:

Huawei could help localize power grid components: Electricity Minister Mahmoud Esmat met with Huawei Egypt’s CEO Jim Liu to discuss localizing the manufacture of electricity grid equipment and communication tools. (Electricity Ministry statement)
Ostuka Egypt laid the foundation for a new factory for nutritional products in Tenth of Ramadan. The factory is expected to kick off by September 2025, with an eye toward exporting to Gulf countries by January 2026. (Investment Ministry statement)
Chinese BAIC group signed an agreement with local agent Alkan Auto to establish an EV factory, set to kick off by the end of 2025. The factory will have an initial production capacity of 20k vehicles — which will increase to 50k by the end of its fifth year of production. (Industry Ministry statement)

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energy INSIDE INDUSTRY Manufacturing

THE ENTERPRISE ENTERTAINMENT CALENDAR

NOVEMBER

18 October - 18 November (Friday-Monday): Cairo Prints Exhibition at Cairopolitan in Garden City

24 October - 16 November (Thursday - Saturday): Art D'Egypte’s Forever is Now at the Giza Pyramids.

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

7 November (Thursday): Saad Eloud live at Theatro Arkan.

8 November (Friday): The Blind Date Show: Live on Stage at Trivium Square.

7-9 November (Thursday-Saturday): SYNC Summit 2024 at District 5, Marakez.

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

8 November (Friday): Start of the Double Dribble League at Maadi Sports Club.

9 November (Saturday): Cairo Flea Market at Zamalek’s Fish Garden

9-10 November (Saturday-Sunday): I Fell in Love play at Rawabet Art Space

12 November (Tuesday): El Khatba Show at Boom Room.

13-16 November (Wednesday-Saturday) : ELFIT Sports Competitions at New Capital Sports City.

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

15 November (Friday): Tamer Ashour at Malahy.

15 November (Friday): Charity concert at the El Qubba Presidential Palace.

15 November (Friday): Circoloco Ibiza at the Giza Pyramids.

16 November (Saturday): Tablet El Sitt show at Theatro Arkan.

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

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

22 November (Friday): Sharmoofers at Malahy.

24 November (Sunday): Omar Khairat concert at Monaco Hall, Triumph Luxury Hotel.

DECEMBER

5 December (Thursday): Tul8te at ZED park.

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

13 December (Friday): Aura Music Festival at Lac Du Caire

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

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