Coolcations are replacing traditional vacation destinations

Sunday, 10 Mar 2024

Coolcations are replacing traditional vacation destinations

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Today at a glance

The Big Story Today

Around USD 3 bn coming in from the World Bank.

INSIDE INDUSTRY

What does the float mean to manufacturers?

FOR YOUR COMMUTE

Climate change has seen travelers flock to cooler countries.

ON THE TUBE TONIGHT

Shōgun is both a political drama and a battle for power.

Sports

Liverpool vs Man City tonight.

OUT AND ABOUT

Add these Ramadan tents to your activities this season.

Ears to the Ground

Normal Gossip will satisfy your need for a good gossip sesh sans the guilt.

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Are we getting c. USD 3 bn from the World Bank?

Good afternoon, ladies and gentlemen. We’re guzzling coffee while we still can during daylight hours as we gear up for the start of Ramadan this evening or tomorrow evening.

THE BIG STORY TODAY-

World Bank to funnel c. USD 3 bn into the state’s coffers: The World Bank is expected to extend around USD 3 bn in financing to Egypt, Finance Minister Mohamed Maait said today at a presser attended by Enterprise. The announcement gives further nuance to Maait’s statement last week that our agreement with the International Monetary Fund could help secure a total of USD 20 bn in foreign support.

ICYMI: The USD 20 bn figure includes around USD 11 bn from international partners — including the World Bank, European Union, Japan, and the UK — alongside the USD 8 bn IMF package we agreed on with the Fund last week and a still-in-talks USD 1-1.2 bn in climate finance under the Fund’s Resilience and Sustainability Facility.

The latest on our IMF package: The USD 8 bn loan will come with a three-year tenor, Maait said.

Remember: The agreement is subject to approval by the IMF’s executive board, which is expected to meet to consider the pact before the end of the month, according to our sources.

THE BIG STORY ABROAD

Biden’s plans to accelerate the delivery of aid to Gaza are getting some ink in the international press. A US Army vessel was on its way to Gaza today with equipment for the construction of a temporary pier as part of the POTUS’ plan to increase aid to Gaza, according to the Associated Press. Setting up the jetty, alongside the airdrops conducted by the US, Jordan, and other nations, signals the growing concern about the humanitarian crisis in the enclave and the readiness to circumvent Israeli supervision of shipments by land. Israel approved the sea deliveries and stated that it would inspect the cargo heading to Gaza before it departs from a location near Cyprus.

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

IMF agreement could pave the way for more foreign financing: Officials expect our agreement with the IMF to help secure a total of USD 20 bn in foreign support.
Moody’s has upgraded Egypt’s outlook to positive from negative,affirming its Caa1 rating — seven rungs into junk territory.
Investor appetite for local debt has returned post-float: The central bank raised EGP 87.8 bn in a one-year t-bill auction on Thursday — receiving offers for almost 3x the amount sold. The bills were sold at an interest rate of 32.3%. It also sold EGP 14.2 bn worth of six-month t-bills. Prominent investment banks like Goldman Sachs, Citibank, and Morgan Stanley were among the investors.

*** 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.

In today’s issue: After two years of a worsening foreign currency crunch that has made it increasingly difficult to import machinery and raw materials, industry players are able to breathe a sigh of relief after the Central Bank of Egypt’s decision to float the EGP last week means unlocking FCY critical to their operations.

☀️TOMORROW’S WEATHER- On what is likely to be the first day of Ramadan, the mercury will climb to a high of 24°C after an early morning low of 11°C and then drop to a low of 16°C, according to our favorite weather app.

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WHAT WE’RE TRACKING TONIGHT World Bank

FOR YOUR COMMUTE

Leave your swimsuits behind — it’s time for a “coolcation”

Beach vacations are out and “coolcations” are in: As the mercury continues to rise during the warmer months, the traditional allure of beach vacations is waning, making way for a new travel trend: Coolcations. This shift in preference towards vacationing in colder climates is reshaping the travel industry, steering real estate investments towards different destinations and necessitating an industry-wide adaptation to meet the evolving tastes of travelers, according to Axios.

Finland, Scotland, Norway, and the Baltic countries — even the Arctic — are getting popular. Climate change-driven popularity is leading this change as people are less concerned with whether it’s going to rain as opposed to suffering on the beach from record-breaking temperatures or escaping wildfires, reports Condé Nast Traveler. British travel company Iglu Cruise reports a staggering 235% y-o-y increase in demand for Arctic destinations in 2023.

There’s downside risk to ecosystems: The delicate ecosystems of these areas are at risk asthey grapple with the unintended consequences of becoming sought-after travel destinations — think of the increased volume of traffic from cruises, ships, and other activities that areas previously considered to be remote — like the Arctic — have not experienced, explains Arctic Today.

Don’t change your ticket to that beachside resort just yet: Paris, Madrid, Amsterdam, Dubai, and Tokyo were still top travel destinations in 2023 despite the “Frozen Effect” pushing people to colder destinations, Euromonitor International said in a recent report.

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ENTERPRISE RECOMMENDS

This historical drama may just be your next binge-watch

? ON THE TUBE TONIGHT-
(all times CLT)

Shōgun (watch trailer, runtime: 2:47) is for history buffs and lovers of all things Japan. Set in 17th-century Japan, the story is set into motion when John Blackthorne (Cosmo Jarvis) — basically Jack Sparrow with less eyeliner — washes up on Japanese shores. He finds himself in the company of Lord Toranaga (Hiroyuki Sanada), a powerful feudal lord on the brink of conflict, and Mariko (Anna Sawai), a mysterious outcast who serves as his translator.

While the series may masquerade as a political drama, it’s really about the interpersonal relationships between three ambitious people fighting for power — whatever that means to them. The constant jockeying for power between the different factions on the show keeps us on the edge of our seats, masterfully building tension as we watch alliances shift and betrayals unfold.

This isn’t the first time Shōgun has been on the silver screen. The show, based on James Clavell’s 1975 novel of the same name, was adapted to TV in 1980. This version isn’t a retelling of the book or the 1980s show — it’s a reinvention that’s grittier and more grounded, with spectacular fight sequences that are more visceral. It has the same bones as its source material but is completely revamped and equipped with a spark both the novel and the 1980 series lacked.

The downside of watching Shōgun? There isn’t enough of it, as it’s just a 10-episode miniseries. With its stellar acting and phenomenal storytelling, we wish we could get five seasons, but we understand that all stories, no matter how rich, benefit from being tight-knit.

WHERE TO WATCH- Shogun is streaming on Disney+.

⚽ Liverpool plays host to Manchester City in gameweek 28 of the English Premier League at5:45pm. This will be the last time Jürgen Klopp encounters Pep Guardiola in the competition.

Also playing in the Premier League:

Aston Villa vs Tottenham (3pm)
Brighton vs Nottingham Forest (4pm)
West Ham vs Burnley (4pm)

In La Liga: Real Madrid and Celta Vigo go head to head at 7pm while Real Betis plays Villarreal at 10pm.

The biggest matches we’re tracking in the European leagues:

Milan vs Empoli (Serie A, 4pm)
Juventus vs Atalanta (Serie A, 7pm)
Fiorentina vs Roma (Serie A, 9:45 pm)
Leverkusen vs Wolfsburg (Bundesliga, 8:30pm)

Here at home in the Egyptian League:

El Dakhleya vs Pyramids (4pm)
Smouha vs Ceramica Cleopatra (4pm)

? OUT AND ABOUT-
(all times CLT)

RAMADANIYAT-

Good news for all of our West-siders and adventurous Easties:Qahwet WOC is back this year for your Ramadan nights out starting this Thursday, 14 March. Walk of Cairo is collaborating with Topaz Restaurant to fill every night with live performances throughout the Holy Month, including a Mawlaweya show, a tanoura show, board games, and a traveling Mesaharaty. You can head down there any time during Ramadan from 8pm to 2am.

What’s a Ramadan night out without a suhoor tent?Layalina is launching on Thursday, 14 March at Zed Park, with Nouran AbuTaleb providing her mellow sounds for company, and again on Friday, 15 March with Hana Yousy’s vocal talents. Their extensive menu, which includes drinks, cold and hot mezzahs, and mini sandwiches, is going to make sure you’re ready for your fast. You can snag spots for two, four, five, or eight people. Like any authentic Suhoor experience, Layalina expects you there well into the night, opening its doors at 11:30pm.

Layalina is also going to East Cairo.El Baron Palace is hosting this Suhoor tent on Friday, 15 March, and along with the Sharmoofers, are bringing you a night of tradition and entertainment under the stars. The menu will be the same as our West-siders, but those attending at El Baron have a larger selection of seating. You can choose between lounges, tables, and high table seats here.

Looking for more authenticity, less glitz-and-glam? The Qandil Bani Helal troupe is performing El Sira El Hilaleyaat Rawabet on Saturday, 16 March. This sira is one of the most widely known and most beloved epics told by renowned poets like Sayyid Al Dawy and Jaber Abu Hussein. You can grab your tickets here. The performance starts at 9pm sharp, and late arrivals will not be let in. Please note that children younger than the age of 12 are not allowed to attend.

MUSIC-

Witness some of the last remaining Zar practitioners in Egypt on Wednesday, 13 March. The Mazaher ensemble shares their tradition with audiences with two concerts every Wednesday at Makan. Reach out by the email or Whatsapp number provided on the page to experience the spiritual poly-rhythmic drumming and vocals practiced in Upper Egypt. Note that taking photos and/or videos is prohibited during the performance.

Is it too early to make Eid plans? Grab yourself some fast-selling tix to El Hadaba’s Eid concert in Gouna on Wednesday, 10 April.

EVENTS-

Osana’s upcoming bazaar is a two-in-one Ramadan and Mother’s Day event. Happening on Saturday, 16 March, you’ll find gifts, decorations, and Ramadan essentials as well as a Sohour between 7pm and 11pm.

To our young readers: Mark your calendars for Friday, 3 May and get ready for the Youth to Business (Y2B) event at The GrEEK. Y2B is a networking event with inspiring keynote speakers and workshops designed to help you plan and advance your career, give you personal development insights, and give you the chance to explore different career paths.

? EARS TO THE GROUND-

Let’s be honest, we all love to indulge in a little bit of good gossip. But when it hits a little close to home, it’s not so fun. Enter Normal Gossip, a podcast that lets you eavesdrop on the juiciest, funniest, most bizarre stories you might overhear at your local coffee shop, minus the guilt trip. Who doesn’t love some low-stakes drama?

Listeners submit their own gossip to host Kelsey McKinney, who picks the most interesting stories to relay. You get a peek into the everyday lives (and questionable decisions) of people you’ll never meet, from workplace shenanigans and odd neighbors to unexpected encounters and (slightly) illegal activities.

Here’s the lowdown of the good, the bad, and the ugly: The episodes are often laugh-out-loud funny. Alongside the absurdity of the stories, McKinney’s delivery will have you snorting your coffee (or tea, no judgment). Sometimes you’ll think you know where the story is going. Think again. There are a couple of plot twists we didn’t see coming.

Not every story is a hit: There is the occasional dud in the midst of what are mostly entertaining stories, but even the less exciting ones are saved by McKinney’s sense of humor and comedic timing. The only other side effect we can foresee is that you just won’t be able to stop listening, so we suggest you limit your listening to your commute.

WHERE TO FIND IT- Sit back, relax, and enjoy some spectacular trainwrecks on Spotify, Apple Podcasts, Podtail, and iHeart.

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GO WITH THE FLOW

What the markets are doing on 10 March, 2024

The EGX30 rose 5.2% at today’s close on turnover of EGP 7.5 bn (62.5% above the 90-day average). Local investors were net buyers. The index is up 32.2% YTD.

In the green: Fawry (+20.0%), E-Finance (+20.0%) and Elsewedy Electric (+10.9%).

In the red: Egypt Kuwait Holding (-4.2%), GB Corp (-3.3%) and Delta Sugar (-2.5%).

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EGX Go with the Flow

Our weekly look at the issues, trends, and policies that are shaping Egypt's manufacturing industries.

Published every Sunday in EnterprisePM.

Read Inside Industry

INSIDE INDUSTRY

Industry players are breathing a sigh of relief after the EGP float

How manufacturers see the CBE’s decision to float + what it means for the sector’s growth prospects: After two years of successive shocks and a worsening foreign currency crunch, industry players in Egypt are broadly happy with the Central Bank of Egypt’s (CBE) decision to float the EGP last week, which promises to resolve several issues and bottlenecks manufacturers have been struggling with. The decision will go a long way in resolving problems with sourcing USD and financing exports, as well as addressing reduced production capacity, but it will also bring new challenges with higher costs of financing, according to industry players Enterprise spoke with.

In a nutshell, manufacturers expect that the float will:

Eliminate the parallel market and unify the FX rate;
Stabilize pricing mechanisms in the industrial and commercial sectors;
Allow factories to resume work at full capacity as production inputs are released from customs;
Help raise the competitiveness of Egyptian exports abroad;
Make raw materials and production inputs more readily available; and
End the USD sourcing crunch, therefore allowing factories to purchase new machinery.

REFRESHER- Last week, the CBE moved to float the EGP, leaving the exchange rate “to be determined by market forces” after hiking interest rates by 600 bps at a surprise monetary policy meeting. The decision allowed Egypt to sign a USD 8 bn program with the International Monetary Fund, and could help us secure another USD 11 bn from international partners including the World Bank, European Union, Japan, and the UK, Finance Minister Mohamed Maait said.

We’ve taken the first step, but the path forward is going to take a lot more to fully address all the issues facing local industry, Egyptian Businessmen Association (EBA) Chairman Ali Issa told Enterprise, stressing that the float was inevitable and is a critical step towards full economic reform. Moving forward, we’ll need to see several other moves to restore financial policy stability, including rationalized government spending, Issa said.

Hope abounds that things will get better, but manufacturers are also worried about the rising cost of financing as a result of the 600 bps interest rate hike, which will make doing business more expensive, Federation of Egyptian Industries member Kamal El Dessouky said. Although closing the gap between the official and parallel exchange rates is a very positive change, having a uniform interest rate of 30% across all sectors will hamper industrial investment, he said. These elevated interest rates need to either be temporary or policymakers need to introduce a financing initiative at a competitive interest rate.

Industry wants new financing initiatives: The EBA hopes to see new financing initiatives for productive industries, particularly manufacturing and agriculture, as well as service sectors including tourism, to give these sectors the chance to ramp up their productivity to cover local demand and start or boost exports. The government should also look at the specific bottlenecks facing the private sector to address their needs, Issa said. The introduction of fresh financing initiatives is currently under study, after allocations from the last program introduced last year have run out, Finance Ministry sources Enterprise spoke with said.

Banks need to supply FCY needs as quickly as possible: Manufacturers have been waiting for a long time to be able to arrange foreign currency (FCY) needs to import necessary materials and equipment, and release commodities from customs, Federation of Egyptian Industries member Mohamed El Bahey told Enterprise. It’s now critical to ensure that banks are able to arrange companies’ FCY needs in a timely manner to avoid a renewed reliance on the parallel market, he stressed.

And goods need to be released quickly, too: The Customs Authority’s speed in releasing backlogged goods from ports was on the House Industry Committee’s agenda yesterday, with committee members discussing several reports that the authority was not releasing goods quickly enough, Al Mal reports. Members of the committee called on the authority to expedite the process as much as possible, while a representative from the General Organization for Export and Import Control said that officials are moving as quickly as possible.

Certain goods and production requirements are getting priority: Customs clearance needs to be prioritized for production inputs and raw materials, with a necessary refresh of what officials qualify as “luxury goods,” El Dessouky said. Luxury goods should be at the bottom of the priority list, El Dessouky said, to ensure that critical materials get released first and that FCY resources are well-managed. Egyptian Association of Automobile Manufacturers head Khaled Saad echoed El Dessouky’s thoughts, adding that finished cars are unlikely to be among the items on the priority list for customs clearance, which means that it’s a good time to attract investments into the automotive industry and push forward on localizing the industry.

Plenty of potential will be unlocked: Egypt has a golden window to start taking over eastern markets as a major exporter amid soaring shipping costs, El Bahey said. “We already have huge offers from Iraq to contract large quantities of Egyptian iron and steel, as well as from Libya and European countries, particularly as the devalued EGP made our products more attractively priced,” El Bahey said. The future of Egypt’s economy lies in the industrial sector, he stressed, saying that we need to learn our lessons from past experiences to create an environment that allows for true manufacturing activity and attract investments, particularly as we have all the ingredients we need for industrial advancements.

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Central Bank of Egypt economy foreign exchange INSIDE INDUSTRY Manufacturing

THE ENTERPRISE ENTERTAINMENT CALENDAR

MARCH

10 March (Sunday): Layalina Concert at Elsawy Culturewheel.

10 March (Sunday): GigglTerminal standup comedy show at ROOM New Cairo.

11 March (Monday): The start of Ramadan (TBC).

11 March (Monday): The Oscars.

13 March (Wednesday): Mazaher Zar ensemble concert at Makan.

14 March (Thursday): Konafa Comedy Night at ROOM Garden City.

14 March (Thursday): Qahwet WOC opening at Walk of Cairo.

14 March (Thursday): Layalina Ramadan Tent grand opening with Nouran AbuTaleb at Zed Park.

15 March (Friday): Layalina Ramadan Tent grand opening with Sharmoofers at El Baron Palace.

15 March (Friday): Layalina Ramadan Tent with Hana Yousry at Zed Park.

15 March (Friday): Elnabat4iastandup comedy show at ROOM Garden City.

15 March (Friday): Iftar at Wadi Degla with VAMOS.

15 March (Friday): Abu Shaar concert at Elsawy Culturewheel.

16 March (Saturday): El Sira El Hilaleya rendition by Qandil Bani Helal Troupe at Rawabet.

16 March (Saturday): Ramadan-themed Mother’s Day Bazaar at Osana Family Wellness.

17 March (Sunday): Comedy Stuff’s Ramadan Night standup at ROOM New Cairo.

19 March (Tuesday): MeshMawgoodLive Podcast: Fobia Elsobia at Rawabet.

21 March (Thursday): The Mad Day standup show at ROOM Garden City.

20-23 March (Wednesday-Saturday): Advertising Workshop: Presenting and Pitching for Creatives at SYNC School.

APRIL

5 April (Friday): Iftar at Wadi Degla with VAMOS.

9 April (Tuesday): Eid El Fitr (TBC).

10 April (Wednesday): Amr Diab concert at Cubix El Gouna.

19 April (Friday): Keinmusik at the Giza Pyramids by Panorama 2.

20 April-June 8 (Saturday-Saturday): Sketching Course at Art Square Academy.

23-24 April (Tuesday-Wednesday): Omar Khairat concert at Cairo Opera House.

25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

MAY

1 May (Wednesday): National holiday in observance of Labor Day (TBC).

3 May (Friday): Youth to Business (Y2B) event at The GrEEK Campus.

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (TBC).

25 May (Saturday): Techne Summit at the Cairo International Stadium.

JUNE

15-19 June (Saturday-Wednesday): Eid El Adha (TBC).

30 June (Sunday): June 30 Revolution Day (TBC).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

23 July (Tuesday): Revolution Day (TBC).

SEPTEMBER

15 September (Sunday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER

6 October (Sunday): Armed Forces Day.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Q1 2024: Opening of the newly developed Pyramids Plateau in Giza.

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