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Cosmic eruption

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Mubadala acquires Adwia’s mother company Kelix bio from DPI, BII, EBRD consortium

Good afternoon, folks and happy Monday. The newscycle is picking up as we move through our working week.

THE BIG STORY TODAY

Mubadala acquires full stake in Kelix bio from DPI, BII, and EBRD consortium: Abu Dhabi sovereign wealth fund Mubadala has fully acquired pan-African biopharma platform Kelix bio, according to a joint statement (pdf). The selling partners in the acquisition of Kelix bio include its co-founders Development Partners International (DPI), British International Investment (BII), and the European Bank for Reconstruction and Development (EBRD). The acquisition is still pending regulatory approval.

Kelix bio is no stranger to Egypt: The selling parties established Kelix bio in November 2020 with an initial investment commitment of USD 250 mn, a few days after they poured USD 126 mn to acquire 99.6% ofAdwia — one of the leading generic pharma companies in Egypt, exporting to the Middle East, Africa, and Eastern Europe. The platform also has subsidiaries across emerging markets, including India’s Celon Labs, Morocco’s PHI, and Kelix bio Malta. The platform's revenues currently top USD 150 mn, with critical meds accessible in 50+ countries spanning Africa, Latin America, Southeast Asia, and the Middle East.

A mega exit: The parties did not disclose the value of the transaction but said it is “set to be one of the largest private equity exits and [M&A transactions in the pharma sector] in Africa over the last twenty years.”


ALSO- The IMF Executive Board is scheduled to meet on Friday, 29 March to discuss Egypt’s program with the fund, Al Arabiya reports, citing unnamed sources it says are in the know. The board has yet to put Egypt on its public schedule, which extends until 3 April.

THE BIG STORY ABROAD

With safety concerns mounting, it’s a one-way ticket for Boeing CEO Dave Calhoun: Driving interest in the foreign press this afternoon, a management shake up at beleaguered aircraft manufacturer Boeing will see the current CEO Dave Calhoun step down from his role at the end of 2024. Boeing flights have suffered a number of incidents in the past months including losing a fuselage panel mid-flight, jammed flight controls during landing and a report accusing Boeing of a lack of safety awareness. The manufacturer’s share price was up 3.8% in premarket trading on the news, writes Reuters. (Bloomberg | Financial Times)

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

  • Valu is back with another securitization issuance: EFG Holding’s fintech arm Valu has closed an EGP 888 mn securitized bond issuance.
  • Sugar producers hike factory prices: State-owned sugar producers have ramped up their factory price of sugar by up to 33% to the Supply Ministry-imposed ceiling of EGP 32k per ton on the back of rising production costs triggered by the EGP float.
  • Gov’t to stock up on strategic reserves as it gears up for market intervention: Prime Minister Moustafa Madbouly has directed the government to study a plan to ramp up strategic reserves of basic commodities by 20%.

🌤️ TOMORROW’S WEATHER- The mercury is on an upward climb this week, so expect a partly cloudy day tomorrow with highs of 27°C and a low of 15°C, according to our favorite weather app.

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FOR YOUR COMMUTE

One for stargazers: Catch a nova in the coming months

A rare celestial event is expected in the coming months: Known as a “nova,” a cosmic eruption happening at some point in the next few months will resemble the emergence of a “new” star in the night sky, NBC News reported. It’s thought to take place some 3k light-years away in the T Coronae Borealis.

T Coronae Borealis hosts two stars in its solar system: A white dwarf (dead star) and a red giant that moves so closely in its orbit that it spills matter onto the red giant. “As matter accumulates on the surface of the white dwarf, it heats up and you get higher and higher pressure until bang — it’s a runaway reaction,” explained Louisiana State University emeritus professor in physics and astronomy Bradley Schaefer.

When was the last time it happened? 1946, according to Schaefer. The next time we might catch a nova in the sky is likely to happen 80 years from now.

What should you look out for, and when? At its brightest within 24 hours of the eruption, the nova will be as bright as the North Star, visible to the naked eye, and will last in the sky for around a week. As for when this will happen, it’s hard to predict. Schaefer and other scientists say explosion day could be today, but most likely will take place before the end of summer.

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ENTERPRISE RECOMMENDS

Palm Royale transports you back to c.1969 luxury America

📺 ON THE TUBE TONIGHT-
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Palm Royale: A tale of money, greed, power, and competition in high society. Adapted from Juliet McDaniel’s novel, Mr. & Mrs. American Pie, the new vibrant series on Apple TV+ produced by Abe Sylvia takes us deep into the lavish world of Palm Beach c. 1969.

It kicks off in the sweltering summer of 1969 at the illustrious Palm Royale country club,where Maxine (Kristen Wiig), lacking an invitation and funds, refuses to be deterred. Dressed to impress and armed with relentless optimism, she jumps over the club’s wall, determined to claim her slice of luxury. However, the club’s elite, led by the formidable Evelyn Rollins (Allison Janney), waste no time in making it clear that Maxine is unwelcome.

Navigating Palm Beach’s intricate social hierarchy proves to be no easy feat for Maxine, who finds herself entangled in a web of secrets, blackmail, and even a strategically timed fender bender. Yet, undeterred by mean stares and humiliation, she sets her sights on the ultimate prize: Hosting her bedridden mother-in-law’s legendary Beach Ball — an event that could cement her status in the town’s inner circle.

As Maxine maneuvers through Palm Beach’s absurdly lavish world, she finds unexpected allies in Linda Shaw (Laura Dern), a feminist activist, and Robert (Ricky Martin), an observant waiter with a knack for gossip. The series is filled to the brim with pastel-infused satire, featuring absurd charity events, pill parties, and a never-ending cycle of Nixon’s Vietnam War speeches on televisions in the background.

The series cleverly navigates the treacherous waters of social climbing, before social media, gossip magazines, and TV served as portals to the lives of the wealthy and glamorous. In a world where exclusivity and glamor often mask hidden flaws, the series serves as a reminder that the grass isn’t always greener on the other side.

WHERE TO WATCH- You can watch the series on AppleTV+ and catch the trailer here(runtime: trailer 2:49).

Sorry folks, no matches today.

🥐EAT THIS TONIGHT-

“What’s for dessert?” must be the most resounding question asked during Ramadan. There’s a wealth of sweet innovations out there this season, and we’re here to help you pick the next party favorite. Today’s dessert dispensary is TBS.

Five years ago, TBS gave us El Basmoolah, and this year, they came up with El Basmoolah El Ma3koosa. ICYMI, El Basmoolah is the mix between a basbousa and a maamoul. It came with topping options of cream and ground pistachio, Nutella, and Lotus. This year’s update of the Basmoolah comes in layers of Basmoolah chunks and whipped cream, and three different toppings: Yameesh (mix of dried apricots, figs, and dates), strawberries, and mango.

To Ma3koosa or not to Ma3koosa? The OG Basmoolah’s composition had more of the pastry and less of the whipped cream, while the Basmoolah Ma3koosa is heavier on the cream and toppings than it is on the Basmoolah itself. As TBS puts it, the regular Basmoolah is eaten with a fork, and the Basmoolah Ma3koosa is eaten with a spoon.

All cravings and no big iftar plans?No problem. TBS offers single servings of both desserts. The Basmoolah butler box comes with 15 bite-sized Basmoolahs in different flavors. You can order Basmoolah Ma3koosa cups in two additional flavors than the shareable plates: Nutella and Lotus.

WHERE TO FIND IT- You can find these desserts at any TBS branch, or order it online through the TBS website. Grab them while you can — they tend to sell out quickly.

🎤 OUT AND ABOUT-
(all times CLT)

TODAY-

Fancy yourself an art connoisseur?CLEG Art Gallery is holding its annual Ramadan charity exhibition, Changing Lives. This year, in collaboration with Nour ‘Ala Nour, 40 artists are displaying their artwork for purchase to support the education of underprivileged children in Egypt. Proceeds from their annual exhibitions contribute to the education of over 1k children, and help support a special needs center. The exhibition runs everyday until 9 April, operating from 11am-4pm during Ramadan.

THIS WEEK-

Vibe with the Egyptian Mavlavie group tomorrow. The group will be performing their signature ballads and traditional dances at AUC Tahrir’s Ewart Hall starting 9pm. Tickets are available here. Keep in mind that children under the age of six are not allowed to attend. Seats are not assigned, so get there early to nab the best ones.

Roof 14 is debuting at Rawabet Art Space. The troupe are launching their “Kayf Bada2…” series this Thursday, 28 March with their first show, Kayf Bada2at Al Bakasa. The socially relevant play will be told from the point of view of two characters — a social researcher and her subject. Curtains open at 9:30pm, and latecomers will not be allowed in. Grab your tickets here.

THIS WEEKEND-

Missed Roof 14’s opening night? Don’t worry about it. You can catch two more showings ofKayf Bada2at Al Bakasa at Rawabet, where they explore the origins of stinginess from a funny and socially relevant angle. You can find tickets for Friday, 29 March here, and Saturday, 30 March here.

Enjoy suhoor with Hisham Abbas at Galleria40. The 3al Tawla suhoor tent is hosting the superstar this Friday, 29 March. You can find booking information on their Facebook page here.

Warm up for Cairo Runners’ Women Night Race. Cairo Runners is celebrating Women’s History Month at Promenade on Thursday, 28 March. You can join the 5 km Women Race for EGP 250 or the 1 km Family Run for EGP 150 per person. Registration for the event ends at noon on Wednesday, 27 March. Registration information is available on Cairo Runners’ Facebook page. If you’re a Cairo Runners veteran, you can sign up directly from your account.

💡 UNDER THE LAMPLIGHT-

You Dreamed of Empires is an ode to Mexico’s beginnings by Álvaro Enrigue. Set in 1519 Tenochtitlan (aka Mexico City), this historical novel takes us back to when the Spanish colonists clash with the Aztecs.

Picture this: Spanish conquistador Hernán Cortés arrives at the Aztec capital with his troops, accompanied by several followers. Expecting to encounter the fearsome yet melancholic Aztec emperor Moctezuma, Cortés finds himself navigating a world of ancient rituals and human sacrifice.

The novel paints a vivid picture of the brutal reality of life in this era, where priests wear human skin as veils and hearts are ripped out as offerings to fickle gods. The narrative delves into Moctezuma’s introspective moments and his increasing reliance on hallucinogens to pass his days or look for a sign — all the while Cortés is sharpening his sword for the impending conflict to come.

It promises to leave readers spellbound until the final page, with its blend of historical accuracy and imaginative storytelling — especially since we know the outcome of the conflict.

You can get your copy on Amazon.

This publication is proudly sponsored by

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GO WITH THE FLOW

What the markets are doing on 25 March 2024

The EGX30 rose 1.0% at today’s close on turnover of EGP 3.2 bn (35.2% below the 90-day average). Regional investors were net sellers. The index is up 17.8% YTD.

In the green: Delta Sugar (+11.4%), Palm Hills Developments (+11.3%) and Ibn Sina Pharma (+5.2%).

In the red: E-finance (-4.7%), Fawry (-4.3%).


22-29 March (Friday-Friday): Spend the Day in Khalifa with Megawra.

25 March (Monday): Connect Four Live standup comedy show at Rawabet Art Space.

26 March (Tuesday): Egyptian Mavlavie performance at AUC.

28 March (Thursday): Women Night Race by Cairo Runners.

28 March (Thursday): Kayf Bada2at Al Bakasa comedy performance at Rawabet Art Space.

28 March (Thursday): Mai Kamal performance at The Drive.

29 March (Friday): 3al Tawla with Hisham Abbas at Galleria40.

29 March (Friday): Ishteri Menni El Helw Ba3d El Fitar standup comedy show at Elsawy Culturewheel.

29 March (Friday): Rula Zaki performance at The Drive.

29 March (Friday): Looperia Project at Makan.

29 March (Friday): Kayf Bada2at Al Bakasa comedy performance at Rawabet Art Space.

29-31 March (Friday-Sunday): Ramadan Raid by Arabhardware at The GrEEK Campus.

30 March (Saturday): Flamenca musical experience at ROOM Garden City.

30 March (Saturday): Kayf Bada2at Al Bakasa comedy performance at Rawabet Art Space.

31 March (Sunday): Medhat Salah concert at Cairo Opera House.

31 March (Sunday): No Time Lost performance at Rawabet Art Space.

APRIL

1 April (Monday): Fi El Leila El Kebira performance at Rawabet Art Space.

4 April (Thursday): Sarah Morgan performance at The Drive.

4 April (Thursday): Red Sea Heritage Musical performance at ROOM Garden City.

4 April (Thursday): Qahrawya’s Iftour in Desert of the Mamluks.

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

5 April (Friday): Evodia performance at The Drive.

5 April (Friday): Sufi Dance Performance at Dawar Arts.

5-6 April (Friday-Saturday): Mevlevi Night at Royal Park.

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

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

11 April (Thursday): Om Kalthoum puppet theater performance at Elsawy Culturewheel.

12 April (Friday): Amr Hassan concert at Elsawy Culturewheel.

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).

25-27 April (Thursday-Saturday): Insomnia Egypt Gaming Festival at the International Exhibitions Center.

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).

23-25 May (Thursday-Saturday): The Design Show at Cairo International Conventions Center.

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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