Good afternoon friends, and happy hump day. We can see the weekend over the horizon at this midway point of this busy news week.
THE BIG STORY TODAY
NUCA closes another massive securitization: The New Urban Communities Authority (NUCA) has closed a EGP 15 bn securitized bond issuance, according to astatement(pdf) from Al Ahly Pharos, which acted as NUCA’s financial advisor alongside CIB and CI Capital. The issuance rounds out NUCA’s EGP 30 bn securitization program, following another EGP 15 bn issuance in July.
THE BIG STORY ABROAD
There’s a mixed bag of headlines leading the international press this afternoon. As we noted this morning, the Israel-Hamas truce was extended by 48 hours, with US Secretary of State Antony Blinken set to visit Israel, the West Bank, and the UAE this week (27 November-2 December 2) according to a US State Department public schedule that does not specify the exact dates for each destination. Meanwhile, CIA Director William J. Burns arrived in Qatar today to meet with Qatar’s prime minister and Israel’s spy chief, with the goals of broadening hostage releases to include men and military personnel, extending the pause in consideration of Israel’s demand of at least 10 people per each day of extension, and the immediate release of American hostages. (Bloomberg | Associated Press | Wall Street Journal)
IN THE BUSINESS PRESS- Hedge fund titan Ray Dalio hailed the “renaissance states” of the Gulf as highly promising for investors, reports CNBC. Barclays is toying with the idea of dropping thousands of investment banking clients as part of “Project Minerva,” a restructuring plan that is meant to boost net income and cut down on GBP 1 bn of costs, says the Financial Times, with an official announcement expected in February. Currently, Barclays is valued amongst the cheapest of any major global bank and shares are almost the lowest they’ve been since the pandemic.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
Hamas and Israel have agreed to extend the four-day ceasefire by 48 hours under a pact brokered by Egypt, Qatar, and the US. The truce was scheduled to expire this morning but will now last through to Thursday after Hamas agreed to release more hostages. The extended truce will allow for the entry of more aid into Gaza.
☀️ TOMORROW’S WEATHER- A sunny day with a high of 24°C during the daytime and dropping to a cooler 15°C in the evening, our favorite weather app tells us.
An ex-Google engineer is starting a new “religion” — or cult, or whatever. You in? Besides co-founding Google’s self-driving car program, Anthony Levandowski has founded the Church of Artificial Intelligence. Or re-founded. The tech entrepreneur established Way of the Future in 2015, but had to shut the congregation down a few years later.
Levandowski wants to build a spiritual connection between humans and AI. Despite being kept under the radar for two years, the church amassed 2k followers primed to worship a “Godhead based on Artificial Intelligence developed through computer hardware and software.”
This isn’t the first time people have tried to integrate religion and AI. Earlier this year, ChatGPT delivered a 40-minute sermon to 300 people at the St. Paul church in Germany. Some tech hubs expressed surprise that the AI platform didn’t fabricate a Bible passage for its homily.
AI is notorious for its errors, biases, and sometimes outright manufacture of information.But Levandowski believes that it could help guide humans morally, ethically, and existentially.
AI’s omnipresence plays a big role in the AI preacher’s pitch. “AI can see everything, be everywhere, and know everything,” he states in Bloomberg’s AI IRL podcast, the same characteristics he says people attribute to God.
The church was established before the viral rise of generative AI in an inspired exercise of foresight. “The idea needs to spread before the technology,” Levandowski told Wired in 2017. “The church is how we spread the word.”
Why worship it instead of study it? Levandowski hopes to be in its good graces. He believes that as it gains sentience, the way it evolves will no longer be up to us.
All we can do, he believes, is make ourselves endearing creatures that the AI would want to take care of — like a cat? — and the only way to do so is through prayer and worship. “We would want this intelligence to say, ‘Humans should still have rights, even though I’m in charge.’”
BY THE WAY- Among the AI cleric’s other achievements is receiving a pardon by the outgoing US president at the time, Donald Trump, after pleading guilty to stealing trade secrets in 2021.
Meta’s spokesman, Andy Stone, has been added to Russia’s wanted listfollowing Russian authorities’ classification of Meta as a “terrorist and extremist” organization in October, potentially exposing Russian residents using Meta’s platforms to criminal proceedings, according to the Associated Press. Stone was originally added to the wanted list in February 2022, but no official statements were made at the time, and the news only surfaced recently, independent Russian news website Mediazona said.
We may know why: Our hunch tells us that it is because of Stone’s announcement in March 2022 stating that there would be temporary changes concerning the company’s hate speech policy. This amendment allows users in certain countries to make posts on Facebook and Instagram that incite violence against Russians and Russian soldiers in the context of the Ukraine invasion, according to Reuters.
Details regarding Stone’s case are scarce, anyway, with the Russian interior ministry’s database only noting that he is wanted on criminal charges.
Meta has not yet provided a comment on the matter, according to Mediazona.
Run is the first major thriller to be led by a wheelchair user in 70 years, says Refinery29.Inspired by both real and fictional Munchausen by Proxy abuse (think Gypsy RoseBlanchard) the plot is familiar but does its own thing.
At first, teenager Chloe and her mother, Diane, seem to have a sweet relationship where Diane does her best to care for her disabled daughter. But then, things take a dark turn when Chloe begins to suspect that her mom is hiding something, and that her whole life has been a lie.
In 1 hour and 29 minutes, the movie takes you on a journey of sinister secrets and suspense. As usual, Sarah Paulson, queen of kooky roles, delivers a great performance, capturing the intensity of her character who’s love for her daughter, Variety says, is dependent on elaborate deception. She excels at playing the villain and her character doesn’t fail to show the justification she has for it.
Newcomer Kiera Allen’s (Chloe) acting is also impressive and helps deliver on a somewhat predictable plot, and the novelty of having an actual wheelchair user makes this film a move forward to what constitutes a film protagonist, tells us Variety.
⚽ Pyramids kick off round 7 of the Nile League today when it hosts Ismaily at 4pm, while Al Ahly plays Smouha at 7pm.
REMEMBER- Al Ahly and Pyramids are at the top of the Premier League with 13 points, with the goal difference in favor of the Reds, who are missing one match.
Decisive confrontations in the Champions League: Many teams, led by the Group of Death, enter round 5 of the group stage of the Champions League today, hoping to secure a qualification to the next round.
Group E: Leader Atlético Madrid will host Feyenoord at 10pm, while Lazio will play Celtic at 7:45pm. Atleti goes into the match with eight points, one point behind second-placed Lazio and two points ahead of third-placed Feyenoord, and a victory could give them guaranteed qualification without waiting for the final round or looking at the competitors’ results.
Group F: The second Group of Death matches begin at 10pm, with Milan playing against Borussia Dortmund and Paris Saint-Germain against Newcastle.
Dortmund is in the lead with seven points, followed by Paris (6), then Milan (5) and finally Newcastle (4), so the ranking could be completely reversed after the end of the round.
Group G: Manchester City and Leipzig have already qualified for the round of 16, so their confrontation together at 10pm will determine the leader and runner-up.
As for Young Boys’ match with Red Star, which starts at the same time, will be just a foregone conclusion.
Group H: Barcelona and Porto are at the top of the group with nine points, but they clash together in a match that starts at 10pm. The match may be a chance for one of them to claim first place, and it could also be a chance to improve the position of Shakhtar Donetsk, which has six points, and hosts Royal Antwerp at 7:45pm.
The Cairo Symphony Orchestra at the Cairo Opera House: The Orchestra will be performing tomorrowat 8pm at the Cairo Opera House, Zamalek. You can book your ticket from here.
Syrian-German band Shkoon is performing in Egypt for Gaza. The concert will be held at the Pyramids on Friday, 1 December. Part of the concert’s proceeds will be donated to humanitarian aid dedicated to Gaza. Tickets are available here.
Eins Christmas Bazaaris bringing you some handmade goodies, itwill kick off on Friday, 1 December and will continue until Sunday, 1 January, 2024. The bazaar will be held at the Gallery, in Maadi.
Zawya cinema will be screening five movies for the late director Ali Badrakhan starting from Saturday, 2 December until Tuesday, 26 December. You can know more about the schedule from here.
Wael Al Fashni x El Sawy Culturewheel. The Egyptian singer Wael All Fashni will be performing at El Sawy Culturewheel, Zamalek on Saturday, 2 December. Tickets are available here.
Celebrate Maria Callas’ birthday on Monday, 4 December, at the Cairo Opera in a joint event with the Greek Embassy. The event commemorates the 100th anniversary of the diva’s birthday with a concert conducted by Nayer Nagui, alongside performances by Greek and Egyptian sopranos. Click here for more information.
In solidarity with Gaza, there will be an art exhibition held on Tuesday, 5 December in The Atrium in Arkan, Sheikh Zayed, between 5-10 pm where well-known artists and art collectors can donate some of their art to be sold and the proceeds of which will be donated to Gaza.
The Cairo Art Book Fair is in its second edition in the cultural city of Ghurnata in Heliopolis. The exhibition will display prints and books alongside a series of lectures and artistic discussions. The event will take place between 7-9 December.
Award-winning Egyptian author Ashraf El-Ashmawi will be hosting a book signing event for his latest novel Maximum Speed Zero at Bibliothek Egypt on Saturday, 9 December at 5:30pm. The novel follows the journey of an Egyptian family who experience peculiar occurrences and encounter different individuals that influence their destinies.
Meet the virtual Tutankhamun. The Grand Egyptian Museum is hosting an interactive Tutankhamun exhibition, in partnership with the Spanish Madrid Artes Digitales Foundation. The exhibition kicked off and will continue until Saturday, 16 December. You can book your tour from here.
Musician Omar Khairat will be performing two concerts at the Cairo Opera House. One will be held on Monday, 11 December and the other one on Tuesday, 12 December. Concerts will start at 8pm. Tickets are available here and here.
CEO of Future Energy Corporation,Sherife Abdelmessih, will be hosting a book signing event for his latest book Super Vision. The event will be held on Wednesday, 13 December at Bibliothek Egypt.
Get ready for the season with the Cairo Opera House which will be hosting a series of events celebrating Christmas and New Year’s Eve:
The Cairo Symphony Orchestra will host a Christmas concert on Saturday, 23 December at 8pm. You can book your ticket from here.
For Disney fans: The Disney Classics concert will be held at the Opera’s Main Hall on Monday, 25 December. The concert will start at 8pm. Tickets are available here.
Don’t miss the NutCracker ballet shows. The performances will be presented by the Cairo Opera Ballet, along with the Cairo Opera Orchestra. The first show will be held on Tuesday, 26 December, and will continue until Thursday, 30 December. Tickets are available here.
The orchestra will also put on another concert on Sunday, 31 December celebrating New Year’s Eve. Click here to book your ticket.
Related
? UNDER THE LAMPLIGHT-
Good Girls Don’t Die will keep you guessing till the very end. In it, three women with three different stories find themselves trapped in lives they know aren’t their own and there’s only one way out. Celia wakes up in a house with a family that isn’t hers but claims to be, Allie is on a fun trip but something feels very wrong, and Maggie wants to save her daughter but she doesn’t know from what.
This is a captivating thriller, full of twists and turns, especially if you’re into a good mystery, you’ll have a hard time putting this one down. Each story adds a different flavor to the plot and when they eventually converge the author manages to keep the same suspense and intrigue.
Christina Henry delivers on the thrill but keeps it fresh. Even while being fast-paced, the story stays accessible while still offering some depth to the plot.
The EGX30 fell 3.0% at today’s close on turnover of EGP 5.2 bn (81.7% above the 90-day average). Regional investors were net buyers. The index is up 72.1% YTD.
In the green: Orascom Construction (+3.1%), Edita (+0.9%) and Palm Hills Development (+0.3%).
In the red: Credit Agricole (-5.8%), CIB (-4.8%) and Eastern Company (-4.4%).
OUR FOUNDER OF THE WEEK– Every Tuesday, Founder of the Week looks at how a successful member of Egypt’s startup community got their big break, asks about their experiences running a business, and gets their advice for budding entrepreneurs. Speaking to us this week is Hanan Abdel Meguid (LinkedIn), co-founder of Consoleya and the founder and CEO of Kamelizer Spaces.
My name is Hanan Abdel Meguid and I’m the founder and CEO of Kamelizer Spaces, a hybrid workspace designed for businesses and independent minds to work and network.It’s a complete new concept that offers offices and coworking spaces as a destination with a hospitality twist.
It all started with Kamelizer, my angel investment studio focused on startups. There, I discovered the need to offer real estate as a service that allows young companies to scale their offices according to their business needs.Kamelizer Spaces is a personal investment empowered by my earlier successful journey at Kamelizer — I didn’t raise funds for it.
We live in a vibrant economy and adaptability is essential: In Kamelizer Spaces, we build office destinations where people come to work, network, meet up, or hold their events. We combine private offices, shared work spaces, and luxurious lounge spaces into a complete solution that allows you to focus on your business and enjoy a space that empowers you.
I am one of the early tech entrepreneurs in the Egypt startup scene: I was part of the Linkdotnet and Orascom Telecom phenomena, where we scaled from a 12-people operation in Linkdotnet in a small apartment in Dokki to over 3k people operating in 25 cities across the region. We were pioneers in empowering the digital lifestyle, delivering to the market a lot of internet and connectivity firsts such as Masrawy, yallakora, Otlob (now Talabat), TPay, and many more.
I never took a decision to build my business.I always follow my interest and build companies around the concept that I believe are needed — it’s just in my DNA.
I always joke that the journey from idea to reality is the journey I enjoy the most. It’s true; I get so immersed in taking a concept from zero to one that I go back to the first principle and examine the original assumptions — it always gives me an extra heartbeat to see the product alive and people enjoying it. Kamelizer Spaces in District 5 gives me that adrenaline rush, and since I just launched it, when I see people using the new space I feel my heart race — in a good way.
My business is empowering new and old businesses with office and co-working solutions that help them focus and provide the spaces needed to innovate. We live in an era where remote and hybrid work is a reality, so the foundation of how people use their work spaces needs to be different.
My plan in terms of growthis to partner with the right real estate developers that share the same mindset and priority of providing new office experiences as I am eager to serve the business scene and Egypt and empower their journeys.
The current aim is finding funds and investors targeted towards real estate and hospitality so that I can expand quickly in multiple locations. Transforming spaces is expensive, especially the ones that provide the luxury services that we do. The business model works as luxury is affordable when delivered in a shared model.
Being founder of a startup is a lonely journey in terms of responsibility, as you, and you alone, bear its burden. To me it is your duty to develop the communities around you that will make this less of a lonely trip. But if you are navigating everything alone, your chances of success or survival are slimmer.
I am blessed and lucky to have a lot of support systems: My team and I have a safe space to discuss and address tough situations together. My husband, who is also a successful entrepreneur, has helped me evaluate different perspectives and not to beat myself too much in difficult situations. His core motto for our small family is that we never give up, we keep walking. My mother and sisters are also there for me when I need that warm hug and unconditional love when the going gets tough.
Personally, I devour books and online information on a daily basis. This gives me a big push from all the community of practices that exist online, regardless of the problem that I am facing. We live in an era of no excuses — our will power is the muscle that needs to be trained.
Life is all about choices: It is important to make them conscious ones, as they always come with a tradeoff, and the term “give up” does not register with me. My choice has implications as there is always risk, so extra anxiety and long working hours that can affect my personal time are facts that I cannot avoid.
The best part of my job is meeting new people with independent minds. I enjoy learning from new experiences or new perspectives shared by others. We are living in an exciting time where change is happening quickly so you always need the wisdom of the crowd to help you digest and understand to get more out of life.
The worst part of my job is that I sometimes get overwhelmed with socializing. At heart, I’m an introverted technology geek, so with this new line of business it can be a bit much since it requires a lot of social interactions and networking.
My advice for someone starting out is to always roll up your sleeves and get busy. If you have an idea, start executing and taking steps before it becomes perfect. Most people don’t understand that execution is a muscle that only builds endurance by not having the right resources or by waiting for the perfect timing. You have to accept that the first version will not be the best, so you might as well start and then begin to improve on it, or as my motto says: It is never a good time — so you might as well do it now.
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