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Sunday, 19 Nov 2023

For Your Commute
Enterprise Recommends
Go With The Flow
Inside Industry
The Enterprise Entertainment Calendar

Cycle to COP28

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Today at a glance

1

The Big Story Today

Environment Ministry kicks off garbage collection training program in seven governorates.
2

INSIDE INDUSTRY

After its quick golden license EgyptSat Auto’s still faces some industry hiccups.
3

FOR YOUR COMMUTE

Tour de Cop to Dubai’s COP28 starts tomorrow.
4

FOR YOUR COMMUTE

SpaceX’s second rocket launch into space fails.
5

ON THE TUBE TONIGHT

Watch British and American cultures clash.
6

Sports

Egypt v Sierra Leone tonight.
7

Under the Lamplight

Arnold Schwarzenegger gives us life lessons.

Sunday, 19 Nov 2023

For Your Commute
Enterprise Recommends
Go With The Flow
Inside Industry
The Enterprise Entertainment Calendar

Good afternoon friends, and welcome to this dusty beginning of week. We are really pulling teeth with our news cycle today as we make a start to this workweek.

PSA- The rising winds picking up the dust will hinder visibility and could make way for rain later during the evening, according to our friends at the Egyptian Meteorological Authority.

THE BIG STORY TODAY

The Environment Ministry has kicked off a training program for informal garbage collectors in seven governorates, according to a ministry statement. The first phase of the program is being rolled out in Dakahlia, Qalyubia, Kafr El Sheikh, Gharbia, Menoufia, Giza, and Cairo, the statement says.

THE BIG STORY ABROAD

The tumult at OpenAI after Sam Altman’s ouster as CEO has left little room for any other story in the international business press this afternoon. Investors, including Microsoft (the startup’s biggest backer with USD 10 bn in investments) and prominent venture capital firms, are reeling: A lack of notice on the matter, fears the resulting uncertainty has set them off and now they’re working to get rid of the company’s board and reinstate Altman — a move that could be concluded as early as today. Other investors are committed to supporting Altman in whatever he does, whether its a return to OpenAI or the start of a new venture (Bloomberg | Financial Times | CNBC).

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

  • It’s a wrap on the Eastern stake sale: Our friends at EFG Hermes concluded advisory (pdf) to Global Investment Holding on its purchase of a 30% stake in state-owned tobacco manufacturer Eastern Company for USD 625 mn, which is now the single-largest transaction since it rebooted its privatization strategy earlier this year.
  • Larger IMF program for Egypt under consideration, says Georgieva: The IMF is “seriously considering” increasing Egypt’s USD 3 bn loan program as the conflict in Gaza poses difficulties for the country.
  • More Egyptian-made BMWs? Global Auto Group (GAG), the agent and importer for BMW and Mini in Egypt, has signed a binding framework agreement with the Madbouly government to assemble cars locally.

enterprise

*** 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: We spoke with EgyptSat Auto Chairman Mohamed Elghamry for the lowdown on his company’s experience with the Madbouly government’s golden license.

⛅TOMORROW’S WEATHER- We are looking for a more overcast day as the mercury reaches a high of 22°C during the daytime and cools to 15°C during the evening, according to our favorite weather app.

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1

FOR YOUR COMMUTE

SpaceX’s Starship’s failure to launch + Cycling to COP28

Why fly to COP28 when you can pedal for 700 km to it? Sticking to his environmental guns, German-Egyptian businessman Yusef Ahmed initiated the Tour de COP to usher in the COP Conferences, where influential figures track nations’ progress on The Paris Agreement.

By cycling from Cairo to Dubai, the group of riders aim to raise awareness for the environment, cut down on plane fuel emissions, and support the Sustainable Development Goals of the UN.

The 20 cyclists are expected to cover 60 to 100 km per day, passing through Saudi Arabia on their way to the UAE.

The gang: The group of cyclists include Ambassador Mohamed Elewa, UAE-based German cyclist Wolfgang Hohmann, Dr. Ralf Witzler from Frankfurt Main Finance, and Egyptian triathlete Ibrahim Hafez.

The journey doesn’t end in Dubai for Ahmed, though. He made headlines last year for cycling 655 km, but this year he plans to extend his trip to 2.8k km by cycling back to Sharm El Sheikh after the conference alongside a smaller team.

The tour will kick off tomorrow, and the cyclists are expected to arrive at their destination between 26 and 28 November. The conferences are scheduled to take place on 30 November.

It has not been Musk’s week: Hismost powerful rocket ever built failed to launch, again.SpaceX’s Starship took off yesterday from Texas and failed minutes after lift off. This was the second attempt following an explosion in April just four minutes after launch.

How did it happen? After the hot-stage separation (where the second engine is fired up while the initial ones are still burning) the Super Heavy “… booster experienced a rapid unscheduled disassembly,” Elon Musk’s SpaceX said.

Despite the explosion the Starship itself made it to space before it was completely lost, according to The New York Times …

… but it did not complete its planned mission of 90 minutes to space and back, according to Reuters. The plan was for the rocket to come close to orbit, then fall back through Earth’s atmosphere for a water landing off Hawaii’s coast.

Fueled by competition with China,NASA has a large stake (an estimatedUSD 4 bn investment) in the success of Starship, which it is counting on to help land humans on the moon under its human spaceflight program, Artemis, Reuters says.

Adding more onto Musk’s plate is his feud with media watchdog, Media Matters and other critics of his social media platform, X. Musk and his company have been under scrutiny all week for the rise of antisemitic and racist content on the platform since his purchase, as we noted this morning.

Media Matters claims ads for large companies, such as IBM, were posted alongside pro-Nazi content. Musk himself came under fire on Wednesday for endorsing an antisemitic post. In light of these events, numerous companies have suspended ads (IBM, Disney, Warner Bros, etc.) and Musk threatened legal action against Media Matters.

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2

ENTERPRISE RECOMMENDS

A social critique disguised as a romance period drama

📺 ON THE TUBE TONIGHT-
(all times CLT)

If you binged on Bridgerton, then catch The Buccaneers. This new period drama set in the Victorian age brings the Old World (Britain) and the New World (yes, you guessed, a very young US of A) head-to-head in a clash of cultures.

Katherine Jakeways’ adaptation of Edith Wharton’s final novel brings us this eight episode series set in 19th century New York and London, where five young American women go shopping for husbands in Britain after one of their peers marries an English lord.

Frills and corsets aside, this is a social critique disguised as a romance series. The women navigate the challenges of marriage, relationships, and societal expectations in a deeply patriarchal society. Moments of culture shocks — for both the high-strung English and playful Americans — and questioning identity emerge, which give the series some depth.

The young ensemble cast are all familiar faces: Alisha Boe (Conchita) from 13 Reasons Why, Josh Dylan (Lord Richard) from Mamma Mia, Kristine Froseth (Nan St George) from The Society and Christina Hendrick (Mrs St George) from Mad Men.

The series moves quickly and often lacks context, but remains entertaining for a light watch with moments of romantic comedy that lacks pro-feminist rhetoric, Variety opines. But it does celebrate and respect the playful, clever, imaginative, attractive, and influential qualities of women and girls in a society that idolizes and restricts them to domestic roles.

WHERE TO WATCH- You can catch the series on Apple TV+.

⚽ Sierra Leone is the second step in Egypt’s World Cup journey: After emerging victorious over Djibouti a few days ago, Egypt will be facing Sierra Leone who will play host in the second round of the African qualifiers for the World Cup 2026 at 6pm tonight.

The Pharaohs are leading Group A with three points, followed by Ethiopia, Eritrea, Burkina Faso, and Guinea Bissau with one point each, while Djibouti is at the bottom of the standings without points.

HOW DO WE QUALIFY- The team with the highest points in each of the nine groups advances directly to the 2026 World Cup in the United States, Mexico and Canada, while the four teams with the best results in second place get the chance to compete in the global playoff.

Today’s most important matches in the Euro 2024 qualifiers:

  • Belgium v Azerbaijan (7pm)
  • Spain v Georgia (9:45pm)
  • Portugal v Iceland (9:45pm)
  • Scotland v Norway (9:45pm)

🎤 OUT AND ABOUT-
(all times CLT)

What does freedom mean to Egypt? Explore the multifaceted interpretations of the concept of freedom with Unbound Harmony: Freedom in Three Voices at The Arts-Mart Gallery. The group exhibition will explore the depth and beauty of artistic expression. You can catch the exhibition Saturday-Thursday of every week until 30 November.

Palestine’s ethnography is on display at the Netherlands-Flemish Institute in Cairo starting from between 7-8pm. Sary Zananiri’s Unsilencing Palestine photo exhibition gives a rare view of modernity in Palestine. If you miss the opening, don’t fret — you can visit the exhibition whenever you like, but by appointment.

Catch the final day of this rendition of Tawfiq al-Hakim’s Bank of Anxiety today. It follows two friends who establish a private bank that uses anxiety as the currency. The play shows at the Falaki Theater at AUC’s Tahrir campus. No charge for admission, but you’ll need to show a photo ID at the door.

Listen to some authentic oud atA3dat Saad El Oud. The musician Saad Al Oud and his band will be performing on Tuesday at Room Art Space and Cafe, New Cairo. The concert will start at 9pm and you can book your tickets here.

Unleash your inner artist at the Self-portrait workshop hosted by Dawar Arts every next Saturday, 25 November. Click here for more information.

The Christmas Charity Bazaar will bring the warmth of the holiday season on Friday, 1 December, at All Saints’ Cathedral, Zamalek. The bazaar runs from 10:30am until 4pm. Proceeds will benefit a variety of charities here in Egypt.

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.

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.

Wael Al Fashni x El Sawy Culturewheel. The Egyptian singer Wael All Fashni will be performing at El Sawy Culturewheel, Zamalek on Saturday, 1 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.

💡 UNDER THE LAMPLIGHT-

Be Useful is advice given to the iconic bodybuilder and megastar Arnold Schwarzenegger by his father, and judging by Schwarzenegger’s success, the advice isn’t half bad.

Let Arnold tell you what to do (with or without the accent). :It boils down to seven rules to make it or break it, according to Schwarzenegger — these are rules that he learned the hard way, as he shares each one highlighting a story of success and failure that led him to it.

Success is hard work. He shares that his fame did not come overnight — but with determination, working hard, having a clear goal and being willing to give back were essential to getting to him to the top of his game.

Expect him to spill some beans. The book highlights captivating personal stories, including both renowned triumphs and previously untold tales of failure, including some that are exclusively shared for the first time.

You can get the book on Amazonor you can watch his latest documentary Arnold on Netflix to learn more about his journey.

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3

GO WITH THE FLOW

What the markets are doing on 19 November, 2023

The EGX30 rose 2.1% at today’s close on turnover of EGP 3.2 bn (20.4% above the 90-day average). Regional investors were net sellers. The index is up 70.6% YTD.

In the green: CIRA Education (+11.1%), Sidpec (+6.8%) and Mopco (+5.7%).

In the red: Palm Hills Development (-2.4%), GB Corp (-1.7%) and Madinet Masr (-1.6%).

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

Published every Sunday in EnterprisePM.

Read Inside Industry
4

INSIDE INDUSTRY

EgyptSat Auto secured its golden license, but are unclear industry standards in the way?

No clear road after EgyptSat Auto golden license: Egyptian automotive company EgyptSat Auto successfully obtained the golden license late last month to produce two models of locally made electric vehicles. Although some parts of the experience were smooth sailing, others brought hiccups to the company’s production plans, EgyptSat Auto board Chairman Mohamed Elghamry tells Enterprise.

REFRESHER- What are golden licenses? Introduced in the Investment Act of 2017, goldenlicenses create a streamlined process to set up new industrial and infrastructure projects that fit a certain list of requirements and criteria. Rather than exempting investors from the necessary approvals, the acquisition of the license serves as a one-stop shop for all necessary approvals to move forward with a project. The Madbouly government made it easier in December for industry to receive the licenses by scrapping a minimum issued capital requirement and allowing companies to apply for it online.

There are good parts of the experience: Elghamry had good things to say about the attention given to the processing of golden licenses, including that the importance of the licenses was highlighted both at a meeting he had with Prime Minister Mostafa Madbouly, as well as at his arrival at the General Authority for Investment and Freezones (GAFI). The government also delivered on their promise to process his license in a short time period, he told Enterprise.

Egypt ♥️ EV: The ease with which EgyptSat Auto obtained the golden license is no surprise: Last year, Madbouly launched a national strategy that backs the electric vehicle industry. The Egyptian Automotive Industry Development Program (AIDP) encourages EV localization with the aim of enhancing the country’s existing assembly and manufacturing capabilities and to encourage new investment into the sector.

But there are some drawbacks in the production process: There is an absence of clear standards for the manufacturing of small cars, Elghamry argues. EgyptSat Auto plans to produce e-vehicles as an alternative to tuktuks, while other local car manufacturers are looking into a similar type of model.

Incompatible manufacturing standards: While the tuktuk alternative is a choice of model that takes into account the socio-economic conditions in Egypt, the specifications provided by the Egyptian Standards and Quality Authority were a translation of specifications set for Europe, Elghamry tells us. Many of these specifications are not compatible with the infrastructure or the industrial environment in Egypt, such as the weight of the vehicle and its exterior design, he argues.

The uncertainty could lead to scheduling setbacks: If the questions around standards and specifications within the Egyptian context are not answered soon, Elghamry warns that production will likely face delays. He added that his company had submitted urgent memos to the Industry Minister, and that he had requested an urgent meeting with the prime minister in hopes of ironing out these uncertainties.

On EgyptSat Auto’s horizon: The company plans to invest EGP 300 mn to produce two electric vehicle models, with plans to produce a total of 5k units per month at its Tenth of Ramadan factory. The vehicles will include a 60% local component quota, according to Elghamry.

The specs: The first of the two models will reach speeds of up to 60 km per hour and cover 100 km per charge, while the second, which is intended for urban environments, is set to reach speeds of up to 80 km per hour and cover 200 km per charge. The cars’ prices are set to range from EGP 150k to 190k, depending on its specifications.

Setting sights overseas: The company’s goal is to direct part of its production for export, Elghamry also told Enterprise. While the first six months of production will focus on responding to demand in the local market, he says that export orders from the region make for twice the needs of the local market.

Your top industrial development stories for the week:

  • MSMEDA finances furniture projects in Damietta: The Micro, Small and Medium Enterprises Development Agency (MSMEDA) is extending EGP 50 mn in financing to furniture manufacturers and complementary industries in Damietta. (Statement)
  • Agro Egypt to invest USD 5 mn in upping its fertilizer production capacity: Agro Egypt plans to set up two new fertilizer production lines worth a combined USD 5 mn to more than triple its monthly production capacity to 500k tons ahead of entering new export markets. (Al Borsa)
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THE ENTERPRISE ENTERTAINMENT CALENDAR

NOVEMBER

15-24 November (Wednesday-Friday): Cairo International Film Festival (CIFF).

21 November (Tuesday): A3det Saad El Oud concert, Room Art Space and Cafe, New Cairo.

23 November (Thursday): Saad ElOud Concert at Arkan Plaza.

25 November (Saturday): Masr El Gedida Carnival at Maryland.

26 November (Sunday): Souad Massi concert at Tap East.

DECEMBER

1 December (Friday): Cairo Fun Festival by Bike Zone Egypt in Heliopolis.

1 December (Friday): The Christmas Charity Bazaar, All Saints’ Cathedral, Zamalek.

1 December (Friday): Skhoon band concert, Pyramids, Giza.

2 December (Saturday): Wael Al Fashni concert, El Sawy Culturalwheel, Zamalek.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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

2024

JANUARY

7 January (Sunday): Coptic Christmas.

25 January (Thursday): Revolution Day.

APRIL

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

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

MAY

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

5 May (Sunday): Coptic Easter.

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

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.

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