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Sunday, 7 Apr 2024

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Inside Industry
The Enterprise Entertainment Calendar

Divorce rings

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Today at a glance

1

The Big Story Today

Almentor gears up for international IPO
2

INSIDE INDUSTRY

What the government has planned for industrial zone development.
3

FOR YOUR COMMUTE

Celebrate the I don’ts with a divorce ring.
4

ON THE TUBE TONIGHT

The timeless tale of Shahrazad and Shahrayar is back with Gowder.
5

Sports

Man Utd hosts Liverpool at 4:30.
6

Ears to the Ground

An homage from [X] to [Y].
7

OUT AND ABOUT

Circle your calendar for AUC’s CultureFest.

Sunday, 7 Apr 2024

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Inside Industry
The Enterprise Entertainment Calendar
1

WHAT WE’RE TRACKING TONIGHT

Gaza ceasefire talks continue in Cairo. Plus: Almentor gears up for an international IPO

Good afternoon, folks, and happy Sunday. It feels like everyone has set up the holiday mode already. Cairo streets are unusually quiet this afternoon and our inboxes are filled with OOO replies.

In case you’ve been under a rock all weekend, we are getting six days off for Eid: The public, private, and banking sectors will be off from Tuesday, 9 April until Sunday, 14 April in observance of Eid Al Fitr.

** EnterprisePM Egypt will also be taking a break starting Tuesday, but we will be back in your inbox at our customary time with all the latest on Monday, 15 April.

** So, when do we eat this evening? Maghrib prayers are at 6:17 pm in the capital city, and you’ll have until 4:06 am tomorrow to hydrate and caffeinate ahead of fajr.

THE BIG STORY TODAY

Almentor could be going public this year: Edtech platform Almentor is taking initial steps to list its shares on one of the international stock exchanges — most probably Nasdaq — by the end of the year, the company’s CEO Ihab Fikry told AlMal. The company’s current shareholder structure includes individuals, foreign investors from the Netherlands, France, and South Africa, as well as companies such as the UAE’s e&.

The company is also in talks with investment funds to raise USD 10 mn, to finance the use of artificial intelligence on its platform and setting up a new department for partnerships, as well as more marketing campaigns.

THE BIG STORY ABROAD

As ceasefire negotiations continue in Cairo the foreign press turns their pens to the US’ efforts to rein in Israel: With thousands of Hamas fighters remaining in Gaza, Israeli Prime Minister Benjamin Netanyahu shunning calls for restraint from its ally and an upcoming election of his own to worry about, US President Joe Biden seems to have arrived at “a policy cul-de-sac from which there is no exit,” the Washington Post writes. Despite Biden taking an increasingly harder stance with Israel, pro-Palestine protests objecting to the Biden administration’s handling of the war and support for Israel have risen in the past weeks, notes the New York Times.

First signs of movement? The Israeli military withdrew all of its ground troops from southern Gaza on Sunday save for one brigade today, reports Reuters, citing a military spokesperson. The news comes as CIA chief Bill Burns reportedly touched down in Cairo on Saturday and a Hamas delegation heads to town today to partake in ongoing ceasefire negotiations.

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

  • HAU, EBRD, Meridiam to raise capital for renewable projects: Hassan Allam Utilities (HAU) has partnered with the European Bank for Reconstruction and Development (EBRD) and infrastructure-focused investment company Meridiam to raise for its funding vehicle HAU Energy BV to invest in local renewable energy projects.
  • Gov’t to launch price tracking app: The government is developing a mobile application to enable users to view and report commodity prices. The app — dubbed Price Radar — will allow users to look up and compare prices of goods in stores nearby.
  • Act Financial to make its market debut next month: Investment management firm Act Financial is looking to raise EGP 700 mn, selling off a minority stake on EGX next month.

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: With local industry and manufacturing named among the economic priorities for President Abdel Fattah El Sisi in his third term as president, new incentives are anticipated to attract manufacturers to join the country’s 114 industrial zones.

☀️ TOMORROW’S WEATHER- Expect a partly cloudy day and light rainfall in Cairo tomorrow with the mercury hitting a high of 26°C and a low of 16°C, according to our favorite weather app.

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2

FOR YOUR COMMUTE

Celebrate the I don’ts with a divorce ring

Divorce rings are becoming a trend. As wedding rings are a reminder of the I dos, the celebration with friends and family, and the occasional cake smeared across the face, divorce rings are a little different. People are now acknowledging the I don’ts too, bidding farewell to their vows with a little extra finger sparkle — because ditching your spouse doesn’t mean ditching the wedding band, according to the New York Times.

Divorce rings have emerged as a way to acknowledge not just the end of a chapter, but the start of a new one. For some divorcees, the ring celebrates the bravery it takes to start over, representing empowerment and closure, centering the ring on their relationship with themselves. Others choose to wear their divorce rings on their middle finger…well, for obvious reasons.

Is it a new staple or just a fad? Sasha Nixon, a New York-based jewelry curator and historian, spoke to the Gray Lady and seems to think that divorce rings are “having a moment.” Ali Galgano, another jeweler, says she “saw a significant increase” in divorce ring requests, triple the number seen in 2022.

New marital status, who dis? Divorce rings aren’t just wedding bands worn with different intentions. Divorcees have been repurposing their bands to make new ones. Judith Hoetker, head goldsmith at Reinstein Ross, has suggested to her clients that they change the ring completely by altering the design, adding more stones, and wearing the ring on a different hand — and women love it. Case in point, Emily Ratajowski’s divorce ring (in the image above), which was transformed from her engagement band into two rings, has received over a mn likes on social media.

Divorce rings have been around for centuries. Rachel Church, an author and former jewelry curator at the Victoria & Albert Museum in London, says that historically, divorce rings were “mournful jewels.” They were a social indicator meant to avoid misunderstandings by preventing questions about their spouses. But modern divorce things lack “any hint of mourning,” says Church, saying that identifying yourself as divorced doesn’t hold the same meaning as before.

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3

ENTERPRISE RECOMMENDS

A visually stunning fantasy revives the tales of One Thousand and One Nights

? ON THE TUBE TONIGHT-
(all times CLT)

The timeless tale of Shahrazad and Shahrayar is back with Gowder. This series revolves around the conventional tale of the Great King Shahryar (Yasser Galal) who is shocked by his wife’s infidelity and decides to marry a different girl every night and then kill her by the rise of dawn. When Shahrazad (Yasmine Raeis), the daughter of the King’s Vezier Qamar al-Din, turn comes, she manages to escape her deathly fate — at the hands of Masrour Al-Sayyaf (Ahmed Fathi) — with cunning and resourcefulness, through her remarkable talent in storytelling.

Gowder’s great story: Within those nights Shahrazad tells the story of a young chivalrous and courageous Egyptian called Gowder (Yasser Galal). From his birth, Gowder encountered constant jealousy from his older brother, Salem (Walid Fawaz), and a cunning witch Shuahi (Nour) — who practices black magic — and seeks him out to obtain the key to the four treasures that will bestow her immortality. Events of the story are filled with the classic struggle between good and evil.

What we like so far: The series showcases and offers a different dramatized fantasy and twist on the old One Thousand and One Nights tale that we grew up with. What really caught our attention though was the high-quality visual effects, great performances, and the dialogue of both classical and colloquial Arabic running in parallel. Shahrazad wouldn't have been complete without its timeless dancing ensembles that perfectly represented the sounds of the East, alongside the visual compositions of the frames that often resembled paintings.

WHERE TO WATCH- Even though the series provides a fantasy element, we suggest that there still should be parental supervision due to some violent scenes. You can watch the series on Watch IT and check out the trailer (watch trailer, runtime 2:53).

⚽ Zamalek vs Modern Future for the semi final ticket: Zamalek will host Modern Future at Cairo Stadium in the second leg of the African Confederation Cup quarter final tonight at 10pm. The White Knights enter the game with some advantage with their 2-1 away victory in the first leg.

Will Man United be the decider of the title race? Man United and Liverpool are going head to head today at 4:30pm in the top game of the English Premier League’s 32 gameweek. The Reds want to clinch the Old Trafford match today and regain the table lead from Arsenal and move away from Man City.

Both teams need the triumph: Liverpool need the last league title with Jurgen Klopp after four seasons they’ve missed, whereas Man United are hoping to steal the title of victor as they did in the FA Cup last month to qualify for the European Championships.

English Premier League standings before today’s match:

  • Arsenal (71 points, 31 matches, with 51 goal difference)
  • Liverpool (70 points, 30 matches, with 42 goal difference)
  • Man City (70 points, 31 matches, with 40 goal difference)

…Also playing tonight in the English Premier League: Chelsea will be kicking off their match with Sheffield United tonight at 6:30pm, While Tottenham will be playing Nottingham Forest to conclude the round at 7pm tonight.

Important matches to watch in the Italian Serie A:

  • Monza vs Napoli (3pm)
  • Juventus vs Fiorentina (8:45pm)

? OUT AND ABOUT-
(all times CLT)

HAPPENING OVER EID-

If you haven’t made Eid plans, grab tickets for Amr Diab’s concert in Gouna. These fast-selling tickets are going out fast, where El Hadaba will be performing on Wednesday, 10 April. Get your tickets at Ticketsmarche.

While you’re in Gouna, check out Retrogroove. Nacelle has organized another BLOCK PARTY, featuring Kurls, Ralph Nasr, Mario Gharios, Aly Geode, B2B, and Jess. Early Bird tickets for Thursday, 11 April are available here. Release passes for Friday, 12 April are coming soon, but you can grab your all-access tix for both days of BLOCK PARTY now.

Party it up with One Tribe. Amémé, Laolou, Nenahalena, and Abou Samra are performing at Cubix Gouna on Friday, 12 April. Grab tickets to Venture’s Plus Weekend here.

Celebrating in Sokhna? Catch the Mathame AV Show, brought to you by Ulter, on Palm Beach on Wednesday, 10 April. Chase that party with performances by Olympe, Ashmawy, and Yo-lan-da the day after, on Thursday, 11 April. You can snag tickets here.

Staying in C-Town? There are plenty of parties to fill up your holiday here too. Belgian producer Oscar and the Wolf is taking stage at the Giza Pyramids on Thursday, 11 April. Early bird tickets are already sold out, so don’t miss your chance to grab some from Wave 1 here.

German DJ Stephan Bodzin is also performing live at the Giza Pyramids on Friday, 12 April. Tickets can be found here.

HAPPENING LATER-

Mark your calendars for AUC’s CultureFest. This event — held at AUC Tahrir from Wednesday, 17 April to Monday, 22 April — is a celebration of the Cairene spirit. Panel discussions about Cairo’s history, people, and evolving culture will kick off the festival, and will be accompanied by live music from Massar Egbari (tickets sold separately), a book bazaar, a local market, and art exhibitions. Register for the event here.

Metro Boomin is landing in Egypt. The hip hop icon behind your favorite chart-toppers by the likes of Drake, Future, and Post Malone will be taking the stage at Kundalini Grand Pyramids on Tuesday, 30 April. You can find tickets here for a steep EGP 5k.

AmalMaher will perform at The Marquee Theatre at Cairo Festival City on Friday, 19 April at 9pm. Tickets are available on Ticketsmarche.

Warsha’s Amar El Din concert has been postponed. Bibliothek will be hosting their cultural salon on Friday, 26 April instead of when it was scheduled last Friday. Second chances don’t come often, so hurry to reserve your spot. El Warsha band will be delivering an evening of songs, stories, and sketches. Experience Sufi ballads, Chekov’s parables, and music from the roaring 20s. More details can be found here.

? EARS TO THE GROUND-

Every artist has influences, and [X] on [Y] brings them to light. In the uniquely formatted podcast, each episode brings us a successful artist to break down the influences that shaped their creative work. The guests get a chance to shed light, uninterrupted, on their inspirations in a way we rarely see elsewhere.

There aren’t many episodes out, but they’ve already covered a wide range of genres. You’ll find the indie rock singer Phoebe Bridgers talking about her Bright Eyes influences, hit-making producer Benny Blanco gushing about Dr. Dre, and country singer Chris Stapleton discussing the impact Tom Petty has had on his work. There’s probably an episode out there catered to your music taste, but if not, just listening to the detailed discussions of how influential artists can be on each other doesn’t disappoint.

You can get through episodes quickly. Running anywhere five and 25 minutes, these bite-sized segments are easily digestible at any time of day.

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This publication is proudly sponsored by

4

GO WITH THE FLOW

What the markets are doing on 7 April 2024

The EGX30 fell 1.2% at today’s close on turnover of EGP 2.8 bn (44.5% below the 90-day average). Local investors were net buyers. The index is up 13.1% YTD.

In the green: Abu Qir Fertilizers (+7.4%), Abu Dhabi Islamic bank (+4.3%), and Mopco (+3.6%).

In the red: Talaat Moustafa Group (-6.6%), Ezz Steel (-4.3%), and Juhayna (-4.0%).

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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
5

INSIDE INDUSTRY

Gov’t plans for industrial zone development

What the government has planned for industrial zone development: With local industry and manufacturing named among the economic priorities for President Abdel Fattah El Sisi in his third term as president, the government is likely to turn its attention to industrial zones, which have been a source of frustration among the private sector over the past several years. Manufacturers have been exiting these zones in recent years, in large part due to high land prices, head of the Tenth of Ramadan Investors Association Samir Aref told Enterprise. Offering the private sector incentives to cluster in industrial zones is necessary, and will require a series of measures, chief among them being reducing land prices and allowing for longer-tenor payment plans, Aref said. Authorities also need to focus on providing utilities to make the land plots ready to be used, Aref said.

Where things currently stand: Egypt has 114 industrial zones across 26 governorates, 15% of which are concentrated in the Greater Cairo area. Alexandria comes in second place, followed by Upper Egypt governorates, according to data from the General Authority for Freezones and Investment.

Land allocation has gone digital — with financial perks: The Industrial Development Authority (IDA) has overhauled its land allocation process over the past two years through its online industrial investment map. The IDA has also cut costs for manufacturers in the process to provide financial incentives, including reducing its fees to study a land allocation request, canceling fees for submitting offers, and marking down the fees investors need to pay to indicate seriousness. Investors can also pay annual fees for industrial licenses every three or five years, rather than being required to head to the IDA each year.

New industrial tenders are going live soon: The Trade and Industry Ministry is planning to announce 152 new industrial projects after the Eid Al Fitr break as it looks to deepen local industry and locally manufacture products that have typically been imported, ministry sources who asked to remain anonymous told Enterprise. The new projects are focused primarily on engineering industries, as well as raw and active materials for several sectors, such as for pharma production.

We’ve already made some headway with localizing the manufacturing of certain products, such as industrial nails and several other industrial parts that were previously entirely imported, head of the Federation of Egyptian Industries’ engineering division Mohamed El Mohandis told Enterprise.

Still, there are headwinds facing local manufacturers: Local industry is struggling with several issues, including a dearth of industrial lands connected to utilities and infrastructure, head of the Internal Trade Committee of the Importers Division of the Federation of Chambers of Commerce Matta Bishay told Enterprise. Other challenges local industry currently faces include high energy costs, a lack of scientific research and technology geared towards industry, and low competitiveness for locally manufactured goods in the local and global markets.

Adjusting energy prices to boost competitiveness: Although the cost of energy for industry is preferential, industry needs more support to slash production costs and therefore increase exports, Egyptian Businessmen’s Association member Ahmed El Zayat told Enterprise. This support could include even lower energy prices, he suggested.

New industrial complexes need to be built, with some regulatory changes: Authorities need to focus on building out new industrial complexes and drafting a unified industry law that is compatible with industry’s current state and needs, Bishai said.

The good news: Concerns about financing are now being assuaged after the Finance Ministry rolled out last month an EGP 120 bn package of subsidized loans for manufacturers in freezones, according to all our sources. The program will offer financing at an interest rate of 15% for agriculture and manufacturing players, with the lion’s share (EGP 105 bn) earmarked for financing working capital, while the remaining EGP 15 bn will be allocated to financing capital expenditures for production lines and related facilities.

Authorities are working on infrastructure + environmental friendliness: The IDA has been working to provide manufacturers with clean energy at competitive prices to support sustainable industrial growth, according to IDA Chair Nahed Youssef. The authority is also working with the Oil Ministry to connect four industrial zones — in Qena’s Qift and Hiw, as well as Sohag’s Girga and West Tahta — in a project that will cost EGP 641 mn, according to Youssef. The IDA is also working on pushing industrial zones to become more environmentally friendly, as part of a project it’s working on with the United Nations Industrial Development Organization (UNIDO).

Your top industrial development stories for the week:

  • Elsewedy Industrial Development is expected to break ground on its industrial zone in New 6 October City within two to three weeks once they have received a 2.5 mn-sqm plot from the New Urban Communities Authority.
  • Misrayon & Polyester Fiber Company exports for the first time in over a decade:The recently revived state-owned textile manufacturer Misrayon & Polyester Fiber Company has shipped five containers of artificial silk to Turkey — its first export in 12 years.
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THE ENTERPRISE ENTERTAINMENT CALENDAR

APRIL

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

11 April (Thursday): Oscar and the Wolf concert at the Pyramids.

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

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

13 April (Saturday): Hilarity Heights standup comedy show at ROOM Garden City.

13 April (Saturday): Komedy Koshk Comedy Night at ROOM New Cairo.

17 April (Wednesday): CASTLE OF ROCK concert at Elsawy Culturewheel.

18 April (Thursday): Massar Egbari x AUC Tahrir CultureFest at AUC Tahrir Square.

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

19 April (Friday): The Beatles Tribute concert at the Cairo Opera House.

20 April (Saturday): Stand Up Comedy Light Show at ROOM Garden City.

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): KONAFA CN standup comedy show at Elsawy Culturewheel.

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.

30 April (Tuesday): Metro Boomin concert at Kundalini Grand Pyramids.

30 April-5 May (Tuesday-Sunday): Next Level International Summer Camp.

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.

24 Mary (Friday): The Glow Run by The TriFactory at Palm Hills Sports Club.

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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