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Tuesday, 30 Jul 2024

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Founder Of The Week
Enterprise Entertainment Calendar

Employee of the year

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Today at a glance

1

The Big Story Today

Egypt’s non-oil trade deficit narrows.
2

Founder of the Week

Meet our founders of the week: Sarah Abouelkhair and Abdelrahman Selim.
3

FOR YOUR COMMUTE

Should you say goodbye to your best employees?
4

FOR YOUR COMMUTE

Olympics Triathlon postponed.
5

ON THE TUBE TONIGHT

A town you can’t leave.
6

Sports

Day 4 of the Olympics, and the Nile League continues.
7

OUT AND ABOUT

A festival that’s good for the soul.
8

Ears to the Ground

Maybe we’ll skip our next checkup.

Tuesday, 30 Jul 2024

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Founder Of The Week
Enterprise Entertainment Calendar
1

WHAT WE’RE TRACKING TONIGHT

Our non-oil trade deficit narrowed 16% y-o-y in 1H 2024

Good afternoon, folks. The government’s efforts to slim down the country’s trade deficit seems to be going a lot better than most diets after the first six months of the year.

THE BIG STORY TODAY

Egypt’s non-oil trade deficit narrowed by 16% y-o-y to USD 15.9 bn in the first half of 2024, down from USD 18.9 bn in the same period last year, Asharq Business, citing a government document.

Driving the trend: Non-oil exports increased by 9.8% y-o-y to some USD 19.6 bn in the first six months of the year — pushed by the recent EGP float, which boosted our exports’ competitiveness in foreign markets. As exports increased, non-oil imports dipped by 3.3% y-o-y to EGP 35.6 bn, dragged by a “decrease in imports by about USD 1.2 bn during the first six months of this year,” according to the document cited by the outlet.

THE BIG STORY ABROAD

The aftermath of Venezuelan President Nicolas Maduro’s re-election continues to make the rounds on the front pages of the int’l business press, with no single business story dominating the news this evening. Protests erupted across Venezuela after President Nicolas Maduro’s disputed re-election, with riot police using tear gas against protesters in Caracas. Maduro was declared the winner of Sunday’s presidential vote by the country’s electoral authority, while the main opposition grouping claimed that its candidate, Edmundo González, had won with 70% of the votes after taking the lead in most polls and exit surveys. (Financial Times | Reuters | CNBC)

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

  • It’s a wrap on our third review from the IMF: The Fund’s Executive Board has completed the third review of our USD 8 bn loan program, enabling the Madbouly government to “immediately draw” the USD 820 mn third tranche.
  • The cabinet greenlit the ins and outs of a subsidized loan program for hospitality companies worth up to EGP 50 bn to help support the country reach its tourism targets and reach 25 mn tourists annually by 2028.
  • The agricultural export industry is at war with itself: Egypt’s exports of agricultural goods have seen considerable growth over the past few years. However, a significant portion of Egypt’s exports are traded through a commission-based system also known as consignment — a system that has long been criticized for lowering the sector’s returns.

☀️ TOMORROW’S WEATHER- Mercury is peaking at a high of 39°C before simmering to a moderate low of 26°C by night, according to our favorite weather app. Sahel and Alexandria are seeing cooler weather, with a high of 33°C and a low of 24-25°C.

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2

FOR YOUR COMMUTE

Superstar employees — are they worth it?

Organizations tend to bend over backwards to recruit top performers or “superstar” employees. Whether it's by offering the most attractive salary or backing themselves up with privileges, retaining these employees isn't usually easy… Or cheap.

The question is, are they worth all that trouble? The short answer: Yes — If you’re a good boss. The Wall Street Journal says that managers who are able to recognize superstar employees and give them work that plays into their strengths and aspirations are key to optimizing value from their talent at every stage.

The value that these employees bring to the company changes over the course of their career. Younger employees tend to focus on their personal achievements — a study measuring patent filings found that young stars produced over double the number of patents early in their careers in comparison to others. These stars’ solo output peaked 20 to 25 years into their career, and began decreasing by about 35% every ten years following.

Older employees start bringing a different kind of value to the company: They grow into pretty good mentors and experts. Their individual achievements don’t obtain the same return, which makes managers think their “best days are behind them,” but in reality they just become more engaged in leadership and mentorship. The study, focused on financial firms, showed that non-stars that were mentored by older stars were rated higher by their managers than those who were not.

The stardom isn’t reflected in their salaries. Another study, looking at a financial firm specifically, showed that young stars were underpaid. They were rated 20% to 30% higher than nonstars by their managers, but were paid the same. This could perhaps mean that the achievement/performance-based compensation wasn’t properly implemented. Meanwhile, as these high-performing employees grew in their career, they were paid an extra average of USD 10k compared to other employees.

Eau no… The Olympic Triathlon has been postponed due to pollution in the Seine. The Olympic men’s individual triathlon, originally set to begin this morning, has been rescheduled to tomorrow due to pollution concerns in the Seine. Representatives of the World Triathlon released a statement lamenting the setback for organizers who have been working hard to clean up the Seine in time for the Olympics.

A little translation: After the great cleanup initiative, “meteorological events beyond [the organization’s] control” — heavy rains from in the last week of July — spiked levels of E. coli and other harmful bacteria in the river, where the athletes planned to compete. This comes after a publicity stunt by the Paris Mayor Anne Hidalgo, who took a dip in the Seine just two weeks ago to prove that the water quality tests had made the long-polluted river safe.

What if they can't clean it up on time? If the water has not met safety standards by the event time tomorrow, the triathlon will be postponed once again, this time to Friday.

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3

ENTERPRISE RECOMMENDS

A town of darkness where escape is a distant dream

? ON THE TUBE TONIGHT-
(all times CLT)

A labyrinth of mystery and horror that keeps you hooked and guessing in From: If you’re a fan of horror with a taste for the paranormal and unsettling (think Stephen King), this might just be your next binge-worthy obsession.

A seemingly ordinary family is journeying through a secluded, wooded road. When their path is blocked by a fallen tree, the detour they take leads them to a small, eerie town with an unsettling reality: No one who arrives can ever leave. All roads loop back to the town, creating a nightmarish trap that the unwilling residents struggle to escape or contact the outside world.

People who have been stuck there longer than others have just one crucial rule: Never spend the night outside. Self-appointed sheriff of the town Boyd Stevens (Harold Perrineau, who you may know from Lost) warns that unless you want to face the mysterious and menacing creatures that prowl beyond the safety of the town’s protective talismans, you’ll do well to follow this one warning.

WHERE TO WATCH- You can watch the series on Netflix or catch the trailer (runtime 3:27).

?Welcome to Day 4 of the 2024 Paris Olympics.

The medal table at the Paris Olympics at time of publication:

  • Japan (6 golds, 2 silver, 4 bronze — 12 total)
  • France (5 golds, 8 silver, 3 bronze — 16 total)
  • China (5 golds, 5 silver, 2 bronze — 12 total)

TODAY

DON’T MISS-

  • Shooting: Trap Men’s final (4:30 pm).
  • Football: Morocco vs. Iraq (6:00 pm).
  • Artistic Gymnastics: Women’s Team Final (7:15 pm).
  • Men’s 3x3 Basketball: China vs. Netherlands (8:05 pm).
  • Men’s 3x3 Basketball: Serbia vs. United States (11:35 pm).

TEAM EGYPT:

  • Football: Our homegrown team will be facing Spain at 4:00 pm in the third round of group stage matches. The Pharaohs are currently in second place with four points, in need of one point to qualify for the next round, a feat only Spain has achieved so far.
  • Boxing: Abdelrahman Orabi faces Azerbaijan’s Murad Allaheverdiyev in the Round of 16 at 5:34 pm.

TOMORROW

DON’T MISS-

  • Surfing: Women’s Final (4:34 am).
  • Surfing: Men’s Final (5:15 am).
  • Triathlon: Women’s Single Final (9:00 am).
  • Rowing: Men’s Quad Scull Final (1:02 pm).
  • Rowing: Women’s Final (1:14 pm).
  • BMX Freestyle: Women’s Final (2:10 pm)
  • BMX Freestyle: Men’s Final (3:44 pm).

TEAM EGYPT:

  • Shooting: Ibrahim Korayem will take part in the men’s 50m pistol 3 position qualifiers (10:00 am).
  • Rowing: The country’s lightweight men’s double sculls team will take to the waters in the group C final (10:30 am)
  • Table Tennis: Dina Meshref faces Japan’s Hina Hayata in the Round of 32. (1:00 pm)
  • Fencing: Men’s Sabre Team Table of 8 (2:30 pm).
  • Archery: Jana Ali faces South Korea’s Suhyeon Nam (4:15 pm).
  • Boxing:Omar Elwady will face Uzbekistan's Asadkhuja Muydinkhujaev (5:18 pm)
  • Handball: The Egyptian men’s handball team will face host France (8:00 pm)

You can follow Team Egypt through this schedule or by heading over to our Paris 2024Guide.

Want to see when your favorite sport is on? Check out the official schedule here.

⚽ The Nile League match to look out for: Pyramids will be meeting Pharco on the pitch tonight at 9:00 pm as part of Round 32 of the league.

? OUT AND ABOUT-
(all times CLT)

HAPPENING THIS WEEK-

Sukun is taking wellness to new heights with their Cosmic Festival at Solare, Ras El Hikma this Friday, 2 August. The festival has an itinerary of good-for-the-soul activities like yoga, sound healing, breathwork, art, dance, and more — you can even bring the kids for some seaside fun too. Get your invite here.

Dive into different Egyptian art movements with the In the Company of Mahmoud Said art exhibition, held in honor of the 60th anniversary of the pioneering artist’s passing. The exhibition will run until 15 October, open from 9am to 2pm and again from 5pm to 9pm from Saturday-Thursday at the Aisha Fahmy Palace. There, you’ll find 40 works by Mahmoud Saeed, in addition to 75 works by his artist friends.

A night of good music. Book tickets for Cords Festival: Ruby & Aziz Maraka at One Eleven in New Alamein. The festival will take place this Friday, 2 August starting 10pm, where musical staple Aziz Maraka and the iconic Ruby, will perform.

For the love of poetry. Don't miss the Live Podcast evening with poet Mostafa Ibrahim and host Zahra Ramy at Rawabet Art Space in Downtown, this Friday, 2 August at 9pm. Book your spot here.

NEW ALAMEIN FESTIVAL-

Amr Diab will be taking the New Alamein Festival stage on Friday, 9 August at 10pm. Get your tickets here.

Karim Abdelaziz and Nelly Karim will be performing in the play El Sindbad at the New Alamein Festival from Thursday, 8 August till Saturday, 10 August. Get your tickets here.

The iconic Cairokee will be performing at the festival on Friday, 23 August. Find your tickets to the band’s show here.

HAPPENING LATER-

Start of your week with a laugh at Rawabet Art Spaces Comedy Night with Comedy Kiosk. The event will take place on Sunday, 4 August at 8pm. Get your tickets here.

Prepare for the sixth edition of The Marakez Pyramids Half Marathon. Pick your race of choice and start training, because the marathon will take place on Saturday, 14 December. Note: The price to register is going to keep increasing. So sign up now through this link for the lowest price guarantee.

? EARS TO THE GROUND-

An episode a day keeps the doctors away. Hosted by Laura Beil and produced by Wondery, Dr. Death is a podcast that exposes doctors who abused their practice and were implicated in crimes.

Dive deep into the chilling tale of Dr. Christopher Duntsch. Season one of Dr. Death tells the story of a Dallas neurosurgeon whose incompetence led to devastating botched surgeries, which left many patients paralyzed or dead.

Try not to lose faith in the healthcare system. Beil's narrative explores the systemic failures that allowed Duntsch to continue practicing medicine despite numerous warnings and disastrous outcomes. From this, she uncovers cracks in the medical system, raising questions about accountability and patient safety.

In essence of the true-crime genre, Beil refrains from sensationalizing Duntsch himself, opting instead to examine the broader implications of his actions. This approach keeps the focus on the personal stories of the victims and the medical professionals who ultimately took a courageous stand against Duntsch.

WHERE TO LISTEN- You can listen to this podcast on Apple Podcasts, Spotify, Audible, and iHeart.

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4

GO WITH THE FLOW

What the markets are doing on 30 July 2024

The EGX30 rose 0.7% at today’s close on turnover of EGP 4.7 bn (23.9% above the 90-day average). Local investors were net buyers. The index is up 16.7% YTD.

In the green: Juhayna (+13.8%), ADIB (+4.4%), and Ezz Steel (+2.5%).

In the red: Delta Sugar (3.3%), Alexandria Container & Goods (-0.9%), and Sidi Kerir (-0.6%).

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5

Founder of the Week

Meet our founders of the week: 2oolameme’s Sarah Abouelkhair and Abdelrahman Selim

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 are Sarah Abouelkhair (LinkedIn) and Abdelrahman Selim (LinkedIn), COO, CEO, and co-founders of 2oolameme.

Our names are Sarah Abouelkhair and Abdelrahman Selim, and we’re the founders of 2oolameme, a physical and digital gaming company that aims to spark joy, laughter, and social connection through its games and experiences.

We’re two college friends who have a knack for entrepreneurship. Despite majoring in architectural engineering (Sarah) and economics (Abdelrahman) at The American University in Cairo, we sought out and took part in entrepreneurship electives, and frequently participated in and won student entrepreneurial competitions, such as the Hult Prize.

We initially worked in our respective fields — Sarah joined Raef Fahmi Architects as a Junior Architect and Abdelrahman was an investment analyst for Alex Angels. Six months after graduation, two life-changing events occurred: The pandemic hit, and Sarah was accepted into her dream master’s program at Columbia University, New York.

2oolameme began with the need to fund Sarah's master’s. We decided to start a business, and brainstormed potential projects that could be viable during and benefit from the lockdown. Abdelrahman suggested creating a card game, anticipating that people would seek new forms of indoor entertainment. During that phone call, 2oolameme was born. The first game launched within a week, and we sold 1k of them in just ten minutes.

Today, we have 24 original IP games in our portfolio, which are available in 200+ retail stores in Egypt. We have also helped launch several board game cafés. International companies like TikTok, Spotify, Dell, and Allianz have contacted us to design custom games and events for them. Eventually, we expanded into Saudi Arabia with the release of the social gaming app Kooz, which now has 300k organic downloads and 30k monthly active users, all without any media spend.

In just four years, we have become one of Egypt’s leading gaming companies, growing from an initial out of pocket investment of EGP 12k. Kooz, which we are working to expand, has consistently ranked in the top ten of its category on the App Store. Looking ahead, we plan to refine the experience, introduce online multiplayer, and add more games to Kooz to keep enhancing the app and provide a seamless, engaging gaming experience.

The aim is to curate original social games for the Arabic speaking market. Board and card games started gaining traction in the Egyptian market in the 80s with popular titles like Monopoly, known as Bank El Haz, and UNO. For the next 20+ years, there was little innovation, and the market was saturated with imported games or direct Arabic reiterations featuring superficial additions like a man in a turban or a camel.

Our games prioritize cultural relevance. They were initially designed specifically for Egyptians, reflecting our unique humor and preferences. Being a naturally social population, our games had to act as social stimulants, encouraging connection and bonding through play and laughter. Before our launch in 2020, the local board/card game market was sparse. Our success has since inspired a creator economy, with many new board/card game creators emerging.

We build our games around our community. Several of our games are co-created with our audience, with contributors’ social media usernames featured on the cards. We host launch events open to our customers, celebrating together and enhancing their experience.

We’re planning to expand both online and offline. We’re working on expanding our product range to appeal to different customer tastes and continuously improving our existing offerings. Our geographical expansion is just beginning. We’re currently present in Libya, Saudi Arabia, the UAE, Jordan, and the USA — and there’s still more potential for growth. We’re also developing products specifically tailored to the cultural needs of these markets.

The best part of our job is seeing our team's ideas come to life and witnessing their positive impact on our customers. Developing a game that brought joy and entertainment, especially during a challenging time, was highly rewarding. And we particularly enjoy the game creation process, which involves a lot of thought, innovation, and rigorous testing to create a hit game. As for the worst part, we don’t have any real complaints — it’s all part of the journey. The most challenging aspect was managing a team at a young age — Sarah was only 23 with 2oolameme kicked off.

Our advice is to let the market be the ultimate test for your product or service. Take action, launch quickly, and continuously improve. Keeping an idea in your head only delays the learning process. Get to market swiftly, engage with your customers, learn from their feedback, stay agile, and grow.

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ENTERPRISE ENTERTAINMENT CALENDAR

JULY

7 May-31 July (Tuesday-Wednesday): Cairo Cinema Days program at Zawya Cinema.

16 July-15 October (Tuesday-Tuesday): In the Company of Mahmoud Said exhibition at Aisha Fahmy Palace.

11 June-2 September (Tuesday-Monday): Afashat w Aflam exhibition at Bibliothek.

11 July-30 August (Thursday-Friday): New Alamein Festival at North Coast.

18-31 July (Thursday-Wednesday): Gen Z W Tes’eeni Ya Gedo at Rawabet Art Space.

18 July-10 August (Thursday-Saturday): Summer Music Festival at the Cairo Opera House.

31 July (Wednesday): Taxi El Sahra at Cairo Jazz Club.

31 July (Wednesday): Youssra El Hawary at The Boom Room.

AUGUST

1 August (Thursday): Back To The Roots: The Seven Gates EP Launch at Rawabet Art Space.

2 August (Friday): Ramy Gamal at New Alamein Festival.

2 August (Friday): Mostafa Ibrahim Live Podcast at Rawabet Art Space.

2 August (Friday): Mohamed Ramadan concert at Porto Golf.

2 August (Friday): Cords Festival: Ruby & Aziz Maraka at One Eleven.

2 August (Friday): Live Podcast at Rawabet Art Space Downtown.

2 August (Friday): Cosmic Festival at Solare.

3 August (Saturday): Founders Live at MINT Incubator by EGBANK.

4-6 August (Sunday - Tuesday): Edugate 2024 at Royal Maxim Palace Kempinski.

4 August (Sunday): Comedy Kiosk at Rawabet Art Space.

8-10 August (Thursday-Saturday): El Sindbad at the New Alamein Festival.

9 August (Friday): Amr Diab at New Alamein Festival.

9 August (Friday): Wael Kfoury concert at Porto Golf.

23 August (Friday): Cairokee at New Alamein Festival.

SEPTEMBER

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

OCTOBER

6 October (Sunday): Armed Forces Day.

29-30 October (Tuesday-Wednesday): Intelligent Cities Exhibition & Conference (ICEC) at Waldorf Astoria.

DECEMBER

14 December (Saturday): The Marakez Pyramids Half Marathon

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