Good afternoon, folks, and welcome to the second day of an already pretty busy week for local business, finance, and economy news.
THE BIG STORY TODAY
Another Chinese auto factory is in the works: China’s state-owned BAIC Group has inked an agreement with local agent Alkan Auto to establish an EV factory with the start of production penciled in for the end of 2025, according to a statement from the Industry Ministry. The factory will launch an annual capacity of 20k vehicles and ramp up production to 50k units by the end of its fifth year.
Remember: The Madbouly government has been working to localize the auto industry, introducing the Egyptian Automotive Industry Development Program (AIDP) in 2022, which will offer incentives to auto players with the aim of localizing the industry and its feeder industries, with the aim of enhancing the country’s existing assembly and manufacturing capabilities — and of encouraging new investment to the sector.
THE BIG STORY ABROAD
The US presidential election is once again dominating the day’s news, with a strikingly racist and inflammatory rally at New York’s Madison Square Garden for the Republican hopeful catching the attention and concern of much of the commentariat. With just over seven days to go until the election, Trump is doubling down on increasingly authoritarian and right-wing talking points — pledging to conduct the “largest deportation program in American history” and appearing alongside a comic that described Puerto Rico as a “floating island of garbage” in his appearance at the event.
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Egypt to float three potential adjustments the IMF could make to our loan agreement: Government officials told EnterpriseAM that Egypt will present three scenarios to the IMF when the fund boss Kristalina Georgieva visits the country next week, including: extending the timeline for implementing reforms, having a year to carry out a stimulus package and pause energy price hikes, or securing additional IMF funding.
United Bank is going public before year end: Central Bank of Egypt-owned United Bank will be going ahead with plans to float 330 mn of its shares — equivalent to a 30% stake — on the EGX before the end of the year.
The Deloitte Innovation Hub has landed in Cairo: Global consulting firm Deloitte has kicked the tires on its new innovation hub in Cairo yesterday, pledging a three-year USD 30 mn investment to employ 5k of the country’s “top-tier talent” in several service export sectors.
☀️ TOMORROW’S WEATHER- The weather is slowly cooling down this week, with a high of 29°C and a low of 19°C in the capital tomorrow, according to our favorite weather app.
Crocs is one of the year’s best-performing stocks. The colorful foam clogs shares are up 43.2% YTD, surpassing other big names in footwear like Nike, whose shares are down 26.0% in the same period. The humble colorful foam clogs company has also outperformed leading Big Tech stocks from Google parent company Alphabet, Apple, and Microsoft, the Financial Times points out.
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The popularity is in its practicality: Although a long-time hit amongst nurses, chefs, pool cleaners, and others working in the food services, medical industry, and hospitality, the characteristically unaesthetic plastic clogs found a new and growing customer base following Andrew Reese taking over the company in 2017. The shoes — described by the salmon-colored paper as a “collision between a flip-flop and a plastic colander — through partnerships with pop stars, rappers, and fried chicken franchises quickly made their way into the cool list.
Crocs also got a pandemic glow-up: Between 2019 and 2022, annual sales tripled to nearly USD 3.6 bn, and the company is expected to pull in USD 4.1 bn in revenue this year — assumingly from everyone’s desire for more comfortable footwear as many of us worked from home.
We’re still far from seeing peak Crocs: Even with an impressive rise in share price since the start of the year, Crocs’ stock remains relatively undervalued, especially when compared to rivals in the footwear industry, according to the FT. On top of this, the prospect of Crocs turning around its HeyDude subsidiary could see the footwear company pushing its stocks even higher.
There's no such thing as perfect — you can always see the cracks. Netflix’s new murder mystery short series The Perfect Couple is based on a Elin Hilderbrand novel by the same name about a wealthy family from Nantucket. The seemingly perfect family — from the outside at least — quickly reveals itself to be hiding dark secrets that are unleashed following a murder.
Looks can be deceiving: The story begins with the wedding rehearsal dinner of Amelia Sacks (Eve Hewson) and Benji Winbury (Billy Howle), a couple from very different worlds. Benji hails from an old-money Nantucket family, while Amelia, a down-to-earth zoologist, feels out of place in the Winburys' polished social circle. We then meet Benji’s controlling mother, Greer (Nicole Kidman), his hippie-like father, Tag (Liev Schreiber), and his miserable older brother Thomas (Jack Reynor), and it quickly becomes clear that all is not as it seems beneath their polished exterior.
Cue the murder mystery: The wedding festivities come to an abrupt halt the morning after with the discovery of a body on the beach. Local police chief Dan Carter (Michael Beach) and Detective Nikki Henry (Donna Lynne Champlin) launch an investigation, questioning the wedding party and digging into the family’s secrets. Flashbacks reveal the rising tensions, romantic complications, and underlying resentments, resulting in the reveal of the identity of the deceased at the end of the episode. Throughout, Amelia struggles to fit in with the Winburys, all while dealing with doubts about her relationship with Benji and the weight of the family's hidden dysfunctions.
If you love Agatha Christie, you’ll love this: It balances its murder mystery with sharp observations on family dynamics and privilege, offering moments of both tension and wit — much like The White Lotus.
WHERE TO WATCH- You can watch the series on Netflix or watch the trailer on Youtube (runtime: 2:11)
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⚽ The football scene is calm today with only one match between Mallorca and Athletic Bilbao at 11pm to close out matchday 11 in La Liga.
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?EAT THIS TONIGHT-
There’s something fishy about Ibn Al Sham’s shawarmas. Ibn Al Sham is an authentic Syrian restaurant that delivers the classics. They recently added a standout offering, which might sound a bit unusual at first, but it's definitely a hit for seafood lovers — introducing fish shawarma.
They layer the fish filets on a shawarma rod and let it spin in front of the grill. The result is tender, flaky fish with a nice smoky taste. The tartar sauce adds a creamy kick that pairs perfectly, and a sprinkle of fresh herbs gives it a nice touch.
Choose how you like it: Ibn Al Sham offers the fish shawarma in the same varieties as you can get with any of their more conventional shawarmas. You can get it in a sandwich (either a syrian roll or fino), as a plated fatteh, shawarma arabi, or if you want something new, try the fish shawarma shake— which is basically just a bowl of shawarma.
Disclaimer: Just as you’d expect, this dish is quite fishy. For those who are fans of seafood, it’s definitely worth a try. However, if fish isn’t your thing, it might be a bit much — but you can always opt for the traditional beef, chicken, and sujuk shawarmas.
WHERE TO FIND: Ibn Al Sham has branches in New Cairo and Rehab. You can also find the restaurant on Elmenus or Talabat.
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? OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
Want a night of unfiltered comedy and music?Mohamed Abdelaty has you covered tonight in his Animal World stand-up set at CJC 610 — followed by a closing set with some catchy tunes by Zabadi Khalat. Tickets are available now on Ticketsmarche.
The fourth edition of Forever is Now is here. This year, a lineup of 12 global visionary artists are ready to display their work at the iconic Pyramids of Giza — including two groundbreaking AI-powered projects. The exhibition will continue to be open everyday till Saturday, 16 November.
Zawya goes to Gouna (again): Zawya Cinema is preparing to screen a selection of films submitted to the Gouna Film Festival 2024 starting from yesterday and will continue until Saturday, 2 November. You can find the screening schedule on Zawya’s official Instagram account.
Got the moves? The 16th edition of Cairo International Jazz Festival will take place from Thursday, October 31 to Friday, November 8, 2024 at the American University in Cairo campus in Tahrir. Tickets available on Ticketsmarche.
Did somebody say cheese? The third edition of Egypt Cheese Festival will begin on Thursday, 31 October at Al Horreya Garden. This is the only dairy and cheese festival in Egypt and the Middle East so prepare to witness all the different sorts of this delicious delicacy. The festival will last till Sunday, November 3.
For the love of tapestry. Today in History is Amsterdam-based Egyptian artist Dina Danish’s first exhibition in Egypt in nearly a decade. Composed of a collection of appliqué tapestries that resemble medieval banners, the exhibition is still open at the Gypsum Gallery till Saturday, 30 October.
The largest collection of prints in the country.Cairopolitan is bringing together a collection of artwork from over 180 local and regional artists to display in the Cairo Prints Exhibition. The gallery is open everyday until Monday, 18 November in Garden City.
Calling all plant parents. The autumn edition of the International Flower Expo began on Thursday, 10 October at Al Horreya Garden. Take home anything from ornamental plants, trees, and all different kinds of flowers. The expo will continue until Sunday, 10 November.
Glowing puppets swimming across a stage.The Book of Neptune is a great family event to attend. Theater group Ledpuppets will transform the Rawabet Art Space stage into an underwater wonderland with glowing puppets dancing around and acting out stories. Tickets are available on Ticketsmarche for Friday, 1 November and Saturday, 2 November.
HAPPENING LATER-
Watch a blind date happen live. Binge Circle are hosting the first ever The Blind Date Show:Live on Stage. Two strangers will meet and converse from behind a curtain and decide whether it will be a night to remember — or a date they’d rather forget. The event will take place on Friday, 8 November at Trivium Square. Tickets are available at Collard Tickets.
Shop for the winter at the next edition of the Cairo Flea Market. CFM is back on Saturday, 9 November at the Fish Garden in Zamalek, starting at 10am and ending at 7pm. The flea market boasts beautiful artisan crafts, vintage items, and pre-loved clothes.
Creatives, assemble.SYNC Summit 2024 is here from Thursday 7 November to Saturday 9 November at District 5, Marakez. Prepare to dive into immersive workshops and inspiring talks across multiple creative tracks. It’s all about making connections in the industry, learning, and unleashing your creativity. You can grab tickets at Ticketsmarche.
Attention, fitness fanatics. The ELFIT Championship features 1.2k athletes from over 55 countries competing for the ELFIT Champion title. The event will take place from Wednesday, 13 November till Saturday, 16 November at the New Capital Sports City. Grab your tickets from Ticketsmarche.
Prepare for the sixth edition of The Marakez Pyramids Half Marathon, organized by the TriFactory. Pick your race of choice and start training, because the marathon will take place on Saturday, 14 December. Note: Ticket prices will increase in a week, so get in line for early bird registration on the marathon’s website.
Medhat Saleh and Reham Abdelhakim are headlining a charity concert in the Royal Garden of the Presidential Palace. On Friday, 15 November, the doors will open for attendees — who will be required to be dressed formally — at 6pm, with the concert slated to start at 8pm. You can grab tickets on Tazkarti.
Party like you’re in Ibiza. Circoloco — the iconic Ibiza party — is coming to the Pyramids on Friday, 15 November. The 9-hour party kicks off at 6pm and will feature an array of electronic, house, and techno music. Grab your tickets from Collard Tickets.
Egypt’s premier electro and dance music event. Witness immersive visuals and soundscapes with an electrifying lineup of international and local artists at the Aura Music Festival. The festival will take place on Friday, 13 December at Lac Du Caire. Tickets are available at Collard Tickets.
Enjoy some authentic Egyptian vocals with Saad Eloud. The live show will take place on Thursday, 7 November at Theatro Arkan. Grab your tickets through Ticketsmarche.
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? UNDER THE LAMPLIGHT-
Different centuries, depressingly similar problems.By Any Other Name by Jodi Picoult is a novel that tells the story of two women, 400 years apart, who dream of being playwrights. Picoult shows how the two women from very different times face tough battles to get their voices heard in a world dominated by men.
A tale of two playwrights. The book flips back and forth between Emilia Bassano’s life in 16th century England and her descendant Melina Green in modern-day New York — who share not only a bloodline but the fact that they have had work published under pen names to get around a literary world skewed in favor of the opposite gender.
You might already be familiar with some of Emelia’s works. The book’s protagonist from years past pays an actor by the name of William Shakespeare to pose as the author of Emilia’s work in a bid to have her voice heard. The other of the two intertwined narratives shows Melina struggling to get her new work on her 16th century ancestor featured in a theater festival, who likewise ends up seeing her work submitted under a different more manly sounding name.
But there may be some truth to this piece of fiction: The character Emilia was a real person who has also since been rumored to be the true author of the plays and sonnets attributed to the Bard of Avon. Shakespeare or not, Emilia lays claim to being the England’s first professional poet.
The book is an eye-opening look at the challenges women have faced in the arts, both in the past and today. Picoult does a fantastic job bringing Emilia's world to life and showing how far we’ve come—and how far we still have to go.
The EGX30 rose 0.1% at today’s close on turnover of EGP 4.7 bn (13.2% above the 90-day average). International investors were the sole net sellers. The index is up 23.6% YTD.
In the green: Credit Agricole Egypt (+4.4%), Ezz Steel (+3.9%), and B Investments Holding (+1.6%).
In the red: Juhayna (-2.6%), AMOC (-2.2%), and Telecom Egypt (-2.1%).