Good afternoon, folks, and happy almost-THURSDAY, which can’t come fast enough when it’s Ramadan.
THE BIG STORY TODAY
#1- Valu is coming to the EGX: EFG Holding’s fintech platform Valu plans to offer between 20-25% of its shares on the EGX within a year, Valu CEO Walid Hassouna told Asharq Business.
Valu has big plans for 2024: Valu aims to increase its net income in 2024 to EGP 500 mn, up from the EGP 230 mn it achieved last year, Hassouna continued. It also aims to increase transactions carried out through its platform in 2024 by 40% y-o-y to reach EGP 13 bn, he added.
The firm is also planning on closing an EGP 900 mn securitized bond issuance before the end of March, out of a total EGP 4 bn worth of securitized bonds that it plans to issue throughout the year, Hassouna adds.
#2- The Central Bank of Egypt will not hold its regularly scheduled policy meeting on Thursday, 28 March in light of its special meeting earlier this month when it hiked interest rates by 600 basis points in tandem with the EGP float, it said in a statement this afternoon (pdf).
THE BIG STORY ABROAD
It’s all eyes on the Fed in the international business press this afternoon: The US Federal Reserve is expected to signal that rate cuts aren’t imminent at the end of its two-day monetary policy meeting today, despite Chair Jerome Powell’s statement earlier this month that the bank is “not far” from the confidence it needs in a sustained decline of inflation towards its 2% target. “They’ll make it clear that they’re obviously not ready to cut rates. They need a few more data points to feel confident that inflation is heading back to target,” Moody’s Analytics Chief Economist Mark Zandi told CNBC. “I expect them to reaffirm three rate cuts this year, so that would suggest the first rate cut would be in June.” (Bloomberg | Associated Press | Reuters)
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
Another green hydrogen project incoming? Indian construction, engineering, and manufacturing firm Rana Group is looking to set up a green hydrogen project in Egypt with investments totaling USD 12 bn over the life of the project.
Blinken is coming back to the region: US Secretary of State Antony Blinken will be heading back to Egypt and Saudi Arabia this week to push for a ceasefire and the release of hostages.
The Public Investment Fund may be cooking up a world-scale AI play, with officials said to be exploring the setup of a USD 40 bn fund to invest in artificial intelligence, the New York Times reports. The fund would make PIF the world’s largest investor in AI and it could start investing as early as the second half of this year.
Possibly on board: Andreessen Horowitz, also known as A16Z, long one of Silicon Valley’s highest-profile venture capital firms. Co-founder Ben Horowitz is said to be a friend of PIF Governor Yasir Al Rumayyan, with the two having reportedly spent time together socially last month in Las Vegas for the Super Bowl.
The fund would invest in everything AI, from chipmakers, AI companies to data centers, the Times says in its exclusive.
This means we all have two must-reads this morning: A16Z co-founder Marc Andreessen is a polarizing figure in some circles, but he’s been the clearest and most enthusiastic communicator on the notion that “software is eating the world,” an idea he first pushed in a seminal 2011 essay. It shouldn’t be a surprise, then, that he sees massive potential in AI.
Go deeper yourself in two essays that made big waves last year — and that still resonate across the Valley:
LinkedIn wants you to level up your high scores and your résumés. The Microsoft-owned company whose main purpose has, since inception, been networking, is now looking to break into gaming, reports TechCrunch.
The move isn’t fully baked just yet: App researchers stumbled on code that tipped them off to what Microsoft was up to, and a LinkedIn spokesperson confirmed the findings to TechCrunch. The company seems to be trying to get on the puzzle-mania bandwagon that launched simple games like Wordle to USD mn valuations. Three games the company seems to be working on are titled Queens, Interference, and Crossclimb.
Why? To boost the time people are spending on the platform. LinkedIn has a daily user accessrate of 16.2%, and a monthly user access rate of 48.5%. While it is technically a social platform, people don’t really consider it a place to congregate.
How will it work? App researcher Nima Owji, who broke news of the code, says it seems like scores will be organized by place of work, with employees being ranked on a company-wide leaderboard.
Renfield has a blend of action, comedy, and horror that turns the classic Dracula tale on its head. Transylvanian vampire Count Dracula (Nicolas Cage) meets English lawyer R. M. Renfield (Nicholas Hoult), who seeks to broker a land sale. Renfield then becomes Dracula’s immortal sidekick, granted immortality and powers in exchange for being his servant.
Ninety years later, Renfield is in a slump. After a gorey attack on his boss, Dracula, they move to New Orleans. To manage his depression he joins a self-help group and grapples with the monotony of eternal life. The group is focused on getting out of abusive relationships and Renfield struggles to follow their advice. However, when policewoman Rebecca (Awkwafina) enters his life, he becomes determined to escape the shackles of the vampire.
As Renfield seeks redemption and independence, he abandonsDracula. Nevertheless, he still regains his strength and becomes increasingly ruthless, leading to a final confrontation. With tensions escalating and betrayals lurking in the shadows, Renfield must navigate a dangerous web of intrigue and deception.
The film is quite outlandish at times, but the comedy shines through, offering a refreshing twist on this tale, The New York Times review describes it as a “ highly absurd, entertaining comedy ” that breathes new life into the age-old tale of Dracula and his faithful servant.
WHERE TO WATCH- You can watch Renfield on OSN+, or check out the trailer here (watch, runtime 2:23).
Related
⚽ The draw for the 2024 Paris Football Olympics is tonight at 9pm, marking the thirteenth time the Egyptian national team has participated.
The Pharaohs haven’t come home with a major victory from the tournament for decades now, and have only secured fourth place on two occasions: Amsterdam 1928 and Tokyo 1964.
Related
?EAT THIS TONIGHT-
KarvinMassala brings the taste of the subcontinent to your table.Located in Mivida is this authentic North-Indian restaurant, with dishes that are as delightful to the eyes as they are to the palate.
Their samosas are just right. The potato spiced with mustard seeds and fennel makes this chunky stuffed pastry the correct start to the meal. Cut to the chase and order the garlic naan (or two — they tend to go fast).
We began with the Palak Gosht —a traditional (vegetarian if requested) Indian delicacy featuring creamy spinach with mutton meat infused with aromatic spices, which pairs nicely with their fluffy steamed basmati rice.
They never go wrong with their Butter Chicken, a creamy and indulgent curry with tender pieces of chicken in a rich tomato and butter sauce. The flavors were bold and robust, with the perfect balance of spices and creaminess — we suggest you ask for it to be spicy. This dish was paired best with the naan bread.
However, there’s one disappointment: The elusive mango chutney, which seems to be always missing from the menu.
BONUS TIP- They deliver to these areas El Rehab City 1, El Rehab City 2, El Sheikh Zayed - Al Ahly Club, El Shorouk - first area — through Talabat and in New Cairo only on El Menus. But it’s worth the trip as their space is vast and is a suitable option for large groups.
Related
? OUT AND ABOUT- (all times CLT)
TONIGHT-
Celebrate Mother’s Day today with the Society of Play by bringing your mom to a special adult playdate. Mothers and their (adult) children will gather for a day of fun and games through interactive group activities for a chance to bond, laugh, and create lasting memories together. For reservations click on this link.
Don’t miss Qahrawya’s Ramadan ‘Iftours’ where you get to stroll through the bustling streets and ancient wonders of iconic Cairo landmarks as well as indulge in its delicious dishes. The Salah Al Din Citadel and the labyrinthine alleys of Khan El Khalili will be included in the tour. They start today in Downtown and next Thursday, 28 March for the Mounira x Garden City tour. Saturday, 30 March will be in Zamalek and Thursday, 4 April will be in Desert of the Mamluks. To book your spot, message them on their Facebook page.
Can’t keep track of which suhoor tent is up when? Layaly HydeOut is making it easy for you — they’re open all month with HekaytnaHelwa at Hyde Park. In addition to a set Suhoor menu, weekdays feature oud and takht sharqi music, and weekends will host superstar performers, including Hakimand comedian Mohamed Helmy. Tickets from 20 to 27 March are available now.
Footloose brings the magic of Ramadan at Wadi Campwhere the desert comes alive with traditional festivities and cherished traditions under the starry night sky. From mesmerizing Tanoura shows to sumptuous iftar feasts and late-night suhoor meals, immerse yourself in the spirit of the season. Enjoy movie nights under the open sky, engage in a variety of activities including volleyball and card games, and gather around the bonfire for shared stories and laughter. Reserve your spot through their number on their Facebook page.
TOMORROW-
There’s no shortage of comedy at ROOM. Six comedians are laying it all on the table tomorrow at the space’s Garden City branch for The Mad Day. Doors open at 8:30pm.
Nurture your connection with our cultural heritage with Megawra. Their three-day Spendthe Day in Khalifa event is on its eleventh edition, taking place this year on Friday and Saturday, 22-23 March, and Friday, 29 March. The event focuses on connecting space, place, and people at al-Khalifa Park and al-Khalifa Community Center.
Looking to do some good without skimping on the fun? Join Dayma in celebrating World Water Day with a clean-up followed by a delicious Iftar and some trivia. Head over to the Qursaya crossing to VeryNile headquarters on the island this Friday at 3pm. Bring your teens along for some community building. The EGP 850 fee includes activities, food, drinks, and the ferry. Don’t forget your refillable water bottle. You can register here.
The Egyptian Mawlawiyah will be performing tonight in the Bibliotheca Alexandria’s Great Hall tonight at 9:30pm. If you happen to find yourself in that neck of the woods, you can book tickets here. If you’re planted in C-Town, you can catch the band at Zed Park’s Layalina Tent in Sheikh Zayed tomorrow at 11:30pm. You can find tickets on Ticketsmarché.
Related
? UNDER THE LAMPLIGHT-
In Doppelganger: A Trip into the Mirror World Naomi Klein delves into a surreal experience where she finds herself mistakenly identified as another public figure, the controversial conspiracy theorist Naomi Wolf. Through this personal anecdote, Klein explores the phenomenon of mistaken identity in the age of AI-generated content and the blurring lines between reality and fiction in our digital world.
The book ventures into what Klein terms the “mirror world,” a realm where everything seems off balance and contrary to expectations. Drawing parallels to Alice’s journey in Wonderland, Klein portrays a society where individuals can easily fall into a rabbit hole of conspiracy theories and radical ideologies due to the overwhelming influence of misinformation and distorted realities shared online.
Klein’s analysis extends beyond her personal experience to critique the broader implications of societal upheaval. She dissects the impacts of this distorted reality on various aspects of our lives: Economic, medical, and political systems, among others. Using penetrating commentary, Klein challenges readers to question the validity of the information they find and to navigate through the topsy-turvy world of the digital age.
The EGX30 fell 0.3% at today’s close on turnover of EGP 3.1 bn (36% below the 90-day average). Local investors were net buyers. The index is up 14.8% YTD.
In the green: Orascom Construction (+5.0%), Eipico (+4.0%) and Madinet Masr (+2.2%).
In the red: E-Finance (-5.4%), Orascom Development Egypt (-3.9%) and Palm Hills Developments (-3.0%).
Egypt Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridors 
Logistics (MENA) 
Climate (MENA) 
Share Issue
