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WHAT WE’RE TRACKING TONIGHT

Scatec and EgyptAlum ink PPA for 1.1 GW solar project + 200 MWh battery storage

Hello all you wonderful people, and happy end of the workweek. We have a brisk issue for you today, with all the latest on Scatec and EgyptAlum’s newly signed PPA, the pros and cons of maternity leave policies, and the unlikely benefits of stressing out.

THE BIG STORY TODAY

#1- Scatec inks PPA with EgyptAlum for solar and battery storage project: Scatec has inked a 25-year power purchase agreement (PPA) with EgyptAlum for a 1.1 GW solar plant and 200 MWh battery energy storage system (BESS), according to a statement from the Norwegian renewables firm. The project, which is expected to cost some USD 1.1 bn, is part of the state-owned aluminum producer’s plan to ramp up production, comply with global sustainability and manufacturing standards, and lower its carbon footprint ahead of the imposition of the EU’s Carbon Border Adjustment Mechanism (CBAM) in 2026.

We saw this coming: The House in January greenlit the Finance Ministry’s guaranteeing of EgyptAlum’s financial commitments with Scatec under the newly signed power purchasing agreement.


#2- Elsewedy Electric’s bottom line rose 72.6% y-o-y to EGP 17.5 bn in 2024, according the company’s latest earningsrelease(pdf). Revenues for the year also increased by 52.4% y-o-y to EGP 231.98 bn, driven in particular by strong performance in the company’s wires and cables segment and turnkey segments. On a quarterly basis, net income after minority interest grew 105.8% y-o-y to EGP 4.2 bn in 4Q 2024, while the company’s topline rose 54.8% y-o-y to EGP 67.2 bn in the same period.

THE BIG STORY ABROAD

It’s a slow day in the int’l press this afternoon, with no one story dominating global headlines. Russia has said that it will not accept a temporary ceasefire in its war with Ukraine, with a top aide of Russian President Vladimir Putin saying that the US’ recently proposed 30-day ceasefire plan provides “nothing other than a temporary respite for the Ukrainian military.” Meanwhile, over on the US’ Capitol Hill, top Democrats have said that they will block a Republican plan to avert a government shutdown ahead of Friday’s deadline. And finally, a new Reuters/Ipsos poll has found that 53% of Americans believe that increasing tariffs will do more harm than good, with 57% agreeing that Trump’s moves to shake up the economy are too erratic.

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

  • Bonyan will be on the road to market its upcoming IPO to local institutional investors after Eid, before expanding to Gulf buyers in Saudi Arabia, the UAE and Oman.
  • Saudi spending on international transfers dwarfed Egypt in 2024, with the Kingdom’s total spending on international transfers leading the region with USD 465 mn, while Egyptian football clubs came in fourth place clocking in just USD 7.4 mn.
  • Global Finance gave CIB CEO Hisham Ezz Al Arab (LinkedIn) its “highest individual honour,” awarding the head of the country’s largest private sector bank its Lifetime Achievement Award.

☀️ TOMORROW’S WEATHER- Temperatures in the capital are heating up with highs of 32°C and a chilly low of 16°C, according to our favorite weather app.

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FOR YOUR COMMUTE

The benefits of stressing out

We typically view stress as harmful, but good stress exists. The distinction between good and bad stress is significant — chronic stress persists long-term and causes health issues like sleep disorders and digestive problems, while good stress is short-term, acute, and beneficial, CNBC writes.

(Tap or click the headline above to read this story with all of the links to external sources.)

Good stress can be harnessed to improve well-being: “We can unlock resilience and health by actually leaning into good stress,” CEO of wellness course platform Commune Jeff Krasno said. Activities that might cause temporary discomfort or a short-lived spike in stress can ultimately help build emotional regulation skills, Krasno explained. “Chronic ease has led to a lot of chronic disease,” he said, lamenting about modern society’s pursuit of eliminating good stressors.

So how do we make use of good stress? Useful stressors include cold plunges, saunas, high-intensity work-outs, and intermittent fasting. The key is to expose oneself to just the right amount of these stressors. Doing so enables the body to adapt to the stressor in question as well as to prepare for other potentially stressful situations.

Other applications could target social stress, like rejection therapy — intentionally facing uncomfortable social situations to overcome the fear of rejection. This trend has spread across social media, with people filming themselves making unusual requests like asking strangers for money or requesting “burger refills” at restaurants to build resilience against social discomfort.

What you think is what you get: A study (pdf) published in the Journal of Personality and Social Psychology in 2013 found that shifting employees’ mindset about stress can lead to improvements in work performance and self-reported health. Part of the study divided 388 employees of a large international financial institution into three groups — a group that watched videos emphasizing the “enhancing” effects of stress, another that watched videos showing its "debilitating" effects, and a control group. Those in the first group reported fewer psychological symptoms related to stress and improved self-reported work performance compared to the other groups.

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ON THE TUBE TONIGHT

This year’s controversial Ramadan watch

? Moawiya is causing controversy in the Ramadan lineup this year. The series produced by MBC has sparked widespread controversy across the Arab world since 2023, when the series’ expected debut was put on ice.

The show explores the life of Moawiya ibn Abi Sufyan, the founder of the Umayyad state, a controversial period in antiquity, marked by conflicts that ultimately reshaped Islamic history. It follows events from the first fitna, following the assassination of the Caliph Uthman ibn Affan, to the rule of Moawiya, his son Yazid, and the martyrdom of Al Hussain ibn Ali in Karbala — passing through the caliphate of Ali ibn Abi Talib and the abdication of Al Hassan ibn Ali.

(Tap or click the headline above to read this story with all of the links to external sources.)

The role of Moawiya is portrayed by Syrian actor Lojain Ismail, while Jordanian actor Eyad Nassar portrays Ali ibn Abi Talib. Tunisian actress Souhir Ben Amara takes on the role of Hind bint Utba, and Syrian actor Wael Sharaf plays Amr ibn al-As. The series boasts a massive production budget ranging between USD 75-100 mn, and was filmed in various locations across Tunisia.

The controversy: From the moment it was announced, the series was faced with heavy criticism and bans in several countries. The Iraqi Media and Communications Commission issued a decision to prohibit its broadcast, citing concerns that portraying historically controversial events could incite disputes and threaten social peace. Additionally, Al Azhar in Egypt condemned the depiction of the companions of the Prophet in the drama, deeming it a violation of religious guidelines.

Historical and aesthetic backlash: Beyond the religious and political controversy, the series has also faced artistic criticism regarding historical accuracy — particularly with regard to costume and set design. Some of the clothing and helmets appear inconsistent with the era, mimicking designs from the Mamluk period instead. Homes depicted in the series also feature architectural elements that don't align with the time period — raising questions about the authenticity of the historical setting.

WHERE TO WATCH- You can stream the series on Shahid, or watch the trailer on YouTube (runtime: 1:44).

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Sports

The football schedule this weekend is filled to the brim

The Europa League and Europa Conference League quarterfinalists will be decided tonight, with 16 second-leg clashes in the cards.

Here’s what to watch from the Europa League:

  • Athletic Bilbao vs. Roma — First-leg result: 1-2 (7:45pm)
  • Eintracht Frankfurt vs. Ajax — First-leg result: 2-1 (7:45pm)
  • Lazio vs. Viktoria Plzeň — First-leg result: 2-1 (7:45pm)
  • Tottenham Hotspur vs. AZ Alkmaar — First-leg result: 0-1 (10pm)
  • Rangers vs. Fenerbahçe — First-leg result: 3-1 (10pm)
  • Manchester United vs. Real Sociedad — First-leg result: 1-1 (10pm)

And what to watch from the Europa Conference League:

  • Chelsea vs. Copenhagen — First-leg result: 2-1 (10pm)


The relegation battle heats up in Egypt: Ismaily will be facing Talae Al Gaish tonight at 9:30pm in the first round of the Egyptian Premier League’s final stage relegation group. This is the last league match before the international break in March and April, with fixtures set to resume next month.

Meanwhile, the Egypt Cup quarterfinals kick off tomorrow and continue on Saturday. Standout fixtures include Zamalek will be hosting Smouha on Saturday at 9:30pm on Saturday, while title holders Pyramids face Enppi at the same time. Ghazl el Mahalla will go head to head with National Bank, and Ceramica Cleopatra and El Gouna will meet on the pitch tomorrow at 9:30pm.


English football returns: The English Premier League returns to our screens with Matchweek 29 starting this Saturday. This will be a shortened week with four teams missing out on the action: Liverpool. Newcastle, Aston Villa, and Crystal Palace.

The highlight of the round sees Manchester City facing Brighton at 5pm, an important clash for both teams, who are separated by just one point. City occupies fifth place with 47 points, while Brighton sits in seventh with 46 points.

Other Saturday matches to keep an eye on:

  • Everton vs. West Ham (5pm)
  • Southampton vs. Wolves (5pm)
  • Ipswich vs. Nottingham Forest (5pm)
  • Bournemouth vs. Brentford (7:30pm)

Y en España: Real Madrid will be hosting Villarreal in Matchday 28 of La Liga at 7:30pm on Saturday. Los Blancos are in second place with the same amount of points as leaders Barcelona, who have an extra match up their sleeve. A victory for them would see Madrid claim the top spot, albeit temporarily, as they hope their rivals fumble their match against Atlético Madrid on Sunday.

Elsewhere in Europe on Saturday:

  • Union Berlin vs. Bayern Munich — Bundesliga (4:30pm)
  • Milan vs. Como — Serie A (7pm)
  • RB Leipzig vs. Borussia Dortmund — Bundesliga (7:30pm)
  • Girona vs. Valencia — La Liga (10pm)

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OUT AND ABOUT

Iftar with a walking tour of Cairo

? Break your fast with a cultural tour. Qahraweya are organizing a traditional Egyptian Iftar followed by a tour of Mounira & Garden City where attendants get to witness the vibrant streets of Cairo. The “ Iftour ” will take place on Monday, 17 March. Book your spot by messaging them on Instagram.

(Tap or click the headline above to read this story with all of the links to external sources.)

HAPPENING THIS WEEK-

Don’t miss out on the third edition of CSA and ALKEMIA Boutique's annual Fenoun Festivities, happening tomorrow at CSA Maadi, in collaboration with Cairo Jazz Club. Join in celebrating Ramadan and diverse Egyptian talent, from art to food to whirling dervishes, all to the tune of Casino Badi3a ’s folklore music and Shereen Abdo’s serenades.

Join in for some laughs with the GOATs of comedy. Comedians Marwan Fares, Mohamed Moula, Marwan El Moslemany, and Mohamed Halim are bringing their interactive comedy show to east Cairo for the first time. The show will take place at Kamelizer, District 5 tomorrow at 9pm. Tickets are available on Ticketsmarche.

Eshtry Menny EXP returns with Ba'ad Shoo'a — a comedy podcast presented in a live show. Hosts Badr Nour, Abdelrahman Mohamed, and Gamal Ramzy, will be joined by a distinguished guest star: Ashraf Abdel Baky. The show will start at 9pm tomorrow at the Rihany Theater in Downtown. Grab your tickets from Ticketsmarche.

HAPPENING LATER-

The Opera House’s Ramadan nights are still going strong with a new Islamic show from Sheikh Yasin El Touhamy and his team on the open stage. This will take place on Sunday, 16 March at 9:30pm. Tickets are available on Tazkarti.

For lovers of theatre: Don’t miss Sayed Ragab’s Evening of Storytelling and Drama where you’ll witness the play The Writer on Honeymoon — also starring Yasmeen El Hawary — followed by a unique theatrical storytelling experience. The show will start at 9:30pm on Wednesday and Thursday, 19 and 20 March at Theatro Arkan. Tickets will be available soon on Ticketsmarche.

Celebrate Mother’s Day with Saad El Oud live on stage. Share the experience of good music with your mother this Friday, 21 March at Majarrah, starting 10pm. You can grab the entertainment-only ticket if she’s all about the music, or the suhoor entertainment ticket if you’d like to spoil her with a delicious meal, both available on Ticketsmarche.

Amidst the Ramadan celebrations, don't forget to celebrate Mother’s Day. Make Mother’s Day special this year with a special night of music by Tablet El Sitt at Theatro Arkan on Friday, 21 March from 9pm. Tickets are available on Ticketsmarche.

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GO WITH THE FLOW

What the markets are doing on 13 March 2025

The EGX30 rose 0.8% at today’s close on turnover of EGP 4.2 bn (19.7% above the 90-day average). International investors were the sole net sellers. The index is up 5.2% YTD.

In the green: EgyptAlum (+6.3%), Ibnsina Pharma (+5.7%) and Credit Agricole (+5.4%).

In the red: Palm Hills Development (-1.9%), EFG Holding (-1.8%) and Beltone Holding (-1.4%).

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Business

The problem with maternity leave

Despite decades of progress, women still face many challenges to career development, and being a new mom hasn’t escaped the list. Each country establishes its own maternity leave policies — determining length, payment status, and associated benefits before and after giving birth — with employers sometimes altering those specifications within their companies. While the objective of maternity leave is to provide recovery time after childbirth, enable newborn care, and protect the mother’s employment status, its impact presents a complex paradox.

(Tap or click the headline above to read this story with all of the links to external sources.)

Although maternity leave has encouraged more women to enter the labor marketespecially in developing and emerging countries — it has simultaneously raised the cost of hiring female employees, causing a systemic discouragement of their employment. So the question begs: Is maternity leave truly supportive of women’s growth in the workplace?

Maternity leave in Egypt: The House’s Manpower Committee just recently approved a267-article bill in January of a revised labor law, of which Article 50 grants women four months of paid maternity leave, with a minimum of 45 days post-birth. Article 51 provides job security protections during that time, while breastfeeding mothers are entitled to two daily half-hour breaks for the first two years of childbirth. The Madbouly government aims to enact this legislation before the Parliament’s five-year session concludes in July.

A gesture of good faith: Margaret Azer, cassation lawyer and former secretary general of the National Council of Women (NCW), told Enterprise that this move promotes “a better work-life balance for working women,” lowering the entry barrier for a lot of aspiring workers who may fear “losing their jobs during pregnancy and childbirth.”

As of today, Egypt's current labor regulations are governed by Labor Law No. 12 of 2003. The comprehensive legislation currently entitles female employees to 90 days of paid maternity leave, applicable only after ten months of service with the same employer, and allows nursing mothers with the same two daily breaks for breastfeeding that will remain unchanged in the new draft law.

Global comparison: Several European countries offer substantially more generous provisions. Sweden offers 480 days of shared parental leave — 90 days at a fixed rate, and 390 at 80% salary. Bulgaria’s package is 410 days of paid maternity leave at 90% salary. Estonia offers 20 weeks of fully paid maternity leave, extendable to approximately 62 weeks of parental leave at a flat rate. The US pales in comparison — the Family and Medical Leave Act provides 12 weeks of unpaid leave, but most employees are ineligible.

Women in Egypt’s workforce by the numbers: More and more women have been entering the Egyptian labor force in recent decades, and as of 4Q 2024, women constitute 20.4% of Egypt’s labor market — 6.6 mn out of the 33.1 mn total workers in the country. As it stands, female unemployment is documented at 16.6%, compared to male unemployment at 3.9%.

Even just one additional day of maternity leave can increase women’s employment prospects: World Bank research that includes firm-level survey data from Egypt and other developing countries indicates that a conservative estimate of 2.08 percentage points is added to the proportion of female employees in a company with each log point increase in the duration of paid maternity leave. What does this mean? Extending paid maternity leave from 0 days to 410 days leads to a 12.5 percentage point increase in female workforce participation.

The child penalty: A group of economic researches branched from the London School of Economics’ Hub for Equal Representation in the Economy has studied how childbirth impacts women’s and men’s careers differently across the globe, finding in a 2024 study examining 134 nations that mothers are less likely to be employed than fathers a decade after their first child’s birth in nearly 85% of the countries studied.

But the hiring discrimination starts well before childbirth: Rim Wahba, a group human resources manager, acknowledges that hiring managers prefer women candidates that are unmarried, or have already had children to lessen the possibility of having to grant maternity leave. Wahba confirmed to Enterprise that during interviews, HR teams may inquire about a newly married woman’s childbearing plans: “We don’t want [to hire] someone that will need replacement after a few months of employment.”

Some of the most common cases dealt by the NCW included the unjust contract termination of female workers due to circumstances like pregnancy or marriage, and complaints from women about the lack of childcare facilities and flexible working hours at their place of employment, Azer told us.

Insufficient childcare support takes a toll not only on the mother’s physical and mental health, but also the child’s. Many women who resume work after maternity leave resort to formula feeding because they are unable to keep up with the demanding schedule of having to pump at the office and store the milk, says Nour Emam, femtech entrepreneur and co-founder of Daleela by Motherbeing. “All of these things are a huge mental and physical toll on working moms that are forced to go back to work,” she told Enterprise. Emam added that four months maternity leave period is way too short to provide mother and child with real benefits, “but here we are.”

Longer maternity leave improves child health and reduces infant mortality: Longer maternity leave was proven to contribute to lower infant and toddler mortality rates, due to allowing more time for maternal care, breastfeeding, and assessing and addressing childcare needs. “It does take a toll for the mother to be away from the child that long, especially if the child is not under the care of relatives or family,” Emam said. MENA countries were shown to provide fewer days of paid maternity leave compared to developed countries, and in order to equalize child mortality rates between the two regions, the study showed that paid maternity leave should be extended by 200 or more days.

Race, education, and economic status determine breastfeeding durations: The results of a global study have shown a positive relationship between the length of maternity leave and breastfeeding duration — therefore resulting in improved child nutrition. However, the findings differed when studies examined the relationship between maternity leave and breastfeeding based on the woman’s socioeconomic status. Data collected demonstrated that black women, women in less privileged positions, and women with less education are provided with shorter breastfeeding durations.

Only 14.1% of working women in Mansoura exclusively breastfeed their newborns: A cross-sectional study was carried out in the Mansoura District in 2023, which included working mothers attending health care facilities to vaccinate their infants aged 6 months, showed that the exclusive breastfeeding rate among the participants stood at 14.1%. The results highlighted an alarming need to extend maternity leave and provide “promoting workplace facilities” for working women in the district, and consequently, in Egypt as whole.

Supportive policies as a way out: The government’s Women's Empowerment Strategy 2030, which launched in 2023, aims to increase the rate of women's participation in the labor force from the initially reported 24.2% to 35% in 2030, and shrink the unemployment rate among women to 16% from an initial 24%. While we are well underway, Azer told us that “without supportive policies, women’s employment prospects are reduced, and their career progression is slowed down” regardless.

How can this be remedied? The former secretary general of the NCW suggested tax incentives or partial government subsidies as solutions for employers to cover maternity costs. Other potential solutions included flexible work arrangements — such as remote work or reduced workdays after returning from leave —, awareness campaigns to emphasize the importance of equal employment opportunities and prevent discrimination against childbearing women, and the development of career advancement policies to support women’s promotions.

Is it time for paternity leave in Egypt? As of today, the Egyptian labor law doesn’t offer paternity leave, and mainly focuses on the regulations governing maternity leave only. There is no clear indication of an introduction of mandatory paternity leave into the labor law, Azer explained, but there are ongoing demands from human rights organizations and civil society groups to establish a short paid leave for fathers to support women during childbirth and promote a more balanced distribution of family responsibilities.

What’s the holdup? The introduction of paternity leave into legislation may be on ice to focus on directly supporting working women rather than adding new obligations for private sector employers, Azer said. She explained that the existence of prevailing cultural attitudes in certain industries — that child-rearing responsibilities are still primarily seen as a mother’s role — also stand as an obstacle in the implication of a paternity leave policy.


MARCH

13 March (Thursday): Hakim concert at Hekaytna Helwa Tent, New Cairo.

14 March (Friday): Hamid Al Shaeri and Hisham Abbas concert at Hekaytna Helwa Tent, New Cairo.

14 March (Friday): The Goats stand up comedy at Kamelizer Spaces, District 5.

14 March (Friday): Omar El Gamal stand-up comedy at Theatro Arkan.

14 March (Friday): CSA and ALKEMIA Boutique's annual Fenoun Festivities at CSA, Maadi.

14 March (Friday): Eshtry Menny EXP Ba'ad Shoo'a at the Rihany Theatre.

16 March (Sunday): Sheikh Yassin Eltohamy at the Cairo Opera House.

17 March (Monday): Sara Moullablad live at Boom Room.

17 March (Monday): Iftour in Mounira & Garden City with Qahraweya.

19-20 March (Wednesday-Thursday): Sayed Ragad’s Evening of Storytelling and Drama at Theatro Arkan.

19 March (Wednesday): Cassette 90 Band live at Boom Room.

21 March (Friday): Mother’s Day.

21 March (Friday): Saad El Oud at Majarrah.

21 March (Friday): Tablet El Sitt at Theatro Arkan.

21 March (Friday): Medhat Saleh at the Cairo Opera House.

24 March (Monday): Mazeek live at Boom Room.

APRIL

1 April (Tuesday): Annual Flower Exhibition at the Agricultural Museum.

2 April (Wednesday): Cairokee at CUBIX, El Gouna.

12 April (Saturday): She Can event at Creativa Innovation Hub, Giza.

25 April (Friday): Tamer Ashour concert at ZED Park, Sheikh Zayed.

MAY

3 May (Saturday): Enrique Eglesias at the Rixos Radamis in Sharm El Sheikh.

21-31 May (Wednesday-Saturday): Disney On Ice at Cairo International Stadium.

30 May (Friday): Adam Port at the New Administrative Capital’s Green River.

OCTOBER

16-24 October (Thursday-Friday): Gouna Film Festival.

30 October - 22 November (Thursday-Saturday): Forever is Now at the Great Pyramids of Giza.

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