Good afternoon, folks, and a happy Monday to you all.
THE BIG STORY TODAY
Half of Helios’ USD 40 mn acquisition bid for Raya Foods will go towards building a new factory: Raya Food’s parent company Raya Holding will direct USD 20 mn of Helios Investment Partners’ USD 40 mn bid for 49% of the subsidiary towards building a second factory partly dedicated to freeze-dried fruits and vegetables, Raya Holding CEO Ahmed Khalil told Al Arabiya (watch, runtime: 4:07)
(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)
All part of a bigger plan to increase exports — and in turn FX revenues: The plan is to turn the company from the country’s second largest frozen produce exporter — with an annual production capacity of 50k tons — to the country’s largest, the company said in a statement (pdf) released earlier this week. The new factory — most likely to be set up next to its existing factory in Sadat City, according to Khalil — and its use of freeze drying produce will play an important role in reorientating the company more towards exports.
THE BIG STORY ABROAD
The US presidential election — now just over 14 days away — and Israel’s indiscriminate attacks in Gaza continue to compete for the day’s top story. Israel’s ramping up of operations following the killing of Hamas leader Yahya Sinwar has continued, with Israeli forces storming shelters housing displaced families, burning schools, besieging schools, and killing at least 26 in airstrikes already today. While over in the states, the global press focusing in on the two competing presidential campaigns to get their candidate across the line in the too-close-to-call election.
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Raya gives preliminary greenlight to Helios Investment Partners’ acquisition bid: Africa-focussed PE outfit Helios Investment Partner ’ offer to acquire 49% of Raya Foods for USD 40 mn has been approved and initially accepted by parent company Raya Holding’s board.
It looks like Port Said’s EGP 1.6 bn grain silo factory has lost its foreign partner: The Egyptian arm of Polish grain silo company Feerum has reportedly pulled out of an agreement to set up a factory to manufacture grain silos with with Egyptian construction and engineering firm Samcrete and the state-owned Egyptian Holding Company for Silos and Storage.
El Sisi’s latest remarks dominated last night’s talk shows: The nation’s talking heads honed in on President Abdel Fattah El Sisi’s statements regarding the economic pressures the nation is enduring as the country undergoes reforms as part of its loan agreement with the IMF. “Egypt is implementing the current economic reform program amid very difficult regional and international circumstances,” El Sisi said.
☀️ TOMORROW’S WEATHER- The mercury is expected to take a slight dip, cooling down to a high of 30°C and a low of 19°C in the capital, according to our favorite weather app.
The corporate world is taking a look at being “nature positive.” As biodiversity loss reaches alarming levels — a 75% drop in global wildlife populations in the last 50 years to be exact — the corporate sector has been shifting its priorities to align with growing eco-friendly consumer sentiment. The growing participation of businesses at biodiversity summits saw 1k companies at COP15, and foresees an expected record turnout at COP16 in Colombia, according to Financial Times.
Being “nature positive” is subjective. The goal set by climate researchers and experts is to halt and reverse biodiversity loss by 2030 by increasing nature’s assets (by no longer abusing them). But there isn’t a standardized framework available for companies to follow, and measuring how true to the cause a company has been is difficult. Instead of building a strategy, companies are using the term as a buzzword alongside any other term, touting ‘nature positive’ investments and ‘nature positive’ holidays, or even ‘nature positive’ coffees.
Climate claims are easier to track. Carbon emissions and greenhouse gas are quantifiable, which should make it easier to hold companies accountable (when they’re not faking reports). But “when it comes to really establishing credible definitions and metrics around [being] nature positive, there’s still a lot of work to be done,” says Michael Wironen of the Nature Conservancy, a global non-profit.
Everyone’s favorite therapist is back wreaking havoc. Season two of Shrinking is out with two episodes, opening up with (spoiler alert for those who have yet to catch up) Jimmy (Jason Segel) going to visit Grace (Heidi Gardner) in jail after she — kind of at his instruction — pushes her abusive husband off a cliff. Literally.
More of the good… While the last season seemed to foreshadow Jimmy’s colleague, mentor, and fan favorite Paul Rhoades (Harrison Ford) being written off, we’re all happy to see that not only is he still around, he’s got even more screen time. Neighbors Liz (Christa Miller) and Derek (Ted McGinley) also pop in more often, but we’re reserving our judgment on whether or not that’s in the pros or cons list until more episodes are out. So far it’s a pro.
…And more of the bad. Jimmy’s questionable emotional intelligence seems to be back with a vengeance this time around, with the character sometimes outright rejecting sage advice and insight from Paul, who wants Jimmy to reconsider his relationship with his clients. But this time, it’s not his relationship with daughter Alice (Lukita Max) that’s suffering in consequence, but his friendship with his colleague (and deceased wife’s best friend) Gaby (Jessica Williams).
Great writing still exists. The sharp, quirky — and sometimes plain awkward — comedy that made Shrinking a loveable hit is exactly how it was, as are the (often surprisingly) poignant and heartfelt moments that have us reaching for the tissue box.
WHERE TO WATCH IT- You can find Shrinking on AppleTV+, or watch the trailer on YouTube (runtime, 2:43).
Related
⚽ It’s a slow day on the European football pitch, with just three matches wrapping up the action in the Premier League, La Liga, Serie A as teams gear up for the Champions League on Tuesday and Wednesday:
Nottingham vs. Crystal Palace — Premier League (10pm).
Valencia vs. Las Palmas — La Liga (10pm).
Verona vs. Monza — Serie A (9:45pm).
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🍝 EAT THIS TONIGHT-
Summer is over, and you can finally indulge in a carb-fest without worrying about having a beach-ready bod — and we know just the place to do it. Chiosco Della Pasta is a cloud kitchen in New Cairo serving up hearty pasta dishes of all types. For the pastafarians out there, they even have a page dedicated to the history of pasta.
Not your nonna’s pasta. Chiosco Della Pasta steers away from classic dishes by adding their own little twist to it. We picked the shrimp fusion, spicy pleasure, and the pesto paradise off the menu.
The shrimp fusion has the flavor of a typical arrabbiata, with an extra kick from the red chili, balanced by a hint of sweetness of the bell peppers. The shrimp brought just the right touch of thalassic saltiness to round out the dish perfectly. But don't worry if you’re not a fan of spice, you can always order it mild.
The pesto paradise consisted of pesto sauce (duh), chicken, onions, and sundried tomatoes. Aside from the classic basilic taste, this dish had some extra butteriness that made the sauce a tad heavier — maybe too heavy for some.
But the star of the show was the spicy pleasure. It’s a fan favorite among customers, and deservedly so. It has the same ingredients as a classic alfredo: chicken, mushroom, white sauce, onion, and cheese — with the addition of both red chili peppers and chili flakes. Needless to say, this dish isn’t for the faint of heart.
Down to the details: Each dish comes in a perfectly secured box that is paired with a side of parmesan to sprinkle a little more on your pasta if you like it extra cheesy. And for those who are concerned about losing its taste as leftovers: You can find instructions on how to reheat it later to make it just as fresh as the moment it was delivered.
WHERE TO FIND IT- New Cairo residents are the lucky ones this time around — they deliver through Talabat or through the number on their Instagram page.
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🎤 OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
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 will be open from tomorrow till 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.
The celebration of music continues at the Arab Music Festival. The festival’s lineup includes Medhat Saleh, Ali El Haggar, Abeer Nehme, Wael Jassar, Lotfi Bouchnak, and more. The festival will run until Thursday, 24 October — tickets can be booked through Tazkarti.
The fourth edition of Forever is Now is approaching. 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 start on Thursday, 24 October and continue till Saturday, 16 November.
HAPPENING LATER-
Zawya goes to Gouna (again): Zawya Cinema is preparing to screen a selection of films submitted to the Gouna Film Festival 2024 starting on Sunday, 27 October, to Saturday, 2 November. You can find the screening schedule on Zawya’s official Instagram account.
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.
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.
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.
Enjoy some authentic Egyptian vocals with Saad Eloud. The live show will take place on Thursday, 7 January at Theatro Arkan. Grab your tickets through Ticketsmarche.
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💡 UNDER THE LAMPLIGHT-
The author behind The Curious Incident has new tales of dogs and monsters for you.Dogs and Monsters is a collection of eight stories drawing on many inspirations from Greek mythology to the haunting realms of contemporary life, creating a mix of narratives that go into themes of love, loss, and the complexities of identity.
What to expect: The Mother’s Story is a reimagining of the Minotaur myth set in a damp, stormy southern England. Here, the maternal main character stands as fierce and unstoppable, determined to defend her child against societal perceptions of monstrosity. Another story, My Old School explores the painful realities of being a teen in a boarding school. The main characters' reflections on cruelty and betrayal echo the raw emotional truths found in classic literature.
Don't pass it off as another set of stories. It’s a thoughtful look at myth, memory, and the complexities of human life. Each page encourages readers to rethink the stories they cherish, question the truths they encounter, and acknowledge the monsters and dogs that's inside us all.
Disclaimer: The book discusses heavy topics in (often disturbing) detail. Make sure you’re aware of the themes of the story before diving into it.
WHERE TO FIND IT- You can find Dogs and Monsters on Amazon.
The EGX30 rose 3.1% at today’s close on turnover of EGP 4.2 bn (3.8% above the 90-day average). Local investors were the sole net sellers. The index is up 22.3% YTD.
In the green: Oriental Weavers (+18.7%), Edita (+12.8%), and Palm Hills Developments (+9.0%).
In the red: Abu Qir Fertilizers (-1.1%) Faisal Islamic Bank of Egypt -USD (-0.2%).