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Sunday, 18 Jun 2023

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Inside Industry
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Today at a glance

1

The Big Story Today

 The IFC is advising on our state privatization program.
2

INSIDE INDUSTRY

 How the business community is taking the government’s new investment incentives?
3

FOR YOUR COMMUTE

 El Niño’s wrath is going to have a big economic impact.
4

FOR YOUR COMMUTE

 Experimental nasal drops can help stroke victims.
5

ON THE TUBE TONIGHT

 Arnold: The poster boy of the American Dream.
6

Sports

 Croatia v Spain for UEFA final + Egypt v South Sudan for AfCON qualifiers.
7

OUT AND ABOUT

 Watch Swan Lake at the Cairo Opera House + Will you catch Wegz this weekend?
8

Under the Lamplight

 The New Me explores whether self-reinvention is possible today.

Sunday, 18 Jun 2023

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Inside Industry
Calendar
1

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: The IFC is advising on our state privatization program

Good afternoon, friends, and welcome to a special Sunday. While Egypt may not formally recognize the occasion, today is Father’s Day pretty much everywhere else in the world. We sincerely hope all the dads out there get a call, a hug, or some Millennial Dad goodies.

THE BIG STORY TODAY

Gov’t taps IFC to advise on state privatization program: International Cooperation Minister Rania Al Mashat signed a transaction advisory services agreement with International Finance Corporation (IFC) Managing Director Makhtar Diop that will see the IFC act as an advisor on the state privatization program. Under the agreement, which Al Mashat and Diop signed at an event Enterprise attended, the IFC will offer “technical assistance and advisory support to develop a strategy and implementation plan,” and assist in the process of preparing assets to be sold.

Diop meets El Sisi, Al Mashat: Diop also sat down with President Abdel Fattah El Sisi and Al Mashat to discuss the implementation of the state privatization program, according to an Ittihadiya statement.

THE BIG STORY ABROAD-

The foreign press is yet to shift its attention from Blinken’s visit to China: US Secretary of State Antony Blinken kicked off his two-day diplomatic talks in China earlier today, having already met with Chinese Foreign Minister Qin Gang. Blinken’s visit marks the first top American diplomat to visit the country in five years and comes amid high tension between the two sides. Blinken will also meet with China’s top diplomat Wang Yi and could possibly hold talks with President Xi Jinping as well. (Reuters | Bloomberg| AP| BBC| CNN | CNBC)

The Enterprise Finance Forum is our flagship gathering — the one so many of you have been waiting for. The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings. Stay tuned for more information on the location.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations just after the 30 June holiday.

Do you want to become a commercial partner? Email mtaalab@enterpriseadvisory.com.

STAY TUNED for more detail about our exciting agenda in the weeks to come.

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

enterprise

*** It’s Inside Industry day —your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: We gauge the business community’s reception of the package of investment decisions the Madbouly government’s Supreme Investment Council announced last month, and how these reforms are expected to impact industry.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.

That said, we're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

During the program you will learn:

  • The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
  • Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;
  • How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
  • How to develop sources that will give you the key insights needed to tell a complete story;
  • How to communicate these stories with the confidence and language of an insider.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

☀️ TOMORROW’S WEATHER- Expect a sunny day with the mercury rising to 34°C and dipping to a cooler 22°C at night, our favorite weather app tells us.

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2

FOR YOUR COMMUTE

El Niño’s wrath has an economic impact + Experimental nasal drops can help stroke victims

Oceans’ surface waters near the equator are warmer because of El Niño, the National Oceanic and Atmospheric Administration (NOAA) said in a statement. While El Niño is not caused by global warming, its manifestation — which ranges from heavy rainfall to droughts — can be heightened by increasing temperatures worldwide. The natural recurring phenomenon, which takes place every 2-7 years, can also play a role in predicting hurricane activity, the statement notes.

New records in temperatures: Locations around the world that are already subject to elevated temperatures can record new highs because of El Niño, NOAA scientist Michelle L'Heureux was quoted as saying. The last time El Niño took place was in 2019 but its recorded effects were not significant, Space.com notes.

Importantly, this round is bringing fresh “economic destruction” to an already wobbly global economy that is still reeling from the effects of the covid-19 pandemic and Russia’s war in Ukraine, Bloomberg says. “Combined with more extreme weather and hotter temperatures due to accelerated climate change, the stage is now set for the world’s costliest El Niño cycle since meteorologists started keeping track,” the business information service says.

A complement peptide in an experimental nasal drop could help stroke patients recover faster, a study published in the Journal of Clinical Investigation reveals. Even though the treatment has only been tested on mice, it has shown that the peptide successfully increased the number of connections in the nerve cells inside the rodents’ brains — improving their functionality, among other advantages.

The drops can be administered seven days after a stroke, which could open up a new avenue for recovery for stroke victims who have missed their window for thrombolysis (an injection to break up blood clots) or thrombectomy (surgery to remove clots), as the peptide has proven to cause more damage than good if given earlier, according to the researchers. This study also forms part of a larger project that the scientists are working on to understand how this peptide can do more than just heal the impact of a stroke, but to prevent it, as well.

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3

ENTERPRISE RECOMMENDS

Arnold: The poster boy of the American Dream

? ON THE TUBE TONIGHT-
(all times CLT)

Watch Arnold on Netflix as the legend himself shares his remarkable rise to fame from his humble beginnings in this revealing docuseries. Schwarzenegger recounts his youth in post-war Austria and how he was desperate to leave his town of Ganz to go to America — and, of course, the turning point when he discovers that bodybuilding was his golden ticket to get there. Aside from his own conversations, there are some of his friends from all the stages of his life who extend an interesting perspective on Schawrzenegger: From being named Mr Austria, to Mr Universe at age 20, to Mr Olympia (seven times) — to becoming the superstar we all know and love, Schwarzenegger was extremely talented and his ambition was an unstoppable arrow. Schawrzenegger is a natural on camera, with a candid and open conversation style that makes the viewer feel that they are being spoken to directly. The docuseries also includes rare images, and visits to his old room and board as he was finding his way to fame, while listening to friends, mentors, and managers speak about him explains why Schwarzenegger is the modern archetype of the American dream.

⚽ Friendly between the Pharaohs and South Sudan: The match — which marks the first time for the two teams to play against each other — will take place tonight at 8pm. Egypt’s victory against Guinea last week secured its place in the 2023 AfCON; meanwhile, South Sudan missed out on their chance and now occupies the last place in their group.

Who will earn the third UEFA Nations League title? Croatia and Spain will clash in the final match today at 9:45pm. Croatia qualified for the final match after ousting the Dutch with a 4-2 victory, while Spain defeated Italy with a 2-1 score. This is the second time for Spain to make it to the final after losing to France in 2021, whereas Croatia aims to prove their place on the football map and to take home the title.

The Netherlands and Italy will be playing for third place rank today at 4pm.

? OUT AND ABOUT-
(all times CLT)

Zawya’s two-week festival for Italian director Michelangelo Antonio continues today, as part of its Italian Cinema Focus program in cooperation with the Italian Cultural Institute. The cinema will screen Antonio’s films through to Tuesday, 27 June.

The annual Flower Exhibition — which is typically held at the Orman Gardens — is now open to the public at the Agricultural Museum in Dokki. The exhibition will run for one month until 27 June.

Tchaikovsky’s Swan Lake will be performed by the Cairo Opera Ballet Company, accompanied by the Cairo Symphony Orchestra in the Opera House in the main hall. The performance will start at 8:30pm and will be performed over four days from Tuesday, 20 June to Friday, 23 June. Tickets can be purchased via Tickets Mall.

Egyptian soprano Amira Selim will perform at the National Museum for Egyptian Civilization on Wednesday, 21 June to celebrate the one-year anniversary of the museum’s inauguration. Doors open at 7:30pm and the performance begins at 9:30pm. You can book tickets here.

The French Institute in Egypt is hosting its three-day Grün Fête de la Musique from Thursday, 22 June through to Saturday, 24 June at Al Azhar Park. The events will include discussions about music, as well as awareness workshops on the environment. The doors will open at 3pm, with the discussions set to kick off at 4pm, followed by a lineup of musical performances at 7pm. You can register for the events as of next week, and check out the event website here.

Wegz lovers, this is for you. Don’t miss Wegz’s performance in ZED East in New Cairo on Friday, 23 June starting from 10pm. Reserve your place now through Ticketsmarche.

Cairokee Empire returns: Cairokee is hitting the stage with two mega-concerts at New Cairo’s Manara Arena on Thursday, 27 June and Saturday, 29 June. Tickets are available on Tazkarti here and here.

? UNDER THE LAMPLIGHT-

A depressing tale of a working woman. American author Halle Butler brings us the story of Millie, a 30-year-old stuck in a dead-end temp job that she’s not very good at, with The New Me. (Spoiler alert: We never see the new her as all attempts at reinventing herself prove unfruitful). Millie’s mental health fluctuates greatly over the duration of the novel, flip-flopping between depressive episodes and false hope that she can turn her life around. The story explores Millie’s relationship with herself, her scarce friends, her coworkers, and parents, giving us some chapters from the perspectives of other minor characters, which helps add color to the story and helps bring Millie’s struggles and inner dialogue into perspective. “That place of tension between the expectations of privilege and the colorless reality of life in an advanced service economy is fertile territory for art and comedy,” the Guardianwrote in a review.

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4

GO WITH THE FLOW

What the markets are doing on 18 June, 2023

The EGX30 rose 0.8% at today’s close on turnover of EGP 1.83 bn. Local investors were net buyers. The index is up 23.5% YTD.

In the green: Ezz Steel (+6.9%), Eastern Company (+5.4%) and Elsewedy Electric (+4.5%).

In the red: Orascom Construction (-2.3%), Mopco (-1.1%) and Abu Dhabi Islamic Bank (-0.8%).

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Our weekly look at the issues, trends, and policies that are shaping Egypt's manufacturing industries.

Published every Sunday in EnterprisePM.

Read Inside Industry
5

INSIDE INDUSTRY

What do Egypt’s industry players think of the Madbouly government’s new package of business reforms?

How the business community is taking the government’s new investment incentives: Last month, the Supreme Investment Council (SIC) enacted a package of 22 new decisions geared towards encouraging investments and, ultimately, pushing more private sector investments. The decisions aim to address the demands and complaints of Egypt's industrial investors, and level all challenges and hindrances facing players in the industry sector, ultimately accelerating investments in Egypt's industry. Broadly speaking, the business community has reacted positively to the decisions, but sources Enterprise spoke with also stressed the importance of implementation.

REFRESHER- The decisions cover a wide range of issues that have previously been cited as obstacles for investors, including the procedures and bureaucracy to set up a company and complete the land allocation process, as well as addressing issues with transparency, leveling the playing field between the public and private sectors, and easing the financial burden on investors. The reforms also include changes to the jurisdiction of economic and district courts to expedite dispute resolution.

The incentives come as the government is pushing for more private sector activity + investment: The SIC’s decisions are geared towards driving private sector investments to be on par with or outpace the government’s investments, Prime Minister Moustafa Madbouly said at a presser to break down the decisions. The government is aiming to increase exports to USD 100 bn a year by the middle of the decade, and attract USD 40 bn in private investment by 2026 as it looks to increase the private sector’s footprint to 65% of the economy by 2025.

Broadly speaking, the private sector’s verdict on the reforms is “thumbs up”: The decisions are likely to open the door for FDI inflows and help support Egypt’s manufacturing sector, our sources agreed. “The decisions are expected to nearly double FDI inflows to USD 15 bn per year, from USD 8 bn,” Egyptian Businessmen’s Association member Ahmed El Zayat told Enterprise.

What’s going to be driving FDI? El Zayat pointed to several decisions as being key to attracting foreign investors, including opening up the real estate sector to foreign ownership by lifting limits on the number of properties non-residents are allowed to own, while expediting real estate registry procedures for investors. Also key, according to El Zayat, is the upcoming amendment to the law governing special economic zones to improve privileges, as well as a decision to allow natural gas-reliant industries to receive freezone benefits.

Less red tape = more streamlined process = more FDI: The new decisions cut lengthy processes and complicated procedures hindering industrial projects, which is expected to “strongly and quickly resolve many issues and challenges weighing on the economy and deterring foreign investments,” Secretary-General of the Chamber of International Transport and Logistics Amr El Samadony told Enterprise.

The business community is happy with importers register changes — and with the support given to export transport requirements: As part of the new decisions, foreign investors will be able to register on the importers (and exporters) register, allowing them to directly import without needing an Egyptian broker or to obtain citizenship. The reforms also include several incentives for projects producing green hydrogen and its derivatives — including customs and VAT cuss for imports required for these projects and exporting their output — which will be applied to other industry sectors within two months. This move will be critical to support exports, which “are the main focus at the current stage,” El Samadony stressed. “Supporting the transport side of the equation will help increase exports and secure FX income,” El Samadony said.

More industry-focused incentives: Madbouly has also introduced several decisions aimed at stimulating manufacturing industries, including a reduced 10% interest on land installments for two years, grants to industrial projects in new cities and all state districts, and granting customs breaks and other administrative fees to industrial zones in the fourth generation new cities and East Port Said, and projects in industries targeted in the government’s localization list, Also, a two-year grace period is being discussed to establish an industrial project, during which investors will only pay the down payment for the land, provided that they start paying the installments after the stated period.

All these decisions came in response to complaints and demands from manufacturers and investors, according to Alaa Abdel Meguid, head of the Federation of Egyptian Industries’ healthcare providers division. “We have been demanding these decisions to facilitate the process for investors, accelerate setting up their projects, and seamlessly operate them, which will benefit all parties,” Abdel Majid told Enterprise.

Time is of the essence: “Putting these decisions into action is most crucial,” head of the Federation of Egyptian Industries’ engineering division Mohamed El Mohandes told Enterprise. These decisions would be meaningless unless implemented according to the announced timetable, El Mohandes said, emphasizing that “our industry needs stable legislations, tax treatment, production inputs, and these decisions catering to the needs of the manufacturing sector means more production capacity, more supply, more stable prices, and consequently, lower price inflation.”

Your top industrial development stories for the week:

  • Misr Aluminum calls for factory rehab bids: The company issued a tender last week for Engineering, Procurement, and Construction (EPC) contracting companies to submit proposals for the rehabilitation of the existing factory, according to an EGX disclosure.
  • Madbouly gathers suggestions from industry, investment heads: Prime Minister Moustafa Madbouly discussed potential incentives to help boost localization across various industries with representatives of the Federation of Egyptian Industries, industrial chambers, and manufacturers.
  • Vivo starts local production: Chinese smartphone maker Vivo has begun manufacturing devices at its Tenth of Ramadan factory.
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CALENDAR

MAY

27 May-27 June (Saturday-Tuesday): Annual Flower Exhibition from 10am at the Agricultural Museum.

JUNE

14-27 June (Wednesday-Tuesday): Zawya’s two-week festival for Italian director Michelangelo Antonio.

16 June (Friday): Elissa performs at Alex West Club, Alexandria.

16 June (Friday): Composer Hany Shenouda concert, Cairo Festival City’s Marquee theater.

16 June (Friday): Hiba Tawaji concert, Cairo Opera House.

17 June (Saturday): Wall of Sound Records Showcase at 8pm at Cairo Jazz Club.

17 June (Saturday): Standup Comedy Night at 8pm at Elsawy Culturewheel.

17 June (Saturday): Komedy Koshk Vol. 11 at 8:30pm at Room Art Space.

18 June (Sunday): Maestro Eman Gnedy at 8pm, Sawy Culture Wheel.

21 June (Wednesday): Egyptian soprano Amira Selim performance, National Museum for Egyptian Civilization (NMEC).

22-24 June (Thursday-Saturday): Grün Fête de la Musique at 3pm at Al Azhar Park.

23 June (Friday): Ahmed Amin’s interview on SoldOut Live, El Falaki theater.

23 June (Friday): Wegz Live Concert, ZED East, New Cairo.

27 June (Thursday): Cairokee mega-concert, Manara Arena, New Cairo.

29 June (Saturday): Cairokee mega-concert, Manara Arena, New Cairo.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY

18 July (Tuesday): Islamic New Year.

19 July-23 July (Wednesday-Sunday): Egypt Summer Festival, Heliopolis.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

AUGUST

2 August-3 August (Wednesday-Thursday): Fintech Revolution Summit at 9:30am at Cairo Festival City.

SEPTEMBER

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

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

OCTOBER

6 October (Friday): Armed Forces Day.

13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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