Hollywood grinding to a halt?

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Toyota Tsusho could set up a factory in Egypt

Happy hump day and almost-THURSDAY-equivalent, friends. We’re nearing the end of this shortened workweek as we slide into our last long weekend for a while.

THE BIG STORY TODAY

Toyota Tsusho mulls establishing a car factory in Egypt: Japanese automaker Toyota Tsusho is set to establish two car factories in Africa — one of which could possibly be in Egypt — with a production capacity of 100k cars annually per factory, GAFI said in a statement. No further details were provided on the size or timeline of the possible investment.

THE BIG STORY ABROAD

The US banking crisis continues to lead the conversation in the international business press this afternoon, as the sector remains unassured after JPMorgan Chase agreed to buy the majority of First Republic Bank: CNBC | Reuters | Wall Street Journal | Financial Times

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

In the running for the SFE’s desalination tenders: The Sovereign Fund of Egypt has prequalified 17 consortiums to bid in its upcoming tenders for renewables-powered desalination projects.
Abu Qir Fertilizers + Sidpec to join the privatization list? The Madbouly government is reportedly considering selling secondary stakes in state-owned, EGX-listed companies Abu Qir Fertilizers and Sidi Kerir Petrochemicals.
Saudi retailer scraps plans to set up shop in Egypt: Saudi electronics retailer Extra, formally known as United Electronics Company, has shelved plans to establish a subsidiary in Egypt.

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking place on Monday, 15 May. The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help Egypt build an export-led economy that makes us a magnet for foreign direct investment (FDI).

Why exports & FDI? In the wake of successive floats of EGP, exports and FDI have never been more important to our economy — or our businesses. We’re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what Egypt as a country can do to draw foreign investment and much-needed FX. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories.You can learn more on our conference website here.

And what better place to discuss moving our goods than Egypt’s original logistics zone — the Nile. That’s why we’re looking forward to holding the event by the river’s vistas at the Four Seasons, Nile Plaza.

Some of the biggest names in business and finance are on board — are you? The Enterprise Exports and FDI Forum is taking place with the generous support of our friends, including:

Banking partners: Banque Misr | Al Baraka Bank | Emirates NBD | HSBC

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

HAVEN’T REQUESTED AN INVITE YET? If you’re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please fill out the form here to signal your interest, letting us know your name, title and where you work.

? CIRCLE YOUR CALENDAR-

PSA- Thursday is a national holiday in observance of Labor Day.

The NBA Basketball Africa League Nile Conference group phase kicked off last week andruns through 5 May at Hassan Moustafa Sports Hall in Sixth of October City. Six African teams will go head-to-head in Cairo to secure one of four slots in the playoffs and finals in Kigali, Rwanda in May, where they will face the top four teams from the Sahara Conference group phase that took place in Senegal in March, the NBA said.

☀️ TOMORROW’S WEATHER- Another sunny day: Our weather app suggests we’re going to see a daytime high of 32°C and nighttime low of 18°C.

EVs are taking up a bigger slice of the automotive market + A writers’ strike could shut down Hollywood productions

The EV market is on the growth track: Some 18% of all vehicle sales in 2023 could be electric vehicles (EVs) — a 35% y-o-y increase, a new report (pdf) by the International Energy Agency (IEA) finds. While the same heavyweights have solidified their position at the helm of the market, we are seeing an expansion in players as new dynamics, demands, and diversity emerge in the world of EVs, the report notes.

China, Europe, and the US will be joined by newcomers in 2023: Last year, China led the way, representing around 60% of global sales of EVs, already exceeding the nation’s 2025 target, the report notes. EV sales are also on the rise across Europe, with a 15% increase in 2022 and the US has expanded its sales to reach an 8% slice of the global EV market. Other contenders like Thailand and Indonesia are also claiming new spaces in the arena with India being the most aggressive frontrunner.

The stakes are high because it’s about more than just vehicle sales. The EV market has spurred the birth of an entire supply chain — a fact that all major players are all too aware of. While China remains the unchallenged EV mogul, the Indian government is pushing for greater local manufacture of components — chiefly batteries — through incentive programs reaching USD 3.2 bn, and attracting USD 8.3 bn in investments to advance national competitiveness, the report highlights.

But changes are swift: As governments compete over components and minerals needed to make EV production come full circle, the spike in demand is also accelerating change. Already, we are seeing increasingly more lithium-ion substitutes available.

The many perks of competitiveness: Beyond the implications on climate goals and rising energy prices, the unprecedented global spending on EVs bodes well for buyers.In 2022, the world’s EV invoice climbed to USD 425 bn: A 50% increase from 2021, the report indicates. This means more affordable models and a greater variety where both cars and two- and three-wheelers — which are key to emerging markets’s sustainable development — are concerned.

Hollywood braces for writers’ strike: The Writers Guild of America (WGA)announced that 11,500 of its unionized screenwriters will go on a strike today following unsuccessful contract negotiations with major studios including Disney and Netflix. Last month, 98% of WGA members authorized the union to go on strike if an agreement was not reached.

Studios fail to meet writers’ demands: The union has been negotiating contracts that would improve compensations and residuals, but the studios’ responses have fallen short, with the union saying that it could not fulfill all aspects of the proposal that the guild continued to insist upon.

What TV shows would be affected? Late-night talk shows such as The Late Show with Stephen Colbert, Jimmy Kimmel Live, and The Tonight Show Starring Jimmy Fellon will be the first to grind to a halt on Tuesday. The impact of the strike could be severe, leading to a shutdown to Hollywood productions, delays in filming, and California’s economy losing USD bns.

True Lies: A couple’s mundane routine gets shaken up by a parallel life

? ON THE TUBE TONIGHT-
(all times CLT)

True Lies follows the story of a couple stuck in a rut as the wife grapples with the realization that her loyal, dutiful husband is also quite boring.Imagine her shock, then, when she realizes that the man she’s been married to for years is also an undercover spy with a parallel life she knows nothing about. But while her cravings for some excitement in life take a turn for the extreme, Helen finds herself compelled to support her husband and quickly forgives his long-term deception for the family’s safety and greater good. The series, which is based on the 1994 blockbuster starring Arnold Schwarzenneger and Jamie Lee Curtis, is available on Disney+.

Opening today: Artist Omar Abdel Zaher’s latest art exhibition, Roots, will open at Safarkhan Art Gallery this Tuesday, 2 May and run through Wednesday, 24 May. The exhibition is “a sincere, impassioned exploration and meditation on the modest and down-to-earth sanctities of Egypt’s rural communities.”

Top of the Pops with Bubblegum Kollectiv returns tomorrow with Afrobeats and Reggaeton night at Cairo Jazz Club Agouza. DJ Amen-Ra will start the evening at 9pm.

Dive into Egypt’s infinitely rich contemporary art world: The “Traces of Egypt” Exhibition began in late March and will continue until Thursday, 15 June, at the Grand Egyptian Museum. The exhibit is organized by Egyptian-German artist Susan Hefuna and celebrates the country’s Khayamiya tradition through 28 dresses celebrating local artisans and their craftsmanship.

Enjoy art for a good cause: The French Embassy in Cairo is hosting Le Printemps des Artistes, a nonprofit exhibition from this Friday-Sunday, 5-7 May at the Diplomatic Club in downtown Cairo. The exhibition — which will be open to the public at no charge — will feature nearly 400 art pieces from 80 Egypt-based artists. The exhibition will benefit French NGO Samusocial International Egypt, which “supports street children and isolated young mothers in Cairo,” according to a press release (pdf).

Learn how to (properly) use your phone camera with the help of professional photographer Mohamed Elmaandi, who will be running a 10-hour workshop on mobile photography. The workshop will run on Friday and Saturday, 5 and 6 May at the AUC School of Continuing Education from 9:30am until 6:30pm.

Back to the Cairo Opera House: Egypt’s iconic Omar Khairat will be performing next Wednesday, 10 and Thursday 11 May, starting 8pm. The concerts are expected to run through until 11pm at the historical venue’s Main Hall.

Who else has a 40-year roster of songs to choose from at a concert? Catch Amr Diabperforming some of his biggest hits — old and new — at AUC on Friday, 12 May. Tickets are available through Tazkarti.

Start training for your next half marathon: The TriFactory is hosting another edition of itsMadinaty Half Marathon on Friday, 9 June at Madinaty. You can sign up for the event through the TriFactory website.

Glaring sun and a complex mother-daughter relationship turns up the heat in Deborah Levy’s Hot Milk. Arriving in a small Spanish village by the sea, Sofia hopes to find treatment for her mother Rose, who has been paralyzed by a mysterious illness, at the clinic of Dr Gomez. As the summer days wear on, Rose’s hypochondria and overbearing dependence on her daughter drives a simmering tension and rage between the two. Sofia, finding herself exploring freedom from her increasingly hysterical and neurotic mother, begins to contemplate how to sever their bond. Hot Milk is laden with infuriating tension between two characters locked into endless immobility around which cicadas sing and the sun burns. Part biting humor, part infuriatingly uncompromising, it portrays the relationship between a mother and daughter on the edge of growth or a steep drop.

What the markets are doing on 2 May, 2023

The EGX30 fell 0.1% at today’s close on turnover of EGP 1.51 bn. Regional investors were net buyers. The index is up 18.5% YTD.

In the green: Ibnsina Pharma (+4.7%), Abu Qir Fertilizers (+2.2%) and Egypt Kuwait Holding - EGP (+2.1%).

In the red: Oriental Weavers (-4.2%), Palm Hills Development (-2.5%) and Taleem (-2.2%).

Meet our founder of the week: Khaled Attallah, cofounder and CEO of Ariika

OUR FOUNDER OF THE WEEK– Every Tuesday, Founder of the Week looks at how a successful member of Egypt’s startup community got their big break, asks about their experiences running a business, and gets their advice for budding entrepreneurs. Speaking to us this week is Khaled Attallah (LinkedIn), cofounder and CEO of Ariika.

I’m Khaled Attallah, cofounder and CEO of Ariika. My partners and I started selling a product that appealed to younger segments that could be easily sold online: Bean bags. Today, we sell outdoor furniture, linens, sofas, bedding accessories and many other items — we’ve basically become a one-stop shop for everything in the home.

My partners and I have always been passionate about doing our own thing. We knew that in order to build a successful business, we needed to get experience on the corporate level, so we worked for a few years in corporate settings. In 2016, none of us had any experience in furniture — but we saw an opening in the regional furniture market, which is very fragmented because there were a lot of players, while the purchase process was very inconvenient. Lastly, there was a lack of design and high-quality furniture pieces.

Starting your own business is a very tough journey. You compromise on your social activities and the time you spend with your family. You also miss out on a lot of events. I used to work at P&G, so I was at a multinational company with a very good salary and position, working with a huge team and a lot of resources. All of a sudden, I was alone at the Ariika office wondering how the upcoming salaries would be paid. It's a very tough position to be in. As the business grows, your problems may become more complicated, but in all phases you need to be comfortable with uncertainty.

The best part of the job is when you spend a lot of time creating a product, launch it, and see people use it. Seeing how the product impacted customers and how it is being used is very rewarding.

The worst part, I would say, is the stress. When you’re responsible for over 200 employees and their families, it causes a lot of stress. You can’t even really take vacations — you’ll always be connected and thinking about your company.

My advice to entrepreneurs would be to just go for it. If you keep thinking about each and every detail of the business before you launch, you never will go to market. You won’t be able to test your idea unless you execute it and keep hustling until you find the optimal product-market fit.

The most important KPIs I look at everyday are top line sales and bottom line growth. Additionally, customer feedback and satisfaction, along with delivery and fulfillment measurements are crucial.

It is very true that being the founder of a startup is a lonely journey. You have to be super positive and optimistic. You become the go-to person when problems need to be solved. No one will motivate you or solve your problems for you. That’s why every founder needs to have an escape to keep their mental health in check; something that helps alleviate the stress and negative energy. This can include traveling, sports, music etc.

We’re launching in Saudi Arabia this month. Ariika is focusing on expanding internationally, including Europe and the GCC region, and we launched in Australia a month ago. We’ve raised a total of USD 1.2 mn until today from a group of angel investors.

I believe that every founder should build their business like they never plan to exit. What makes your company attractive is how solid it is, and if you build it like you’ll always depend on it and grow it, it will become solid. That is when exit options will automatically make themselves visible because the company itself is standing on solid footing.

The majority of my family is very supportive of my entrepreneurial life. I’m married and have a daughter. They’re very adamant to keep up with my lifestyle, in which I work between 12-14 hours a day. But I keep Friday clear of any work commitments. This day is reserved for quality time with the family. I also believe it’s not about the quantity of hours or days you spend with your family, but rather about the quality of the time you spend with them.

My favorite books are usually biographies of founders that started from scratch and built multi-mn-USD brands. Examples are The Shoe Dog by Phil Knight, the founder of Nike, and The Everything Store: Jeff Bezos and the Age of Amazon by Brad Stone.

The last great thing I watched was Succession, the last season of which is running now.

Breadfast, Paymob and MaxAb are a few of the many great startups that are currently flourishing in Egypt. They’re all doing an amazing job, as they’re not only building a company but actually solving problems while navigating the tough landscape in Egypt.

THE ENTERPRISE ENTERTAINMENT CALENDAR

MAY

4 May (Thursday): National holiday in observance of Labor Day (TBC).

6-20 May (Saturday-Saturday): Film Society Festival for Egyptian Cinema.

12-15 May (Friday-Monday): Egypt Fashion Week.

JUNE

10 June (Saturday): Thanaweya Amma examinations begin.

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

30 June (Friday): June 30 Revolution Day.

JULY

18 July (Tuesday): Islamic New Year.

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.

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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