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How much do your hands weigh?

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Egyptian expats can now subscribe to a USD pension plan in Egypt

Good afternoon, friends, and happy Monday. We got off to a rather slow start in the news cycle today, but we’re getting the feeling that things will be picking up steam as the day wears on.

THE BIG STORY TODAY

Egyptian expats can now buy a USD-denominated pension plan in Egypt through Misr Life Ins. and the National Bank of Egypt , Financial Regulatory Authority boss Mohamed Farid said at a presser today. The new offering will allow expats 18-59 living abroad to buy into a pension plan with a monthly USD payment, which can then be redeemed as a lump sum or in monthly payouts over 10-15 years, according to Youm7. The minimum and maximum buy-ins for the pension plan have yet to be announced.

THE BIG STORY ABROAD

Leading the conversation in the international business press this afternoon: The RUB has hit a 17-month low against the USD , slumping to RUB 101 / USD 1. The Russian currency has now lost c.30% of its value against the USD this year, making it one of the world’s worst-performing currencies in 2023. The drop has more than undone the RUB’s gains from last year, when oil and gas prices spiked, buoying the country’s revenues from fossil fuel exports before Western countries began imposing sanctions. The story is getting front-page play from Reuters, the Wall Street Journal, the Financial Times, and CNBC.

HAPPENING NOW-

Egypt, Palestine, Jordan to talk Palestinian conflict in Alamein: President Abdel Fattah El Sisi, Palestinian President Mahmoud Abbas, and Jordan’s King Abdullah are set to discuss developments in Palestine during their three-way summit in Alamein today, according to an Ittihadiya statement. This comes almost seven months after a similar meeting in Cairo saw the three parties discussing escalating tensions in the Israeli-Palestinian conflict.


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

  • Misr Hotels Company does not intend to offload a majority stake and has received no offers from local companies for an acquisition.
  • Update on the car import scheme: Some 84k Egyptian expats who have registered in the expat car import initiative and received payment invoices will have to complete their payments within a month from 13 August in order to obtain import approvals.
  • Honing in on the gov’t plan to draw FX through real estate sales: The cabinet yesterday reviewed recommendations for its plan to attract hard currency through the sale of Egyptian real estate to both foreigners and Egyptian expats

MARK YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

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

Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial.

LISTEN TO OUR PODCAST-

MISSED OUR PREVIOUS FORUMS? The EnterprisePodcast has you covered : The Enterprise Podcast’s forum series has been bringing you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum and Enterprise Climate Forum.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami.

IN THIS WEEK’S EPISODE- It’s the very first panel of the Enterprise Climate Forum: Egypt brought home major victories from COP27, signing framework agreements for about USD 85 bn worth of green hydrogen projects, and announcing more than USD 10 bn in funding for the Nexus for Food, Water and Energy (NWFE) program. While we have a long way to go before much of the wins from COP27 will be tangible to the private sector, the opportunities in green hydrogen and NWFE are “now.” Our panelists helped explain how these two can be made actionable. We were joined by Jorgo Chatzimarkakis, CEO of Hydrogen Europe, Khalid Hamza, Director and head of Egypt at the European Bank for Reconstruction and Development, and Khaled Naguib, CEO of Hydrogen Egypt.

☀️ TOMORROW’S WEATHER- Our favorite weather app tells us to expect the weather to remain relatively unchanged from today, peaking at 38°C during the day before dropping to a nighttime low of 23°C.

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FOR YOUR COMMUTE

How much do your hands weigh? Plus: Please stop with the gendered career vocabulary

Heavy handed: Humans are generally rather unable to accurately gauge the weight of their own hands, according to a neurological study published in Current Biology. During the study, neuroscientists attached a series of wristband weights to the hands of participants and asked them to estimate which was heavier: Their hand or the weight. Consistently, participants underestimated the weight of their own hands, which were hidden behind screens. And that goes for amputees as well, who reportedly commonly complain of the weight of prosthetic limbs, “despite these typically weighing less than actual limbs.”

Light hands make light work? An average hand weighs some 400 grams, reports New Scientist, yet we seem to think they are lighter. Perhaps our inaccurate body awareness makes movement less difficult, suggests Birkbeck University of London’s Denise Cadete, who ran the experiment. “Our hands may feel lighter [than they actually are] so that we find it easier to move more freely in the world,” she says. Prosthetics manufacturers should bear that in mind when designing artificial limbs, she adds, to better convince wearers that the limbs are part of their own bodies.


The litany of gendered career-related terms and vocabulary could have adverse effects on the perception of women in the workforce , Andreea Papuc writes for Bloomberg Opinion. Over the past few years — particularly thanks to social media platforms like TikTok — pop culture has been coming up with catchphrases and catchy terms to describe trends and personalities in the workplace. The latest of the lot, “ queenagers,” refers to middle-aged women whose careers began in the late 1980s and have gone through the struggle of breaking through glass ceilings to reach senior, high-paying positions. The term “queenager” is meant to draw attention to women in the workforce who are in an age bracket seen as “past their prime” because they’re nearing the end of their career trajectories and juggling more family responsibilities, Bloomberg explains.

It’s well-intentioned, but stems from — and further supports — existing stereotypes: “If the aim is to acknowledge our value with catchy tags, this one misses the mark. It might be well-meaning, but it feeds stereotypes,” Papuc writes. Women employees being branded as “queenagers” typically also have a wealth of knowledge and know-how to bring to their organizations, while still being young and motivated enough to push for changes and progress, Papuc argues. Other gendered vocabulary, such as “ lazy-girl jobs ” (referencing young employees looking for job prospects that are ideal for work-life balance) have also been denounced by some as further propagating gendered stereotypes in the workplace, including that women are less career-driven than men.

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ENTERPRISE RECOMMENDS

Painkiller: The story of the rise of Oxycontin and the opioid epidemic

📺 ON THE TUBE TONIGHT-
(all times CLT)

Painkiller takes on the Sacklers and the Oxy epidemic: This limited series takes on the events leading up to the creation of the highly addictive opioid pain reliever Oxycontin and the family behind it all. The series follows an interview between federal investigator Edie Flowers (masterfully played by Uzo Aduba), giving the audience a play-by-play of what led Oxycontin to be one of the most devastating drugs to hit the US market, and the role of Richard Sackler (played by Matthew Broderick) — and tangentially, the US Food and Drug Administration — in successfully commodifying pain to create a multi-bn USD industry. Looking at the topic from all angles, the series is both engaging and deeply sad. It shows how severe addiction wreaks havoc on families, tears communities apart, and spreads crime and homelessness at alarming rates — and how the people selling and marketing the drugs are wholly disconnected from the consequences.

Gameweek 1 of the English Premier League’s new season draws to a close tonight as Manchester United hosts Wolverhampton at 10pm.

The Enterprise Fantasy League is off to a strong start, with more than 180 of our readers already competing for the top spot — are you one of them? If you haven’t joined yet, get in on the action by clicking on this link or entering the code abd0f7.

Meanwhile in LaLiga:

  • Cádiz v Alavés (8:30pm)
  • Atlético Madrid v Granada (10:30pm)

🍝 EAT THIS TONIGHT-

Ciao, Italia: Norma brings a taste of Italy to Sheikh Zayed’s Arkan Plaza: The relatively new Sicilian restaurant offers all the best features of Mediterranean cuisine — fresh ingredients in vibrant colors, enjoyable flavors and aromas, and a menu that changes according to what’s in season for the freshest experience. Some of the dishes we tried and would recommend are the carpaccio di manzo and sauté di scampi in an orange and garlic sauce. For the main course, we opted for the pesto tagliatelle, which was pleasantly covered in caramelized cherry tomatoes, pine nuts, and rich parmesan cheese. The tenderloin filet in truffle butter sauce was also a good choice. Round out the meal with a refreshing granita for dessert that will both satisfy your sweet tooth and help you cool off on a hot summer evening. Norma’s granita is available in three flavors: Espresso, watermelon, and peach.

🎤 OUT AND ABOUT-
(all times CLT)

El Sawy CultureWheel’s annual book fair is on its second day today and will continue until Friday, 18 August. The fair will include different events which include discussions, book signings and even cultural competitions.

This weekend’s lineup at the New Alamein Festival:

  • Singer Hakim will perform this Thursday , 17 August — ticketsare available on Tazkarti.
  • Mohamed Mohsen and maestro Ahmed Oweida will share a stage this Thursday , while actor Ali Quandil will also perform a standup comedy show. Tickets for both performances are available on Tazkarti.

Get some more laughs over the weekend with The Elite Standup on Friday, 25 August at Paragon Beach Hub, New Alamein. The show will start at 7pm. Tickets are available on Tazkarti.

Akher Zafir is back again: The Jordanian rock band is back in Egypt to hold a performance on Saturday, 19 Augustin Bibliotheca Alexandrina as a part of the summer carnival. You can reserve your tickets through their website. They will also be performing in Cairo at ElSawy Culturewheel in Zamalek on Monday, 21 August at 8pm, with tickets available for purchase from the venue’s website.

Russ is coming to New Alamein. American pop star Russ will be performing as part of the New Alamein Festival on Friday, 25 August. Tickets are available on Tazkarti.

Get ready for a fancy event with exquisite music at the Omar Khairat concert at Royal Maxim Palace Kempinski on Tuesday, 22 August. The concert will start at 6:30pm, with doors opening at 6pm. Get your tickets on TicketsMall.

DJs Kygo , Tiësto, Kungs and Frank Walker are performing on Saturday, 28 October at the Giza Pyramids. The concert will be part of the next edition of the four-day Palm Tree Music Festival (PTMF) which will be held from Thursday, 26 October until Sunday, 29 October.

Get your running shoes ready for the 2023 edition of the El Gouna Half Marathon, which is scheduled to take place on Saturday, 11 November. You can sign up for the marathon from here — and catch the lowest registration price with the early bird special which starts today and ends Saturday, 30 September.

💡 UNDER THE LAMPLIGHT-

Chandler Baker’s The Husbands reimagines The Stepford Wives with some social commentary and a dash of murder for good measure. Nora Spangler is a hardworking attorney about to make partner at a large personal injury law firm. As with most modern couples, her husband Hayden is more involved in the household than those of previous generations, but even then, the amount of housework she does is still disproportionate. But that’s just how things have always been and always will be, she thinks — until they visit Dynasty Ranch on a house-hunt. Somehow, this exclusive suburban neighborhood is full of successful career-oriented women whose husbands happily (and actually) shoulder half the housework. Nora finds herself folded into the community as she helps a local woman lawsuit surrounding her husband’s mysterious death only to discover something disturbing about the community.

The Husbands imagines a world where the burden of the second shift is equally shared , and shows the desperate measures women might take to make it a reality. Darkly hilarious and quietly disturbing, The Husbands sheds light on a universally shared experience between women and tells them to be careful with what they wish for. You can find this novel at Cherry Blossom Books for EGP 269, or on Amazon for USD 13.61, or USD 9.99 for the Kindle edition.

This publication is proudly sponsored by

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GO WITH THE FLOW

What the markets are doing on 14 August, 2023

EARNINGS WATCH-

Telecom Egypt reported EGP 2.9 bn in net income after tax in 2Q 2023 , up 19% y-o-y, according to its earnings release ( pdf ). The company’s revenues came in at EGP 14.2 bn during the quarter, rising 29% y-o-y. Telecom Egypt’s net income after tax in 1H 2023 rose 77% y-o-y to EGP 6.7 bn, while revenues rose 38% y-o-y to EGP 28.1 bn.


MARKET ROUNDUP-

The EGX30 rose 0.2% at today’s close on turnover of EGP 3.2 bn (62.5% above the 90-day average). Regional investors were net buyers. The index is up 22.6% YTD.

In the green: Egypt Kuwait Holding (+1.4%), Qalaa Holdings (+1.3%), and CIB (+1.3%).

In the red: GB Corp (-2.2%), Beltone Financial Holding (-2.1%), and Madinet Masr (-1.7%).


AUGUST

13 -19 August (Sunday-Saturday): El SawyCulturewheelbook fair, ElSawy Culturewheel, Zamalek, Cairo.

17 August (Thursday): Ahmed Mohsen and Ali Qandil performance, New Alamein Festival 2023, New Alamein.

17 August (Thursday): Hakim’s Concert, New Alamein Festival 2023, New Alamein.

21 August (Monday): Akher Zafeer concert, El Sawy Culturewheel, El Zamalek, Cairo.

22 August (Tuesday): Omar Khairat Live Concert, Royal Maxim Palace Kempinski, Cairo.

25 August (Friday): Russ Concert, New Alamein Festival 2023, New Alamein.

25 August (Friday): The Elite stand up comedy performance, New Alamein Festival 2023, Paragon Beach Hub, New Alamein.

SEPTEMBER

21-23 September (Thursday-Saturday) L’Etape Egypt by Tour de France, Sharm El Sheikh

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.

13-20 October (Friday-Friday): El Gouna Film Festival (GFF).

28 October (Saturday): DJs Kygo, Tiësto, Kung and Frank Walker concert, Giza Pyramids.

NOVEMBER

11 November (Saturday): El Gouna Half Marathon 2023, El Gouna.

15-24 November (Wednesday-Friday): Cairo International Film Festival (CIFF).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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