Happy THURSDAY, friends. It’s a relatively slow and calm send-off into the weekend, with few happenings to take note of.
THE BIG STORY TODAY
Vodafone gets CBE greenlight to up its stake in Basata: Vodafone Egypt has received approval from the Central Bank of Egypt to raise its stake in B Investments subsidiary and fintech platform Basata Holding for Financial Investments to 20%, from 10% previously, according to a disclosure (pdf). Basata, which was initially named Ebtikar, was established as a JV between B Investments, BPE Partners, and MM Group for Industry and International Trade in 2017.
Background: Vodafone Egypt had acquired the initial 10% stake in Basata in 2022, with the stake split between Bee and Masary before they were merged into Basata. Vodafone has planned to acquire 20% of Basata under an MoU signed in 2021.
HAPPENING NOW-
Lula is in town: President Abdel Fattah El Sisi received Brazilian President Luiz Inácio Lula da Silva today at the Ittihadiya palace in his first visit to Egypt in 20 years, Al Qahera News reports (Watch, runtime: 5:58). Lula will head next to Addis Ababa to take part in an African Union meeting with heads of states.
THE BIG STORY ABROAD
No one story is dominating the international headlines, but one thing getting ink is the UK falling into a recession in 2H 2023. The British economy contracted 0.3% in 4Q 2023, marking a steeper decline than the 0.1% decline economists had forecast for the quarter. The disappointing data puts Prime Minister Rishi Sunak in hot water, as his campaign was largely built on the promise to grow the economy as the Conservative Party has historically done, but now trust is shifting to the Labour party. (Reuters | CNBC)
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A “new chapter” of Egyptian-Turkish relations: Turkish President Recep Tayyip Erdogan landed in Cairo for the first time since 2012 yesterday, “opening a new chapter between the two countries.”
Adnoc and BP team up on a new gas JV in Egypt: Abu Dhabi National Oil Company (Adnoc) and global energy giant BP have agreed to form a joint venture that will target the development of natural gas assets in Egypt.
Egypt has lost some USD 508 mn in Suez Canal revenues due to ongoing Red Sea disruptions, according to estimates from Bloomberg Intelligence.
HELP GAZA-
Want to support relief efforts in Gaza, but don’t know how? We’ve got you. Nearly 2 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.
The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.
Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.
☀️ TOMORROW’S WEATHER- Look out for a partly cloudy day with a high of 19°C and a low of 11°C, according to our favorite weather app.
Are we going to see a shift in how climate change is measured? In 2015, the historic ParisAgreement introduced a global target of limiting global warming to 1.5°C below pre-industrial levels. Climate experts are now advocating that a different metric — setting a limit for rising sea levels — could encourage more mitigation and climate action, according to National Geographic. “Focusing on temperature hasn’t sufficiently motivated change, which is why last year was the hottest on record,” National Geographic says.
It won’t necessarily shift the goalposts — it’ll just make things more visible + understandable: Sea levels have been rising at a dangerous pace for the past several decades as a warming planet causes glaciers to melt. And while most of these glaciers are far from the majority of earth’s population, their melting has a direct impact on many people’s lives, as rising sea levels put communities at greater risk of flooding or going underwater. Whereas the 1.5°C target is “meaningless” to many average people, communicating the severity of climate change by relying on something more tangible that directly impacts their daily lives could rally support for climate policies, climate experts tell National Geographic.
The impact of melting glaciers is not to be underestimated: Many studies around the world have pointed to an unprecedented rapid decline in glaciers, including Indonesia, Switzerland, China, Nepal, and Bhutan. Their impacts have included endangerment of species, loss of freshwater resources, floods, a further rise in global temperatures, and an increased eating away at coastal cities. Alexandria in Egypt and Basra in Iraq are among the cities primed to bear the brunt of climate-induced sea level shifts.
New technology to turn aluminum waste into greener steel: Aluminum production yields an estimated 180 mn metric tons per year of “red mud” — which is “one of the largest environmentally hazardous waste products,” according to research from the Max Planck Institute for Iron Research (MPIE). The researchers developed a process that extracts high-quality iron from the mud, which can then be used for steel production.
How does it work? The hydrogen plasma-based reduction process melts the mud, converting iron oxide to pure metallic iron. This yields the iron that can be used for steelmaking, while also treating the remaining oxides to make them non-corrosive.
It’s looking promising, but not without its challenges: The process could save an estimated 1.5 bn tons of CO2 if it uses green hydrogen to extract iron from red mud, according to a research group leader at MPIE. The process would also be economically viable and “competitive on the market” if the red mud has 35% iron oxide, according to Technology Networks.
Hop into the boxing ring in The Last Round, Prime Video’s first original Arab series. The nine-episode show follows Dr. Yehia (Ahmed El Sakka), a retired boxer who abandoned his passion to pursue a medical career after being pressured by his father.
Years later, after a divorce and an Alzheimer’s diagnosis, he rekindles his passion for boxing with the help of his old coach, Tambi (Ashraf Abdel Baky). Dr. Yehia trains to make a comeback for one more fight, in hopes of making enough money to provide for his daughter. Meanwhile, he also navigates a new relationship with Alya (Asmaa Abulyazeid), a single mother.
WHERE TO WATCH IT- You can watch The Last Round on Prime Video.
Related
⚽ The Europa League knockout playoffs get underway today, bringing together the third-placed teams from the Champions League’s group stage along with the runners-up from the Europa League group stage. Those who qualify for the round of 16 will then face the teams that topped the Europa League group stage.
Matches to keep an eye on today:
Feyenoord vs Roma — 7:45 pm
Galatasaray vs Sparta Praha — 7:45pm
Shakhtar Donetsk vs Marseille — 7:45pm
Milan vs Rennes — 10pm
Lance vs Freiburg — 10pm
In the Egyptian Premier League tonight, Baladeyat El Mahalla and Modern Future play at 4pm, followed by Al Ismaily vs Ceramica Cleopatra at 7pm.
Al Ahly returns to Africa: In the African Champions League, Al Ahly are going head to head with Algeria’s CR Belouizdad tomorrow at 9pm for a match that was postponed in the fourth round of the group stage. Al Ahly secured their place in the finals the last four seasons and took home the title three times. Currently, they’re at the top of the group with a one goal difference from the Tanzanian Young African team, while Belouizdad comes third with a point difference.
New rounds kick off in most major European leagues tomorrow:
Villarreal vs Getafe (La Liga, 10pm)
Inter Milan vs Salernitana (Serie A, 10pm)
Köln vs Werder Bremen (Bundesliga, 9:30pm)
Lyon vs Nice (Ligue 1, 10pm)
Saturday promises to be full of excitement with Brentford playing against Liverpool at 2:30pm in the first match of gameweek 25 of the Premier League, which will be a double gameweek for Liverpool, Man City, Brentford and Luton Town.
** Are you ready for a fierce week of Fantasy Premier League? This article has all the details and important strategy tips to navigate the week ahead.
** Join the Enterprise Fantasy Football League to compete with other readers by clicking on this link or entering the code abd0f7.
Five matches at 5pm this Saturday:
Burnley vs Arsenal
Fulham vs Aston Villa
Newcastle vs Bournemouth
Nottingham Forest vs West Ham
Tottenham vs Wolves
The Man City-Chelsea showdown kicks off at 7:30pm on Saturday.
Over in the Spanish league: Atletico Madrid will face Las Palmas in La Liga’s matchday 25 at 3pm on Saturday, while Celta Vigo will play against Barcelona at 7:30pm. Valencia will round out the evening with its clash against Sevilla at 10pm.
The most important European league matches we are following on Saturday:
Napoli vs Genoa (Serie A, 4pm)
Hellas Verona vs Juventus (Serie A, 7pm)
Heidenheim vs Leverkusen (Bundesliga, 4:30 pm)
Wolfsburg vs Dortmund (Bundesliga, 4:30pm)
Leipzig vs Mönchengladbach (Bundesliga, 7:30pm)
Nantes vs Paris Saint-Germain (Ligue A, 10pm)
Related
? OUT AND ABOUT- (all times CLT)
MUSIC-
Ready to rock? ROKN, a rising Egyptian rock band, is performing at ROOM Art Space and Café tonight. You can snag tickets for EGP 200 here or at the door.
Don’t miss out on Mohamed Mounir, Ramy Sabry, and Sharmoofers taking the stageatFamily Park. The event will take place tomorrow with gates opening at 1pm and performances starting at 7pm. Get your tickets through Tazkarti.
Amr Diab is back on stage for the first time in Egypt this year. El Hadaba’s concert is taking place in Manara Arena tomorrow. Grab your tickets while you can.
Oud player Saad Al Oud and his band will be playing at Theatro Arkan on Saturday. The night of classical Egyptian music will open its doors from 7:30pm and begin at 8pm. You can get your tickets at Ticketsmarche.
Renowned musician and composer Omar Khairat will be gracing the stage again at the Egyptian Opera House for two nights next Wednesday, 21 February and Thursday, 22 February at the Grand Theatre at 8pm. Get your ticket for the first night here and the second night here.
POETRY-
Amr Hassan will be performing at El Sawy Culturewheel for their annual end-of-winter show. Alongside his band, he will perform two concerts tomorrow, one at 3:30pm and one at 7pm. Find out more here.
SPORTS-
Double Dribble Leagues has got all basketball enthusiasts covered. Running until next Friday, 23 February, the weekly mixed league hosted at the Maadi Sporting and Yacht Club is for anyone who wants to live out their baller dreams or stay fit while having fun.
Join a run for Gaza tomorrow with the TriFactory in the Wadi DeglaProtectorate. All proceeds will go towards sending aid to Gaza and you can sign up here for the 5K or 1K distances.
The Cairo Half Marathon is taking place in a couple of weeks: Mark your calendars for Friday, 1 March, and start stretching. Cairo Runners is bringing back a fan favorite, offering 5km, 10km, and 21km runs as well as a Family Run. Tickets are still available, giving you ample time to convince seven of your friends to join, which will get a 10% reduction in price when you register.
Get down and dirty at the TriFactory’s Tough Mudder Egypt on Friday, 1 March. The obstacle course challenge will take place at Belle Vie Club in New Zayed.
THEATER-
Gaza Mon Amour will be screened at Qahrawya on Thursday, 29 February from 8pm till 11pm. Get your tickets here.
ENTERTAINMENT-
Experience three days of three types of love at HydeOut with Bonds of Love. Starting tonight with Laugh is in the Air, followed by tomorrow’s The Family Circle, and ending with Self Love tomorrow. Each day will feature live performances, immersive activities and endless delicious food. Get your tickets here.
In another of Mahmoud Saad’s live interviews, Ashraf Abdelbaki will be featured on stage on Saturday. Accompanying entertainment will be provided by Mai Farouk. Before you grab a ticket, keep in mind that this is a no-phone, filmed experience, meaning that you should expect to hand your phone over at the gate and be seen by friends and family on their TV screens at home.
Russell Peters is taking the stage at Sports City Stadium later this month. Peters is making his comeback in Egypt next Monday, 19 February in the New Administrative Capital City. Grab your tickets while you can. For EGP 12k, you can meet the all-time highest grossing standup comedian.
Laugh at love and all the times it has gone awry at Cairo Jazz Club 610’s Al Hob Fain interactive show. Next Tuesday, 20 February tell your stories of woes and heartbreak and they’ll help you find true love — in a comedic, dramatic, romantic, and musical way. For reservations message their Facebook page.
INTERACTIVE EVENTS-.
Fancy yourself a detective? Murder-mystery fans can pull out their magnifying glasses to crack this case. Cluedupp and Crime Scene Investigator are staging a hard-boiled outdoor event on Saturday, 2 March where you have to solve four murders around the city by solving puzzles, interrogating witnesses, and hunting for clues. Find more details here.
The internet has opened up a whole new playing field for scammers. In Scamfluencers, Scaachi Koul and Sarah Hagi dive into the rampant manipulation that can be found online. Influencers will often rise to fame and deceive their masses of followers, but how do they get there? And how long can it last?
Mns of people fall for it, so clearly there’s something they’re doing right. Koul and Hagi get into all sorts of scamming methods from Ponzi schemes, to catfishing on social media and tax evasion. In one episode that we found particularly interesting, the pair discuss Teresa Giudice from The Real Housewives of New Jersey and how her husband doctored his taxes and dealt with sketchy loans. Another one of our favorites is the episode on Martha Stewart’s incarceration.
The takeaway? It could happen to anyone: The weekly episodes reveal just how creative people can get with scams, meaning we should all be careful on the internet lest we fall victim.
The EGX30 rose 0.2% at today’s close on turnover of EGP 6.3 bn (65.9% above the 90-day average). Foreign investors were net sellers. The index is up 16.2% YTD.
In the green: Eipico (+7.2%), Ibnsina Pharma (+6.0%) and Madinet Masr (+5.1%).
In the red: AMOC (-1.3%), CIB (-1.2%) and Sidi Kerir Petrochemicals (-1.2%).
It was a tough year for VC, and Egypt was no exception: Egypt was the third biggest destination for tech venture capital in Africa last year when measured by the number and value of transactions announced, global venture capital outfit Partech said in its annual report on tech VC funding for African startups. South Africa took the top spot by value, reeling in USD 549 mn in funding from 83 transactions, followed by Nigeria, where 111 transactions accounted for USD 469 mn in funding. Kenya came in fourth, with USD 335 mn from 67 transactions.
The global picture: Global VC funding in 2023 fell 35% y-o-y to USD 345 bn, according to datafrom research firm PitchBook. The year also progressively worsened, with each quarter of 2023 recording lower VC transaction value than the one before it, PitchBook’s data shows. North America led the pack by volume and value of transactions during the year with 14.4k transactions worth USD 179.1 bn, followed by Asia (11.3k transactions worth USD 91.1 bn), then Europe (9.4k transactions worth USD 61.9 bn).
Transaction volume + value in Egypt dropped significantly: Out of the top four performers in the continent, “Egypt is the most drastically impacted,” the report said. The number of transactions dropped 58% y-o-y to 60, while funding volume declined 45% y-o-y to USD 432 mn. However, the total volume “is hiding an even steeper decline as 60% of that amount went into a single [transaction],” namely MNT-Halan’s January funding round that saw it raise USD 260 mn equity financing in addition to another USD 140 mn from securitized bond issuances.
Our biggest tech sectors: The vast majority (70%) of our tech VC funding for the year went into fintech, although that figure was skewed again because of MNT-Halan. Healthtech reeled in c.10% of Egypt’s tech VC funding, followed by e-commerce and enterprise.
The “big four” of Africa all slipped: South Africa, Nigeria, Egypt, and Kenya continued to take the biggest slice of the tech VC pie in Africa, accounting for 79% of total equity funding volume (up from 72% in 2022) from 68% of all transactions in the continent (down from 77% in 2022). “Despite leading the market, all four countries witnessed a considerable decrease in funding due to prevailing market challenges,” the report notes. Nigeria saw a 59% y-o-y drop in equity funding last year, while Kenya similarly experienced a 56% y-o-y drop. South Africa’s decline was less steep, coming in at 34% y-o-y.
But they’re still the “big four”: All growth stage VC funding transactions happened in these four countries, “seeming to indicate that in an uncertain market, later stage investors refocused again on larger, better known tech markets,” Partech said. These four countries also include three of Africa’s “largest economies and consumer markets” — Egypt, Nigeria, and South Africa.
What drove the declines? In addition to pressure from the global VC downturn in 2023, each of these countries also grappled with individual economic challenges. These factors include currency devaluations in Nigeria and Egypt, which “contributed to uncertain investment environments, resulting in startup closures and investor pullback,” Partech reports.
Beyond the big four, investors began pivoting towards Francophone African countries in 2023, according to Partech. “In 2023, Francophone Africa distinguished itself as a dynamic and growing force in the tech sector, defying broader market trends, and being the only region to demonstrate year-over-year growth both in the number of [transactions] and investor participation.” Francophone countries accounted for 68% of equity funding volume in Africa, excluding the big four, up from 38% the year prior. Morocco, Congo, Rwanda, Tunisia, and Senegal were all in the top 10 biggest countries for African tech VC funding in 2023, “highlighting the growing appeal and potential of these markets in the tech sector,” Partech said.
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