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WHAT WE’RE TRACKING TONIGHT

IMF representatives are scheduled to visit in October for our fourth loan review

Good afternoon, all. It’s shaping up to be another calm news day as we enjoy one of the last days before summer comes to an end and the academic year kicks off.

THE BIG STORY TODAY-

Fourth review incoming: Representatives from the IMF should land in town early October to conduct the fourth review of our USD 8 bn loan program, which should unlock some USD 1.3 bn in funding, unnamed sources told Al Arabiya. The visit was pushed back from its initial date in September.

On the agenda: The review will focus on reforms like further subsidy cuts, capping tax breaks, and boosting revenues.

When can we see the funds roll in? The IMF Executive Board should greenlight the review in a December meeting, the sources said.

Remember: The IMF completed its third review of our loan program in late July and the USD 820 mn tranche landed in state coffers just days later.

THE BIG STORY ABROAD-

It’s another afternoon with Gaza on the front pages: The latest round of ceasefire talks that took place in Cairo yesterday failed to bring about an agreement, with neither Hamas nor Israel agreeing to “compromises” put forth by mediating parties, two unnamed Egyptian sources told Reuters. “Working groups” will remain in Cairo to continue addressing the sticking points. Meanwhile, all eyes are on the region in anticipation of further escalations following yesterday’s fire exchange between Israel and Hezbollah.

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

  • Gulf consortium backs out of plan to redevelop NDP HQ: A consortium of the UAE’s Al Shafar General Contracting Group and Saudi Egyptian Developers has reportedly backed out of an agreement to work on the USD 5 bn redevelopment of the former National Democratic Party (NDP) headquarters in central Cairo due to increased construction costs following the EGP float.
  • Three maritime terminals seeking operators: Alexandria Port Authority is gearing up to hand over three maritime terminals to local and foreign operators before the end of the year.
  • Valu takes another batch of securitized bonds to market: Homegrown fintech leader Valu raised EGP 1.1 bn in a securitized bond issuance.

☀️ TOMORROW’S WEATHER- The mercury is peaking in Cairo tomorrow at 37°C before simmering to a low of 26°C by nightfall, according to our favorite weather app. It’s a little cooler in Sahel and Alexandria, with highs of 31-32°C and lows of 24°C.

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FOR YOUR COMMUTE

Crypto companies account for half of corporate donations to political parties

Crypto now accounts for nearly 50% of all corporate donations to political action committees, reports Axios. Crypto donations this year amounted to USD 119.2 mn — a significant rise from USD 4.6 mn in 2022 and USD 5.2 mn in 2020.

SOUND SMART- Political action committees are US organizations that collect money going towards funds, campaigns, or candidates to influence elections or legislation.

What’s the strategy? This new trend indicates that large corporations will be directly contributing to initiatives and organizations that further their best interests in the upcoming US elections.

Make the crypto corporations happy or they’ll take matters into their own hands. Fairshake, the crypto industry’s dominant political action committee, has been playing both sides of the fence, supporting or opposing candidates based on whether their policies benefit or threaten crypto. Fairshake has made enemies of US Representatives Katie Porter and Jamaal Bowen during respective states’ Democratic Senate primaries for speaking out against crypto. Both representatives lost their elections.

So who does the crypto sector favor? We’ve seen the industry display support for DonaldTrump after his keynote speech at the BTC 2024 gathering where he promised to fire the head of the US Securities and Exchange Commission if he once again takes up office at the White House.

Politicians are playing along. In July, Kamala Harris’s advisers reached out to cryptocompanies to reset the relations between them and the Democratic party, allegedly in hopes of balancing out party endorsements.


We created AI, but we have no idea how it works. One of the biggest mysteries about AI is that, despite how advanced and commonplace it has become, it is still very unpredictable. But AI researchers are working around the clock to make sense of AI’s inner workings.

GenAI models are black box machine learning models, meaning they are opaque systems whose internal workings are not easily accessible… or interpretable.

AI’s brain doesn’t work the same way ours does, meaning that we might not be able to understand it anytime soon. OpenAI noted that they were unable to interpret much of their model’s thought process because they couldn’t trace a clear or linear pattern of thought. This was made even more difficult by seemingly unrelated features being activated during certain prompts.

GenAI guidelines can be overridden. While certain guardrails are put in place to prevent AI systems from providing possibly dangerous answers, if the question is asked indirectly or differently from how the model was trained, the model can end up providing detailed answers, proving the users’ ability to overturn the system. Unfortunately, the very nature of deep learning models mean that this cannot be controlled.

But scientists are making strides in understanding how AI works. Anthropic has mapped a layer of neural networks in its Claude Sonnet model identifying different features — the artificial neurons activated when the model receives a prompt — of people or abstract concepts. They found that manipulating which features — or neural pathways — are activated can determine a model’s behavior.

OpenAI pitches in: By mapping a layer of ChatGPT-4, OpenAI found 16 mn features that access concepts people might consider while evaluating a situation.

The bigger picture: Even with these breakthroughs, we are still scratching the surface of how these models work, with both OpenAI and Anthropic acknowledging that our current understanding still has no practical application to bettering AI safety.

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ENTERPRISE RECOMMENDS

Old flames and spy games

📺 ON THE TUBE TONIGHT-
(all times CLT)

Dive into the exciting world of spies and secret agents in The Union. Household names Halle Berry and Mark Wahlberg take over our small screens for this Netflix original spy comedy.

The plot kicks off in Trieste, Italy, where a mission to recover a stolen hard drive goes awry, leaving most of the team dead. Enter Roxanne (Berry), who seeks help from her former high school sweetheart, Mike (Wahlberg), now a blue-collar worker in New Jersey. From there we see the pair of old flames reconnect and the story unfolds.

The premise makes for a fun, light watch where it’s “easy to follow who is where [but] much more difficult to care,” the New York Times writes in its review of the film. With its tired mix of spy tropes and predictable comedy, the movie fails to capture your full attention, and its basic action scenes don’t help.

Don’t dismiss the film just yet. The movie is great if you’re in the mood for a comfort watch that checks all the boxes of a typical action-comedy without offering anything new.

WHERE TO WATCH- You can watch the movie on Netflix or watch the trailer (runtime: 2:53).

A very quiet day for football, as we have only two matches tonight in Serie A to conclude matchday 2, with Cagliari playing Como at 7:30 pm and Hellas Verona going head to head against Juventus at 9:45 pm.

🍝 EAT THIS TONIGHT-

Italian pasta at your front door: Put Pasta Baby on your radar if you often find yourself craving an Italian meal without wanting to leave the comfort of your home. The cloud kitchen offers a limited range of appetizers and a wide range of pasta dishes, ranging from the classics to the more experimental.

The appetizer set the bar high: The cheesy garlic flatbread had the perfect texture — crisp yet soft. It was topped with a generous portion of a rich cheese blend and garlic, creating a mouthwatering combination.

Let’s talk pasta: We opted for the beef and shroom pasta — one of four signature dishes offered. The dish included fettuccine in a creamy white sauce with shredded beef and fresh mushrooms. This pasta was an absolute 10/10. The fettuccine was perfectly cooked and the white sauce paired with the tender shredded beef was delicious, tasting unmistakably homemade.

Avoid: We also tried the Bocconcini Baby — a penne pasta dish with creamy pesto sauce, baby buffalo mozzarella, crushed almonds, and roasted cherry tomatoes. The dish didn’t quite hit the mark for us. The pesto sauce was a bit bland, lacking the vibrant, herby punch one would expect.

WHERE TO ORDER: You can get your dose of Pasta Baby on Elmenus, Talabat, or their website.

🎤 OUT AND ABOUT-
(all times CLT)

HAPPENING THIS WEEK-

Don’t miss the chance to explore the diverse visual and cultural evolution of Egyptian film with the Afichat w Aflam exhibition at Bibliothek. This exhibition showcases a vast selection of late artist Pierre Sioufi’s collection of more than 10k pieces of Egyptian cinema memorabilia. The third edition is now on display, showcasing film posters and collectables from the 1990s to 2017, and will continue through to Monday, 2 September.

This is the last week you’ll be able to fly through the sky on a paramotor. Sky Sports Egypt are offering a 15-minute bird’s eye view of Alamein in North Square until Friday, 30 August. Buy your tickets here.

Immerse yourself in Omar Khairat’s musical mastery. The musician will be taking the stage alongside the Cairo Opera Orchestra as part of the 32nd International Citadel Festival for Music and Singing. The event will take place on Wednesday, 28 August at 8:00 pm, at the Mahka Theatre of Salah El Din Citadel. Grab your tickets here.

None other than Wegz to close out the iconic new Alamein Festival. The concert will take place Friday, 30 August at 10pm at the U-Arena. You can grab your tickets here.

End Sahel season on a high note with Adriatique at AHM Club in Silversands, where you can dance the summer away — or what’s left of it. The event will take place on Saturday, 31 August, and you can get your tickets here.

💡 UNDER THE LAMPLIGHT-

The Rebel’s Clinic: The Revolutionary Lives of Frantz Fanon is an ode to justice and activism. In this revelatory biography, author Adam Shatz highlights the influence of French psychiatrist and philosopher Frantz Fanon on modern radical movements not only through his works but also through his actions.

Fanon lived many lives. He left his Martinique home to serve in the French army during WWII, and then went to study in Lyon where he began to approach his life as a Black man in a predominantly white environment through an academic lens. Later, he joined Algeria’s fight for independence from France and rose as a prominent figure in the ranks of the revolutionaries.

His influence matches that of James Baldwin. His work contributed to global racial movements, but has not undergone much analysis in as much detail as Shatz undertakes. His book strives to provide a sort of guidebook on the nuances of white supremacy and racism ties into the current world order, especially economically.

You can find The Rebel’s Clinic on Amazon.

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GO WITH THE FLOW

What the markets are doing on 26 August 2024

The EGX30 rose 0.2% at today’s close on turnover of EGP 4.9 bn (32.4% above the 90-day average). International investors were the sole net buyers. The index is up 21.1% YTD.

In the green: Fawry (+7.3%), EFG Holding (+6.4%), and Orascom Construction (+4.4%).

In the red: Ezz Steel (-5.3%), Mopco (-2.4%), and Elsewedy Electric (-2.4%).

This publication is proudly sponsored by


AUGUST

16 July-15 October (Tuesday-Tuesday): In the Company of Mahmoud Said exhibition at Aisha Fahmy Palace.

11 June-2 September (Tuesday-Monday): Afashat w Aflam exhibition at Bibliothek.

11 July-30 August (Thursday-Friday): New Alamein Festival at North Coast.

11 July-30 August (Thursday-Friday): Paramotor Ride at North Square.

27 August (Tuesday): Arees El Bahr play at U Arena, New Alamein.

28 August (Wednesday): Omar Khairat concert at Mahka Theatre in Salah El Din Citadel.

30-31 August (Friday-Saturday): Arees El Bahr play at Rawabet Art Space.

30 August (Friday): Wegz Live at New Alamein Festival.

30 August (Friday): Tamer Ashour concert at Porto Said Beach.

31 August (Saturday): Adriatique at AHM Club in Silversands.

31 August (Saturday): Andromida Pink Floyd tribute concert at Sawy Culture Wheel.

SEPTEMBER

1-4 September (Monday-Wednesday): International Food, Beverage & SuperMarket Equipment Exhibition 2024 at Cairo International Convention Centre.

3 September (Tuesday): Komedy Koshk stand up comedy at Boom Room, Open Air Mall.

6 September (Friday): The High Five stand up comedy show at Theatro Arkan.

12-15 September (Thursday-Sunday): MEDFEST Egypt at AUC Tahrir Square.

13 September (Friday): Omar Khairat’s concert at ZED Park.

13 September (Friday): 100 Years of Singing Concert with Ali El Haggar at Cairo Opera House.

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

19 September (Thursday): Omar Khairat concert at ZED Park.

20 September (Friday): Bikers Automotive Festival at El Leila El Kebira.

23-24 September (Monday-Tuesday): Omar Khairat concert at Cairo Opera House

OCTOBER

6 October (Sunday): Armed Forces Day.

3-12 October (Thursday-Thursday): Film My Design festival at Zawya Cinema.

10-12 October (Thursday-Saturday): EVs Electrify! Expo & Conference 2024 at Egypt International Exhibition Center.

29-30 October (Tuesday-Wednesday): Intelligent Cities Exhibition & Conference (ICEC) at Waldorf Astoria.

NOVEMBER

14-16 November (Thursday-Saturday): Raabta Wellness Festival at El Gouna.

DECEMBER

14 December (Saturday): The Marakez Pyramids Half Marathon.

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