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Last laugh

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WHAT WE’RE TRACKING TONIGHT

Fresh details on our car import scheme

Good afternoon folks, and happy Thursday. We’ve got all the latest to kick off your weekend, including fresh details on our airport privatization plans, car import restrictions, millennials’ unhappiness at work, and the future of digital publishing.

THE BIG STORY TODAY

#1- The Investment Ministry has issued a new decree that restricts individuals from importing more than one car every five years, according to the Official Gazette. The decree also requires proof of financial solvency and payment through Egyptian banks, with diplomats and Egyptians abroad the only parties allowed to pay for their vehicles from outside the country. The new rules will not apply to cars that were shipped to or arrived at Egyptian ports after the date of the decision; to cars that have already received letters of credit or payments; or to foreign embassies and select international organizations.

#2- All of Egypt’s airports are now up for privatization, with the International Finance Corporation (IFC) set to spearhead the project after getting the Cabinet greenlight, Prime Minister Mostafa Madbouly told private sector players at a a meeting yesterday. Madbouly also noted that the IFC’s offerings of airports’ managements and operations should be accompanied by the private sector’s establishment of new airlines, which will help Egypt expand its aviation fleet. The move brings the number of airports on offer up from the previously announced five.

THE BIG STORY ABROAD

Assad loyalists clash with Syrian authorities: Forces loyal to ousted Syrian president Bashar Al Assad reportedly attacked security personnel of Hayat Tahrir Al Sham (HTS), the former rebel group that has become Syria’s de facto ruling authority, killing 14 individuals. The so-called “ambush” took place in western Tartus Governorate, where HTS launched a campaign to pursue pro-Assad militias. Some reports claim that the attack was provoked by HTS’ attempt to arrest an official linked to the now-notorious Sednaya prison. A curfew has been imposed until 8am local time Thursday, with the incident marking the highest period of unrest the country has seen since Assad’s ouster over two weeks ago. (Bloomberg | Reuters | BBC | The Guardian)

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

  • Private sector players, assemble: Prime Minister Moustafa Madbouly held a meeting with a number of prominent players in the local private sector yesterday (watch, runtime: 2:21:47). The two sides discussed the challenges facing the private sector and the measures private sector players want from the state in the years to come.
  • A 3.1 GW hybrid renewables station is coming to Zafarana: The UAE’s Alcazar Energy and the Madbouly government have reportedly agreed to set up a hybrid renewable energy project in Zafarana with some USD 2.5 bn worth of investments.
  • Madinet Masr secures fresh funds to complete Sarai, Taj City projects: Property developer Madinet Masr has secured an EGP 9 bn mid-term revolving loan facility from a syndicate of local and regional banks to fund part of the investment costs of its Sarai and Taj City projects.

☀️ TOMORROW’S WEATHER- Temperatures are stable with tomorrow’s mercury expected to reach a high of 19°C in the capital and a low of 10°C at night, according to our favorite weather app.

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FOR YOUR COMMUTE

Millennials are sick of being work machines

We aren’t living how humans are supposed to live. Millennials are questioning a social and economic system that prioritizes productivity and profit over human well-being, and blaming relentless pressure to succeed for warping the perception of work and leisure — leaving the entire generation feeling exhausted and disengaged.

Modern work ethic ties identity and self-worth to career achievement and financial success — an ideological complex deeply tied to contemporary capitalism. People are working longer hours, glorifying the idea of overwork, and refusing to rest in fear of falling behind or being viewed as lazy. This has led to a mental health crisis, widespread stress, and increased burnout.

The mental health implications of this are hitting thirty- and forty-somethings hard. Hearing their peers talk about how busy they are has caused many to internalize the idea that they need to be working all the time. This is when they stop prioritizing rest — like not using their PTO — and start experiencing burnout, eventually leading to an inability to perform even the most mundane of tasks.

Physical health may also be compromised. A study found that working 55 or more hours per week — in comparison to 35-40 hours — leads to a 35% higher risk of stroke and a 17% higher risk of dying from heart disease.

Millennials’ drive to work may not have to do with their own preferences but the economic contexts they’ve lived through. In contrast to Gen Z, which entered the job market during a period of low unemployment, millennials began their working lives during and in the immediate aftermath of the 2008 financial crisis — not exactly a period in which entry-level employees had room to dictate employment terms to their bosses.

Student debt and falling real wages have also put real pressure on millennials to earn: In the US in particular, high student debt has left millennials with less household wealth on average than previous generations had at their age. Meanwhile, in the UK, falling real wages have seen millennials earn an average of 8% less at 30 than Gen X did at their age.

TL;DR: Whether the result of a toxic culture of capitalism, the relationship to work they cultivated early in their careers, or — per the Boomers — a plain lack of perspective, millennials are feeling overworked, underpaid, and increasingly unhappy with the status quo. With many of them aging into positions of authority at work and elsewhere, their discontent is something employers and employees will increasingly need to contend with — no matter which side of the pecking order you stand on.

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ON THE TUBE TONIGHT

Psychiatry turns into manipulation

? A bizarre relationship between a man and his psychiatrist. The Shrink Next Door, based on Joe Nocera’s podcast of the same name, dives into a twisted dynamic between a psychiatrist and his patient. The show has its dramatic moments, with others darkly comedic and some just plain unsettling.

The miniseries takes us back to the 1980s, when Marty Markowitz (Will Ferrell) first meets Dr. Isaac “Ike” Herchkopf (Paul Rudd). Marty, dealing with a range of personal and professional struggles, speaks to the charismatic and overbearing Ike, who quickly crosses professional boundaries and weaves himself into Marty’s life.

Both actors’ strong performances anchor the show. Marty is painfully awkward while Ike is charming and narcissistic. Their chemistry creates a dynamic that is fascinating — and somewhat uncomfortable — to watch. Marty’s protective sister Phyllis Shapiro (Kathryn Hahn) also brings an element of sharp wit into the episodes.

As the series progresses, the power imbalance between Marty and Ike grows toxic. We learn about Ike’s own troubled past, which causes him to manipulate Marty while clothing his manipulation as care. Despite the frequent moments of humor, the show continuously reminds viewers of the darker themes at play.

WHERE TO WATCH- You can watch the series on AppleTV+ or catch the trailer on Youtube (runtime: 2:24).

This publication is proudly sponsored by

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Sports

Al Ahly vs Al Masry tonight Plus Boxing Day in English Premier League

Al Ahly is traveling to Borg Al Arab to play a heated game against Al Masry at 8 pm tonight in gameweek 6 of the Egyptian Premier League. The Green Eagles are currently in third place with 11 points, behind leaders Zamalek and runner-up Pyramids FC, on goal difference. The Red Devils in sixth place, with eight points and two games in hand, are currently three points behind the top spot.

Also in the league tonight:

  • Smouha vs. Ghazl El Mahalla (5pm)
  • National Bank vs. Ceramica Cleopatra (5pm)
  • Petrojet vs. El Gouna (8pm)

It’s Boxing Day in the English Premier League: Matchday 18 of the English Premier League gets underway today with a Boxing Day feast of eight fixtures and wraps up tomorrow with two games. The action began an hour ago with Manchester City trying to break their losing spell in their game against Everton.

All eyes will be on the top of the table clashes later today. Leaders Liverpool, riding high after their sweeping victory against the Spurs, host Leicester City at 10pm. Before that, second-placed Chelsea takes on Fulham at 5pm.

Tomorrow, third-placed Arsenal will host Ipswich Town at 10:15pm to wrap up the gameweek.

The rest of matchday 18 fixtures:

  • Newcastle vs. Aston Villa (5pm today)
  • Nottingham Forest vs. Tottenham (5pm today)
  • Bournemouth vs. Crystal Palace (5pm today)
  • Southampton vs. West Ham (5pm today)
  • Wolverhampton vs. Man Utd (7:30pm today)
  • Brighton vs. Brentford (9:30pm Friday)

**Don't miss out on the fierce competition in the Enterprise Fantasy Premier League — use the code dlrxz4 to join.

Matchday 18 in Serie A kicks off on Saturday with some exciting games, including Cagliari vs. Inter Milan at 7 pm and Lazio vs. Atalanta 9:45pm.

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OUT AND ABOUT

One last laugh in 2024

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MARK YOUR CALENDAR-

One last laugh in 2024. Comedy Circle will be at The Tap West on Monday, 30 December for a special Christmas edition of their stand up comedy show. The lineup features Hamza Bahaa, Weza, Iron Tawfik, and Amgad Shawshy. For reservations message The Tap West or Comedy Circle.

(Tap or click the headline above to read this story with all of the links to external sources.)

HAPPENING THIS WEEK-

160 of Egypt’s most celebrated and promising artists. The 10th Edition of Cairo Art Fair is now open at TAM Gallery in Abu Rawwash and will continue running till Friday, 31 January.

Release the negativity with the Drum Circle Festival at Gusour Cultural Center tomorrow, 26 December. The circle is a unique experience where you play tabla or drums following an instructor while hanging out and connecting with the group. The event has two rounds, one at 6pm and another at 7pm. Tickets are available on site.

Get in the festive spirit by building a gingerbread house. Hana Bakes is collaborating with Brunch and Cake for a Gingerbread House Making Workshop. The workshops will take place today and tomorrow at 8pm, today at Park St. and tomorrow at Lakeview. Book your spot by messaging Hoogculture on Instagram.

It’s that time of year again... The Nutcracker is returning to the opera. Celebrate the season with The Nutcracker Ballet, performed by the Cairo Opera Ballet Company and Orchestra. The performances will run starting tonight, 26 December to Tuesday, 31 December. Tickets are available on Tazakarti.

Party from dusk till dawn at Disco-Tech x Retrogroove. The party will take place tonight at Cook's Club El Gouna featuring Disco-Tech residents Moenes, Jess, Mazen A, and Muze, retrogroove's residents Ralph Nasr and EJ, and guest DJs Akladios, Hermit, Maie and Joey. Grab your tickets on Ticketsmarche.

Egyptian rapper Afroto will be performing at ElMalahy tomorrow from 8pm. Tickets are available on Ticketsmarche.

Tablet El Sitt band is coming back with some more folklore but Christmas themed. The show will take place at Theatro Arkan tomorrow at 8pm. Tickets are available on Ticketsmarche.

HAPPENING LATER-

Your New Year’s Eve plans are sorted. The maestro of modern electronic music, KAS:ST, will be playing at Le Lac Du Caire on Tuesday, 31 December for an iconic X-HÄUS New Year’s eve party. Tickets are available at Collard Tickets.

Close out the year with Black Coffee. See Black Coffee live at Cubix, El Gouna. Enjoy the deep house sound infused with African rhythms and electronic beats as you enter the new year. The event will take place on Sunday, 29 December and you can grab your tickets from TicketEgypt.

…Or if you’re looking for a night of nostalgic Arabic tunes, head to CJC 610 this New Year’s Eve with Hisham Abbas and Hamid El Shari. Doors open at 8pm, and the party starts at 10pm. Message their Facebook page to reserve your spot.

End the year with some laughs at comedian Ali Quandil’s 600th show. The show will take place at Theatro Arkan on Tuesday, 31 December at 8pm. Tickets are available on Ticketsmarche.

Kick off the new year with the famous Fire of Anatolia. The Turkish dance troupe will be performing at the Cairo Opera House in Zamalek, combining traditional folk dances with contemporary dance. The performances will take place on January 29, 30, and 31 at 8pm. Tickets are available on Tazkarti.

The ultimate gaming event in Egypt is here. Gamergy Egypt will feature live competitions, immersive experiences, and activities to bring together gaming fans of all ages. The festival will take place from Thursday, 30 January to Saturday, 1 February at Al Burouj Cultural Hub. Earlybird tickets are now available on their website.

This one is for the sports fans. The Football Access Summit will feature talks, panels, and presentations from sports industry leaders — giving the fans insider access. The summit will take place on 7 and 8 February at ZED Park. Tickets are available on Ticketsmarche.

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GO WITH THE FLOW

What the markets are doing on 26 December 2024

The EGX30 fell 0.2% at today’s close on turnover of EGP 1.8 bn (55.1% below the 90-day average). Regional investors were the sole net sellers. The index is up 20.3% YTD.

In the green: Juhayna (+2.5%), E-finance (+2.2%), Alexandria Container and Cargo Handling Co (+1.9%).

In the red: Beltone Holding (-2.2%), Elsewedy Electric (-2.1%), and B Investments Holding (-1.5%).

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CULTURE

Is the end near for your paperbacks?

Are paper books facing extinction? In 1258, the Mongols turned Baghdad’s Tigris River black with ink after throwing thousands of original manuscripts into its waters. The incident — which wiped out centuries of knowledge in science, literature, and philosophy — was one of the greatest cultural losses the Arab world has ever seen. With the decline of physical books and rise of electronic alternatives, a loss on this scale seems unlikely to occur again. But with digitization forging ahead, could we lose physical books entirely?

Our guess is… no. Books have survived every technological shift thrown at them — from scrolls in ancient Egypt to the 15th century Gutenberg press to modern printing. With the advent of radio, TV, and the internet, people have time and time again foretold the downfall of reading — but here we are, still turning pages.

However, it’s hard to ignore that e-books have changed the game. Platforms like Kindle and apps like Audible have made it easier for readers to carry huge numbers of titles with them at any given time. The market is also on the up, with stats showing that the global e-book market is expected to hit USD 14.61 bn in 2024, with the MENA region set to reach revenues of over USD 302 mn by 2029.

The emergence of digital publishing has also changed how the industry works. One key shift has been the rise of self-publishing, with platforms like Amazon Kindle Direct Publishing (KDP) offering writers 35-70% royalties on their books published through the tool — a big leg up compared to traditional publishing houses’ 16-25%, writes Forbes. Some authors have found considerable success with this approach, despite questions over the credibility of self-published books and hand-wringing over an overwhelming deluge of new content.

In the Arab world — especially in Egypt, Saudi Arabia, and UAE — e-books and audiobooks are on the rise. Amazon Kindle introduced Arabic text support in 2018, opening up its bestselling e-book device to a greater number of regional readers. Homegrown publishers and distributors are also gaining ground, with Amman-born Abjjad offering over 28k titles for a subscription fee, Dubai-based Rufoof offering over 25k Arabic titles for a subscription fee, and Beirut-based Neelwafurat offering over 15k e-books that can be read through the iKitab app. Digital versions of English-language books also offer readers and distributors alike cheaper access to expensive-to-import titles from abroad.

Despite e-books’ growing popularity, physical books continue to dominate the market — especially in the MENA region. While e-books made up about 30% of book sales globally in 2023, e-book sales in the Arab world garnered only around 10% — a starkly lower figure. While the appeal of physical books is certainly tied to our cultural attachments to written texts, publishers in the Arab world also lack a distribution infrastructure and regulatory environment conducive to publishing e-books.

For one, selling books digitally is tough in economies where cash-on-delivery is the preferred payment choice, Rufoof founder Shadi Al Hassan told Arab Lit Quarterly. Some companies have attempted to address this problem by finding government or other sponsors that allow them to provide books to readers with no charge, or by collecting sums of cash from peoples’ homes and converting it into digital store credits that can be used to purchase e-books.

Piracy is also a major concern, with publishers pointing out that digitizing books offers more opportunities for people to copy and transmit books — leading to significantly lower return on investment for digitally produced titles. “Most publishers shy away from ebooks as they fear the duplication of content. While this is a worldwide issue, regulations are yet to be in place within Arabic online publishing,” Rufoof executive Doha Alrefae told TechX. While measures like watermarking could help stem piracy concerns, a wider cultural shift in how people think about e-books is also needed for the industry to take off. “For digital content, unfortunately many take it for granted that it should be free,” Al Hassan notes.

For our environmentally minded friends, it's also not clear which medium wins out on the sustainability front. While e-books might seem to be the more environmentally friendly option, it’s not clear that they’re the greener alternative. The production of an e-reader has a carbon footprint of 168 kg of CO2 — compared to a single print book’s average carbon footprint of 7.5 kg of CO2. Moreover, e-readers require significant amounts of rare minerals and water to be produced, alongside continued electricity to keep them charged — raising their carbon footprint.

At the end of the day, print books still win our hearts. From one reader to another, the smell of a book’s pages and its weight in our hands will always be a sensory experience no screen can replace. Physical books are better for focus, don’t need charging, and remain popular for fiction and children’s stories. While e-books are making their impact, our bet is that print is here to stay.

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6 December-31 January (Friday-Friday): Cairo Art Fair at TAM Gallery.

26 December (Thursday): Disco-Tech x Retrogroove at Cook's Club El Gouna.

26 December (Thursday): Gingerbread House Making Workshop at Brunch and Cake, Park st.

27 December (Friday): Afrotoat El Malahy.

27 December (Friday): Tablet El Sitt at Theatro Arkan.

27 December (Friday): Gingerbread House Making Workshop at Brunch and Cake, Lakeview.

29 December (Sunday): Black Coffee live at Cubix, El Gouna.

30 December (Monday): Comedy Circle at The Tap West

31 December (Tuesday): KAS:ST at Le Lac Du Caire.

31 December (Tuesday): Hisham Abbas and Hamid El Shari at CJC 610.

31 December (Tuesday): Ali Quandil’s 600th show at Theatro Arkan.

31 December (Tuesday): Sasha Carassi's One twenty Eight New Years eve party at Dahab Island.

JANUARY

18 January (Saturday): Founders Live Cairo at Creativa Innovation Hub.

29-31 January (Wednesday-Friday): The Fire of Anatolia at the Cairo Opera House.

FEBRUARY

7-8 February (Friday-Saturday): Football Access Summit at Zed Park.

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