Good afternoon, folks and happy almost-THURSDAY. It’s a busy Wednesday here at home, despite having a calmer start to the day this morning. The two biggest stories so far this afternoon are from the New Urban Communities Authority, which is handing out plots of land for investors to set up new mixed-use developments in the capital.
THE BIG STORIES TODAY
#1- USD 300 mn urban and medical development in Shorouk is in the works:The New Urban Communities Authority (NUCA) has awarded NHMC Egypt — the local arm of UK-based NHMC — a plot of land in Shorouk to set up a USD 300 mn urban, medical, and educational complex under a contract inked by the two parties today, according to a cabinet statement. The land will be paid for in foreign currency transferred from abroad, the statement indicates.
In detail: Some 65% of the land will be allocated to an urban project, which will include a sports academy, an international school, apartments, villas, and malls. The remaining 35% is earmarked for amedical complex that will host medical colleges and a private hospital developed in partnership with the University of Buckingham along with another hospital developed with Johnson & Johnson.
#2-NUCA earmarks land plot for a new EGP 60 bn mix-use by UDC: NUCA also inked an agreement with UDC Real Estate Development, a subsidiary of UAE-based Mohammad Omar Bin Haider Holding Group, allocating a land plot in the Andalusian Garden in Cairo, to set up a mix-use with total investments exceeding EGP 60 bn, according to a cabinet announcement.
The details: Dubbed “The Crest,” the project will span some 665k sqm, poised to feature residential, administrative, entertainment, commercial, and hospitality units. UDC will carry out the project in cooperation with Cairo-based property developer IL Cazar, the statement reads, without specifying what role IL Cazar will play in building the mix-use. Constructions on The Crest will take eight years to complete.
THE BIG STORY ABROAD
The international business press is chattering this afternoon about HSBC’s shares taking a big hit. The bank reported an 80% fall in its 4Q 2023’s net income, citing a USD 3 bn charge related to the devaluation of its stake in China’s Bank of Communications, in which it holds a 19% stake, and additional write-offs on commercial real estate. The financial results led the bank’s shares to drop as much as 7.5% today, marking its biggest intraday decline in 16 months. (Financial Times | Bloomberg | Reuters)
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Another 1 GW solar plant by Scatec is officially underway: Norwegian renewables developer Scatec is set to build a 1-GW solar power plant to power EgyptAlum’s Nagaa Hammadi industrial complex under an agreement inked by the two parties.
US vetoes calls for a ceasefire for a third time at the UN: Algeria’s draft motion calling for an immediate ceasefire was blocked by a US veto at the UN Security Council yesterday.
?️ TOMORROW’S WEATHER- Expect a partly cloudy day with a high of 22°C during the daytime and a low of 12°C at night, according to our favorite weather app.
One of the most prolific ransomware gangs has officially been taken down:LockBit has been terrorizing thousands of companies, schools, governments, and even hospitals for the past two years, and was responsible for 25% of cybercrime attacks last year, according to Wired. A coalition of law enforcement agencies led by the UK National Crime Unit (NCA) was able to infiltrate the ransomware group’s systems and take them offline yesterday, the Washington Post reports. The operation has seized 11k domains and servers belonging to the group, accessed its source code, and exposed details of the group’s members and affiliates.
Honor among thieves? In 2022, LockBit issued an apology after its ransomware was used to attack a children’s hospital, helped the hospital unlock its systems, and reportedly banned affiliates from using their software in attacks that could lead to death.
The NCA hopes that their operation will disband LockBit permanently, but are willing to accept a temporary victory. They expect that remaining members and affiliates will call their operations off out of concern of being identified by the authorities. So far, two participants have been arrested, and charges have been leveled against two others, reports the Washington Post.
The US film industry is inadvertently supporting an environment conducive for piracy, with several factors at play, Variety reports, citing data from piracy research firm Muso. The most pirated films were last year’s blockbusters, leading with Oppenheimer, with 15.4% of total demand for pirated copies. Also making the cut was Avatar: The Way of Water, with 14.6% pirated copies.
What do these highly pirated titles have in common? Extensive theatrical runs — over 100 days — which appear to have been a key factor to them being pirated, even though this was a deterrent in the past. Another was a delay in official at-home releases.
Exclusivity and availability plays a factor, too. Despite being the highest-grossing film of the year, Barbie was not as widely pirated as Oppenheimer. What they did differently was that Barbie spent less time in the cinemas and debuted on a widely used streaming platform over Christmas and New Year. In comparison, the Christopher Nolan film could be purchased in stores in November and won’t be streamed until later this month, Variety says.
Streaming service dynamics also complicate the issue: Distribution agreements like Universal’s “ 18-month shuffle ” with Netflix, the saturated streaming landscape, and rising subscription costs, may push consumers to opt for pirated versions of the recent blockbusters due to accessibility and affordability concerns, explains Muso.
Cherry brings three MCU veterans together for a heartbreaking drama. The Russo brothers enlisted Tom Holland to take on the role of the titular Cherry (watch trailer, runtime: 2:42), a US army medic who returns from Iraq with severe PTSD. His prescribed medicine leads him and his wife to addiction, which then leads him to rob banks to sustain their addiction. The film is an adaptation of the autobiographical novel of the same name.
There is an overtone of dark humor threaded through the film, though sometimes — and perhaps purposefully — they seem jarring in the face of the bleak situation Cherry finds himself in. As Cherry sits in the doctor’s office, about to be prescribed the OxyContin that upends his life, the plaque on the doctor’s desk reads “DR. WHOMEVER.”
That’s how the film operates — with constant but subtle commentary on itself,sometimes to the point of compulsion. Maybe that’s why it sometimes seems that the film is struggling to express something much darker and more in line with the novel’s brutal honesty.
Yet Holland sticks the landing, maintaining his streak of pristine dramatic performances following his Spider-Man fame. He is instantly believable as a well-intentioned but supremely lost young man caught up in forces beyond his control, though the last part may have been honed in the MCU (minus the CGI and corporate-driven schtick that is all too familiar now).
⚽ The Reds are taking on Luton in an effort to secure the lead: The end of gameweek 25 of the English Premier League will see Liverpool play against Luton in Anfield tonight at 9:30pm. The Reds are in the lead, followed closely by Manchester City with a difference of a single point, and Arsenal, with the difference of two points. If the Scousers take it tonight, the top position will feel a little roomier.
The end of the first leg of the Champions League’s Round 16 promises an exciting night, with Arsenal paying Porto a visit at 10pm. Meanwhile, Napoli goes head-to-head with Barcelona at the Diego Armando Maradona Stadium.
? EAT THIS TONIGHT-
Related
929 is a local brand offering specialty coffee and treats in Korba. Despite plenty of seating availability, the place is usually packed with people trying to get their caffeine and dessert fix.
Their coffee won’t give you that headrush — but it doesn’t have a bitter aftertaste. If you have a sweet tooth, their vanilla iced latte or their sugary soda concoctions can get the job done. Fancy something more mature that isn’t just plain black coffee? We’d recommend going for the flat white. Also, their desserts are pretty standard, but avoid the ones on display — they may be suffering from the sitting-in-the-display-case-for-way-too-long staleness.
The service and atmosphere make it a cozy spot to catch up with a friend. Their outside area is lovely when you need some fresh air, and is even tolerable on those unexplainable sunny days when they turn on their fans to keep you cool.
You’ll see some remote workers shack up there, but we think it’s too noisy to actually be productive. Since it’s usually quite busy, we don’t think 929 is the best option for a temporary office, but it is fun for friends and meeting with that cousin you never see.
But if you want to get away from the noise, you can order and enjoy their menu in the comfort of your own home. You’ll find their full menu on elmenus or on Facebook.
Related
? OUT AND ABOUT- (all times CLT)
MUSIC-
Renowned musician and composer Omar Khairat will be gracing the stage again at the Egyptian Opera House for two nights tonight and tomorrow at the Grand Theatre at 8pm. The tickets are currently sold out.
Sharmoofers will also be performing tonight at Cairo Jazz Club 610. Message CJC on their Facebook or Instagram page before 8pm to book your tickets.
Don’t miss Hisham Abbas and Hamid El Shari this Friday, 23 February at CJC 610’s round of Ma Yatlobohoo El Mostame3oon. The duo will deliver all the hits you love and will feature DJ Andy Cheikho to set the mood. Message CJC to find out how to book your spot.
ROOM New Cairo is hosting Hardcase and Divine, two bands hot on the Egyptian rock scene. Hardcase will perform covers from legendary artists such as Beth Hart to Guns & Roses. Divine will be providing tunes by Black Sabbath and Dio. Doors open at 8:30pm next Tuesday, February 27. You can snag your tickets for EGP 200, but they don’t include the required minimum order per person.
Get ready to be mesmerized as Aziz Maraka takes the Cairo Jazz Club 610 stage next Wednesday, 28 February. Get your tickets today to book your seat to hear him sing in an unforgettable performance from CJC 610’s Facebook page.
Ali El Haggar is taking the stage at Elsawy Culturewheel next Wednesday, 28 February. The performance will begin at 8pm at the Zamalek venue. Keep in mind that photos and video recordings are not allowed, as are children under six years of age. Tickets are selling out fast — grab yours here.
ENTERTAINMENT-
Comedian Mohamed Helmy and podcast host Alaa ElSheikh are taking to the stage once more in HelmyMan’s Podcast 3alMasra7 at Zed Park this Friday, 23 February. Tickets are available here and range from EGP 375 to EGP 675.
Already have plans or just want an extra dose of giggles? ROOM New Cairo is hosting the Konafa Comedy Night this Saturday, February 24. The five comedians will be starting their performance at 9pm, but doors open at 8:30pm. Tickets are available for EGP 200, but does not include the one minimum order required.
SPORTS-
Double Dribble Leagues has got all basketball enthusiasts covered. Running until this 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.
The Cairo Half Marathon is taking place soon: Mark your calendars next 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 next Friday, 1 March. The obstacle course challenge will take place at Belle Vie Club in New Zayed.
FILM-
Gaza Mon Amour will be screened at Qahrawya next Thursday, 29 February from 8pm till 11pm. Get your tickets here.
ARTS-
Bibliothek Gallery’s new curated exhibition, Lines of Intimacy, explores the possibilities of printmaking. The exhibition features three artists crossing boundaries through their work and is open daily from 10am to 10pm until next Saturday, 2 March.
EVENTS-
AUC’s Business Forward Annual Event keynote speaker is an AI avatar. AUC’s School of Business is holding its annual Business Forward event this Sunday, February 25 from 11am to 4pm, focusing on AI. The keynote speaker, Vicky, is a humanoid avatar for Generative AI and will be engaging in a discussion on AI’s transformational prospects on individual, business, and economic levels. She will be joined by human panelists as well — you can check the agenda here, and register your attendance here.
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 next 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.
Will AI replace artists? Will we let them? Marian Ffarmer is an aging, world-renowned poet. Unfortunately, being one of the greatest writers of the century — which she is in Do You Remember Being Born? — is only a title, not a job. As she struggles with her financial reality, she receives a letter from a Silicon Valley company inviting her to make history by writing a poem. The catch is that she has to write it alongside an AI model named Charlotte.
This goes against everything Marian believes in, but sometimes you can’t afford to stick to your guns — literally. Feeling like a sellout, she finds herself in California anyway. Charlotte was made to write poetry, and while it wrote 230,442 in a week, it only likes two of them. As Marian interacts with the bot, she becomes both intrigued and frightened by Charlotte.
In a world currently obsessed with machine learning models, Do You Remember Being Born? makes us confront ourselves. What makes humans human? What makes art art? The novel is an exploration of the nature of language, art, family, and community. It barely scratches the surface of each issue, but it does so enough to make us ask these questions too — or at least confront them within ourselves.
WHERE TO FIND IT- Do You Remember Being Born? is available on Amazon as a hardcover for USD 14, or as a Kindle ebook for USD 16.99.
The EGX30 fell 0.1% at today’s close on turnover of EGP 5.5 bn (38.2% above the 90-day average). Foreign investors were net sellers. The index is up 17.7% YTD.
In the green: Alexandria Containers and Cargo Handling (+9.6%), Delta Sugar (+4.1%) and Eipico (+3.0%).
In the red: E-Finance (-2.5%), Ibnsina Pharma (-2.5%) and Orascom Development Egypt (-2.0%).
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