Good afternoon, wonderful people. It’s a wrap for a super busy work week over here at EnterpriseAM HQ after the successful EnterpriseAM Finance Forum we held on Tuesday. Thanks again to the three groups of people who made it all possible: The fantastic leaders who joined us on stage, the sponsors and partners who made it possible, and every one of you who joined us in person.
THE BIG STORY TODAY
Amoun for Real Estate makes official offer to acquire EGX-listed Atlas: The Financial Regulatory Authority (FRA) has received an official offer by Amoun for Real Estate and Tourism Development to acquire 65.59% of EGX-listed Atlas for Investment and Food Industries, the regulator said in a statement to the EGX today (pdf). Amoun has offered to purchase around 427.2 mn shares of Atlas for EGP 0.78 a piece in a mandatory tender offer, valuing the company at around EGP 333.22 mn by our math. Amoun will need to acquire a minimum 51% stake of the target company for the offer to go through, the statement reads.
THE BIG STORY ABROAD
Israel has rejected a US-backed ceasefire proposal. The motion for the three-week treaty — signed by allies of Israel, which include the US and France — was rejected by the occupying state this morning as they ramped up their attacks on both Lebanese and Palestinian civilians. Over 90k Lebanese citizens have been displaced to seek safety, and the death toll now stands at more than 600. Israel’s allies are concerned that the state’s planned ground invasion of Lebanon will spark a wider regional conflict that will force other countries to intervene. (Reuters | Bloomberg | CNN)
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What international investors want to see from Egypt moving forward: we brought together a panel of international investors and advisors at our EnterpriseAM Finance Forum to ask them about the broad view on Egypt from the outside and what they want to see from Egypt moving forward.
Madbouly talks incentives, tax, reform, labor relations, education, mergers and more in his weekly presser that followed the cabinet giving its approval to a number of decisions during its weekly meeting.
Egypt’s first SPAC is nearly here: Impact investor Catalyst Partners will set up the country’s first SPAC, dubbed Catalyst Partners Middle East (CPME), after receiving the greenlight from the Financial Regulatory Authority (FRA).
☀️ TOMORROW’S WEATHER- Late September is still a bit on the warm side, with tomorrow seeing a high of 34°C and a low of 23°C in the capital, according to our favorite weather app.
Meta is officially in the AR game. Orion is Meta CEO Mark Zuckerberg’s bid to make smartphones a thing of the past. The glasses, which contain both VR and AI assistance, look nothing like the clunky offerings we’ve seen before. In fact, they almost look like a regular pair of glasses, The Verge reports.
The future’s a little freaky. Sleek black frames with micro LED projectors in the frame beam graphics into your field of vision through silicon carbide lenses — a lightweight and durable lens with an ultrahigh index of refraction. You control the glasses through a combo of eye tracking, hand gestures, voice commands, and a neural wristband that interprets brain signals triggered by your hand motion into actions. The Verge’s Alex Heath, who received a personal tour of the tech by the Zuck himself, reported that Orion “felt more precise than controlling a Quest or Vision Pro.”
The AI is nothing new. What you’ll find in Orion are the same GenAI capabilities currently available in Meta’s Ray-Ban smart glasses, but with an added visual element. We’re not saying it’s not impressive — even Marty McFly didn’t come across AI glasses — but as cool as it is, the tech isn’t groundbreaking.
Remember, Zuckerberg wants Orion to replace your phone — so you don’t need one for it to function. But you can’t go anywhere without the puck. The wireless compute puck, which looks like a portable charger, needs to be within ~4 meters of Orion, or else the glasses simply do not function. To add insult to injury, the glasses’ battery only lasts around two hours.
Hold your horses — you won’t be grabbing a pair anytime soon. The industry hasn’t quite caught up with Zuck’s vision just yet. When the glasses were originally developed in 2022, the CEO made the decision to shelve the product in response to budget cuts, thinking that silicon carbide would be more commonly used in the near future, and therefore cheaper to include. But it isn’t, meaning that one pair of glasses costs USD 10k to manufacture.
Insider knowledge: Heath claims that Meta plans to manufacture a scaled-down version of Orion called Hypernova and get them on the shelves “as soon as next year.” The company itself has declined to comment on the rumor.
Swarm is a disturbing depiction of celebrity obsession and parasocial relationships. Andrea “Dre” Greene’s (Dominique Fishback) fixation on a Beyoncé-esque megastar named Ni’Jah (Nirine S. Brown) spirals into violent chaos.
Dre and her sister Marissa (Chloe Bailey) have long been devoted fans of Ni’Jah. Marissa grows out of the phase and begins to distance herself from the excessive fixation, but Dre’s already fragile mental state doesn’t take that lightly. This leads to violent outbursts triggered by perceived slights against Ni’Jah, slowly turning the show into a thriller. This setup provides rich ground for exploring the dark side of obsessive fandom and unhealthy fixations, echoing themes seen in shows like You.
Horror, thriller, or comedy? The series excels in its sharp satire of contemporary pop culture and social media, adding dark humor to critique the often toxic dynamics of fan culture. Despite this, the direction by Donald Glover adds a constantly unsettling atmosphere that blurs the lines between horror and comedy. The episodes are anchored by Fishback’s phenomenal performance as Dre. Her portrayal balances vulnerability and a chilling resolve, captivating viewers as she navigates the extremes of fandom.
WHERE TO WATCH- You can watch the show on Amazon Prime or watch the trailer on YouTube (runtime: 2:17).
Related
⚽ We will be watching the clock until 9pm tomorrow, waiting for the anticipated CAF Super Cup final between Al Ahly and Zamalek at the Kingdom Arena in Riyadh. Al Ahly enters the match as the last season’s CAF Champions league title holder, whereas Zalamek secured their spot in the final after clinching last season's CAF Confederation Cup. The two Egyptian football giants last met in this competition in 1994, resulting in the White Knights lifting the trophy thanks to Ayman Mansour’s famous screamer.
But before tomorrow’s clash we have a roster of matches tonight, as the first round of Europa League wraps up with nine matches. The standout match will see Roma going head to head with Athletic Bilbao at 10pm.
Other key matches kicking off at 10pm tonight include:
Tottenham vs. Qarabag FK.
Lyon vs. Olympiacos.
Ajax vs. Beşiktaş.
La Liga is also concluding their seventh round tonight with three matches: The most anticipated match goes to Celta Vigo and Atletico Madrid, who will be meeting on the pitch at 10pm, but we’re also keeping an eye out on Espanyol and Villareal, kicking off at 8pm.
The major European leagues are giving us a jam-packed weekend of the beautiful game.
The Premier League’s sixth round kicks off on Saturday with seven matches: The headline match sees Newcastle facing Man City at 2:30pm, while Liverpool goes against the Wolves later that day at 7:30pm.
Other matches kicking off on Saturday at 5pm:
Chelsea vs. Brighton.
Brentford vs. West Ham.
Everton vs. Crystal Palace.
Arsenal vs. Leicester City.
Nottingham Forest vs. Fulham.
Don't forget to join us in the Enterprise Fantasy Football League by using this code: dlrxz4 or clicking this link.
Over in The Land of Cervantes, Barcelona will be playing against Osasuna on Saturday at 10pm as part of La Liga’s eighth round. The Blaugrana currently hold the top spot with a perfect record, four points ahead of Real Madrid, and will be pushing for another three points to maintain that spot.
Other key European matches we’re keeping an eye on this weekend:
Borussia Dortmund vs. VfL Bochum — Bundesliga (Friday, 9:30pm).
AC Milan vs. Lecce — Serie A (Friday, 9:45pm).
Paris Saint-Germain vs. Rennes — Ligue 1 (Friday, 10pm).
Udinese vs. Inter Milan — Serie A (Saturday, 4pm).
Genoa vs. Juventus — Serie A (Saturday, 7pm).
Bayern Munich vs. Bayer Leverkusen — Bundesliga (Saturday, 7:30pm).
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? OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
The Ice Warrior Challenge makes a thrilling return to Ski Egypt, featuring over 20 challenging obstacles at freezing temperatures, this is the ultimate endurance test for athletes. The event will take place on Saturday, 28 September starting at 9am. Book your spot on Ticketsmarche.
Music that captures the soul. Witness Fouad & Mounib as they display different human emotions through their Piano and Violin duet. The show will take place tomorrow, 26 September at Theatro Arkan, and will begin at 8pm. Get your tickets from Ticketsmarche.
Warm up those vocal chords. Join this Singing Masterclass with world-renowned opera singer, Farrah El Dibany on Friday September 27 at AUC Tahrir. The class will include breathing and singing exercises, vocal techniques for any musical style and insights on studying abroad and building a global career in music for both beginners and experienced singers. Book your spot on Ticketsmarche.
The famous Canadian-French band Ghostly Kisses are getting ready to perform two shows at Cairo Jazz Club as part of their latest album’s tour. This will take place at CJC 610 in Sheikh Zayed on Saturday and Sunday, 28-29 September. Grab tickets from Ticketsmarche.
HAPPENING LATER-
Swan Lake x Opera: For classic lovers, don't miss the performances of Tchaikovsky’s ballet Swan Lake, performed by the St. Petersburg Classical Ballet Company. The shows will take place over three days: October 2, 3, and 4 at the Cairo Opera House’s Main Hall in Zamalek, starting at 8:30pm. Grab your tickets for the first, second and third night from Tazkarti.
MENA’s first and only design-film festival is back:Film My Design festival is back for its third edition — under the theme Designing Our Lives for a Better Future —, taking place from Thursday, 3 October to Saturday, 12 October at Zawya Cinema. The festival features film screenings, masterclasses, a motion design exhibition, VR immersive experiences, and much more. Buy your tickets from Collard Tickets.
Registration is still open for the Scaled Games. Show off your skills by taking part in one of the three sporting competitions available: running, football, or crossfit. Running and crossfit will both take place on Friday, 11 October, while the football tournament will take place starting Friday, 27 September to Friday, 11 October. All events will happen in New Heliopolis City. You can sign up on Ticketsmarche.
Charlotte Cardin is making her debut in Cairo. The Canadian singer and songwriter will perform at Cairo Jazz Club 610 on Saturday, 16 November. Grab your tickets from Ticketsmarche.
Party like you’re in Ibiza. Circoloco — the iconic Ibiza party — is coming to the Pyramids on Friday, 15 November. The 9-hour party kicks off at 6pm and will feature an array of electronic, house, and techno music. Grab your tickets from Collard Tickets.
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? EARS TO THE GROUND-
Whatever relationship taboo you can think of, these two have spoken about it. Married couple Omar Samra, known for being the first Egyptian to climb Mt. Everest, and Mint El Mokadem, formerly known for being the founder of Pole Fit Egypt, and now a Somatic Sexologist, created Eih El 3elaqa to discuss the ins and outs of relationships without holding back.
Ripping the bandaid off: They talk about everything from defying gender roles, to intimacy to dealing with the in-laws. This podcast is full of difficult-to-have conversations, and their raw, courageous honesty makes it so that those who need advice or have similar concerns but are too shy to ask may benefit.
They sprinkle some western-ess in there. Mint and Omar often discuss topics or make points that are taboo in traditional Arab culture, but always demonstrate their awareness and clarify how these topics were incorporated into the culture.
One episode that stood out was about Blended Families, specifically about being a stepparent. Mint spoke about her relationship with Omar’s daughter Teela, and the role she plays in her life as his wife. They also touch on Omar’s late wife Marwa, and how Mint navigates being a good parent to Teela without the intention of replacing her mother.
The EGX30 rose 0.1% at today’s close on turnover of EGP 4.6 bn (15.6% above the 90-day average). Regional investors were the sole net sellers. The index is up 25.6% YTD.
In the green: Cleopatra Hospital Company (+8.3%), Credit Agricole (+3.5%) and Alexandria Containers and Cargo Handling (+2.9%).
In the red: Fawry (-2.7%), Egypt Kuwait Holding-EGP (-2%) and B Investments Holding (-1.9%).
The work world spins on its axis, and companies are constantly finding themselves in a game of adapt-or-fail with emerging work trends. Operational shifts come as a response to many things — inflation, budgets, garden variety socioeconomic factors… And recently, in response to the pandemic, GenAI, and ill-received return-to-office (RTO) mandates. Companies can’t — and shouldn’t be expected to — adapt to every trend, but leaders are keeping an eye on how the global workplace is changing.
The big one:Digital nomadism — where individuals work remotely as they make their way from country to country — isn't just for freelancers anymore. This lifestyle has attracted young professionals, retirees, and even families with kids. As the dream of home ownership and a fair-paying 9-to-5 job becomes less attainable, many young professionals, retirees, and even families with kids see digital nomadism not just as an attractive option to escape climbing living costs, but a practical one too.
The office cubicle isn’t winning any popularity contests, and luckily, some employers are happy to accommodate: The growing trend, which has gained over 35mn participants globally, gained traction during the pandemic — the US has seen a 131% increase in people who would describe themselves as digital nomads in the past five years. Local economies and industries have found no qualms to adapting this work model, introducing dedicated job listings for people interested in that lifestyle, investing in tech to support remote workers, giving them a stipend to rent coworking spaces, and even offering specialized visas for people traveling as they work.
“If you don’t like it, leave.” isn’t a threat anymore. Digital nomads aren’t the only ones shaking things up. Enter two types of quitters: loud and quiet. Those aren’t a literal description of how those types of quitting work, but they’re still making noise (pun intended). Quiet quitting — doing that absolute bare minimum at work without shirking your responsibilities — is a manifestation of the disconnection and discontentment people are feeling at work.
Instead of resigning or disrupting the workplace, these workers simply disengage. Shockingly, around 90% of employees in the UK identify as quiet quitters — they show up to work, do their job, and leave on time to try to reclaim as much as they can of their personal time.
Why? It’s simple. People are feeling overworked, undervalued, and underpaid. Disillusion with the idea that hard work guarantees success or even recognition has underscored the futility of giving their lives to their work — people are now prioritizing life outside of the office. Experts warn that this could be a temporary fix to a real issue.
On the other hand, loud quitting is all about making an exit that everyone notices. This trend has picked up on social media, especially TikTok — dubbed Quit-Tok. Employees share videos of their resignations and exit interviews — the messier the better. It’s a way for people to express their frustrations publicly, wanting to highlight particularly negative experiences in the workplace so that others in the same situation feel empowered to ask for what’s owed them or to leave a toxic work environment.
People aren’t just doing it for the ‘gram: These trends are a culmination of many factors that are just now coming to a head, though social media is definitely fanning the flames. Why not just let them leave? High turnover not only dings the company’s wallet, but hurts team morale and affects the office culture. The way to avoid grand displays of dissatisfaction or stealthy disengagement, says one Gallup report. It all boils down to engagement and keeping those communication lines open: companies need to create a culture where employees feel valued and supported — whether that’s through clear career growth opportunities, offering mental health resources, or allowing flexible work setups.
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