Lost office rituals

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Maait delivers budget statement at the House

Good afternoon, ladies and gentlemen, and welcome to a busy hump day here in Omm El Donia.

We’re only six days away from meeting with some of you at the Enterprise Exports and FDI Forum, taking place at the Four Seasons at the Nile Plaza on Monday, 15 May.

We’re proud to announce that our friend Mark Wyllie, CEO of Beyti, is joining us for the forum. Are you? Mark Wyllie is going to be speaking at the forum about the foundations of setting up an FDI strategy. He is joined on stage for that discussion by Hossam Sallab, CEO and vice-chairman of Sallab Group and Royal Ceramica and Kareem Abou Ghaly, chairman and CEO of Pasta Regina who will share their playbook on how to create an export-oriented business.

They’re not the only ones: Among the CEOs, top execs, bankers, and development finance folks speaking at the conference are: Tarek Kamel, CEO of Nestle Egypt; Omar Elsahy, general manager of Amazon Egypt, Khaled Morsy, CEO of DB Schenker Egypt; Shady William, managing director of IDG; Mohamed Talaat Khalifa, CEO of Concrete; Abdallah Sallam, CEO of Madinet Masr; Tarek Hosny, head of investments and projects at Fertiglobe; Nadia El-Tawil, investment officer at AfricInvest; Mostafa Bedair, CEO of Giza Seeds and Herbs; Helmi Ghazi, deputy CEO of HSBC Egypt; Nada El Ahwal, CSO of Transmar; Hassan Massoud, associate director and head of private equity (Southern Mediterranean) at the EBRD; Hossam Abou Moussa of partner at Apis; Yassir Zouaoui, partner at McKinsey; and Mohamed El Gebely, Team Leader at USAID Trade.

Topics and live interviews will include:

Why exports and FDI are the way forward and what lessons have worked from around the world;
How to attract foreign partners and figure out what they are looking for;
What lessons can we draw from white goods, fertilizers, and garments exporters who have increased our exports;
What it takes to secure a place in a multinational’s supply chain.
How industrial clusters could expedite exports, FDI and possibly be an avenue for SME development;
What are the industries of tomorrow around which we can export and bring in FDI.

For the full agenda please click here.

** Have you confirmed your attendance? Invitations have been sent out over the past few weeks. If you have yet to confirm your attendance and would still like to join us, please reply to the invitation with an RSVP.

THE BIG STORY TODAY

IT’S BUDGET DAY, and proceedings have kicked off in the House of Representatives, with Finance Minister Mohamed Maait delivering his statements on the draft state budget for FY 2023-24.

Maait said he expects the budget deficit for the current fiscal year to come in at 6.4%, according to a readout of his statements, marking a significant improvement from earlier expectations of 6.8%. As we noted this morning, an earlier document circulated carried a budgeted adjusted deficit of 8%. The lower than originally budget deficit is a welcome development and suggests growing fiscal restraint.

THE BIG STORY ABROAD

Leading the conversation in the international business press this afternoon: Credit Suisse CEO Ulrich Koerner is joining UBS’ executive board as part of a leadership shuffle, UBS said today. Koerner’s appointment comes after UBS took over Credit Suisse in a USD 3.25 bn agreement last month. The story is getting front-page play in the Financial Times, Reuters, and CNBC.

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

The Sovereign Fund of Egypt (SFE) has acquired a 49% stake in leading pharma chain El Ezaby Pharmacy, El Ezaby Chairman Ahmed El Ezaby said in a televised interview last night.
Khazna + Benya partner on hyperscale data center: UAE-based Khazna Data Centers will establish Egypt’s first hyperscale data center in partnership with local IT infrastructure firm Benya Group.
OIH makes a play for the next-gen automotive sector: Orascom Investment Holding (OIH) has become a strategic investor in local e-mobility company BluEV after making an undisclosed investment.

WANT TO START A CAREER IN INVESTOR RELATIONS ADVISORY? Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell companies’ stories. Enterprise Advisory is the region’s leading investor relations advisory company and works on investor and strategic communications for more than 40 companies across a wide range of industries in Egypt and the wider MENA region. Egyptian and foreign nationals alike are welcome to apply.

NEVER WORKED IN INVESTOR RELATIONS OR ADVISORY BEFORE? We have the Enterprise Advisory Development Program. The four-month program will see full-time, paid participants take part in workshops and lectures from veteran investor relations and advisory professionals, while also applying their knowledge in a practical setting. Those who successfully complete the program will then be offered full-time positions on staff for a chance to work in a flexible and supportive — but still fast-paced — work environment that eschews micromanagement and rewards good work. Enterprise Advisory offers the chance to build a network of high-ranking individuals across some of the largest and most influential companies in the region through direct exposure to clients.

During the program, you’ll learn:

Finance for non-finance types;
How to analyze businesses, their business models, their strategic advantages, and their strategies;
How to take that information and then tell an audience of investors, journalists, and analysts a compelling and well-developed story;
How to frame individual companies’ stories within the wider macroeconomic environment.

☀️ TOMORROW’S WEATHER- More warm weather: Expect a daytime high of 34°C and nighttime low of 19°C, our favorite weather app tells us.

Mourning the office rituals we’ve lost + Spotify is doing a bot purge

Recovering what we lost: Office rituals are key to community building, and losing these communal habits because of the pandemic has had negative effects on the workplace, talent leaders agreed in a McKinsey & Company podcast.Rituals are habits that we can depend on and expect with a certain amount of predictability. They are recurrent and are, first and foremost, all about bringing people together — to celebrate a milestone, or agree on a common goal. They help connect people and foster a sense of community: “[They] help employees feel a part of something bigger, help them get energy — help them know their jobs aren’t just about the tactical,” says talent leader Bill Schaninger.

Why they are important: Without rituals, the individual takes precedence over the group and rather than employees, the company has contractors with no genuine sense of belonging. This potentially breeds a “me” versus “we” mentality that is not conducive to an optimal professional setting. The absence of rituals is exacerbated by two factors: The immense disruption that was the covi-19 pandemic, but also the entrance of Gen Z into the workforce — a generation that socializes differently and can sometimes favor social media communication over in-person contact.

The workplace without rituals: Imagine not wishing a colleague a happy birthday, celebrating a promotion, or throwing a farewell party — or having your colleagues do the same for you. This could contribute to weaker ties, according to talent leader Bryan Hacock: Weaker links with managers, colleagues, and throughout the company. This, in turn, impacts the organization’s overall performance, can have ill-effects on retention and individual employee’s psychological welfare. While some coping strategies like “cocktails over Zoom” or “gratitude email chains” were a compromise during the pandemic, they are not the same as warmer, more tangible communication.

How does one form valuable rituals? While celebrating milestones and achievements is easy enough, rituals need to be inclusive and relevant so as not to feel forced. Ideally, they ought to be rooted in “mindfulness and gratitude,” Hancock added, in order to give people a sense of purpose.

Spotify weeds out the bots: Spotify has removed tens of thousands of songs created via AI music generator Boomy to clamp down on fake streams, the Financial Times reports. The streaming giant has taken down 7% of the tracks uploaded from Boomy, which allows users to “create original songs in seconds” that they can release to streaming platforms. “Artificial streaming is a longstanding, industry-wide issue that Spotify is working to stamp out across our service,” Spotify said. During the weekend, Boomy resumed the release of new tracks to Spotify and the two parties are currently in talks over reinstating the rest of Boomy’s tracks, according to the FT.

What artificial streaming? AI music generation has been a catalyst for what is known as artificial streaming — fake plays by bots aimed at boosting the audience numbers of certain tracks. “The streaming boom has given rise to an array of services offering artists the chance to buy their way to success,” the FT writes, adding that websites like spotistar.com sell 1k Spotify plays for USD 6.

Gordon Ramsay: Uncharted follows the celebrity chef around the cuisines of the world

? ON THE TUBE TONIGHT-
(all times CLT)

Watch Gordon Ramsay explore the world outside the kitchen:Gordon Ramsay: Unchartedis a National Geographic series that takes the notoriously foul-mouthed celebrity chef beyond his comfort zone and into the great outdoors of some of the world’s most remote and daring locations. With the help of local experts, Ramsay immerses himself in the local culture, customs, and extraordinary cuisine of locations such as Tasmania, Hawaii, and Peru — all a long way from home for him. The show brings a captivating blend of food and adventure, complete with stunning landscapes and fascinating culinary traditions unique to each region. Ramsay’s trademark intensity is put to the test as he discovers new ingredients, learns new cooking techniques, and connects with locals from all walks of life. The series is available on Disney+.

Dive into Egypt’s infinitely rich contemporary art world: The “Traces of Egypt” Exhibition began in late March and will continue until Thursday, 15 June, at the Grand Egyptian Museum. The exhibit is organized by Egyptian-German artist Susan Hefuna and celebrates the country’s Khayamiya tradition through 28 dresses celebrating local artisans and their craftsmanship.

Expressionist depiction of Egypt’s rural communities: Artist Omar Abdel Zaher’s latest art exhibition, Roots, opened at Safarkhan Art Gallery last week and runs through Wednesday, 24 May. The exhibition is “a sincere, impassioned exploration and meditation on the modest and down-to-earth sanctities of Egypt’s rural communities.”

Back to the Cairo Opera House: Egypt’s iconic Omar Khairat will be performing next Wednesday, 10 and Thursday 11 May, starting 8pm. The concerts are expected to run through until 11pm at the historical venue’s Main Hall.

Who else has a 40-year roster of songs to choose from at a concert? Catch Amr Diabperforming some of his biggest hits — old and new — at AUC on Friday, 12 May. Tickets are available through Tazkarti.

Start training for your next half marathon: The TriFactory is hosting another edition of itsMadinaty Half Marathon on Friday, 9 June at Madinaty. You can sign up for the event through the TriFactory website.

Confronting the ultimate truth: All the Living and the Dead talks about our bodies after we leave them. Despite being one of humanity’s few immutable, universal truths, death takes up a lot of our imaginations and occupies a mind despite being, it must be said, a mundane fact of life. Coping with the loss of life can be grueling, unnerving, even heart-wrenching — but it also has a more pragmatic side. And who better to attest to that than those whose livelihoods depend on it? In this compelling book, author and journalist Hayley Campbell interviews detectives, embalmers, gravediggers and even executioners to try to unwrap how we understand and theorize death, and also how we approach it. Philosophy, sociology, and anthropology aficionados will all find something for them in this book — and so is everyone who has thought about the meaning of life and how the West understands its end.

What the markets are doing on 9 May, 2023

The EGX30 fell 1.8% at today’s close on turnover of EGP 2.9 bn. Foreignn investors were net sellers. The index is up 18.7% YTD.

In the green: Taaleem (+6.2%), Ibn Sina Pharma (+3.2%) and Mopco (+1.6%).

In the red: Abu Qir Fertilizers (-4.7%), Credit Agricole (-3.8%) and Qalaa Holding (-3.6%).

Meet our founder of the week: Lama El Khawanky, cofounder of Up-Fuse

OUR FOUNDER OF THE WEEK– Every Tuesday, Founder of the Week looks at how a successful member of Egypt’s startup community got their big break, asks about their experiences running a business, and gets their advice for budding entrepreneurs. Speaking to us this week is Lama El Khawanky (LinkedIn), co-founder of Up-Fuse.

My name is Lama El Khawanky and I’m the cofounder of Up-Fuse, which transforms plastic bags into everyday products, like bags, clothes and footwear. Today, Up-Fuse is my life, where I spearhead production and design from the moment we get the plastic bags up until we transform them into an actual product.

After I completed my undergraduate studies in Product Design at the German University in Cairo, I wanted to give myself the chance to explore what I wanted to do. I started exploring with Up-Fuse, before I joined as a cofounder in 2015, and quickly realized that this was what I wanted to do.

The best part of my job is that I can see tangible impact. I can tangibly see the impact we were creating, in terms of turning waste into products, as well as working with women and refugees who learned a new skill through Up-Fuse. We’re helping the environment and the society, and I felt like this is where I belong.

The one thing I gave up throughout the journey was my peace of mind. The idea of disconnecting from work does not exist for me anymore. Even when I’m on vacation, I get anxious and want to be involved in what’s happening because Up-Fuse is my baby.

The one piece of advice I would give people who are starting their business is to always have a plan. This starts with the transition from your current job or position to the company you want to build. Additionally, you need to plan the steps you’ll take in order to build a business to which you’d want to dedicate yourself. And no, it’s not always greener on the other side.

There are three KPIs I frequently check. Firstly, the progress made on new products that we want to launch. Secondly, the team spirit and how the team feels — are they just finishing a task because they have to or are they actually excited about their work? And thirdly, the number of sales we have achieved.

When I need advice, I turn to several people. I mainly turn to my partners and my business coach. I also talk to founders of similar startups to get their input on problems we all share, like legal issues, for example.

Having said that, I don’t think that being a founder is a lonely journey. As a founder, you always need to make connections and get to know new people. But it also depends on the founder themselves.

So far, Up-Fuse has mainly relied on grants and competitions as a source of financing. These include Hivos, MIT Saudi Arabia and El Fanar. We’re considering fundraising from investors in return for equity in the future.

Our short-term plans mainly revolve around expansion. We worked on the giveaways of COP27 and are hoping to do the same for COP28. We also now have an international website that sells in Germany because we have huge potential there. We also want to expand our training programs, which we’ve conducted with the UN’s International Organization for Migration, where we train women on upcycling, sewing, and opening their own business.

We also want to expand our material library. We’ve already integrated plastic bottles and car tires, and we’re looking to add more waste types to the mix in the short-term. Our long-term goal is to become an international brand.

My father never understood what I actually did, until he saw our shop at the North Coast. That’s when he got excited. Both my mum and sister are very proud of me and supportive.

The last thing I read was The Speed of Trust by Stephen MR Covey. It basically tackles how to get your team to trust you without forcing it.

In my freetime I play CrossFit and run. I also love to travel and try new food, taking walks, seeing my friends. I like to be active.

One startup that I think is killing it is Palma. The founder inspires me and I think he’s doing a great job.

THE ENTERPRISE ENTERTAINMENT CALENDAR

MAY

6-20 May (Saturday-Saturday): Film Society Festival for Egyptian Cinema.

12-15 May (Friday-Monday): Cairo Fashion Week.

JUNE

10 June (Saturday): Thanaweya Amma examinations begin.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY

18 July (Tuesday): Islamic New Year.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

SEPTEMBER

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

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

OCTOBER

6 October (Friday): Armed Forces Day.

13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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