Mass layoffs no more?

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WHAT WE’RE TRACKING TONIGHT

That’s a wrap on this year’s EnterpriseAM Finance Forum

Good afternoon, folks. We are coming to you from the St. Regis on the banks of Nile shortly after wrapping up this year’s EnterpriseAM Finance Forum where we spoke to members of the business community across various sectors, most notably Investment and Foreign Trade Minister Hassan El Khatib.

It was another full house event that brought together many senior bankers, finance industry players, corporate leaders, and other members of our business community. All of us here at The Enterprise Company are deeply grateful 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.

^^ Await our coverage of our keynote interview with El Khatib in tomorrow’s issue of EnterpriseAM Egypt and coverage of the rest of the day’s panels in future issues.

THE BIG STORY ABROAD-

Israel’s deadly attack on Lebanon is dominating the front pages: Israel’s strikes on Hezbollah targets yesterday, which killed over 500 people and injured over 1.8k, marked Lebanon’s “deadliest day in decades.” Hezbollah retaliated, targeting Israeli military targets, as the US continues to warn against escalations that could lead to a full-scale war. (Bloomberg | Financial Times | Reuters | AP)

Airlines cancel flights to Lebanon: Airlines — including our very own EgyptAir — have canceled over 30 flights to and from Beirut. (Reuters | AP)

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

Haier lays foundation stone for second phase of industrial park: Chinese appliance manufacturer Haier laid the foundation stone for the USD 40 mn second phase of its eco-industrial complex in Tenth of Ramadan City.
Dekheila dry bulk terminal awarded: A consortium of four local private and state-owned firms will invest USD 450 mn to build, manage, and operate a 300k sqm dry bulk terminal in Dekheila Port.
City Lab is now Premium Healthcare Group: Medical diagnostic services provider City Lab announced its intention to rebrand to Premium Healthcare Group. The firm also announced its intention to acquire four local lab operators for a total of EGP 991.7 mn.

☀️ TOMORROW’S WEATHER- The temperature is maintaining its much-welcomed cool, with tomorrow seeing highs of 33°C and lows of 23°C in the capital, according to our favorite weather app.

Employers are starting to think twice before letting go of employees

Mass layoffs could be a thing of the past: Companies aren’t as quick to let go of employees as they once were when times get tough as rehiring proves difficult, Axios writes. This comes after a significant uptick in layoffs — during the early days of the Covid pandemic employers let go of a whopping 13.5 mn employees, the highest number in the past 24 years.

What changed their mind? When the economy started recovering from the pandemic and companies started looking to fill up newly-vacant positions, the process proved to be daunting. There weren’t enough people to hire, which led to a widespread worker shortage in 2022. This seems to have pushed employers to hold on to their employees despite recession concerns and rate hikes. “It took me so long to get this labor force, I'm not letting them go,” one manager told Axios.

Slowly but surely. In 2019, the US saw an average of 1.9 mn employees laid off every month. This year, the figure dropped to 1.6 mn, according to official data.

Don’t celebrate yet. This still doesn’t mean the labor market is thriving. In a report released last month, labor market information data center Ligh tcast w arns that “US employees will soon face the largest labor shortage the country has ever seen,” citing falling childbirth rates and the retirement of Baby Boomers. Younger generations have also shown a greater interest in office-based jobs requiring a college degree and there has been a decline in working-age men in the workforce. This puts risk on industries that AI can’t salvage like healthcare and retail.

Get to know Hadia Ghaleb in her very own reality show El Ghaleb Ghaleb

Dive into life of the infamous Hadia Ghaleb: Dubai-based, Egyptian business mogul and fashion icon Hadia Ghaleb shines in her very own reality show, dubbed El Ghaleb Ghaleb. The 8-episode show gives us a glimpse into Ghaleb’s life, her business ventures, family, and social life.

First things first, who is Ghaleb? The influencer-turned-businesswoman has quickly made a name for herself with her marketing firm Ghaleb Production House (GPH) and the Hadia Ghaleb brand for modest swimwear, which has now expanded into eyewear and men’s swimwear. Ghaleb has made headlines time and time again but not always for the right reasons — she and her swimwear brand are no strangers to receiving backlash.

What to expect: With only two episodes out, the show has already given us a look into Ghaleb’s day-to-day life and introduced us to various members of her family. The show doesn’t shy away from more vulnerable topics, like Ghaleb’s romantic life and how she navigates the dark side of fame.

A little underwhelming: From what we’ve seen, the show is nowhere near as exciting as it was advertised to be.

WHERE TO WATCH: You can catch the first two episodes of the show on Yango Play or check out the trailer (runtime: 1:30)

⚽The Merengues are locked in to fight for the top spot: Real Madrid will be playing off against Alavés tonight at 10pm for matchday 7 of La Liga. Los Blancos are riding high after three streak victories, and they’ll be looking to keep that streak alive to cut Barcelona’s 4-point lead at the top of the table.

Meanwhile, Valencia is set to go against Osasuna at 8pm, and at the same time, Sevilla go head to head with Valladolid — both hoping to grab points to climb the standings.

Matches at the Carabao Cup tonight:

Chelsea vs Barrow (9:45pm)
Walsall vs Leicester City (9:45pm)
Manchester CIty vs Watford (9:45pm)
Wycombe vs Aston Villa (10pm)

A playdate for adults? Society of Play is hosting the Back to Cairo Playdate tomorrow, 25 September at BeFit New Cairo. The event will take place from 7pm to 10pm, giving adults the chance to unleash their inner children through playing and dancing. Book your spot through the link in their Instagram bio.

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.

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 on Thursday, 26 September at Theatro Arkan, and will begin at 8pm. Get your tickets from Ticketsmarche.

For the love of tapestry. Today in History is Amsterdam-based Egyptian artist Dina Danish’s first exhibition in Egypt in nearly a decade. Composed of a collection of appliqué tapestries that resemble medieval banners, the exhibition is still open at the Gypsum Gallery till Saturday, 30 October.

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.

HAPPENING LATER-

Egyptian artist Ash is back with a concert from the heart of the Pyramids of Giza, part of his world tour, on Friday, 18 October. Get your tickets from Nacelle’s website.

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.

Go on a run in Egypt’s historic city at the Luxor Half Marathon. Cairo Runners’ annual event will take place on Friday, 11 October. Pick between a 21km or 10km race, or a short family run. You can register through their website.

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.

Prepare for the sixth edition of The Marakez Pyramids Half Marathon, organized by the TriFactory. Pick your race of choice and start training, because the marathon will take place on Saturday, 14 December. Note: Ticket prices will increase in a week, so get in line for early bird registration on the marathon’s website.

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.

A new chatty podcast enters the scene: Daily Mail’s latest podcast The Life of Bryony prides itself in “ ditching the shame and diving headfirst into life’s messier bits.” The podcast, which made its debut earlier this month, feels like a chat with your most relatable friend and her very interesting guests.

With only three episodes out, the podcast has caught our attention for its brutal honesty and inspiring guests. The first episode of the show saw host Bryony Gordon talk to the inspiring Adele Roberts, who shares her incredible story of body acceptance after surviving bowel cancer and running a world-record marathon with a stoma.

WHERE TO LISTEN- You can listen to the podcast on Apple Podcasts and Spotify.

What the markets are doing on 24 September 2024

The EGX30 fell 0.5% at today’s close on turnover of EGP 4.2 bn (6.0% above the 90-day average). Local investors were the sole net buyers. The index is up 24.0% YTD.

In the green: Elsewedy Electric (+6.2%), Sidi Kerir Petrochemicals (+2.1%), and GB Corp (+1.9%).

In the red: EFG Holding (-2.8%), Ezz Steel (-2.6%), and E-finance (-2.2%).

ENTERPRISE ENTERTAINMENT CALENDAR

SEPTEMBER

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

17 September to 30 October (Tuesday-Saturday): Today in History exhibition at Gypsum Gallery.

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

24 September (Tuesday): Ain Gamal at Boom Room

25 September (Wednesday): Society of Play Adult Play Date at BeFit New Cairo

26-29 (Thursday-Sunday): She Arts festival at AUC Tahrir.

26 September (Thursday): Fouad & Mounib concert at Theatro Arkan.

27 September (Friday): The Artful You! Journaling Workshop at Diwan Heliopolis.

27 September - 11 October (Friday-Friday): Scaled Games at New Heliopolis City.

27 September (Friday): Singing Masterclass with Farrah El Dibany at AUC Tahrir Square.

28 September (Saturday): Ice Warrior Challenge at Ski Egypt.

28 September (Saturday): Improvisation Performance: Irtigalia Honn at Falaki Theater.

26-28 September (Thursday-Saturday): El Leila El Kebira at Rawabet Art Space.

OCTOBER

2-4 October (Wednesday-Friday): Swan Lake at Cairo Opera House.

4 October (Friday): Obstacle Challenge at IL Monte Galala, Ein El Sokhna.

5 October (Saturday): The Amy Winehouse Band at The Theater in Somabay.

6 October (Sunday): Armed Forces Day.

11 October (Friday): Half Marathon in Luxor.

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.

13-17 October (Friday-Tuesday): Cairo Water Week at The New Administrative Capital.

18 October (Friday): TriFactory Tough Mudder 5K run at Sodic.

18 October (Friday): Ash at Pyramids of Giza.

21-26 October (Saturday-Thursday): Premier Padel P2 Tournament at New Giza

24 October-16 November (Thursday-Saturday): Forever is Now art exhibition at the Pyramids of Giza.

24 October - 16 November (Thursday - Saturday): Art D'Egypte’s Forever is Now Bus Tour at the Pyramids.

25 October (Friday): TriFactory Trailmaster run at Wadi Degla.

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

31 October (Thursday): TriFactory’s The Glow Run at Badya Palm Hills.

31 October- 8 November (Thursday-Friday): Cairo International Jazz Festival at the historic American University in Cairo.

NOVEMBER

8 November (Friday): TriFactory’s The Run for Upper Egypt at New Giza.

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

15 November (Friday): Circoloco Ibiza at The Great Pyramids of Giza.

16 November (Saturday): Charlotte Cardin at Cairo Jazz Club 610.

16 November (Saturday): TriFactory Half Marathon at El Gouna.

22 November (Friday): TriFactory TMK run at District 5.

DECEMBER

6 December (Friday): TriFactory PMH warm-up run at District 5.

14 December (Saturday): TriFactory’s The Marakez Pyramids Half Marathon at the Great Pyramids of Giza.

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