Medieval standup comedy

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WHAT WE’RE TRACKING TONIGHT

TONIGHT: Private sector minimum wage is getting another increase

Happy hump day, friends. We round out the midweek slump with the announcement that the upcoming holiday is going to be longer than many of us expected:

The public sector will have a six-day break starting next week in observance of Eid Al Adha and the anniversary of the 30 June revolution, cabinetsaid earlier today. The holiday will run from Tuesday, 27 June until Monday, 3 July. The Manpower Ministry, Central Bank of Egypt, and EGX are yet to confirm the dates for the private sector and the banking sector.

THE BIG STORY TODAY

Private-sector minimum wage to rise again: The private-sector minimum wage will rise by 11% from July after the National Council for Wages decided to raise the threshold for the second time this year to support workers amid soaring inflation. In a statement earlier today, the Planning Ministry said that private-sector firms will have to pay their employees at least EGP 3k a month from 1 July, up from EGP 2.7k.

THE BIG STORY ABROAD

The search to find the tourist Titanic submersible is still dominating the international press this afternoon. Alerts were made when contact was lost with the submersible on Sunday — 105 minutes into the dive. There are five people onboard the Titan, the tourist submarine belonging to OceanGate, the company behind this expedition. The story is developing on: Reuters | CNBC | The Wall Street Journal | New York Times | Associated Press | BBC | Financial Times

The Enterprise Finance Forum is our flagship gathering — the one so many of you have been waiting for. The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings. Stay tuned for more information on the location.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations just after the 30 June holiday.

Do you want to become a commercial partner? Email mtaalab@enterpriseadvisory.com.

STAY TUNED for more detail about our exciting agenda in the weeks to come.

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

Ezz Steel on its alleged acquisition plans — take two: Steel giant Ezz Steel has not made any offers to acquire additional shares in its subsidiary Ezz Dekheila Steel.
valU kicks off EGP 4 bn securitization program: Consumer finance platform valU has issued EGP 1.42 bn worth of securitized bonds, its first issuance in a new EGP 4 bn securitization program.
International donors pledged nearly USD 1.5 bn in humanitarian aid for Sudanat an event co-hosted by Egypt alongside the UN, Germany, Qatar, Saudi Arabia, the African Union and the EU yesterday.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.

That said, we're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

During the program you will learn:

The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;
How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
How to develop sources that will give you the key insights needed to tell a complete story;
How to communicate these stories with the confidence and language of an insider.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

☀️ TOMORROW’S WEATHER- Some clouds will scatter the skies in the morning before clearing up for a sunny afternoon with the mercury hitting a high of 35°C and dropping to a low of 21°C at night, as per our favorite weather app.

Standup comedy is older than you think + In the age of AI, we still prefer the human touch

Standup comedy dates back to the medieval ages: The Heege manuscript — an ancient text that dates back to the 15th century — reveals the first historical record of a stand-up comedy routine, according to an article by Cambridge University professor James Wade published in the Review of English Studies. The manuscript gives “us the rarest glimpse of a medieval world rich in oral storytelling and popular entertainments,” Wade said, noting that people in the Middle Ages showed mastery in live performances. The ancient manuscript also includes the first use of some phrases that are commonly used today, like “red herring. The term, which means giving a false clue to a reader or a viewer, was used in a satirical mocking of medieval society, a common feature in standup comedy acts today.

What makes the manuscript even more significant is that it offers insight into the changes that were happening across the medieval social strata through the texts of the minstrels — musicians or performers in medieval times — who had access to the wealthiest families. The minstrels’ performances, some of which were documented in Heege’s manuscript, showed indications that they poked fun at different aspects of medieval society, from peasants’ day-to-day struggles to ridiculing aristocrats.

Even though AI has spread its tentacles into several industries, consumers still prefer to purchase items that have been made by human hands, concludes research by the Wall Street Journal. Despite AI and machines’ ability to create products accurately and efficiently, it seems that people prefer the human touch when it comes to purchases that have symbolic value — an anniversary gift, a tattoo, or a customized item.

Why? Human-made items are unique, as opposed to their AI counterparts that are identical, and hold no special quirks, nooks, or crannies that make them special.

Save the best for human hands. The outcome of the WSJ research suggests that businesses should reconsider automating everything, rather, they should inquire about what “should” be automated by listening to their customers. As a result, they can market a product that was made by human hands, in turn, adding value to it. Doing so can justify the humans that will still be employed when AI forces hordes of employees out of the labor market, they add.

Wilderness Cooking is your go-to for outback cuisine

? ON THE TUBE TONIGHT-
(all times CLT)

Wilderness Cooking on YouTube is your new go-to cooking show that offers not just delicious dishes, but an ASMR experience coupled with exhilarating vistas. Watch Tavakkul, a native of Azerbaijan, living in his sustainable home in the high-mountain village of Qamarvan. Aside from his own livestock, he has his own natural water well, smoker, and make-shift spit. His cooking show is a feast of every kind of livestock animal, cooked over an open fire, under the ground, in a bucket, or in a myriad of contraptions that he created by hand, whether they are carved from wood from the surrounding forest, or forged in his backyard. One of the very unique aspects of his cooking is that he never speaks as he cooks — he is completely immersed in his cooking and all we hear are the sounds of nature as he chops, sears, and prepares herbs from his garden to add to the delicious meal that he is preparing. The episodes are not without their surprises — he has visitors every time he cooks, whether it’s a group of children eager to have their lunch or a condor that decides to accompany him as he prepares a meal in the middle of the forest. The episodes on YouTube inspire anyone who wants to co-exist with nature and leave the urban sprawl behind. Tavakkul is surrounded by animals, clear skies, and lush greenery that makes his sustainable lifestyle very appealing — also, his handmade cookware is on sale on his website.

Tchaikovsky’s Swan Lake will be performed by the Cairo Opera Ballet Company, accompanied by the Cairo Symphony Orchestra in the Opera House in the main hall. The performance will start at 8:30pm and will be performed over four days from tonight to Friday, 23 June. Tickets can be purchased via Tickets Mall.

Zawya’s two-week festival for Italian director Michelangelo Antonio continues today, as part of its Italian Cinema Focus program in cooperation with the Italian Cultural Institute. The cinema will screen Antonio’s films through to Tuesday, 27 June.

The annual Flower Exhibition — which is typically held at the Orman Gardens — is now open to the public at the Agricultural Museum in Dokki. The exhibition will run for one month until 27 June.

Egyptian soprano Amira Selim will perform at the National Museum for Egyptian Civilization tomorrow to celebrate the one-year anniversary of the museum’s inauguration. Doors open at 7:30pm and the performance begins at 9:30pm. You can book tickets here.

Black Theama hits Falaki: Egyptian band Black Theama will be performing tomorrow at 8:30pm at the downtown AUC campus’ Falaki Theater. You can buy tickets from Tazkarti here.

The French Institute in Egypt is hosting its three-day Grün Fête de la Musique from this Thursday through to Saturday, 24 June at Al Azhar Park. The events will include discussions about music, as well as awareness workshops on the environment. The doors will open at 3pm, with the discussions set to kick off at 4pm, followed by a lineup of musical performances at 7pm. You can register for the events as of next week, and check out the event website here.

Run for a cause: Get a good night’s sleep this weekend and join the Cairo Runners’ marathon to mark World Refugee Day this Friday at 6:45am. The marathon’s starting point is at Le Lac du Caire next to the National Museum of Egyptian Civilization. You can register for the marathon here.

Wegz lovers, this is for you. Don’t miss Wegz’s performance in ZED East in New Cairo this Friday starting from 10pm. Reserve your place now through Ticketsmarche.

Cairokee Empire returns: Cairokee is hitting the stage with two mega-concerts at New Cairo’s Manara Arena on Thursday, 27 June and Saturday, 29 June. Tickets are available on Tazkarti here and here.

The magicalInterpreter of Maladies by Jhumpa Lahiri is a light, touching read for long summer days. Set between the US and India, Lahiri writes nine stories about men, women, and children trying to find love, consolation, or their ambition in a narrative style that’s inviting and tempts you to turn to the next story. Lahiri opens with a short chapter on a Bengali family visiting India from the US. The family selects our protagonist — an interpreter of native Indian languages — to be their guide, but the protagonist finds out he is getting more than what he bargained for. Another story is about an elderly woman whose purpose in life is to sweep the stairs in an apartment building and to sleep under the mailboxes until one day her world turns upside down when the apartment owners contemplate having a proper concierge. This Pulitzer Prizewinning book does not disappoint and will engage the reader to read more of Lahiri’s enchanting text.

What the markets are doing on 20 June, 2023

The EGX30 fell 0.4% at today’s close on turnover of EGP 2.07 bn. Regional investors were net sellers. The index is up 22.8% YTD.

In the green: Credit Agricole (+5.1%), GB Corp (+4.6%) and Cleopatra Hospital (+3.4%).

In the red: Ezz Steel (-4.8%), Mopco (-4.0%) and Abu Dhabi Islamic Bank (-1.5%).

Meet our founder of the week: Ibraim Shams, co-founder and CEO of Kiliim

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 Ibrahim Shams (LinkedIn), co-founder of Kiliim.

I’m Ibrahim Shams and I’m the CEO and co-founder of Kiliim, which sells traditional kilim rugs with modernized designs. I graduated with a degree in materials engineering from the German University in Cairo (GUC) in 2010. I didn’t work a single day in engineering although my father has a private business in this field, but I was more interested in working in FMCGs. I worked for Henkel for five years, starting as a sales supervisor in the traditional trade section, before moving on to become a key accounts manager managing hyper supermarkets as Carrefour.

My inspiration to launch Kiliim came from a rug for my daughter’s room. My wife and I wanted to buy a kilim rug, so we started searching online but we couldn’t find places that sell good designs. We even went to two kilim vendors in Maadi but didn’t find a variety of options. I was curious to know more about this industry, so I dug deeper and I found out that the majority of kilim craftsmen are based in a city called Fowwa in Kafr El Sheikh. The industry was in decline and the craftsmen were so pessimistic and they were trying to go for a career shift or sell their shops. My wife Noha El Taher (LinkedIn) and I decided to create our own kilim brand that has unique and oriental designs. Most of the designs we saw in the market weren’t exciting and felt redundant.

We started out by touring Fowwa to explore the industry and understand more about the craft. My first agreement was with the owners of two workshops, both of whom were optimistic and excited to collaborate with us. Otherwise, most of them did not have the appetite to implement new designs as they already have plenty of unsold rugs.

One of the best things about my job is that I work at my own flexible pace; I’m not stuck to a rigid schedule of long working hours as was the case in my corporate life. On the flipside, there’s a big responsibility on my shoulders as I am the one responsible for every single detail in the business.

If I could give someone who is thinking of starting their own business just one piece of advice, it would be not to overthink. It doesn’t have to be perfect right from the early beginning — just find a creative idea and everything will be settled afterwards.

The three most important KPIs we look at are the brand’s year-on-year profitability, growth, and the consistency of our product’s quality. We also keep track of the number of kilim craftsmen added to our team.

I don’t feel like being the founder of a startup is a lonely journey because my wife is my business partner and I have a great team that I can count on. When we set up the business, my wife and I each took one side of the responsibilities to complement each other — she’s responsible for the creative and colorful designs, which are mostly inspired by Fowwa’s Islamic landmarks, and I run the finances and set up strategies. I always turn to my wife and my mother for advice to fix a difficult problem.

My wife was my number one supporter and believer and we built the brand together. My parents didn’t fully grasp the idea at the beginning — they were afraid of the risk of leaving behind a good, stable job to embark on an uncertain path. My older daughter, Lina, loves the brand and gives me a lot of love and support that keeps me going.

We launched the business with our own capital without formally raising funds. Entrepreneurship competitions — such as the MIT Arab Competition and the Facebook Community Accelerator 2020 — were also a good source of income for us. We don’t currently have big funding plans; investments can expedite our growth, but might impact the high quality of handmade products.

Our short-term goal is to make sure the three new branches we’re opening soon — two in Cairo and one in Dubai — operate smoothly. My long-term goal is to limit outsourcing and absorb more of the supply chain, including the kilim and dye workshops and textile factories.

If I were to exit my business tomorrow, I would sell it to someone who values the kilim industry and appreciate the amount of effort we made to renovate and revive this industry. If I sell my business, I would definitely start a new one — I don’t want to be an employee again.

I’m coming, O Light by Mohamed AboulGheit is one of the great books I read recently. It made me realize how lucky we are with all the blessings God gave to us.

I love both playing football and watching football matches in my freetime. I play football professionally with the New Giza club. It all started when a group of people above 30 years old wanted to practice sports and be healthy. The idea grew and the team eventually became official and is now competing at the fourth level in the Egyptian league.

A startup that I think is doing a great job is KarmSolar: They’re growing and working efficiently and creatively.

THE ENTERPRISE ENTERTAINMENT CALENDAR

MAY

27 May-27 June (Saturday-Tuesday): Annual Flower Exhibition from 10am at the Agricultural Museum.

JUNE

14-27 June (Wednesday-Tuesday): Zawya’s two-week festival for Italian director Michelangelo Antonio.

21 June (Wednesday): Egyptian soprano Amira Selim performance, National Museum for Egyptian Civilization (NMEC).

22-24 June (Thursday-Saturday): Grün Fête de la Musique at 3pm at Al Azhar Park.

22 June (Thursday): Ahmed Amin’s interview on SoldOut Live, El Falaki theater.

23 June (Friday): Wegz Live Concert, ZED East, New Cairo.

23 June (Friday): Cairo Runners marathon, Le Lac du Caire, Cairo.

27 June (Thursday): Cairokee mega-concert, Manara Arena, New Cairo.

29 June (Saturday): Cairokee mega-concert, Manara Arena, New Cairo.

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

30 June (Friday): June 30 Revolution Day.

JULY

18 July (Tuesday): Islamic New Year.

19 July-23 July (Wednesday-Sunday): Egypt Summer Festival, Heliopolis.

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.

AUGUST

2 August-3 August (Wednesday-Thursday): Fintech Revolution Summit at 9:30am at Cairo Festival City.

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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