Good afternoon, friends, and happy almost-THURSDAY. It’s a busy Wednesday in the domestic news cycle, with more developments on our ongoing foreign currency crunch.
THE BIG STORIES TODAY
#1- Fresh import controls coming? The Madbouly government and the Central Bank of Egypt are reportedly mulling imposing new restrictions on imports to help alleviate our FX crunch, Al Arabiya Business reports, citing unnamed sources it says have knowledge of the matter (watch, runtime: 3:22). The restrictions under consideration include entirely barring imports of certain personal goods, including new cars, for a set period of time.
Other options include limiting how and what businesses are allowed to import. The proposed rules would reportedly require that companies only import goods and materials that are directly related to their operations. As it currently stands, companies are able to use their foreign currency proceeds from exports to finance any business-related imports. Some companies that are not import reliant have been using their export proceeds to import goods for other companies, a practice which the government is now looking to clamp down on.
#2- Desalination tender pushed: Six desalination plants will be offered up to the private sector in June, after being pushed back from March, Al Arabiya reports, citing an unnamed government source. The six plants would be the first phase of the government’s plan to tender 21 plants in total.
THE BIG STORY ABROAD
There’s no single unifying story or theme in the international business press this afternoon. A handful of stories to keep an eye on:
Alibaba shares whipsaw in premarket trade after revenue miss, USD 25 bn boost to buyback plan (CNBC)
Ørsted suspends dividend, cuts jobs and exits offshore wind markets (Financial Times)
US commercial real estate contagion is now moving to Europe (Bloomberg)
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Bonyan acquires a building in Redcon’s Golden Gate project: Bonyan Development, a subsidiary of Compass Capital, sealed the agreement to purchase an EGP 718 mn building in Redcon Properties’ Golden Gate project in the Fifth Settlement.
The country’s top 20 real estate developers saw their sales more than double in 2023 — to over EGP 700 bn — as investors flocked to the real estate market to hedge against a weakening EGP.
HELP GAZA-
Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.
The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.
Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.
☀️ TOMORROW’S WEATHER- Expect a slightly warmer, partly cloudy day with a high of 24°C and a low of 14°C, according to our favorite weather app.
Sticks and stones may break your bones… but there’s a fix for that: Scientists from the Korea Advanced Institute of Science and Technology (KAIST) have developed a “bone bandage” that has regenerated hurt bones in mice and shows promise of doing the same for humans, according to Interesting Engineering. Structured as a freestanding scaffold, when injected into mice with bone defects in their skulls and left for six weeks, bone regeneration was enhanced significantly with no observed side effects.
The next step is to adapt it to humans. So far, the scientists have only experimented on mice, but the results are considered a significant breakthrough for regenerative medicine which can be applied to bone regeneration in humans and various other regenerative applications, says the study published in the ACS Applied Materials & Interfaces journal.
How does it work? The “scaffold” is composed of piezoelectric materials, which release an electric charge triggered by stress to aid in bone repair, and a mineral called hydroxyapatite (HAp) that promotes growth and is naturally found in bones. It was already known that piezoelectric materials helped bone repair, but combined with HAp, cell attachment was 10-15% higher and cell growth was 20-30% higher. The HAp scaffolds yielded 30-40% higher bone formation as well.
We might be getting a unified messaging platform to cut through the litany of apps:Meta-owned WhatsApp is working on integrating other messaging apps and allowing users to message across different apps (think using iMessage to send a WhatsApp message) without violating privacy and security or jeopardizing WhatsApp’s end-to-end encryption, Wired reports.
Part of the impetus comes from European regulations, which nudged Meta to allow for interoperability on WhatsApp by designating Meta as a significant digital entity under its Digital Markets Act last September. Thus far, the integration would allow apps to “plug in” to each other, and would only apply to messaging, with European regulations only requiring similar interoperability for calls and group chats in the future.
The big question remains how to protect privacy and security while integrating the new features: Requiring different apps to conform to each other’s privacy standards and networks opens them up to a world of possibilities in terms of the infrastructure used, and no clear guidelines on which companies will have the upper hand in enforcing their preferred methods. Some are also questioning how integrating messaging across apps will affect how people are “found” on different platforms. While WhatsApp is connected to phone numbers, iMessage can operate on phone numbers or iCloud emails, and Swiss app Threema gives each account a randomized eight-digit ID (does this remind anyone of BBM?). “Linking up with WhatsApp ‘could deanonymize Threema users,’” Threema spokesperson Julia Weis told Wired.
It’s been a while since we’ve gotten a good dystopia, but The Kitchen does a good job of filling the gap. Set in a near-future London, where the wealth gap has widened beyond saving and a civil war is brewing, inhabitants of a dilapidated housing estate named the Kitchen stand against the police who are trying to evict them.
Who doesn’t love an unlikely duo? When Izi (Kane Robinson) plans on escaping the slums, he comes across young Benji (Jedaiah Bannerman) who’s been on his own ever since his mom passed. Together, they navigate their home and the rights their people deserve, all while growing closer as chosen family.
Fantastically futuristic: The world they’ve created is detailed and impressive with its blinding lights and concrete infrastructure. It really sets the tone for the grim battle the people of The Kitchen face without over-doing the sci-fi futurism.
We do wish the characters were a bit more developed though. At times it felt like there were loose threads waiting to be picked up, especially with the lack of dialogue but the actors did a great job with their roles — if they were fleshed out a bit more, it would be even better.
⚽ The cup goes on: Local leagues are still on a break until the end of the week, so local and international cup tournaments are currently dominating our screens.
Today in Afcon: The semi-finals are underway, with Nigeria facing South Africa tonight at 7pm followed by Côte d’Ivoire’s match against the Democratic Republic of Congo at 10pm. The winners will be going head to head for the trophy next Sunday, while the runners-up play for third on Saturday night.
Jordan makes history in Asia: Jordan surprised the world by eliminating the star-studded South Korean team in yesterday’s semi-finals of the Asian Cup. The Jordanian team qualified for the cup final for the first time after scoring two unanswered goals, and will be playing against either Iran or Qatar, who are facing off at 5pm today.
Missed a few matches of the FA Cup? No worries. These fourth round matches are being replayed tonight:
Nottingham Forest vs Bristol City — 9:45pm
Aston Villa vs Chelsea — 10pm
Atletico Madrid and Athletic Bilbao are kicking off the first leg of the Copa del Rey semi-final tonight at 10:30pm. The awaymatch is scheduled for Thursday, 29 February.
Related
? EAT THIS TONIGHT-
Your go-to shawarma place might have some competition when you taste Zain Al Shamlocated in the center of Souk Al Rehab. When we arrived at the place we got a whiff of spices and grills that made us know we were in for a treat.
For us it was a no brainer, we had to try the chicken shawarma. The meat had a perfectly spiced blend, juicy and tender — with the accompanying garlic sauce and the crunch of the pickles, it was a wrapped snugly winter treat. The Saj wrap was a bit on the brittle side, although that may have been a consequence of the cold weather.
Even though the shawarma was great, the chicken fattah really surprised us. One thing we will say is that it was a feast fit for kings — meaning the portion was hearty and meant for sharing. While the flavors were spot on, we couldn’t help but wish for juicier chicken pieces to truly elevate the dish.
The overall experience was great. While the ambiance of the place really gives you the full experience of eating the food, the restaurant delivers through El Menus, their website or their hotline, but only to residents in New Cairo.
Related
? OUT AND ABOUT- (all times CLT)
TODAY-
Belt your heart out at ROOM Garden City’s Karaoke Night tonight. Book your tickets for 8-10pm using this link, but if you can’t make it, the event is hosted every Wednesday and Thursday.
Consider yourself a film buff? Surround yourself with like-minded individuals at the Oscar-nominated Perfect Days film screening and discussion at LaPlace, tonight.
THIS WEEK-
THEATER-
Ebni is back at Rawabet Art Space. The play is an adaptation of God of Carnage by Yasmina Reza and it demonstrates how two different families react when their children get into a fight,and as the play unfolds their true colors are revealed. Catch the performance starting this Friday, 9, Tuesday, 13, and Wednesday, 14 February at 8pm and on Saturday, 10 February at 5pm. Book your tickets here.
Head to The Tap West for It’s Not Unusual, a two-day showcase of live performances, good food, and drinks hosted by ACT Theatre Group. The event runs this Friday and Saturday, 9-10 February and starts at 7pm. Send The Tap West or ACT a message to reserve.
MUSIC-
The Grand Egyptian Museum will be hosting Tunisian songstress Emel Mathlouthi this Friday, 9 February, so hurry and grab a ticket. The Voices of Hope concert will start promptly at 9pm.
Hamza Namira will be dropping his album at a concert hosted by ZED park this Friday, 9 February at 8pm. The park’s gates will open at 2pm but the concert gates will open later at 6pm. You can get your tickets here, with the option of regular standing, VIP standing, or VIP seated.
Egyptian independent artist and multi-instrumentalist ASH will be performing at Le LacDu Caire this Friday, 9 February. Hosted by CRCL, the event will start at 1pm and doors will close at 4pm. Get your tickets here.
Don’t miss out on Mohamed Mounir, Ramy Sabry, and Sharmoofers taking the stageat Family Park.The event will take place on Friday, 16 February with gates opening at 1pm and performances starting at 7pm. Get your tickets through Tazkarti.
Amr Diab is back on stage for the first time in Egypt this year. El Hadaba’s concert is taking place in Manara Arena on Friday, 16 February. Grab your tickets while you can.
Ready to rock? ROKN, a rising Egyptian rock band, is performing at ROOM Art Space and Café on Friday, 16 February. You can snag tickets for EGP 200 here or at the door.
Oud player Saad Al Oud and his band will be playing at Theatro Arkan on Saturday, 17 February. The night of classical Egyptian music will open its doors from 7:30pm and begin at 8pm. You can get your tickets at Ticketsmarche.
Renowned musician and composer Omar Khairat will be gracing the stage again at the Egyptian Opera House for two nights on Wednesday, 21 February and Thursday, 22 February at the Grand Theatre at 8pm. Get your ticket for the first night here and the second night here.
POETRY-
Amr Hassan will be performing at El Sawy Culturewheel for their annual end-of-winter show. Alongside his band, he will perform two concerts on Friday, 16 February, one at 3:30pm and one at 7pm. Find out more here.
THEATER-
In another of Mahmoud Saad’s live interviews, Ashraf Abdelbaki will be featured on stage on Saturday, 17 February. Accompanying entertainment will be provided by Mai Farouk. Before you grab a ticket, keep in mind that this is a no-phone, filmed experience, meaning that you should expect to hand your phone over at the gate and be seen by friends and family on their TV screens at home.
Russell Peters is taking the stage at Sports City Stadium later this month. Peters is making his comeback in Egypt on Monday, 19 February in the New Administrative Capital City. Grab your tickets while you can. For EGP 12k, you can meet the all-time highest grossing standup comedian.
SPORTS-
Join a run for Gaza on Friday, February 16 with the TriFactory in the Wadi DeglaProtectorate. All proceeds will go towards sending aid to Gaza and you can sign up here for the 5K or 1K distances.
The Cairo Half Marathon is taking place in just over a month: Mark your calendars for 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 on Friday, 1 March. The obstacle course challenge will take place at Belle Vie Club in New Zayed.
INTERACTIVE EVENTS-
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 where you have to solve four murders around the city by solving puzzles, interrogating witnesses, and hunting for clues. Find more details here.
Related
? UNDER THE LAMPLIGHT-
The Vulnerables is, simply put, a book about a woman and her parrot. A sociable macaw named Eureka is the main character in this story as its unnamed narrator, and owner, finds herself unexpectedly caring for it in a luxurious Manhattan condo during the covid-19 lockdown.
As the pandemic reaches its peak, the bird becomes a source of both amusement and soul-searching for the owner, highlighting the need for companionship, even for our feathered friends in times of isolation. But things take a turn when the unexpected challenges of sharing a space with a young man complicate the situation — while navigating the uncertainties of the world and her situation at the age of 65.
Author Sigrid Nunez unpacks many themes like the need for companionship, aging, and societal observations with a touch of humor — even though many critics were undecided in their attitude towards the book — one calling it “ ruminative.”
The EGX30 rose 2.3% at today’s close on turnover of EGP 6.3 bn (74.1% above the 90-day average). Foreign investors were net buyers. The index is up 12.1% YTD.
In the green:Sidpec (+12.8%), Oriental Weavers (+8.2%) and Telecom Egypt (+5.1%).
In the red: GB Corp (-6.3%), Ibnsina Pharma (-5.0%) and Juhayna (-4.0%).
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