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Microfinancing

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WHAT WE’RE TRACKING TONIGHT

Big plans ahead for the country’s LNG exporting infrastructure

Good afternoon, friends. Energy news is once again the talk of the local business press today for the second day in a row, while further afield, the international business press isn’t quite sure what to focus on.

THE BIG STORY TODAY

Eni to set up a fixed regasification unit in Damietta: The Madbouly government is in talks with Italian energy giant Eni to build a new onshore regasification unit with an investment cost of around USD 150 mn, a government official told Enterprise.

The nitty gritty: The unit will be built on land adjacent to the Damietta LNG facility — owned by Eni and the Egyptian Natural Gas Holding Company (EGAS) — to receive LNG shipments and regasify them, according to the source. The main objective is to bridge the existing gap between local consumption and domestic gas production and is a signal we may not be weaning ourselves off LNG imports anytime soon.

THE BIG STORY ABROAD

In a mostly quiet day for international business news, our part of the world is once again catching the attention of the int’l press: More US fighter jets and navy warships will soon be headed toward our corner of the world after US Secretary of Defense Lloyd Austin ordered a strike group to speed up its deployment to the MENA region, following a call with his Israeli counterpart Yoav Galant. Austin also announced that a guided missile submarine would be deploying with the strike group — a rare admission, given the secrecy that usually surrounds submarine deployments.

Fear of escalation remains high as ceasefire talks sputter: The announcement comes as the region prepares for a retaliatory Iranian strike on Israel in response to the 31 July assassination of Hamas political leader Ismail Haniyeh in Tehran, alongside continued fears of escalation between Hezbollah and Israel following Israel’s killing of the group’s senior military commander Fuad Shukr. It also follows indications Sunday that Hamas may opt to sit out upcoming ceasefire negotiations with Israel set to begin 15 August, with the group arguing that Israel’s constant shifting of the goal posts during talks have shown that it is not serious about securing a ceasefire.

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

  • A new USD 600 mn gas treatment facility in the works: The Oil Ministry has a USD 600 mn natural gas treatment plant in the pipeline, with plans to have it running by mid-2025.
  • Raya CX triples its net income in 1H 2024: Raya CX saw its net income triple to reach EGP 245.3 mn in 1H 2024, rising 199.9% y-o-y.
  • Polaris Parks wants to set up new industrial complexes: Industrial real estate developer Polaris Parks has plans to invest EGP 5 bn in the local market to set up five industrial complexes.

☀️ TOMORROW’S WEATHER- Mercury is peaking at a high of 37°C before simmering to a moderate low of 26°C by nightfall, according to our favorite app. Sahel and Alexandria are seeing cooler weather, with a high of 31-32°C and a low of 25-26°C.

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FOR YOUR COMMUTE

The father of microfinance finds a new home in politics

The father of microfinance is shaking up politics in Bangladesh. Muhammad Yunus — a familiar face to many Enterprise readers as the face and arguably founder of microfinance — is now making headlines as Bangladesh’s interim leader following protests that led to the resignation of Prime Minister Sheikh Hasina.

Yunus is a household name across the globe as the face of microfinance. Fans of Yunus — who refer to him as the banker of the poor — claim that his founding of the Grameen Bank in 1983 transformed the way that we approach development and opened up the way for people across the globe to lift themselves out of poverty. Many point to Yunus winning the Nobel Peace Prize in 2006 for making microfinance mainstream and spreading the idea across the globe — including here in Egypt.

But what is microfinance exactly? Microfinance is about providing small loans — sometimes of only a few USD — and other financial services to people that don’t have access to traditional banking. Supporters of microfinance claim that it helps individuals in low-income and underserved communities grow and start small businesses, better manage household finances, and deal with unforeseen circumstances, which in turn promotes economic development and tackles poverty.

Yet Yunus’s model faces criticism. Some argue that microfinance’s high-interest rates can trap borrowers in debt, and research on the effectiveness of microcredit is mixed, suggesting it doesn’t always have the desired effect. With private sector players also starting their own microfinance operations alongside NGOs and government-supported projects, critics claim that some microfinance providers are prioritizing profit over social impact.


Apple’s AI demonstration failed to inspire investors and comfort consumers. In case you missed it, a thirty minute presentation by the tech giant over the weekend showcased their Apple Intelligence tech, focusing on its applications to Siri, calendar, and emoji’s successor, Genmoji. The company’s stock price fluctuated wildly during the demonstration, peaking when CEO Tim Cook mentioned AI for the first time. But interest dropped sharply after, and Apple shares closed the day with a 1.9% dip in stock price, settling at USD 193.12 at the end of the day.

Lofty AI promises are the way to investors’ hearts, and Apple chose to be practical. Apple has been the last of Silicon Valley’s major players to hop onto the AI bandwagon, with this demonstration marking their largest effort to join in. This may have been awful timing on the company’s part, with investors reportedly falling out of love with AI investment, and Wall Street questioning whether or not the industry will ever be profitable. Instead of an AI takeover, Apple presented AI integration into its software, perhaps underwhelming bigwigs used to a more creative — and perhaps contrived — imaginations when it comes to the potential of AI use.

Despite Apple’s attempts to temper consumer concerns over AI, many were unconvinced. Recent studies have found that mentioning AI in marketing copy has been hurting sales, pointing towards hostile consumer sentiment in the face of the growing industry. Earlier this year, Apple’s iPad Pro commercial (watch, runtime: 1:08) was testament to how Big Tech was failing to read the room — watchers saw the destruction of instruments, art, arcade games, and books to signal the maliciousness of AI and its intent to replace and/or destroy human creativity.

Privacy, please: Consumers don’t trust tech companies with their data. It’s no secret that AI is built on scraping human data, work, and information from across the internet, typically without consent. Apple assured the audience that most of its AI operations will run “entirely on device,” and that those that don’t will store information on a “ private cloud computer,” ensuring that Apple servers will never keep — and more importantly, never share — data. Despite their promise to set new privacy standards for AI and “apply this technology in a responsible way,” according to Cook, users remain skeptical.

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ENTERPRISE RECOMMENDS

Celine Dion, beyond the glitz and the glamor

📺 ON THE TUBE TONIGHT-
(all times CLT)

Beyond the glitz and glamor. I Am: Celine Dion offers a heartfelt and poignant look at the life of the iconic singer behind everyone’s favorite soundtrack (which she hates, by the way). The film paid tribute to Dion’s incredible talent and spirit, peppered with moments through the duration of the documentary that remind the audience of the icon’s enduring love for music despite her struggles.

Her career wasn’t always picture perfect. The film opens with touching scenes of Dion surrounded by her children and her team, but the comforting backdrop was a ruse, taking a quick nosedive into the more painful aspects of her life, setting the tone for the rest of the film. Viewers witness Dion’s struggles with Stiff Person Syndrome — a rare neurological disorder that affects muscle movement — including a distressing scene where she has a seizure.

The juxtaposition is intense. There’s heart-wrenching glimpses of her reality followed by clips of the vibrant performances that defined her career, highlighting the irony of a gifted artist who now struggles to even move her body. It was a captivating watch that shatters the illusion of fame and humanizes celebrities.

WHERE TO WATCH- You can watch the documentary on Amazon or watch the trailer (runtime:2:18).

In just a few days, the major European leagues will kick off. But today, we only have two matches from the Nile League, both airing at 9:00pm:

  • Modern Future vs. Al Ittihad Alexandria
  • Ceramica Cleopatra vs. Smouha

🥐EAT THIS TONIGHT-

This one is for the pasta enthusiasts. Located at eleven different locations across Egypt, Pastaweesy specializes in crafting mouthwatering pasta dishes.

Their pink sauce pasta with shrimp is the standout dish. Here’s the visual: perfectly cooked shrimp nestled in a creamy pink sauce that strikes a delicate balance between tangy and savory. It’s a must-try for seafood lovers and pasta fanatics.

Another gem on their menu is the mushroom oven pasta. This creation has a generous topping of gooey mozzarella cheese on a bed of pasta tossed in a rich white sauce. The combination of earthy mushrooms and the creamy cheese is a treat for the tastebuds.

If the options on the menu don’t hit the Goldilocks sweet spot, you can create your own pasta. Customize your meal by choosing your preferred type of pasta, sauce, and toppings, allowing for endless flavor combinations tailored to your liking.

For a sweet finish to your meal, don’t miss out on the lokmet Oreo. Can you improve on zalabya? That may be up for debate, but we had no issues with the delightful crunch of everyone’s favorite cookie inside the dumpling. The accompanying caramel sauce may be a step too far in the sweet direction, but those with a sweet tooth are sure to appreciate it.

Delivery? Yes. You can order Pastaweesy from Talabat, elmenus, or their website — pickup and delivery are available.

🎤 OUT AND ABOUT-
(all times CLT)

Shaabi superstar Abdelbasset Hamouda and DJ Saddam will be taking over CJC 610 on Wednesday, 14 August. For more information about reservations message their Facebook page.

Don’t miss the comedic musical journey I Love You, You’re Perfect, Now Change at Rawabet Art Space that’s taking place till Saturday, 24 August. Explore the ups and downs of love and relationships through humorous scenes and heartwarming songs that will have you laughing and nodding along. Get your tickets here.

Have a laugh at Cairo Comedy Club’s stand up comedy night at BOOM ROOM tomorrow from 9pm. For more details about the line-up and tickets click here.

If you can’t make that, there’s also a laugh-fest at CJC 610 with the Comedy Bunch tomorrow at 8pm. For more information about reservations message their Facebook page.

Or you can groove to some tunes the day after where Musical maestro Hany Shenouda is bringing his revived pop band El Masryeen to BOOM ROOM on Wednesday, 14 August. Get your tickets here.

Dogs Day Out: Beach edition. Eastwind is hosting another of their iconic DogsDay Out where anyone can come and spend a fun day with their fluffy friend, surrounded by like-minded pet owners. The event will take place Friday, 16 August at Playa Beach and the theme is pirates, so dress accordingly… that goes for your four-legged friends too.

HAPPENING LATER-

End Sahel season on a high note with Adriatique at AHM Club in Silversands, where you can dance the summer away. Or what’s left of it. The event will take place on Saturday, 31 August, and you can get your tickets here.

None other than Wegz to close out the iconic new Alamein Festival. The concert will take place on Friday, 30 August at the U-Arena and you can grab your tickets here.

Prepare for the sixth edition of The Marakez Pyramids Half Marathon. Pick your race of choice and start training, because the marathon will take place on Saturday, 14 December. Note: The price to register is going to keep increasing. So sign up now through this link for the lowest price guarantee.

💡 UNDER THE LAMPLIGHT-

A stranger weasels his way into a tight-knit family in The Stranger in Her House by John Marrs. Elderly woman Gwen is sent a helper from a local charity named Paul but Gwen’s daughter Connie doesn’t trust him. He gets too comfortable too fast and has Gwen under his spell. One thing leads to another and Paul ends up moving in, threatening to push Connie out of the picture completely.

Connie isn’t having it. Feeling replaced, she starts to feel like Paul is purposely coming for her place in Gwen’s life. But it doesn’t seem like anyone else can see it, making her question if she’s losing her mind… but maybe that’s exactly what Paul wants.

What can she do? Connie is worried that going after Paul means that she’ll lose her mother, but worried that if she doesn’t do anything, she might still lose her anyway. Stuck between a rock and a hard place, the novel builds a consistent air of suspense in this mystery-thriller that leaves the reader going back and forth between what the truth is.

You can find the book on Amazon.

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GO WITH THE FLOW

What the markets are doing on 12 August 2024

The EGX30 rose 0.6% at today’s close on turnover of EGP 5.1 bn (43.1% above the 90-day average). Local investors were net buyers. The index is up 19.3% YTD.

In the green: Elsewedy Electric (+9.0%), E-finance (+1.9%), and CIB (+1.7%).

In the red: Emaar Misr (-3.6%), ADIB (-3.0%), and Alexandria Containers and Cargo Handling (-2.5%).

This publication is proudly sponsored by


AUGUST

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

11 June-2 September (Tuesday-Monday): Afashat w Aflam exhibition at Bibliothek.

11 July-30 August (Thursday-Friday): New Alamein Festival at North Coast.

12-24 August ( Monday-Saturday): I Love You, You’re Perfect, Now Change at Rawabet Art Space.

13 August (Tuesday): Karaoke Night at Room Garden City.

13 August (Tuesday): Cairo Comedy Club at Boom Room.

13 August (Tuesday): Comedy Bunch at CJC 610.

14 August (Wednesday): El Masryeen at BOOM ROOM.

14 August (Wednesday): Abdelbasset Hamouda and DJ Saddam at CJC 610.

16 August (Friday): Roads and Rides at One Eleven Track, Alamein.

16 August (Friday): Media and Advertising workshop at MQR, The Greek Campus.

16 August (Friday): Eastwind’s Dogs Day Out at Playa Beach.

23 August (Friday): Cairokee at New Alamein Festival.

30 August (Friday): Wegz Live at New Alamein Festival

31 August (Saturday): Adriatique at AHM Club in Silversands

SEPTEMBER

1-4 September (Monday-Wednesday): International Food, Beverage & SuperMarket Equipment Exhibition 2024 at Cairo International Convention Centre.

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

OCTOBER

6 October (Sunday): Armed Forces Day.

10-12 October (Thursday-Saturday): EVs Electrify! Expo & Conference 2024 at Egypt International Exhibition Center.

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

NOVEMBER

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

DECEMBER

14 December (Saturday): The Marakez Pyramids Half Marathon.

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