Middle managers aren’t managing

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Is Swvl considering acquisition offers? Plus: Leaked US military files prompt internal reviews

Good afternoon, ladies and gentlemen, and welcome to hump day. We’re halfway through the week and are very much looking forward to the next few long weekends ahead.

Speaking of which: The private sector will get a paid day off next Monday, 17 April for Sham El Nessim, the Manpower Ministry confirmed in a statement today. The public sector, banks, and the EGX will also be getting the day off.

** SO, WHEN DO WE EAT? We’ll be breaking our fasts at 6:20pm CLT today. You have until 4:01am tomorrow morning to hydrate and grab a bite to eat.

THE BIG STORY TODAY

At risk of delisting, Swvl is contemplating new investment offers: Cairo-born mass transit app Swvl is considering acquisition and partnership offers from investors as it tries to avoid being delisted from the Nasdaq Stock Exchange, Al Mal reports, citing sources it says have knowledge of the offers.

THE BIG STORY ABROAD

The Pentagon is still in the hot seat over leaked US military documents, as President Joe Biden faces thorny talks abroad and plans to meet up with UK and South Korea leaders this week. The leaked classified information is causing tension between the US and its allies, due to the sensitivity of the information and the revelation of the depths of the US’ spying activities. As the Pentagon continues its hunt for the source of the leaks — which US officials say is likely from within the country, rather than from Russia — US agencies are conducting internal reviews to determine how the leaks were made possible.. The story is getting plenty of ink in the international press this afternoon: Bloomberg| Reuters | Washington Post

ALSO- The Dalai Lama has issued a public apology over a video of him asking a boy to “suck his tongue” after the boy asked the Dalai Lama for a hug. Tibet’s spiritual leader apologized after the video — which was captured back in February — went viral on social media in the past few days. A handful of the leader’s supporters and cultural relativists tried to explain the unusual act or dismiss it as “playful” and harmless.The story is getting ink on CNN | Bloomberg | Reuters | Euronews

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

Inflation came close to notching a record high in March as prices continued to accelerate on the back of the series of currency devaluations, the foreign-currency crunch, higher fuel prices, and seasonal Ramadan demand.
It’s NPH’s turn: Dubai-based National Paints Holding (NPH) is still in the race to acquire EGX-listed Paint and Chemical Industries (Pachin), yesterday raising its offer by more than 5% in response to Eagle Chemicals’ revised offer last week.
Aur Leasing and Factoring raises EGP 790 mn from securitization: Private equity outfit Aur Capital and Al Ahly Pharos have closed an EGP 790 mn securitized bond issuance for Aur Leasing and Factoring.

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking place on Monday, 15 May at Four Seasons, Nile Plaza. The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help us build an export-led economy that makes us a magnet for foreign direct investment (FDI).

What’s the Enterprise Exports & FDI Forum? In the wake of successive floats of EGP, exports and FDI have never been more important to our economy — or our businesses. We’re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what we as a country can do to draw foreign investment and much-needed FX. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories.You can learn more on our conference website here.

Some of the biggest names in business and finance are on board — are you? If you’re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please fill out the form here to signal your interest, letting us know your name, title and where you work.

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

🗓 CIRCLE YOUR CALENDAR-

This is is our last full work week of the month, before a spate of days off:

Coptic Easter falls on Sunday, 16 April, which will be a bank holiday and a day off for the bourse (but not a national holiday);
Monday, 17 April is a public holiday for the public and private sector, as well as banks, to mark Sham El Nessim;
Thursday, 20 April-Tuesday 25 April will be a holiday for the public sector in observance of Eid El Fitr and Sinai Liberation Day. Look for confirmations in the next few days that these days will also be off for the private sector, banks, and the bourse.

PSA- We’re bringing back daylight saving time (yet again) on Friday, 28 April. You’ll be losing an hour’s sleep as clocks jump forward one hour until the final Thursday of October.

🌦️TOMORROW’S WEATHER- We might be getting some rain in the capital city tomorrow, as the daytime high falls to 22°C and nighttime low hits 13°C, our favorite weather app suggests.

Why middle managers are struggling — but are critical for the success of your business

White collar woes: With better time allocation, middle managers can accomplish more for their organizations, according to a McKinsey survey released last month. With increasing pressures in ever-changing organizations’ makeup, middle managers are often finding themselves squeezed from both ends of the hierarchical structure. The issues they experience range from bureaucratic impediments to a lack of autonomy to provide what they believe best serves their respective companies. And the numbers show it: Middle managers are so burnt out, 46% of those polled stated they intend to quit their job within the next year, according to a 2023 survey by Ultimate Kronos Group’s (UKG) The Workforce Institute.

Managers are not managing: One major area of dissatisfaction among those surveyed by McKinsey is how time is spent at work. Rather than spending the majority of their time developing and fostering talent — one of the most critical factors in a company’s success — managers are often embroiled in dull, administrative tasks. That’s a far cry from their function as the creators of “links between organizational vision and execution,” the survey states.

This needs to change. Despite organizations’ relative efforts to streamline operations, more needs to be done and faster. The interpersonal relationship between employees and management accounts for 86% of workers’ satisfaction at work, the survey finds. And managers feel the same way: Some 86% said coaching employees is their most valuable contribution to the workplace. However, almost the majority of respondents said that actual management of people takes up less than a quarter of their time as opposed to other tasks.

And here’s how: The survey identifies three areas for improvement. First up is simply giving managers more time with their people to create rapport and develop skills. Secondly, reducing the menial by decreasing bureaucratic procedures. And finally, providing individualized incentives. In the US, for instance, managers favor financial rewards like bonuses and raises. In Europe and Asia, people tend to prefer avenues for learning, the survey concludes.

Taht El Wesaya: Mona Zaki navigates a patriarchal world from a fishing boat

📺 ON THE TUBE TONIGHT-
(all times CLT)

It’s only four episodes in, but Mona Zaki’s Taht El Wesaya is already getting (well-deserved) rave reviews. The show follows Hanan (played by Zaki), a widowed mother of two who escapes from her brother-in-law’s home — forcing herself into a situation where she has to find employment to hold onto the custody of her children. Hanan finds her way to Damietta, where she takes over her late husband’s ship to become a fisherman, all while trying to keep her brother-in-law from finding her and her children. The show is a heart-wrenching portrayal of widowed women’s struggles with a patriarchal society and legislation that complicates matters of custody. Zaki puts on a brilliant performance, and the show’s cinematography is top-notch. Taht El Wesaya is available on Shahid.

Over in Lisbon’s Estádio da Luz, Benfica will play against Inter at the same time. Benfica has yet to face a defeat in the championship so far and is also topping Liga Portugal with a comfortable seven-point lead over second-place Porto. Inter, meanwhile, hasn’t tasted victory in its last three Serie A matches and tied in its semi-final match against Juventus in the Coppa Italia. The team is fifth in the Serie A standings.

🎾 We turn our attention to the world of tennis with the Monte-Carlo Masters, where WorldNo.1 Novak Djokovic is set to hit the court with Russia’s Ivan Gakhov in the round of 32 just a few minutes after we hit dispatch on this afternoon’s edition. Poland’s Hubert Hurkacz also faces the UK’s Jack Draper at 4:25pm, while Greece’s Stefanos Tsitsipas and France’s Benjamin Bonzi are scheduled to play at 4:55pm.

Explore traditional Egyptian music with the Mazaher Ensemble today, as part of the French Institute of Egypt’s Ramadan Nights Program. The show, which kicks off at 9pm, will see the ensemble putting on a performance based on Sufi scripts, with traditional Egyptian instruments such as the kawala, mazhar, nakrazan, and dholak.

A show for all ages:Goha fe West El Balad by ACT Theatre Group adapts Goha’s famous anecdotes, along with other short scenes from Egyptian folklore with enduring messages. The production kicked off earlier this week, with the third and final show taking place today. Ticket proceeds will go towards public sector children’s hospitals. For more information, check out the event’s Facebook page, and for reservations through Ticketsmarche click here.

Catch Medhat Saleh tomorrow at 9:30pm at the Cairo Opera House as performs some of his hits along with Arabic favorites.

Hazem Shaheen, one of the Middle East’s best oud players,will be performing on Friday, 14 April at 9pm at Rawabet Art Space. To book tickets check out the event’s Facebook page.

Enjoy Egyptian Project’s bedazzling live performance at Skas restaurantover sohour on Friday, 14 April. For more information or to reserve click here.

Learn more about popular Egyptian folk sayings at a unique location on Saturday, 15 April at 8pm in MASQ - Maq’ad of Sultan Qaitbey. Through storytelling with Nesma Medhat, a director, author, and founder of several projects focused on reviving Egyptian folklore, you will be guided through Egyptian heritage using a unique method.

Have a laugh at BigBang’s stand-up comedy night at Room Art Space and Cafe in New Cairo on Saturday, 15 April at 8:30pm with the performance starting at 9pm. For more details about the line-up and tickets check out their Facebook event page.

Catch Irtigalia on Sunday, 16 April for a night of improvisation at Room Art Space and Cafewhere the Irtigalia performers take their direction from you, the audience. To book tickets check out their event pagefor more information.

The Iliad of the Arabs: El Warsha Theater Troupe will perform, through storytelling and singing, the Epic of Beni Helal, which recounts the story of a Bedouin tribe as it migrates from the Arab peninsula westwards across the Sahara Desert to escape drought. The show is taking place next Wednesday, 19 April, at 8:30pm at Tahrir Cultural Center.

Expose yourself to some art and culture and walk around central Cairo: Qahrawya are organizing two separate “iftour” (iftar tour) events next month, which entail an art walking tour after sitting down for iftar together. The tours began with one in Zamalek this past weekend and will continue with the second in downtown Cairo on Saturday, 22 April, starting at 5:30pm.

The Paris Wife: A Novel by Paula McLain is a work of historical fiction that narrates the life of Ernest Hemingway’s first wife, Hadley Richardson, and her marriage to the author. The book covers when Richardson meets the author for the first time at a party and their difficult start in Paris before Hemingway’s fame, through to his affairs that led to their divorce. Based on actual letter exchanges between the pair and friends surrounding them, the chapters transport us through the making of Hemingway as we know him.The Paris Wife examines the impact of the war on his personality and psyche, his work as a war correspondent, and his subsequent travels in time of peace in a Europe that was reeling from the first world war and at the height of its bohemian renaissance. Look for moments of immense tension during bullfights in Spain or bubbly conversations in Paris cafes and bars. The novel uncovers one of the literary world’s most infamous modern authors from a very intimate perspective written in an easy and stimulating narrative voice.

What the markets are doing on 11 April, 2023

MARKET NEWS-

Rameda Pharma will distribute EGP 127.9 mn worth of bonus shares at EGP 0.5073 per share, according to an EGX disclosure (pdf). The issuance will raise the company’s issued capital to EGP 380 mn and the number of its shares to 1.5 bn.

MARKET ROUNDUP-

The EGX30 rose 1.4% at today’s close on turnover of EGP 1.68 bn. Local investors were net buyers. The index is up 16.5% YTD.

In the green: Eastern Company (+6.2%), Heliopolis Housing (+5.2%) and Juhayna (+4.8%).

In the red: Edita (-2.2%), Egypt Kuwait Holding - EGP (-1.1%) and Qalaa Holdings (-1.0%).

Meet our founder of the week: Mahdi Al Olabi, founder and CEO of R2S Logistics

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 Mahdi Al Olabi (LinkedIn), founder and CEO of R2S Logistics.

I’m Mahdi Al Olabi, and I’m the founder and CEO of R2S Logistics, a firm that delivers e-commerce products locally and internationally and offers warehousing options. I graduated from the University of Toronto, where I double majored in Political Science and Economics.

Right after my studies I joined e-commerce startups in Canada such as Indigo and GroceryGateway — they were hot e-commerce businesses at the time and prepared me for the journey to come. I eventually joined Souq.com, where I was involved in the operation and technical setup and eventually became head of operations in Egypt. As my experience grew, I noticed that logistics and technology needed to be better, faster, and cheaper to enable thousands of businesses to deliver their product more efficiently to their customers.

The key to figuring out our strategy was to look at how advanced markets digitized and the impact of e-commerce businesses and consumers. Doing so illustrated the technology, services and quality needed to support these markets.

Epic people are what makes my logistics firm incredible. We have a great working culture and we love to make miracles happen when it comes to lifting new e-commerce businesses off the ground and ensuring their success due to the efficiency of my business.

My greatest measure of success is hearing back from friends, who are either consumers or merchants, telling me that they are happy with R2S’ level of service and have had a positive experience receiving or dispatching their product. Unlike most business owners, salary week is my most rewarding one, as I find a great sense of fulfillment when I hire new employees and pay salaries. I also love that we have operations all over Egypt, which is a trip to discover more about Egypt in disguise.

Looking forward, I’d love to see R2S growing further and supporting entrepreneurs and SME scale their businesses in Egypt and other emerging markets by offering creative and innovative technology driven solutions to facilitate and enable their growth and success. It is also important to note that e-commerce stores never close — people are shopping 24/7. Therefore, we have to ensure that we deliver a smooth, wallet-friendly, and fast shipment experience to make sure that the convenience of e-commerce businesses are met.

With every challenge lies an opportunity, and as with any business, we have to create solutions to maneuver the current economic challenges. For us, focusing on one’s core business is fundamental and I advise other businesses to refer to their data as a guide to support their decision-making process through these unique economic circumstances. Being nimble and light will help businesses be flexible and ready to cope with the fluctuations that the market is experiencing. Another chance for learning will be from other markets who are going through similar challenges.

In the future, I would like to see more women in the logistics workplace, which is my motivation to launch the R2S eCommerce Academy for Female Entrepreneurs. I would also love to see more safety regulations put in place for delivery personnel in Egypt and I am searching for chances to use greener and more sustainable tools for delivery and packaging e-commerce shipments.

My advice to young entrepreneurs: It’s crucial to be prepared and choose your partners wisely — and lean on them.Falling and failing are two different things, as the latter is a lesson in disguise; learn from them and pick yourself up and continue. Most importantly, have no shame in hiring people who are better than you — they will be the ones to make your business soar. If I were to look back at my younger self, I would advise him to be prepared for all the trials and tribulations that go into building a new business and to be ready for the ride.

THE ENTERPRISE ENTERTAINMENT CALENDAR

APRIL

9-11 April (Sunday-Tuesday): ACT Theatre Group performs Goha fe Rawabet at 9pm, Rawabet Art Space.

12 April (Wednesday): Medhat Saleh concert at 9:30pm, the Cairo Opera House.

14 April (Friday): Hazem Shaheen concert at 9pm, Rawabet Art Space.

14 April (Friday): Egyptian Project live performance at 9pm, Skas Restaurant, El Obour.

15 April (Saturday): Nesma Medhat folk storytelling performance at 8pm, Maq’ad of Sultan Qaitbey.

15 April (Saturday): BigBang stand-up comedy night at 8:30pm, Room Art Space and Café.

16 April (Sunday): Coptic Easter — banking holiday.

16 April (Sunday): Irtigalia improv performance at 9pm, Room Art Space and Café.

17 April (Monday): Sham El Nessim.

20-25 April (Thursday-Tuesday): National holiday in observance of Eid El Fitr and Sinai Liberation Day.

21-26 April (Friday-Wednesday): LaLiga Egypt Football Camp, Xanadu Hotel, Makadi Bay, Hurghada.

22 April (Saturday): Eid El Fitr (TBC).

22 April (Saturday): Iftour iftar and Downtown tour 5:30pm, Downtown Cairo.

25 April (Tuesday): Sinai Liberation Day.

MAY

1 May (Monday): Labor Day.

1 May (Monday): Backstreet Boys at 7pm, ZED East, New Cairo.

4 May (Thursday): National holiday in observance of Labor Day (TBC).

12-15 May (Friday-Monday): Egypt 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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