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WHAT WE’RE TRACKING TONIGHT

Regional conflict, investment, and trade on the agenda as Saudi Crown Prince Mohamed bin Salman lands in Cairo

Good afternoon, folks, and a happy hump day to you all.

THE BIG STORY TODAY

#1- Saudi Crown Prince Mohamed bin Salman is in town. The Saudi Royal Court announced in a recently released statement that the country’s crown prince has departed for Cairo. Mohamed Bin Salman is set to meet with President Abdel Fattah El Sisi to discuss strengthening “fraternal relations and other issues of common interest.” Trade and investment, along with Israel’s wars on Lebanon and Gaza are expected to top the agenda, Reuters reports, citing unnamed Egyptian sources.

#2- Premium Healthcare subsidiary eyes Jordan expansion with new JV: Premium Healthcare — formerly City Labs — subsidiary Premium Diagnostics UAE is forming a joint venture with Jordan’s Qudah Consulting Laboratorie, the company said in an EGX filing (pdf). The newly created Premium Diagnostics for Laboratories and Medical Supplies will open 20 new branches over the next three years and be jointly owned by the two companies in a 50/50 split.

#3- Orascom Development has secured a USD 155 mn loan from the International Finance Corporation to refinance existing debt and fund growth opportunities, particularly in its hotels in El Gouna, according to an EGX disclosure (pdf). “This proactive refinancing reduces our cost of capital and strengthens our liquidity. The lower credit spreads achieved through this deal will improve our free cash flow and support our overall business strategy while maintaining a net debt to Adjusted EBITDA of less than 0.4x” Group CFO Ashraf Nessim said.

THE BIG STORY ABROAD

Global public debt is expected to surpass USD 100 tn by the end of 2024, accounting for around 93% of global GDP, the IMF warned in a statement released earlier today. By 2030, the Fund sees public debt reaching approaching 100% of global GDP — a whole ten percentage point jump from before the Covid pandemic. The reality for some countries might also be worse than current projections, cautions the IMF, pointing to “large spending pressures, optimism bias of debt projections, and sizable unidentified debt.”

WHILE IN OUR CORNER OF THE WORLD- In a depressing new chapter in Israel’s bloody war on Gaza, concern among rights groups is growing that Israel is implementing a plan — dubbed the Generals Plan — to starve north Gaza and turn it into a closed military zone with no water, food, or medicine allowed to enter after civilians have been pushed out.

AND IN OIL MARKET NEWS- Oil prices have fallen as fears of a regional escalation calm, with Brent crude falling 4.1% to USD 74.26 a barrel at the time of writing. Analysts have been pointing to Israel’s reassurances to the US that its anticipated strike on Iran will focus on military targets — and not on oil and even nuclear facilities, which had worryingly been suggested earlier — as the reason behind the calming of the oil market.

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

  • Foreign debt inches down during 2H FY 2023-2024: Egypt’s foreign debt sat at USD 152.9 bn during the end of the last fiscal year, falling some USD 15.1 bn — almost 9% — compared to the USD 168 bn recorded at the end of first half of the fiscal year.
  • Rabbit Mobility closes USD 1.3 mn round: E-scooter startup Rabbit Mobility raised USD 1.3 mn in a new investment round led by VC firm 500 Global and Untapped Global.
  • EFG Hermes Corp-Solutions has issued EGP 450 mn in debt, its second issuance in a wider EGP 3 bn program.

☀️ TOMORROW’S WEATHER- Temperatures are stable in the coming few days, with tomorrow’s mercury expected to reach a high of 32°C and a low of 22°C in the capital, according to our favorite weather app.

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FOR YOUR COMMUTE

Meta banks on VR

Mark Zuckerberg’s promise of the Metaverse seems to finally be seeing the light. Three years after the company, formerly Facebook, re-introduced itself as Meta and announced their vision for a digital world where one could both work and relax, the Metaverse has found a home in Orion. No thanks to Horizon Worlds, a VR hellscape of floating avatars.

(Tap or click the headline above to read this story with all of the links to external sources.)

The tides have turned on Meta’s AR after its success in the smart glasses market, culminating in the reveal of Orion in late September. The prototype showed holograms and tools projected and seen through the silicon carbide lenses, controlled by eye tracking, hand gestures, voice command, and a neural wristband. The wristband, a breakthrough piece of tech in of itself, will be sold ahead of a consumer version of Orion, and is expected to be integrated into Meta’s Quest VR headsets and the Ray-Ban smart glasses.

Since 2014, Meta has poured USD 63 bn into AR and VR tech — excluding the USD 2 bn they shelled out to acquire Oculus — and had reported USD bns in losses per quarter.

But the future is looking bright for Meta. The successful unveiling and positive reception of this product is fulfilling Zuckerberg’s 2023 prophecy that the sector is “a very long-term bet” that left investors dubious, but experts believe that “Meta’s continued commitment to virtual and mixed reality applications” and recommend buying the stock.

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ENTERPRISE RECOMMENDS

The best TV show of the year?

📺 ON THE TUBE TONIGHT-
(all times CLT)

A deep dive into grief, revenge, and the complexities of truth. Disclaimer is an emotionally intense show built on thought-provoking storytelling, delivering a punch that lingers long after the credits roll. Some have been calling it the best TV show of the year.

(Tap or click the headline above to read this story with all of the links to external sources.)

A tragic incident on an Italian beach: A young mother, Catherine (Cate Blanchett), and a 19-year-old boy named Jonathan (Louis Partridge) are involved in a situation where Jonathan ends up dead. Catherine never reveals what happened. Fast forward twenty years — Catherine has built a successful career as a journalist and documentary filmmaker, but her life takes a dark turn when Stephen (Kevin Kline), Jonathan’s father, discovers evidence that he believes implicates her in his son’s death. Consumed by grief and anger, Stephen embarks on a relentless quest for revenge, determined to bring Catherine down at any cost.

Disclaimer (excuse the pun): The series doesn’t shy away from graphic scenes that explore the complexities of human relationships and the dark side of grief. These moments enhance the story’s chilling intimacy, making the audience confront the unsettling realities of its themes.

WHERE TO WATCH- You can watch the show on Apple TV+ or watch the trailer on YouTube (runtime: 2:30).

⚽ Egypt sprints towards its place in Morocco 2025: Mauritania will host Egypt at 7pm for the fourth qualifying round of the 2025 Africa Cup of Nations in Morocco. The Pharaohs are at the top of the leaderboard with a full score (9 points from 3 matches), and only need one more point to secure a qualification regardless of the rest of the group’s matches. The hosts are at the bottom of the standings with three points — tied with Cape Verde and Botswana.

Today’s most anticipated qualifying matches:

  • Sudan vs. Ghana — Group F (4pm).
  • Malawi vs. Senegal — Group XII (4pm).
  • Botswana vs. Cape Verde — Group C (7pm).
  • Republic of Congo vs. South Africa — Group XI (7pm).
  • Comoros vs. Tunisia — Group A (10pm).
  • Libya vs. Nigeria — Group D (10pm).
  • Central African Republic vs. Morocco — Group B (10pm).

Highlights in the fourth round of the UEFA Nations League, all starting at 9:45pm:

  • Poland vs. Croatia — Group A1.
  • Scotland vs. Portugal — Group A1.
  • Spain vs. Serbia — Group D1.

Pre-dawn matches for the World Cup qualifiers in South America:

  • Argentina vs. Bolivia (3am).
  • Brazil vs. Peru (3:45am).

🎤 OUT AND ABOUT-
(all times CLT)

HAPPENING THIS WEEK-

The Ma3 Kamel E7terami season finale will hit the El Masrah Theatre stage live for the first time. On Friday, 18 October Mohamed El Aty will be giving you a night of comedy that breaks the fourth wall. Reserve your spot at Ticketsmarche.

Catch Massar Egbari and Disco Misr at El Malahy on Friday 18 October. The concert is slated to start at 7pm. Get your tickets at Ticketsmarche.

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.

The celebration of music continues at the Arab Music Festival. The festival’s lineup includes Medhat Saleh, Ali El Haggar, Abeer Nehme, Wael Jassar, Lotfi Bouchnak, and more. The festival will run until Thursday, 24 October — tickets can be booked through Tazkarti.

The largest collection of prints in the country. Cairopolitan is bringing together a collection of artwork from over 180 local and regional artists to display in the Cairo Prints Exhibition. The gallery will be open from Friday, 18 October till Monday, 18 November in Garden City.

HAPPENING LATER-

Did somebody say cheese? The third edition of Egypt Cheese Festival will begin on Thursday, 31 October at Al Horreya Garden. This is the only dairy and cheese festival in Egypt and the Middle East so prepare to witness all the different sorts of this delicious delicacy. The festival will last till Sunday, November 3.

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.

Egypt’s premier electro and dance music event. Witness immersive visuals and soundscapes with an electrifying lineup of international and local artists at the Aura Music Festival. The festival will take place on Friday, 13 December at Lac Du Caire. Tickets are available at Collard Tickets.

👂 EARS TO THE GROUND-

What is food? Eating and what we eat plays a central (and growing) role in our lives. BBC’s The Food Chain is a podcast that explores the multifaceted world of food beyond culinary experiences. Host Ruth Alexander invites experts to give insight into food as an industry through science and business perspectives, as well as to analyze its role in past and present culture.

Staying hydrated has become not just a cultural trend, but an industry. Water has become the focus of many products and marketing strategies, with a call to action to stay hydrated. The message behind that is that the more your drink, the more your skin, your gut, and your metabolism will thank you. Cue the gigantic water bottle.

But in one episode, Alexander speaks with professors who reveal that the amount of water we should be drinking varies wildly from person to person, and that overconsuming water could affect your health negatively, or even lead to death.

In another episode, Alexander examines the business ins and outs of starting a food truck. She speaks with customers queuing for over an hour to grab a bite, and food truck owners from England, New Zealand, Kenya, and India. The discussions are extremely insightful for those looking to launch their own food truck, whether as a concept in of itself, or as a trial before committing to a restaurant.

These bite-sized episodes (pun unintended) are less than 30 minutes long, making them perfect for your commute, and easily digestible (pun absolutely intended) if you’re looking for a quick dose of info.

WHERE TO FIND IT- You can listen to The Food Chain on Spotify, Apple Podcasts, and the BBC website.

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GO WITH THE FLOW

What the markets are doing on 15 October 2024

The EGX30 rose 1.0% at today’s close on turnover of EGP 4.7 bn (14.7% above the 90-day average). Local investors were the sole net buyers. The index is up 22.9% YTD.

In the green: Juhayna (+7.7%), Edita (+7.1%), and E-finance (+5.2%).

In the red: Oriental Weavers (-1.5%), AMOC (-1.1%), and Credit Agricole (-1.1%).

This publication is proudly sponsored by


OCTOBER

28 September – 24 October (Saturday-Thursday): Bastet’s Daughters Exhibition at Craftastic.

7-21 October (Monday-Monday) First Wave exhibition at Downtown Cairo.

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

17-20 October (Thursday-Sunday): Sa7ebna play at AUC Tahrir.

18 October (Friday): High Five group at City Centre Almaza.

18 October (Friday): Ma3 Kamel E7terami season finale at El Masrah Theatre.

18 October (Friday): Massar Egbari and Disco Misr at El Malahy.

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

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

18 October – 18 November (Friday-Monday): Cairo Prints Exhibition in Garden City

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 (Thursday): Omar Khairat Concert at Monaco Hall, Triumph Luxury Hotel.

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- 3 November (Thursday-Sunday): Egypt Cheese Festival at Al Horreya Garden.

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.

13 December (Friday): Aura Music Festival at Lac Du Caire

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

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