Our brains never rest

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Vodafone technical glitch resolved. PLUS: Red Sea shipping disruption behind our sharp fall in business activity in February

Good afternoon, ladies and gentlemen and happy hump day. We are rolling through what remains of the last full week before Ramadan starts…but first a mea culpa…

Correction: We mistakenly wrote in today’s issue of Enterprise Egypt AM that Dr. Mahmoud Mohiedin is the World Bank’s Senior Vice President for the 2030 Development Agenda. Mohieldin is instead the UN Special Envoy on Financing the 2030 Agenda for Sustainable Development and an executive director at the International Monetary Fund.

THE BIG STORY TODAY

Vodafone Egypt’s technical hiccup is resolved:Vodafone said it solved the technical issues it encountered early in the morning that prevented its users from accessing 4G mobile or data services today. Vodafone’s team confirmed to Enterprise that the glitch was triggered by network component updates the company carried out early in the morning, and that it resolved the issue and all its 4G services are now functioning normally. The company also said it will compensate its users with bonuses on their subscription packages within 24 hours.

ALSO- Business activity saw “solid deterioration” in February: Egypt’s non-oil private sector activity contracted at its sharpest rate in over a year last month as inflationary pressures dampened domestic demand and Suez Canal disruptions caused supply-side challenges, according to S&P Global’s Egypt PMI (pdf). The index fell to 47.1 in February down from 48.1 in January, logging an 11-month low and remaining below the 50.0 threshold that separates growth from contraction for the 39th straight month.

The culprit? “Red Sea shipping disruption has roughly halved Suez Canal revenues so far in 2024, which February PMI survey data indicated had a considerable impact on foreign currency inflows and inflationary pressures,” S&P Senior Economist David Owen wrote. Price pressures, low domestic demand and supply-side challenges saw new orders fall at their fastest rate since March 2023.

THE BIG STORY ABROAD

China’s optimistic 2024 outlook is getting some ink in the international press this afternoon. Premier Li Qiang announced an ambitious 5% GDP growth target for the Chinese economy that has been struggling with a housing market crisis and deflation. Experts forecast a 4.6% expansion (matching last year’s numbers), and policy makers are now under a lot of pressure to meet the goal while deflation continues to be a problem. The intention is to restore confidence which has been lacking due to recent economic volatility and dwindling foreign investment. (Bloomberg | Financial Times)

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

Results of EFG Hermes Research's annual One-on-One Live Poll are out. Respondents were evenly split on which sectors will perform best in the MENA region this year, with 27% voting for real estate and an equal amount voting for healthcare. In third place was banks with 24% of the vote.
An unnamed Emirati company has submitted a bid for a 40% stake in state-owned Misr Life Ins., but information on who made the offer or how much the acquisition will cost was not disclosed.
Suez Canal Authority will fullyfund the plan to expand the Suez Canal from its budget to better support two-way traffic.

☀️ TOMORROW’S WEATHER- More sunny skies are expected at the capital city, with the mercury climbing to a high of 24°C in the day after an early morning low of 13°C before dropping back down to 15°C at night, according to our favorite weather app.

What does our brain do when we rest?

No rest for the brain. Recent research has shed light on our brain during periods of rest or inactivity, revealing the existence of what’s known as the default mode network (DMN), reports Wired. In the late twentieth century, neuroscientists stumbled upon a fascinating discovery while scrutinizing brain scans of people engrossed in various tasks. Unexpectedly, certain parts of their brains seemed to raise their activity levels when resting, while they slipped into standby mode and reduced their activity levels when external focus intensified. These areas, later called “task-negative,” laid the foundation for the discovery of the DMN.

Energy surges during rest. Consider the DMN as the backstage crew of your brain, springing to life when you’re not consciously occupied. Coined by neurologist Marcus Raichle, the term “default mode of brain function” emerged as he observed increased energy consumption in these areas during downtime. It wasn’t just random brain regions idling — it was a network — the DMN.

What does this network do? Consisting of various brain regions, it orchestrates daydreaming, memory recall, action consideration, and even comprehending language. While they may all appear as autonomous they are actually working together to create an “internal narrative” — picture it as a sculptor shaping our identity in relation to others, weaving our past experiences into a cohesive self-narrative.

It also latches on to other brain networks: These networks consist of interconnected brain regions that work together to produce complex cognitive functions. Research suggests that the DMN interacts with other networks, such as the salience network — which is the hub of motivation inside our brains. Together with the DMN, they act as a tag team, with the salience network acting as an off switch for the DMN when crucial external stimuli demand attention.

DMN may have links to mental disorders. Some studies have revealed that there is a connection between them while others suggest the opposite. Vinod Menon, the director of the Stanford Cognitive and Systems Neuroscience Laboratory, theorizes that various mental health ailments such as depression, schizophrenia, and Alzheimer’s disease can be the result of abnormal interactions between the DMN, salience network, and the frontoparietal network (the network that is in charge of cognitive functions such as attention, working memory, and decision making by facilitating communication between the frontal and parietal lobes).

But they are only scratching the surface.Some researchers stress that while it’s a crucial starting point, it won’t be the sole explanation for mental illness — instead, it serves as a springboard and valuable tool for uncovering underlying mechanisms and developing treatments.

Another M. Night Shyamalan nightmare that you can’t turn your eyes from

? ON THE TUBE TONIGHT-
(all times CLT)

Let’s be honest, diving into an M. Night Shyamalan show is a gamble. You never know if you’re going to get hit with a mind-blowing twist or if you’re going to trip over it. Traumatized Avatar The Last Airbender fans understand, as will anyone who saw After Earth and The Happening. But Shyamalan also gave us The Sixth Sense and The Village. So with a healthy dose of skepticism and a bucket of popcorn, we dove into Servant (watch trailer, runtime: 2:17). And we loved it.

Dorothy (Lauren Ambrose) and Sean Turner (Toby Kebell) are a young, wealthy, and successful couple. They live in a beautiful townhouse with their newborn son, Jericho, and hire a nanny to take care of their baby. Wouldn’t it be wonderful if things were that straightforward? If you’ve watched the trailer, then you already know — Jericho is a doll. The real Jericho died six weeks ago at 13 weeks old, and the couple was given the doll as part of a grief counseling technique. Except that now Dorothy thinks he’s real.

The show may be Shyamalan’s best work yet — and was described as an “underratedmindf***” by our friends over at Roger Ebert. It’s not Dorothy’s mental break that makes Servant a psychological horror, it’s what happens when Leanne, the eighteen-year-old nanny hired to take care of Jericho, is invited into their home. As with most Shyamalan joints, it’s hard to explain without spoiling the twist. You’ll just have to see it to believe it.

WHERE TO WATCH- All four seasons of Servant are currently on Apple TV+.

This rendition of Les Misérables isn’t like one you’ve seen before. Join us at the Falaki Theatre at AUC tomorrow to witness director Mahmoud Gratsy’s take on this classic tale of independence. Gratsy uses puppets and shadow and object theater to explore the themes of Victor Hugo’s Les Mis in a mesmerizing performance that represented Om El Donia in the Arabic Institution Theater Festival this year. This event is for no charge, so get there early to grab some good seats.

Celebrate International Women’s Day with Echo Production’s Within a Day and Night performance. Friday, March 8 will see four women take to the stage to navigate the reality of social transformation in a satirical performance that discusses society’s commentary on women’s bodies, social status, and age. The show will begin at 7pm sharp at the French Institute.

Catch a glimpse of Egyptian cinema through Mohamed Bakr’s lens at Photopia in Fifty Years of Cinematic Portraits. This exhibition continues until Sunday, 10 March where you’ll get to see a selection of portraits taken from his extensive collection of over 2000 artistic works captured since 1956. The exhibition showcases around 100 images from 80 films, covering various genres including literature, cinema, performance, comedy, and realism.

The Home’s Heart Exhibitionby Abdel Khalek Hussein at Al Mashrabia Art Gallery is running until Saturday, 16 March. On every day except Friday, the exhibition’s doors will be open from 11am-8pm.

ENTERTAINMENT-

Ring in Ramadan with a Game Night for a Cause.Rotaract Cairo, Makanuna, and Egypt’s Kitchen are giving you the chance to have fun while raising funds for Ramadan iftar meals for those in need. Show up at Soul Lounge on Thursday, 7 March at 7pm for some friendly competition. 100% of the ticket proceeds go towards meal donations. Spots are limited, so snag a seat for this event while you can.

Share a laugh or two at Room Art Space NC’s Stand-Up night with Cairo Comedy Clubthis Saturday, 9 March from 9pm. Get your tickets here.

MUSIC-

Tablet El Sitt are taking the stages alongside our ancestors at the Grand Egyptian Museum (GEM) on Friday, 8 March from 7pm. The all-female band is dedicated to resurrecting Egypt's ancient musical heritage, immersing yourself in the rich tapestry of Egyptian folk rhythms, vibrant singing, and dynamic dance performances. Get your tickets here and don’t miss out on this celebration of culture and tradition.

Let your inner star shine at Cairo Jazz Club 610’s Karaoke Night on Saturday, 9 March from 8pm. Gather your friends and take the stage this weekend to sing your favorite tunes. For reservations, message them on their Facebook page.

Take listening to cruisin’ and groovin’ up a notch at Cairo Jazz Club’s Taxi El Sahra nighttomorrow from 9pm. The theme for this edition is our nostalgic friends Boogie and Tam Tam featuring Bakir and Andy Cheikho. For reservations, message them on their Facebook page.

EVENTS-

Bibliothek Egypt is having a book signing and discussion of The Chimera by Hossam Badrawyon Saturday, 9 March at 6:30pm. There are also offers on a selection of books in honor of International Women’s Day and Mother’s Day.

COMMUNITY SERVICE-

Join Ultra Ibex on their Wadi Degla clean-up event on Saturday, 9 March. All you have to do is wear your trainers, sunglasses, and refillable water bottles and head down to Wadi Degla Protectorate at 10am. You can sign up here.

Gastropod is trying to “understand the world through food.” The podcast talks about all things food with a sprinkle of science and history. Each biweekly episode takes on a different food-related topic where co-hosts Cynthia Graber and Nicola Twilley bring on experts or visit different locations to learn more.

We’re not talking just recipes. The duo touches on farming, agriculture, ancient feasts, and even microbes. One of our favorite episodes, titled It’s Tea Time, details the origins of tea drinking and the bush the leaves come from. Another favorite discusses how ramen found its place in Japanese cuisine when it didn’t fit its typical characteristics.

The show is rated highly and for good reason. The episodes allow you to develop a whole new appreciation for the foods that otherwise won’t make you bat an eye. It’s also informative with the hosts making sure to do proper research on each topic and bring on relevant experts or go out into the field themselves.

Food is a topic relevant to everyone, and you’ll find yourself rushing to tell your family and friends about what you’ve learned by listening to this podcast. Best of all, they do cover a wide range of topics, avoiding settling too much into one niche.

You can listen onApple Podcasts, Spotify, Deezer, Audible, and Amazon Music.

What the markets are doing on 5 March 2024

The EGX30 rose 0.4% at today’s close on turnover of EGP 8.4 bn (90.1% above the 90-day average). Regional investors were net sellers. The index is up 23.2% YTD.

In the green: Elsewedy Electric (+20.0%), Delta Sugar (+3.8%) and EFG Holding (+3.5%).

In the red: Talaat Moustafa Group (-4.8%), Egypt Kuwait Holding (-4.7%) and Alexandria container and Cargo Handling (-4.4%).

Meet co-founder and CEO of JPadel, Ismail Seddik

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 Ismail Seddik (LinkedIn), co-founder and CEO of JPadel.

My name is Ismail Seddik and I’m the founder of JPadel, a sports company devoted to bringing padel to Egypt and beyond. My journey into entrepreneurship is rooted in a passion for sports and a desire to positively impact my community. Initially drawn to the idea that studying abroad was the key to success, I ended up staying in Egypt — a twist of destiny that turned out to be a blessing.

While I initially pursued mechanical engineering, my heart yearned for something more. When going to my dream school, Boston University, was not possible I remained committed to making a difference in Egypt. I switched my major to physics, focusing on solar energy, and I minored in music technology, amalgamating my love for science with a passion for music.

The pivotal moment, however, arrived in 2018 when padel caught my attention. A tennis player since childhood, I discovered the sport during a visit to Spain in 2014, and the idea of introducing it to Egypt was born. So, I decided to import two padel courts to open in Swan Lake — becoming the first padel courts in Egypt.

Though initially met with resistance due to low awareness, the tides turned when we partnered with Javelin, a portable sports club, in Telal On the Beach in 2018. They had two anchors, one of which was JPadel, where they reached out to me and asked me to join in managing it.

Impressed by my work with JPadel, I was entrusted with taking over it, which was initially a concept under a larger sports entity. Eventually, I bought out JPadel from Javelin, rebranded it, and brought on additional founders to expand the business.

What sets JPadel apartis our commitmentto the sport’s growth and professional development. We’ve invested in developing a comprehensive app that streamlines court bookings, coaching sessions, and implemented a loyalty program. JPadel has not only hosted international tournaments but also ventured into manufacturing, selling, and exporting courts. We overcame challenges by transitioning to local production from the Spanish-imported courts we had previously relied on. This strategic shift enabled us to cater to various sectors, including real estate developers, schools, malls, hotels, and international markets.

I firmly believe in the promising future of padel here in Egypt, especially with the recent establishment of a national team and a federation dedicated to the sport. As well as leveraging my international coaching certification (acquired under the tutelage of a professional padel player in Spain) to actively train aspiring professionals at JPadel.

In terms of expansion, we are now setting our sights on other shores. We’ve already exported courts to Zambia and conducted coaching courses, along with introducing the user-friendly functionalities of our app. While we’re eyeing opportunities in the UK, we’re cautious not to overpopulate a saturated market. However, the challenges in the expansion include navigating local competition and managing operations in diverse regions.

An ongoing concern I have is the increasing cost of padel facilities in Egypt, which impacts both court rentals and equipment prices. Following the currency devaluation, we’ve adjusted prices by 10-15%, yet maintaining equipment supplies alongside exported courts poses financial challenges, given the rising USD costs. Consequently, our client’s purchasing power is diminishing, impacting their frequency of play.

Navigating Egypt’s startup ecosystem’s challenges, including fragmentation and bureaucratic hurdles, remain a concern. The ecosystem also hampers collaboration, with many preferring to own alone instead of partnering up. Not streamlining the governmental process is another concern, as difficulties with ever-changing regulations and tax challenges hamper entrepreneurs’ efforts. Simplified tax structures and supportive policies would foster small business growth and the creation of jobs.

The startup scene is also full of promise: Its accessibility and untapped market potential alongside endless networking and connection make Egypt’s entrepreneurial outlook very positive. Padel’s emergence aligns with Egypt’s growing sports and F&B sectors, presenting ample room for entrepreneurial ventures.

ENTERPRISE ENTERTAINMENT CALENDAR

MARCH

2-7 March (Saturday-Thursday): Blood Wedding Play at AUC’s Malak Gabr Arts Theater.

3-6 March (Sunday-Wednesday): Digital illustration workshop at SYNC School.

4 March (Monday): Articariaconcert at The Tap West.

4 March (Monday): Ramadan box packing for kids at PlayPoint Egypt.

5 March (Tuesday): Strawberry Swing Coldplay tribute concert at Room Art Space New Cairo.

5 March (Tuesday): Komedy Koshk standup show at Cairo Jazz Club 610.

5 March (Tuesday): Afterglow Taylor Swift tribute concert at Elsawy Culturewheel.

5 March (Tuesday): Anqa film screening at the Austrian Cultural Forum.

6 March (Wednesday): Taxi El Sahra at Cairo Jazz Club.

6 March (Wednesday): Les Misérables performance at Falaki Theatre AUC.

6 March (Wednesday): Rust and Massar Egbari concert at Cairo Jazz Club 610.

6 March (Wednesday): Der Projektor: Into Studio Masr film screening at the Goethe-Institut.

7 March (Thursday): Tablet El Sitt performance at Kent College Theatre.

7 March (Thursday): Om Kalthoum puppet concert at Elsawy Culturewheel.

7 March (Thursday): Game Night for a Cause at Soul Lounge.

7 March (Thursday): Ain Gamal interactive comedy show at Theatro Arkan.

8 March (Friday): Within a Day and Night performance by The French Cultural Institute.

8 March (Friday): Tablet El Sitt and Mushequa Artists at the Grand Egyptian Museum.

8 March (Friday): El Masreyyeen at Room Garden City.

8 March (Friday): AndromidaPink Floyd tribute concert at Elsawy Culturewheel.

9 March (Saturday): Muhab Unplugged at Theatro Arkan.

9 March (Saturday): Wadi Degla clean up event at Wadi Degla Protectorate.

9 March (Saturday): Red Bull Car Drift at Sports Expo.

9 March (Saturday): Karaoke Night at Cairo Jazz Club 610.

9 March (Saturday): Dr. Hossam Badrawy book signing and discussion at Bibliothek Egypt.

9 March (Saturday): Cairo Comedy Club at Room Art Space New Cairo.

11 March (Monday): The start of Ramadan (TBC).

11 March (Monday): The Oscars.

14 March (Thursday): Konafa Comedy Night at Room Garden City.

15 March (Friday): Elnabat4iastandup comedy show at Room Garden City.

20-23 March (Wednesday-Saturday): Advertising Workshop: Presenting and Pitching for Creatives at SYNC School.

APRIL

5 April (Friday): Iftar at Wadi Degla with VAMOS.

9 April (Tuesday): Eid El Fitr (TBC).

10 April (Wednesday): Amr Diab concert at Cubix El Gouna.

19 April (Friday): Keinmusik at the Giza Pyramids by Panorama 2.

23-24 April (Tuesday-Wednesday): Omar Khairat concert at Cairo Opera House.

25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

MAY

1 May (Wednesday): National holiday in observance of Labor Day (TBC).

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (TBC).

25 May (Saturday): Techne Summit at the Cairo International Stadium.

JUNE

15-19 June (Saturday-Wednesday): Eid El Adha (TBC).

30 June (Sunday): June 30 Revolution Day (TBC).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

23 July (Tuesday): Revolution Day (TBC).

SEPTEMBER

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

OCTOBER

6 October (Sunday): Armed Forces Day.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Q1 2024: Opening of the newly developed Pyramids Plateau in Giza.

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