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Tuesday, 6 Aug 2024

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Founder Of The Week
Enterprise Entertainment Calendar

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Today at a glance

1

The Big Story Abroad

Japan’s Nikkei index is the comeback kid.
2

Founder of the Week

Meet our Founder of the Week, Omar Abouzeid.
3

FOR YOUR COMMUTE

Zoom has emerged as an unexpected power player in the 2024 US presidential campaigns.
4

ON THE TUBE TONIGHT

A gripping tale of mystery and intrigue with the Lady in the Lake.
5

Sports

It’s day 11 of the Paris Olympics.
6

OUT AND ABOUT

Comedy is on the menu at the Boom Room.
7

Ears to the Ground

Embedded: Tested digs deep into the stories behind the headlines.

Tuesday, 6 Aug 2024

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Founder Of The Week
Enterprise Entertainment Calendar
1

WHAT WE’RE TRACKING TONIGHT

Turnaround Tuesday?

Good afternoon, friends. After a pretty dramatic few days on Wall Street and on trading floors across the world, nerves are still running high but some cautious optimism seems to be building. As we enter the second half of the week, we hope that all of you out there have had a much calmer start to the week that the world’s financial markets have had.

THE BIG STORY TODAY

In a pretty slow day for local business news, the long-awaited Sidpec-Ethydco share swap merger is catching our attention once again: The long-planned share swap merger between state-owned companies Egyptian Ethylene and Derivatives Company (Ethydco) and Sidi Kerir Petrochemicals (Sidpec) is reportedly going back to the financial revaluation step, before the government progress the merger, Al Mal reports, citing sources it says are close to the matter. The source told the news outlet that they will decide on a new share exchange rate after ten months and that the plan to offer a stake in the merged Sidpec-Ethydco on the EGX will be studied following the merger.

It’s been a big week for Sidpec and Ethydco: We found out earlier this week that the two industrial giants will be on the receiving end of a USD 40 mn pipeline to transport imported liquified ethane gas from Alexandria's Dekheila Port. The planned project is part of a newly launched USD 660 mn JV between several state-owned entities and Gama Construction to establish the Alexandria for Supply Chain Company.

THE BIG STORY ABROAD

Japan’s Nikkei index is the comeback kid: There was relief on the trading floor of the Tokyo Stock Exchange today, with the country’s tech-heavy Nikkei index rising 10.2% by close today, after having fallen 12.4% the day before. European stocks were not so lucky, with early gains erased by mid-morning, while US futures showed signs of a modest recovery ahead of the opening bell.

What’s driving Japan’s bounceback? This reversal of fortunes suggests that Monday’s selloff was an overwrought response to fears of US recession amid the ongoing unwinding of the JPY carry trade, in which traders borrow in JPY in order to finance purchases of riskier, lower-yield assets. This most recent unwinding was set into motion in mid-July, after the Bank of Japan signaled that it would be raising its key rate to 0.25% after decades of ultra-loose monetary policy. The subsequent appreciation of the JPY — which only intensified after the BoJ raised rates on 31 July — sent traders scrambling to cut their losses in the carry trade and liquidate positions in the stocks of Japan’s large exporters, whose earnings were being erased by the yen’s rise. As lower-than-expected US jobs numbers set off recession alarm bells, these ongoing liquidations intensified, leading to the Nikkei’s worst one-day drop since 1987’s Black Monday crash.

Happily, it seems like it was all a bit of an overreaction: "Fundamentally, nothing significant has changed for the Japanese economy,” Ray Sharma-Ong, head of multi-asset investment solutions for Southeast Asia at Abrdn, tells the Financial Times. “It is the unwinding of the carry trade driving a lot of the momentum sells," he adds. Others, like head of European equities at Barclays Emmanuel Cau, agree, with Cau telling the salmon-colored paper, “I wouldn’t extrapolate from this stress. I think it’s looking overdone and hopefully largely behind us.”

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

  • We’re feeling the global market meltdown at home: Between the EGP hitting an almost six-month low and the EGX falling, Egypt was not spared from the global equity sell-off.
  • Health check on our non-oil private sector: Non-oil private sector activity was at its second highest level since August 2021, despite dipping in July.
  • A new social support package in the works: The Madbouly government is gearing up to announce a new package of social protection measures in September, with plans to implement it starting October.

☀️ TOMORROW’S WEATHER- Mercury is peaking at a high 38°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 33-34°C and a low of 24-25°C.

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2

FOR YOUR COMMUTE

Zoom is becoming the go-to tech platform for presidential rallies

Zoom has emerged as an unexpected power player in the 2024 US presidential campaigns. Social media platforms like TikTok, Facebook, and YouTube have always been at the top of the food chain for US political campaigns. But now — and perhaps unexpectedly — Zoom has joined the political arena. Known for primarily being a tool for remote work that skyrocketed to fame in the pandemic-era, Zoom has become a crucial platform for political organizing, especially for Democrats backing Kamala Harris, the New York Times reports.

Authenticity and accessibility are the biggest factors. Unlike traditional political events, Zoom rallies are more relaxed and welcoming. Speakers dress casually, speaking from their homes, and experiencing mundane everyday glitching, just like those watching, who are now able to attend rallies without the hassle of the commute or blocking off their day. That relatability manufactures a sense of genuineness that builds a connection of familiarity between the audience and the speaker and fosters a sense of community.

Over the past few weeks, the platform has been used to host a series of high-profile virtual rallies that have drawn huge audiences and generated significant funds. One in particular, White Dudes for Harris, attracted 60k participants and raised over USD 4 mn for the presidential candidate.

This isn’t unheard of. Zoom played a minor role in political campaigns back in 2020, which went undetected due to being overshadowed by concerns over security — where during Covid, some would Zoombomb a meeting to share lewd and obscene content — and Zoom fatigue. But since voter behavior has shifted, with people becoming more politically involved, supporters are eager for new ways to connect and engage, which wasn’t being fulfilled by traditional campaign events.

This is their comeback: Zoom has showcased its adaptability and growing role in the virtual political sphere, after a struggle to maintain its market value that saw the company’s valuation dropping from USD 160 bn to around USD 18 bn due to a drop in demand, stiffer competition, and security issues. Zoom has found new life in virtual rallies, drawing massive crowds and raising significant funds, proving that it can still handle big online events.

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3

ENTERPRISE RECOMMENDS

Housewife turned investigator unravels secrets in 1960s Baltimore

? ON THE TUBE TONIGHT-
(all times CLT)

A gripping tale of mystery and intrigue with the Lady in the Lake. The new Apple TV+ series is an adaptation of the 2019 novel by Laura Lippman, set in 1966 Baltimore, centering a former housewife who, seeking a meaningful life, delves into the murder of a young black woman — uncovering secrets that impact everyone around her while struggling with her own blind spots.

The series opens with a body in a rowboat and a city skyline at night. We hear Cleo Johnson (Moses Ingram) narrate about becoming “the lady in the lake” after her murder before the timeline rewinds to Thanksgiving 1966 in Baltimore. Maddie Morgenstern (Natalie Portman), then known as Maddie Schwartz, hears about the disappearance of an 11-year-old girl, Tessie Durst.

As Maddie’s mundane suburban life is overtaken by her growing obsession with the case, she leaves her husband and teams up with a friend to find Tessie. Meanwhile, Cleo juggles multiple jobs and volunteers to campaign for a state senator, fighting racism and sexism in her community.

The show feels like a fever dream, making it both fast-paced and slow at times, creating an uneasy feeling that fits the vibe. The storytelling may take some detours every now and then, but its two lead performances are captivating enough to keep us hooked.

WHERE TO WATCH- You can watch the series on Apple TV+ or watch the trailer (runtime:2:54).

?Welcome to day 11 of the 2024 Paris Olympics.

A win for Egypt in Greco-Roman wrestling: Mohamed Gabr defeated Serbian Mihail Kajaia, ranked 9th in the tournament, in round 16 of the 97kg weight class, before pulling off another unexpected victory against Belarusian Abubakr Khaslakhano, ranked 2nd, in the quarter finals. Now qualifying for the semifinals, Gabr is set to face off against Iran’s Mohammad Hadi Saravi later today at 7:15pm.

Abdellatif Manie also came out on top against the Bulgarian Kiril Milov, qualifying for the bronze medal in the 130kg weight class tonight at the same time. Gabr’s match is fourth on the schedule, while Manie is set to play in the 11th match.

The medal table at the Paris Olympics at time of publication:

  • USA (21 gold, 30 silver, 28 bronze — 79 total)
  • China (21 gold, 18 silver, 14 bronze — 53 total)
  • France (13 gold, 16 silver, 19 bronze — 48 total)

TODAY

DON’T MISS-

  • Skateboarding: Women’s park final (6:30pm).
  • Basketball quarterfinals: France vs. Canada (7:00pm), Brazil vs. USA (10:30pm).
  • Athletics: Women’s hammer throw final (8:57pm), men’s long jump (9:15pm), men’s 1.5k m run (9:50pm), women’s 3k m steeplechase (10:14pm), women’s 200m run (10:40pm).

TEAM EGYPT:

  • Greco-Roman wrestling: Abdellatif Meniea vs. China’s Ling Zhiming for the bronze medal in the 130kg weight class (7:15pm).
  • Artistic swimming: Team free routine (8:30pm).

TOMORROW

DON’T MISS-

  • Athletics:Mixed marathon walk (8:30am), women’s pole vault final (8:00 pm), men’s discus throw (9:25pm), men’s 400m run (10:20pm), men’s 3k m steeplechase (10:40pm).
  • Sports climbing: Women’s speed climbing final (1:54pm).
  • Handball quarterfinals: Germany vs. France (2:30pm), Denmark vs. Sweden (6:30pm), Norway vs. Slovenia (10:30pm).
  • Sailing: Mixed dinghy race (4:43pm).
  • Skateboarding: Men’s park final (6:30pm).
  • Synchronized swimming: Team acrobatic routine (8:30pm).

TEAM EGYPT:

  • Handball quarterfinals: Egypt vs. Spain (10:30am).
  • Kayaking: Sama Farouk in the women’s 500m individual qualifiers (10:30am).
  • Greco-Roman wrestling: Mohamed “Kisho” Ibrahim in the 67kg men’s weight class, Mahmoud Metwally in the 87kg men’s weight class (12:30pm).
  • Diving: Maha Khaled, women’s stepladder preliminary (4:00pm).
  • Synchronized swimming: Team technical routine (8:30pm).

You can follow Team Egypt through this schedule or by heading over to our Paris 2024Guide.

Want to see when your favorite sport is on? Check out the official schedule here.

? OUT AND ABOUT-
(all times CLT)

Comedian Ahmed Khairy is taking the stage at the Boom Room’s open mic night tonight at 9pm. Get your tickets here.

Another tribute night from CJC is dedicated to The Beatles. Glass Onion and WSH will be making their debut at CJC performing their homage to the iconic British band on Thursday, 8 August at 10pm. Find the details here.

Wael Kfoury returns to Egypt with a concert at Porto Golf in the North Coast on Friday, August 9, at 11pm. Get your tickets here.

Shababco is going to the coast this summer for their first bazaar at D-bay on Friday, 9 August. This one-day event is dedicated to showcasing the creative and entrepreneurial spirit of young local brand owners. Enjoy live performances throughout the day from both well-known and up-and-coming local artists. Tickets are out now.

Let’s get sweet. If you’re looking for something new to try, The Cooking School ’s Pastry TartMaking course might be it. Learn how to make these treats tomorrow starting at 4pm at Midtown Mall. Check out more of their upcoming courses here.

NEW ALAMEIN FESTIVAL-

Amr Diab will be taking the New Alamein Festival stage on Friday, 9 August at 10pm. Get your tickets here.

Karim Abdelaziz and Nelly Karim will be performing in the play El Sindbad at the New Alamein Festival from Thursday, 8 August till Saturday, 10 August. Get your tickets here.

TV host Sherif Madkour and Lebanese actress and singer Diana Haddad will be having a live broadcasting of the show “4 Sherif Street” at the New Alamein Festival on Saturday, 10 August. The show will start at 10pm, get your tickets here.

The iconic Cairokee will be performing at the festival on Friday, 23 August. Find your tickets to the band’s show here.

HAPPENING LATER-

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.

? EARS TO THE GROUND-

Embedded: Tested digs deep into the stories behind the headlines, exploring critical issues often overlooked or misunderstood.

A timely case: In Tested: The Choice, Christine Mboma faced a crucial moment in her career as she aimed to qualify for the Paris Olympics. After meeting the World Athletics' requirements to lower her testosterone levels, Christine had her first race back at the Kip Keino Classic in Nairobi, where she struggled and finished last.

This race, held in a place with emotional significance due to a past injury, was a test of her ability to qualify despite recent regulatory changes affecting athletes with differences of sex development (DSD). The episode also highlights the broader debate about fairness in sports, particularly around the regulation of testosterone levels and the perceived advantages of athletes with DSDs, reflecting ongoing controversies and conflicting viewpoints on how to ensure fair competition.

With meticulous reporting and a focus on the personal stories of those affected, Embedded sheds light on the broader implications of these policies and their consequences for women's sports. This episode not only informs but also provokes thought about fairness, identity, and the future of athletic competition.

WHERE TO LISTEN- You can listen to the podcast on NPR, Apple Podcasts, and Spotify.

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4

GO WITH THE FLOW

What the markets are doing on 6 August 2024

The EGX30 rose 1.3% at today’s close on turnover of EGP 2.6 bn (26.3% below the 90-day average). Local investors were net sellers. The index is up 13.3% YTD.

In the green: Juhayna (+8.2%), Amoc (+7.5%), and Madinet Masr (+3.5%).

In the red: Fawry (-1.0%) and Abu Qir Fertilizers (-0.2%).

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5

Founder of the Week

Meet our founder of the week: VOO’s Omar Abouzeid

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 Omar Abouzeid (LinkedIn), CEO and co-founder of VOO.

My name is Omar Abouzeid and I am the CEO and co-founder of VOO. VOO isn’t a typical online supermarket. It’s a premium online convenience store. I say premium because we're not targeting the masses. We target a certain segment of the community: Mainly B+ and A or A+.

We founded VOO in December 2019. I was searching for a second stream of income. I actually studied law at Cairo University and was in the production business for over 19 years at OZ Productions long before my partners and I founded VOO. One of our partners, Mohamed Abou Ferrekha, introduced the idea to us and we were all on board. Each of us injected into the company, but we didn’t raise any external funding.

We saw a gap in the market and we filled it. People wanted convenience, and VOO gave that to them. It stood out in between its competitors for quick customer service and a selective range of products. Plus, the user experience is simple enough where the app becomes the user’s “buddy.”

We modeled the service on our own personal needs in order to deliver maximum convenience. And when the app took off and we realized it was becoming a success — I knew it was because we understood the customers and what they wanted.

Five years from now? We have a couple of verticals in mind that we are already working towards, all catering to the idea of the 360 degree convenience store. I, unfortunately, cannot disclose any of them just yet.

There were a couple of economic challenges that we faced over the years. The most recent one being the devaluation earlier this year. It was difficult to maintain the business while also, of course, keeping the employee salaries and supplier payments flowing.

Covid-19 on the other hand, was good for us. We actually received our company documentation one week before the lockdown and were the only online shop that was delivering past national curfew. Our main marketing strategy at the time was word of mouth, which was quite effective during that time because having an app that delivered all your needs straight to your door was something everyone needed.

The couriers are the face of our brand, so we are constantly working hard to ensure that their experience — along with that of the customers — is smooth through internal training sessions. One thing I would change about our industry would be creating a syndicate-like organization where they could receive training for more enhanced experiences.

We have already expanded quite a bit with our locations, but we aim to expand even further, because it truly is the most rewarding aspect of the business. How our model works is that we have our own fulfillment centers and we start delivering to a new location once we are able to open a fulfillment center in that area.

As fulfilling as it is, it also is the hardest part of the business. Our strategy is to grow slowly, in order to maintain the quality of the service. We wouldn’t want to just have more delivery locations at the cost of delivery time or training the couriers.

In terms of balancing between home and business, I’m no superman. There isn’t a strategy that I actively follow, I just manage it. I have to deal with this and deal with that. It’s hard, but you just get it done.

A book I love is Factfulness by Hans Rosling. It’s full of facts about the world, including crises that happened, and shows you how the world moved past it. It makes the scary things smaller. Rich Dad, Poor Dad is also a classic that I love. It guides you through the world of business and pushes you to take risks and unusual paths. It follows the mindset of “give away in order to gain.”

If I wasn’t one of the founders of VOO, I would probably still be in the production business, as evidenced by Meashots, a stock image agency I founded for the Middle East and Africa. VOO was actually built with the production mindset of “the show must go on,” because whatever happens, the orders need to be delivered and the service must continue, just like any production.

I wouldn’t change anything about the experience I had growing VOO. The challenges were useful, and they helped us understand the business better — there is nothing that we regret. We jumped in the middle of the ocean starting VOO, and we had to move forward. And that is the advice I would give to younger entrepreneurs: Move and deal with the circumstances. Take calculated risks, but be patient.

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ENTERPRISE ENTERTAINMENT CALENDAR

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.

18 July-10 August (Thursday-Saturday): Summer Music Festival at the Cairo Opera House.

4-8 August (Sunday-Thursday): Psychology of Audiences Book Reading in Downtown Cairo

4-6 August (Sunday - Tuesday): Edugate 2024 at Royal Maxim Palace Kempinski.

6 August (Tuesday): Ahmed Khairy at The Boom Room.

6 August (Tuesday): Karaoke Night at CJC 610.

7 August (Wednesday): Pastry Tart Making course at Midtown Mall.

8 August (Thursday): The Beatles tribute night at CJC.

8-10 August (Thursday-Saturday): El Sindbad at the New Alamein Festival.

9 August (Friday): Shababco at D-Bay.

9 August (Friday): Amr Diab at New Alamein Festival.

9 August (Friday): Wael Kfoury concert at Porto Golf.

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

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.

DECEMBER

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

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