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Sunday, 4 Jun 2023

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Inside Industry
The Enterprise Entertainment Calendar

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Today at a glance

1

The Big Story Today

 Taqa Arabia’s shares are getting listed on the EGX.
2

INSIDE INDUSTRY

 Egypt’s automotive industry has the potential to become the largest on the continent, African association says.
3

KIND OF

 US employers are getting better at enforcing salary transparency.
4

ON THE TUBE TONIGHT

 Blood + Gold: German Nazi slasher with Tarantino undertones.
5

again

 Al Ahly v Wydad in the CAF Champions League final + Roland Garros enters its fourth round.
6

Under the Lamplight

 The Patient: A horror novel that’s impossible to put down.

Sunday, 4 Jun 2023

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Inside Industry
The Enterprise Entertainment Calendar
1

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Taqa Arabia’s shares are getting listed on the EGX

Good afternoon, wonderful people, and welcome to an exciting (and busy) start to the new month.

THE BIG STORY TODAY

Taqa Arabia’s shares will be listed on the EGX by Thursday, after the EGX’s listing committee signed off on the Qalaa Holdings subsidiary’s temporary listing, the EGX said in a statement (pdf). The company will have six months to meet listing requirements, including minimum quotas for the number of listed shares and shareholders, and obtain regulatory approvals before trading on its shares begins.

THE BIG STORIES ABROAD

The international press has its attention on OPEC+ and China-US relations this afternoon:

#1- OPEC+ countries appear to be struggling to reach agreements on more output cuts as the cartel meets in Vienna, with members of the group reportedly butting heads over production quotas for each country. The outcome of today’s discussions might lead to output cuts of up to 1 mn bbl / day. CNBC | WSJ | Reuters | Bloomberg

#2- China, US differences persist even as they work to mend fences: Chinese Defence Minister Li Shangfu stressed the importance of dialogue over confrontation between China and the US saying that a conflict would be an “unbearable disaster for the world,” Reuters reports. Speaking at Asia’s top defense summit in Singapore, Li Shangfu emphasized that China would not allow patrols of the US and its allies in the sensitive Taiwan Strait and the South China Sea to be a “pretext to exercise hegemony of navigation.” US Secretary of Defense LIoyd Austin said that dialogue with China “is not a reward, but a necessity.”

The story got coverage inBloomberg,Financial Times, CNN, BBC, amongst others.

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

enterprise

*** It’s Inside Industry day —your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: A delegation from the African Association of Automotive Manufacturers visited East Port Said’s integrated industrial zone yesterday to kick the tires on potential investments, and hear from local players. We break down what happened during the meetings, and how the association sees Egypt taking the lead in Africa’s automotive market in the next decade.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.

That said, we're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

During the program you will learn:

  • The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
  • Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;
  • How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
  • How to develop sources that will give you the key insights needed to tell a complete story;
  • How to communicate these stories with the confidence and language of an insider.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

☀️ TOMORROW’S WEATHER- Sunny skies are back tomorrow with highs of 34°C that will drop to a mild 21°C at night. Our favorite weather app is still warning us of strong winds that will be picking up some dust as the night progresses.

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2

FOR YOUR COMMUTE

Pay transparency laws in the US are halfway there

Employers are enforcing pay transparency laws but widening salary ranges in tech and other higher-paid fields, according to a study published by the Hiring Lab. Greater transparency from employers allows job seekers to manage their expectations when it comes to how much they could be compensated in a prospective new role. While many employers across the US are enforcing the law, some seem to have found a loophole to circumvent complete openness: Salary ranges.

More — ambiguous — information: Approximately 45% of US job advertisements included some salary information as of April 2023, up from less than 20% before covid-19, the study’s data shows. But only about 22% of the job advertisements that do provide some pay transparency actually specify an exact income or compensation (and just 10% of all job postings do so).

Larger pay ranges vary depending on industry and geography: Tech hubs are some of the areas with the largest rate of increase in salary range spreads. In Seattle, for instance, the range grew 45% y-o-y in April 2023, while California cities account for five of the top 10 metropolitan areas with widening salary ranges. In terms of industries, wellness and beauty is one industry where pay ranges stand at around 45.5%, whereas driving, childcare, and food prep and service stand on the other side of the spectrum with spreads below 20%.

Some information is better than none? While laws requiring employers to adopt better pay transparency are a step forward, the abuse of ranges is counterproductive in terms of streamlining the hiring process. In the future, tech, wellness, and insurance could benefit from the experience of other lower-paying industries like childcare and food service by narrowing their brackets for job seekers to approach employment potential with better visibility and more accurate information, Hiring Lab says.

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3

ENTERPRISE RECOMMENDS

Blood + Gold: German Nazi slasher with Tarantino undertones

? ON THE TUBE TONIGHT-
(all times CLT)

Blood + Gold on Netflix is for fans of Quentin Tarantino’s Inglourious Basterds:The film, set towards the end of WWII, is paced like the American director’s. The cinematography is delightful, the music is spot on, with a variety of different genres suiting the tempo of the scene. The film opens as deserter Hienrich, a former SS soldier who left the front, gets a new lease on life when Elsa, a villager, saves him as he was hanged at the neck and left to die. As the story unfolds, we observe the Nazis search for a specific Jew in the village of Sonnenberg, who is claimed to have hidden a treasure in his home that was burned to a crisp at the start of the war. However, the Nazis have a deadline — looming above are the American low-flying planes, the French who crossed the Rhine, and the rumors of more tired soldiers deserting the front. When the Nazis and Heinrich cross paths, the bloodbath begins as he, Elsa, and her brother Paule continue on a tirade of Nazi killings. The film is credited to be Nazis’ slasher film — which certainly is not for every viewer.

⚽ Stop us if this sounds familiar: Wydad AC is playing its away game against Al Ahly at Cairo Stadium in the final of the CAF Champions League at 9pm today — a replication of last year’s final match. Defending champions Wydad are looking to repeat their victory over Al Ahly to lock down their fourth title, while the Red Devils are seeking revenge to earn their 11th title — and set a new record. The second leg of the final is scheduled for this Saturday, 10 June in Casablanca.

The biggest games in La Liga tonight:

  • Real Madrid v Athletic Bilbao (7:30pm)
  • Villareal v Atletico Madrid (7:30pm)
  • Celta Vigo v Barcelona (10pm)

Over in Italy, today will determine which teams crack into the European competitions: After Napoli, Lazio, and Inter Milan qualified for the Champions League, three other teams — Atalanta (fifth place in Serie A with 61 points), Roma (sixth place with 60 points) and Juventus (seventh place with 59 points) are now competing for spots in the Europa League and the Europa Conference League. Atalanta plays against Monza, Roma plays against Spezia, and Juventus plays against Udinese, with all three matches kicking off at 10pm.

Other matches in Serie A:

  • Napoli v Sampdoria (7:30pm)
  • Milan v Verona (10pm)

? The fourth round of the French Open kicked off today: World no.3 Novak Djokovic just hit the court minutes ago with Peru’s Juan Pablo Varillas. Also today: World no.1 Carlos Alcaraz Garfia v Lorenzo Musetti (5:30pm) and Sebastian Ofner v Stefanos Tsitsipas (6:05pm).

In the women’s singles, Russia’s Anastasia Pavlyuchenkova booked her spot in the quarter-finals after defeating Germany’s Elise Mertens in a three-set match, while the Czech Republic’s Karolína Muchová is currently battling it out with Russia’s Elina Avanesyan. World no.9 Daria Kasatkina is also playing against Ukraine’s Elina Svitolina, and world no.2 Aryna Sabalenka will play against the US’ Sloane Stephens at 9:15pm.

? OUT AND ABOUT-
(all times CLT)

Have you checked out Zawya Cinema’s Cairo Cinema Days? The festival showcases the latest films from the Arab region, with this year’s edition including 16 documentaries and feature films from Egypt, Tunisia, Sudan, Morocco, Iraq, Palestine, Algeria, and Lebanon. Film screenings are ongoing through 10 June — you can check out the schedule and find more details here.

The annual Flower Exhibition — which is typically held at the Orman Gardens — is now open to the public at the Agricultural Museum in Dokki. The exhibition will run for one month until 27 June.

Dive into Egypt’s infinitely rich contemporary art world: The “Traces of Egypt” Exhibition began in late March and will continue until Thursday, 15 June, at the Grand Egyptian Museum. The exhibit is organized by Egyptian-German artist Susan Hefuna and celebrates the country’s Khayamiya tradition through 28 dresses celebrating local artisans and their craftsmanship.

Start training for your next half marathon: The TriFactory is hosting another edition of itsMadinaty Half Marathon on Friday, 9 June at Madinaty. You can sign up for the event through the TriFactory website.

Hiba Tawaji is back with her first concert in Cairo after three years: The Lebanese singing sensation will be performing in the Cairo Opera house on Friday, 16 June starting from 8:30pm to celebrate the release of her new album, Ba’d Seneen. The performance will be conducted by Maestro Ahmed Aweida and under the supervision of Oussama El-Rahbani. Click here to reserve your tickets.

Egyptian soprano Amira Selim will perform at the National Museum for Egyptian Civilization on Wednesday, 21 June to celebrate the one-year anniversary of the museum’s inauguration. Doors open at 7:30pm and the performance begins at 9:30pm. You can book tickets here.

? UNDER THE LAMPLIGHT-

The Patient by Jasper DeWitt is a horror novel set in modern times that uses several narrative mediums (online blog posts and clinical files) to follow Dr. Parker, a young, idealistic psychiatrist who works in a mental asylum. Parker hears about Joe, a patient who was admitted by his parents at 6 years old because he claims that he was being held by a creature in his room and would not stop screaming in fear. Flash forward 34 years later, and Joe appears to be a patient who has been held in the asylum against his will and would like to assume normal life. But there’s a caveat: Joe is held in a cell by himself, as all his previous cell mates are always found mysteriously dead. To make the matter more concerning, most psychiatrists who have treated him have died or committed suicide. Rather than turn away from this patient, his circumstances allure Parker and he commits himself to treating him. As the novella unfolds, we begin to watch Parker traverse deeper into Joe’s web and we begin to see the horror that unfolds, whether it is Joe’s doing, or not. If you have a panache for the frightening and enjoy a good thrill, this novel is not to be missed.

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4

GO WITH THE FLOW

What the markets are doing on 4 June, 2023

The EGX30 fell 0.4% at today’s close on turnover of EGP 2.84 bn. ِRegional investors were net buyers. The index is up 19.6% YTD.

In the green: Ibnsina Pharma (+14.0%), Qalaa Holdings (+10.0%) and Fawry (+3.3%).

In the red: Abu Qir Fertilizers (-3.5%), Eastern Company (-3.3%), and Sidi Kerir Petrochemicals (-2.7%).

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Our weekly look at the issues, trends, and policies that are shaping Egypt's manufacturing industries.

Published every Sunday in EnterprisePM.

Read Inside Industry
5

INSIDE INDUSTRY

Egypt’s automotive industry has the potential to become the largest on the continent, African association says

African automotive association sees Egypt as Africa’s biggest automotive market in the next decade: A delegation of automotive and automotive components producers attended a meeting of the African Association of Automotive Manufacturers (AAAM) yesterday to look at potential investments in Egypt’s automotive industries. Participants Enterprise spoke with at the meeting yesterday see potential for Egypt’s automotive industry to become the largest market in the continent by the middle of the next decade, supported by existing incentives and market dynamics, along with government plans to localize the industry.

What went down at the meetings: The AAAM delegation toured EP, where they met with key figures from Egypt’s automotive industry, government officials, and existing investors to get a feel for the current market dynamics and incentives on offer for the industry, as well as the challenges and future prospects. “The purpose of the visit is to introduce what Egypt has to offer to the automotive market, and show how serious the stakeholders are — mainly the government and the private sector and companies that have already invested, like Nissan. We hope to create the right level of understanding based on which different automotive players can make their own investment decisions,” AAAM President and Nissan Motor Corporation’s Group Strategic Advisor for Policies, Political Affairs, and External Relations Mike Whitfield told Enterprise.

Who was there: Representatives from automotive manufacturers and automotive component suppliers joined the delegation, including from Volkswagen Group South Africa, Toyota South Africa Motors, General Motors Egypt, and Robert Bosch-Africa, in addition to prominent players in Egypt’s automotive industry. Also joining them were several government officials, including Trade and Industry Minister Ahmed Samir and Suez Canal Economic Zone (SCZone) head Walid Gamal Eldin, as well as representatives from the SMEs Authority, the Trade and Industry Ministry’s automotive manufacturing unit, and the East Port Said Development Company.

Egypt is already on the map, but it’s poised to be the leader: “Today if we look at the automotive industry in Africa, some 1.1 mn vehicles are produced every year — 700k of which come out of South Africa, Morocco, and Egypt,” Whitfield told Enterprise. Egypt currently accounts for the smallest portion of that number, with just 100k vehicles produced every year, compared to 500k in each of South Africa and Morocco. “But if we look at market trends, Egypt is headed to become the most significant — and potentially the biggest — market. We believe that Egypt can reach that milestone within the next 10 years,” he said.

In case you needed reminding: Egypt really wants to develop + localize the automotive industry: The government has been working on a national strategy to develop the automotive industry, known as the Automotive Industry Development Program (AIDP), which could be implemented in the back half of this year, sources from the Trade and Industry Ministry previously told Enterprise. AIDP will provide incentives to carmakers in a bid to increase local assembly and component manufacturing here, up the sector’s competitiveness to become a regional manufacturing hub, and bolster export volumes.

What we already have going for us: The Egyptian market has attractive demographics, including a large population, supportive infrastructure, as well as proximity to other markets and streamlined logistical processes, and attractive construction, energy, and labor costs, several participants noted. Investors in EP specifically are able to enjoy 100% customs exemptions, a five-year residency in exchange for investments, as well as special rules governing imports and exports through the SCZone, according to EP Chairman Karim Sami Saad. End products manufactured in SCZone facilities are also treated as local products, Sami Saad noted.

Businesses want to see a fully formed local industry in Egypt that caters to the rest of the continent: “Egypt's potential is not only important for Egypt, but for the whole African continent. As Nissan, we have invested in Egypt for several years, and we see Egypt as a key manufacturing hub for us in Africa and exporting into Africa. The objective is not just to import car components and put it together — the objective is to create real localization,” Whitfield told Enterprise.

Egypt wants to position East Port Said as a hub for the automotive industry, with plans to set up a specialized zone for automotive manufacturing, which will be named the East Port Said Automotive Zone, or EPAZ, according to AAAM Vice President and EP Managing Director Ahmed Fikry. EP is looking to “attract a number of different brands from global automobile manufacturers to participate in a joint automotive manufacturing complex,” he said. EP is already a “prime destination” for the automotive industry to leverage local and global partnerships “to create a thriving automotive ecosystem that attracts investments, fosters innovation, and drives economic growth,” Saad said.

Investors want to see more — and gov’t is all ears: “The government is here to listen to the business community and help offer whatever is needed to bring this industry to its full potential,” Samir said at the conference.

Your top industrial development stories for the week:

  • Samsung to establish new smartphone assembly plant in Egypt: The smartphone maker is set to begin establishing the new 6k sqm plant in 4Q 2023.
  • Sumitomo Electric broke ground on the first phase of its new pigtails cable factory in Tenth Ramadan City. The factory is expected to produce cables for 1 mn cars per year and provide 3.5k new jobs.
  • Turkish leather maker Iskefe Holding is considering investing USD 40 mn to build a leather factory and another USD 6 mn to revamp three existing facilities in Roubiki Leather City.
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THE ENTERPRISE ENTERTAINMENT CALENDAR

MAY

17 May-10 June (Wednesday-Saturday): Cairo Cinema Days at Zawya Cinema, Downtown Cairo.

27 May-27 June (Saturday-Tuesday): Annual Flower Exhibition from 10am at the Agricultural Museum.

JUNE

1-10 June (Thursday-Saturday): Cairo Food Week.

9 June (Friday): TriFactory Madinaty Half Marathon.

10 June (Saturday): Thanaweya Amma examinations begin.

15 June (Thursday): Last day of the Traces of Egypt Exhibition at the Grand Egyptian Museum.

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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