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Tuesday, 9 Jul 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 Today

TMG’s SouthMed pulls USD 4.2 bn in reservations.
2

Founder of the Week

Meet our founder of the week: Octane’s Amr Gamal.
3

FOR YOUR COMMUTE

TikTok wants to discuss your paycheck.
4

ON THE TUBE TONIGHT

Think twice before getting a roommate.
5

Ears to the Ground

Dave Chang’s backstage pass to the culinary world.
6

OUT AND ABOUT

Blow off some steam with the Cairo Comedy Club.

Tuesday, 9 Jul 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

Record sales for TMG’s SouthMed jump to EGP 200 bn in six days

Good afternoon, friends. The news cycle has kept easing us into the last days before the much-anticipated long weekend.

THE BIG STORY TODAY-

TMG’s North Coast debut breaks records: Talaat Moustafa Group Holding’s (TMG) North Coast project — dubbed SouthMed — garnered reservations worth EGP 200 bn (USD 4.2 bn) in the six working days since its launch, according to an EGX disclosure (pdf). This made TMG “the fastest and top selling company of a single project launch in the MENA region.” TMG kicked off reservations for SouthMed last week, with the project garnering EGP 60 bn (c. USD 1.3 bn) in reservations in the first 12 hours post-launch. The 23 mn sqm project is slated to see investments to the tune of EGP 1 tn.

The bigger picture: The real estate developer raked in EGP 340 bn in total sales across its developments since the beginning of the year, more than seven times the figure achieved during the same period last year.

THE BIG STORY ABROAD

It’s a slow day in international business news ahead of Chair of the Federal Reserve Jerome Powell’s twice-yearly report to Congress, expected to indicate whether Fed rate cuts are in the offing this year.

In the meantime, the global business press has been digesting the surprise victory of the French leftist New Popular Front (NFP) bloc in the country’s recent parliamentary elections, which may signal the end of the business-friendly climate cultivated by outgoing president Emmanuel Macron. France now finds itself staring down the barrel of fiscal deficit amid political gridlock between groups deeply divided on taxes and government spending. If a center-left government does manage to coalesce over the next few weeks, some worry that a costly leftwing economic package could weigh on public finances, driving up government borrowing costs as well as interest rates for business. (Financial Times | Bloomberg | NYT)

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

  • Laying out the new government’s policy priorities: Prime Minister Moustafa Madbouly delivered his new government’s policy statement to the House of Representatives yesterday and take MPs through the government’s priorities.
  • Egypt's current account deficit has widened by 225% y-o-y to USD 17.1 bn in the first nine months of FY 2023-24, up from USD 5.3 bn in the same period in the last fiscal year.
  • Electra to own 20% of Elsewedy Electric: Elsewedy Electric shareholders have putsell orders of a total of 427.7 mn shares — around 20% of the company — to Abu Dhabi-based electrical equipment manufacturer Electra Investment Holding in response to the latter’s offer, whose validity ended yesterday.

☀️ TOMORROW’S WEATHER- Mercury is peaking with a high of 39°C and dropping to a low of 29°C in Cairo at night, according to our favorite weather app. Alexandria and Sahel are quite a bit cooler with a high of 33°C and a low of 24°C at night.

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2

FOR YOUR COMMUTE

How much money do you make?

Younger women are using TikTok to promote pay transparency. JessicaRosales, for example, is a medical facility cleaner in Michigan and an active content creator on TikTok. Rosales shares detailed breakdowns of her paycheck allocation and shares her “payday routine.”

Older workers may be clutching their pearls, says The Washington Post, having grown up in a generation that considers money talk taboo. But younger generations have grown used to being candid about the intricacies of their lives online, which includes money earned and spent. Another personal finance creator, Kristy Nguyen, said “We feel like if we’re more open and vulnerable about it, it can make a difference for other people.”

The movement is thriving. Andrea Johnson, state policy and strategy director at the National Women’s Law Center, called it part of a “quickly evolving pay transparency revolution” taking place on an institutional level. Companies in the US are now required to indicate a salary range in their job postings in an attempt to allow fair negotiation from workers. “Gen Z is saying, ‘This is what we expect. We’re not even going to apply to your job if you don’t list it,’” Johnson added.

Pay transparency is leveling out the playing field. According to the Bureau of LaborStatistics, in 2023, female employees earned 83.6% of what a male employee in a similar position earned. It’s only through radical pay transparency that those being affected by these discrepancies — mostly young women — can become aware of it. Afterwards, they turn to these TikTok and money handling creators for financial advice.

But can the culture of pay secrecy be overcome? People are still reluctant to talk numbers, but many believe that forcing ourselves out of the discomfort is for the greater good. Not so that employees can negotiate for equitable wages and negotiate their salaries, but for new entrants to the workforce to find it easier to set financial plans.

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3

ENTERPRISE RECOMMENDS

Thinking of getting a roommate, think again

? ON THE TUBE TONIGHT-
(all times CLT)

The concept of having a bad roommate is universal, and Netflix is here to cement it in the Worst Roommate Ever. A chilling true-crime documentary series delves deep into the unsettling stories of individuals whose living situations turned into nightmares. Spanning two seasons, each episode explores different cases of heinous roommates, ranging from violent criminals to manipulative squatters wreaking havoc on unsuspecting victims.

The series kicks off with Dorothea Puente, a seemingly sweet grandmother figure who, turns out, is a cold-blooded serial killer. Through a mix of interviews, archival footage, and gripping animated reenactments, viewers are taken on a journey through Puente's dark past, beginning with her early criminal activities such as passing bad checks in her youth.

Central to the narrative is the tragic case of Bert Montoya, an unhoused man placed under Puente's care by a well-meaning social worker named Judy. Despite Bert's mental health challenges, Judy believed Puente's boarding house would provide a stable environment for him. However, when Bert mysteriously disappears to flimsy explanations from Puente, suspicions escalate, leading to a chilling investigation.

The documentary masterfully unfolds the investigative process that ultimately uncovered Puente's horrific crimes. From the discovery of suspicious pills in her possession to the grisly remains unearthed in her backyard, each twist and turn adds layers of intrigue and horror to the narrative.

While Puente's case is the primary focus of the first season, subsequent episodes explore other equally unsettling roommate situations, highlighting the range of human depravity and the vulnerability of those seeking housing stability.

Critically acclaimed for its thorough research and compelling storytelling, the series offers a sobering reflection on the dangers lurking behind closed doors, and the unforeseen consequences of trusting the wrong person.

WHERE TO WATCH- You can watch this show on Netflix or catch the trailer (watch trailer,runtime: 1:51).

⚽ Les Bleus vs. La Roja: Euro 2024 semi-finals will kick off tonight with the French-Spanish clash at 10pm at Allianz Arena. Les Bleus advanced after defeating Portugal in a penalty shootout, while La Roja ousted Germany with a 2-1 victory.

The Argentians are battling to defend their title: Argentina is going head to head against Canada tomorrow at 4am in the first match of the Copa America’s semi-finals. The Albiceleste reached this stage after defeating Ecuador in a penalty shootout, While Canada also advanced by defeating Venezuela in penalties. The two teams previously met in the group stage, where Argentina won 2-0.

? OUT AND ABOUT-
(all times CLT)

HAPPENING THIS WEEK-

Laugh the midweek blues away with a night of stand-up comedy tonight. This event is hosted by Cairo Comedy Club at Boom Room at The Open Air Mall, Madinaty. Grab your tickets here.

Ahmed Helmy’s play continues this week. The actor is performing in his interactive play Mimo at the Grand Nile Tower Hotel in Cairo. Catch the show this week, Thursday 11 July, and Friday 12 July. Get your tickets here.

Affichat w Aflam is still on. This exhibition showcases a vast selection of the late Pierre Sioufi’s collection of more than 10k pieces of Egyptian cinema memorabilia from 1932 to 2017. Showing in three editions, with the first ending this Thursday, 11 July, it will display pieces from the 1930s to 1970s. The exhibition is open from 10am to 10pm at Bibliothek.

Egyptian Nights with Cairokee. The Egyptian band will be performing at the AAST in Alexandria as a part of the Egyptian Nights Festival on Saturday, 13 July at 8pm. Click here for the tickets.

Master the art of punch needle embroidery at Darb 15 on Friday, 12 July from 12pm Whether you’re a seasoned stitcher or a complete beginner, this workshop is perfect for anyone looking to unwind, get crafty, and unleash their inner artist. To book your spot DM Darb 15 on their Instagram.

Another tribute night from El Sawy Culturewheel is dedicated to Lana Del Rey. Brooklyn Babies will be performing their homage to the queen of summertime sadness on Saturday, 13 July from 7pm. Get the details here.

Mona El Shazly will be hosting a special live episode hosting Medhat Saleh at the New Alamein Festival on Thursday, 11 July at 10pm. Get your tickets here.

If you missed it, musical icon Mohamed Mounir will be performing the next day on Friday, 12 July at the New Alamein Festival from 9pm. Get your tickets here.

HAPPENING LATER-

Smooth melodies, upbeat rhythms and enticing energy. Don’t miss Blackout ’s smooth jazz tunes at Cairo Jazz Club on Sunday 14 June at 8pm. Message CJC on Facebook to reserve.

20 years of Masar Egbari: The band is celebrating its 20th anniversary with a concert at Al Sawy Culturewheel, Nile University branch in Sheikh Zayed, on Thursday, July 18, at 8pm. Click here to get your tickets.

Mouled Ahl Al Zikr x Sawy Culture Wheel: Sheikh Mahmoud Al-Tohamy will present an evening of recitation and chanting at El Sawy Wheel in Zamalek on Friday, July 19 at 8 pm. (Tickets)

? EARS TO THE GROUND-

The Dave Chang Show is the ultimate backstage pass into the culinary world. Dave Chang is the chef of the Momofuku restaurants and the creator and host of Netflix’s Ugly Delicious. If anyone knows anything about the industry, it’s him.

The show stands out for its raw and unapologetic approach. Chang, known for his eccentric attitude towards food, brings the same energy to his podcast, tackling a wide range of conversations from cooking frustrations to the impact of racism in the industry. There are also times when he taps into his emotions, which adds a layer of humanity to the podcast.

Between passion for cooking and culinary expertise, this podcast is a feast for food enthusiasts. Whether Dave is discussing the perfect ramen or the latest culinary trends, it’s bound to grab your attention.

An episode worth mentioning is Overrated French Foods, Where to Eat in Copenhagen, andDelete Yelper: Benu SF. Guest starring Chris Ying, this episode is the perfect combination of entertaining, informational, and educational.

WHERE TO LISTEN- You can listen to this podcast on Apple Podcasts, Spotify, Anghami and iHeart.

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4

GO WITH THE FLOW

What the markets are doing on 9 July 2024

The EGX30 rose 0.2% at today’s close on turnover of EGP 3.5 bn (18% below the 90-day average). Local investors were the sole net buyers. The index is up 14.4% YTD.

In the green: EFG Holding (+5.3%), GB Corp (+5.1%), and E-finance (+3.1%).

In the red: Abu Qir Fertilizers (-2.8%), Sidi Kerir Petrochemicals (-2.8%), and AMOC (-2.5%).

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5

Founder of the Week

Meet our founder of the week: Octane’s Amr Gamal

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 Amr Gamal (LinkedIn), co-founder and CEO of Octane.

My name is Amr Gamal, and I’m the co-founder and CEO of Octane, a B2B digital payments solution to vehicle-related expenses in Egypt. Studying telecommunications and electronics at Ain Shams University definitely had a big impact on Octane — Engineering gives you a structured and analytical way of thinking that was critical to building the company.

Our four main products enable businesses to optimize, streamline, and control all on-the-road payments. That includes fuel and toll payments, and maintenance and cash management. The idea came to me as a result of the obstacles I encountered during my experience in a Fortune 500 company operating in the region. I found that transportation-related payments had unstructured cash cycles, were demanding to manage, and susceptible to fraud. I felt like that something had to and could be done from an operational standpoint.

My corporate background prepared me for becoming an entrepreneur. If I hadn’t spent time in McKinsey, P&G, Orange, and Vodafone, it would have taken me longer to pinpoint the tools I needed to build Octane. That’s not to say that you can’t start a company without corporate experience, but being part of an already structured organization and being aware of the mechanics that make a company run smoothly (or not) helped us create our own arsenal.

If I had to choose a metric by which we are successful, it would be by the impact we have, not just on the businesses we help, but the individuals we’ve had the privilege to work with and/or support. It’s hard to accept praise, but the few instances where it was easier were when people who didn’t know we founded Octane commended our services.

I see Octane becoming the Visa or Mastercard of vehicular and on-the-road payments — To become a part of and facilitate anything related to those payments. The way to get there is to make sure the customer is getting exactly what they need from our services. We offer consumables, as do many others, but that’s not all we do. Our value propositions — 35-45% in savings, seamless operation, a structured cash cycle, and cutting edge analytics — are what set us apart.

The recent economic challenges refined our priorities. People are the most important asset at Octane, and we wanted to make sure that everyone affiliated with us was able to weather what was happening. That was our main focus. We were impacted greatly, as our revenue is calculated in USD, which means that ours were slashed overnight. But we had to work around it just like with any other challenge and view it as a chance to grow, and of course, that has to happen from the inside out. If your team isn’t dedicated to overcoming a challenge together, it simply won’t happen — it’s a mindset thing.

If I could change anything about the industry, it would be having digital fuel payments be the only kind of payment the government accepts from B2B customers and companies. Digitizing fuel is a big step towards several of Egypt’s initiatives, including Digital Egypt, financial inclusion, and Egypt Vision 2030. Government supervision of this market will ensure that it’s protected and properly regulated, just as EGPC and NTRA are.

The most rewarding aspect of my business is the sense of achievement of getting things done or making an impact. That’s always what I’ve looked forward to the most with any job. Even the small achievements are worth celebrating, but the fact that two years ago, there was nothing like Octane on the scene, and that now not only is there a market but also competitors, people moving around, talking to each other… It’s monumental.

The hardest part of my job is maintaining focus. There is a wealth of interesting ideas that I’d like to explore, but I have to force myself to keep moving. I already know our goals and how to get there — anything else is a distraction, everything else comes and goes. The motivation comes from being convinced that the best way forward is what we have laid down, and being deeply committed to our work. That motivation is also strongly supported by those I share a vision with, with those who are just as committed to it. We help each other keep the end goal in sight.

My personal and professional lives are not balanced. I think it’s impossible, at least right now. But doing what I do professionally would have also been impossible if I didn’t have the support system that I am lucky enough to have in my mother and my wife primarily. And if a balance is possible, I wouldn’t know where to start. But at the same time, it’s important to try. I will try to dedicate a week out of each season to spend with my family, but sometimes the situation at work becomes so intense that you can’t focus on anything else. But even maintaining this imbalance would be impossible without a super understanding support system within your family and your friends.

I would tell young entrepreneurs to make sure you have the right people on your side — you will be spending more time with these people than you do with your family. And understand yourself and your skills inside and out. Recognize when you’re not the right person for a specific position — you need to know when you step down and bring in someone who can help both you and the company grow. Lastly, thrive for structure. Do everything, then structure it. Make sure the company isn’t just dependent on people, but dependent on the processes that govern it. Without structure all you’ll ever have is a mess, even if it’s made up of good ideas.

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ENTERPRISE ENTERTAINMENT CALENDAR

JULY

7-31 May-July (Tuesday-Wednesday): Cairo Cinema Days program, at Zawya Cinema.

11-2 June-September (Tuesday-Monday): Afeshat w Aflam exhibition at Bibliothek.

9 July (Tuesday): Cairo Comedy Club at Boom Room, Open Air Mall, Madinaty.

11 July (Thursday): National holiday in observance of Islamic New Year.

11-30 July-August (Thursday-Friday): New Alamein Festival at North Coast.

11-12 July (Thursday-Friday): Mimo at the Grand Nile Tower Hotel.

12 July (Friday): Punch needle embroidery at Darb 15.

13 July (Saturday): Lana Del Rey tribute night at El Sawy Culturewheel.

13 July (Saturday): Cairokee at the AAST.

16-17 July (Sunday-Monday): Cairo Consultants Forum 2024 at Royal Maxim Palace Kempinski.

18 July (Thursday): 20 Years of Massar Egbari at El Sawy Culturewheel.

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

19 July (Friday): Sheikh Mahmoud Al-Tahami at El Sawy Culturewheel.

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

26 July (Friday) Route Tech Summit 2024 at The GrEEK Campus

AUGUST

3 August (Saturday): Founders Live at MINT Incubator by EGBANK

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

SEPTEMBER

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

OCTOBER

6 October (Sunday): Armed Forces Day.

29-30 October (Tuesday-Wednesday): Intelligent Cities Exhibition & Conference (ICEC) at Waldorf Astoria.

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