Phoneless anxiety

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Beltone inks share purchase agreement to acquire 100% of Cash

Good afternoon, friends. We hope that your week has gotten off to a smooth start as we shift gears back into work-mode.

CLARIFICATION- New patisserie Fôu is open for business from tomorrow — order from the comfort of your couch. The grand opening of Farah El Charkawy’s new online-only patisserie Fôu, which we wrote about in this morning’s AM, is an invitation-only event. Excusez-nous forthe faux pas. But pastry fiends can still get their fix by ordering through Fôu’s website, which goes live tomorrow night. Arbitration lawyer El Charkawy — late of Zulficar and Partners — attended top European culinary schools (including Alain Ducasse in France) to perfect her craft and we can’t wait to taste what she’s creating.

THE BIG STORY TODAY

Beltone Financial has inked a share purchase agreement (SPA) to acquire 100% of Minya-based microfinance provider Cash after completing due diligence on the company, chief communications officer Mamdouh Abdelwahab confirmed to Enterprise. Beltone has acquired the microfinance provider “directly and indirectly” through the company and its subsidiaries, Abdelwahab said, without naming the subsidiaries.

THE BIG STORY ABROAD

It’s another afternoon of the international business press being all over the place: Bloomberg ’s top story focuses on the creation of a gaming authority in the UAE, suggesting that gambling may become legalized — we dive in further in For Your Commute, below. Elsewhere, how China’s economic slump will affect commodity producers worldwide is getting top billing in the Wall Street Journal, and Reuters is leading with Turkey and Russia’s presidents meeting in Sochi to discuss natural gas and grain.

HAPPENING NOW-

Day one of the Africa Climate Summit is in session: Climate leaders from across the continent are gathered in the Kenyan capital today for the three-day Africa Climate Summit. An Egyptian delegation headed by Prime Minister Moustafa Madbouly including Environment Minister Yasmine Fouad and Irrigation Minister Hani Sewilam are in attendance.

On the agenda: Fouad will join a number of officials in signing the Kampala Ministerial Declaration on Migration, Environment, and Climate Change(KDMECC); she will also chair a session on raising adaptation finance. Fouad is scheduled to meet with some of her counterparts and international lenders on the sidelines of the summit, according to an Environment Ministry statement.

Phase nine of the Beit El Watan initiative kicks off: The Housing Ministry is opening the door for Egyptians living abroad to reserve some 2.53k plots of land up for grabs under the ninth phase of the Beit El Watan initiative, Housing Minister Assem El Gazzar said in a statement earlier today. The plots offered are distributed among 14 new cities including New Cairo, Sheikh Zayed, Tenth of Ramadan, and New Aswan. The reservation door closes in three weeks.

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

Eastern Company is getting a new major shareholder: An Emirati investment company has agreed to purchase a 30% stake in Eastern Company in a transaction that will see it become the single-largest shareholder in the state-owned tobacco manufacturer and help revitalize the government’s privatization efforts.
Eni has big investment plans: Italian energy giant Eni and its partners will invest USD 7.7 bn in their Egypt operations over the next four years.
More oil hedging: The government has purchased fresh hedging contracts covering 35% of its estimated oil imports for the current fiscal year that ends in June 2024.

CHECK OUT OUR AGENDA-

The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

This is our first two-day event,which should give us plenty of time to dive into the nitty gritty of this industry we love. Our panels will see CEOs, bankers, investors and founders gather to discuss the future and trends shaping banking, finance, fintech and NBFS.

Our full agenda will be out at month’s end. Among the topics we’ll be discussing:

Looking into the crystal ball: Top industry CEOs will join us on stage to answer tough questions on where we are as an industry, the forces that will shape all of our businesses going forward, and their views on dealflow in the year ahead.

Surviving nuclear winter: We discuss how private equity and venture capital players are tackling challenges including fundraising and deployment in an environment in which it’s awfully difficult to price your local asset in USD terms.
The robots are coming: We explore what the coming AI and big data means for the industry in our part of the world and what can bankers, NBFI, and fintech players do to capitalize on them.
What do you do when nobody wants to be a banker — and when those who are already (investment or commercial) bankers are either (a) dreaming of doing their own startup or (b) moving to Dubai (or, increasingly, Riyadh)? We go deep into the weeds with industry leaders on how they’re building talent for tomorrow.
NBFIs are a bubble. Prove me wrong: We chart the explosive rise of NBFIs and ask whether the industry is ready for a wave of consolidation. We’ll dive into whether consumer finance is starting to mature as a segment — and ask which sector is next.
What does 2024 hold in store for fintech: We dive deep into which categories are getting traction, which segments will account for the lion’s share of future growth, what business they would start today if they could, and what we can expect of the sector in the year ahead.
What’s a bank, anyway? Wherein we talk challenger and neobanks with the players looking to shake up the brick-and-mortar industry.

** NEW: MORE NETWORKING TIME- Our agenda includes expanded networking time, including an expanded coffee break and a post-event networking room for you to interact with your peers and speak one-on-one with the team at Enterprise.

STAY TUNED for more detail about our exciting agenda in the weeks to come.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.

Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial.

☀️ TOMORROW’S WEATHER- The temperature will begin to climb again to hit 38°C at its peak and then dip to a cooler 25°C in the evening, according to our favorite weather app.

Do you have nomophobia? + The UAE is going to start opening casinos

SIGN OF THE TIMES- We’ve collectively become so attached to our electronic devices that there’s a name for the anxiety of being without your mobile phone: “Nomophobia” — short for “no mobile phone phobia” — is a term coined to describe the anxiety people experience when they are separated from their devices, according to research published in BMC psychiatry. Individuals suffering from anxiety, poor self-esteem, and low emotional intelligence are the hardest hit by this phobia. It manifests as a range of symptoms including sweating, restlessness, anxiety, disorganization, quicker breathing and Tachycardia (accelerated heartbeat). Any age group can experience this, but younger ones are hit the most.

THE HOMETOWN ANGLE- Across the Arab world, Egyptian college students have the highest levels of mobile dependence, while those in Lebanon showed the lowest levels of dependence. Female university students are the largest group with the possibility of suffering from nomophobia.

Go old school: It may seem counterintuitive today, but going back to the age-old written planner and old-fashioned analog watch is the first step to regain control over the relationship with a phone, CNBC writes, citing psychologists. Going phoneless while trying to relax and seeking non-phone activities will also help overcome this new phobia, while incorporating more mindfulness and breathing exercises to control anxiety are also options. If an individual struggles with this matter they should seek professional help as nomophobia can significantly compromise the ability to concentrate, be a cause of distraction, and eliminate work efficiency levels — a detrimental loss for both the individual and the employer, the psychologists say.

The UAE could be the first Gulf state to legalize casinos after setting up a commercial gaming authority,according to a statement. While officials did not confirm the issuance of gambling permits, people with knowledge of the situation reported preliminary negotiations as the move is being taken into consideration, Bloomberg wrote. The construction of a USD 3.9 bn casino by Wynn Resorts Ltd is one factor pointing in the direction of prospective permits. The new General Commercial Gaming Regulatory Authority (GCGRA) will be chaired by former MGM Resorts International CEO, Jim Murren.

Competition is fierce: In order to maintain its position in the region, Dubai has implemented reforms in response to growing competition from neighbors like Saudi Arabia and Qatar in the tourism and trade industries. If gambling is legalized, the UAE could pocket up to USD 6.6 bn yearly and significantly boost its tourist influx, according to Bloomberg.

Interrogation room drama featuring Tom Holland and Amanda Seyfried

? ON THE TUBE TONIGHT-
(all times CLT)

The Crowded Room brings Tom Holland and Amanda Seyfried together in a suspense-packed new show. The series is inspired by Danny Sullivan, who was accused of a shooting in New York City in the 1970s and was later acquitted because he was diagnosed with Dissociative Identity Disorder (DID) — marking a first in US history. The 10-part series follows the story of young Danny Sullivan (Holland) after his involvement in a violent incident at the Rockefeller Center along with his missing friend, Ariana (Sasha Lane). An ensuing investigation slowly — at times too slowly — reveals that there’s more to the story than meets the eye, particularly as Danny confesses to his interrogator, Rya Goodwin (played by Seyfried), that he sometimes experiences memory gaps. Through flashbacks, Sullivan's difficult childhood is revealed and that this maltreatment probably had a direct impact on his mental state. We also come to understand more about his well-being through deeper dives into his psyche as the episodes unfold. The role is another refreshing one for Holland as he steps away from the Marvel prototypes and slips into a darker and more complex character.

⚽ Arsenal snatched a dramatic victory against Manchester United, with two goals in the final minutes of the match, which ended with 3-1, reaching the tenth point and stopping United’s tally at six points. Liverpool also played an enjoyable match against Aston Villa, and decided the match with three goals to also score 10 points from four matches.

The first international break: The first international break of the 2023-24 season begins today, three days after the summer transfer window closes in Europe. The period extending until September 12 will see several matches in the qualifiers for the UEFA European Championship and African Cup of Nations, and the South America World Cup qualifiers, in addition to a number of friendly matches.

We bring you the ranking of the major European leagues at the start of the international break:

Manchester City is at the top of the Premier League with 12 points from four matches, two points ahead of the closest competitor.
Real Madrid is at the top of LaLiga with 12 points from four matches, two points ahead of the closest competitor.
Inter is at the top of Serie A with nine points from three matches, with a goal difference ahead of Milan.
Bayer Leverkusen is at the top of Bundesliga with nine points from three matches, with a goal difference ahead of Bayern Munich.
Monaco is at the top of League 1 with 10 points from four matches, two points ahead of Paris Saint-Germain.

Lou is a burger truck in River Walk New Cairo is a chef’s opus after a 25-year culinary tenure. Chef Waleed Hassan, who spent 15 years in the Four Seasons’ kitchen, opened Lou, a burger truck that offers a selection of freshly cooked and prepared burgers. The food truck offers a no-nonsense 15 items menu that consists of five different burgers (both beef and chicken), five different tacos, and five different hot dogs. Of all the items tried, the one that impressed was the Classic Burger: A toasted brioche bun, topped with a juicy angus beef patty, and a creamy homemade sauce. The piping hot fries came with a side of sea salt and basil, which was a refreshing touch leaving the customer to season it to their liking. However, we were a little underwhelmed by the quesadilla— we felt that it needed a little more seasoning, but fans of mild flavors might find a favorite in it. It is also important to note that they do not deliver and only offer their delicious food at the truck.

Get your running shoes ready for the 2023 edition of the El Gouna Half Marathon, which is scheduled to take place on Saturday, 11 November. You can sign up for the marathon from here — and catch the lowest registration price with the early bird special which starts today and ends Saturday, 30 September.

Jim Gaffigan’s Barely Alive Tour will be The Marquee stage at Cairo Festival City on Thursday, 16 November. Get your tickets with Ticketsmarche.

Neil MacGregor’s A History of the World in 100 Objects is the story of… well, us. This eye opening — and absurdly entertaining — exploration of human history and culture uses the lens of material artifacts to tell us about our past, from antiquity until quite recently. In a novel approach to understanding our human experience, MacGregor selects 100 objects from various periods and cultures to tell our story: From a two-mn-year-old Olduvai stone chopping tool to the contemporary credit card, each object is a focal point to unraveling the intricate narrative of its own time. But the curation of the objects isn’t just random: MacGregor reveals the interconnectedness of civilizations and shared experiences through the carefully selected items. He works on contextualizing them in a framework of historical, social, and cultural significance. Beautiful illustrations and photographs accompany the text, making it easy to appreciate the details of each object — ones that we may not have been able to ever see otherwise. The author’s approach is uniquely compassionate, fostering a sense of empathy and kinship with our ancestors through seemingly mundane objects. If you are a history aficionado or want to include a visually-pleasing table top read, pick up this book.

What the markets are doing on 4 September, 2024

The EGX30 rose 1.0% at today’s close on turnover of EGP 2.19 bn (4.1% above the 90-day average). Foreign investors were net sellers. The index is up 29.5% YTD.

In the green: Alexandria Containers and Cargo Handling (+5.3%), TMG Holding (+5.0%) and Ezz Steel (+4.1%).

In the red: GB Corop (-1.9%), B Investments Holding (-1.8%) and Orascom Development Egypt (-1.4%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

SEPTEMBER

4 September (Monday): Improv for All! With Radwan, The Greek Campus, Downtown Cairo

5 September (Tuesday): Mohamed Mohsen concert, Citadel Festival for Music and Singing, Citadel Salah El Din, Cairo.

6 September (Wednesday):Nesma Mahgoub and Lena Chamamyan concert, Citadel Festival for Music and Singing, Citadel Salah El Din, Cairo.

6 September (Wednesday):El Morabba3 band and Samar Tarek concert, Cairo Jazz Club 610, Sheikh Zayed, Cairo.

6 September (Wednesday): Improv for All! With Radwan, The Greek Campus, Downtown Cairo

7 September (Thursday): Omar Khairat concert, Citadel Festival for Music and Singing, Citadel Salah El Din, Cairo.

7-9 September (Thursday-Saturday): Animatex4th Edition at AUC Tahrir Cultural Center.

9 September (Saturday): The Elite Stand Up Comedy show at The Marquee, Cairo Festival City.

14-17 September (Thursday-Sunday): Medfest Cinematic Film Forum at AUC Tahrir Cultural Center.

21-23 September (Thursday-Saturday): L’Etape Egypt by Tour de France, Sharm El Sheikh.

22-23 September (Friday-Saturday): Tamino Sahar Tour concert in AUC Tahrir Cultural Center.

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.

13-20 October (Friday-Friday): El Gouna Film Festival (GFF).

28 October (Saturday): DJs Kygo, Tiësto, Kung and Frank Walker concert, Giza Pyramids.

NOVEMBER

11 November (Saturday): El Gouna Half Marathon 2023, El Gouna.

15-24 November (Wednesday-Friday): Cairo International Film Festival (CIFF).

16 November (Thursday): Jim Gaffigan’s Barely Alive Tour at The Marquee, Cairo Festival City.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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