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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: QIA eyeing Vodafone Egypt acquisition?

Good afternoon, wonderful people. We have a relatively calm almost-THURSDAY here in Omm El Donia — and no sandstorm to speak of.

THE BIG STORY TODAY

Is the QIA looking to fully acquire Vodafone Egypt? The Qatar Investment Authority (QIA) is reportedly looking to acquire state-owned Telecom Egypt’s entire 45% stake in Vodafone Egypt, with plans to follow that acquisition with the purchase of the remaining 55% stake held by South Africa’s Vodacom, Daily News Egyptreports, citing sources it says are close to the negotiations. The Qatari sovereign wealth fund could settle for the purchase of part of Telecom Egypt’s stake in Vodafone Egypt to get its foot in the door before entering negotiations with Vodacom, the sources allegedly said.

THE BIG STORY ABROAD

Leading the conversation in the international press this afternoon: Ukrainians escaping mass flooding after the destruction of a major dam. Deemed a humanitarian and ecological crisis, the destruction of the dam in Kherson has forced thousands to evacuate flooded towns while hundreds of residents are still trapped and awaiting rescue. Both sides still blame each other as Kyiv assumes that this was a move to stall their southern counter-offensive. Meanwhile, the Kremlin believes that it was self-sabotage that aimed to cripple the water supply to the Russian-occupied Crimea region. CNBC | BBC | Reuters | Associated Press | New York Times


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

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- Are we getting a sandstorm? Nobody really knows: The Meteorological Authority had said earlier this week that a sandstorm would hit the capital city today and tomorrow, although we haven’t seen signs of that materializing today. Meanwhile, our favorite weather app suggests tomorrow will bring cloudy skies with the mercury rising to an uncomfortable 41°C and dropping to a cooler 26°C at night, our favorite weather app tells us.

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FOR YOUR COMMUTE

KSA is doubling down on its sports spending with investments in football + golf

Saudi Arabia’s PIF taking over ownership of Saudi football teams: The kingdom’s sovereign wealth fund, the Public Investment Fund (PIF) will hold a 75% majority stake in four of the country’s top football clubs — Al Ittihad, Al Ahli, Al Hilal, and Al Nassr, the Saudi Sports Ministry said on Monday. The remaining 25% stake will be held by nonprofit organizations, the ministry said, without providing further details.

KSA is also looking at the world of golf, with the PIF announcing yesterday its plans to combine its commercial businesses in golf — including PIF-backed LIV Golf — with the PGA Tour and DP World Tour into one entity. The new commercial entity will have oversight over all of its “golf-related commercial operations, businesses, and investments,” the statement says. PIF will be set up as the new body’s lead investor, with the “exclusive right to further invest in the new entity, including a right of first refusal on any capital that may be invested in the new entity, including into the PGA Tour, LIV Golf, and DP World Tour.” The statement does not specify how much PIF is pouring into the new body, but the Financial Times suggests it could be somewhere in the neighborhood of USD 3 bn.

This is all part of Saudi’s push to diversify its sources of revenue beyond the oil industry — with sports taking a significant portion of that drive: The sovereign wealth fund’s acquisition of majority stakes in Saudi’s biggest football clubs coincides with the country looking to attract top football talents such as Cristiano Ronaldo, Lionel Messi, and Karim Benzema. The kingdom is looking to quadruple the Saudi league’s revenues, the Financial Times notes.

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ENTERPRISE RECOMMENDS

Black magic and excellent plotting in Anne Rice’s Mayfair Witches

? ON THE TUBE TONIGHT-
(all times CLT)

Anne Rice’s The Mayfair Witches on OSN+ is for all the black magic fans who enjoy a bit of spell-making. Meet Rowan Fielding, played by Alexandra Daddario, a successful and brilliant pediatric neurosurgeon, a rebel who has always been uneasy in her surroundings. Refusing to live in a regular home and living on her own sailboat, she notices that she has started to grow a talent that is petrifying her. She seeks her confidante, her adoptive mother, who we discover is a guardian that has been assigned to raise her far from her real family — a powerful family of sorcerers. As events unfold, Fielding unintentionally begins exercising her magical abilities. Based on the trilogy by novelist Anne Rice, this series will satisfy the viewers’ thirst for the supernatural, as sorcerers, good and bad, go head-to-head as Fielding tries to discover her true self.

The Egyptian Premier League’s 31st Gameweek continues, with two matches today:

  • Ghazl El Mahalla v El Masry (7pm)
  • Smouha v Ceramica Cleopatra (9:30pm)

Who’s taking home the Conference League title? Fiorentina faces off against West Ham in Prague today in the final match of the Conference League at 10pm. Both teams are dreaming of a victory — and a chance to snag a European championship title, which both have failed to lock down in decades.

? Tunisia’s Ons Jabeur narrowly missed her chance to make it to the Roland Garros semis after losing to Brazil’s Beatriz Haddad Maia in a nail biter of a quarter final match that stretched to three sets. Haddad Maia ultimately came out on top, with a match score of 3-6, 7-6, 6-1. World no.1 Iga Świątek and the US’ Coco Gauff are currently on the court, with their match having kicked off at 3pm/ The victors of today’s matches will go on to the semi-finals to face world no.2 Aryna Sabalenka — who beat Ukraine’s Elina Svitolina 6-4, 6-2 yesterday — and the Czech Republic’s Karolina Muchová — who booked a spot to the next round after defeating Russia’s Anastasia Pavlyuchenkova 7-5, 6-2.

The last two men’s quarter final matches are taking place later today, with Germany’s Alexander Zverev playing against Argentine Tomás Martin Etcheverry at 4pm. Meanwhile, Denmark’s Holger Rune and Norway’s Casper Ruud are scheduled to play at 9:15pm. Serbia’s Novak Djokovic and Spains’ Carlos Alcaraz Garfia already secured their spots in the semi-finals yesterday, with Djokovic defeating Russia’s Karen Khachanov in a four-set match and Garfia edging out Greece’s Stefanos Tsitsipas 6-2, 6-1, 7-5.

? EAT THIS TONIGHT-

Willy’s Kitchen comes through with burger fixes that are equal parts intriguing and mouthwatering, with items like the Pepperazi, Blue Ribbon, and Brooklyn Shrooms. The considerable portions and hefty sides provide a variety of items that cater to different tastes. We definitely recommend trying out the nacho burgers, which consist of burger patties with toppings tightly wrapped in a homemade tortilla — and then deep fried (trust us on this one). Another non-burger favorite is the gang-sized Willy’s Chips — a bucket of freshly fried tortilla chips coupled with an abundant amount of cheese dip and chili beef dip. If you fancy a bit of fried chicken, we suggest you go for the Ranchie Crunch, which includes the fried chicken breasts, smoked turkey, cheese, and of course, the refreshing ranch sauce. We also recommend that you order from Willy’s as a gang, as the selection is large and each burger does taste different to the next one.

? OUT AND ABOUT-
(all times CLT)

Calling fans of composer Hany Shenouda and his unique music: Don’t miss out on Shenouda’s concert, along with several other singers, at Cairo Festival City’s Marquee theater on Friday, 16 June. You can get tickets on Ticketsmarche.

Zawya kicks off a two-week festival for Italian director Michelangelo Antonio, as part of its Italian Cinema Focus program in cooperation with the Italian Cultural Institute. The cinema will screen Antonio’s films from next Wednesday, 14 June through to Tuesday, 27 June.

Cairokee Empire returns: Cairokee is hitting the stage with two mega-concerts at New Cairo’s Manara Arena on Thursday, 27 June and Saturday, 29 June. Tickets are available on Tazkarti here and here.

Legendary composer Omar Khairat is returning to the Cairo Opera House next Monday and Tuesday, 12 and 13 June. The two concerts kick off at 8:30pm, with tickets available here.

Cairo Food Week continues for a few more days, with the festival set to wrap this Saturday, 10 June. You can request an invitation here.

We’re closing in on the last few days of 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.

Your next half marathon is coming up this weekend: 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.

You can catch El Sofara’s Ahmed Amin at the next SoldOut live interview with TV host Mahmoud Saad on Thursday, 23 June at El Falaki theater at 8:30pm. The live interview will be followed by a performance by singer Nouran Abou Taleb. Tickets for both events are available on Tazkarti.

? UNDER THE LAMPLIGHT-

Looking for a quick and slightly tragic read? Read Almond by South Korean author Sohn Won-Pyung. The novel tells the story of Yunjae, a boy born with Alexithymia — a brain condition that impairs people’s ability to identify their own emotions and therefore express them. Despite the lack of friends, his life goes according to plan with his mother and grandmother helping him navigate the world with his illness standing as an obstacle — until both his guardians are murdered in front of his eyes on his 16th birthday. Following their deaths, Yunjae starts welcoming new people into his life, who slowly help teach him about empathy and feeling in general. Almond dives into topics of friendship, family, prejudice, and bullying, making it a great emotional read. At just a little under 300 pages and with its fast pace, the novel is a quick read that people can easily breeze through.

This publication is proudly sponsored by

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GO WITH THE FLOW

What the markets are doing on 7 June, 2023

The EGX30 fell 0.8% at today’s close on turnover of EGP 3.6 bn. Foreign investors were net sellers. The index is up 18.3% YTD.

In the green: Rameda Pharma (+4.5%), CIRA Education (+4.3%) and Madinet Masr (+1.7%).

In the red: Ezz Steel (-4.8%), Abu Dhabi Islamic Bank Egypt (-3.7%) and Egypt Kuwait Holding (-3.5%).


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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