Good afternoon, wonderful people, and happy almost-THURSDAY. It’s another relatively slow day on the home front today as we trudge towards the weekend.
THE BIG STORY TODAY
Suez Canal revenues are expected to hit USD 8.8 bn in 2023, which would mark a 10% y-o-y increase, Suez Canal Economic Zone head Osama Rabie tells Asharq Business. The forecast is based on the waterway’s revenues during the first quarter of the year, which came in at USD 2.3 bn, Rabie noted. 2Q 2023 revenues are expected to come in at around the same level, he said.
THE BIG STORY ABROAD
The star of the show in the international business press this afternoon: The US’ debt ceiling talks, after Democratic and Republican lawmakers made little progress yesterday. Stock markets in Europe and Asia fell as the stumbling talks coincided with UK inflation figures cooling less than expected, CNBC notes, while the Wall Street Journal explains that disagreements over government spending levels are at the heart of the debt negotiations. Meanwhile, Reuters is out with an explainer on how all of this affects average US citizens.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
The AfDB has raised more finance than expected for water projects in Egypt: The African Development Bank (AfDB) has mobilized USD 2.2 bn to improve Egypt’s water security under the government’s Nexus for Water, Food and Energy (NWFE) program.
Officials called for new legislation to reduce red tape for industrial projects during a session at the National Dialogue yesterday.
Egypt-Oman fund could make investments before the year is out: The joint fund being set up by the Sovereign Fund of Egypt (SFE) and the Oman Investment Authority (OIA) plans to start making investments in 4Q 2023.
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
COME WORK FOR OUR ADVISORY ARM-Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell the stories of exciting companies. Enterprise Advisory is the region’s leading investor relations advisory company and works on investor and strategic communications issues that take you deep inside the c-suite. Our clients are in Egypt, Saudi Arabia, the UAE and beyond. Egyptian and foreign nationals alike are welcome to apply.
We’re running a four-month training program for fresh grads and career switchers and will hire every successful grad of the program.
Apply directly to jobs@enterprisemea.com and mention “advisory development program” in your subject line.
☀️ TOMORROW’S WEATHER- Another sunny, warm day: Our favorite weather app suggests the mercury is set to peak at 36°C and fall to 22°C tomorrow.
Earth is probably safe from being hit by a large asteroid for the next millennium, according to a studyaccepted for publication in the Astronomical Journal. The study involves calculating the orbits of the starry objects around us, and with recent technology, scientists are able to predict their paths well into the next century, explains thisMIT Technology Review article. The study found that there is one asteroid — 1994 PC1 — that could collide with our planet, but the probability of impact is 0.00152%, indicating that it’s still highly unlikely to happen.
Small asteroids still pose a risk: The study suggests that we’re unlikely to be at major risk of impact with asteroids that are 1 km wide, but there remains the possibility of impact with smaller rocks, which could still cause destruction. Even though NASA is studying smaller asteroids, that endeavor is only 40% complete, leaving a lot of uncertainty towards damage made to different parts of the world as a result of one — or several — smaller asteroids heading towards our planet.
Meta sells Giphy at a huge loss after regulatory intervention: Facebook parent company Meta sold its gif search engine, Giphy, to stock image service Shutterstock for USD 53 mn, after complying with a 2022 antitrust order from the UK’s Competition and Markets Authority (CMA) in 2022, The Guardian reports. The sale sees Meta losing more than USD 260 mn — the difference between the final sale price and the USD 315 mn Meta paid in November 2021 to acquire Giphy.
It looks like gifs are becoming passé: Meta’s acquisition of Giphy was about USD 300 mn short of the company’s 2016 highest valuation at USD 600 mn, suggesting that gifs’ day in the sun has passed. The animated images “have fallen out of fashion as a content form, with younger users in particular describing gifs as ‘for boomers’ and cringe,” Meta said last year as it tried to avoid a forced sale, arguing that Giphy would struggle to survive on its own.
A family’s battle with Norwegian courts for custody of their kids: Mrs Chatterjee vs Norway is a legal drama film starring Rani Mukerji as the titular character, which centers around an immigrant mother’s struggle to reunite with her young children who have been taken away from her by the Child Welfare Services in Norway. Mukerji essays the role of Sujata Chatterjee, a self-assured, strong-willed, and a loving mother to two children who are separated from her in a foreign country. The film chronicles the plight of Mrs Chatterjee, who finds herself caught in a legal tussle for her kids’ custody with the Norwegian child welfare department. With limited resources, and the absence of any family or community network, Mrs Chatterjee fights to uphold the dignity of her children and ensure justice is served, despite being in a foreign land. The film is based on the true story of Sagarika Bhattacharya and her husband, who endured a similar custody dispute over their son. You can watch the film on Netflix.
Related
⚽ We have three matches in the Egypt Cup and Egyptian Premier League today:
Pyramids faces off against Haras El Hodoud at 9:30pm in a match that was postponed from the Egyptian League’s gameweek 22. Pyramids is looking to narrow the point gap with Al Ahly, which is currently at the top of the league, although Al Ahly has the benefit of having played four fewer matches. Haras El Hodoud, meanwhile, is holding out hope for some sort of redemption, as it is currently bottoming out the league with just 16 points. At the same time, Future will play host to Ceramica Cleopatra as Future hopes to snag three points and reclaim the second spot in the league, while Ceramica will be looking to distance itself from relegation territory.
Meanwhile, Al Ismaily will host Nogoom FC at 6pm for the Egypt Cup Round of 32 at 6pm.
Premier League champions Manchester City are playing an away game against Brighton, with Brighton working to secure qualification to the Champions League or Europa League. Manchester City is entering the match with no pressure after securing the league title, which means we might see some substitutes hitting the field, as was the case in its game against Chelsea. Tonight’s game kicks off at 10pm.
Don’t forget to catch up with the Enterprise Fantasy League. All you have to do is click this link or enter the code 8o4sut.
Over in Italy, the Coppa Italia title awaits: Fiorentina faces off against Inter Milan in the final of Coppa Italia at Rome’s Olimpico Stadium at 10pm. Fiorentina hasn’t lifted the championship cup in more than two decades, while Inter is the defending champion and riding the high of making it to the Champions League final.
We’re going to be watching two matches in La Liga tonight: Real Madrid v Rayo Vallecano at 8:30pm and Espanyol v Atletico Madrid at 11pm.
Related
🥘 EAT THIS TONIGHT-
Hola to all our Spanish foodies:Señora Antonella’s kitchen brings us Mediterranean goodness right in the heart of New Cairo. The kitchen is located in Leven Square and their menu features classic favorites like paellas from Valencia — with a twist like the shrimp fideua — and tapas. For starters, you can never go wrong with some nachos dipped in fresh guac. We also recommend the Gran Chorizo burger topped with Armenian sausage: It’s filling, satisfying, and barely leaves any room for dessert. But leave it to us to find room to squeeze in some leche frita: A sweet milk pudding sprinkled with cinnamon, almonds and a drizzle of caramel.
Related
🎤 OUT AND ABOUT-
(all times CLT)
Today is your last chance to enjoy this expressionist depiction of Egypt’s rural communities: Artist Omar Abdel Zaher’s latest art exhibition, Roots, is still running through this Wednesday, 24 May. The exhibition is “a sincere, impassioned exploration and meditation on the modest and down-to-earth sanctities of Egypt’s rural communities.”
The iconic Pyramids Sound and Light Show is back: The show opened at the Giza Pyramids last Thursday, with shows running again from today to this Saturday, 27 May. The show will be narrated in English starting at 8:30pm and in Spanish from 9:30pm. You can purchase your tickets here.
Watch a conversation turn from civil to explosive in Ebny. The production is an Egyptianized version of the acclaimed play God of Carnage by Yasmin Reza, which will be performed by the Kenoma Theatre Company between Friday, 26 May to Monday, 29 May starting from 8pm at Rawabet Art Space. The play will be performed in Arabic and tickets can be purchased on Ticketsmarche.
Get your Oriental x Western fusion fix this weekend: Listen to Joseph Tawadros, oud player extraordinaire, seven-time ARIA Awardwinner and Member of the Order of Australia for Services to Music (AM)as a collaboration between the Australian Embassy in Cairo and the AUC Tahrir Cultural Centre, this Saturday, 27 May at AUC’s Ewart Hall.
Zawya Cinema’s Cairo Cinema Days rolls on: The festival, which kicked off last week, 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. The festival runs through 10 June — you can check out the screening schedule and find more details here.
Disco Misr at Sakia: Pop and disco musical group Disco Misr is putting on two shows at Sakia Culturewheel this Wednesday and Thursday, 24-25 May. Tickets are available for the first show here, and the second here.
The annual Flower Exhibition — which is typically held at the Orman Gardens — is opening to the public at the Agricultural Museum in Dokki on Saturday, 27 May. The exhibition was originally scheduled to open last week, and will run for one month.
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.
Fancy a chuckle, or more? Watch Absurd & Beyond by ACT at Rawabet Art Space on Friday, 2 June and Saturday, 3 June at Rawabet Art Space starting from 8pm.
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.
Related
💡 UNDER THE LAMPLIGHT-
The Secret Life of Saeed: The Pessoptimist by Emile Habibi is one of the most distinct Palestinian voices that successfully share a satirical experience of occupation. Saeed, whose family name is a portmanteau of optimist and pessimist, is a Palestinian living under occupation who can’t always see the cup as half-empty or half-full. Told in his own voice as he reflects on his life, we discover that Saeed was able to escape from tragedy in 1948 when he hitched a ride on a stray mule to escape the fighting that had claimed the life of his family in his hometown, Accre. He describes how years later he returns home and struggles to make a living until he is made an offer he can’t refuse: Working for the occupying forces as a spy — a role that he struggles to perform and the authority figures regret assigning him. The Pessoptimist is rich with historical references to important landmarks, true historical events that several textbooks obfuscate and allegories. However, what it does clearly show is the arduous situations that people under occupation face and the difficult choices that they often have to make to survive — choices that may include betraying their own state.
Heliopolis Housing and development reported EGP 19.4 mn in net income in 1Q 2023, up 512.4% y-o-y, according to anEGX disclosure (pdf). The company’s revenues during the quarter came in at EGP 90.9 mn, up 43% y-o-y.
Sidi Kerir Petrochemicals’ net income more than doubled to EGP 520.1 mn in 1Q 2023, according to an EGXdisclosure(pdf). Revenues, meanwhile, climbed 71.4% y-o-y to EGP 3.6 bn during the quarter.
MARKET ROUNDUP-
The EGX30 rose 1.8% at today’s close on turnover of EGP 1.83 bn. Foreign investors were net sellers. The index is up 17.1% YTD.
In the green: Orascom Construction (+6.6%), Eastern Company (+6.5%) and Mopco (+5.2%).
In the red: Ibnsina Pharma (-5.3%), Taaleem Management Services, (-1.7%) and Juhayna (-1.7%).
Egypt Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share Issue
