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RTO

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WHAT WE’RE TRACKING TONIGHT

Net foreign asset surplus shrinks 26.8% in August

Good afternoon, folks. Just tomorrow to go and then the long weekend.

THE BIG STORY TODAY

Egypt’s net foreign asset surplus fell by 26.8% to USD 9.7 bn in August, down from USD 13.3 bn in July, according to Enterprise calculations based on Central Bank of Egypt figures. This represents Egypt’s fourth consecutive month in the green — the country has maintained a surplus since May, when net foreign assets shifted from deficit to surplus for the first time since February 2022.

Driving the decline were commercial banks, whose net foreign assets were back in the red with a deficit of USD 529 mn, down from a surplus of USD 2.8 bn in July. The Central Bank of Egypt fared much better, but did see its surplus shrink 1.7% over the month to USD 10.3 bn.

PLUS- Google to begin paying local content creators in EGP starting next year: The tech giant has notified local content creators and publishers on its platforms that they will begin receiving their earnings in the local currency starting May 2025, after having previously paid creators on its platforms in USD, Google said in a statement to EnterpriseAM.

It’s not just Egypt: The shift is part of a larger move towards conducting payments for content creators and publishers around the world in their respective local currencies, with the company already making the transition in countries that include Chile, Indonesia, Japan, Jordan, Mexico, Morocco, New Zealand, Norway, Peru, South Africa, Sweden, Turkey, and the UAE, with plans to expand to more countries globally in 2025.

THE BIG STORY ABROAD

The international press is sadly once again squarely fixed on our corner of the world, with Israel significantly upping both the amount of on-the-troops in Lebanon and its bombardment of the country following an Iranian missile attack overnight that it vowed to respond to. Reports of clashes between Hezbollah fighters and the invading forces have also started to emerge, signaling that the conflict is entering a new stage.

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

  • How well prepared is Egypt’s infrastructure to achieve energy transition goals? We asked Hassan Allam Utilities CEO Dalia Wahba, Baker McKenzie Partner Lamyaa Gadelhak, Infinity Co-Founder and CEO Nayer Fouad, and Taqa Arabia CEO Pakinam Kafafi at EnterpriseAM Finance Forum about the obstacles facing private firms in the energy industry, and what the government should do in order to realize its ambitious goals for green energy."
  • Egypt’s current account deficit more than quadrupled in FY 2023-24, recording USD 20.8 bn up from USD 4.7 bn during the previous fiscal year, driven by a significant increase in trade deficit and a decline in Suez Canal revenues.
  • Egypt could soon manufacture its own electrolyzers to power its green hydrogen ambitions, with Norwegian renewables giant Scatec, Belgium’s John Cockerill, John Cockerill-Technip JV Rely, and France’s SLB talking about setting up a factory to manufacture electrolyzers that are used in the production of green hydrogen.

☀️ TOMORROW’S WEATHER- We’re seeing a little uptick in the mercury tomorrow, with temperatures reaching a high of 31°C and a low of 21°C in the capital, according to our favorite weather app.

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FOR YOUR COMMUTE

Is RTO the solution to every workplace problem?

Return-to-office mandates are rolling in across the globe as leaderships’ response to… every workplace problem they face. Higher-ups are longing for the pre-pandemic norm, and are filling up their offices as a fix for all the issues facing the workforce. Amazon CEO Andy Jassy will be making working from the office full-time mandatory starting January, claiming that it will strengthen their office culture, and make for more effective collaboration, says the Financial Times. But now, 73% of employees are considering quitting, according to a survey by Blind.

(Tap or click the headline above to read this story with all of the links to external sources.)

Once upon a time, being at the office solidified employee relationships and promoted innovation and learning, but not as much as leadership would like to believe. Even when five-day office workweeks were the norm, employees were still complaining about poor training and dwindling productivity.

So perhaps being at the office is not the key to a faultless work environment. Unfortunately, despite evidence that flexible hours and remote work options were “actually more productive, not just in terms of hours worked, but literally in output,” says writer Brigid Schulte in her book Over Work, CEOs will only take advice from other CEOs, creating a “leadership echo chamber.”

Is leadership pushing RTO for the right reasons? David D’Souza, director of profession at the Chartered Institute of Personnel and Development, says that the insistence upon RTO is a distraction “from critical conversations about productivity, flexibility, job security, fairness and balance.” He added that some human resources executives blame pressure from management “due to personal preference or nostalgia.”

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ENTERPRISE RECOMMENDS

Ted Bundy unmasked in an alternative retelling

📺 ON THE TUBE TONIGHT-
(all times CLT)

Extremely Wicked, Shockingly Evil, and Vile… or charismatic? Netflix offers a different take on the infamous Ted Bundy — one of America’s most notorious serial killers. Directed by Joe Berlinger, who previously unfolded Bundy’s crimes in Conversations with a Killer: The Ted Bundy Tapes, this retelling focuses more on his personal relationships rather than his crimes, mainly based on Bundy’s ex-fiance Elizabeth Kendall’s memoir.

(Tap or click the headline above to read this story with all of the links to external sources.)

The film follows Bundy (Zac Efron) as he charms Elizabeth Kendall (Lily Collins) and becomes her seemingly perfect boyfriend. But as the years pass, his secret life is slowly exposed. While he’s on trial for the murders, Bundy begins to manipulate Kendall into believing he's innocent.

Meanwhile, he turns the courtroom into his own personal spectacle, acting as his own lawyer — even after escaping prison twice. Kendall is left to grapple with the ugly truth of Bundy’s secrets, which push her to spiral instead of moving on with her life.

It’s pure true crime, no gore: This film is all about the inner workings and the behind the scenes of how serial killers were exposed, instead of recreating the traumatizing crimes committed — even critics at Roger Ebert gave it an almost full four star rating.

WHERE TO WATCH- You can watch the film on Netflix or watch the trailer on YouTube (runtime: 2:33).

Today concludes the second round of the league stage in the Champions League. The most anticipated matches are Real Madrid against Lille, Aston Villa against Bayern Munich, and Liverpool against Bologna, all kicking off at 10pm.

Other matches to keep an eye on:

  • Shakhtar Donetsk vs. Atalanta (7:45pm).
  • Girona vs. Feyenoord (7:45pm).
  • Benfica vs. Atletico Madrid (10pm).
  • Leipzig vs. Juventus (10pm).
  • Sturm Graz vs. Club Brugge (10pm).
  • Dinamo Zagreb vs. Monaco (10pm).

🥐 EAT THIS TONIGHT-

Forget shami or kaiser bread for your shawerma. How about a croissant? With three branches on their roster, Al Agha serves up classic Syrian comfort foods, from fatteh to shawerma — but what makes them unique is their integration of the famous French pastry.

They have all the levantine dishes you’d want, but what's making noise is their shawerma croissant. Among the mixed grills and the man’ousheh, you’ll find their trending dish — the choice between meat or chicken shawarma stuffed in a buttery, flaky croissant. The meat option features tehina, onions, and parsley, while the chicken is combined with thomeyya, pickles, and mozzarella cheese.

The verdict: While we enjoyed the ingenuity of the combo, we believe it complemented the chicken shawerma better. For a more traditional experience, switch out the mozzarella cheese for extra pickles.

But there's even a better item — the kunafa nabulsi croissant. Sweet croissants have seen some interesting iterations, but we’ve never seen one stuffed with kunafa nabulsi. If you’re sensitive to texture, you might have to brace yourself — the dessert is crispy, chewy, and soft all at once. But you still shouldn’t miss out on perhaps the most inventive dessert we’ve seen all year. And that includes Ramadan.

WHERE TO GET IT- You can find Al Agha in Dokki and Heliopolis, and order it to those areas as well as Zamalek through Talabat and El Menus.

🎤 OUT AND ABOUT-
(all times CLT)

HAPPENING THIS WEEK-

For fans of Lege-cy, don't miss his live performance at Boom Room tonight. Get your tickets from Ticketsmarche.

Swan Lake x Opera: For classical lovers, don't miss the performances of Tchaikovsky’s ballet Swan Lake performed by the St. Petersburg Classical Ballet Company. The shows will take place over three days — tonight, tomorrow and 4 October — at the Cairo Opera House’s Main Hall in Zamalek, starting at 8:30pm. Grab your tickets for the first, second and third night from Tazkarti.

Calling all cinema aficionados, Affichat w Aflam is getting an extension. The exhibition will continue to showcase a vast selection of the late Pierre Sioufi’s collection of more than 10k pieces of Egyptian cinema memorabilia from 1932-2017 until 6 October. The exhibition is open from 10am to 10pm at Bibliothek.

Rock out at CJC tomorrow for a night of live rock performances where one band performs tribute to Radiohead. Reserve your spot through their Facebook page.

For the love of tapestry. Today in History is Amsterdam-based Egyptian artist Dina Danish’s first exhibition in Egypt in nearly a decade. Composed of a collection of appliqué tapestries that resemble medieval banners, the exhibition is still open at the Gypsum Gallery till Saturday, 30 October.

HAPPENING LATER-

Kunafa Comedy Nightwill be making their debut at Boom Room on Tuesday, 8 October. The show’s lineup features Hala Marzouk, Ezzat Essam, Mahmoud Kunafa, Mona Kamel, Mahmoud Hassan, Ahmed Emad, and Mark Fanos. Tickets are available through Ticketsmarche.

Treat yourself to an evening of classic oriental music with Saad El Oud and his band at Boom Room on Wednesday, 9 October. Get your tickets through Ticketsmarche.

The Bahgaga band sings Shokoko: Bahgaga will perform a special tribute to Shokoko’s classic songs at Theatro Arkan on Thursday, 10 October. Get your tickets through Ticketsmarche.

Registration is still open for the Scaled Games. Show off your skills by taking part in one of the three sporting competitions available: running, football, or crossfit. Running and crossfit will both take place on Friday, 11 October, while the football tournament will take place starting Friday, 27 September to Friday, 11 October. All events will happen in New Heliopolis City. You can sign up on Ticketsmarche.

Go on a run in Egypt’s historic city at the Luxor Half Marathon. Cairo Runners’ annual event will take place on Friday, 11 October. Pick between a 21km or 10km race, or a short family run. You can register here.

💡 UNDER THE LAMPLIGHT-

Rachel Kushner immerses us in a captivating and subversive espionage thriller. Creation Lake is a dive into a gritty, grim landscape where highways, nuclear plants, and distribution warehouses take center stage. This novel marks Kushner's fourth and, arguably, her best work, which is already shortlisted for the Booker Prize.

The plot follows Sadie Smith, a cold and cunning American spy. Her mission? To infiltrate a radical farming commune known as Le Moulin. Sadie embraces her role with chilling detachment; she’s not seeking redemption, but is rather fascinated by the complexities of her dangerous assignments.

Kushner delves into themes of radicalism and betrayal. She forms relationships with key figures, including the charismatic leader Pascal and the enigmatic Bruno, a political activist now living underground. These interactions offer a deep exploration of ideological struggles and personal histories, enriched by Sadie’s own ambiguous motives.

Kushner’s prose blends the abstract with the concrete. A standout moment involves a haunting memory of Bruno’s childhood during World War II, which serves as a poignant metaphor for the transmission of ideas and traumas across generations.

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GO WITH THE FLOW

What the markets are doing on 2 October 2024

The EGX30 fell 1.7% at today’s close on turnover of EGP 4.3 bn (7.6% above the 90-day average). Local investors were net sellers. The index is up 25.9% YTD.

In the green: Elsewedy Electric (+6.5%), Palm Hills Developments (+2.7%), and AMOC (+2.5%).

In the red: Alexandria Container & Cargo Handling (-4.7%), GB Corp (-4.6%), and E-finance (-4.3%).

This publication is proudly sponsored by


OCTOBER

2 October (Wednesday): Afrobeats and Reaggaeton at CJC.

2 October (Wednesday): Lege-cy live at Boom Room.

2-4 October (Wednesday-Friday): Swan Lake at Cairo Opera House.

3 October (Thursday): Rock performances at CJC.

4 October (Friday): Obstacle Challenge at IL Monte Galala, Ein El Sokhna.

5 October (Saturday): The Amy Winehouse Band at The Theater in Somabay.

6 October (Sunday): Armed Forces Day.

10 October (Thursday): Bahgaga Sings Shokoko at Theatro Arkan.

11 October (Friday): Half Marathon in Luxor.

12 October (Saturday): TechUp Women Summit '24 at AUC Tahrir.

3-12 October (Thursday-Thursday): Film My Design festival at Zawya Cinema.

10-12 October (Thursday-Saturday): EVs Electrify! Expo & Conference 2024 at Egypt International Exhibition Center.

13-17 October (Friday-Tuesday): Cairo Water Week at The New Administrative Capital.

18 October (Friday): TriFactory Tough Mudder 5K run at Sodic.

18 October (Friday): Ash at Pyramids of Giza.

21-26 October (Saturday-Thursday): Premier Padel P2 Tournament at New Giza.

24 October-16 November (Thursday-Saturday): Forever is Now art exhibition at the Pyramids of Giza.

24 October - 16 November (Thursday - Saturday): Art D'Egypte’s Forever is Now Bus Tour at the Pyramids.

25 October (Friday): TriFactory Trailmaster run at Wadi Degla.

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

31 October (Thursday): TriFactory’s The Glow Run at Badya Palm Hills.

31 October- 8 November (Thursday-Friday): Cairo International Jazz Festival at the historic American University in Cairo.

NOVEMBER

8 November (Friday): TriFactory’s The Run for Upper Egypt at New Giza.

14-16 November (Thursday-Saturday): Raabta Wellness Festival at El Gouna.

15 November (Friday): Circoloco Ibiza at The Great Pyramids of Giza.

16 November (Saturday): Charlotte Cardin at Cairo Jazz Club 610.

16 November (Saturday): TriFactory Half Marathon at El Gouna.

22 November (Friday): TriFactory TMK run at District 5.

DECEMBER

6 December (Friday): TriFactory PMH warm-up run at District 5.

14 December (Saturday): TriFactory’s The Marakez Pyramids Half Marathon at the Great Pyramids of Giza.

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