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See you after Eid

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Egypt’s annual urban inflation cools to 33.3% in March

Good afternoon, folks, and a very happy Monday indeed. The pre-Eid news lull is here and the anticipation for the upcoming holiday is palpable.

Everyone is off till next week: The public, private, and banking sectors as well as the EGX will be off from tomorrow until Sunday in observance of Eid Al Fitr.

** EnterprisePM Egypt will also be taking a break starting tomorrow, but we will be back in your inbox at our customary time with all the latest news on Monday, 15 April.

When do we eat? Maghrib prayers are at 6:18 pm in the capital city, and you’ll have until 4:05 am tomorrow to hydrate and caffeinate ahead of fajr if we don’t receive news of Eid.

Dar Al Ifta will hold its traditional moon sighting this evening to determine whether Ramadan ends today or tomorrow.

THE BIG STORY TODAY

Egypt’s annual headline inflation cooled to 33.3% in urban areas in March from 35.7% in February on the back of a slower increase in food prices, according to figures from state statistics agency Capmas.

On a monthly basis: March saw monthly headline inflation retreat to 1.0% after it jumped to its highest recorded m-o-m increase in February, scoring 11.4%.

Food and beverage prices to thank: Food and beverage prices — the largest component of the basket of goods and services used to calculate headline inflation — increased by 45.1% y-o-y compared to 50.9% in February, while increased by 3.7% m-o-m in March compared to 16.7% m-o-m increase in February.

Going against expectations: The median of analysts’ forecasts polled by Reuters ahead of today’s figures had expected headline inflation to come in at 36.3% in urban areas, which they attributed to the depreciation of EGP following the float and the administered fuel price hikes last month.

Others analysts have argued that inflation would dip as prices were previously based on the EGP’s exchange rate in the now-defunct parallel market. The greenback was trading for considerably higher than today’s bank rates and saw a significant jump in February before cooling down against the backdrop of the USD 35 bn Ras El Hekma agreement.

THE BIG STORY ABROAD

Leading the conversation in the international media is the news coming from China as US Treasury Secretary Janet Yellen stated that she will not allow Chinese imports to threaten new industries after the four days of meetings in China aimed at curbing Beijing's industrial oversupply. Yellen also added that she would consider “any measure, including potential tariffs” on the nation’s green energy exports. This comes with the US’ worries concerning flooding the global market with subsidized Chinese clean energy products which the US claims would negatively impact local providers. (Reuters | CNBC)

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

  • The private sector minimum wage to get a 71% bump starting May: The National Council for Wages has decided to raise the minimum wage for private sector workers to EGP 6k a month up from EGP 3.5k currently starting May.
  • Highlighting the private sector’s role: We sat down with our friend EFG Hermes Head of Research Ahmed Shams El Din to discuss the role the private sector plays in turning Egypt’s economy around and what needs to be done to once again reel in foreign institutional investors.
  • Gaza aid increases: Egypt has increased the number of aid trucks heading to Gaza to over 300 trucks a day, State Information Service head Diaa Rashwan said in a statement yesterday.

?️ TOMORROW’S WEATHER- Expect a cloudy, slightly rainy, and slightly cooler day in Cairo tomorrow, with a high of 25°C and a low of 16°C, according to our favorite weather app.

And over Eid Al Fitr, we’re in for highs ranging from 25-28°C and lows of 17-18°C in the capital.

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FOR YOUR COMMUTE

A new Open AI model needs only a 15-second sample to clone any voice. Plus: A patch can make voiceless patients speak again

OpenAI is letting a select few try out Voice Engine, its new voice cloning model. This innovation needs only a 15-second sample of a voice and using text-to-voice method, a new voice recording is generated. Some of the perks? It can be in any language, The Verge reports.

Voice Engine was conceived in late 2022 and has already underpinned preset voices for text-to-speech through ChatGPT's Read Aloud feature. Jeff Harris, a member of OpenAI's product team, mentioned in an interview with TechCrunch, that the model is “ a mix of licensed and publicly available data.”

Who’s gaining access? Only a few, including ed-tech company Age of Learning, AI video generator platform HeyGen, Health data collector Dimagi, AI communication app Livox, and health service provider Lifespan.

Why? They aim to explore the potential benefits of the Voice Engine feature across diverse sectors. For example, Age of Learning has utilized the technology to “ produce pre-scripted voice-over content ” and deliver “ real-time, personalized responses ” to students.

Digital consent is mandatory in the face of ethical concerns: OpenAI implemented usage policies, mandating that partners refrain from impersonating individuals or groups without their approval. Moreover, partners must obtain “explicit and informed consent” from the actual person whose voice is used, to share the AI-generated nature of the voices to listeners, and incorporate watermarking to track the origin of audio clips.

To mitigate these concerns, OpenAI suggests numerous safeguarding measures: They include reconsidering voice-based authentication for sensitive accounts, implementing policies to safeguard individuals' voices in AI applications, educating users about AI deep fakes, and developing systems to track AI-generated content.


Vocal chords can be restored thanks to an AI-assisted wearable patch. A soft, stretchy invention, measuring just over one square inch, can restore voice function for those with difficulty using their voice or post-laryngeal cancer surgeries, a new study published in Nature shows.

How does it work? Created by UCLA bioengineers, this patch-like device works when placed on the skin outside the throat. Through machine learning, its bioelectric system translates the muscle movements of the larynx as the user tries to voicelessly speak and translates these signals into speech. Participants were able to pronounce five sentences including “Hi, Rachel, how are you doing today?” and “I love you!” with an accuracy of nearly 95% UCLA Newsroom reports.

Compact and featherlight: This patch is useful on the go, thin, and non-invasive, where its convenience falls onto the reapplication due to its double-sided biocompatible tape — and current therapies, including surgery and voice therapy, can involve lengthy recoveries and postoperative voice rest, whereby this patch could allow patients to continue to communicate.

More refining to come: Even though it extends across various demographic groups — given that voice disorders affect nearly 30% of individuals in their lifetime — there are some tweaks needed. Jun Chen, an assistant professor of bioengineering at UCLA, envisions further refining the device’s linguistic capabilities through ongoing machine learning iterations and plans to conduct trials involving individuals contending with speech disorders.


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ENTERPRISE RECOMMENDS

More obsession and deception in this iteration of the story of The Talented Mr Ripley

? ON THE TUBE TONIGHT-
(all times CLT)

If you’re going to watch a psychological thriller, why not watch one set in a beautiful sun-drenched Italian town? Netflix’s miniseries Ripley is based on Patricia Highsmith’s classic novel, The Talented Mr. Ripley, once played by Matt Damon in the 1999 movie adaptation. It’s a twisted and wild ride into the heart of obsession and deception.

Tom Ripley (Andrew Scott) is a charming con artist with a talent for impersonation and a penchant for trouble. He is tasked with convincing Dickie Greenleaf (Johnny Flynn), heir to his father’s business and fortune, to abandon the idyllic Italian coast and come back to a life of responsibility and duty. Instead, Ripley develops an unhealthy fixation on Dickie’s life, leading him down the dark road of obsession… and murder.

Even with the backdrop of dreamy Italian vistas shot in elegant black and white, Ripley is a show that will keep you guessing. Scott masterfully portrays Tom’s duality — equally seductive and unsettling, both drawing you in and repelling you at the same time. Dakota Fanning is stunning as Marge Sherwood, Dickie’s girlfriend, who isn’t afraid to raise an eyebrow at Tom’s shadiness.

Ripley isn’t a sprint, it’s a leisurely stroll along a winding coastal path. The plot unfolds at a deliberate pace, focusing on building suspense and delving into the characters’ psyches. If you’re craving an action-packed thriller, this isn’t the show for you. But if you appreciate a slow burn that surprises you constantly, Ripley is a rewarding watch.

WHERE TO WATCH- You can find this limited series on Netflix or watch the trailer (watch trailer,runtime: 1:02).

Al Ahly vs Enppi. Al Ahly is back to the Egyptian Premier League competition after almost one month of hiatus with a game against Enppi at 10:00pm tonight. The Reds are currently in eleventh place with 17 points and nine postponed games still to play.

Udinese will host Inter for the last match of gameweek 31 of the Serie A at 8:45pm.The Nerazzurri remain at the top of the standings and may even further widen the gap with runner-up Milan to 14 points, provided they secure three points today.

? EAT THIS IN EID-

It’s Eid morning and you’re craving an authentic Egyptian breakfast made with premium ingredients. Who do you call?Shakour, of course. Whether you decide to pay them a visit or order in for a cozy at-home experience (if you live in New Cairo), Shakour will hit the spot. If you’re prone to sleeping in, there’s no need to worry — breakfast is served until a leisurely 2pm, so you can savor the flavors at your own pace.

Shakour offers all the heavy hitters of Egyptian cuisine, prepared using fresh, high quality ingredients. They even bake their own bread in-house, letting you take your pick of fluffy fino or some hearty baladi bread.

The must-trys: Shakour’s signature meat sandwich is a new addition we haven’t seen on Egyptian menus yet. Whichever kind of bread you choose will be filled with juicy and tender meat cubes in its delicious gravy on a bed of tahini and arugula, topped with crispy shoelace fries.

If you’re looking for breakfast food, you may want to go for the fries sandwich with labneh and olives or the fried cheese sandwich. The only greens you’ll find in any of the sandwiches are garnishes, so may want to save these for your cheat day. However, the lunch menu will give you a healthy dose of protein. Order one of the three combos they offer to get a bite of everything they have to offer.

Beyond traditional desserts and drinks: You can find the staples at Shakour, but if you want to try something new, we’d suggest you order the hibiscus smoothie to hydrate, and round the meal off with halva Shakour, made with cream ice cream topped with halva and honey.

? OUT AND ABOUT-
(all times CLT)

HAPPENING OVER EID-

If you haven’t made Eid plans, grab tickets forAmr Diab’s concert in Gouna. These fast-selling tickets are going out fast, where El Hadaba will be performing on Wednesday, 10 April. Get your tickets at Ticketsmarche.

Shaabi superstar Abdelbasset Hamouda and DJ Saddam will be taking over CJC 610 on Wednesday, 10 April at 9pm with some of the best local music this Eid. For reservations message their Facebook page.

Looking for a night of Egyptian folklore? The Egyptian Project & Rai-Na will be performing at CJC this Eid on Thursday, 11 April at 9pm. For reservations message their Instagram page.

While you’re in Gouna, check out Retrogroove.Nacelle has organized another BLOCK PARTY, featuring Kurls, Ralph Nasr, Mario Gharios, Aly Geode, B2B, and Jess. Early Bird tickets for Thursday, 11 April are available here. Release passes for Friday, 12 April are coming soon, but you can grab your all-access tix for both days of BLOCK PARTY now.

Party it up with One Tribe. Amémé, Laolou, Nenahalena, and Abou Samra are performing at Cubix Gouna on Friday, 12 April. Grab tickets to Venture’s Plus Weekend here.

Celebrating in Sokhna? Catch the Mathame AV Show, brought to you by Ulter, on Palm Beach on Wednesday, 10 April. Chase that party with performances by Olympe, Ashmawy, and Yo-lan-da the day after, on Thursday, 11 April. You can snag tickets here.

Staying in C-Town? There are plenty of parties to fill up your holiday here too. Belgian producer Oscar and the Wolf is taking stage at the Giza Pyramids on Thursday, 11 April. Early bird tickets are already sold out, so don’t miss your chance to grab some from Wave 1 here.

…or you can cruise your way to CJC 610’s Autobees El Sahra nighton Friday, 12 April at 9pm. For reservations message their Facebook page.

German DJ Stephan Bodzin is also performing live at the Giza Pyramids on Friday, 12 April. Early bird tickets are sold out, and wave 1 tickets are now out and can be found here.

HAPPENING LATER-

Mark your calendars for AUC’s CultureFest. This event — held at AUC Tahrir from Wednesday, 17 April to Monday, 22 April — is a celebration of the Cairene spirit. Panel discussions about Cairo’s history, people, and evolving culture will kick off the festival, and will be accompanied by live music, a book bazaar, a local market, and art exhibitions. Register for the event here.

Metro Boomin is landing in Egypt. The hip hop icon behind your favorite chart-toppers by the likes of Drake, Future, and Post Malone will be taking the stage at Kundalini Grand Pyramids on Tuesday, 30 April. Tickets are unfortunately sold out.

Amal Maher will perform at The Marquee Theatre at Cairo Festival City on Friday, 19 April at 9pm. Tickets are available on Ticketsmarche.

? UNDER THE LAMPLIGHT-

The Stolen Coast is a heist novel that mixes old tales with new problems. The book is set in present-day Onset, Massachusetts where Jack Betancourt, a Harvard-educated lawyer, known as The Ferryman, aids people in starting new lives by providing them with false identities and lodging in vacation cottages.

Jack’s father, a former spy, is his partner. Unexpectedly, Elena, a woman from Jack’s past with a dubious history, seeks his help to steal diamonds from her boss's vacation home. Despite Elena’s troubling past, Jack agrees to assist her in the heist, entangling himself in a dangerous scheme.

Think of it as a written blend of The Sopranos and Kaleidoscope, it’s the perfect book for the pre-summer escape that’ll give you the same excitement and thrill — and who doesn’t love a good heist story? The New York Times summed it up best, describing the book as “ A Beach Town Where Broken People Go to Disappear.”

You can find the book on Amazon.

This publication is proudly sponsored by

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GO WITH THE FLOW

What the markets are doing on 8 April 2024

The EGX30 closed with a 1.3% gain today in the last session before the long Eid break on turnover of EGP 2.3 bn (53.9% above the 90-day average). Local investors were net buyers. The index is up 14.5% YTD.

In the green: Alexandria Containers and Cargo Handling (+12.0%), Juhayna (+4.6%), and Ibnsina Pharma (+4.4%).

In the red: Qalaa Holdings (-0.4%), GB Corp (-0.3%), and Fawry (-0.1%).


APRIL

10 April (Wednesday): Amr Diab concert at Cubix El Gouna.

10 April (Wednesday): Abdelbasset Hamouda and DJ Saddam at CJC 610.

11 April (Thursday): Egyptian Project & Rai-Na at CJC.

11 April (Thursday): Oscar and the Wolf concert at the Pyramids.

11 April (Thursday): Om Kalthoum puppet theater performance at Elsawy Culturewheel.

12 April (Friday): Amr Hassan concert at Elsawy Culturewheel.

12 April (Friday): Autobees El Sahra at CJC 610.

13 April (Saturday): Hilarity Heights standup comedy show at ROOM Garden City.

13 April (Saturday): Komedy Koshk Comedy Night at ROOM New Cairo.

17 April (Wednesday): CASTLE OF ROCK concert at Elsawy Culturewheel.

18 April (Thursday): Massar Egbari x AUC Tahrir CultureFest at AUC Tahrir Square.

19 April (Friday): Keinmusik at the Giza Pyramids by Panorama 2.

19 April (Friday): The Beatles Tribute concert at the Cairo Opera House.

20 April (Saturday): Stand Up Comedy Light Show at ROOM Garden City.

20 April-June 8 (Saturday-Saturday): Sketching Course at Art Square Academy.

23-24 April (Tuesday-Wednesday): Omar Khairat concert at Cairo Opera House.

25 April (Thursday): KONAFA CN standup comedy show at Elsawy Culturewheel.

25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

25-27 April (Thursday-Saturday): Insomnia Egypt Gaming Festival at the International Exhibitions Center.

30 April (Tuesday): Metro Boomin concert at Kundalini Grand Pyramids.

30 April-5 May (Tuesday-Sunday): Next Level International Summer Camp.

MAY

1 May (Wednesday): National holiday in observance of Labor Day (TBC).

3 May (Friday): Youth to Business (Y2B) event at The GrEEK Campus.

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (TBC).

23-25 May (Thursday-Saturday): The Design Show at Cairo International Conventions Center.

24 Mary (Friday): The Glow Run by The TriFactory at Palm Hills Sports Club.

25 May (Saturday): Techne Summit at the Cairo International Stadium.

JUNE

15-19 June (Saturday-Wednesday): Eid El Adha (TBC).

30 June (Sunday): June 30 Revolution Day (TBC).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

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

SEPTEMBER

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

OCTOBER

6 October (Sunday): Armed Forces Day.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Q1 2024: Opening of the newly developed Pyramids Plateau in Giza.

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