Good afternoon, folks. The news lull continues today as everyone (including us) is already in the long-weekend mode.
THE BIG STORY TODAY
Eni agrees to export EastMed gas through Egyptian facilities: Eni officials discussed with Oil Minister Karim Badawi leveraging Egypt’s poision as a regional energy hub to export gas produced from Eni’s fields in the whole Eastern Mediterranean region through the Egyptian facilities, according to a ministry readout. The Italian energy giant also agreed to ramp up its exploration and development activities and increase the number of operational rigs in its concessions in Egypt.
THE BIG STORY ABROAD
Kamala’s campaign continues, positioning herself as the Democratic Party’s best shot against Trump. US Presidential nominee Kamala Harris has hit the ground running to convince voters and the Democratic Party that her presidency represents the future of America. Harris has promised to focus on “building up the middle class,” extending health care, and building the foundations of social programs that offset economic challenges that remain at the forefront of voters’ concerns.
Since US President Joe Biden’s abdication on Sunday, Harris has managed to garner support from most major Democrats, raising USD 100 mn in the process. She has been framing herself as a “prosecutor running against a felon”, recounting her history of incarcerating people who have committed the same transgressions as Republican candidate Donald Trump. Trump is set to resume his campaign trail today, though the goalposts have shifted entirely since his time on the road as he faces an objectively stronger nominee. (Bloomberg | CNN)
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The retail tranche of Act Financial’s IPO was 54.8x covered, with investorssubscribing to 3.3 bn shares — worth some EGP 9.5 bn — by the end of their subscription period yesterday.
Where does the long-awaited tax policy stand? The Finance Ministry is in the process of updating its tax policy framework so that it is more attractive to potential investors.
No more converting green areas into commercial areas: Prime Minister Moustafa Madbouly has directed Egypt’s governors to refrain from turning existing green areas into commercial areas
☀️ TOMORROW’S WEATHER- Mercury is peaking with a high of 39°C simmering to a moderate low of 26°C by night, according to our favorite weather app. And it’s much cooler in Sahel and Alexandria with a high of 31-33°C and a low of 25°C.
The latest phone manufacturer to jump on the foldable phone trend? Apple. The tech titan might be releasing the first ever foldable iPhone as early as 2026, following the footsteps of Samsung, who launched their first foldable phone back in 2019, The Information reports.
Heard this before? Apple has been tinkering with the concept for a while, but it seems that they’ve finally nailed down the design and functionality issues that have been plaguing the project. Apple has placed orders for components for the foldable phone from Chinese suppliers, insider sources told the news outlet, adding that the product has been assigned the internal code V68.
This would go down in history as Apple’s biggest ever hardware redesign. The hardware update is expected to attract a new subset of customers as the foldable smartphone market, dominated by Samsung and Huawei, reported a growth of 49% in Q1 2024 in comparison to Q1 2023. Another reported update is an added mechanical aperture system to cameras on unspecified iPhone models that will allow for more sophisticated photography.
It’s worth noting that just because a foldable iPhone is in development doesn’t mean that it’ll see the light of day. Apple’s production line once included the AirPower charging mat, an EV, and a TV.
Eddie Murphy returns to the scene of the crime 30 years later. Hoping to reignite its spark, Beverly Hills Cop: Axel F marks a nostalgic revisit of the franchise after its lackluster last installment three decades ago, Beverly Hills Cop III. It picks back up with Detroit detective Axel Foley, kicking off with a sequence where Foley (Eddie Murphy) is using a snowplow to chase down criminals at a Detroit Red Wings game. Classic.
The plot thickens: Foley’s estranged daughter, Jane (Taylour Paige), a defense attorney in Beverly Hills, becomes embroiled in a dangerous conspiracy involving corrupt cops, and Foley, ever the determined father, travels to Beverly Hills to untangle the mess. Alongside new ally Sam Abbott (Joseph Gordon-Levitt) and old buddies Billy Rosewood (Judge Reinhold) and John Taggart (John Ashton), Foley gets up to his old beloved antics while he deals with smirking BHPD Captain Cade Grant (Kevin Bacon).
For fans of the original, this sequel offers a solid dose of nostalgia. While the film might not break new ground or rival the brilliance of its predecessors, it successfully reignites the charm of the beloved franchise. The cast is more than self-aware of their time away from the screen — in one scene, Murphy’s character makes digs about his older co-stars’ wrinkles and creaky joints (and maybe, by extension, ours too).
WHERE TO WATCH- You can watch the film on Netflix or catch the trailer (runtime: 2:36).
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⚽ The 2024 Paris Olympics are finally here. Football matches at the Olympics are kicking off today, with our homegrown U23 team hoping to make it to the finals for the first time, after reaching the semifinals at Amsterdam 1928 and Tokyo 1964. Of the sixteen participating teams, our Olympians are in Group C alongside Spain, Uzbekistan, and the Dominican Republic.
The Pharaohs' first meet: The Egyptian team is kicking off their journey at the Olympics by playing against the Dominican Republic at 6pm today. Joining the U23 players are senior players Mohamed Elneny and Ahmed Mostafa “Zizo”.
Our team’s second match in the group stage will be against Uzbekistan, scheduled for 6pm next Saturday.
Important matches in the first round:
Argentina vs Morocco (Group B, 4pm)
Uzbekistan vs Spain (Group C, 4pm)
Iraq vs Ukraine (Group B, 8pm)
Japan vs Paraguay (Group D, 8pm)
France vs USA (Group A, 8pm)
Argentina vs Iraq (Group B, 4pm on Saturday)
Ukraine vs Morocco (Group B, 6pm on Saturday)
New Zealand vs USA (Group A, 8pm on Saturday)
Japan vs Mali (Group D, 10pm on Saturday)
France vs Guinea (Group A, 10pm on Saturday)
Our handball national team is set to take the court for their Olympic opener against Hungary at 12pm this Saturday. The Pharaohs may have their work cut out for them, having landed in a group that includes powerhouses like the six-time world champion French team, two-time world champions Denmark, along with Norway and Argentina.
Set to spike: The Egyptian national volleyball team has made their way back to the Olympics after an eight year absence from the court. Alongside us in Group B are Brazil, Italy and Poland, the latter of which we will be meeting on the court at 6pm on Saturday.
Back to local football, Al Ahly are nearing the top: The Red Devils will be facing off against Al Masry at 9pm on Friday, in a rescheduled match from gameweek 18. As of now, Al Ahly are currently ranked second on the leaderboard, trailing by just two points behind Pyramids, who played three more matches. Al Masry sits in third with 52 points.
Match of the round: The White Knights are set to play against Pyramids at 9pm in yet another rescheduled match. Zamalek currently sits in fifth with 48 points, hoping to rake in enough points to close the gap.
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🌯 EAT THIS TONIGHT-
Gringo's is a staple for fans of Mexican cuisine. While this spot is no secret, we can’t help but pay homage to a reliable fave. If you’re in the mood for burritos, tacos, quesadillas, or chimichangas, Gringo’s is your guy. Here are some alternatives to your go-tos.
Starting off with the appetizers, try out the black bean nachos instead of the regular ones we know and love. The crunch on the nachos topped with black Beans, queso, pico de gallo and sour cream created the perfect start to the meal.
Bye-bye burrito. It’s hard to be convinced to venture out of our comfort orders. All Gringo’s regulars have their own customized burritos. But this time, we chose not to venture too far, and dip our toes into new orders with the Machaca shredded beef burrito bowl… And it was worth the switch. The beef was tender and flavorful. The classic combination of beans, pico de gallo, salsa, cheese, and sour cream and cilantro lime rice delivered the way we expected it to — just less messy than a regular burrito. Ask for plain chips on the side, they add the perfect crunch.
Don’t forget the tacos. The nacho tacos were delicious. It’s a double tortilla — one hard and one soft — filled with pico de gallo and sour cream. This way you get the crunch of the hard shell taco without it falling apart with every bite you take. Genius.
Where to find Gringo’s: They have branches in Sheikh Zayed, Maadi, and New Cairo. But you could also order online from their website, Talabat, or Elmenus.
You can also stock up — Breadfast has a variety of Gringo’s goodies that are ready to heat and eat. You can grab quesadillas, empanadas, and flautas, or desserts like their iconic nutella sombreros and apple cinnamon changas.
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🎤 OUT AND ABOUT- (all times CLT)
HAPPENING THIS WEEK-
Marwan Moussa, Afroto, DJ Nooriya, and Bubblegum Kollectiv are preparing to deliver an unforgettable evening at Cairo Jazz Club Sea Shore in Ras El Hikma. The event will begin at 9pm on Friday, 26 July. Find your tickets here.
You can still catch Ahmed Helmy on stage in Memo. If you missed the Egyptian comedy icon’s first few shows of his original play, he will be performing once again tomorrow, Thursday, July 25 (tickets) and Friday, July 26 (tickets) at the Grand Nile Tower.
Witness a lineup of emerging talent, or take to the stage yourself at Rawabet Art Space’s open mic. Hosted by Abd El Rahman Magdy, the event, which will take place tomorrow, July 25 at 8pm, will give you the chance to break into the scene or spot stars-to-be. Get your tickets here.
A night of good music. Book tickets for Cords Festival: Esseily & Massar Egbari at One Eleven in New Alamein. The festival will take place on Thursday, 25 July starting 10pm, where musical staple Mahmoud El Esseily and the iconic Massar Egbari, who just celebrated their 20th anniversary, will perform.
Anas Bukhash and Saint Levant are preparing to start an engaging discussion, accompanied by a performance from Wael Gassar and a segment presented by Ahmed El Ghandor, aka El Da7ee7, as part of The Happiness Debate at Mountain View Ras El Hikma. The event will take place on Friday, 26 July at Mountain View’s Lighthouse Beach. Grab your tickets here.
NEW ALAMEIN FESTIVAL-
Pop icon Tamer Hosny is performing at the festival this Friday, 26 July at 10pm. Find tickets here.
Musical maestro Hany Shenouda is bringing his revived pop band El Masryeen to the New Alamein Festival on Saturday, 27 July at 10pm. Get your tickets here.
HAPPENING LATER-
Superstar Mohamed Ramadan will perform a concert at Porto Golf in the North Coast on Friday, 2 August at 10pm. Grab tickets here before they sell out.
Prepare for the sixth edition of The Marakez Pyramids Half Marathon. Pick your race of choice and start training, because the marathon will take place on Saturday, 14 December. Note: The price to register is going to keep increasing. So sign up now through this link for the lowest price guarantee.
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💡 UNDER THE LAMPLIGHT-
Kōhei Saitō questions the sanctity of Capitalism in Slow Down: TheDegrowth Manifesto. Under the current growth-based economic model, poverty is rampant, healthcare is lacking, and climate change is a persistent reality. Saitō knows that none of that is news by any means, but what he will bring to the table is an argument against so-called “sustainable growth,” which he thinks is the root of our problems.
A “dangerous compromise”: According to Saitō, it is impossible to reverse climate change under capitalism, because the model is driven by profit and growth rather than utility. In fact, this economic model is exactly why climate change exists in the first place.
What can be done? The author argues for degrowth and deceleration, which means curbing mass production and consumption. This way, essential labor can take priority over profits that go into the pockets of those in power, whose greed is responsible for the deteriorated state of the planet — basically shifting the power from corporations to our communities.
The EGX30 fell 0.4% at today’s close on turnover of EGP 3.8 bn (3% below the 90-day average). Local investors were the sole net sellers. The index is up 16.9% YTD.
In the green: Eastern Company (+3.2%), Juhayna (+1.6%), and Qalaa Holdings (+1.4%).
In the red: Orascom Development (-4.3%), GB Corp (-3.0%), and e-Finance (-2.6%).
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