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Sunday, 8 Oct 2023

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Inside Industry
The Enterprise Entertainment Calendar

Still not a good news day

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Today at a glance

1

The Big Story Today

Two Israeli tourists + Egyptian tour guide killed in Alexandria.
2

INSIDE INDUSTRY

A deeper dive into the private sector minimum wage.
3

FOR YOUR COMMUTE

The latest work catchphrase: Coffee badging.
4

ON THE TUBE TONIGHT

Expect tension and suspense from Nowhere.
5

Sports

Will Man City or Arsenal jump ahead of Tottenham in the Premier League?
6

Under the Lamplight

Are our fears and anxieties rooted in our ancestors’ experiences?
7

FOR YOUR COMMUTE

Offices are offering working women egg freezing “benefits.”

Sunday, 8 Oct 2023

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
Inside Industry
The Enterprise Entertainment Calendar
1

WHAT WE’RE TRACKING TONIGHT

Two Israeli tourists + Egyptian tour guide killed in Alexandria

Good afternoon, ladies and gentlemen. After starting off with a bad news day this morning, we unfortunately don’t have much to offer up this afternoon by way of a positive turn of events.

THE BIG STORY TODAY

An Egyptian policeman killed two Israeli tourists and their local tour guide after opening fire at the group at a tourist site in Alexandria, state-run Al Qahera News reported (watch, runtime: 1:08). The shooter has been detained, and a third injured tourist is currently receiving medical attention, according to Extra News (watch, runtime: 0:42).

THE BIG STORY ABROAD

Israel’s war with Palestine is still dominating the international press since we last wrote to you this morning. The surprise attack on Israel led by Hamas prompted the Israeli forces to retaliate by attacking Gaza and has claimed approximately 300 lives, so far, promising a lengthy war to avenge an unprecedented move that has put Israel’s intelligence apparatus into question. The siege by Hamas gunmen began yesterday as they attacked by air, land and sea, rampaging through Israeli settlements and capturing hostages, including military personnel and taking them into Gaza. (Reuters | Bloomberg | CNBC | Wall Street Journal | Washington Post | Financial Times)

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

enterprise

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: The private sector minimum wage is scrambling to keep up with inflation and public sector wages. What does that mean for industry?

?️ TOMORROW’S WEATHER- The mercury will rise to a high of 32°C and drop to cooler 26°C in the evening, according to our favorite weather app.

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2

FOR YOUR COMMUTE

The latest work catch-phrase: Coffee badging + Forget gym memberships. Egg freezing is the newest work perk

Employees in the US are returning to the office — for coffee: Rather than attending full days, up to 58% of hybrid employees are stepping into the office for just a few hours before finishing off their actual work duties from home, according to a survey by Owl Labs. This phenomenon, dubbed “coffee badging,” essentially entails dropping by to socialize and build rapport with fellow co-workers a few times a month before heading out again.

Flexibility and trust are key: Aside from the fact that more employees report being more productive when working from home — think less time commuting and fewer in-person distractions — adaptable working hours are the holy grail: Typical working hours “just [don’t] seem all that relevant,” CNBC quoted Owl Labs CEO Frank Weishaupt as saying. But in order to achieve that, trust must be established between employers and their subordinates.

But not everyone is having it. Companies like Meta, Google, Amazon and JPMorgan Chase are doing the opposite by following closely when their employees work — even as some no longer want them on payroll, the Wall Street Journal reported according to CNBC. But this approach is garnering criticism from people like Weishaupt who believe that accountability and leadership should replace this detrimental “grade school” mentality.

Egg freezing is a new work perk? An increasing number of businesses are providing egg freezing for employees, the Financial Times reported. While these benefits were lauded by some as providing support for women and empowering them to have “as many options as possible,” one employee was quoted as saying, they have also come under fire. By providing these benefits, companies are potentially exploiting women’s financial limitations and indirectly hijacking their bodies to serve company interests, detractors of these policies have stated.

Work now, mother later ? Aside from the privacy concerns, some are concerned this move could be a strategy from employers to prompt female employees to delay conception and motherhood. Even though bioethics studies have denied this claim, it is noteworthy to add that these extremely expensive procedures often have limited success rates, the article notes. But it seems to be an attractive option nonetheless:The UK’s Human Fertilisation and Embryo Authority (HFEA) estimates there will be 11 times as many egg-freeze cycles in 2021 as there were in 2011, making this one of the fastest growing medical procedures in the country.

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3

ENTERPRISE RECOMMENDS

Expect tension and suspense from Nowhere

? ON THE TUBE TONIGHT-
(all times CLT)

Nowhere is a new riveting release on Netflix directed by Albert Pintó. It is a gripping and intense survival thriller that takes viewers on a harrowing journey. The film follows the story of Mia (Anna Castillo), a young pregnant woman who is escaping from a war-torn country by hiding inside a maritime container aboard a cargo ship. The initial plan was to have her husband Nico (Tamar Novas) by her side but the plan was soon interrupted by an unexpected separation, leaving Mia alone. After a violent sea storm, Mia found herself fighting for her life and the life of her unborn child after the container was dumped into the ocean. One can imagine the many hardships she faces from the scarcity of food and water, to the pain of labor, to the suffocating confined space of the container, and her failing trials to reach her husband. The film delivers a palpable sense of tension and claustrophobia as most of the events take place in the confined space of the container. Meanwhile, the cinematography shows the contrast between the vastness of the ocean and the isolation of Mia’s situation inside the container, thus immersing the viewers in the desperate atmosphere and the physical struggles experienced by Mia.

⚽ Excitement awaits at the end of round 3 of the Egyptian League: Al Ahly faces Al Ismaily at 7pm as Pyramids takes on Enppi at the same time.

Today in the Premier League: Manchester City will host Arsenal at 6:30pm. The Citizens (18 points) and the Gunners (17 points) are separated by only one point, and three points could push either of them to the top of the league with (or ahead of) Tottenham, who have 20 points. Anticipate three matches at 4pm, the most important of which will be Brighton v Liverpool, while Wolverhampton will meet Aston Villa, and West Ham will be playing Newcastle.

Don’t miss the fun of the Premier League Fantasy Enterprise League. You can join by clicking on this link or entering this code abd0f7.

The most important matches in the major leagues today:

  • Atletico Madrid v Real Sociedad (La Liga — 5:15 pm)
  • Leverkusen v Köln (Bundesliga — 4:30 pm)
  • Bayern Munich v Freiburg (Bundesliga — 6:30 pm)
  • Rennes v Paris Saint-Germain (Ligue 1 — 9:45 pm)
  • Napoli v Fiorentina (Serie A — 9:45 pm)
  • Granada v Barcelona (La Liga — 10 pm)

? OUT AND ABOUT-
(all times CLT)

Head to a Japanese tea making workshop at AUC New Cairo Campus every Wednesday through to 18 October from 11:30-1:30pm. For bookings, send an email here.

Learn how to translate sketches into a visual journal at an illustration workshop with Keem The Kid at Cocoon Cultural Center every Tuesday, 7-10pm, and Saturday, 3-6pm, from 7-21 October. Sign up using this link.

Italian opera Teatro Di San Carlo is coming to Egypt for the first time with a showat the Pyramids of Giza on Wednesday, 11 October. You can book your tickets from Ticketsmarche here.

Prepare for a day of fun at El Malahy ’s weekend wonder where Disco Misr will be performing on Thursday, 12 October from 12-11pm. Get your tickets from Ticketsmall.

The Garden Market is here with music, local brands, handcrafted goods, fresh farm products and vintage finds at Merryland Parkon Friday, 13 October.

Swiss Club is celebrating Oktoberfest on Friday, 13 October. To RSVP, check their Facebook page for more information.

A special festival for man’s best friend: Concept festival Bound Fest is happening at Golf and Dog Park with entertainment, games, and dog-friendly activities on Saturday, 14 October. Get your tickets here.

Egyptian singers Ruby and Ahmed Saad are performing together at Misr University on Wednesday, 18 October at 8pm. Get your tickets at Ticketsmarche.

DJs Kygo , Tiësto, Kungs and Frank Walker are performing on Saturday, 28 October at the Giza Pyramids. The concert will be part of the next edition of the four-day Palm Tree Music Festival (PTMF) which will be held from Thursday, 26 October until Sunday, 29 October.

Music enthusiasts, this one’s for you: The annual Cairo International Jazz Festival is happening at AUC’s Tahrir campus from Thursday, 26 October to Friday, 3 November. For more information contact them on their page here.

New Giza Sports Club is partnering with CA Sports launching the first Premier PadelEvent in Africa from Saturday, 28 October until Sunday, 5 November with the participation of the top 100 world professional players. Get your tickets with Tazkarti.

Jim Gaffigan’s Barely Alive Tour will hit the Marquee stage at Cairo Festival City on Thursday, 16 November. Get your tickets with Ticketsmarche.

The Masr El Gedida Carnival is back and will take place in Merryland Park on Saturday, 25 November at 10am.

? UNDER THE LAMPLIGHT-

It Didn't Start with You begins with the premise that memory and feelings can live long after we die and provides a stepping stone to help heal the impacts of traumatic legacies that are passed down by our ancestors. In the book, author Mark Wolynn — an expert in the field — walks us through an understanding of the effects of family trauma on individual identity and encourages the reader to end the cycle of generational trauma. Wolynn demonstrates that the root of psychological difficulties, including depression, anxiety, phobias, and obsessive thoughts, do not necessarily belong to us — but to our ancestors. Building on previous studies conducted by post-traumatic stress experts, this approach enables physical and emotional health awareness through an understanding of encoded emotional legacies.

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4

GO WITH THE FLOW

What the markets are doing on 8 October, 2023

The EGX30 fell 2.6% at today’s close on turnover of EGP 2.05 bn (5.5% below the 90-day average). International investors were net sellers. The index is up 32.6% YTD.

In the green: Alexandria Containers and Cargo Handling (+2.7%), Abu Qir Fertilizers (+0.9%) and Ezz Steel (+0.8%).

In the red: Beltone Financial Holding (-5.8%), Qalaa Holding (-5.7%) and Juhayna (-5.7%).

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Our weekly look at the issues, trends, and policies that are shaping Egypt's manufacturing industries.

Published every Sunday in EnterprisePM.

Read Inside Industry
5

INSIDE INDUSTRY

A deeper dive into the private sector minimum wage

What does the newly-implemented private sector minimum wage requirement mean? The National Council for Wages hiked private sector minimum wages by 11% in July in a bid to move closer to minimum wage parity between the private and public sectors. The move — which marked the second time private sector wages were increased since the beginning of 2023 — compels private sector firms to pay their employees at least EGP 3k a month, up from EGP 2.7k. Broadly speaking, the private sector was prepared for these wage hikes, and lauded the move to enforce baseline salaries across industries, according to sources Enterprise spoke with.

It’s all very fresh — and didn’t come easy: The private sector minimum wage is relatively new in Egypt, having been introduced at the beginning of FY 2021-22 at EGP 2.4k a month.Private sector companies were initially resistant to the new minimum wage requirements, with thousands of companies filing for exemption. Companies claimed that high employment counts, increased production costs, and the pandemic have left them unable to pay for the additional labor costs.

Another private sector minimum wage hike incoming? The Supreme Council for Wages will meet before the end of the year to look into potentially hiking the private sector minimum wage in response to recent hikes to the public-sector minimum wage, council member Magdy Badawy told Enterprise.

But nothing is certain: Whether or not the council moves forward with another hike would largely depend on the various sectors’ ability to afford the additional expenses associated with a higher minimum wage requirement, Badawy said. Currently, not all private sector companies are on equal footing when it comes to salary ranges, Badawy said, noting that there are some who pay out salaries exceeding the minimum wage, some who pay out the minimum wage, and others who are struggling to keep up.

REMEMBER- The public sector minimum wage was just hiked for the third time in 12 months to a monthly EGP 4k from EGP 3.5k, following President Abdel Fattah El Sisi’s directives last month. The public sector minimum wage has climbed almost 50% since July 2022, before which it was set at EGP 2.4k a month. The level was then raised again in October and April.

Salary increases need to match inflation levels: “There was a lack of balance between the salaries being paid out and inflation levels prior to the implication of the private sector minimum wage,” Federation of Egyptian Industries’ (FEI) Mohamed El Bahy told us.

And although it may entail more spending for companies, minimum wages are good for the bigger picture: Hiking the minimum wage also helps increase spending which plays a key role in reviving the economy, El Bahy said. “Every wage hike ends up echoing in the local market, with people’s spending.”

The industrial sector is ahead of the game: “Employees in the industrial sector make double or triple the private sector minimum wage on average.” El Bahy said, adding that the sector prioritizes its workers and their comfort. The main component for industry is labor — so the workers’ happiness and satisfaction plays a huge role in the production process, he added. Employers prioritize worker satisfaction and that’s why the industry already enacts regular salary increases, especially for trained workers.

Industry also offers various forms of support: The industrial sector, on top of offering competitive salaries, also offers workers other benefits like transport cost and health ins.

Not all sectors are equal: “Some sectors, like the service sector, depend on customer tips to fulfill their employees’ wages,” El Bahy told us.

Exceptions are necessary: In some cases, the number of employees is more important than how much each individual employee is getting paid, El Bahy argued. In Upper Egypt for example, a single family can have four or five members in the workforce, which would put its total monthly income at over EGP 10k — enough to sustain an entire family in a village where living cost is much lower than in urban areas — El Bahy said, pointing to industries that mainly rely on untrained workers. “Imposing the minimum wage on such companies would push them to let go of a number of their employees.”

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THE ENTERPRISE ENTERTAINMENT CALENDAR

OCTOBER

4-18 October (Wednesdays): Japanese tea making workshop at AUC New Cairo Campus.

7-21 October (Saturday-Tuesday): Illustration workshop with Keem The Kid at Cocoon Cultural Center.

11 October (Wednesday): Teatro Di San Carlo performance, the Pyramids of Giza, Giza.

12-16 October (Thursday-Monday): Cairo Opera Ballet Company Cinderella at Cairo Opera House.

12 October (Thursday): Disco Misr performing at El Malahy.

13-20 October (Friday-Friday): El Gouna Film Festival (GFF).

13 October (Friday):The Garden Market at Merryland Park.

13 October (Friday): Oktoberfest at the Swiss Club.

14 October (Saturday): Bound Festat Golf and Dog Park

18 October (Wednesday):Ruby and Ahmed Saad at Misr University

26 October - 3 November (Thursday-Friday): The 15th Annual Cairo International Jazz Festival at AUC’s Tahrir campus

28 October (Saturday): DJs Kygo, Tiësto, Kung and Frank Walker concert, Giza Pyramids.

28-5 October-November(Saturday-Sunday):NEWGIZA Sports Club’sPremier Padel Event in Africa

NOVEMBER

11 November (Saturday): El Gouna Half Marathon 2023, El Gouna.

15-24 November (Wednesday-Friday): Cairo International Film Festival (CIFF).

16 November (Thursday): Jim Gaffigan’s Barely Alive Tour at The Marquee, Cairo Festival City.

25 November (Saturday): Masr El Gedida Carnival at Maryland.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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