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Sweet revenge?

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WHAT WE’RE TRACKING TONIGHT

Cha-ching

Good afternoon, folks and happy almost-Thursday. The weekend is about to creep up and a new heatwave is upon us.

THE BIG STORIES TODAY

#1- The second USD 20 bn tranche from the Ras El Hekma agreement has landed in state coffers, Prime Minister Moustafa Madbouly announced at the weekly cabinet meeting just a few hours ago, confirming what Enterprise reported earlier this week. The tranche consists of USD 14 bn fresh inflows and USD 6 bn from a previous deposit from the UAE already sitting at the Central Bank of Egypt.

#2- AND- Unemployment inches down for the second quarter in a row: Egypt’s unemployment rate fell to 6.7% of the total workforce in the first quarter of this year, inching down 0.2% from the previous quarter, according to the latest figures by state statistics agency Capmas out yesterday. On a year-on-year basis, unemployment was down 0.4 percentage points compared to the same period last year.


WANT TO ATTEND OUR NEXT FORUM?

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and our competitive advantages are clear to many of them: We’re a massive consumer opportunity and the regional export hub of tomorrow.

…but here at home, our community is in a rut. The enthusiasm gap between domestic business leaders and global investors is stark.

We’d all do well to remember: It’s a chicken-and-egg kind of thing. Foreign strategic investors will be reluctant to commit capital here until they see Egyptian businesses leading the way.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks.It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

*** Interested in attending? Tap or click here to let us know. Seating is limited.


THE BIG STORY ABROAD

All eyes are on Russia and Ukraine today as Russia’s once-flailing procession into Ukraine is amping up. Eighteen months ago, the White House predicted that Russian forces were on the brink of collapse, but today US Pentagon officials share concerns following Russia’s surprise advancement into Kharkiv for the second time. Ukrainian President Volodymyr Zelensky has put all of his international engagements on hold following the attacks that wounded 45 people and killed one. This comes as US- and NATO-provided weapons are being destroyed by electronic warfare techniques employed by Russia, and the belief that the delay in Ukraine receiving their USD 61 bn arms and ammunition package from the US gave Russia an advantage. US officials insist that Russia’s advancement in that time is still reversible. (NYT | CNN)

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

☀️ TOMORROW’S WEATHER- The mercury will be showing highs of 35°C and lows of 19°C in Cairo, according to our favorite weather app.

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FOR YOUR COMMUTE

How you feel about revenge affects how society will judge you

Does society approve of revenge? Yes, but not all the time. The determining factor of whether you get a pat on the back or a slap on the wrist depends on how the perpetrator of said revenge feels: Feelings of satisfaction receive social approval but those of pleasure are looked down upon by the polis, according to this recent study.

Satisfaction vs pleasure. Satisfaction is seen as a sign of competence — it’s like giving a thumbs-up to someone who’s managed to accomplish what they set out to do. But pleasure? That’s a whole different story, since people who feel pleasure after exacting their revenge are usually judged harshly, suggesting that maybe the avenger’s motives aren’t as noble as we’d like to believe…

…and it doesn’t end there. Cultural norms and individual perspectives play a significant role in shaping our attitudes towards revenge. Societies that prioritize honor lead people to be more forgiving of the avenger. And when it comes to judging our own actions versus those of others, things get even more complicated — it turns out we’re a lot harder on ourselves than the people around us.

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ENTERPRISE RECOMMENDS

Is it all glitz and glamor in South Korea?

Get a glimpse into South Korea through the Super Rich in Korea. This documentary looks into the extravagant lives of five individuals swimming in opulence within the vibrant cityscape of Seoul.

At the heart of the series lies its trio of MCs — BamBam, Cho Sae-ho, and Mimi — whose reactions mirror those of the audience, shifting between disbelief and amusement as they bear witness to the cast's exorbitant spending habits. Their down-to-earth commentary injects a dose of relatability into the otherwise fantastical world of the super-rich, serving as a grounding force amidst the glitz and glamor.

The ensemble cast is a diverse tapestry, featuring individuals from various cultural backgrounds, each with their own unique story to tell. From Aren Yoo, the Korean-American fashionista whose closet rivals a high-end boutique, to Noor Naim, the Iranian-American influencer with a penchant for designer handbags, and David Yong, the Singaporean finance tycoon unapologetically flaunting his family's generational wealth, the cast members offer a tantalizing glimpse into their privileged lives.

Yet, amidst the grandeur and excess, questions linger about the show’s cultural representation. With only one Korean cast member amidst a predominantly international ensemble, one wonders whether this choice was intentional or reflective of a broader trend in the portrayal of ostentatious wealth within South Korea. Perhaps the producers sought out personalities whose flamboyance surpassed cultural boundaries, or perhaps it's indicative of a gap in representation within the country's affluent circles.

WHERE TO WATCH- You can watch the six-part series on Netflix or take a glimpse of what’s to come in the trailer (watch trailer, runtime 1:34).

Coppa Italia awaits its champion: Atalanta will face Juventus in the Coppa Italia final at 10pm tonight. The Orobici had already secured their place in the final after eliminating Milan and then Fiorentina, while the Old Lady qualified after beating Frosinone and then Lazio. Juventus, which has secured the cup the most (14 times), is seeking to win its first title in three years, while Atalanta, which is having an exceptional season, aims at winning its second cup title in history since 1963.

The heat is on in the Premier League. Brighton will host Chelsea for gameweek 37 of the English Premier League at 9:45pm today. The Blues are in seventh place with 57 points, Newcastle is in sixth place also with 57 points, and Manchester United is three points behind in eighth.

United will host Newcastle at Old Trafford at 10pm tonight. The home team have lost all chances of qualifying for the European Championships next season, whereas the Magpies can still seize the qualifying spot for the Europa League in the event that they win their remaining two matches and Tottenham, in fifth place, lose.

European league matches not to miss:

  • Sevilla vs Cádiz (La Liga, 8:30pm)
  • Getafe vs Atlético Madrid (La Liga, 11pm)
  • Nice vs Paris Saint-Germain (Ligue 1, 10pm)

Back to home, gameweek 23 of the Egyptian League continues with the following three matches:

  • El Dakhleya vs El Gouna (4pm)
  • Pharco vs Baladiyat Al Mahalla (7pm)
  • Pyramids vs Ceramica Cleopatra (7pm)

?EAT THIS TONIGHT-

Get your cool bite-sized sweet treat from M’oishi. If you’re craving something sweet this summer but looking for something that’s lighter than cake and donuts, then Mochi is the way to go. Find them at several locations all over Cairo (east and west) including Cairo Festival City in New Cairo, Arkan Plaza in Sheikh Zayed, The Field in Maadi, and more. You could even order M’oishi to your home or office anywhere in Cairo through Talabat.

Mochi? If you’re behind on what’s hot in the food scene, this trending Japanese dessert is essentially rice flour dough filled with a scoop of ice cream — a big win for our gluten-intolerant friends. And M’oishi’s is the best we’ve had in Cairo.

So moch(i) to choose from. You can’t pass on their best selling mochi flavor: Mango berry. It tastes like a vacation, is really the best way to describe it. Other flavors we love are the salted caramel, bubble gum, and strawberry cheesecake.

Boba on the side?Yes, please. We may be stepping into sugar rush territory with this choice, but we couldn’t resist mentioning the Brown Sugar boba. The sweet milk tea with the tapioca pearls was so delicious we almost asked for another one. Not really, but we could’ve.

Fancy something savory post sweets? M’oishi also has a full menu of savory food options (including breakfast) for you to choose from.

? OUT AND ABOUT-
(all times CLT)

HAPPENING THIS WEEK-

Zawya’s Cairo Cinema Days is back: Zawya’s film program is a showcase of the latest and most prominent productions in Arab cinema within the past year. Throughout a three-month period, you can watch films from Palestine, Lebanon, Tunisia, Saudi Arabia, Jordan, Morocco, Sudan, and Egypt. You can find more information on this month’s film selection here.

Experience true culinary discovery at Flavor Republic’s Cairo Food Week. The week-long event being held at Downtown District is continuing until tomorrow. You can follow the event itinerary here and grab tickets for each of the individual events here, but expect prices to make a dent in your bank account. You can get to know the co-founders of Flavor Republic, Hoda El Sherif and Sherif Tamim, in this edition of Founder of the Week.

An art exhibition that supports both Egyptian contemporary artists and a local charity.The eighth edition of Le Printemps Des Artistes will take place at Villa Magenta in Heliopolis from Friday, 17 May till Saturday, 18 May. Entry is open to the public and without fees.

HAPPENING LATER-

The National Museum of Egyptian Civilization (NMEC) is hosting the Empower Her Forumstarting Sunday, 19 May, to Wednesday, 22 May. The forum is meant to promote creative empowerment for women in the art community, hosting women artists from around the world. More information will be posted on their Facebook page closer to the event.

Celebrate Disco Masr’s eighth album release at their concert on Friday, 24 May at Zed Park Sheikh Zayed. Grab your tickets here.

Egyptian rapper Marwan Moussa will perform with Jordanian singer Aziz Maraka on Thursday, 30 May at Zed Park in Sheikh Zayed. You can also enjoy the concert online through the Minly app. (Zed Park Tickets | Online Tickets)

? UNDER THE LAMPLIGHT-

The Saint of Bright Doors is all about unlocking destiny. When Fetter is thrown out by his own mother into the world to toughen up, he finds comfort on an mysterious island of Luriat, rejecting its violent ways and embracing its complexity.

In the middle of ever-changing political and religious landscapes, Fetter navigates a society defined by shifting ideologies and finds himself joining a ‘self help’ group known as the Unchosen. As he struggles with his identity and legacy, Fetter delves into the secrets of the city’s magical “bright doors,” which are full of unknown powers and connections to other realms.

Fetter seeks to defy the predetermined paths set by his parents and society, ultimately finding friendship and purpose in a world where destiny is self-determined.

The book has the element of a coming of age story but with a perfect blend of science and fantasy.

You can get your copy on Amazon.

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GO WITH THE FLOW

What the markets are doing on 15 May 2024

The EGX30 fell 0.1% at today’s close on turnover of EGP 2.6 bn (46.1% below the 90-day average). Foreign investors were net buyers. The index is up 1.7% YTD.

In the green: Qalaa Holdings (+10.3%), Eastern Company (+3.8%) and Juhayna (+2.7%).

In the red: Orascom Construction (-2.9%), Sidi Kerir Petrochemicals (-1.8%) and Mopco (-1.8%).


MAY

11 May-1 June (Saturday-Saturday) Summer Showcase art gallery at Bibliothek

16 May (Thursday): Omar Taher book signing and open discussion at Bibliothek

16-18 May (Thursday-Saturday): Turning Tables at Rawabet Art Space.

16-18 May (Thursday-Saturday): Rise Up Summit at the Grand Egyptian Museum.

17 May (Friday): El Mahatta at The American University in Cairo.

17 May (Friday): Aly Elhaggar concert at Must Theatre.

17 May (Friday): Musical Theatre Event with Medhat Saleh, Reham Abd Elhakim, and Mai Farouk at Zed Park.

17-18 May (Friday-Saturday) Le Printemps des Artistes at Villa Magenta.

18 May (Saturday): Farma, Marcia, and Rachel walking tour by Qahrawya.

18 May (Saturday): Red Bull Login gaming event at District 5.

21 May (Tuesday): Disco Arabesco- Tablet El Sett & Fabrica at Theatro Arkan

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

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

24 May (Friday): The Elite Super Show at the Cairo International Stadium.

24 May (Friday): Disco Misr Festival - Album Launch V8 at Zed Park

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

26 May (Sunday): El’Emaraperformance at Rawabet Art Space.

27 May (Monday): Half of a Yellow Sun book club meeting at Bibliothek

27-30 May (Monday-Thursday): Account Management For Ads Workshop with FP7’s Momen Aboutaleb at The GrEEK Campus.

29 May-1 June (Wednesday): What Have The Years Done To Us?at Rawabet Art Space

30 May (Thursday): Mochakk Concert at Saqqara Pyramid.

30 May (Thursday): Marwan Moussa and Aziz Maraka concert at Zed Park.

31 May (Friday): Opera Carmen at Cairo Opera House

31 May (Friday): QADYA 04 at Madinaty Club Tennis Center Court

JUNE

4 June (Tuesday): Karaoke Night at Room Garden City

7 June (Friday): Celebrating 40 Years of Omar Khairat at Abdeen Palace.

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.

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