Taste the future

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: A new round of the car import scheme + New Maersk, AP Moller venture has its eyes on Egypt. Plus: More privatization updates

Good afternoon, ladies and gentlemen, and a very, very happy THURSDAY to us all. We have an uncharacteristically busy end to the week today, but we hope you’re able to disconnect and unwind over the weekend all the same.

THE BIG STORIES TODAY

#1- Expat car initiative, take two: The Madbouly Cabinet agreed to renew the expat car import initiative for a three-month period, allowing Egyptians who are residents abroad to import a new car if they pay for dues up front in FX, according to a statement. The House of Representatives will be able to extend the initiative for a further three months, the statement says. The initiative was initially introduced last year and attracted some USD 900 mn in FX inflows.

#2- AP Moller, Maersk set up green methanol company with eyes on Egypt: Danish shipping container giant Maersk and its parent company AP Moller Holding are setting up a new company to produce green methanol shipping fuel, named C2X, AP Moller said in a statement today. C2X is “pursuing advantaged and scalable green methanol projects located near the Suez Canal in Egypt and the port of Huelva in Spain,” the venture’s website says, without providing further information.

#3- Plastic producer up next for privatization? The government is expected to hire a local investment bank before the year is out to quarterback the sale of up to 30% of state-owned plastic manufacturer Alamal Alsharif Plastics, Asharq Business reports, citing two unnamed government sources. The plan is to sell the entire 30% stake to a single strategic investor, according to the sources.

WE HAVE JUST FOUR DAYS TO GO until we see some of you at the Enterprise Finance Forum, which takes place 18-19 September (Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech — and of their clients.

What to expect: Join Karim Awad (group CEO, EFG Holding), Hazem Moussa (chairman, Contact Financial Holding), Tamer El Emary (group CEO, GB Capital), Hoda Kassem (Cairo global services center director, HSBC Egypt), Hassan Allam (CEO, Hassan Allam Holding), Pakinam Kafafi (CEO, Taqa Arabia), and many others for talks on everything from investing in uncertain times, to whether NBFIs are a bubble, and what the customers of financial institutions are saying about their bankers behind their backs. Stay tuned for the unveiling of our full list of speakers in the coming days.

Tap or click here to view the FULL AGENDA with SPEAKERS.

There will be plenty of parking available at the venue for all those attending.

** We are honored to count some of the region’s most important financial institutions as

our partners for this special event. The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FABMISR, HSBC, Mashreq, Banque du Caire, CI Capital, Global Corp, Visa, Hassan Allam Utilities, the IFC, and Post for Investment.

THE BIG STORY ABROAD

Beijing’s response to the EU anti-subsidy probe is leading the conversation in the international business press this afternoon. Deeming the move as one of “blatant[ly] protectionism” the Chinese Ministry of Commerce called for a dialogue, stressing that the step can dampen EU-China relations and can distress the global automotive market. Markets were quick to respond, with Chinese EV stocks inching down: Hong Kong-listed BYD closed down 1.2% and Shanghai-listed SAIC, which manufactures MG, was down 3.4% at the closing bell. (Financial Times | CNBC | Reuters)

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

Private players could invest big in the Golden Triangle: A handful of private players are in talks with the government to help set up an industrial zone in the Eastern Desert’s Golden Triangle.
The government plans to open a USD 1 bn flat steel production complex in cooperation with an unnamed international company.
Yet more foreign investment in our wind power? Three unnamed firms hailing from the Arab world and China are looking to invest USD 600 mn to build wind farms here.

☀️ TOMORROW’S WEATHER- More sunny skies with the mercury peaking at 37°C in the daytime and dropping to 24°C at its lowest in the nighttime, according to our favorite weather app.

Dahab beach shut down following a shark attack + AI is behind Coca-Cola’s latest beverage

Another Red Sea shark attack: The Environment Ministry has shut down a beach in Dahab after an Egyptian woman was attacked by a shark while swimming, according to a ministry statement. The woman has received medical attention and is now in stable condition, the ministry said in its statement, without providing further information. Authorities are now investigating the incident to determine what caused the attack.

Not the first attack — or sighting: This week’s attack in Dahab comes a month after reports emerged that tourists and visitors in the Red Sea town spotted a shark near the shore, with authorities also shutting down the area and barring people from swimming as a “precautionary measure.” The attack also comes a few months after a Russian tourist was killed in another shark attack in Hurghada.

Want a taste of the future? Coca-Cola just launched a limited edition zero-sugar flavor called “Y3000” deeming it the “the first futuristic flavor” made with the assistance of — you guessed it — AI. The soft drinks manufacturer explains that the beverage intends to give an “optimistic vision” of what the future would be like with human and artificial intelligence working together. Coca-Cola has been releasing new flavors for the past few years to maintain their market and engage new segments, helping to drive up sales and revenues, with the company’s net sales growing 6% in 2Q 2023, according to Fortune.

What’s the difference from the original one? Researchers at Coca-Cola collected information regarding “key flavor preferences and trends to understand what consumers imagine and think the future tastes like,” a representative from Coca-Cola told CNBC. AI then took the results to “help develop flavor profiles and pairings.” The drink smells like “herbs and spices in chai, maybe marinated in fruit,” making the flavor similar to a “fruit punch” of different red sodas, according to one individual who tried the beverage.

The Boy Scouts uncovers a painful truth about abuse within the organization

? ON THE TUBE TONIGHT-
(all times CLT)

Scouts Honor: The Secret Files of the Boy Scouts of America : Behind the proud scenes of scout troops holding flags on special occasions or the large, enthusiastic crowds listening to the US president’s speech lies a disturbing reality. This thought-provoking Netflix documentary directed by Brian Knappenberger unveils the extensive cover-up of abuse cases that persisted within the Boy Scouts for decades. In the lead-up to a bankruptcy court deadline nearly three years ago, thousands of survivors, predominantly male, from different age groups and from many states across the US came forward with their experiences with abuse. Through the testimonies of survivors, whistleblowers, experts and former employees in the organization, the film shines a necessary light on the heart breaking impact of this widespread abuse and the disturbing efforts made to conceal it. They hid numerous abuse files under archiving them as “confidential,” in an attempt to preserve their name and reputation in front of the parents. Beyond unveiling the horrors of the cover up, the film poignantly highlighted the deep-seated psychological scars the victims carry.

Al Ahly is entering the match as the 2023 CAF Champions League champion, while USMA cracked into the match after earning the Confederation title. Al Ahly is the most successful club in the African Super Cup, with eight titles, while USMA is playing in the Super Cup for the first time in its history.

The excitement of the European leagues returns again after the end of the international break. The most prominent matches that we’ve been waiting for, starting with the Premier League’s gameweek 5 on Saturday:

Wolverhampton v Liverpool (2:30pm)
West Ham v Manchester City (5pm)
Manchester United v Brighton (5pm)
Tottenham v Sheffield United (5pm)
Aston Villa v Crystal Palace (5pm)
Fulham v Luton Town (5pm)
Newcastle v Brentford (7:30pm)

Don't miss out on the fun of the Enterprise Fantasy Premier League. Join us by clicking on this link or entering code abd0f7.

Watch the most important matches of the major European leagues this weekend:

Bayern Munich v Bayer Leverkusen (Bundesliga — 9:30 pm Friday)
Paris Saint-Germain v Nice (Ligue 1 — 10pm Friday)
Juventus v Lazio (Series A — 4pm Saturday)
Freiburg v Dortmund (Bundesliga — 4:30pm Saturday)
Valencia v Atletico Madrid (La Liga — 5:15pm Saturday)
Inter v Milan (Serie A — 7pm Saturday)
Genoa v Napoli (Serie A — 9:45pm Saturday)
Barcelona v Real Betis (La Liga — 10pm Saturday)

Get your running shoes ready for the 2023 edition of the El Gouna Half Marathon, which is scheduled to take place on Saturday, 11 November. You can sign up for the marathon from here — and catch the lowest registration price with the early bird special which starts today and ends Saturday, 30 September.

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

Evil Genius with Russell Kane is one of the funniest podcasts we’ve listened to. In a nutshell, the show embodies the adage that advises you to “never meet your heroes” — probably because the closer you get to someone, the more you can see right through the veneer of their persona. And Kane — comedian, actor, writer and host — is ruthless about it. The self-declared “mirth-maker” does not shy away from pointing out everything that is wrong with global icons and fictional characters alike. From Batman to Frida Kahlo, all the way to Genghis Khan — the podcast host, along with his guests, all seem to agree: Even the most impressive of people are fallible and quite defective. But make sure to take his comments with a grain of salt. While Kane’s comments are quite hilarious — maybe watch out for the super strong language if you’re not listening alone — and mostly factually correct, he’s no historian. Or as one disgruntled reviewer put it: It’s like listening to the “wokest students on campus telling you how the world should work.” So think of this show as light edu-tainment as it is anything but a serious academic exercise. If we can recommend one episode, it will be — of course — the one roasting Cleopatra.

Forget everything you thought you knew about Modern Monetary Theory (MMT). The Deficit Myth by economist Stephanie Kelton challenges conventional wisdom when it comes to government deficits and debt, exploring how MMT impacts the economy, the ins and outs of fiscal policy, and the role of the government in the economy. Kelton uses clear and accessible language to explain the complex ideas in her book, making it an easy read regardless of how well-versed you are in economics. Real-life examples and relatable analogies help simplify the nuances of MMT, making it a great read for those newly interested in the topic. Kelton also delves into the political aspects of economic policy, and explains why and how deficit fears have been used to justify austerity measures that disproportionately harm vulnerable populations. She also addresses critics’ concerns over MMT and why it is a better approach than traditional economic thinking. Her approach is a little too idealistic for puritan economists, but The Deficit Myth is a compelling and thought-provoking read regardless of whether or not one agrees or disagrees with Kelton’s ideas.

What the markets are doing on 14 September, 2023

The EGX30 rose 0.9% at today’s close on turnover of EGP 2.0 bn (3.9% below the 90-day average). Foreign investors were net buyers. The index is up 33.9% YTD.

In the green: Talaat Moustafa Group (+11.7%), Abu Dhabi Islamic Bank - Egypt (+3.5%) and Abu Qir Fertilizers (+2.7%).

In the red: Beltone Holding (-1.3%), Fawry (-1.2%) and AMOC (-1.2%).

A look at the robotics + AI scene in Egypt

Robotics and AI are picking up steam in Egypt — although funding and accessibility issues are holding students back: With artificial intelligence (AI) and robots becoming increasingly widespread and capable of performing simple and complex tasks — from presenting a newscast to playing soccer, or even leading an orchestra — Egypt is catching up. Students across different age groups have increasingly been participating in local and international competitions, and robotics is starting to be taught at schools, universities, and academies. However, the growth of the AI and robotics space in Egypt is being held back by several factors, according to insiders Enterprise spoke with.

Egyptian students have been cracking into more international robotics competitions: Just this year, two school students, Omar Saad and Rodina El Shenawy, earned first place in the annual international robotics championship in Oradea, Romania, coming out on top in the mega sumo and line following competitions. Saad and El Shenawy’s success came just a few months before three students from public technical schools also landed in first place in international robot competition Robocup Junior’s rescue maze challenge. The students outperformed 3k competitors and 400 teams participating in the competition in Thailand.

Competitions on the local level act as gateways to competing internationally: There are a variety of robotics competitions in Egypt for different age groups, some of which don’t extend beyond the local context, while others act as qualifiers for international competitions. Those qualifying types of competitions are usually held a few months before the main international competition so the qualified finalists are able to prepare themselves for travel. The three most important local competitions that lead up to global editions are the World Robot Olympiad competition(WRO), Robocup Junior Egypt, and the First Lego League (FLL).

What the competitions entail: Each year, local competitions introduce a specific challenge for contestants to come up with an applicable solution for real-world problems. WRO is a global competition that gathers more than 38k participants from 85 countries around the world and is open for students aged from 8-9 years old. The competition is divided into four categories: Robomission, robosports, future innovators, and engineers. FLL is another global competition, although this is STEM-based and accepts a wider range of ages, starting from four-year-olds through to 16-year-olds. The competition is divided into three programs for the different age groups: Discover for those aged 4-6, Explore for the 6-10 age group, and Challenge for 9-16-year-olds. Meanwhile, RoboCup Junior is a division of RoboCup for young students up to 19 years of age, with three competition categories: Rescue, soccer, and on-stage.

SOUND SMART- How is STEM education related to robotics? STEM(Science, Technology, Engineering and Mathematics) education is a way of teaching science and math in a creative manner by connecting complicated concepts to art and real life applications, based on questioning and discovering what you’re studying. Robotics is one of the things that are taught using STEM to discover more about the movements of robots, what they can achieve, and how they can be used and applied in real-life daily contexts.

When can a student start learning robotics? “A student can start at an early age starting from four years old, he/she can use primitive robot kits that only include the hardware to develop their sensory skills and creative thinking,” Omar Sayed, a MENA Accreditation Provider of STEM (LinkedIn) told Enterprise. Students can start dabbling in both the hardware and software of the robot from as early as six years old, which can help them learn how to program a robot to make simple movements and understand how its sensors work.

Where is robotics taught in Egypt’s classrooms? Academies such as Mawaheb, Big Hero Robotics, Robokids, TechAcademics, the Stem Hub, iSchool are among the most widely-known providers of robotics and programming courses. Besides teaching the courses, they also aid students in joining local and international competitions. The top notch schools such as Elite International Schools, IVY International Schools, Salah El Din International School and others are usually the ones that apply STEM within their curricula and teach robotics. There are other national and experimental schools that teach robotics but they are not a big number as Sayed highlighted.

What are the tools used to learn robotics? Learning how to build robot hardware and software requires specific robot kits, which can be either ready-made or open platform, Mawaheb Academy Manager Mohamed Ibrahim told us. The open platform kits encourage more creativity and are used mostly by advanced level students, since they require different components to be bought individually and gathered to design your own robot. The most well-known open platform kit providers are Aurdino and Raspberry Pi.

Ready-made educational kits can take many different forms, from simple hardware with no coding kits, to small programmable kits that students can code themselves, to more complicated kits that require a higher level of interaction. There are a variety of ready-made kits, the most well-known of which are the Lego and VEX educational kits.

A kit is usually tailored to fit the skill set and learning stage of a specific age group: For kids aged 4-6 taking their first steps in robotics, the Lego STEAM Park kit helps them learn about the “gears, motion, measurement, and solving problems in a fun and engaging way.” Moving up the age brackets to 7-9 years, we start to get a glimpse into sensors and coding using the WeDo robot or the LEGO Education SPIKE Prime Expansion set. From 10-13 years, kids can use the Lego Robot Inventor to build five different designs with some coding involved. Moving to a more advanced level from 14-18 years, the EV3 Robot sees kids using more complex skills to build a robot that can walk, talk, and process information.

What are the factors that are holding students back in Egypt? A confluence of factors, including a lack of funding and sponsors, difficulties securing robot kits, and a dearth of teaching capacity are among the biggest issues students pursuing robotics face in advancing their craft, Robocup Juniors competition founder Islam Wageed told us. Students who are qualified for international competitions don’t always have the ability to self-finance their expenses, and often need to resort to companies or NGOs for support, Wageed said. However, if students are unable to secure funding from these organizations, they often find themselves unable to participate in international competitions. Additionally, financial hurdles can act as a massive barrier to entry when it comes to getting your hands on a robot kit, considering the ready-made kits are expensive (since they’re mostly imported) — one kit can set you back as much as USD 20k, Wageed said. Even for those who are able and willing to spend that much money, the kits aren’t necessarily always accessible considering Lego and Vex don’t have local vendors here. Finally, there remains no specialized entity dedicated to training STEM teachers, creating a chronic shortage of these instructors.

THE ENTERPRISE ENTERTAINMENT CALENDAR

SEPTEMBER

14 September (Thursday): Movie Night Under The Stars: Eat, Pray, Love, Ahimsa.

14-17 September (Thursday-Sunday): Medfest Cinematic Film Forum at AUC Tahrir Cultural Center.

15 September (Friday): Sodic Charity Run, SODIC West, Cairo

15 September (Friday): Cycling and Kayaking event, El Sawy Culturewheel, Zamalek.

15 September (Friday): Wust El Balad concert, City Center Almaza’s summer hub, Cairo.

15 September (Friday): Aly & Fila performance, The Great Pyramid of Giza.

16 September (Saturday): Cairo Flea Market, Zamalek Fish Garden.

16 September (Saturday): Emotional Healing breathwork, Ahimsa.

16 September (Saturday): Yin Yoga, Dawar Arts

21 September (Thursday): Standup Comedian Ali Quandil show at Theatro, Arkan Plaza, Sheikh Zayed.

21-23 September (Thursday-Saturday): L’Etape Egypt by Tour de France, Sharm El Sheikh.

22 September (Friday): Masar Egbari concert at City Garage Live in City Centre Almaza.

22-23 September (Friday-Saturday): Tamino Sahar Tour concert in AUC Tahrir Cultural Center.

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

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

29 September (Friday): Samar Tarek, Muslim and Molotof LitOne concert, Greek Campus, Tahrir, Cairo.

OCTOBER

6 October (Friday): Armed Forces Day.

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

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

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

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.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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Today at a glance

THIS EVENING: A new round of the car import scheme + New Maersk, AP Moller venture has its eyes on Egypt. Plus: More privatization updates

Related

Related

Dahab beach shut down following a shark attack + AI is behind Coca-Cola’s latest beverage

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Related

The Boy Scouts uncovers a painful truth about abuse within the organization

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Related

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Related

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This publication is proudly sponsored by

What the markets are doing on 14 September, 2023

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A look at the robotics + AI scene in Egypt

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THE ENTERPRISE ENTERTAINMENT CALENDAR

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Sections

About

Privacy & Support

Get EnterpriseAM daily

Taste the future

An independent publication supported by

Today at a glance

THIS EVENING: A new round of the car import scheme + New Maersk, AP Moller venture has its eyes on Egypt. Plus: More privatization updates

Get Enterprise daily

Related

Related

Dahab beach shut down following a shark attack + AI is behind Coca-Cola’s latest beverage

Related

Related

The Boy Scouts uncovers a painful truth about abuse within the organization

Related

Related

Related

Related

Related

Related

This publication is proudly sponsored by

What the markets are doing on 14 September, 2023

Related

A look at the robotics + AI scene in Egypt

Related

THE ENTERPRISE ENTERTAINMENT CALENDAR

Related

An independent publication supported by

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