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The complicated history of Tetris

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: OC divests construction chemicals subsidiary to Switzerland’s Sika

Good afternoon, friends. It’s nearly the end of this very busy week, which we’re looking forward to more than most other weeks.

THE BIG STORY TODAY

Orascom Construction has sold its entire stake in a construction chemicals subsidiary for EGP 1.8 bn to Swiss chemicals firm Sika, it said in a statement (pdf). The transaction saw OC divest its entire 28.25% stake in the firm as it looks to reallocate funds to accretive investments.


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

  • The economic outlook is uncertain — but good Egyptian businesses remain attractive to investors: That was the key takeaway from a panel at the Enterprise Exports and FDI Forum on Monday that featured Hossam Abou Moussa, partner at Apis Partners, Hassan Massoud, associate director and head of private equity for the Southern Mediterranean at the European Bank for Reconstruction and Development (EBRD), and Cheick-Oumar Sylla, the International Finance Corporation’s director for North Africa and Horn of Africa.
  • The European Bank for Reconstruction and Development has cut its Egypt growth forecast for the current fiscal year as the economy continues to face headwinds due to a protracted currency crisis and heightened inflation.
  • Egypt was the largest recipient of FDI in the MEA last year and the second largest recipient globally, drawing around USD 107 bn of FDI in 2022, which went towards 148 projects.

WANT TO START A CAREER IN INVESTOR RELATIONS ADVISORY?Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell the stories of exciting companies. Enterprise Advisory is the region’s leading investor relations advisory company and works on investor and strategic communications issues that take you deep inside the c-suite. Our clients are in Egypt, Saudi Arabia, the UAE and beyond. Egyptian and foreign nationals alike are welcome to apply.

NEVER WORKED IN INVESTOR RELATIONS OR ADVISORY BEFORE? We have the Enterprise Advisory Development Program. The four-month program will see full-time, paid participants take part in workshops and lectures from veteran investor relations and advisory professionals, while also applying their knowledge in a practical setting. Those who successfully complete the program will be offered full-time positions on staff for a chance to work in a flexible and supportive — but still fast-paced — work environment that eschews micromanagement and rewards good work. Enterprise Advisory offers the chance to build a network of high-ranking individuals across some of the largest and most influential companies in the region through direct exposure to clients.

During the program, you’ll learn:

  • Finance for non-finance people;
  • How to analyze businesses, their business models, their strategic advantages, and their strategies;
  • How to take that information and then tell an audience of investors, journalists, and analysts a compelling and well-developed story;
  • How to frame individual companies’ stories within the wider macroeconomic environment.

Career switchers are very welcome.

Apply directly to jobs@enterprisemea.com and mention “advisory development program” in your subject line.


☀️ TOMORROW’S WEATHER- The mercury is expected to drop to a more tolerable daytime high of 31°C tomorrow, before cooling off to a low of 16°C in the evening, our favorite weather app suggests.

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FOR YOUR COMMUTE

Egypt’s Mohamed Mansour is purchasing a Major League Soccer franchise for USD 500 mn + Shell is turning to AI for help on its oil exploration

Egypt-born b’naire Mohamed Mansour set to purchase a USD 500 mn MLS franchise in San Diego: Senior treasurer of the UK Conservative Party Mohamed Mansour will become the owner of a USD 500 mn Major League Soccer (MLS) team expansion franchise this week in San Diego, according to the Times. The move is part of Mansour’s plan to invest in global football and expand on the success of acquiring Danish football club Nordsjaelland (FCN). He has also expressed interest in purchasing an English football club in the future, the newspaper reports. Besides football, Mansour previously invested in Facebook, Twitter, Spotify, and Uber.

More details: Mansour teamed up with the Sycuan Band of the Kumeyaay Nation — a Native American tribe in San Diego — with the USD 500 mn expansion fee making it the largest ever paid in the history of MLS. The team is set to start playing in 2025.


Shell to use AI to boost oil exploration: Oil major Shell is turning to AI-powered oil exploration under a partnership with SparkCognition for data analytics, according to Reuters. The AI will be used to speed up and increase efficiency in exploration, the companies said. SparkCognition will develop an AI-powered algorithm designed to detect new oil and gas reserves by analyzing seismic data, which can potentially accelerate explorations from nine months to less than nine days. The algorithm will use fewer seismic data scans to generate subsurface images, consequently reducing the prints and preserving deep seas.

This could be good news for everyone: The traditional process of identifying potential oil and gas fields is very time-consuming and requires a lot of seismic scanning to cover vast exploration areas, which can leave environmental prints in the deep seas. Relying on AI can make the process faster, as well as more efficient, cost-effective, and sustainable.

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ENTERPRISE RECOMMENDS

Biographical drama Tetris goes back to 1980s Moscow for the story behind the addictive puzzle video game

? ON THE TUBE TONIGHT-
(all times CLT)

Behind the creation of everyone’s one-time obsession:Tetris is a biographical drama starring Taron Egerton that takes us back to 1980s Moscow, where the game of Tetris first burst onto the scene. Directed by Jon S. Baird, the visually stunning film explores the story behind the game’s creation, as well as the political backdrop against which it emerged. Egerton plays the role of Henk Rogers, who was a key part of ironing out licensing issues that allowed Tetris to expand outside of the Soviet Union. The rise of Tetris, the film shows, included a complicated history of licensing the addictive puzzle video game, with several players — including Soviet b’naires — racing for distribution rights. Egerton leads an impressive cast, which also includes Alexandra Shipp and Peter Sarsgaard, who deliver stellar performances bringing the characters to life. Tetris is available on Apple TV.

The Champions League continues tonight with another showdown to secure a spot in the championship final, with Manchester City facing off against Real Madrid at Etihad Stadium at 10pm for the second leg of the semi-final round. The first leg ended with each team scoring one goal. Whichever team comes out on top tonight will face Inter Milan, which secured its spot in the final match after beating AC Milan yesterday.

Here on the local scene, we have two matches to keep an eye on:

  • National Bank v Al Ismaily (Egyptian Premier League — 8pm)
  • Pyramids v Raya Ghazl (Egypt Cup — 6pm)

? EAT THIS TONIGHT-

Calling all fondue lovers — head to Swiss Cottage for a cozy dinner: Swiss Cottage situated on road 254 in Maadi, features a cozy and warm ambiance with a menu to match it. The cheese lovers among you need to try their variation of delicious classic bubbly blends of melted cheese — their Swiss mushroom and cheese fondue is our personal favorite. And because we don’t want to exclude anyone, we suggest that the more carnivorous eaters check out Swiss Cottage’s raclette selection, which has yet to disappoint. For dessert — if you somehow find space in there — we recommend a classic Swiss chocolate fondue.

? OUT AND ABOUT-
(all times CLT)

Cairo Cinema Days kicks off at Zawya Cinema in downtown Cairo today. The festival showcases the latest films from the Arab region, with this year’s edition including 16 documentaries and feature films from Egypt, Tunisia, Sudan, Morocco, Iraq, Palestine, Algeria, and Lebanon. The festival runs through 10 June — you can check out the screening schedule and find more details here.

Movie night on the banks of the Nile:Ahimsa — located on Dahab Island in Cairo — is hosting a special movie night under the stars with a screening of rom-com The Proposal tomorrow at 8pm. More details are available here.

Disco Misr at Sakia: Pop and disco musical group Disco Misr is putting on two shows at Sakia Culturewheel next Wednesday and Thursday, 24-25 May. Tickets are available for the first show here, and the second here.

The annual Flower Exhibition — which is typically held at the Orman Gardens — opened to the public at the Agricultural Museum in Dokki over the weekend. The exhibition will run for one month.

Dive into Egypt’s infinitely rich contemporary art world: The “Traces of Egypt” Exhibition began in late March and will continue until Thursday, 15 June, at the Grand Egyptian Museum. The exhibit is organized by Egyptian-German artist Susan Hefuna and celebrates the country’s Khayamiya tradition through 28 dresses celebrating local artisans and their craftsmanship.

Expressionist depiction of Egypt’s rural communities: Artist Omar Abdel Zaher’s latest art exhibition, Roots, is still running through Wednesday, 24 May. The exhibition is “a sincere, impassioned exploration and meditation on the modest and down-to-earth sanctities of Egypt’s rural communities.”

Start training for your next half marathon: The TriFactory is hosting another edition of itsMadinaty Half Marathon on Friday, 9 June at Madinaty. You can sign up for the event through the TriFactory website.

? UNDER THE LAMPLIGHT-

Small Worlds by Caleb Azumah Nelson explores the complexities of relationships, love, and identity through the eyes of two Black British artists. The story is set in London, where the two main characters, named Nelson and Selby, meet and start to build a relationship despite their differences. Nelson is a photographer who enjoys capturing life’s fleeting moments, while Selby is a dancer who expresses herself through movement. As they navigate their way through the intricacies of love, they also have to cope with the challenges that come with being Black in a white-dominated society, including experiencing racism, discrimination, and ignorance from the people around them. Throughout the book, Nelson and Selby’s relationship is tested by external forces, including Selby’s ex-partner and Nelson's struggling career. However, their love and connection remain strong, providing a sense of hope and optimism.

This publication is proudly sponsored by

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GO WITH THE FLOW

What the markets are doing on 17 May, 2023

The EGX30 fell 1.1% at today’s close on turnover of EGP 1.92 bn. Foreign investors were net sellers. The index is up 15.4% YTD.

In the green: Taalem Management Services (+2.1%), Orascom Construction (+1.3%) and Telecom Egypt (+1.2%).

In the red: Oriental Weavers (-6.8%), Sidi Kerir Petrochemicals (-6.8%) and Ezz Steel (-5.2%).


MAY

6-20 May (Saturday-Saturday): Cairo Film Society Festival for Egyptian Cinema at the Artistic Creativity Center at the Cairo Opera House.

13 May-13 June (Saturday-Tuesday): Annual Flower Exhibition from 10am at the Agricultural Museum.

24 May (Wednesday): Last day of Omar Abdel Zaher’s Roots exhibition at the Safarkhan Art Gallery.

25-27 May (Thursday-Saturday): TriFactory’s Somabay Endurance Festival.

JUNE

9 June (Friday): TriFactory Madinaty Half Marathon.

10 June (Saturday): Thanaweya Amma examinations begin.

15 June (Thursday): Last day of the Traces of Egypt Exhibition at the Grand Egyptian Museum.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY

18 July (Tuesday): Islamic New Year.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

SEPTEMBER

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

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

OCTOBER

6 October (Friday): Armed Forces Day.

13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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