The great divide

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WHAT WE’RE TRACKING TONIGHT

UAE ports operator acquires SEIC’s 19.3% stake in ALCN

Good afternoon, friends, and congratulations on yet another successful workweek for the books. It’s been a busy one in the press, and we look forward to winding down even as the temperatures are set to spike.

THE BIG STORY TODAY-

📍AD Ports acquires 19.3% of Alexandria Container & Cargo Handling Company: AD Ports Group acquired PIF-owned Saudi Egyptian Investment Company’s (SEIC) 19.3% stake in Alexandria Container & Cargo Handling Company (ALCN) in a transaction valued at EGP 13.2 bn, according to a company statement (pdf). AD Ports Group funded the acquisition through a mix of cash and debt. The transfer of shares is expected to be completed on 24 November 2025.

ADQ’s combined stake in ALCN: With this acquisition, ADQ — owner of AD Ports Group — will indirectly hold a 19.3% stake in ALCN through AD Ports, and an additional 32% through Alpha Oryx.

ALCN operates two terminals in Alexandria and El Dekheila with a combined annual capacity of 1.5 mn TEU. ALCN’s terminals account for around 60% of Alexandria’s total container capacity.ALCN reported EGP 8.37 bn in revenue and EGP 6.09 bn in adjusted EBITDA for FY 2024-2025.

A new buyer may be lining up a takeover of Zahraa Maadi: Two investors, namely Mohamed Farouq and Ahmed Tarek (also Shark Tank investors), have expressed interest in acquiring a controlling 90% stake in Zahraa Maadi at EGP 6.95 per share, according to an EGX disclosure. If it materializes, the offer would hand effective control of the listed developer to the group. The investors say they’ll proceed only after reaching an agreement with Zahraa’s key shareholders, completing due diligence and securing regulatory clearance. The board is set to review the approach at its next meeting.

THE BIG STORY ABROAD-

🌐 The week is ending in a flurry of developments in the global press, with a handful of headlines making the rounds.

Israel’s latest strikes in Gaza killed at least 32 Palestinians on Wednesday and Thursday, including 12 children. The strikes bring the total official Palestinian death toll since the October ceasefire to 312, with some outlets reporting this as Israel’s 393rd violation of the ceasefire. Israel once again claims to have been targeting “terrorists,” while Hamas called on the US to pressure Israel to respect the truce. (Reuters | CNN)

Nvidia’s earnings report has lifted global tech stocks, with their shares rising 5% in premarket trading in the US. In Europe, Dutch semiconductor firm BESI gained over 3% and ASMI 2%, while in Asia, Samsung Electronics climbed 3.5% and Foxconn 3.3%. S&P 500 futures rose 1%, after a 3% decline in the broader market before the results. (CNBC | Reuters | Bloomberg)

US President Donald Trump is scheduled to meet NYC Mayor-Elect Zohran Mamdani at the White House tomorrow. Trump announced the meeting on social media late last night, incorrectly labeling Mamdani — a self-described democratic socialist — as the “Communist Mayor” of New York. Mamdani, who ran partly on promises to stand up to Trump, confirmed the meeting, saying he will seek common ground on issues like lowering grocery prices while defending immigrants and resisting federal funding cuts. Mamdani’s inauguration is scheduled for 1 January. (NYT)

☀️ TOMORROW’S WEATHER- We’re in for a balmy start to the weekend tomorrow, with the mercury set to rise to 31°C throughout the day before cooling to 19°C at night, according to our favorite weather app.

The era of perpetual workplace anxiety

📊 The workplace is experiencing a profound transformation — and not all of it is positive, according to Glassdoor’s latest Worklife Trends report. Workers and their leaders are drifting further apart, creating a disconnect that threatens to reshape the employment landscape for years to come.

After the turbulence of 2025, employees and employers now find themselves on opposite sides of a widening chasm. With the job market softening, AI advancing rapidly, and policy uncertainty mounting, the relationship between workers has become more strained than ever. Here’s what the data reveals about where we’re headed.

A crisis of trust: Perhaps the most alarming finding in the report is the dramatic erosion of trust between employees and their leaders. Ratings of senior leadership have plummeted to levels well below their pandemic peak, when leaders earned high marks for navigating unprecedented challenges. In Glassdoor reviews mentioning senior leadership, references to “disconnect” increased by 24% from 2024 to 2025, and mentions of “misalignment” surged by 149%, while “miscommunication,” “distrust,” and “hypocrisy” all saw double-digit increases.

This decline in trust varies by industry, but is particularly pronounced in management and consulting, media and communications, and technology — sectors that once boasted exceptional employee confidence. The report cites the tech industry’s transformation from offering “dream jobs” to what they now call the “shut up and grind” era, and consulting firms struggling to develop effective AI strategies despite being positioned to lead the transformation.

The root cause is clear: Workers feel they’ve lost leverage in the job market, and they’re skeptical that leadership decisions will protect their interests amid layoffs, RTO mandates, and AI-driven changes.

The “forever layoff” era: Adding to employee anxiety is a troubling new trend that Glassdoor researchers call the “forever layoff.” Rather than conducting large, infrequent workforce reductions, companies are now implementing smaller, rolling layoffs that create perpetual uncertainty. Small layoffs — describing layoffs that affect fewer than 50 workers — may not make the same headlines as Amazon’s recent 30k dismissals announcement, but they’re taking a psychological toll on remaining employees, who simultaneously shoulder more work and wonder if they might be next. This persistent drumbeat of cuts is eroding morale and creating cultures defined by anxiety and resentment.

Job seekers in survival mode: The softening job market has fundamentally changed candidate behavior. Job applicants were 12% less likely to reject an offer in 2025 than in 2023, with hiring rates at a 10-year low. The message is clear: workers are taking what they can get. Declining an offer requires confidence that has evaporated, and the trend risks creating a workforce of mismatched employees stuck in positions that don’t serve career goals, potentially slowing income growth and deepening the engagement crisis already affecting workers.

As we head into 2026, the challenge for both workers and leaders will be finding ways to bridge the growing divide and work together to navigate ongoing uncertainty. The data suggests this won’t be easy — with power dynamics tilted towards employers, workers feeling disengaged, and transformative technologies like AI still finding their place, the workplace of 2026 will require new approaches to leadership, communication, and mutual commitment.

History speaks, but who’s there to translate?

📺 Egyptian streets are rife with history — millenia-old architectural marvels and centuries-old pathways and towns converge in a manner that only exists in Om El Donia. But how much do we know about them? And how do they inspire us today? These are the questions The Local Show wants to answer. A docuseries spotlighting Egypt’s architectural landmarks — old and new — dissecting their heritage, functionality, and role in fostering community, The Local Show gives viewers a much-needed glimpse into an Egypt hidden in plain sight in bite-sized episodes.

Hosted by Egyptian designer Ramzi Makram Ebeid and directed by Sherif Nakhla, the Marakez- and Ismailia for Real Estate Investment-sponsored production debuted its first episode on Saturday, 15 November. The English-language docuseries is set to traverse Egypt, dissecting some of its pivotal architectural landmarks and rising design stars.

The first stop: Basuna — a city wedged between Asyut and Sohag. There resides a state-of-the-art mosque, drawing from its surroundings. In the first of a three-episode series on Basuna, Ebeid meets the mosque’s architect, Walid Arafa.

Conscientious architecture: The episode begins with Ebeid relaying the story of how he came to know Arafa, introducing his project and how it came to be. The city was in dire need of a mosque to replace the historical predecessor that had fallen into ruin, and Arafa stepped in, designing and executing a modern marvel that traces its roots to Islamic architecture. Arafa then explains his design philosophy, and how he sought to build a project that both complemented and respected its surroundings and the people whom it served.

Ebeid’s narration, Arafa’s insights, and the cityfolks’ reactions to the mosque make for an incredibly wholesome, informative, and entertaining seven-minute watch. The episode explores Arafa’s approach, detailing the city that served as his muse, and invites viewers to witness the work that goes into bringing a vision to life. While production is humble, it perfectly encapsulates the soul of the destination explored. The Basuna Mosque will be further explored in depth in two more upcoming episodes dedicated to the project.

Despite there being only one episode released at the time of publication, we’re confident that The Local Show will evolve into a pivotal resource for architects, artists, historians, and the general public alike. If you’re looking to satiate your architectural curiosities, we’d recommend pressing play and keeping an eye out for upcoming episodes (and destinations to be explored).

WHERE TO WATCH- You can stream the docuseries on YouTube.

The four dimensions of SEKEM

SEKEM was founded in 1977 on the principle that sustainable development must advance across four dimensions: economy, society, culture, and ecology. These pillars are embodied in the “Sustainability Flower,” a framework developed with global partners to measure ecological, social, and economic impact, and form the basis of SEKEM’s Vision Goals (SVGs) for 2027 and 2057.

Economy is where ethics meets business. Through its Economy of Love (EoL) certification, SEKEM applies true cost accounting to reveal the real environmental and social costs of production. By 2027, the framework will be fully applied across all SEKEM companies, paving the way for 2057, when ethical business becomes the national standard.

Society grows stronger when governance is shared. With its SEKEMsophia initiative, participatory governance is piloted in Minia, Sinai, and Wahat. SVG 2027 targets scaling these models nationwide, paving the way for 2057, when dialogue and shared responsibility anchor Egypt’s social fabric.

Culture sparks creativity and holistic education. Heliopolis University and SEKEM’s cultural programs foster creativity and holistic education. SVG 2027 calls for nationwide adoption of new education models, while SVG 2057 envisions embedding culture and the arts across Egyptian society.

Ecology underpins every pillar. Through biodynamic farming, renewable energy, and efficient water management, SEKEM has already reclaimed desert into farmland. SVG 2027 aims to expand these regenerative practices nationwide, with SVG 2057 making them the agricultural standard.

Click here to learn more about how SEKEM’s four dimensions are shaping its Vision Goals for 2027 and 2057.

A proper football weekend

⚽ While green pitches won’t be making an appearance on our screens today, the weekend will be packed to the brim with matches.

But first, let’s look at the draw results for the World Cup playoffs, which took place this afternoon.

The global playoffs consists of two brackets, each qualifying one team to the World Cup. The first bracket features a match between New Caledonia and Jamaica, with the victor facing DR Congo for a ticket to the big leagues. The second bracket will see Bolivia take on Suriname, with the champion meeting Iraq for the final spot.

The European playoffs consist of four brackets, each containing four teams competing in two semifinals, with the two ultimate victors meeting for a ticket to the World Cup.

Bracket #1:

Italy vs. Northern Ireland;
Wales vs. Bosnia and Herzegovina.*

Bracket #2:

Ukraine vs. Sweden;*
Poland vs. Albania.

Bracket #3:

Turkey vs. Romania;
Slovakia vs. Kosovo.*

Bracket #4:

Denmark vs. North Macedonia;
Czech Republic vs. Ireland.*

The finals will be played at the home stadiums of the victorious teams from matches marked with an asterisk (*), with all fixtures taking place between March 23-31. For more details on the playoff system, check out yesterday’s sports section.

The CAF Champions League will kick off the excitement on Saturday, with our homegrown Al Ahly embarking on their group stage campaign by hosting Algeria’s JS Kabylie at Cairo International Stadium at 6pm. The Red Devils sit in Group B alongside Morocco’s AS FAR, Tanzania’s Young Africans, and of course, Kabylie.

Pyramids will be facing Nigeria’s Rivers United at 9pm in a Group A match, which also features Morocco’s RS Berkane and Zambia’s Power Dynamos.

Al Ahly historically dominate the Champions League with 12 titles under their belt, but Pyramids are the defending champions, and come in riding high on yesterday’s award as the continent’s best club over the last season.

AND- In round 14 of the Egyptian Premier League:

Pharco vs. Ceramica Cleopatra (5pm);
Tala’ea El Gaish vs. Enppi (8pm);
Modern Sport vs. National Bank (8pm).

Are you ready for the return of the English Premier League? The 12th round kicks off on Saturday with Burnley hosting Chelsea at Turf Moor at 2:30pm. Chelsea have climbed the leaderboard with four victories in their last five matches to sit in third, and with 20 points under their belt, have only two points separating them from Man City, and six between them and Arsenal. But with the tight margins also behind them, they need a victory to stave off another shift on the table.

Liverpool, who have lost five of their last six league games, will be welcoming Nottingham Forest to Anfield at 5pm the same day, desperate for three points. The Reds started the season off strong, leading the table for weeks before quickly spiraling into a losing streak and dropping to eighth place. Only four points differentiate them and second place — so close, yet so far.

Other 5pm kickoffs:

Bournemouth vs. West Ham;
Brighton vs. Brentford;
Fulham vs. Sunderland;
Wolverhampton vs. Crystal Palace.

Saturday’s marquee clash will see Manchester City in St. James’ Park at 7:30pm to face off against Newcastle. The Citizens currently sit second on the leaderboard, four points behind leaders Arsenal, looking to pile pressure on the Gunners ahead of Sunday’s North London derby.

**Don’t miss out on the fierce competition in the Enterprise Fantasy Premier League — click on this link or use the code 2ez9kt to join.

En España: Camp Nou roars back to life on Saturday at 5:15pm with a Barcelona vs. Athletic Bilbao matchup for the 13th round of La Liga. The Blaugrana’s home stadium has been closed for two years for renovations to increase capacity to 105k, and will partially reopen to welcome 45k fans. Barcelona sit second on the La Liga scoreboard, three points behind leaders Real Madrid, and can temporarily claim the throne with a victory ahead of Los Merengues’ Sunday fixture.

When in Rome (figuratively): Napoli will be locking horns with Atalanta in the 12th round of Serie A at 9:45pm on Saturday. The Partenopei lost their footing as the leaders after two defeats and a draw in their last five matches, slipping into fourth place. They face a tough fight against Atalanta, who are desperate to climb out of their slump, which has seen them fall to 13th place this season.

Other European league fixtures to flip through on Saturday:

Dortmund vs. Stuttgart — Bundesliga (4:30pm);
Bayern Munich vs. Freiburg — Bundesliga (4:30pm);
Fiorentina vs. Juventus — Serie A (7pm);
Paris Saint-Germain vs. Le Havre — Ligue 1 (10:05pm).

A conversation with Anas Bukhash and Mahmoud Saad

MARK YOUR CALENDAR-

🗣️ In a turn of roles, prominent podcaster Anas Bukhash will take the interviewee’s seat, speaking with the iconic Mahmoud Saad on Saturday, 22 November at AUC Tahrir’s Ewart Hall. Join for a special and inspiring talk where the audience gets to be a part of the conversation. Tickets are available on Tazkarti .

HAPPENING THIS WEEKEND-

Mina Nader is wrapping up a hit run of his Interactive Comedy Show at Hilton Cairo Grand Nile Tower tonight, and on Friday, 21 November, and Saturday, 22 November. Experience the comedian’s signature brand of humor one more time — tickets are selling out fast on Ticketsmarché.

Catch the theatrical performance of Daydreaming at Rawabet Art Space tonight and on Friday, 21 November, and Saturday, 22 November. The play blends illusion and reality as a man copes through fantasy to deal with his relationships. You can get your tickets on Ticketsmarché.

Cairo Design Week returns from Friday, 21 November to Saturday, 29 November for a one-of-a-kind experience with Egypt’s design landscape. Be prepared for an array of events and exhibitions across Heliopolis, Zamalek, and Downtown. You can secure all week access or district passes through Ticketsmarché.

Ramy Sabry is coming to El Arena on Friday, 21 November. You can catch the iconic singer live and sing along to his romantic tunes by grabbing tickets on Tazkarti.

Bond with your teen at the biggest high school summit. Traverse returns on Friday, 21 November and Saturday, 22 November at Hydeout in Hyde Park. Join thousands of students, parents, and educators for a weekend of fun career-oriented activities. You can book a spot for you and your budding executive at Ticketsmarché.

Rap icon Marwan Moussa and hitmaker Ahmed Saad are bringing the energy to this year’s Fustat Winter Festival on Friday, 21 November. Don’t miss their electrifying live performances at Fustat Park. You can get your tickets on Tazkarti.

Stand-up on a grand scale: Comedy is taking over the Cairo International Stadium with a show from The Elite Comedians on Saturday, 22 November. Gear up for a night of laughter like never before. Tickets are selling out fast — grab yours now on Tazkarti .

HAPPENING LATER-

Up for a quick adventure to Ain El Sokhna? Brought to you by TriFactory, the first ever IL Monte Galala Adventure Festival is taking place on Friday, 28 November at Ain El Sokhna’s IL Monte Galala. The festival features Ascent’s annual regional bouldering competition, fun workshops, and great food courtesy of the Grill Setup. Registration is open now and closes on Sunday, 23 November — you can secure your spot on TriFactory’s website.

Hitmaker Tul8te is kicking off his Narein world tour on Friday, 5 December at El Malahy Arena. You can grab your tickets to see the iconic masked singer now on Ticketsmarché.

In the mood to party by the Pyramids? On Friday, 19 December, world-famous Dutch DJ and Producer Tiësto is coming back to Egypt for a solo show at the Giza Plateau. Once voted “the greatest DJ of all time,” Tiësto will surely make this upcoming show one to remember. Tickets are available on Ticket Egypt.

What the markets are doing on 20 November 2025

The EGX30 fell 0.5% at today’s close on turnover of EGP 6.1 bn (23.8% above the 90-day average). Local investors were the sole net buyers. The index is up 35.5% YTD.

In the green: Misr Cement (+6.8%), Telecom Egypt (+4.8%), and Ibnsina Pharma (+2.3%).

In the red: Egypt Aluminum (-2.8%), Beltone Holding (-2.4%), and E-finance (-2.3%).

THE ENTERPRISEPM ENTERTAINMENT CALENDAR

🗓️ NOVEMBER

7-26 November (Friday-Wednesday): Posters for Palestine at Saad the Studio, Maadi.

11 November – 6 December (Tuesday-Saturday): Forever is Now at the Great Pyramids of Giza.

14-24 November (Friday-Monday): Art Decoratifs Exhibition by Art D’Egypté at the Egyptian Museum in Tahrir.

20-22 November (Thursday-Saturday): Mina Nader: Interactive Comedy Show at Hilton Cairo Grand Nile.

20-22 November (Thursday-Saturday): Daydreaming at Rawabet Art Space.

21 November (Friday): Marwan Moussa X Ahmed Saad live at Fustat Winter Festival.

21 November (Friday): Ramy Sabry at El Arena.

21-22 November (Friday-Saturday): ELFIT Sports and Fitness Games at New Capital Sports City.

21-22 November (Friday-Saturday): Traverse Summit at Hydeout, Hyde Park.

21-29 November (Friday-Saturday): Cairo Design Week.

22 November (Saturday): Anas Bukhash Interview with Mahmoud Saad at AUC Tahrir’s Ewart Hall.

22 November (Saturday): The Elite Comedy Show at Cairo International Stadium.

28 November (Friday): IL Monte Galala Adventure Festival by the TriFactory.

24-30 November (Monday-Sunday): Pyramids Echo Festival at the Pyramids Panorama Theater.

DECEMBER

1 December (Monday): Angham at the Pyramids.

5 December (Friday): Between the Strange and the Prevailing by Dr. Khaled Ghattass at Theatro Arkan.

5 December (Friday): Tul8te at El Malahy Arena.

7-15 December (Sunday-Monday): El Moristan at AUC Falaki Mainstage Theater.

12-13 December (Friday-Saturday): Pyramids Echo Festival encore at New Opera House.

13 December (Saturday): Marakez Pyramids Half Marathon by The TriFactory.

19 December (Friday): DJ Tiësto at the Giza Plateau.

20 December (Saturday): Ibrahim Maalouf at Concert Hall, New Capital.

December: Al Rawi Awards submissions open.

2026

JANUARY

7 January (Wednesday): Coptic Christmas Day.

25 January (Sunday): January 25th Revolution / National Police Day.

30 January (Friday): Cairo Marathon normal registration ends.

FEBRUARY

6 February (Friday): Cairo Marathon at Heliopolis, Merryland Park.

17 February (Tuesday): First day of Ramadan (TBD).

MARCH

20 March (Friday): Eid Al-Fitr (TBD).

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UAE ports operator acquires SEIC’s 19.3% stake in ALCN

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