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Sunday, 18 Feb 2024

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

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Today at a glance

1

The Big Story Today

Egypt files memorandum with ICJ on Israel’s actions in Palestine.
2

INSIDE INDUSTRY

Egypt + Turkey’s rapprochement could present more Turkish investments in Egypt.
3

FOR YOUR COMMUTE

OpenAI debuts a new memory feature for a more personalized user experience.
4

FOR YOUR COMMUTE

Microrobots could potentially aid liver cancer treatment.
5

ON THE TUBE TONIGHT

The new Mr and Mrs Smith is a fun series that is far removed from the 2005 film.
6

Sports

Man U vs Luton Town.
7

Ears to the Ground

Get the latest in tech trends from this Silicon Valley VC’s podcast.

Sunday, 18 Feb 2024

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

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Egypt files memorandum with ICJ on Israel’s actions in Palestine

Good afternoon, ladies and gentlemen, and welcome to the start of the penultimate week of February. We are nearly done with the second month of the year — and are fast approaching the final countdown to Ramadan.

THE BIG STORY TODAY

Egypt is filing a memorandum with the International Court of Justice (ICJ) on Israel’s actions in Palestine, Al Qahera News reports, citing an unnamed Egyptian official. Egypt will present its memorandum to the ICJ this Wednesday, 21 February, according to the source.

What this means: Egypt will be presenting oral arguments as part of the proceedings of the UN's request for an advisory opinion from the ICJ on the legal consequences of Israel's actions and policies in Palestine, according to a UN statement. Egypt is one of 52 states and three international organizations presenting oral arguments in the public hearings, which begin tomorrow and run until next Monday, 26 February.

EDITOR'S NOTE- This story was amended on 18 February, 2024 to clarify that the oral arguments are part of a UN request for an advisory opinion, and are not related to South Africa's case against Israel, as we incorrectly said. 

THE BIG STORY ABROAD

The Donald is once again leading the conversation in the international press this afternoon.A New York judge ordered former US President Donald Trump to pay a USD 355 mn fraud penalty with interest — on top of a USD 100 mn he already owes — and only days after the USD 83.3 mn he paid to American author E. Jean Carroll for defamation. In addition to the payment, Trump and his older sons have been barred from working as an executive of any New York company, including the Trump Organization, for three and two years each. Trump and his business are also barred from applying for loans from banks within the state. Trump insists that these cases are a “ political hit job ” with no merit. (Wall Street Journal | Associated Press)

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

  • An update on the company set up to attract investment from Egyptian expats: The Egyptians Abroad Investment Company (EAIC) will likely kick off operations this year and will initially target investments in agriculture and trade, before expanding into renewable energy and green hydrogen.
  • CBE signs off on Vodafone upping its stake in Basata: Vodafone Egypt has received approval from the Central Bank of Egypt to raise its stake in fintech platform Basata Holding for Financial Investments subsidiaries Bee and Masary — which constitute its epayment arm — to 20%, up from 10%.
  • More trade, collaboration with Brazil ahead: Egypt and Brazil inked a protocol aimed at facilitating Brazilian beef, pork, and poultry exports to Egypt by aligning the two countries’ meat inspection systems during Brazilian President Luiz Inácio Lula da Silva’s time in Cairo where he met with President Abdel Fattah El Sisi.

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: We look at how Egypt and Turkey’s political rapprochement could translate into significant Turkish investments in Egypt, including in key industrial sectors that could help us with our localization push.

⛅️ TOMORROW’S WEATHER- Look for a partly cloudy day with a high of 21°C during the day and a drop to 11°C in the evening, according to our favorite weather app.

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2

FOR YOUR COMMUTE

OpenAI to roll out a memory feature to optimize user customization. PLUS: Microrobots to assist with precision liver cancer treatment

OpenAI is going to store your information + preferences to give you more customization: OpenAI is rolling out a long-term memory function that will save details about you based on your queries and information you feed into ChatGPT, such as who you are, your interests, your topics of conversation, and how you like to do things to create a more intuitive user experience, reports Wired. The feature, called Memory, builds on the “custom instructions” tool that OpenAI released in July 2023, Wired says.

How will it work? The feature — which allows users to opt out — will remember personal details about you and consider them in future responses. The feature will be available on both the free and paid options.

There are some challenges: You’re right to worry that it could go wrong if a piece of information you didn’t expect to be saved or don’t want others to know about randomly pops up in future conversations. But you can adjust that by using ChatGPT in incognito mode if you want to make a query without inciting the memories, says Axios. And you can also delete memories manually or ask the chatbot to wipe its memory, according to Wired. OpenAI is still ironing out the details, including looking at issues such as whether health and ethnicity data should be stored, to balance personalization with user comfort and security.

Micro-robots could be a game-changer for liver cancer treatment: Canadian researchers have created MRI-guided microscopic robots to revolutionize cancer treatments by more accurately targeting tumors while minimizing any damages to the healthy tissue, Science Focus reports.

At its core, the process involves the use of tiny robots made from magnetic particles. The robots then use magnetic and gravitational forces to navigate through the arteries where the tumor grows.

And AI also lends a helping hand:The main obstacle that scientists needed to overcome was the gravitational force that exceeded the magnetic force in the microrobots, which made their navigation inside the arteries less precise, particularly when tumors were situated higher than the injection site. To overcome this, the researchers started using AI to create an algorithm that optimized the combined effect of gravity and magnetic navigation.

The use of microrobots has shown promising results, but it’s still in its developmental stages. So far there have been experiments on animal models and simulations using human liver data — but the AI models still need further training, especially in the real-time navigation of the microrobots within the liver. Once perfected, this technology could lower the death rate of hepatocellular carcinoma which is responsible for 700k deaths each year globally.

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3

ENTERPRISE RECOMMENDS

Spying on love with the new Mr and Mrs Smith

? ON THE TUBE TONIGHT-
(all times CLT)

This Mr and Mrs Smith remake isn’t like the 2005 version we all remember.Right off the bat, the storyline is completely different: This version unfolds as an eight-episode series, making the story longer and injecting a fresh perspective into the beloved narrative with an appealing blend of action, humor, and modern espionage.

The storyline takes an intriguing turn as John (Donald Glover) and Jane (Maya Erskine) Smith are introduced as strangers who sign away their lives to a mysterious organization to pose as a married couple while carrying out “weekly missions.”

Rather than solely focus on the high-stakes missions, the series places a greater emphasis on the development of their relationship. This is apparent in how the episodes are titled (like First Date and First Vacation), which intertwines elements of romantic comedy with the suspense of a spy thriller to portray relationship milestones alongside their covert operations.

The reaction to it has been surprising: Viewers seem to be enjoying the recent version compared to the steamy, romantic, and action packed one produced in 2005 — critics and reviewers alike describing it as a “ darkly funny treat ” and as a “ fast, fun and witty ” watch.

WHERE TO WATCH IT- You can watch Mr and Mrs Smith on Prime Video.

⚽ Today in the Egyptian League:

  • Enppi vs Smouha (4pm)
  • National Bank of Egypt vs ZED (4pm)
  • Pyramids vs Al Ittihad (7pm)

The Premier League continues today: In gameweek 25,Luton Town plays host to Man U at 6:30pm while Sheffield’s match with Brighton kicks off at 4pm.

Real Madrid’s faceoff with Rayo Vallecano began at 3pm and is ongoing. The night is still promising with the following La Liga lineup tonight:

  • Granada vs Almeria (5:15pm)
  • Mallorca vs Real Sociedad (7:30pm)
  • Real Betis vs Alaves (10pm)

Meanwhile in Serie A and Bundesliga:

  • Frosinone vs Roma (Serie A, 7pm)
  • Monza vs Milan (Serie A, 9:45pm)
  • Bochum vs Bayern (Bundesliga, 6:30pm)

? OUT AND ABOUT-
(all times CLT)

MUSIC-

Renowned musician and composer Omar Khairat will be gracing the stage again at the Egyptian Opera House for two nights next Wednesday, 21 February and Thursday, 22 February at the Grand Theatre at 8pm. The tickets are currently sold out.

Get ready to be mesmerized as Aziz Maraka takes the Cairo Jazz Club 610 stage next Wednesday, 28 February. Get your tickets today to book your seat to hear him sing in an unforgettable performance from CJC610’s Facebook page.

SPORTS-

Double Dribble Leagues has got all basketball enthusiasts covered. Running until this Friday, 23 February, the weekly mixed league hosted at the Maadi Sporting and Yacht Club is for anyone who wants to live out their baller dreams or stay fit while having fun.

The Cairo Half Marathon is taking place in a couple of weeks: Mark your calendars for next Friday, 1 March, and start stretching. Cairo Runners is bringing back a fan favorite, offering 5km, 10km, and 21km runs as well as a Family Run. Tickets are still available, giving you ample time to convince seven of your friends to join, which will get a 10% reduction in price when you register.

Get down and dirty at the TriFactory’s Tough Mudder Egypt on Friday, 1 March. The obstacle course challenge will take place at Belle Vie Club in New Zayed.

FILM-

Gaza Mon Amour will be screened at Qahrawya next Thursday, 29 February from 8pm till 11pm. Get your tickets here.

ENTERTAINMENT-

Russell Peters is taking the stage at Sports City Stadium tomorrow. Peters is making his comeback in Egypt tomorrow Monday, 19 February in the New Administrative Capital City. Grab your tickets while you can.

Laugh at love and all the times it has gone awry at Cairo Jazz Club 610’s Al Hob Fain interactive show. This Tuesday, 20 February tell your stories of woes and heartbreak and they’ll help you find true love — in a comedic, dramatic, romantic, and musical way. For reservations message their Facebook page.

INTERACTIVE EVENTS-.

Fancy yourself a detective? Murder-mystery fans can pull out their magnifying glasses to crack this case. Cluedupp and Crime Scene Investigator are staging a hard-boiled outdoor event this Saturday, 2 March where you have to solve four murders around the city by solving puzzles, interrogating witnesses, and hunting for clues. Find more details here.

COMMUNITY SERVICE-

Join Wadi Ibex on their Wadi Degla clean-up event next Saturday, 9 March. All you have to do is wear your trainers, sunglasses, and refillable water bottles and head down to Wadi Degla Protectorate at 10am. You can sign up here.

? EARS TO THE GROUND-

A16z is an insightful podcast delving into the realms of technology and innovation. Produced by Andreessen Horowitz (aka A16z), a prominent venture capital firm based in Silicon Valley, it provides informative discussions on emerging trends, news, topics related to climate, generative AI, space, and what lies ahead in a world where tech plays a dominant role.

Creative titles pepper the series as they tackle topics that are controversial as they are contemporary, from The Electrification of Everything: From Sky to Sea to The Future of Cheese and Beyond Avatars: How AI is Reshaping Online Identity. Aside from technology and innovations, there are some episodes that discuss social and cultural topics such as work-life balance, how to develop your skills and acquire new ones, and how to build trust between your team members.

Multiple episodes are dropped each week. The episodes usually last between 15 minutes to an hour or more. They also feature experts, influential business leaders, and thought-provoking voices from across the globe.

You can listen to A16z on Google Podcasts, Spotify, and Apple Podcasts.

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4

GO WITH THE FLOW

What the markets are doing on 18 February, 2024

The EGX30 rose 0.7% at today’s close on turnover of EGP 5.3 bn (38% above the 90-day average). Local investors were net sellers. The index is up 17% YTD.

In the green: Beltone Holding (+5.6%), Oriental Weavers (+5.0%) and Alexandria Containers and Cargo Handling (+3.4%).

In the red: Ibnsina Pharma (- 4.0%), Eipico (-2.1%) and AMOC (-1.4%).

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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

With warmer political ties, Turkey could give Egyptian industry a shot in the arm

What our rapprochement with Turkey means for Egyptian industry: Despite political relations being on the rocks for the past decade, Egypt and Turkey have largely maintained their trade relations, with trade between the two countries coming in at USD 6.6 bn last year, according to recent CAPMAS figures (pdf). Now, with Cairo and Ankara working to mend fences and turn a new page — including with Turkish President Recep Tayyip Erdogan visiting Egypt for the first time since 2012 — Egyptian industry is expected to see a new localization push, several sources Enterprise spoke with said. We’re also expecting to see the two sides revive plans to set up a Turkish industrial zone in Egypt, according to our sources.

A quick look at Egypt’s trade with Turkey: Although Egypt and Turkey maintained a relatively strong trade balance last year, 2023’s figures fell 15.7% y-o-y from 2022 trade figures, which came in at USD 7.8 bn, according to CAPMAS. Egypt exported some USD 3.8 bn worth of goods in 2023 and imported USD 2.8 bn worth of goods from Turkey during the year. Turkey’s investments also declined in FY 2022-23, coming in at 167.2 mn, dipping 7.1% y-o-y.

Where could we see more trade cooperation between the two countries? Plans to establish a Turkish industrial zone in Egypt would house industries including aluminum production, automotives, machinery and equipment, and advanced tech industries. Trade and Industry Minister Ahmed Samir met with Ibrahim Burkay, chairman of the board of directors of Bursa’s Chamber of Commerce to discuss the plans last week.

Big investments could be on the way: Erdogan’s visit to Egypt last week is expected to pave the way for Turkish investments of at least USD 10 bn in important industries in Egypt, which we need to reduce our import bill and give the industrial sector a shot in the arm, according to head of the Internal Trade Committee of the Importers Division of the Federation of Chambers of Commerce Matta Bishay, who is also a member of the Egyptian-Turkish Business Association. These sectors include engineering and machinery, according to Bishay. Erdogan and President Abdel Fattah El Sisi had also said last week they plan to bump up the value of trade between the two countries to USD 15 bn.

A core focus is investments that will help with our localization push: One investment that is currently under discussion is an EGP 400 mn project in Egypt with two major Turkish water equipment and water meter companies, Bishay told Enterprise. The project — which would see the Turkish side committing up to 50% of the capital — would be designed to localize the production of water meters and other related equipment in Egypt to reduce our reliance on their imports, according to Bishay. The project, which is currently undergoing feasibility studies, would be the first of its kind to transfer technology and knowledge to Egypt, Bishay said.

Why now? In addition to warming political relations helping to pave the way for more trade and investments between Egypt and Turkey, Ankara sees an important window to export more to Africa through Egypt, Majd El Manzalawy, a member of the Egyptian-Turkish Business Council, told Enterprise. Egypt being part of the Comesa regional economic group and the African Continental Freetrade Agreement (Afcfta) is also a major benefit for Egypt, which is encouraging for Turkey to increase its exports to Egypt as a gateway to the rest of the continent, according to El Manzalawy. This geographical advantage, coupled with an investor-friendly environment — thanks to the government’s golden license program and the wide availability of raw materials — also positions Egypt as an attractive investment destination for Egypt, House Economic Committee member Attia El Fayoumi told Enterprise.

Your top industrial development stories for the week:

  • Refrigerator hub in Giza: Cairo-based SulleX has begun construction of the country’s first industrial city for refrigerators and temperature-controlled logistics in the Giza Governorate, Al Borsa reported. Worth some USD 150 mn, “ SulleX-TRC ” will span 510k sq-m and will produce cold storage solutions for fresh produce to support farmers in Upper Egypt with export operations to the GCC, North Africa and Europe.
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ENTERPRISE ENTERTAINMENT CALENDAR

FEBRUARY

18 February (Sunday): Time Plus Tragedy comedy show by Rawabet Art Space.

19 February (Monday): Russell Peters standup show at Sports City Stadium.

20 February (Tuesday): Al Hob Fain interactive show at Cairo Jazz Club 610

21 February (Wednesday): Celebrating 100 Years of the Legendary Um Kalthoum at the Grand Egyptian Museum.

21-22 February (Wednesday-Thursday): Omar KhairatHafliti concert at the Cairo Opera House.

-23 February (Friday): Double Dribble Leagues weekly mixed basketball league.

24 February (Saturday): Fatma, Marcia and Rachel tour with Qahrawya.

24 February (Saturday): Gheer La2eq comedy show at Theatro Arkan.

28 February (Wednesday): Aziz Maraka at Cairo Jazz Club 610.

29 February (Thursday): Gaza Mon Amour will be screening at Qahrawya

MARCH

1 March (Friday): Cairo Half Marathon by Cairo Runners.

1 March (Friday): Tough Mudder Egypt by TriFactory.

2 March (Saturday): CSI Cairo by CluedUpp.

9 March (Saturday): Wadi Degla clean up event at Wadi Degla Protectorate.

11-12 March (Monday-Tuesday): Creative Industry Summit.

11 March (Monday): The Oscars

APRIL

9 April (Tuesday): Eid El Fitr (TBC).

25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

MAY

1 May (Wednesday): National holiday in observance of Labor Day (TBC).

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (TBC).

JUNE

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.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Q1 2024: Opening of the newly developed Pyramids Plateau in Giza

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