The philosophical side of travel

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: EGX trading system crashes + RIP Berlusconi

Good afternoon, friends, and happy Monday. We have a relatively brisk news day coming at us today here in Omm El Donia.

THE BIG STORY TODAY

The EGX trading system crashed today: The trading system is temporarily suspended due to a technical malfunction, according to an EGX news bulletin. The crash was not a result of a cyber attack on the exchange’s servers, the bourse’s management said, adding that it is currently in contact with Nasdaq to resolve the issue.

THE BIG STORY ABROAD

Former Italian PM and media mogul Silvio Berlusconi passed away earlier today after battling leukemia and a recently developed lung infection. The 86-year-old b’naire businessman was post-WW2 Italy’s longest serving prime minister, controlling the country’s political landscape for nearly two decades while facing numerous scandals. Berlusconi was also the owner of Italy’s AC Milan for more than three decades. His death is leading the conversation in the international press this afternoon: Associated Press | Wall Street Journal | Reuters | Bloomberg | CNBC

The Enterprise Finance Forum is our flagship gathering — the one so many of you have been waiting for. The two-day event takes place this September. Stay tuned for more information on the location.

This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

Day one is our Banking Forum, where we’ll dive deep into topics of interest to commercial and investment bankers, from an outlook on the 12 months to come in M&A, IPO, and debt capital markets to the national, regional, and global trends that are (re)shaping our industry.

Day two is all about Fintech and Non-Banking Financial Services. We’ll take a deep dive into everything from the magic of client acquisition to the prospects of consolidation and the coming of challenger banks.

WHY ATTEND? Our guests consistently tell us they attend for two reasons: (1) meaningful discussion of the issues that shape the future of their businesses and (2) an unparalleled chance to network with other senior members of the community.

** NEW: MORE NETWORKING TIME- Our agenda includes expanded networking time, including an expanded coffee break and a post-event networking room for you to interact with your peers and speak one-on-one with the team at Enterprise.

WHO SHOULD ATTEND? Everyone who plays a role in our industry, from commercial and investment bankers to asset managers, fintech founders, NBFS leaders, and professional services providers of all stripes. Attendees at our events are C-suite officers, business owners, and their direct reports; we also make an allocation for folks we think could be tomorrow’s founders and c-suite executives.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations just after the 30 June holiday.

Do you want to become a commercial partner? Email mtaalab@enterpriseadvisory.com.

STAY TUNED for more detail about our exciting agenda in the weeks to come.

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

Two state-owned pharma firms are up for grabs: A number of investorsare in talks with the Public Enterprises Ministry to acquire stakes in two pharma firms including Chemical Industries Development Company (CID) via a capital increase.
ADQ in for a slice of Kima? Abu Dhabi wealth fund ADQ is eyeing a 20-25% stake in state-owned Egyptian Chemical Industries (Kima).
Debt in focus as House debates FY 2023-24 budget: Our elected representatives kicked off the first day of debate over the FY 2023-2024 budget yesterday, with some MPs raising concerns over high levels of foreign borrowing.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.

That said, we're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

During the program you will learn:

The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;
How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
How to develop sources that will give you the key insights needed to tell a complete story;
How to communicate these stories with the confidence and language of an insider.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

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

?️ TOMORROW’S WEATHER- It should be mostly sunny, with a tolerable daytime high of 37°C and a nighttime low of 22°C, according to our favorite weather app.

McKinsey: Investment in the services sector will have considerable impact on Africa + The continent’s EV manufacturing prospects could be improved with consolidation

Boosting services sector productivity key for African growth -McKinsey: Africa has the potential to add another USD 1.4 tn to its economy if countries are able to increase productivity in the services sector, according to a McKinsey report. This would “create at least 85 mn new jobs across the continent by 2030, sufficient to absorb almost half of all new labor-market entrants.”

Demographics are on our side: The size of Africa’s industrial workforce has remained flat over the past 20 years but is expected to double by the middle of the century, adding another 800 mn people, Acha Leke, one of the report’s authors and McKinsey’s chairman for the Africa region, told CNBC Africa in an interview (watch, runtime: 8:03). In comparison, China’s workforce will shrink by 200 mn people, Europe’s workforce will decline and that of the US will stay flat.

New markets + boosting productivity could double revenues of the largest companies: African businesses have shown resilience in the face of declining FDI, reduced exports, and political instability. There are currently 345 companies on the continent that make USD 1 bn or more in revenue, according to the report. This could significantly increase should these companies get access to new markets and benefit from productivity gains: Their combined annual revenue could increase more than 50% to more than USD 1.55 tn by 2030, the report says.

African countries might have a better shot at becoming global leaders in EV manufacturing if they consolidate their efforts and position themselves as one regional market, rather than individual countries, industry experts suggest, according to Quartz. There’s already a handful of countries across the continent leading the march towards EV manufacturing, including South Africa and Morocco — already leading automotive players — with plans to set up mega and gigafactories. The continent could benefit from the African Continental Freetrade Agreement (AfCFTA) to set up “manufacturing nodes” in strategic points across the continent to improve cost-effectiveness and tap into resources in different areas, one industry player suggests.

Different countries have different benefits and resources to bring to the table: South Korea’s LG Energy Solution recently signed an MoU with a Chinese lithium component manufacturer to produce lithium hydroxide — which is a “key component in high-nickel, high-capacity EV batteries” in Morocco, giving Morocco a push forward in EV manufacturing. Meanwhile, countries with large mineral reserves — such as the Democratic Republic of Congo, Zambia, and Mozambique — could play a major role in providing the resources needed for EV battery manufacturing.

Could Egypt get a slice of that pie? State-owned El Nasr Automotive has been looking for an international partner to form a joint venture for locally-made electric vehicles for the past couple of years. After talks with Chinese firm Dongfeng fell through in 2021, the government began discussing a partnership with Ashok Leyland, a subsidiary of Indian conglomerate Hinduja Group. Private sector players are also jumping on the EV market, with Al Mansour Auto and General Motors saying late last year that they plan to partner on assembling EVs in Egypt.

HBO’s The Idol: The Weeknd + Lily-Rose Depp bring us a new series to hate-watch

? ON THE TUBE TONIGHT-
(all times CLT)

Euphoria fans reunite: R&B household name Abel Tesfaye (aka The Weeknd) takes on the small screen with his widely controversial take on the life of a pop star — portrayed by Lily-Rose Depp — in the modern age who runs into the wrong crowd with HBO’s The Idol. The show comes from the same creator behind Euphoria, Sam Levinson, which explains the often unnecessary objectification of the female protagonist, as well as the overt portrayals of substance abuse. Even before the first episode premiered, the show was slammed with negative reviews (see: The Telegraph), initially debuting with a 9% rating on Rotten Tomatoes. New episodes are out every Monday and you can catch the first two on OSN+ — but bear in mind this isn’t exactly the kind of show to watch around the kids.

A visit to downtown Cairo wouldn’t quite be complete without a visit to CaiRoma after watching a film or attending a play. Their items genuinely feel like they have emerged from an Italian Nonna’s kitchen or out of a proper clay oven. The bruschetta is crisp and the tomato and basil topping fragrant and offers a hefty chunk of flavor with every bite. The pizzas are in the true neapolitan fashion: The dough is airy and its flavor is just right to complement the variety of fresh toppings that are bursting with textures and tastes to appease every palate. A special mention goes to their gnocchi: Their homemade pillows of potato flour are soft and when bitten release a zing of the sauce that they were cooked in. The restaurant is located in a small alleyway off of Youssef El Gendy street in Bab El Louq in Downtown. If you want to enjoy CaiRoma at home you can order via Talabatbetween 3pm and 1am everyday.

Throwback to 2003: The French Institute of Egypt is screening the nostalgic film Sahar El Layali tonight to kick off its Egyptian Classics cycle. The screening begins at 6:30pm and will be followed by a discussion with director Hani Khalifa and scriptwriter Tamer Habib. The film will have subtitles in both English and French.

“Mesh Feminist” is Comedy Sett’s latest edition with their line-up of hilarious women comedians, coming up tomorrow at CJC 610 from 9pm. Click hereto send them a message on Facebook to reserve your table.

The annual Flower Exhibition — which is typically held at the Orman Gardens — is now open to the public at the Agricultural Museum in Dokki. The exhibition will run for one month until 27 June.

Zawya kicks off a two-week festival for Italian director Michelangelo Antonio, as part of its Italian Cinema Focus program in cooperation with the Italian Cultural Institute. The cinema will screen Antonio’s films from this Wednesday, 14 June through to Tuesday, 27 June.

The “Traces of Egypt” Exhibition wraps this Thursday, 15 June. The exhibition, which began in late March at the Grand Egyptian Museum, is organized by Egyptian-German artist Susan Hefuna and celebrates the country’s Khayamiya tradition through 28 dresses celebrating local artisans and their craftsmanship.

Check out Fetch-the-Sketch this Thursday, 15 June at 5-9pm in Darb 15in Maadi. This one-day, three-hour workshop on sketching and illustration aims to discover your creativity and explore your drawing abilities. For more information on materials and reserving a spot, visit their Facebook page.

Lebanese mega star Elissa will be performing in Alexandria on Friday, 16 June in Alex West’s Club. Also performing on stage are Massar Egbari and comedien Alaa El Sheikh. Just remember that doors open at 2pm. Click here to reserve your tickets.

Calling fans of composer Hany Shenouda and his unique music: Don’t miss out on Shenouda’s concert, along with several other singers, at Cairo Festival City’s Marquee theater on Friday, 16 June. You can get tickets on Ticketsmarche.

Hiba Tawaji is back with her first concert in Cairo after three years: The Lebanese singing sensation will be performing in the Cairo Opera house on Friday, 16 June starting from 8:30pm to celebrate the release of her new album, Ba’d Seneen. The performance will be conducted by Maestro Ahmed Aweida and under the supervision of Oussama El-Rahbani. Click here to reserve your tickets.

Egyptian soprano Amira Selim will perform at the National Museum for Egyptian Civilization on Wednesday, 21 June to celebrate the one-year anniversary of the museum’s inauguration. Doors open at 7:30pm and the performance begins at 9:30pm. You can book tickets here.

You can catch El Sofara’s Ahmed Amin at the next SoldOut live interview with TV host Mahmoud Saad on Thursday, 23 June at El Falaki theater at 8:30pm. The live interview will be followed by a performance by singer Nouran Abou Taleb. Tickets for both events are available on Tazkarti.

Cairokee Empire returns: Cairokee is hitting the stage with two mega-concerts at New Cairo’s Manara Arena on Thursday, 27 June and Saturday, 29 June. Tickets are available on Tazkarti here and here.

The Art of Travel by Alain de Botton explores the philosophical and psychological aspects of travel. It’s not a traditional travel guide, but rather a collection of essays that consider the reasons why we travel, the different ways we experience travel, and how it can enrich our lives. Throughout the book, de Botton draws on the insights of writers, philosophers, and artists, as well as his own experiences and observations, to offer a thoughtful and thought-provoking meditation on the art of travel. He will remind you that “the pleasure we derive from journeys is perhaps dependent more on the mindset with which we travel than on the destination we travel to.”

What the markets are doing on 12 June, 2023

The EGX30 fell 0.2% at today’s close on turnover of EGP 1.27 bn. Local investors were net buyers. The index is up 21.3% YTD.

In the green: Mopco (+20.0%), Credit Agricole (+2.9%) and Taaleem (+2.6%).

In the red: CIB (-2.0%), Telecom Egypt (-2.0%) and Palm Hills Developments (-1.8%).

THE ENTERPRISE ENTERTAINMENT CALENDAR

MAY

27 May-27 June (Saturday-Tuesday): Annual Flower Exhibition from 10am at the Agricultural Museum.

JUNE

12 June (Monday): Sahar El Layali film screening at the French Institute in Egypt.

12-13 June (Monday-Tuesday): Omar Khairat performs at the Cairo Opera House.

13 June (Tuesday): Mesh Feminist standup comedy show, CJC 610.

14-27 June (Wednesday-Tuesday): Zawya’s two-week festival for Italian director Michelangelo Antonio.

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

15 June (Thursday): Fetch-the-Sketch art workshop, Darb 15.

16 June (Friday): Elissa performs at Alex West Club, Alexandria.

16 June (Friday): Composer Hany Shenouda concert, Cairo Festival City’s Marquee theater.

16 June (Friday): Hiba Tawaji concert, Cairo Opera House.

21 June (Wednesday): Egyptian soprano Amira Selim performance, National Museum for Egyptian Civilization.

23 June (Friday): Ahmed Amin’s interview on SoldOut Live, El Falaki theater.

27 June (Thursday): Cairokee mega-concert, Manara Arena, New Cairo.

29 June (Saturday): Cairokee mega-concert, Manara Arena, New Cairo.

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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