The rise of the CAIO

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Egypt is in for USD 400 mn in budget funding from UK

Good afternoon, folks, and happy Monday. We hope the heat wave isn’t wearing you out as we reach the mid-way mark of this shorter business week.

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and our competitive advantages are clear to many of them: We’re a massive consumer opportunity and the regional export hub of tomorrow.

…but here at home, our community is in a rut. The enthusiasm gap between domestic business leaders and global investors is stark.

We’d all do well to remember: It’s a chicken-and-egg kind of thing. Foreign strategic investors will be reluctant to commit capital here until they see Egyptian businesses leading the way.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks.It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

*** Interested in attending? Tap or click here to let us know. Seating is limited.

THE BIG STORY TODAY

We could be in line for some USD 400 mn in UK support: Egypt could see USD 400 mn in budget support from the UK over the next two years, with the first USD 200 mn expected to be dispersed in tandem with USD 500 mn in budget financing from the World Bank by July, International Cooperation Minister Rania Al Mashat told Bloomberg. The World Bank funds are part of a wider three-year USD 6 bn financing package.

The second tranche: A second payment of USD 200 mn from the UK and USD 500 mn from the World Bank will be disbursed in the next fiscal year.

Pending approval: The funds will land in the nation’s coffers after the House gives its greenlight, Al Mashat said.

More to come? The International Cooperation Ministry is also looking to secure funds from the Asian Infrastructure Investment Bank and may soon begin talks with the bank over budget support, Al Mashat added.

THE BIG STORY ABROAD

It’s a mixed bag of news today, but the chief of Israeli military intelligence handing in his resignation today is leading the conversation. According to the IOF, Aharon Haliva, the head of Israeli intelligence operations, has resigned over the failure to prevent the retaliation attack by Hamas on 7 October. Haliva is the first senior official to step down over the Hamas attack, reportedly accepting responsibility for failing to prevent it. But he isn’t out of office yet — Haliva vowed to “bring about the defeat of Hamas” and other groups aligned against Israel before the end of his term. (Bloomberg)

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

Ajlan & Bros eyes an initial investment of USD 1.5 bn in Ras Gamila project: Saudi Arabia’s Ajlan & Bros Holding has filed an offer to the Madbouly government to secure a land plot at Sharm El Sheikh’s Ras Gamila for the establishment of ten hotels with 3k keys in the first phase of a bigger development plan.
Energy firms seem to be excited about P2P renewables projects: Some 20 private sector energy players have voiced their interest in supplying electricity to other private sector companies through renewable energy projects under the recently approved peer-to-peer (P2P) system that was given the regulatory greenlight only last month.
Saudi Waja Group to manufacture EVs in Egypt: Saudi multi-industry outfit Waja Group will form a joint venture with the Arab Organization for Industrialisation (AOI) to produce EVs in Egypt under a framework agreement both parties signed.

☀️ TOMORROW’S WEATHER- Brace yourself for a scorching heat wave in Cairo tomorrow with the mercury heading to a high of 40°C before dropping to 21°C at night, according to our favorite weather app.

Chief Artificial Intelligence Officers are becoming a thing in businesses

Over the past five years, the number of companies appointing Chief Artificial Intelligence Officers (CAIOs) has nearly tripled, as more companies try to understand and explore the opportunities and risks inherent in AI applications, writes the Financial Times.

What do they do? “CAIOs don’t usually have a deep interest in AI development. Tom Hurd, chief executive of Zeki, says that being a CAIO is “more about governance, socializing of the tech.” Applicants usually come from computer science or business backgrounds, which allows them to oversee the use of AI within the organization and strategically, use the tool to enhance work efficiency, diversify revenue streams, and cater to ethical and security concerns.”

Even the White House made it official. Although the role’s responsibilities are not yet clear, the Office of Management and Budgeting policy now requires federal agencies to designate Chief AI Officers. They also require that they establish AI Governance Boards to “ensure accountability, leadership, and oversight for the use of AI in the Federal Government.”

The search for AI expertise is a classic case of supply and demand. Fawad Bajwa, AI lead at recruiters Russell Reynolds Associates, says “There is a small pool of talent that is being [sought] by a lot more people.” He explained to the Financial Times that this is making it difficult to recruit, considering that junior engineers are expecting seven-figure salaries to take on the role.

Not everyone is on board though. Harrick Vin, CTO at Tata Consultancy Services, believes that it shouldn't be just one person assigned the responsibility, but a department. “Every function — whether sales, marketing, or software engineering is getting redefined leveraging AI — one person can’t be an expert,” he said.

Is the role expected to stick around? It is common for roles to emerge in response to global trends, such as the Chief Diversity Officer during the Black Lives Matter movement. But CAIO summit founder, Mathison, believes it will remain relevant and continue to adapt to technological improvements.

Ricky Stanicky is a light end-of-the-day film to watch

? ON THE TUBE TONIGHT-
(all times CLT)

Ricky Stanicky directed by Peter Farrelly starts with a promising premise but veers off course into excessive territory. The film revolves around three lifelong friends — Dean (Zac Efron), JT (Andrew Santino), and Wes (Jermaine Fowler) — who have spent years fabricating the existence of a fictional scapegoat named Ricky Stanicky to avoid taking responsibility for their misdeeds, including a Halloween prank that went disastrously wrong.

But people around them are suspicious of their nonexistent friend, since no one has ever seen the guy, and has now asked to see him. Enter Rod (John Cena), a struggling actor roped in to play Ricky Stanicky in a desperate attempt to maintain the illusion.

While Cena's performance shines through the chaos, the rest of the cast struggles to make an impact. Efron’s charm is overshadowed by the film’s unlikable characters, while Santino’s portrayal falls flat. Fowler’s character serves as the film’s chaotic neutral, providing occasional laughs but failing to elevate the overall comedy.

WHERE TO WATCH- You can watch Ricky Stanicky on Prime Video or check out the trailer (watch trailer, runtime 2:43).

The Derby della Madonnina is here: Inter Milan wants to kill two birds with one stone when they go head-to-head against Milan in a highly intense and anticipated match tonight at 8:45pm. A victory tonight would widen the gap with Milan to 17 points and secure the title for the Nerazzurri five games before the end of the season.

Other matches we’re following today:

Roma vs Bologna (Serie A, 6:30pm)
Sevilla vs Mallorca (La Liga, 9pm)

The highlight of the menu, without a doubt, is the Mansaf. Mansaf is a traditional Jordanian dish that is considered the national dish of Jordan and served on special occasions. The main components of mansaf are lamb, rice, and jameed, which is a fermented yogurt sauce made from dried goat milk.

And it joined our clean plate club. The rice was fluffed and spread on a large platter, topped with a tender piece of lamb — cooked to melt-in-your-mouth perfection — and drizzled with the tangy jameed sauce. The dish was garnished with toasted almonds and pine nuts, as well as fresh parsley and mint. After devouring the delicacy we understood why it’s a national favorite. We also advise you to share it with someone — unless you want to take home the leftovers.

But the restaurant’s food extends far beyond its mansaf. From savory mezze platters to hearty grilled meats and fresh salads — we had a lot to choose from. But we ed for the Lahm Bl Ajeen, Chicken Musakhan, Tabouleh (which had spinach and less tangy), and Arayes Barayez.

All good things have their shortcomings. Unfortunately, they don't deliver, which means you’ll have to make your way to the location or take the deliciousness back to yours.

AUC’s CultureFest is (still) here. This event — held at AUC Tahrir until today — is a celebration of Cairo’s history, people, and evolving culture. Enjoy the live music, book bazaar, local market, and art exhibitions. Register for the event here, and read our guide to know what to expect.

Bibliothek Egypt is hosting a book signing for Noor Abdul El Majeed’s latest novel Siyadat al-Qadi tonight from 6:30pm.

Enjoy a fun day full of games (and smiles) with family and friends. Society of Play is hosting their next PlayDate in Heliopolis tomorrow. For more information — and inevitably registration — click here.

Gamers, buckle up for Egypt’s biggest gaming festival:Insomnia is back at the International Exhibitions Center from Thursday, 25 April to Saturday, 27 April, making it an immersive weekend of quests, level-ups, and never-ending clicking game experiences. Get your tickets here.

HAPPENING LATER-

Ali El Haggar will be performing a tribute to the legacy of the late musical legend Mohamed Fawzi as part of the 100 Years of Singing series at Cairo Opera House. The singer will perform an ensemble of Fawzi’s most popular songs on Sunday, 28 April at 8 pm. Grab tickets to this homage here.

Also taking place at the Cairo Opera House is Hani Shaker’s celebration of the Spring Festival. The artist will be taking the stage at the Main Hall on Monday, 29 April at 8 pm to usher in the season. Tickets are available here.

Don’t miss out on Metro. Iconic producer Metro Boomin is rocking the stage at Kundalini Grand Pyramids on Monday, 29 April at 9:30 pm, and again on Tuesday, 30 April.

Spenda spring day with Tamer Ashour and Mahmoud El Esseily. The singers will be performing at Family Park in Rehab on Friday, 10 May. Doors open at 7 pm. You can find tickets ranging from EGP 400 to EGP 20k (for 10 people) here.

The Cairo Flea Market is back. Head to the Fish Garden in Zamalek on Saturday, 11 May to browse through local products, antiques, and pre-loved treasures from 11 am to 7 pm.

Fans of Cairokee and Marwan Pablo need to catch theirperformance of El Mahatta at The American University in Cairo on Friday, 17 May. Get your tickets now while you can on Tazkarti.

The Elite are back in C-Town to bring you a night of laughter. The troupe are back from their international tour to celebrate their five-year anniversary in their hometown. The Super Show is being held at the Cairo International Stadium on Friday, 24 May at 8 pm. Grab tickets here to laugh along with Taha Dessouky, Waleed El Moghazy, Ahmed Khairy, Mohamed Ashraf, Ahmed Essam El Sayed, Mohamed Helmy, and Toffi.

In 2019, Kate escapes to an inherited cottage and discovers her ties to seventeenth century witch hunts. Meanwhile, Altha awaits trial in 1619 as women who don’t succumb to social expectations often are at the time. All the while, Violet lives during 1942 amidst World War II fighting for an education and mourning the loss of her mother.

Centuries apart but connected nonetheless, these women all have something in common. They may not fully understand it, but they each have the potential to tap into the natural world and unleash its unknown powers through their own resilience.

This was a clever debut by the author who has tapped into a market that readers ravenously crave. She manages to weave in the elements of magic and history together in a perfect balance where there is not too much fantasy for those who aren’t into that sort of thing or too much fact for a fiction book.

You can get your copy on Amazon.

What the markets are doing on 22 April 2024

The EGX30 fell 1.7% at today’s close on turnover of EGP 3.0 bn (40.5% below the 90-day average). Local investors were net buyers. The index is up 13.1% YTD.

In the green: Ibnsina Pharma (+5.8%), Oriental Weavers (+1.0%) and Eipico (+0.7%).

In the red: Telecom Egypt (-5.2%), Fawry (-3.7%) and Abu Dhabi Islamic Bank (-3.6%).

ENTERPRISE ENTERTAINMENT CALENDAR

APRIL

22 April (Monday): Noor Abdul El Majeed’s book signing at Bibliothek Egypt.

23-24 April (Tuesday-Wednesday): Omar Khairat concert at Cairo Opera House.

23 April (Tuesday): Novel writing workshop at Bibliothek Egypt.

23 April (Tuesday): Society of Play PlayDate.

25 April (Thursday): KONAFA CN standup comedy show at Elsawy Culturewheel.

25 April (Thursday): Komedy Koshk open mic at Eden Spaces.

25 April (Thursday): Tamsin Elliott and Tarek Elazhary at Rawabet Art Space.

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

25-27 April (Thursday-Saturday): Insomnia Egypt Gaming Festival at the International Exhibitions Center.

26 April (Friday): Qamar El-Din musical performance by Al Warsha band at Bibliothek Egypt.

26 April (Friday): Business Portraits from Zero to Hero with Karim Soliman at Consoleya

26 April (Friday): Melouk El San3a concert at Rawabet Art Space.

27 April (Saturday): Abdelbassit Hammouda concert at Elsawy Culturewheel.

27 April (Saturday) Amr Selim concert at Cairo Opera House

27 April (Saturday): Spring-cleaning flea market at Osana.

27 April (Saturday) Meditation inside The Great Pyramid and The King’s Chamberat The Giza Pyramids

28 April (Sunday): Ali El Haggar tribute concert at Cairo Opera House.

29 April (Monday): Tahqiq Show at Rawabet Art Space.

29 April (Monday): Hany Shaker concert at Cairo Opera House.

29 April (Monday): Metro Boomin concert at Kundalini Grand Pyramids.

30 April (Tuesday): Metro Boomin concert at Kundalini Grand Pyramids.

30 April (Tuesday): Reading Reem Basyuni's latest work at Bibliothek Egypt.

30 April-5 May (Tuesday-Sunday): Next Level International Summer Camp.

MAY

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

1-6 May (Wednesday-Saturday): Maadi Book Festival.

3 May (Friday): Youth to Business (Y2B) event at The GrEEK Campus.

5 May (Sunday): Coptic Easter.

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

10 May (Friday): Tamer Ashour and Mahmoud El Esseily concert at Family Park.

11 May (Saturday): Cairo Flea Market at Zamalek Fish Garden.

17 May (Friday): El Mahatta at The American University in Cairo.

23-25 May (Thursday-Saturday): The Design Show at Cairo International Conventions Center.

24 May (Friday): The Glow Run by The TriFactory at Palm Hills Sports Club.

24 May (Friday): The Elite Super Show at the Cairo International Stadium.

25 May (Saturday): Techne Summit at the Cairo International Stadium.

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.

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