Happy hump day, ladies and gentlemen. The news cycle is officially picking up this afternoon, bringing us signs of hope that the state privatization program is moving forward.
THE BIG STORY TODAY
Gov’t to close bidding for Wataniya in two days: Investors have today and tomorrow to submit their bids for a stake in military-owned filling station operator Wataniya, before the government closes the bidding window, Asharq Business quotes Planning Minister Hala El Said as saying.
It’s been a long time coming: The government and the Sovereign Fund of Egypt have been working on the Wataniya sale for the past three years. Most recently, the Wataniya stake sale was pushed back to early this year.
THE BIG STORY ABROAD
No one story is dominating headlines in the international press this afternoon, but China’s attempt to curb short-selling has caught our attention. With China’s suffering stock markets seeing a USD 7 tn loss in equities down from 2021 highs, investors are trying to bank on the lows by short-selling and speculative trading. Now, China’s Securities Regulatory Commission (CSRC) is attempting to clamp down on the activity to maintain consumer confidence by keeping a watchful eye on trading behaviors and banning selling shares on the same day of purchase, says Reuters. The efforts are proving fruitful, resulting in a 24% drop in stock lending and major mutual fund companies suspending lending and working on phasing out re-lending.
HAPPENING NOW
US Secretary of State Antony Blinken is in town to discuss a Gaza ceasefire.Blinken touched down in Cairo this morning to meet with President Abdel Fattah El Sisi. The meeting is expected to discuss a new ceasefire plan in exchange for the release of Israeli hostages with Hamas, Associated Press reports.
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Business activity kicks off the year with “modest deterioration”: Non-oil private sector activity saw another month of contraction in January as inflationary pressures dampened demand and pushed business sentiment for the next 12 months to one of the lowest on record.
Kazyon sets foot in Saudi: Kazyon Limited, the UK-based parent company of Egyptian discount supermarket chain Kazyon, has acquired a 50% stake in Saudi grocery chain Dukan — Saudi’s sole discount retailer — through a SAR 250 mn (c. USD 66.7 mn) capital increase.
Auto sales inch up in December to 2023 record:Auto sales climbed for a second consecutive month in December, hitting their highest level in 2023.
HELP GAZA-
Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.
The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.
Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.
☀️ TOMORROW’S WEATHER- Expect a mostly sunny day and a few clouds sprinkled in with a high of 22°C and a low of 13°C, according to our favorite weather app.
There’s a very good reason to get mad at people who don’t pick up after their dogs(which is something we at Enterprise feel rather strongly about). Animal feces can transmit disease from animals to humans, and spread life-threatening parasites, the Washington Post says, citing an assistant clinical professor of veterinary medicine. A 2020 study found that 85% of dogs studied in US parks had intestinal parasites.
Keeping public spaces clean isn’t just a matter of common courtesy, it’s a public health issue. Soil-transmitted parasites can infect as many as 1 bn people globally, and include coccidia and whipworms, as well as hookworms and roundworms, which can affect people as well. Don’t look them up on Google Images, trust us. If your dog’s fecal matter is absorbed into the soil, the parasite eggs can continue to infect people for years to come.
These microscopic larvae can enter your body through small scrapes or, even worse, your mouth. This could happen through accidental ingestion by something as simple as licking your lips after being exposed to these bacteria or taking a swig of water from a dirty water bottle.
Once they make their way into your system, hookworm and roundworm larvae can migrate through your bloodstream and into your lungs and your digestive tract. At best, they’ll cause anemia and malnourishment, but more serious cases see the larvae travel to the eyes and cause permanent blindness.
Your pets are in danger too: Fecal matter can contain canine and feline viruses like parvovirus, the leading transmittable cause of canine death, and other life-threatening diseases. Many species of local wildlife are also at risk, meaning that irresponsible pet management may affect the environment.
Why do streaming services like to add plus signs to their names? For services like Apple TV+, Disney+, and OSN+, the addition of a plus sign suggests some kind of value-added, but the symbol is also an attempt to compete with each other and stay relevant, The Atlantic says. The sign is simple, minimalistic, and visually appealing to consumers, and its “ crossroads-like ” appearance evokes “ harmony and balance,” a University of Toronto semiotician tells The Atlantic.
It’s not exactly new, but it also doesn’t work for everyone: The use of the plus stems back from France’s Canal+ in the 1980s, but the symbol has recently been tacked onto the majority of streaming services, making it so that it actually doesn’t really set any of them apart from the competition, the New York Times says. Google, for example, fell victim to the trend with its social network Google+ and got dashed in 2019 due to consumer apathy. While it may be aesthetically pleasing, the overload of pluses has made the symbol lose its potency.
The Rehearsal is unlike any other show we’ve seen (watch trailer, runtime: 1:52).Part reality TV, part prank show, and part experiment, it’s hard to explain what exactly this Nathan Fielder creation is. Essentially, Fielder preps random people for some sort of important event by playing out every possible scenario that might go down and helping them get through each possibility.
Coming clean: The first episode is about a man who lied about his education to one of his especially emotional trivia team friends and wants to tell the truth. To do this, he reconstructs the bar where he will come clean and runs through all outcomes down to what drinks they order and what jokes to make.
That one’s pretty tame compared to the others. Later in the season, Fielder works with a woman who’s unsure about having children and goes as far as bringing in babies who quickly grow into kids to give her a taste of motherhood, including him taking on the role of the father eventually.
Is any of it real? We’re honestly unsure, and most fans aren’t sure either, with many heated online debates about the topic and its ethics. Maybe it’s about blurring the lines between fiction and reality in what seems, at the surface, to be a comedy.
Either way, it’s in a league of its own. The show’s grand setups made us wonder just how big the budget was for the production. Fielder is notorious for critically acclaimed work like Nathan for You, but this one takes the cake, and managed it without any press or promotion.
⚽ The day of cups: Local leagues take a step back today to make room for cup competitions, whether in Egypt or abroad.
Egyptian League Cup semi-finals:
El Gaish vs Al Masry (4:30pm)
Al Ittihad vs Ceramica Cleopatra (7:30pm)
Mallorca will host Sociedad in the Copa del Rey semi-final at 10pm, while the away match is scheduled for 27 February.
And in the German Cup, Leverkusen will face off with Stuttgart as part of the quarter-finals at 9:45pm.
The Asian Cup semi-finals kick off today with Jordan versus South Korea at 5pm.
Related
🎤 OUT AND ABOUT- (all times CLT)
TODAY-
ART-
This is your last chance to go to Bibliothek’s Art Gallery to attend Inside the Corner Pink House, an exhibition and book launch by visual artist Reem AlJeally. The artwork and illustrated book depict the ongoing war in Khartoum, blending nostalgic memories of life, events, and childhood as the artist adjusts to a new life abroad. The exhibition is open to the public until 10pm.
Tonight brings GEM’s Art Cairo exhibition to a close. But don’t worry, there’s still time to visit. Grab your ticket here for one last shot at experiencing a chorus of historical and contemporary art made locally and internationally.
Ebni is back at Rawabet Art Space. The play is an adaptation of God of Carnage by Yasmina Reza and it demonstrates how two different families react when their children get into a fight,and as the play unfolds their true colors are revealed. Catch the performance starting this Friday, 9, Tuesday, 13, and Wednesday, 14 February at 8pm and on Saturday, 10 February at 5pm. Book your tickets here.
Head to The Tap West for It’s Not Unusual, a two-day showcase of live performances, good food, and drinks hosted by ACT Theatre Group. The event runs this Friday and Saturday, 9-10 February and starts at 7pm. Send The Tap West or ACT a message to reserve.
MUSIC-
The Grand Egyptian Museum will be hosting Tunisian songstress Emel Mathlouthi this Friday, 9 February, so hurry and grab a ticket. The Voices of Hope concert will start promptly at 9pm.
Hamza Namira will be dropping his album at a concert hosted by ZED park this Friday, 9 February at 8pm. The park’s gates will open at 2pm but the concert gates will open later at 6pm. You can get your tickets here, with the option of regular standing, VIP standing, or VIP seated.
Egyptian independent artist and multi-instrumentalist ASH will be performing at Le LacDu Caire this Friday, 9 February. Hosted by CRCL, the event will start at 1pm and doors will close at 4pm. Get your tickets here.
STAND UP-
Looking for a laugh?Sahra Toxic has you covered at Cairo Jazz Club 610 tomorrow at 9pm. You can reserve your tickets by messaging them on Facebook.
Don’t miss out on Mohamed Mounir, Ramy Sabry, and Sharmoofers taking the stageat Family Park.The event will take place on Friday, 16 February with gates opening at 1pm and performances starting at 7pm. Get your tickets through Tazkarti.
Amr Diab is back on stage for the first time in Egypt this year. El Hadaba’s concert is taking place in Manara Arena on Friday, 16 February. Grab your tickets while you can.
Ready to rock? ROKN, a rising Egyptian rock band, is performing at ROOM Art Space and Café on Friday, 16 February. You can snag tickets for EGP 200 here or at the door.
Oud player Saad Al Oud and his band will be playing at Theatro Arkan, on Saturday, 17 February. The night of classical Egyptian music will open its doors from 7:30pm and begin at 8pm. You can get your tickets at Ticketsmarche.
Renowned musician and composer Omar Khairat will be gracing the stage again at the Egyptian Opera House for two nights starting Wednesday, 21 February, and Thursday, 22 February at the Grand Theatre at 8pm. Get your ticket for the first night here and the second night here.
POETRY-
Amr Hassan will be performing at El Sawy Culturewheel for their annual end-of-winter show. Alongside his band, he will perform two concerts on Friday, 16 February, one at 3:30pm and one at 7pm. Find out more here.
THEATER-
In another of Mahmoud Saad’s live interviews, Ashraf Abdelbaki will be featured on stage on Saturday, 17 February. Accompanying entertainment will be provided by Mai Farouk. Before you grab a ticket, keep in mind that this is a phone-free, filmed experience, meaning that you should expect to hand your phone over at the gate and be seen by friends and family on their TV screens at home.
Russell Peters is taking the stage at Sports City Stadium later this month. Peters is making his comeback in Egypt on Monday, 19 February in the New Administrative Capital City. Grab your tickets while you can. For EGP 12k, you can even meet the all-time highest grossing standup comedian.
SPORTS-
The Cairo Half Marathon is taking place in just over a month: Mark your calendars for 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.
Join a run for Gaza on Friday, February 16 with the TriFactory in the Wadi DeglaProtectorate. All proceeds will go towards sending aid to Gaza and you can sign up here for the 5K or 1K distances.
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 where you have to solve four murders around the city by solving puzzles, interrogating witnesses, and hunting for clues. Find more details here.
Related
👂 EARS TO THE GROUND-
Go behind the scenes of your favorite music with Song Exploder. Host Hrishikesh Hirway brings on an artist, and sometimes their collaborators, on the episode to dissect one of their songs down to its roots, from the lyrics to the background sounds. The discussion is all about getting into the brains behind the operation and the thought process behind every little detail, even the ones you might not have noticed yourself. The best part of the interviews is the passion that comes through in the discussion.
You’ll revisit songs with fresh eyes (or ears) after listening to this podcast. With that behind-the-scenes insight, you can go back and listen to a song you might have thought yourself to be familiar with, with a newfound understanding and appreciation.
The show was such a hit that Netflix claimed it and turned it into a show, dropping two seasons under the same name to appeal to the more visual people among us. You’ll get to put a face to the name and see the artists’ faces light up as they talk about their work.
No matter what genre you listen to, there’s an episode for you. Hirway is game for any type of artist with a catalog spanning the Foo Fighters’ The Teacher to Seal’s Kiss from a Rose to Björk’s Stonemilker. There’s even an episode on the Only Murders in the Building Theme Song. Wherever your tastes lie, there’s something for you to enjoy.
The EGX30 fell 1.4% at today’s close on turnover of EGP 7.5 bn (111% above the 90-day average). Local investors were net buyers. The index is up 9.6% YTD.
In the green: Talaat Moustafa Group (+18.9%), Madinet Masr (+5.8%) and Egypt Kuwait Holding (+3.4%).
In the red: Alex Containers and Cargo Handling (-9.7%), Abu Qir Fertilizers (-6.6%) and Oriental Weavers (-6.6%).
OUR FOUNDER OF THE WEEK- Every Tuesday, Founder of the Week looks at how a successful member of Egypt’s startup community got their big break, asks about their experiences running a business, and gets their advice for budding entrepreneurs. Speaking to us this week is Mohamed El-Ansary (LinkedIn), founder of PowerRide.
My name is Mohamed El Ansary and I’m the founder of PowerRide, a cycling studio with a triathlon training academy. I studied Business Administration and Marketing at Sadat Academy, which offered the program in collaboration with New Brunswick University. My academic background and my passion for cycling helped me start this business.
My first job was at Corplease, where I worked my way up to management from a junior market coordinator. Eventually, I decided that I needed to shift careers to challenge myself more and get out of my comfort zone. So I moved to an industry I knew nothing about.
My passion for cycling began because of my commute: My office was in Sixth of October, and I live in Maadi — a 90-minute commute each way. I put my foot down and decided I would no longer drive within Maadi and turned to cycling everywhere instead.
Seeing how cycling changed my life made me want to share the sport with others. I was becoming fitter and losing weight. I also enjoyed sharing my passion with people and, over time, this cycling community started to grow exponentially — five people to 10, then 20, and so on. My ambitions weren’t just limited to biking around. Another passion I’ve developed involves completing triathlons with my friends, with one being the Ironman, a race where you swim 3.9km, bike 180km, then run 42.2km.
Egypt, unfortunately, lacks the facilities to train for these sports. Swimming and running can be managed, but cycling is a different story because our roads are not the best to use for long distances like the ones we train for. Thus, PowerRide was born.
At first, PowerRide was just an idea. To make it a reality, I had to find a space that people could easily access and with convenience. To solve this problem, I found The Field when it was just opening and sat down with the people in charge to pitch my idea. Eventually, we got to design the studio, purchased the bikes, and got to work.
We didn’t have any competition when we started because we specialize in athlete training. At PowerRide, we focus on cycling as an independent sport and acknowledge how it can be a great option for cross-training — it’s a sport that can translate well to many others.
Success is a really big word. Financially, it takes a while to see returns, especially with a niche venture. I feel proud of the people who work hard and achieve individual victories, like finishing a race, getting fitter, or even just learning how to ride a bike. Anyone who achieves these personal gains connects it to PowerRide this way I can see my passion materialize tangibly through the people who trust me with their training.
Circumstances in Egypt have been tough recently, so our five-year plan is important. We have three main goals: First is opening new branches. The second is events: We just finished Egypt’s biggest cycling event, the Galala Challenge, so we would like to capitalize on that and organize more, as well as keep the Galala Challenge at the same, or an even bigger scale. Finally, we would like to expand outside of Egypt.
To do this, we have to navigate the current economy and its challenges. For example, some of our costs, like our old software, are in FX. We had to switch to our own app, PowerRide Sports, for bookings and merchandise. Hopefully, we’ll keep the shop solely online and diversify our classes and revenue streams while staying true to the core of our business — motivating people to do sports and encouraging the Juniors (the group of youngsters we train for triathlons) to start training early.
I would like to correct people’s misconception of sports: Exercise is a necessity, not a luxury. I believe that the funds that you spend on healing your ailments are much better spent on bettering your health to prevent injury in the first place. Cycling also helps with pollution, and as a result, people would be healthier, get to places, and save on gas.
This also affects how we are perceived as a business. Finding sponsors and financial support is tough — not everyone is as passionate as we are, so having to try and translate that passion can be hard.
It’s difficult to balance home and work life. I’m lucky because my wife, Maha, shares my passion and is always on board, even participating in the same races herself. During the first couple of years there were times when we stayed up late, couldn’t go home, and had countless phone calls interrupting our time, but after a couple of years (hopefully) things can fall into place.
In my spare time — you’ll make fun of me — I ride my bike. But I venture out when I can. II like to travel, stay active in other ways, or read, depending on how much time I have. One thing’s for sure though, I’m not a homebody or couch potato.
My advice for young entrepreneurs isto calculate and plan as much as you can. You won’t be able to anticipate all the risks but do your best so you’re not as surprised. Also, don’t be afraid to ask for help. Make sure your partners are people you can work with on the good days and the bad — because there will be both. In the same light, invest in your support system and make sure you have people who are rooting for you.
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