Get EnterpriseAM daily

Available in your choice of English or Arabic

Till we meet again in 2024

1

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: ADP signs final contract to operate Safaga Port container terminal + China Electric Power Equipment and Technology to develop 10 GW solar project

Good afternoon, ladies and gentlemen and happy almost-THURSDAY. We’re within arm’s reach of the start of a long weekend for much needed R&R.

** This is the last issue of EnterprisePM for the year. Along with our sister publications, we’re taking a publication break from tomorrow through Monday to recharge and gear up for 2024. All of our publications will be back in your inboxes at their usual times on Tuesday, 2 January 2024.

THE BIG STORIES TODAY

#1- Abu Dhabi Ports (ADP) has inked the final contract to develop and operate a container terminal at Safaga Port, according to a cabinet statement out this morning. Under the USD 200 mn, 30-year concession agreement, the Safaga II terminal is expected to kick off operations in 2Q 2025, handling some 5 mn tons of dry bulk, 1 mn tons of liquid bulk, 450k TEUs of containerized cargo and 50k car-equivalent units (CEUs) of roll-on, roll-off cargo, the Emirati port developer said when it signed the initial agreement in March.

#2- Chinese company signs MoU to develop 10 GW solar project in Egypt: Chinese company China Electric Power Equipment and Technology has signed an MoU with the Madbouly government today to begin studies to develop a 10 GW solar project in Egypt, according to a cabinet statement. The project is expected to reduce carbon emissions by 14 mn tons when completed, and will save some USD 1 bn of gas-powered energy costs per year.

THE BIG STORY ABROAD

Leading the conversation in the international press is Hapag-Lloyd’s decision to hold off on resuming Red Sea transit, sticking instead with the longer route around the Cape of Good Hope for now, Bloomberg reports. Hapag-Lloyd’s decision comes despite the launch of the US-led task force in the Red Sea, as the shipping company remains concerned about the risk of Houthi attacks on vessels in the waterway heading to Israeli ports.

But not all shipping companies are as wary: AP Moller-Maersk is one that is planning to resume shipments through the waterway and CMA CGM is working on bringing their number of shipments through the Suez Canal back up, while others are toying around with the idea of continuing operations overnight when there are less drone attacks.


COME WORK FOR OUR ADVISORY ARM- Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell the stories of exciting companies. Enterprise Advisory is the region’s leading investor relations advisory company and works on investor and strategic communications issues that take you deep inside the c-suite. Our clients are in Egypt, Saudi Arabia, the UAE, and beyond. Egyptian and foreign nationals alike are welcome to apply, but native-level verbal and written English fluency is a must.

WHO YOU ARE- We're looking for gifted storytellers with a minimum of four years of work experience in investor relations, finance, banking, economics, or a related field to develop cutting-edge products and maintain relationships with a portfolio of clients. Candidates should have a bachelor's degree or higher in finance, accounting, economics, business administration, or a related discipline. We're looking for someone whose passion for storytelling is matched with strong analytical and problem-solving skills, as well as the ability to interpret and present financial data — with a keen eye for details and accuracy.

INTERESTED IN APPLYING? To apply for the position, drop us a line at jobs@enterprisemea.com and mention “Enterprise Advisory” in your subject line. Please send a solid cover letter telling us a bit about who you are and why you’re a good fit for our team. We want to see your CV, but the most important thing is a cover letter that makes us want to pick up the phone and give you a call.

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

  • Gold prices went out of control: The price of 24 karat gold rose to a fresh record high at yesterday’s close, reaching EGP 3,771 per gram — a more than 5% increase in less than 48 hours. Gold prices have more than doubled over the past year as more Egyptians flock to precious metal as a safe haven.
  • NBFS: A quarter in review. The Financial Regulatory Authority (FRA) is out with its quarterly report (pdf)detailing the latest on non-banking financial services (NBFS). Sums taken out rose across the board — leasing, factoring, consumer finance, and MSMEs — except for mortgage financing, which suffered from the side effects of the central bank tightening monetary policy and raising interest rates.
  • Beltone x Kandil Glass: Beltone Financial subsidiary Beltone Leasing and Factoring has inked an EGP 250 mn sale and leaseback agreement with Kandil Glass for its real estate assets and production lines.

🌦️ TOMORROW’S WEATHER- Keep your umbrellas close. We’re in for a rainy couple of days paired with some sandy winds today and tomorrow, according to the Egyptian Meteorological Authority. Expect daytime highs ranging from 20-22°C from today through Monday.and lows of 14-16°C.

2

FOR YOUR COMMUTE

What to do if you buy a tank. PLUS: Lessons learned from the Sam Altman drama

With 2023 receding in the rearview mirror, you need to park your brain in neutral before you embark on your New Year’s self-improvement jag. We can think of few ways better to shift into a lower gear than to explore what we think is quite possibly the most American corner of the internet, wherein boys in their 20s, 30s and even 40s:

Buy tanks (as in military main battle tanks) and then use them to destroy buses and SUVswhile smashing through brick walls.

Purchase helicoptersand planes even though they don’t have a pilot’s license. (And try to flythem indoors.)

Buy and fly around in Blackhawk helicopters, give you tours of their monster garages, and occasionally destroy hovercraft and drive a truck onto moving trailer and build the world’s largest monster trucks and stress-test G Wagons (here and here and here) and buy USD 400k Ferraris to try to destroy over time and then sell them for literal scrap to viewers.

Yeah, you can feel your brain atrophy as you watch. It’s also oddly difficult to look away.


Are you sick of OpenAI yet? We’re fast getting there, but this is still a must-read. Even if you don’t care about the politics of who gets to control the largest player in generative AI, you’ll still want to read this Wall Street Journal piece — it’s master class C-suite and boardroom politics.

The pitch: “Over the past two decades, [OpenAI founder and CEO Sam] Altman has lost the confidence of several top leaders in the three organizations he has directed. At every crisis point, Altman, 38 years old, not only rebounded but climbed to more powerful roles with the help of an expanding network of powerful allies.”

Three times now, staff and board members at startups Altman has founded have pilloried him for (a) being duplicitous, (b) running side hustles that have conflicted with his day job, or (c) both.

Whether you’ve got a Sam Altman on your executive team (or cap table, or both) or you just want a good story, go read: Sam Altman’s knack for dodging bullets — with a little help from bigshot friends.

3

ENTERPRISE RECOMMENDS

Killing It brings Brooklyn Nine-Nine’s Craig Robinson in a witty series

📺 ON THE TUBE TONIGHT-
(all times CLT)

Got the Brooklyn Nine-Nine blues? Killing It is the cure. The brilliant minds behind B99 bring Craig Robinson, who you might have loved as Darryl Philbin in The Office and Doug Judy in Brooklyn Nine-Nine into the well-deserved spotlight. This comedy (watch trailer, runtime: 2:31), like many others, has sharp social insights, but this one has a surprising ecological backstory too.

FUN FACT: The Floridian everglades have been overrun by Burmese pythons, once imported as exotic pets only to be abandoned once they overgrew their cute phase, turning into 90 kg predators that will eat anything they can swallow — which is a lot of things.

How does that factor into the show? Killing It follows Craig (named after Robinson), a working-class protagonist and victim of the failures of hyper-capitalist America, who hopes to fulfill his dream of buying a plot of land in the Everglades to start a saw palmetto farm, the fruit of which he can sell to pharma companies. But not even the bank he works at will take a chance on him and give him the loan he needs.

Things change when Craig finds out that the state will pay you to hunt down this invasive species, which can earn you a whopping USD 20k prize. He pairs up with his kooky Uber driver Jillian (Claudia O’Doherty) in an effort to clinch the prize, given to whoever hunts the most snakes each year.

We’re not surprised that the comedy is top notch, but it is interesting how the writers reflect the predatory nature of the American economic system within that framework, where even just one medical emergency is enough to trap you in debt. Despite the social commentary, Killing It never becomes a lecture, as the comedy is character-based and takes the situations they find themselves in lightly.

WHERE TO WATCH- If snakes give you the heebie-jeebies, Killing It will be a rough ride to put yourself through, but you can find it on Apple TV+.

Tonight in the Egyptian Premier League: Zed goes up against El Dakhlia at 4pm and Smouha faces El Gaish at 7pm.

The Citizens are back in the Premier League: Manchester City will face off against Everton at 10:15pm for gameweek 19 after clinching the title at the Club World Cup last week for the first time in the club’s history. The Sky Blues are currently ranked in fifth place, trailing two points behind Tottenham, but still one game short of the Spurs.

It’s another game of musical chairs tomorrow: Arsenal is up against West Ham on Thursday at 10:15pm, with its sights set on regaining footing at the top of the leaderboard. Tottenham is going up against Brighton on Thursday at 9:30pm for gameweek 19. The Spurs now rank in fourth place and are looking to take advantage of Aston Villa’s defeat last night to climb up the league’s ranks.

Other Premier League matches to look out for: Chelsea goes up against Crystal Palace while Brentford faces Wolverhampton at 9:30pm.

We’ll soon find out who will be crowned the Egypt Super Cup champion. The curtain will soon fall on the newest iteration of the Egyptian Super Championship with Al Ahly facing off against Modern Future in the competition’s final matchup at 7pm on Thursday. The red devils secured its spot in the finals after defeating Ceramica Cleopatra with a clean goal. Future clawed its way into the finals by eliminating Pyramids in penalty shoot-outs.

Ceramica Cleopatra and Pyramids will face off for a shot at third place at 3pm on Thursday.

🥐 EAT THIS TONIGHT-

La Mie brings Paris to the banks of the Nile. Located in Fairmont Nile City, the restaurant — modeled after a classic French bistro — offers breakfast, lunch, and dinner. If you’re not up for a big meal, there’s always an impressive selection of freshly baked bread, pastries, and desserts.

Nothing like French onion soup to kick it off: Served piping hot, it’s full of flavor and very filling, so it might be best to share if you want to leave room for anything else. The beef tenderloin was well prepared — keeping the meat tender and perfectly paired to the risotto it comes with.

While the food is great, what we’d go back for are the pastries. The chef makes everything fresh early in the morning so we’d recommend going there for breakfast or brunch. His personal favorite is the chocolate eclair, which goes well with their coffee. We also tried the traditional mille feuille which went down quite nicely.

DISCLAIMER- While it is located in the Nile City towers, it’s in the mall section and unfortunately does not have a view of the river. Lackluster vistas aside, the ambience is cozy and welcoming.

🎤 OUT AND ABOUT-
(all times CLT)

THEATER-

Enter the improv world in 2024. Starting Friday, 5 January, Ramsi Lehner will be hosting a ten-class improv workshop to help you improve your public speaking skills, expand your range as an actor or performer, help you develop your standup comedy, or even just make you better at communication. The classes will take place every weekend on Fridays and Saturdays from 6:30pm to 10pm. Register here to claim a spot.

ART-

See the tale of three women through art at the A Tale of an Ethereal City exhibition by Khadiga Abou Hussien in collaboration with Rasha Arous & Sara Kouedi at Bibliothek Art Gallery. The exhibition opened its doors last Saturday and will continue until Tuesday, 2 January from 7-10pm.

Get ready, aspiring photographers: The Fujifilm festival is just over a month away. You’ll have four full days of activities, meetups, and talks, as well as a photography contest and an exhibition that you can partake in. You can bring your camera along to get a gratuitous CMOS and lens cleaning, and check out the GFX 100 ii Studio on site. Fujifilm X-Photographers and creators will be there too — don’t miss out on the networking potential. Check out their Facebook page for more information.

MUSIC-

Warm up your vocal chords, gang. Karaoke Night is back at ROOM Art Space and Cafe. ROOM’s doors are open every Tuesday through to 27 February for you and your friends to belt out your favorite tunes, starting at 8pm and ending at 10pm. You can reserve your spot here.

Get ready for the season with the Cairo Opera House which will be hosting a series of events celebrating Christmas and New Year’s Eve:

  • Don’t miss the Nutcracker ballet shows. The performances will be presented by the Cairo Opera Ballet, along with the Cairo Opera Orchestra. The first show will be held today and will continue until tomorrow, 28 December. Tickets are available here.
  • The orchestra will also put on another concert on Sunday, 31 December celebrating New Year’s Eve. Click here to book your ticket.

It’s time to rock.Metal Night is set to take down the house at Cairo Jazz Club 610 this Saturday, featuring Catharsis alongside Crescent and Mythos. Contact CJC610 to reserve a spot.

Double Dose of Rock at ROOM Art Space is another one for fans of rock. You’ll have to choose between going to this or Metal Night, as they’re both playing this Saturday. Paranoid Eyes will be playing alongside Hues, a Muse tribute band that will also be busting the speakers. Book your ticket to Double Dose here.

SPORTS-

Venturing out into the cold in the dead of winter may seem counterintuitive, but to the adventurers of us, it’s a test of determination. The Sahara Survival School is inviting you to, well, survive a hike up Mount Catherine — the highest peak in Egypt — and Mount Abu Ramil. The hikes will take place over the course of three days, from Thursday 4, January to Saturday, 6 January. Interested in testing your resilience? You can contact Sahara Survival School on their Facebook page.

Itching to start the hike? Pack up and head to St. Catherine this Friday with TheMountaineers Club. The gang has Mount Abbas Basha in their sights, and are planning to start the hike at 8pm. You can spend the next day recovering (or exploring the city) before heading back to Cairo on the 31st, right in time for new years. It’s a good opportunity to get in one last adventure in 2023 — but keep in mind that this trail is only suitable for experienced hikers.

Heads up, football fans. Raz3 El Gomhoor is coming to The Marquee on Friday, 5 January to host a two-and-a-half hour in-depth discussion about the forthcoming football season, player transfers, and general analysis of all of your favorite leagues. Both platinum ticket tiers are sold out, but if you act fast, you can still snag yourself a gold. Reserve your spot here.

The Cairo Half Marathon is taking place in a few months: Mark your calendars for Friday, 1 March and start stretching. Cairo Runners is bringing back a fan favorite, offering the same distances as The TriFactory. Tickets are available until 27 February, giving you ample time to convince seven of your friends to join, which will get a 10% reduction in price when you register.

CHRISTMAS EVENTS-

Get into the Christmas spirit with these festive events all around the capital.

The classic Christmas staple The Nutcracker Ballet will be performed at the Cairo Opera House by the Cairo Opera Ballet Company everyday starting this Tuesday up until Saturday.

FILM-

Qahrawya will be screening Ahl El Fan, also known as The Art Intelligentsia, on Thursday, 11 January. The experimental folk music short film will be followed by a Q&A with founder of the Wersha Theater Troupe Hassan El Geretly. While the Arabic film will feature English subtitles, please note that the Q&A session will be conducted in Arabic. You can book your tickets here.

Eins Christmas Bazaar is bringing you some handmade goodies, kicking off this past Friday and continuing until Sunday, 1 January, 2024. The bazaar is being held at the Gallery, in Maadi.

NEW YEARS EVENTS-

Why not travel back in time before we leap into 2024?Maeisha is hosting a New YearDinner Gathering at Patrimoine du Caire tomorrow starting at 6pm. PatrimoineDu Caire is a classic staple of Egyptian culture. And when we say classic, we mean it in a very physical sense of the word: High ceilings, antique furniture, and located in the heart of Downtown Cairo, this cozy dinner is a chance to step back a century and enjoy connecting with the past.

… or you could simply step back into the joys of childhood. KidZania Cairo is hosting its annual NYE Adults Night on Saturday, 30 December, where you can leave the stresses of adulthood behind and participate in a variety of fun activities, music, and games. The party starts at 6pm, but much like Cinderella, you will have to trudge back to reality at midnight. You can reserve here, checking out the tickets for the 30th at 6pm. Tickets are also available at the door for an extra EGP 50.

💡 UNDER THE LAMPLIGHT-

As the cacophony of New Year’s Eve celebrations reverberate around the city, some might find solace ushering in the new year in calmer settings away from the bustling parties — perhaps through the quiet embrace of a good book? Jumpstart your New Year’s resolution to read more with the crème de la crème of 2023 book lists.

If you want a more extensive list, have a look at The New York Times, The Guardian, Time Magazine, and The New Yorker.

#1-The Bee Sting by Paul Murrayfollows the story of the Barnes, a formerly rich Irish family reeling from the fallout of the 2008 financial crisis. Each member of the Barnes family is forced to grapple with their new economic reality — the father sells parts of his car dealership business, the mother her jewelry online — all while navigating a firestorm of inner turmoil and the bleak multiplier effect of material misfortune.

#2- The Guest by Emma Cline is about maneuvering economic precarity as a young woman in the West with access to the luxuries of the wealthy, but only under certain conditions. The novel follows the story of Alex, an attractive young woman who mistakenly embarrasses her wealthy lover and is kicked out of his Long Island beach house. Alex is resolved to find a way back into his life — and the comforts he provides — and decides to float around the wealthy Long Island suburb until then. In her journey, she finds herself entrenched among the affluent residents of the New York suburb, popping into various social engagements, parties and clubs in search of security but leaves a dark trail of lies and manipulation in her wake. Read our review of the book here.

#3- The Fraud by Zadie Smith brings to life a real-world 19th century trial in which a man was accused of posing as a nobleman in England and making a claim to an inherited fortune. Smith’s first work of historical fiction follows Eliza Touchet, a housekeeper who closely follows the scammer’s quest to lay claim to this inheritance and how he manages to garner a substantial following along the way. His supporters are convinced that any legal measures taken against him is a plot orchestrated by shadowy elites looking to deny him of what he is owed. Stark parallels to the life of a certain former president of a contemporary global superpower and an incisive critique of the relationship between England and Jamaica can be found throughout. Check out our review of the book here.

#4- King: A Life by Jonathan Eig builds a comprehensive biography of late civil rights leader Martin Luther King Jr. King is the first of its kind in three decades and utilizes newly released information and interviews to create a more complete understanding of the legendary civil rights hero. Eig traces King’s journey from his early life in Atlanta, Georgia to his assassination in a Memphis hotel in 1968 and beyond. One of the most compelling parts of this new retelling is the extensive wiretapping and surveillance conducted by the FBI to monitor King’s conversations and fraught personal affairs.

#5- Cobalt Red by Siddharth Kara zeroes in on the sobering reality behind the mining operations that power our devices. Cobalt is essential to the manufacturing of many of the electronic devices we enjoy today. More than half of the world’s cobalt reserves are in the Democratic Republic of Congo, where people work in extremely unsafe conditions for abysmally low wages to extract the mineral. Kara takes a hard look at the harrowing mining industry and explains how the legacies of colonialism and autocratic control of the DRC has created one of the world’s worst humanitarian crises — all while major tech companies continue to get rich off exploitatively mined resources.

This publication is proudly sponsored by

4

GO WITH THE FLOW

What the markets are doing on 27 December 2023

The EGX30 rose 1.5% at today’s close on turnover of EGP 3.7 bn (12.4% above the 90-day average). Foreigner investors were net buyers. The index is up 66.8% YTD.

In the green: Alexandria Containers and Cargo Handling (+5.9%), AMOC (+5.7%) and Sidi Kerir Petrochemicals (+5.2%).

In the red: Talaat Moustafa Group (-1.4%), ADIB Egypt (-1.1%) and Egypt Kuwait Holding (-0.6%).


DECEMBER

26-30 December (Tuesday-Saturday): The Nutcracker at Cairo Opera House.

27 December (Wednesday): Mahmoud Ellithy concert ft. DJ Saddam at Cairo Jazz Club 610.

27 December (Wednesday): Shereet Cocktail ft. Anis at Cairo Jazz Club.

27 December (Wednesday): Mazaher ensemble concert at Makan.

27 December (Wednesday): Cassette Reel concert at ROOM Art Space.

28 December (Thursday): Saad ElOud concert at Theatro Arkan.

28 December (Thursday): Mevlevi Night at Al Rab’ Cultural Center.

28 December (Thursday): Maeisha’s New Year Dinner Gathering at Patrimoine De Caire.

29 December (Friday): Jabal Abbas Basha Hike with The Mountaineers Club at St. Catherine.

30 December (Saturday): Metal Night with Crescent, Catharsis, and Mythos at Cairo Jazz Club 610.

30 December (Saturday): Double Dose of Rock concert at Room Garden City.

30 December (Saturday): NYE Adults Night at KidZania Cairo.

30 December (Saturday): Fayrouz Tribute Night at Gramophone.

31 December (Sunday): The Cairo Symphony Orchestra New Year’s Eve concert at Cairo Opera House.

31 December (Sunday): Ringing in the New Year with Ehab Tawfik at Cairo Jazz Club 610.

31 December (Sunday): New Year’s Eve dinner at Lucida.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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

2024

JANUARY

5 January (Friday): Raz3 El Gomhoor live show at The Marquee.

5-6 January (Friday-Saturday): SubZero Survival hiking trip at Mount Sinai at St. Catherine.

5 January-2 February (Friday-Friday): Intro to Improv with Ramsi Lehner.

7 January (Sunday): Coptic Christmas.

7 January (Sunday): Asatza Concert Part 3: Medhat Saleh at the Cairo Opera House.

11 January (Thursday): Ahl El Fan Movie Night at Qahrawya.

13 January (Saturday): Saad ElOud concert at Cairo Jazz Club.

19 January (Friday): Amr Selim Live in Concert at the Cairo Opera House.

25 January (Thursday): Revolution Day.

26 January-6 February (Friday-Tuesday): Cairo International Book Fair.

FEBRUARY

1-4 February (Thursday-Sunday): Fujifilm Egypt Festival at Consoleya.

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

MARCH

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

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

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.

Now Playing
Now Playing
00:00
00:00