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Time is a construct

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: We’re going to introduce easier visa rules for tourists + SVB just got a lifeline from First Citizens Bank

Good afternoon, wonderful people. The Ramadan news slowdown is very real, as we’re learning on the third work day of the holy month.

SO, WHEN DO WE EAT? We’ll be breaking our fasts tonight at 6:10pm and Fajr prayers are at 4:22am tomorrow.

*** HAVE YOU CHECKED OUT OUR NEW WEBSITE?We launched our brand new websitelast week — take a look here. It’s beautiful, loads fast, and packs lots of new features, including deep dives into topic pages, story tags to let you follow the issues and companies that matter most, and an audio feature to listen to — instead of read — our issues. If you have a suggestion (or a bug report) hit reply to this email.

THE BIG STORY TODAY

New (and easier) visa rules for tourists coming to Egypt? Egypt is rolling out several new rules to simplify the visa process for tourists visiting the country, including introducing visas on arrival for Chinese tourists and allowing Indian visitors who already have a residency in a Gulf country or a valid US visa to enter Egypt, Tourism Minister Ahmed Eissa said at a presser earlier today, according to Asharq Business. The ministry is also looking at introducing a visa on arrival option for Iranian and Turkish tourists, Eissa said.

THE BIG STORY ABROAD

First Citizens BancShares is taking over Silicon Valley Bank’s (SVB) deposits and loans for USD 500 mnin equity appreciation rights under an agreement with the Federal Deposit Ins. Corporation (FIDC). Under the agreement, First Citizens Bank will acquire assets worth USD 110 bn, USD 56 bn deposits, and USD 72 bn in loans. And more help could be on the way as authorities consider increasing emergency loan facilities following the lender’s collapse earlier this month which sent shock waves across global banking. But while things are potentially looking up — with SVB customers gaining access to their deposits and a number of stocks starting the new week higher — fears of contagion still hold sway across the board and questions arise over credit crunches, tightened lending, and inflation.

The story is dominating the front pages of the international business press this afternoon: Reuters | New York Times | CNN Business | Bloomberg | CNBC


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

  • Giza Systems’ new Saudi owners are planning an acquisition drive: Giza Systems is looking to invest up to USD 40 mn to acquire new companies this year in the wake of its acquisition by Saudi data firm Solutions by STC.
  • Calls for price controls on building materials: Lawmakers have called on the government to introduce price controls on building materials amid a recent surge in prices.
  • Amazon Payment Services has landed a contract to provide payment services for an Egyptian mobile network operator, with Banque Misr as the online payments acquirer.

🗓 CIRCLE YOUR CALENDAR-

PSA- Start planning next month’s holidays now:

  • Coptic Easter falls on Sunday, 16 April;
  • Sham El Nessim is on Monday, 17 April;
  • Eid El Fitr should land on or around Friday, 21 April (it’s still not clear what days will be official holidays);
  • Tuesday, 25 April, is Sinai Liberation Day, for which we’ll likely have a day off on Thursday, 27 April.

PSA- Need funding for a green project? You can now apply to the second round of the Smart Green Projects Initiative until the end of May, according to a Planning Ministry statement. Eligible projects must use technology solutions to address environmental issues, present evidence of feasibility or innovation, and provide a written acknowledgement that no awards have been received during the initiative’s first round, among other requirements. You can view the full list of criteria here and apply here.

☀️ TOMORROW’S WEATHER- Make sure to hydrate well at sohour today, because the weather is warming up again tomorrow to peak at 29°C during the day, before cooling to 14°C in the evening.

We are delighted to share with you that the Enterprise Exports & FDI Forum will be taking place on Monday, 15 May at the Four Seasons Hotel at Nile Plaza.

DO YOU WANT TO ATTEND? The first wave of invites is going out soon. If you’re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please TAP OR CLICK HEREto request a spot at this exclusive event.

WANT TO SHARE YOUR STORY ON STAGE? Drop a note to Patrick here and let’s talk.

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

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FOR YOUR COMMUTE

Lebanon just decided to take time into its own hands + Your gut and your brain are inextricably linked

Time is a construct — and Lebanon is learning that firsthand: Remember how Egypt was grumpy about changing the clocks four times in one year? Lebanon just changed its clocks twice in two days, after Lebanese Prime Minister Najib Mikati decided today to reverse a decision to postpone daylight savings until the end of Ramadan. Mikati’s initial decision to postpone daylight savings had already sparked controversy — and chaos — in the Mediterranean country when he announced it yesterday, Bloomberg reports. While some institutions and entities had enforced the decision and held off on changing the clocks yesterday, others refused to comply and moved their clocks forward on the last Sunday of March as is traditionally done.

Why, though? While the reason was not mentioned explicitly, a leaked video of Mikati and parliamentary speaker Nabih Berri shows that the point was to simply get those observing the holy month to break their fast an hour earlier. The conversation has led to quips about “Christian time” and “Muslim time” — a joke that has been made all the more ironic due to the country’s history of sectarian conflict.

It may seem like a benign decision, but it’s been nothing short of pandemonium as the repercussions of a 60 minute lag have caused inconvenience. Think double bookings, shattered schedules, and the inability to simply tell the time. Commuters have found themselves in the impossible situation of being in two different time zones while running daily errands.


Cranky? It’s probably more closely tied to how your stomach is doing than you realize because of the gut-brain axis: Our gut microbes, or the bacteria living in our intestines and stomach, predate our existence and outnumber our own human cells inside our bodies, according to the BBC. This “axis” cited in a study on the advances on gut microbiome and mental health, stipulates a causality between the condition of our stomach and how it affects our body and brain. Having bad gut microbes can cause anxiety, depression, and stimulate a drop in our immunity. It even goes further to suggest that there is a relationship between neurodegenerative diseases such as Alzheimer’s, Parkinson’s, and dementia through its testing on laboratory mice. Contributors to poor gut health are not just poor diets — in fact, antibiotics, consumed without medical advice or over long periods of time will affect the “culture” of your gut bacteria and make you more susceptible to the above, and also, a little slow, as per this contemporary study on hospital nurses who performed badly on cognitive tests after consuming antibiotics over a 2-month period.

Got pickles? The good news is that we do have some control on improving our gut bacteria, and it isn’t too hard. The answer is: Fermented vegetables, fiber, yogurt (preferably with probiotics) and some activity that makes us relax: Walking, yoga, kick-boxing, or any other physical activity you enjoy. Consuming the above, and cutting down on the use of antibiotics, will improve your gut health and is more likely to influence your mental health, as well.

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ENTERPRISE RECOMMENDS

Bittersweet and undoubtedly messy: Succession returns for its fourth and final season

📺 ON THE TUBE TONIGHT-
(all times CLT)

The Roys are back with Succession’s fourth and final season: The hit HBO show continues to follow the tortuous lives of the family behind Waystar RoyCo. — a global media and entertainment empire. After season 3 left fans on the edge of their with a merciless cliffhanger, viewers are approaching the final chapter with mixed feelings. And so is the cast: Co-stars Nicholas Braun and Matthew Macfadyen were in tears when the time came to say goodbye, Braun told the Sunday Times Style. The show did not earn 48 Emmy nominations for naught, after all. In the series’ last chapter we finally get to see (spoiler alert) what becomes of Logan Roy’s children after the patriarch learns about their betrayal from his trusted son-in-law Tom Wambsgans. As the sale of the company edges ever closer, the ruthlessly shrewd, and often backstabbing Roy siblings’ fate is more uncertain than ever. The only thing we do know? “It’s going to be messy,” an article by Digital Spy projects.

Egypt’s Olympic team has made it to the U-23 Africa Cup of Nations after managing to end yesterday’s match against Zambia with a 0-0 tie, qualifying the Pharaohs to the Morocco-hosted championship this year. The Egyptian team is hoping to secure a spot among the top three teams in the U-23 Africa Cup of Nations, which will automatically qualify for the 2024 Olympic Games in Paris.

Today in the UEFA Euro 2024 qualifiers:

  • Ireland v France (8:45pm)
  • The Netherlands v Gibraltar (8:45pm)

🎤 OUT AND ABOUT-
(all times CLT)

Want to get some exercise during Ramadan for a good cause? Participate in the Trifactory’sRamadan Virtual Running Challenge and try to run (or walk)) 100 km by the end of the month. Proceeds from participants’ tickets will be donated directly to Misr El Kheir for its annual Ramadan campaign to feed less fortunate families.

Pick up new fabric skills with a Macrame workshop: Starting this Thursday, 30 March until Saturday, 1 April at Gusour Cultural Center you will have the chance to learn with Martina Luther the fundamentals of this art form through her workshop.

Get your karaokeon at Room Art Space in New Cairo this Wednesday, 29 March. Check out their Facebook page for more details.

Enjoy oriental music in the AUC Tahrir Cultural Center garden this Thursday, 30 March at 8:30pm. Zaii Zaman — a trio of violin, oud, and double bass players — will be playing traditional Arabic music to their audience. This event is open to the public and is without charge.

Attend a Sufi Dance Performance on Friday, 31 March at Dawar Arts. Immerse yourself in the season with a mulit-faceted cast and crew who will provide a performance of dance, poetry and singing.

Love the drum? Join a drum circle on Friday, 31 March with Mostafa Baccar at Gusour Cultural Center. There will be two 50-minute drum circles, the first at 8pm and the second at 9pm. Check out their page on Facebookto know more details about the event.

The Comedy Bunch’s “Make’em Laugh 16” at Art Room Space in New Cairowill be stirring some chuckles on Saturday, 1 April. Want to have your shot at stand-up? This will be your chance as there will be an open mic during the evening. Visit their Facebook page to learn more details and register.

Get moving after iftar with Trifactory’s Relay Run next Wednesday, 5 April in Palm Hills Club, 6 October. Call up four buddies for a 2-hour (non-konafa-related) competition to run as many laps as possible. This event is happening from 9-11pm. Visit Trifactory’swebsite to register.

Want to make new friends in the great outdoors?Head over to the Wadi Degla Protectorate next Friday, 7 April with your food in hand and join others gathering for iftar or sohour. The event is organized by Backpacker.

Expose yourself to some art and culture and walk around central Cairo: Qahrawya are organizing two separate “iftour” (iftar tour) events next month, which entail an art walking tour after sitting down for iftar together. The tours include one in Zamalek on Saturday, 8 April and one in downtown Cairo on Saturday, 22 April, both starting at 5:30pm.

💡 UNDER THE LAMPLIGHT-

The Girl You Left Behind by Jojo Moyes is a dual narrative novel that takes you back to World War I as Sofie LeFevre recalls her love story with her painter husband Edouard, who eventually leaves to fight at the front. When his letters stop arriving in the post, she finds solace in his painting of her. Struggling with rations and low morale, Sofia and her sister keep the hotel bar open for guests until German soldiers walk in and a new young Kommandant employs them to serve them their meals every day. The Kommandant, an art aficionado, is fascinated by the painting and by Sofie, who uses the presence of the soldiers as a way to gather any sort of news about her husband at the front, despite the disapproval of her village and of her brother who sees her work as treason. Flash forward to 2006, Olivia Halston, the widow of a famous architect, has been looking at the very same painting, lovingly dubbed “The Girl You Left Behind,” every day ever since she was given the painting on her honeymoon by her late husband. Sparks fly when she meets Paul McCafferty, and as their relationship grows she realizes that he works in a law firm that specializes in reclaiming art, and her painting is on their list. This novel is an engaging page-turner that jumps from the war front to the court-room, and is sure to keep you reading as you travel through time to discover the fate of the painting.

This publication is proudly sponsored by

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GO WITH THE FLOW

What the markets are doing on 27 March, 2023

The EGX30 fell 0.2% at today’s close on turnover of EGP 2.02 bn (3.3% below the 90-day average). Local investors were net buyers. The index is up 9.3% YTD.

In the green: Eastern Company (+7.4%), Juhayna (+6.3%) and Oriental Weavers (+4.0%).

In the red: Credit Agricole Egypt (-6.0%), GB Auto (-4.5%) and Egypt Kuwait Holding -EGP (-3.3%).


APRIL

16 April (Sunday): Coptic Easter

17 April (Monday): Sham El Nessim.

21-26 April (Friday-Wednesday): LaLiga Egypt Football Camp, Xanadu Hotel, Makadi Bay, Hurghada.

22 April (Saturday): Eid El Fitr (TBC).

25 April (Tuesday): Sinai Liberation Day.

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

MAY

1 May (Monday): Labor Day.

1 May (Monday): Backstreet Boys at 7pm, ZED East, New Cairo.

4 May (Thursday): National holiday in observance of Labor Day (TBC).

JUNE

10 June (Saturday): Thanaweya Amma examinations begin.

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).

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