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Travis Scott controversy

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WHAT WE’RE TRACKING TONIGHT

THIS EVENING: MM Group eyes B Pharma

Good afternoon, friends, and happy Tuesday — or almost-THURSDAY-equivalent. We’re in the final stretch of this shortened week before the nation gets a four-day weekend for the Islamic New Year and Revolution Day.

THE BIG STORY TODAY

MM Group to acquire 40% of B Pharma Holding: MM Group for Industry and International Trade wants to spend up to EGP 205 mn to acquire 40% of B Investment’s subsidiary B Pharma Holding, which specializes in investing in pharmaceuticals distribution and trade, as per a company statement.

THE BIG STORY ABROAD

The heat wave sweeping across Europe is still leading the conversation from this morning. As temperatures swell to record-breaking highs with cities, such as Italy’s Sardinia, reaching a scorching 46°C, reports the BBC. The story is growing on Reuters and the Financial Times.

HAPPENING NOW-

The Egypt Mining Forum , which started yesterday, is on its second and final day today at the Nile Ritz-Carlton, Cairo.


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

  • ACWA Power’s mega wind project is heading to Sohag: Saudi renewable energy firm ACWA Power yesterday signed a land allocation agreement with the Electricity Ministry for its planned 10-GW wind farm.
  • GREGY: Who’s paying? Egyptian authorities are in talks with the Greek government about how to fund the planned 3-GW Egypt-Greece Interconnector (GREGY).
  • 2022 was a good year for FDI: Foreign direct investment into Egypt more than doubled in 2022 on the back of higher cross-border M&A volumes and an expansion of greenfield projects, according to the UN’s latest World Investment Report .


MARK YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. 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.

** 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.

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

Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial, or fill out this form and we’ll be in touch.

STAY TUNED for more detail about our agenda.


DID YOU MISS THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast and listen for yourself : The Enterprise Podcast is back with another installment of our forum series, where we bring you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum, which took place in May.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast . We’re releasing a new episode every Sunday morning.

IN THIS WEEK’S EPISODE- From deciding the target markets, to focusing on quality, marketing in new markets, and restructuring a business around exports, our panelists discuss and provide key insights on what businesses need to focus on when building an exports and FDI strategy. We were joined on that panel by Hossam Sallab, CEO and vice-chairman of Sallab Group and Royal Ceramica, Mark Wyllie, CEO of Beyti Egypt, and Kareem Abou Ghaly, the chairman and CEO of Pasta Regina.


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.

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.

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 on subject matter knowledge, while also working on constructing and filing Enterprise 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- Temperatures are starting to recede as we will reach a high of 38°C and drop further to a cooler 26°C at night, tells us our favorite weather app.

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FOR YOUR COMMUTE

Egypt’s Music Syndicate cancels Travis Scott concert

Travis Scott’s sold-out concert at the Giza Pyramids canceled?Egypt’s Music Syndicate has reportedly canceled the license for the American rapper’s gig earlier today according to a statement picked up by Al Masry Al Youm. The decision follows several days of chatter on social media channels and nighttime talk shows about allegations of Scott’s concerts being a hotspot for “satanic rituals,” with the syndicate referencing the preservation of Egyptian customs, traditions, and societal values.

Scott’s manager denies cancellation: On the flipside, David Stromberg, Scott’s manager stated that the concert will be held on time and that the news is “fake,” as stated in a screenshot text conversation between Stromberg and elshai.eg. The concert has not yet been removed from the TicketsMarche website. The concert was scheduled to take place next Friday, 28 July at the Giza Pyramids, where the rapper was due to release his new album, Utopia.

This isn’t the first time Scott’s concerts have been shrouded in controversy: 10 people died and thousands more were injured at one of the rapper’s concerts two years ago, as a result of overcrowding and “compressive asphyxiation,” according to the BBC. The rapper came under fire and has faced multiple lawsuits for the Astroworld concert and for failing to stop his performance despite the stampede.


Interest in Threads is already waning: The new Meta app, which was the fastest-growing social media platform merely days ago with over 100 mn subscribers, saw a 20% decrease in the number of daily users, CNBC quotes Sensor Tower Managing Director Anthony Bartolacci as saying. These findings were corroborated by data from another digital data and analytics firm — Similarweb — which reported that within days, the number of daily active Threads users on Android phones worldwide decreased by more than 25%.

Boom and bust? Despite the app’s explosive debut, there is more to sustaining its success than promoting it as “Twitter, but without Elon Musk,” Bartolacci added. While it is unsurprising that the initial buzz wore off somewhat, the social media’s platform performance — and perhaps survival — will need to step up in order to maintain users’ attention and become part of their e-routine. Only then can it really begin to approach its aspiration of competing with Twitter.

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ENTERPRISE RECOMMENDS

Tom Segura’s stand-up is a light-hearted watch

📺 ON THE TUBE TONIGHT-
(all times CLT)

Comedian Tom Segura is back with a new hilarious Netflix show: In his latest stand-up special, Sledgehammer, the comedian, podcast host, author, and actor does not shy away from sharing shocking truths — and he’s got us chuckling with the most relatable content — except when he’s utterly outlandish, of course. From aggravating young children who like to flush car keys down the toilet, to eccentric parents who consume questionable substances and make off-putting deathbed confessions, Segura has a real knack for turning the bizarre into hilarious and we’re here for it as he explored the themes of parenthood, death, and many things in between.

Club friendlies will be on tonight in lieu of the new season of the European local leagues:

  • Valencia v Nottingham Forest (8pm)
  • Glasgow Ranger v Newcastle (9:45pm)

🎤 OUT AND ABOUT-
(all times CLT)

In celebration of the new Islamic year, the Cairo Opera house is arranging a festival featuring singers performing religious songs tonight starting from 8:30pm in the main hall. Tickets are available on TicketsMall for reservations.

Sharmoofers, Shaheen and El Walili x Alexandria: Sharmoofers will share the stage with the rap star Shaheen and the music producer El Waili at Al Ittihad Alex Club, Smoha branch next Thursday, 20 July. Doors will open at 4pm. You can book your tickets through TicketsMall.

Muslim x El Sawy Culturewheel . Egyptian pop performer Muslim will perform at El Sawy Culturewheel on Thursday, 20 July at 8pm. Tickets are available on the website through this link.

Get ready for the New Alamein Festival 2023: Tamer Hosny will take the stage for El Alamein Festival’s first concert at El Alamein Arena on Friday, 21 July at 8pm. You can book your tickets now on Tazkarti.

Dress to the nines for a night of fine music. Hisham Kharma will be having a concert at the Cairo Opera House on Wednesday, 26 July at the Open Air theater starting at 8:30pm. Tickets are available on TicketsMall website.

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

Samer Tarek x El Sawy Culturewheel . Samar Tarek will perform at El-Nahar Hall, El Sawy Culturewheel on Thursday, 27 July at 8pm. Tickets are available on the venue’s website.

Get your shot of the chuckles. Standup comedian Ali Qandil will be performing his set at El Sawy Culturewheel on Friday, 28 July at 8pm. You can book your tickets from the culturewheel’s website.

Tech geeks, get ready for the Route Tech Summit : The summit will be held on Friday, 28 July from 9am until 10pm in the Greek campus, offering a chance to meet tech recruiters, apply for jobs and attend workshops. You can register through this link to receive your invitation for the event.

If Ready for a throwback? Listen to nostalgic songs sung by Ali El Hagar concert on Saturday , 29 July at El Sawy Culturewheel at 8pm. Tickets are available on El Sawy Culturewheel website.

Brace yourselves for Jadal. The Jordanian rock band Jadal will be performing in Cairo and Alexandria next month. Cairo’s concert will be on Tuesday, 8 August at El Sawy Culturewheel at 8pm. The Alexandria concert will be on Thursday, 10 August at Bibliotheca Alexandrina. Tickets are available here and here.

Save these dates if you are a Massar Egbari fan. The band will be hitting three different spots in July and August. First stop will be at Cairo Jazz Club 610, Sheikh Zayed on Wednesday, 26 July. Second stop will be at Bibliotheca Alexandrina on Thursday, 3 August. The third stop will be El Sawy Culturewheel, Sheikh Zayed branch on Saturday, 12 August.

Amr Diab Summer Concert. Amr Diab will be hitting Golf Porto Marina, North Coast on Friday, 11 August at 8:30pm. Tickets are available on Tazkarti.

El Sawy Culturewheel Book Fair 2023 : Get ready for an enriching week starting from Sunday, 13 August until Saturday, August 19 at El Sawy Culturewheel. The fair will include a variety of events such as workshops, panel discussions, cultural competitions and book signing events.

Akher Zapheer live in Cairo: Jordanian band Akher Zapheer will perform at El Sawy Culturewheel on Monday, 21 August at 8pm. Tickets are available on El Sawy Culturewheel ’s website.

Russ x New Alamein Festival 2023 . The American rapper will perform in the New Alamein Festival, North Coast on Friday, 25 August.

💡 UNDER THE LAMPLIGHT-

Isabel Allende’s The Wind Knows My Name : What do two children, one living under the Nazis in 1938 Austria and another escaping a brutal massacre in a small village in El Salvador in 2019, have in common? Perhaps not the same political circumstances, but certainly a similar sense of trauma, displacement, and sorrow. The historical fiction follows primarily the story of two children — Samuel and Anita Díaz — who grow up in more than challenging conditions: Separated from their parents at the hands of oppressive forces that have no consideration for the value of human life, the children both make it to the US as refugees. Although their childhoods are several decades apart, their stories are closer to one another than one might think — especially as they both come to experience human empathy through the vindicating kindness of strangers.

This publication is proudly sponsored by

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GO WITH THE FLOW

What the markets are doing on 18 July, 2023

The EGX30 rose 0.6% at today’s close on turnover of EGP 1.52 bn. Foreign investors were net sellers. The index is up 20.6% YTD.

In the green: Heliopolis Housing (+5.5%), Qalaa (+4.1%) and Ibnsina Pharma (+4.0%).

In the red: Taaleem Management Services (-1.3%), Ezz Steel (-0.8%) and Egyptian Kuawiti Holding (-0.8%).

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Founder of the Week

Meet Hoda El Sherif and Sherif Tamim, co-founders of Flavor Republic

OUR FOUNDERS 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: Hoda El Sherif (LinkedIn) and Sherif Tamim (LinkedIn), co-founders of Flavor Republic.

Our names are Hoda El Sherif and Sherif Tamim, and we’re the co-founders of Flavor Republic. Our career trajectories and the paths that made us meet each other and decide to launch a business together are very similar — we both studied Fine Arts here in Egypt, and upon graduating began taking a somewhat traditional career path before taking the plunge for Flavor Republic.

Hoda: I studied interior design, and started working at El Beit magazine, which was a great window to understand what the interior decorating industry was like. I got to know a lot about art and design and the visual aspect of things — my role as a stylist to make interior design sets look as good as possible for photography, which was how I got into the visual side of things.

Part of my work with the magazine included working with hotels and restaurants and we would call in hotel chefs to come style food, but it just never looked quite right — they didn’t quite get to the same aesthetic as what we were seeing in international magazines such as Conde Naste. I discovered that food styling just wasn’t a dedicated job that existed in Egypt or the region at the time, so I decided to pursue a food styling course at Parson’s University in New York City three years after I had joined El Beit.

Sherif: You can actually almost take Hoda’s origin story and mistake it for mine if you swap out “food stylist” for “photography” and tweak a few other small details. I come from a big family of artists — my grandfather is Abdel Salam El Sherif and my mother and father are both artists — so when I finished high school, it was either I go into Fine Arts in university or I don’t pursue higher education at all. I decided to study architecture, and towards the end of my studies, I spent a summer in Hollywood for a training program, and that started shifting my attention more towards film and photography. I was always interested in lights and lighting and how they affect visuals, even with architecture, but I really wanted to get into film. Everyone I spoke with told me that, to do film, you have to start with photography, so I started taking photography seriously.

As a photographer, my dream was to work for El Beit magazine — at the time, I thought this would be the ultimate career goal. It’s a prestigious publication, but reality has far surpassed what I had been dreaming about. It was at the magazine that I met Hoda, although the idea to start Flavor Republic wasn’t born right away. Like her, I went to the US for another course that was dedicated to photography, and I started taking my photography career seriously.

Hoda: When I came back to Egypt, one thing led to another and, after a grueling few years, I landed my first contract with Savola to work independently on 120 videos. It was very exciting and I remember crunching the numbers, but the late Hazem El Dalaty told me that, with a chance like this, I should forget about the numbers and just follow my heart and passion. That’s how we started Flavor Republic — we had one big project, but we also wanted to keep the team when we were done with it, so we started out with a handful of clients who were on retainer, including Qahwa, Mori Co, and TBS. That was in 2015, and then by 2017 we started getting a lot of regional attention because we were the only content studio that specialized in creating digital content.

Fast forward to today, and Flavor Republic is a holding company with three arms: FR Content, FR Studio, and FR Ventures.

Sherif: A major milestone for us was the launch of Cairo Food Week earlier this year. This started a couple of years ago, I got a call from the World’s 50 Best Restaurants to bring me on board as an ambassador. That was a bit shocking, but it was a turning point when I realized that we had been so immersed in our work and the grind of improving our business and what we’re doing, but it dawned on me that we had really built something big and impressive. All of a sudden, within months I was on the judging panel for the 2022 edition of their ceremony in Abu Dhabi. This experience gave me a new dream — I began discussing the idea with Hoda, and we attended the 2023 edition together, where we met with several restaurants and chefs.

Hoda: Sherif’s version of the Cairo Food Week story is very poetic. Behind the scenes, the 2023 edition of 50 Best was two weeks before Ramadan, which is our peak season for FR Content. Rasha Saleh, our managing director and third partner, is a lot more grounded and business-focused than Sherif and me, and she questioned our reasoning for going to an awards ceremony at such a critical time. We felt that the food industry in our region needed the chance to get the same kind of treatment and spotlight that international food does. Our colonial histories have embedded within us a deeply rooted belief that our traditional cuisines could be considered “fine dining” or otherwise worthy of competing on an international level. And that’s something we really want to change.

Cairo Food Week was us giving back. Flavor Republic was the primary investor, and we didn’t raise any funds. We did have a lot of endorsements, but we’re the ones who covered all the costs of flights and everything else. We really believed in the importance of doing this event to bring regional players to the literal and metaphorical table. We saw an immense amount of energy and interest from so many people who wanted to help us push this forward — Alchemy Studios, Al Ismaelia Real Estate, the Grand Egyptian Museum — they were all so keen to help and give us what we needed to make the event a success.

We’re both creatives and visionaries, but we don’t do numbers, so the business side of things really needed someone dedicated and specialized — and we’re blessed to have Rasha on the team. Artists can be very passionate, which makes the business and finance side of things a little bit difficult, but you also have to be pragmatic. There’s a balance to strike between passion projects and building a sustainable business, which isn’t always easy, because passion is what gives you an edge, but you always have to think about the sustainability so that you can keep pursuing your passions.

Flavor Republic was entirely bootstrapped, but we haven’t ruled out the possibility of bringing in external investors to fund our future growth plans.

We look at a handful of KPIs on a regular basis: Quality, consistency, and growth. We assess growth in terms of growing the business, our people, and the ecosystem. These KPIs balance each other out, because we always want to grow, but we’re also committed to maintaining quality and consistency.

Sherif: The three of us — Hoda, Rasha, and myself — have a common goal and we do our best work when we come together and address challenges or problems together as a team.

From a business perspective, I don’t think I could possibly consider exiting Flavor Republic. It would really take the most extenuating circumstances to get me to leave it behind, and I don’t think I could see myself doing anything different. If we were to discuss it as a team, there are other feasible options on the table of course, but I don’t think any of us would want to fully exit.


JULY

18 July (Tuesday): Islamic New Year.

18 July (Tuesday):Islamic New Year festival, Cairo Opera House, Zamalek, Cairo.

19 July-23 July (Wednesday-Sunday): Egypt Summer Festival, Heliopolis.

20 July (Thursday): Muslim’s musical concert, ElSawy Culturewheel, Zamalek, Cairo.

20 July (Thursday): Sharmoofers, Shaheen and El Waily concert, Al-Ittihad Alex Club, Smouha, Alexandria.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

21 July (Friday): Tamer Hosny Concert, New Alamein Festival 2023, Al Alamein Arena, North Coast.

23 July (Sunday): Revolution Day.

26 July (Wednesday): Massar Egbari concert, Cairo Jazz Club 610, Sheikh Zayed, Cairo.

26 July (Wednesday): Hisham Kharma’s concert, Cairo Opera House, El Zamalek, Cairo.

27 July (Thursday): National holiday in observance of Revolution Day (TBC).

27 July (Thursday): Samar Tarek’s concert, ElSawy Culturewheel, Zamalek, Cairo.

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

28 July (Friday):Ali Qandil’s stand up comedy show, ElSawy Culturewheel, Zamalek, Cairo.

28 July (Friday): Route Tech Summit 2023, Greek Campus, Tahrir, Cairo.

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

29 July (Saturday): Ali El Hagar concert, El Sawy Culturalwheel, El Zamalek, Cairo.

AUGUST

2 August-3 August (Wednesday-Thursday): Fintech Revolution Summit, Cairo Festival City.

3 August (Thursday):Massar Egbari concert, Bibliotheca Alexandrina, Alexandria.

8 August (Tuesday): Jadal Concert, El Sawy Culturalwheel, El Zamalek, Cairo.

10 August (Thursday): Jadal concert, Bibliotheca Alexandrina, Alexandria.

11 August (Friday): Amr Diab Summer Concert, Golf Porto Marina, North Coast.

13 August-19 (Sunday-Saturday): El SawyCulturalwheelbookfair, ElSawy Culturewheel, Zamalek, Cairo.

12 August (Saturday):Massar Egbari concert, El Sawy Culturalwheel, Sheikh Zayed, Cairo.

21 August (Monday): Akher Zafeer concert, El Sawy Culturalwheel, El Zamalek, Cairo.

25 August (Friday): Russ Concert, New Alamein Festival 2023, North Coast.

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): El Gouna Film Festival (GFF).

NOVEMBER

15-24 November (Wednesday-Friday): Cairo International Film Festival (CIFF).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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