Get EnterpriseAM daily

Available in your choice of English or Arabic

VR surgeons

1

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: Storm Daniel is coming our way

Good afternoon, ladies and gentlemen. It’s a relatively quiet day in Omm El Donia as far as business and economic news go, but that doesn’t mean it’s calm everywhere…

THE BIG STORY TODAY / PSA

Storm Daniel looks like it’s about to hit home, after passing through Libya, where it killed at least 25 people, according to Reuters. Although the Egyptian Meteorological Authority expects most of the storm’s ferocity to have abated by the time that it hits our shores, we can expect dust storms mostly in Salloum, Marsa Matrouh, Alexandria, Alamein and Siwa.


ONE WEEK TO GO- There are just seven days until the Enterprise Finance Forum, which takes place 18-19 September (Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech — and of their clients.

What to expect: Join Amr Allam (co-CEO, Hassan Allam Holding), Pakinam Kafafi (CEO, Taqa Arabia), Sherif El Kholy (partner and head of MENA, Actis), Tarek Abdel Rahman (managing partner, Compass Capital), Tarek Assaad (managing partner, Algebra Ventures), Ahmed Sobhy (chief investment officer, Banque Misr), and many others for talks on everything from how PE and VC players are tackling fundraising in a challenging climate to what major corporate customers of banking and finance need to see from their institutions.

Tap or click here to view the FULL AGENDA with SPEAKERS.

There will be plenty of parking available at the venue for all those attending.

We are honored to count some of the region’s most important financial institutions as our partners for this special event. The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, CI Capital, Global Corp, Visa, Hassan Allam Utilities, the IFC, and Post for Investment.

THE BIG STORY ABROAD

Morocco’s devastating earthquake continues to get top billing across the international press this afternoon, as foreign aid has started to pour into the nation: Spain, Qatar, the UK, and the UAE have sent in support, while other groups are waiting for permission to send in their resources (ReutersFinancial Times). Meanwhile, Bloomberg takes an analytical view on the economic impact the quake will have on the country, including the tourism economy — with the majority of the damage in UNESCO-listed city Marrakech — suggesting that the losses will amount to 2% of the country’s GDP.

ALSO- The EU’s growth outlook is getting some ink, as the European Commission revised down its forecast for the bloc’s GDP growth to 0.8%, from the 1.0% predicted in May due to sticky inflation and as Germany’s economy contracted 0.4% on lower consumer spending and manufacturing output. (Financial Times | CNBC)


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

☀️ TOMORROW’S WEATHER- Is it fall yet? The temperature stoops to 34°C in the daytime and drops to a cooler 24°C in the night time, tells us our favorite weather app.

2

FOR YOUR COMMUTE

Roblox could empty parents’ pockets with new goodies + Surgeons are being taught with more VR. Plus: Instacart slashes IPO price as it tests market waters

Warning all parents: Roblox has added 3D virtual goods to their store. In an effort to boost revenue after a 72% drop in stock last year, Roblox, a popular gaming platform for kids, is giving subscribers to its upper-tier premium plans to create and sell 3D goods. Previously, premium users could only create and sell 2D goods like custom virtual clothing, and could only do so after applying to the company’s user-generated content (UGC) program and being approved. The process will be carried over to the creation and selling of 3D assets as well.

Show me the money: The company, which went public in 2021 with a market cap of USD 38 bn, primarily generates revenue from the sales of Robux, the in-game currency. Customers can use Robux to buy virtual items within the games, the revenues of which are shared with the game developer. After last year’s stock plunge, which left the company valued at USD 18 bn, they started offering online ads on the platform. Allowing 3D UGC could see a rise in paid subscribers willing to spend money (both real and virtual) for the feature. Users looking to contribute to UGC must provide photo identification.

The future of Roblox may rely on a suite of communication services. Roblox Connect will let users make phone calls to other users on the platform, opening up a whole new category of concerns regarding user safety, as more that 50% of users are under 13 and 25% are over 18. Popular Roblox streamers will be able to offer subscription-based services, giving content creators a way to generate recurring revenue from fans. The company is also working on a digital assistant to help users create content using conversational dialogue with the AI tool instead of needing to use code. Roblox is slated to be launched on the PlayStation store in October, and will be available to Meta Quest VR headset users this month.


Virtual reality (VR) is being incorporated into medical curricula to train surgeons in the US, with some teaching hospitals even making the technology mandatory, CNBC reports. Medical professionals have used VR to simulate procedures such as anterior hip replacement and shoulder replacement, among other operations. And while VR does not replace real-life medical experience, softwares such as PrecisionOS have been described as “very realistic” and “sophisticated,” helping medical residents expedite their training and hone their skills without causing any risk to patients.

VR has health applications for patients, too. Headsets — although still a little “clunky” — have other functions beyond the worlds of entertainment and education. The US Department of Veteran Affairs (VA), for instance, has been using VR in several facilities to assist with pain management and rehabilitation. Short sessions have successfully helped some patients go from “excruciating pain […] to actually get up and move and get ready to go home,” the immersive program manager at the VA was quoted as saying.

But cost remains an issue: Aside from physical headsets like Meta’s Quest 2 or Apple’s anticipated Vision Pro, the price of softwares is quite hefty, particularly as the latter require constant updating to provide best practices and ensure quality care. Companies like Meta are also bearing the financial brunt of the technology: Since early 2022, the former Facebook’s Reality Labs unit has lost upwards of USD 21 bn.


First Arm. Now Instacart tests the waters of the US IPO market — at a cut price: Instacart is expected to have its valuation slashed as it kicks off its IPO this week. The US grocery delivery company is looking for a valuation of USD 8.6 bn to USD 9.3 bn, as little as a quarter of the USD 39 bn price tag it fetched in a fundraising round in 2021, according to the Wall Street Journal. The San Francisco-headquartered company will begin marketing to institutional investors this week and is being seen as a litmus test for listings of other VC-backed tech startups, which have shied away from public offerings over the past two years due to challenging market conditions. The Financial Times also has coverage.

3

ENTERPRISE RECOMMENDS

When do childcare services take it too far?

📺 ON THE TUBE TONIGHT-
(all times CLT)

Takecare of Maya : A chilling documentary starring every parent’s nightmare. Jack and Beata Kowalski longed for a child. After a few challenges, fate eventually obliged and they had Maya and later on Kyle. Life was good for the US-based couple until Maya started exhibiting odd symptoms: Constant pain and burning sensations on her skin with no visible physical signs of harm. After consulting many doctors, Maya was diagnosed with Complex Regional Pain Syndrome (CPRS), a rare condition that requires controversial treatment, to which her desperate parents agreed. After the initial success of her treatment, Maya relapsed in 2016 and was admitted to John Hopkins All Children’s Hospital. When Jack and Beata demanded the treatment, they were accused by hospital staff of child abuse and of exposing their daughter to serious harm. Beata, in particular, by virtue of being a nurse and being more relentless in the pursuit of her daughter’s treatment, became the target of the state who took custody of the 10-year-old child as she lay helpless in the hospital. The events that ensued proved devastating for the family as a whole and revealed an ongoing crisis in the United States’ Child Protective Services system.

🎾 Serbia’s Novak Djokovic took home the US Open title overnight after defeating Russia’s Daniil Medvedev in a three-set match (6-3, 7-6, 6-3). The victory brought Djokovic to 24 Grand Slam titles, breaking the record he had previously set for the most Grand Slam titles held by a male player in history. Djokovic has secured three of four major titles this year, taking home the Australian Open, the French Open, and the US Open cups, while losing in the final match at Wimbledon against Spain’s Carlos Alcaraz Garfia. The victories have pushed up Djokovic’s ranking to become world no.1, taking over the spot from Garfia.

🏀 Germany is the Basketball World Cup champion: The German national team took the world cup home, for the first time in its history, after defeating Serbia with a score of 83-77, getting a perfect score by winning all the matches it played during its journey in the tournament. German Dennis Schroeder won the World Cup best player award, while Slovenian Luka Doncic won the top scorer title.

Silence still prevails on football fields at the end of the second week of the first international break in the 2023/24 season.

…but two UEFA champions will break the monotony: Today’s competitions in the sixth round of the qualifiers will be between Croatia and Armenia at 7 pm, and the second between Portugal and Luxembourg at 9:45pm.

🍜 EAT THIS TONIGHT-

Got a special occasion coming up? Mix things up and head out to Dusit Thani LakeView Hotel’s Tao restaurant. Our favorite thing about the place — aside from the stylish yet unpretentious interiors — is the variety the place has to offer. With four chefs working their magic in the kitchen, there’s something on the menu to suit every taste. Whether you’re more into Chinese, Japanese, Indian or Thai, there will be a variety of dishes that represent the delicious flavors of every cuisine and culture. We opted for traditional choices like Chinese duck, sushi, and noodles. Their teppanyaki station was enjoyable as the chefs cooked the food with flair, using dramatic fires and knife skills as they prepare a meal. On a side note, we advise you to study the menu before you book because their extensive menu can lend to very frustrated and hungry patrons.

🎤 OUT AND ABOUT-
(all times CLT)

Improv classes with actor Ahmed Radwan in MQR will continue today at 6:30pm. The classes, which run twice a week,will introduce you to improvisation and help you enhance your communication and interpersonal skills. Check out the event’s Facebook page to reserve your spot.

2023’s Medfest Cinematic Film Forum , Stigma, is happening at AUC’s Tahrir Cultural Centerfrom Thursday-Sunday, 14-17 September. Get your tickets from Ticketsmarche.

Tamino is coming back to Egypt to perform on Friday-Saturday, 22-23 September at 8pm at AUC’s Tahrir campus. Tickets for Friday’s concert are sold out, but are available for Saturday’s concert on Ticketsmarche.

Samar Tarek, Muslim and Molotof are all set to perform on Friday, 29 September at the Greek Campus. Tickets are available on Ticketsmall here.

Italian opera Teatro Di San Carlo is coming to Egypt for the first time with a showat the Pyramids of Giza on Wednesday, 11 October. You can book your tickets from Ticketsmarche here.

DJs Kygo , Tiësto, Kungs and Frank Walker are performing on Saturday, 28 October at the Giza Pyramids. The concert will be part of the next edition of the four-day Palm Tree Music Festival (PTMF) which will be held from Thursday, 26 October until Sunday, 29 October.

Get your running shoes ready for the 2023 edition of the El Gouna Half Marathon, which is scheduled to take place on Saturday, 11 November. You can sign up for the marathon from here — and catch the lowest registration price with the early bird special which starts today and ends Saturday, 30 September.

Jim Gaffigan’s Barely Alive Tour will be The Marquee stage at Cairo Festival City on Thursday, 16 November. Get your tickets with Ticketsmarche.

💡 UNDER THE LAMPLIGHT-

Shoe Dog: A Memoirby the Creator of Nike is — as the title suggests — penned by Nike founder Phil Knight, who offers a first-hand account of his humble origins and revolutionary rise of his global sportswear brand. Knight took time to share his story, honestly and openly, after many years of keeping away from the spotlight. The memoir traces the history of the brand since its conception as Blue Ribbon Sports, highlighting the challenges, triumphs, and failures he faced. Knight started with a modest USD 50 from his father to start establishing his company after he graduated with a business degree in the 1960s. His initial idea revolved around getting humble athletic shoes from Japan and reselling them from his car trunk. In his first year he reaped USD 8k as gross profit, a far cry from Nike’s current USD 5.1 bn bottom line. Through grit and perseverance, Knight was able to turn his unconventional idea into a thriving enterprise.

The key to the brand’s success? Starting with a devoted group of partners and employees which formed a tight-knit team that eventually created a brand that would later become ubiquitous worldwide. Note: There’s another version of the book for young readers if you want an inspiring story to discuss with them.

4

GO WITH THE FLOW

What the markets are doing on 11 September, 2023

The EGX30 fell 1.5% at today’s close on turnover of EGP 3.2 bn (51.1% above the 90-day average). Foreign investors were net sellers. The index is up 32.1% YTD.

In the green: TMG Holding (+1.5%), Heliopolis Housing (+1.1%) and Abu Qir Fertilizers (+0.1%).

In the red: َQalaa Holdings (-4.0%), E-finance (-3.6%) and Elsewedy Electric (-3.0%).

This publication is proudly sponsored by


SEPTEMBER

14-17 September (Thursday-Sunday): Medfest Cinematic Film Forum at AUC Tahrir Cultural Center.

15 September (Friday): Wust El Balad concert, City Center Almaza’s summer hub, Cairo.

21-23 September (Thursday-Saturday): L’Etape Egypt by Tour de France, Sharm El Sheikh.

22-23 September (Friday-Saturday): Tamino Sahar Tour concert in AUC Tahrir Cultural Center.

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

29 September (Friday): Samar Tarek, Muslim and Molotof LitOne concert, Greek Campus, Tahrir, Cairo.

OCTOBER

6 October (Friday): Armed Forces Day.

11 October (Wednesday): Teatro Di San Carlo performance, the Pyramids of Giza, Giza.

13-20 October (Friday-Friday): El Gouna Film Festival (GFF).

28 October (Saturday): DJs Kygo, Tiësto, Kung and Frank Walker concert, Giza Pyramids.

NOVEMBER

11 November (Saturday): El Gouna Half Marathon 2023, El Gouna.

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

16 November (Thursday): Jim Gaffigan’s Barely Alive Tour at The Marquee, Cairo Festival City.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Now Playing
Now Playing
00:00
00:00