Good afternoon, ladies and gentlemen, and happy almost-THURSDAY-equivalent. We appear to be looking at a reasonably brisk news day as we slide towards the upcoming long weekend.
And speaking of the long weekend: We wish you a happy Moulid Nabawy.
THE BIG STORIES TODAY
#1- Is PIF eyeing a minority stake in Palm Hills? Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is reportedly in talks to acquire the Arab African International Bank’s (AAIB) 13% stake in Palm Hills Development, Al Borsa reports, citing sources it says have knowledge of the matter. PIF is looking to finalize an agreement by the end of the year, the sources are quoted as saying. Palm Hills has not yet been formally notified of the transaction,, it said in an EGX disclosure (pdf).
#2- Oil Ministry awards four oil + gas exploration blocks: Eni, BP, QatarEnergy, and Russia’s Zarubezhneft have together been awarded a total of four oil and gas exploration blocks included in the government’s latest bid round, according to an Oil Ministry statement. The ministry awarded two blocks in the Mediterranean to Eni, one block to a consortium of Eni, BP, and QatarEnergy, and one in the Delta to Zarubezhneft.
THE BIG STORY ABROAD
The international business press can’t agree on one big story today, leaving us with a mixed bag. Among the headlines making the rounds:
Taliban controls the world’s best performing currency this quarter (Bloomberg)
Russia has proved resilient to western sanctions, says Oleg Deripaska (Financial Times)
Americans finally start to feel the sting from the Fed’s rate hikes (WSJ)
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
The deputy chair of the Industrial Development Authority, Nahed Abdou, has been appointed acting chairfollowing the appointment of her predecessor, Mohamed Abdel Karim (LinkedIn), to become assistant trade and industry minister for industrial development.
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☀️ TOMORROW’S WEATHER- We can expect the mercury to rise to a high of 37°C in the daytime tomorrow and drop to a cooler 27°C in the evening, according to our favorite weather app.
Hollywood studios are still trying to negotiate through the writers’ strike: In a W for the Writers’ Guild of America (WGA), studios have agreed upon a structure where writers will receive bonuses for popular shows on streaming platforms. As of yesterday, the WGA has reached a tentative agreement on a new contract, but that doesn’t signify the end of the strikes, the New York Times reports. The union must still ratify the agreement with a vote, and SAG-AFTRA members — tens of thousands of actors — are still on the picket line, with no talks between them and the studios scheduled.
REFRESHER- The WGA and SAG-AFTRA strikes have brought production in Hollywood to a grinding halt for the first time in 60 years, sparked by Hollywood studios’ tight-fisted unwillingness to fairly compensate writers and actors for their work. The movie capital of the US has been coming up with new ways to avoid paying royalties, aided by the murky legalese of streaming networks and digital doubles, which comes hot on the heels of many studios using CGI to exploit the likeness of deceased actors without the consent of their estates.
Studios and SAG-AFTRA members are both under pressure to reach an agreement. Warner Bros. Discovery revealed that the strikes would reduce its projected annual earnings by approximately USD 500 mn, and studio stock prices have taken a hit. Analysts estimate that screenland will lose 26% of its annual global ticket sales due to postponed debuts. Union members are also in jeopardy during the production halt, with workers resorting to hardship withdrawals from the Motion Picture Pension Plan to stay afloat. If studios grant SAG-AFTRA their demands, it would only add USD 23 mn to the expenses of each studio per annum — 2% of their yearly revenue.
Artificial intelligence can tell us which genes make us sick: Google DeepMind, a subsidiary of Alphabet, is helping biologists find the variation responsible for causing sickness through scouring the genetic code, The Wall Street Journal reports. The model found that some genetic variants in the structure of proteins could lead to disease. For instance, sickle-cell anemia is caused by an irregular form of hemoglobin, which transports oxygen in the blood. Meanwhile, cystic fibrosis is caused by protein mutations which regulate salt and fluids, these are two of the 71 mn mutations that this AI machine-learning model has cataloged.
The AI model looks at structural mutations in proteins and predicts harm. This process scans for mutations where the structure of a protein differs by one amino acid, which is the most common variance. The model — AlphaMissense — forecasted 32% of the mutations to likely cause disease, and predicted that 57% are unharmful. AlphaFold, a project by AlphaMissense, records 3D structures of over 200 mn proteins, based on amino acids. The rationale behind this is to assess the impact of changes in protein structure, which can help molecular biologists, geneticists, and doctors. This is useful for upgrading diagnosis of rare-disease, and for developing solutions that target genetics.
Ordinary Men: The “Forgotten Holocaust” recalls the dark past of Nazi police squad members. The German documentary is based on the real-life events of how and why thousands of seemingly average men became willing participants in the systematic annihilation of mns of Jewish people. Through interviews, historical documents, and expert analysis, the documentary offers a meticulously researched and unbiased account, raising important questions about culpability, collective guilt, and the implications for humanity. Its hauntingly effective use of archival footage and personal testimonies adds to the film's emotional impact, making it a deeply impactful watch. Though disturbing and unsettling, this documentary is an essential reminder of the darkest corners of history and an urgent call to reflect on the potential of history repeating itself.
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⚽ Round 7 of LaLiga begins today. The round starts off with two matches: Sevilla will meet Almeria at 8pm, while Real Mallorca will host league leaders Barcelona at 10:30pm. The Blaugrana aspires to continue its victories and obtain three points in order to maintain the top spot in the league, which it shares with Girona on goal difference.
Key matches of 32 round of the Carabao Cup (EFL Cup) also start today:
Ipswich Town v Wolverhampton (9:45pm)
Salford City v Burnley (9:45pm)
Manchester United v Crystal Palace (10pm)
The Bianconeri intend to offset their earlier loss: Juventus will meet Lecce at 9:45pm today in the opening of round 6 of the Italian League. The Old Lady team hopes to compensate for the faltering start of the league (10 points from 5 matches), while Lecce, which narrowly escaped relegation last season, wants to confirm its good results this year and secure its place among the advanced positions in the league.
Back in Om El Donia: Mahalla Municipality hosts Smouha at 4pm in the second round, while Modern Future plays Al Dakhiliya at 7pm.
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🎤 OUT AND ABOUT- (all times CLT)
Head over to Diwan’s Zamalek branch for the book signing and discussion of These Impossible Things by Salma El-Wardany tonight at 7pm.
Celebrate Moulid El Naby with the Cairo Opera House tonight on the main stage at 8:30pm. You can book tickets through TicketsMall.
Mohamed El Ganouby’s solo exhibition, Image and Narrative , is open everyday until Thursday, 28 September from 6-10 PM at TAM Gallery’s branch in District 5.
Ramy Ashour is performing at El Sawy CultureWheel this Friday, 29 September from 8-10 pm. Get you tickets here.
Samar Tarek, Muslim and Molotof are all set to perform on Friday, 29 September at the Greek Campus. Tickets are available on Ticketsmall here.
Medhat Saleh will be performing at the Cairo Opera House on Friday, 29 September at 8:30 pm. Get your tickets on Ticketsmall.
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 on Saturday, 30 September.
Omar Khairat is set to perform at Cairo Opera House on Tuesday-Wednesday, 3-4 October from 8:30-11:30 pm.
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.
The Cairo Opera Ballet Company is bringing Cinderella to Cairo Opera House’ s stage on October 12, 13, 15, and 16 from 8:30 pm. Tickets are available on Ticketsmall.
Egyptian singers Ruby and Ahmed Saad are performing together at Misr University on Wednesday, 18 October at 8pm. Get your tickets at Ticketsmarche.
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.
Jim Gaffigan’s Barely Alive Tour will hit the Marquee stage at Cairo Festival City on Thursday, 16 November. Get your tickets with Ticketsmarche.
Canadian pop star Charlotte Cardin will be performing at CJC 610 on Saturday, 20 January at 9 pm. Get your tickets here.
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💡 UNDER THE LAMPLIGHT-
Anansi’s Gold : Forget the Tinder Swindler, Anna Delvey, and Billy McFarland. Despite the fact that these famous con artists all got their own TV shows, they’re all amateurs when compared with John Ackah Blay-Miezah. The man conned high-level officials and executives for years while he enjoyed an extravagant lifestyle. By using a set of dishonorable interpersonal skills and the uncertain political climate that pervaded post-independence Ghana. Specifically, he claimed to have access to the country’s fabled vaults which were filled with gold, and mns in USD — but in order to retrieve the goods, he needed investors’ support. Shockingly, his ruse worked wonders with money-grubbing businesspeople who thought the opportunity was too good to pass up. This book recounts a fascinating cautionary tale pointing to the fact that when things seem too good to be true, they generally tend to be so. A lesson that scores of people learned the hard way from Blay-Miezah’s, or the modern-day Anansi: The god of trickery in Ghanaian mythology.
The EGX30 rose 0.2% at today’s close on turnover of EGP 3.0 bn (39.8% above the 90-day average). Local investors were net sellers. The index is up 39.4% YTD.
In the green: Mopco (+6.4%), Abu Dhabi Islamic Bank (+3.4%), and Orascom Construction (+3.1%).
In the red: Palm Hills Development (-3.2%), Heliopolis Housing (-2.9%) and Qalaa Holdings, (-2.7%).
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 Nagwa Khedr, cofounder of Etwasel.
My name is Nagwa Khedr and I’m one of three founders of Etwasel, a center for children with developmental delays or special needs — and I’m a mom of two. I’ve been working as an early intervention specialist since 2010. I studied art and psychology at the American University in Cairo with a degree in art and psychology, and originally wanted to become an art therapist until I traveled to Ethiopia with an NGO after graduating. There, I worked with underprivileged kids in youth centers and orphanages — and that’s when I discovered that my passion lies in working with and helping kids to communicate better. In 2014, I started learning about the DIRfloortime (developmental, individual differences, relationship-based) approach. Fast forward to 2017, I began working with the International Council on Development and Learning (ICDL) and became the only trainer in the MENA region. and in 2019 I moved to London, where I continued teaching courses and helping families remotely from the UK.
I eventually came back to Egypt in 2021 and realized I didn’t want to join another center, where I would be forced to work under their umbrella and philosophy. I wanted to independently implement my own philosophy and share it with the world, so I cofounded Etwasel with Rania (LinkedIn) and Layan (LinkedIn), two other therapists.
The existing culture surrounding children with special needs is that people try to modify behaviors. Parents want to get a diagnosis and label, then work on the symptoms to modify or stop behaviors to appropriately fit the society or culture we live in. What I wanted to introduce is a model that is based on understanding behaviors and why the child is behaving this way. I want people to know that we’re dealing with individual differences and foster stronger relationships with these kids. We’re working to integrate them better in society and give them a voice and reasoning skills to become logical thinkers, not followers.
I don’t feel like I really gave up anything significant career-wise in my decision to start Etwasel. I don’t have a corporate background, so I didn’t have a massive shift in culture. As a therapist, I used to receive my paychecks on a session-by-session basis, which means I didn’t have the same concerns about a “steady” income in the same way as many other people who work at established companies.
I did give up on more family time because I have to be involved in every single detail so it takes a lot of my time — including when I'm home, but even in that I don’t see it as giving something up or as a burden.
At the beginning of my career, my family didn’t really get it — but that was 10-14 years ago. I think that now, with the business, I’m growing and learning how to express my philosophy more, and that really goes a long way. I’m better able to communicate what I'm doing and why I'm doing it, which changes the perspective a lot. My family is very supportive now and proud that I'm taking the steps I’m taking.
The best part of my job is actually helping others in the way that I see they need and believe in. They’re all different, so sharing this thought or philosophy and helping parents reach the same conclusion is amazing to see. You don’t need to change your child, you need to understand and meet them halfway. Seeing people receive and understand the message is the best and is so fulfilling.
The worst part of my job is that what we’re doing is relatively new — we’re trying to change the way people do therapy in Egypt. Usually, anything new is seen as strange or wrong. There’s also the fact that I have a much bigger responsibility now than I did when I first started working. When I was a therapist, I would just do my sessions but now I’m responsible for maintenance, toys, equipment, assessments — you name it. That also comes with a financial burden.
My biggest piece of advice to anyone thinking of starting a new business is: It’s risky, but if you're passionate about it, just do it.
The KPIs we consistently look at in our business are new referrals, new clients, and client retention. If someone leaves, we look at the people who stay and assess whether they outweigh those who leave.
I turn to my husband a lot when I need help fixing a problem. I know it’s cliche, but I never studied business or had any business experience — I learned things like what KPIs are on the go [laughs]. My husband has the ability to look at the bigger picture and also help me address the smaller issues. He supports me by pushing me — out of my comfort zone, out of my anxiety, out of my head.
Etwasel has been entirely self-financed. The three of us decided to go all out and take a gamble, and we were like, “Let’s try this.” We haven’t had any outside investors because, with this field especially, it’s often the case that they’ll want to change things for business purposes.
I would love to eventually expand Etwasel and set up new branches, but most of all I would love to have outreach programs in schools and nurseries. I want to create a transdisciplinary team and an integration within schools. We don’t really have plans to expand outside of Egypt for now.
A book I always go back to is Beyond Behaviors because it really describes that what we see in people’s behaviors are just the tip of the iceberg and we need to dig deeper. That philosophy really matches what I do and what Etwasel is all about.