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Thursday, 18 May 2023

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
City Life
The Enterprise Entertainment Calendar

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Today at a glance

1

The Big Story Today

 All eyes are on the Central Bank of Egypt for its MPC meeting later today.
2

FOR YOUR COMMUTE

 Is Japan taking over China’s position as the semiconductor hegemon?
3

CITY LIFE

 Where are — and what characterizes — the world’s smartest cities?
4

ON THE TUBE TONIGHT

 The Whale: A morbidly obese reclusive writing instructor who also has a deep fondness for Moby Dick.
5

Sports

 Sevilla, Juventus, Leverkusen, and Roma all racing to Europa League final.
6

OUT AND ABOUT

 The Sound and Light Show is back at the Giza Pyramids.
7

Ears to the Ground

 The Best One Yet: A capsule of business news roundups.
8

FOR YOUR COMMUTE

 BNPL is now critical to keep up with inflation.

Thursday, 18 May 2023

What We’re Tracking Tonight
For Your Commute
Enterprise Recommends
Go With The Flow
City Life
The Enterprise Entertainment Calendar
1

WHAT WE’RE TRACKING TONIGHT

THIS EVENING: It’s interest rate day + El Sisi heads to KSA

Good afternoon, wonderful people, and a very happy THURSDAY to us all. We’re winding down what has been a busy and exciting week, and the news cycle appears to be (kind of) on the same page.

THE BIG STORY TODAY

It’s interest rate day: The Central Bank of Egypt (CBE) is expected to maintain interest rates during today’s MPC meeting on the back of a minor decrease in April’s inflation figures, according to our interest rate poll. Seven of 10 people we’ve spoken with think the central bank will keep rates where they are through to next month while three forecast the MPC to raise rates.

HAPPENING NOW-

El Sisi in Saudi: President Abdel Fattah El Sisi landed in Jeddah this afternoon to participate in the Arab Summit tomorrow, according to an Ittihadiya statement. El Sisi will emphasize Egypt’s willingness to strengthen and develop relations between Arab countries and promote joint action mechanisms, the statement said. Also attending the meeting will be Syrian President Bashar Asaad, who arrived in Saudi Arabia today for the first time since 2011, Ahram Online reported. His attendance follows Syria’s return to the Arab foldafter a 12-year suspension after the Arab League voted the country back into the organization.

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

  • Madbouly unveils reform package to boost investment: Prime Minister Moustafa Madbouly held a press conference yesterday to elaborate on each of the 22 decisions taken by the Supreme Investment Council during its first meeting on Tuesday.
  • Develop quality local products and build strong relationships abroad to kickstart your export business: That was among the key advice heads of major local exporters had to share at our panel at the Enterprise Exports and FDI Forum on Monday, featuring Mark Wyllie, CEO of Beyti, Karim Aboughali, chairman and CEO of Pasta Regina, and Hossam El Sallab, CEO and vice-chairman of Royal Ceramica.
  • The plan to sell the Siemens power plants is more complicated than we thought: Egypt has requested permission from German banks to sell shares in the three 4.8 GW Siemens-built power stations to investors.

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NEVER WORKED IN INVESTOR RELATIONS OR ADVISORY BEFORE? We have the Enterprise Advisory Development Program. The four-month program will see full-time, paid participants take part in workshops and lectures from veteran investor relations and advisory professionals, while also applying their knowledge in a practical setting. Those who successfully complete the program will be offered full-time positions on staff for a chance to work in a flexible and supportive — but still fast-paced — work environment that eschews micromanagement and rewards good work. Enterprise Advisory offers the chance to build a network of high-ranking individuals across some of the largest and most influential companies in the region through direct exposure to clients.

During the program, you’ll learn:

  • Finance for non-finance people;
  • How to analyze businesses, their business models, their strategic advantages, and their strategies;
  • How to take that information and then tell an audience of investors, journalists, and analysts a compelling and well-developed story;
  • How to frame individual companies’ stories within the wider macroeconomic environment.

Career switchers are very welcome.

Apply directly to jobs@enterprisemea.com and mention “advisory development program” in your subject line.

☀️ TOMORROW’S WEATHER- We’re in for a pleasantly warm, sunny weekend, if our favorite weather app is anything to go by. Expect daytime highs of 30 and 32°C, with nighttime lows of 16 and 19°C.

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2

FOR YOUR COMMUTE

Is Japan taking over China’s position as the semiconductor hegemon? Plus: BNPL is now critical to keep up with inflation

Japan at the center of the semiconductor world? The re-emergence of Japan as a semiconductor powerhouse is driven by Western allies looking to reshape the global chip supply chain away from China, reports the Financial Times. Seven major semiconductor producers — including Taiwan Semiconductor Manufacturing and Intel — announced plans to pour investments in Japan for semiconductor research, development, and manufacturing. The announcement comes after long standing tensions between South Korea and Japan have begun to thaw in relations. The topic was the center of discussions at an unprecedented meeting in Tokyo involving Japanese prime minister Fumio Kishida, the heads of chipmakers including Taiwan Semiconductor Manufacturing, South Korea’s Samsung Electronics and Intel and Micron of the US.

Looking for security amid supply chain instability: The gathering further solidifies the industrial blocs that are emerging on the back of soured US-China relations, which are producing signs of decoupling in global supply chains. “Investing in secure supply chains and a strategic partnership for your economic and national security is the key cornerstone of confronting economic coercion,” Rahm Emanuel, the US ambassador to Japan, told the Financial Times.

It started out as a pandemic trend, but BNPL is now a core ingredient in how consumers keep up with inflation:The surge of buy-now-pay-later (BNPL) options, brought on by the pandemic (where most of us stayed at home, relied on online shopping and saved a bit of money) has become a source of financial relief for many in the US looking to bridge the gap between paycheck to paycheck, Bloombergreports. Initially used as a facility to pay for once-in-a-bluemoon purchases such as flights, electronics, and furniture, consumers today use them to pay for their weekly groceries. Losing their jobs to the pandemic, navigating soaring inflation, or being instantly gratified by buying what they want, consumers find that BNPL options are a lot more sympathetic than credit cards, with the latter potentially leading to a damaged credit score due to late payments.

Too many BNPL options = loan stacking. Many scheduled repayments and the variety of BNPL options are the caveats that most Americans highlight for BNPL facilities. Since BNPL apps are not covered by any consumer protection laws (unlike credit cards) individuals who are not financially viable to pay back their purchases without spending their entire incomes are not prevented from taking on more BNPL facilities. In fact, some consumers report paying back their BNPL loans using their credit cards — a vicious cycle that stacks up crippling interest payments.

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3

ENTERPRISE RECOMMENDS

The Whale: A morbidly obese reclusive writing instructor who also has a deep fondness for Moby Dick

📺 ON THE TUBE TONIGHT-
(all times CLT)

The Whaleby Darren Aronofsky has finally come to our living room screens thanks toOSN+. The double Academy awardwinner (Best Actor to Brendan Fraser and make-up and hairstyling to Adrien Morot, Judy Chin and Annmarie Bradley) extends the story of Charlie, a reclusive writing instructor, who teaches remotely (but always keeps his camera off) and has a fond love for Moby Dick by Herman Melville. Charlie’s only real-life contact with other humans is through the delivery man who brings him his pizza and his friend, Liz, a nurse who selflessly saves him from heart attacks and warns him that he is on the highway to death. The film doesn’t sugarcoat the life of the morbidly obese Charlie but slowly reveals the painful reasons behind his sorry state. When he is warned that his life is close to its end he decides to reconnect with his estranged daughter whom he left when he chose to pursue an extramarital affair. Despite her vituperative behavior and vile comments she returns to see him again and again, and Charlie tries, repeatedly, to ask for her forgiveness.

Look for how the overarching metaphor of the whale steals the show at the start and conclusion of the film and the question of whether absolution from one’s mistakes is possible. Overall, Fraser and the cast give a moving performance, and even though the entire film is shot within Charlie’s small, dreary apartment — and mainly from his living room — it makes the journey a lot more poignant and Aronofsky’s characters worthy of sympathy.

⚽ Tonight is the second leg of the Europa League semi-finals, with nothing set in stone yet: Sevilla will host Juventus at 10pm, after the first leg of the semi-finals ended with each team scoring one goal. Leverkusen will face off against Roma at the same time, with Roma holding the advantage of beating Leverkusen in the first leg 1-0.

The Premier League has just one match tonight, with Newcastle and Brighton hitting the field at 9:30pm.

On the local front, we also have one match between Zamalek and Aswan at 8pm.

Over in the CAF Champions League, Al Ahly plays against ES Tunis in Cairo tomorrow at 10pm in the semi-final round. The first leg ended with Al Ahly securing a strong 3-0 victory, which puts it on solid ground to advance to the final match.

The Premier League’s penultimate gameweek kicks off on Saturday, with Liverpool (65 points) and Manchester United (66 points) continuing to fight for qualification to the Champions League. The Reds will host Aston Villa at 5pm, while Manchester United will be hosted by Bournemouth at 4pm.

Other Premier League matches on Saturday:

  • Tottenham v Brentford (2:30pm)
  • Wolverhampton v Everton (5pm)
  • Fulham v Crystal Palace (5pm)
  • Nottingham Forest v Arsenal (7:30pm)

In the rest of the major European leagues:

  • Barcelona v Real Sociedad (La Liga — 10pm)
  • Bayern Munich v Leipzig (Bundesliga — 7:30pm)
  • Milan v Sampdoria (Serie A — 9:45pm)

🎤 OUT AND ABOUT-
(all times CLT)

The iconic Pyramids Sound and Light Show is back: The show will open at the Giza Pyramids tonight, with shows running until Saturday, 20 May and again from Wednesday, 24 May to Saturday, 27 May. The show will be narrated in English starting at 8:30pm and in Spanish from 9:30pm. You can purchase your tickets here.

Carl Cox, the “King of Ibiza” is performing live at the pyramids of Giza for the first time.He will be playing his tunes alongside Philipp Straub & Gawdat this Friday, 19 May from 3pm until midnight. You can find tickets here.

Cairo Cinema Days kicked off at Zawya Cinema in downtown Cairo yesterday. The festival showcases the latest films from the Arab region, with this year’s edition including 16 documentaries and feature films from Egypt, Tunisia, Sudan, Morocco, Iraq, Palestine, Algeria, and Lebanon. The festival runs through 10 June — you can check out the screening schedule and find more details here.

Movie night on the banks of the Nile:Ahimsa — located on Dahab Island in Cairo — is hosting a special movie night under the stars with a screening of rom-com The Proposal tonight at 8pm. More details are available here.

Disco Misr at Sakia: Pop and disco musical group Disco Misr is putting on two shows at Sakia Culturewheel next Wednesday and Thursday, 24-25 May. Tickets are available for the first show here, and the second here.

The annual Flower Exhibition — which is typically held at the Orman Gardens — opened to the public at the Agricultural Museum in Dokki over the weekend. The exhibition will run for one month.

Dive into Egypt’s infinitely rich contemporary art world: The “Traces of Egypt” Exhibition began in late March and will continue until Thursday, 15 June, at the Grand Egyptian Museum. The exhibit is organized by Egyptian-German artist Susan Hefuna and celebrates the country’s Khayamiya tradition through 28 dresses celebrating local artisans and their craftsmanship.

Expressionist depiction of Egypt’s rural communities: Artist Omar Abdel Zaher’s latest art exhibition, Roots, is still running through Wednesday, 24 May. The exhibition is “a sincere, impassioned exploration and meditation on the modest and down-to-earth sanctities of Egypt’s rural communities.”

Start training for your next half marathon: The TriFactory is hosting another edition of itsMadinaty Half Marathon on Friday, 9 June at Madinaty. You can sign up for the event through the TriFactory website.

👂 EARS TO THE GROUND-

Your pop-biz news in 20 minutes: The Best One Yet (TBOY) is a podcast that delivers the top three pieces of business news in a bite-sized format. Hosted by ex-financiers and best friends Nick Martell and Jack Crivici-Kramer, the content is well thought out, informative, and enjoyable. You can listen to TBOY on Spotify and Apple Podcast.

💡 UNDER THE LAMPLIGHT-

Ready for a heart-wrencher? Read the classic Beloved by Toni Morrison. Inspired by the life of Margaret Garner, a former slave whose tragic efforts to prevent her family from being captured eventually made headlines in 1856 and reached Morrison when she began to write this novel in the 1980s. This tale of historical fiction takes place in Cincinnati after the American Civil War, where a family of former slaves find that their home is being haunted by a malevolent spirit. As the events of the novel unfold, we watch as the spirit begins to influence Denver, the protagonist’s introverted daughter. Sethe, our heroine, is trying to discover a way to remove the spirit from their home until she finds that the being has transformed itself into a young girl, a child slightly older than Sethe’s Denver and looks very familiar. As the child assumes her place in the house and demands to be loved and cared for, Sethe slowly starts to realize who she is — or was. As the pages turn, the reader begins to see flashbacks of the past that Sethe and her family have tried to forget — a daughter that had a tragic end when her mother made the hardest choice: For her daughter to live as a slave, or to die and get her freedom. The novel provides an example of slave-fugitive narratives and serves as a reminder of the sacrifices that have often pushed people under occupation to escape their lives of entrapment.

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4

GO WITH THE FLOW

What the markets are doing on 18 May, 2023

The EGX30 fell 0.6% at today’s close on turnover of EGP 1.8 bn. Local investors were net sellers. The index is up 14.7% YTD.

In the green: Ibnsina Pharma (+5.3%), Eastern Company (+3.3%) and Egypt Kuwait Holding - EGP (+3.1%).

In the red: CIB (-2.7%), Elsewedy Electric (-2.0%) and Mopco (-1.6%).

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5

CITY LIFE

Where are — and what characterizes — the world’s smartest cities?

Zurich, Oslo, and Canberra lead the way as the world’s smartest cities, according to the2023 Smart City Index Report (pdf) released in April by the International Institute for Management Development’s (IMD) and the World Smart Sustainable Cities Organization

(WeGO). Zurich has held the top spot in the index every year since the report’s inception in 2019. The Swiss economic capital is followed by Oslo, Norway’s capital, which has also maintained its status from 2021 through 2023. New to the top three, however, is Canberra — the capital of Australia as it enters the ranking for the first time — dethroning London from its previous spot at the helm of the world’s smartest cities.

Beyond the top 3: Other contenders on the top 20 list include Singapore at number 7 (up from number 10 in 2019), Abu Dhabi at number 13 (down one spot from 2021), and Dubai at number 17 (dropping three spots from 2021). Megacities like New York and Cairo are coming in at 21 and 108, respectively, showing that “size is often a handicap rather than an advantage in this regard,” the report notes.

Some regions are smarter than others:While Europe dominates the top 20, along with — to a lesser degree — countries from the Asia Pacific, cities in Africa and the US are essentially absent from any leading spots. However, the data collected suggests that of the 141 cities featured in the report — which are grouped into four categories — those falling within the second group are faring the best in terms of upwards mobility and steady improvements. These include important metropolises like Munich, Montreal, and Mecca.

But what are smart cities? Essentially, a smart city is one that is people-focused. This explains why the latter are also often interchangeably dubbed “citizen-centric cities” and why the index has developed a new methodology to capture that. The report noted that the way smart cities are defined is changing and is therefore reflected in a new methodology introduced by the index in 2023. This change includes the consideration that making cities more inclusive and open to diversity is an indicator of greater wellbeing among residents.

New research approaches: After a year-long hiatus, the document is back with WeGO as a new research partner, includes 20% more cities, and brandishes a new methodology. In 2023, the index collected surveys taken by 120 respondents for each of the 141 cities where the former reflect on how their cities fare in terms of the technologies and structures that underpin 5 key areas that impact quality of life: Health and safety, mobility, cultural activities and green spaces, work and educational opportunities, and governance. Other considerations include determining “priority areas” from a list of 15 indicators such as unemployment, corruption, air pollution, and security. The index has also shifted to include city-level data from the Human Development Index (HDI) of the Global Data Lab in place of country-level data for a more accurate depiction of what life is like beyond the macro national scale.

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THE ENTERPRISE ENTERTAINMENT CALENDAR

MAY

6-20 May (Saturday-Saturday): Cairo Film Society Festival for Egyptian Cinema at the Artistic Creativity Center at the Cairo Opera House.

13 May-13 June (Saturday-Tuesday): Annual Flower Exhibition from 10am at the Agricultural Museum.

17 May-10 June (Wednesday-Saturday): Cairo Cinema Days at Zawya Cinema, Downtown Cairo.

18-20 May (Thursday-Saturday): Pyramids Sound and Light Show.

19 May (Friday): Carl Cox, Philipp Straub, and Gawdat live at the Pyramids.

24 May (Wednesday): Last day of Omar Abdel Zaher’s Roots exhibition at the Safarkhan Art Gallery.

24-25 (Wednesday-Thursday): Disco Misr at El Sawy Culturewheel.

24-27 May (Wednesday-Saturday): Pyramids Sound and Light Show.

25-27 May (Thursday-Saturday): TriFactory’s Somabay Endurance Festival.

JUNE

9 June (Friday): TriFactory Madinaty Half Marathon.

10 June (Saturday): Thanaweya Amma examinations begin.

15 June (Thursday): Last day of the Traces of Egypt Exhibition at the Grand Egyptian Museum.

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).

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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