Good morning, friends. We have made it to the end of one very busy week and couldn’t be happier as we slide into one of the very last weekends of 2024.
TOPIC OF THE HOUR- Mr. Beast is taking over the pyramids. Internet sensation and the biggest YouTuber in the world, Mr. Beast is renting the Giza Pyramids for 100 hours to film a YouTube video, he said. “We’re gonna sleep at the pyramids … we worked with the Egyptian government … I want to find secrets and go through all the rooms and tombs,” he said.
People aren’t happy: The public response to the news was mostly negative, with people unhappy with the pyramids being rented out to someone they expect won’t be too respectful.
What to expect? Jimmy (aka Mr. Beast) is known for his fast-paced, over-the-top videos that accumulate 100s of mns of views —- some of his most popular include “Ages 1 - 100 Fight For USD 500k ” and “ Would You Sit In Snakes For USD 10k? ” And while the pyramids video is yet to be filmed and Jimmy gave us no indication of when it would be released, odds are good it will follow a similar formula.
WATCH THIS SPACE-
Could the new capital host the annual Forbes Forum? Forbes International is looking to hold its annual forum at the new capital, Prime Minister Moustafa Madbouly said during a meeting with Forbes Global President Peter Hung, where the two sides followed up on the construction of the Forbes International Tower in the new capital.
HAPPENING TODAY-
#1- It’s the last chance for investors to subscribe to Catalyst’s SPAC capital increase: Investors have only today to subscribe to impact investor Catalyst Partners’ SPAC, Catalyst Partners Middle East’ (CMPE) capital increase. The offering aims to raise the SPAC’s capital to EGP 235 mn through 22.5 mn shares — valued at EGP 10 per share — and was fully covered during its first day, sources close to the transaction told EnterpriseAM.
Remember: The SPAC is looking to acquire six to ten companies — including two fintech and NBFS firms — the firm’s Chairman Maged Shawky previously said.
#2- D-8 Summit kicks off in Cairo today: Egypt is hosting the D-8 Organization for Economic Cooperation summit today, bringing together leaders from member nations to discuss efforts to confront economic and political challenges under the theme Investing in Youth and Supporting Small and Medium Enterprises Shaping Tomorrow's Economy.
Remember: Egypt took over the rotating presidency of the D-8 cooperation and is heading the group until the end of 2025. During its time as president, Egypt aims to set up several networks, including those of economic research centers and diplomatic training centers.
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PSA-
WEATHER- It’s another cool day in Cairo, with a high of 21°C and a low of 14°C, according to our favorite weather app.
It’s a tad colder in Alexandria, with a high of 20°C and a low of 12°C.
And over the weekend, expect to see a high of 21°C and a low of 12°C in the capital.
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DATA POINT-
Egypt makes up 58% of the region’s USD 7.2 bn gaming industry market, eProjects CEO Sherif Elbassiouny said at a press conference announcing the upcoming Gamergy festival to take place in Egypt next month, according to Almotawwer.
CIRCLE YOUR CALENDAR-
Global tender for raw materials exploration: The Egyptian Mineral Resources Authority launched a global tender for the exploration of kaolin sand, glass sand, and other minerals yesterday, according to a statement from the Oil Ministry. Investors have until 13 February to submit their offers.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
THE BIG STORY ABROAD-
One single story is on every front page this morning: The Federal Reserve has slashed rates for the third time this year but will be more cautious moving forward, Fed Chair Jerome Powell said in remarks that sent US stocks falling. (CNBC | Bloomberg | FT | AP | Reuters)
^^ We have the full story in this morning’s Planet Finance.
IN TECH NEWS- The US Supreme Court will next month hear TikTok’s challenge to a law that could potentially ban the application in the US. Meanwhile, the EU is pushing Apple to make its operating system more compatible with rivals.




