Get a taste of farm life

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THE WEEK IN REVIEW

Elections start in December of this year + We had several debt transactions in several industries

Good morning, wonderful people, and welcome to the first of two consecutive long weekends. We’re preparing to bid September farewell and welcome October, which — among other things — means the weather is looking ready to cool down.

That fall weather makes it the time to get out of the house and plan some outdoor activities and trips. But it doesn’t have to be an elaborate affair — one-day trips and excursions are very much within reach. This week, we bring you a rundown on farms that are close enough to the capital to be feasible for a brief trip there and back, where you (and your kids, however old they may be) can get a break from city life.

PSA #1- Public schools and universities are back in session as of this Saturday, meaning your morning commutes are going to get a little bit longer. Be sure to leave for work a little earlier next week to account for the extra traffic.

PSA #2- Summer retail hours are out. Winter hours are in. Shops and malls are closing an hour earlier at 10pm on Saturday through Wednesday (11pm on Thursdays, Fridays, and national holidays) now that winter trading hours came into effect as of yesterday. Cafes and restaurants now close at midnight. The government first introduced seasonal retail opening hours in 2020.

Enterprise Weekend comes out each Friday at 9:00am CLT. We’ll be back on Sunday at 6am with EnterpriseAM. Until then: Enjoy the weekend.

LAST WEEK IN 3 MINS-

It was an abridged week, but there was no shortage of big news throughout the past four days.

ELEX 2023-

The update we’ve all had our eyes on: We’re heading to the polls in December. Voting in the next presidential elections will start as early as 1 December, beginning with Egyptian expats, followed by voters here at home, the National Elections Authority (NEA) said at a presser earlier this week. We could have an outcome as early as 18 December, or as late as 16 January if a run-off vote is necessary.

IN CONTEXT- The elections are a complicating factor in the government’s approach to critical matters on the economic front, including a potential fresh currency devaluation. Which brings us to…

ECONOMY-

We’re in the IMF’s good graces with progress on the state privatization program: The IMF is seeing positive signs from the government that we’re serious about its ambitions to sell down state assets, with the Fund responding positively to a number of recent agreements with Gulf and local investors, Bloomberg’s Mirette Magdy reported. The change in sentiment could ease the path towards the all-important review of our USD 3 bn loan program, after the IMF postponed the first and second reviews of the reform program (originally scheduled for March and September) in response to us falling short of complying with key conditions of the loan, including an acceleration of the government’s privatization plans as well as properly floating the EGP.

WE ALSO HAD SOME IMPORTANT CAPITAL MARKETS TIDBITS-

#1- Egypt is being put on review for potential removal from JPMorgan’s widely-tracked suite of emerging-market sovereign bond indexes because investors are facing “material” hurdles repatriating currency from local bonds. The US bank will review Egypt’s eligibility for its Government Bond Index-Emerging Markets (GBI-EM) series over the next three to six months, with the country’s sovereign bonds remaining in the index during the review period.

#2- The secondary t-bill market is changing: The Egyptian Central Securities Depository (ECSD) — the government’s arm for the depository, settlement, and clearing of sovereign debt — has taken on the responsibility for managing the secondary market for t-bills, allowing them to be traded on the EGX. The Central Bank of Egypt had previously administered the secondary market for t-bills and was responsible for clearing and settling trades. The move aims to make the secondary market for t-bills more accessible to investors, boosting trading volumes and lowering yields.

THERE WAS A SLEW OF DEBT TRANSACTIONS-

#1- EFG Corp-Solutions closed an EGP 1.01 bn securitized bond issuance, marking the third issuance in the leasing and factoring firm’s ongoing securitization program.

#2- Halan, the consumer finance subsidiary of MNT-Halan, issued EGP 1.04 bn worth ofsecuritized bonds . The issuance featured four tranches rated P1 and A, and was reportedly 1.5x oversubscribed. Buyers included major banks and investment funds.

#3- Real estate investor Rawasi Urban Development closed a EGP 789 mn securitizedbondissuance, backed by a EGP 1.3 bn portfolio of leasing receivables. The issuance was sold in three tranches rated P1, AA, and A.

#4- Kandil Steel is borrowing from the IFC amid industry headwinds: The International Finance Corporation (IFC) signed off on a USD 25 mn loan to Kandil Steel, with the funding set to be used to “support the company’s operational and financial resilience” by funding working capital and enabling it to continue purchasing raw materials. Kandil’s working capital requirements have risen on the back of rising raw material costs and reduced access to USD.

ENERGY-

We had one new bid round launching… International energy companies are being invited to search for new oil and gas fields in Egypt as the Madbouly government looks to reverse declining production and draw new investment into the sector. Companies have until 25 February 2024 to submit offers. The ministry is offering 10 blocks in the Western Desert, seven in the Gulf of Suez, four in the Red Sea, and two in the Eastern Desert. Thirteen of the zones are under the control of Ganope and the other 10 are managed by EGPC. Firms can bid for exploration licenses of up to seven years and will be granted 20-year extendable development leases if they make a discovery

…and another one ending: Four international oil and gas firms were awarded exploration concessions via the bid round launched by the state-owned Egyptian Natural Gas Holding Company. Eni will receive two concessions in the Mediterranean; a consortium of Eni, BP, and Qatar Energy will receive one concession in the Mediterranean; and Russia’s Zarubezhneft will receive one in the Nile Delta. The total signing bonus on the four assets amounts to USD 7.5 mn, while the minimum investment in the exploration periods for each concession is set at USD 281 mn.

PLUS: RECAPPING THE ENTERPRISE FINANCE FORUM-

#1- The seven themes keeping the finance industry up at night: We identified seven themes while preparing our first Enterprise Finance Forum — themes that set the tone for us all every workday and every quarter of 2023. Most of those themes look set to persist well into 2024. It’s simple really, we’ve never gathered as a community at a time that is so simultaneously challenging and replete with avenues through which to grow our businesses.

#2- Good luck raising money these days. The era of cheap money has given way to a high-interest-rate environment both globally and at home, making it difficult for venture capital funds to raise money and harder still for startups to tap VCs. The FX crunch, meanwhile, has strategics and private equity players alike looking to keep their dry powder … dry. Who wants to invest today if they think it likely they will tell their investment committee one later that they’re going to have to take a charge post devaluation?

WHAT’S HAPPENING NEXT WEEK-

A new academic year begins: Egypt’s public universities and schools are starting their new academic years this Saturday.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

YOUR MOST CLICKED LINKS-

McKinsey’s Larry Lerner’s presentation on The Promise of AI & GenAI in Banking: Separating Hype from Potential — which he discussed at the Enterprise Finance Forum — was far and away the most clicked link this past week. (Presentation — pdf)
McKinsey also engaged many of you with a separate report, What Every CEO Should Know About Generative AI. (Report — pdf)
Mirette Magdy’s article on Bloomberg about the next deval in light of the upcoming elections pulled in readers. (Bloomberg article)
Nahkla, which has a store at The Grand Egyptian Museum, got some love as our museum was listed as one of the best museum gift shops, globally. (Instagram page)
And the FT article that gave a shout to the GEM’s gift store invited a lot of clicks. (Financial Times)

AROUND THE WORLD IN SEVEN DAYS-

A big moment in the global news cycle in the past few days: MbS’ recent interview with Fox News. The interview — the Saudi Crown Prince’s first with a major US news network in four years — saw Mohammed bin Salman addressing questions on everything from the 9/11 attacks and whether the Saudi government was in any way involved, the killing of Saudi journalist Jamal Khashoggi, and normalization of diplomatic ties with Israel. MbS also discussed his ambitious Saudi Vision 2030, including his country’s investments in sports as part of the economic diversification plan. You can watch the full interview here(runtime: 32:17).

Evergrande CEO Hui Ka Yan is under residential surveillance, following the wealth management staff’ s detention last month. He isn’t charged with anything yet, as per this type of informal detention but he won’t be able to travel or communicate freely with the outside world. This surveillance comes after a general doubt over the company’s ability to make good on its restructuring plan as its debt can lead it to failure and possible liquidation.

Amazon intends to invest USD 4 bn in Anthropic . The step includes getting a minority interest stake in the AI company that is a rival to OpenAI, the brains behind ChatGPT. The move intends to align with competitors such as Microsoft that has already signed on with OpenAI.

Armenians from the Nagorno-Karabakh region are on their way to Armenia:The area that is located in Azerbaijan has been one of dispute since the Soviet era and more recently it has seen the population face a defeat at the hands of the Azerbaijanis, leading 120k Armenians in the region to leave out of fear of ethnic cleansing.

☀️ THE WEATHER THIS WEEKEND- Expect the mercury to rise to 39°C at its peak during the daytime today and tomorrow, with both days seeing a moderate 27°C low in the evening. Saturday’s weather will reach 37°C at its highest and drop to a cooler 25°C at night, according to our favorite weather app.

HAPPENING THIS WEEKEND-

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

Medhat Saleh will be performing at the Cairo Opera House today at 8:30 pm. Get your tickets on Ticketsmall.

Get your afro & reggaeton on with Amen Ra & BubbleGum Kollectiv at Cairo Jazz Club610 today at 9pm. To reserve your spot, send them a message on their Facebook page.

Visit a farm during your long weekends

The Enterprise guide to one-day trips to farms across Egypt. The long weekends coming up make for a great time to skip planning an elaborate trip and opt instead for one-day trips to some of Egypt’s farms. Not only will you make great memories, you and your little ones can get your hands dirty by learning farming skills that aren’t exactly second nature to city-dwellers.

FOOD AND MORE- Aside from being in the great outdoors, the activities offered are a way to grab some organic fruits and vegetables aside from other activities such as treasure hunts, wellness retreats or picnics.

GET IN THE FARM SPIRIT- Harvesting and horseback riding are also offered at some of the farms that we have suggested.

PRO TIP- Make sure you reserve in advance. Some farms require 48 hours notice, while others need 24 hours.

#1- Hazel Farm , founded by Iman Mostafa Kamel, offers a range of farming and entertainment activities. This includes planting in pots and general planting workshops, tractor rides, dates harvesting, farm to table lunches, treasure hunts in the corn maze, and enjoying the combination of dates with Arabian coffee at the green setting.

WHERE- You can find them on the Cairo-Alexandria Desert Road ’s Natrun Valley, which is located in Menoufia.

THE PRICE TAG- During the latest harvest festival on 15 September, the prices for the event ranged between EGP 400-750.

The first package is going for EGP 400 per child (3-12 years), and EGP 600 per adult. This package includes farm activities and a farm-to-table vegetarian lunch, ongoing water, fresh juices, tea and coffee.
The second package will set you back EGP 550 per child, and EGP 750 per adult. This package includes all farm activities mentioned above. Aside from the farm-to-table lunch, patrons also have a barbecue. This includes: Vegetable dishes, tajins, salads, rice, freshly baked bread, barbecue (kofta, shish tawouk, hawawshi), as well as water, fresh juices, tea, and coffee.

#2- Sara's Organic Farm, founded by Sara-Kristina Hannig Nour, offers fresh fruits and vegetables. The farm also welcomes customers to hop on open day picnics, chef’s tables, seasonal harvests, and wellness retreats. Some of the activities include: A tractor farm tour, horticultural field visit, farm market, planting seedlings, and an animal farm visit where children can spend some time petting and feeding the farm animals. They also offer food and beverages, traditional breakfasts and refreshments.

WHERE- You can find them on the Alexandria Desert Road, in Al Amiria Gharb.

THE PRICE TAG- The latest open day agricultural experience at the farm was scheduled on 16 September and it ranged from EGP 400-800.

#3- Choose between a picnic or barbeque at Al Sorat Farm , founded by Maryanne Stroud Gabbani. The farm also provides unique learning opportunities such as veterinary training, where you can learn how to take care of animals, and agriculture activities, where you can dive into cheese making classes in the fall. The farm further offers horse riding lessons and fruit and vegetable picking.

WHERE- You can find them at Ezbet el Khawagat in Giza.

THE PRICE TAG- Depending on which program you like, your age, and the number of individuals in your group, it will cost you between EGP 175-300.

#4- Shagie Farm , established in 1985, offers activities such as mango picking and meeting the animals on the farm. For hungry stomachs, the farm offers feteer meshaltet for breakfast and bedouin (mandi) goat meat for lunch, as part of their main package.

WHERE- You can find their farm at Fayid in Ismailia.

THE PRICE TAG- For an Egyptian patron it will cost EGP 900, regional tourists will be required to pay USD 50, and non-Arab tourists are charged USD 60. For a car to take you to the farm and back to Cairo, it will set you back an additional EGP 2k.

#5- Wiiwii's farms, founded by Wael Basheer, offers activities ranging from farm tours, animal feeding, olive orientation and harvesting, breakfast, face painting for the little ones, pottery making, lunch, and a relaxing and unwinding sunset tea around a bonfire.

WHERE- You can find them on the Cairo Alexandria Desert Road in Gamaet El Moatamid.

THE PRICE TAG- There are five different packages to choose from ranging from EGP 175-800, and children below 6 enter without charge.

The Expendables 4 brings more of the same + Stuffit in Korba offers a generous feteer

? AT THE MOVIES-

The Expendables 4 is… well, expendable. The poor critical reception of the third installment might have been the reason for the nine-year gap between the typically Sylvester Stallone-led installments, but if that was a stumble, Expend4bles was a fall. While some fans of the franchise may find comfort in the familiarity of the film, others might feel disappointed by its lack of creativity. The action-thriller delivers the genre’s tropes, though at points it does seem like a parody of itself. Our verdict: You will find fun if you go looking for it.

Big premise, little delivery. The story kicks off when this movie’s villains, led by Suarta Rahmat (Iko Uwais), steal nuclear detonators in an effort to start a war between the US and Russia. As with all the other Expendables films, it’s up to this ragtag gang of mercenaries to save the world. Barney (Stallone), Christmas (Jason Statham), Gunner (Dolph Lundgren), Easy (50 Cent) and the rest of the team get together once again to stop World War III, because the CIA is… too busy? Without revealing too much, all we can say is that much of the talent within the cast is sidelined, even Stallone, who once carried the franchise on his shoulders.

Where’s Stallone? Barney Ross only makes a brief appearance this time, passing the torch to Christmas (Statham). This, along with the addition of new blood in Gina (Megan Fox) and Decha (Tony Jaa), as well as a new penchant for close-quarters combat using daggers, marks the only changes in the film. The rest is a rehash of previous high-stakes antics with no time for any exposition, begging the audience to just go with it. Whether or not you decide to accept the film’s limitations will shape how you experience the movie.

WHERE TO WATCH- You can bid The Expendables adieu at VOX Cinemas in City Center Almaza and Mall of Egypt, Citystars Stars Cinema, and Cairo Festival City Galaxy cinemas.

Light Upon Light ( trailer: runtime 1:28 ) tries to discuss the different meanings of light — the literal light that we can see, electrical, candlelight, sun and moon played alongside the ephemeral light that illuminates from within us, with a focus on the Sufi interpretation of light. The Danish director and anthropologist Christian Suhr records intimate moments of faith and reverence through trips, interviews and discussions. In every frame he plays on the element of light — whether it be the stages of the sun’s journey, dancing street lights or enlightened individuals sharing their experience — the viewer is taken on a journey where they feel compelled to chant along and question how to be able to attain that light.

What does the light mean to…? Suhr spent eight years researching, collaborating, and curating the film that intends to capture what the light means to different people. He also inquires about what happens when someone finds or experiences this divine light, and can it be captured on film? The shifts from moments in the public sphere of Egypt, such as the Sayyida Zainab mosque during Ramadan where there are illuminating lights brightening an otherwise dark sky, or the desert where followers of the Shazly Sufi order celebrate his birth, exemplify different moments of the experience that they feel to try and summon the light.

Those that saw the light… Mr Maher is one such gentleman who decided to the join the Al Ashra’af Al Mahdeya group (a religious movement where members claim to be descendents of the Prophet PBUH) after he visited the maqam or grave of Imam Salah El Deen El Qousi. He gives, perhaps, the most honest and heartfelt soliloquies of the light that he felt and failed to describe due to its reverence. Another moment to look out for is when one of the attendees of a Sufi hadra chooses to be part of the Sufi way — her detailed description of the feeling that guided her towards this faith also pulls in viewers.

WHERE TO WATCH- The film will be screening again on Sunday October 1 at 7pm in Zawya cinema.

DISCLAIMER- The movie has only English subtitles and non-English-speaking viewers may struggle to understand the English conversations that are not translated.

? FROM THE BOOKSTORE-

A Surgeon and a Maverick: The Life and Pioneering Work of Magdi Yacoub. This biography published by the AUC Press captures the groundbreaking career of the renowned cardiac surgeon Sir Magdi Yacoub. With unprecedented access to Yacoub himself, as well as in-depth and meticulous research, authors and journalists Simon Pearson and Fiona Gorman craft a compelling narrative about the philanthropist who, literally, brought life back into many hearts. The book tracks Yacoub’s journey from his humble beginning in Egypt to his illustrious career in the UK. It illustrates his unwavering determination and exceptional contributions to the field of heart surgery. The book also highlights how he overcame the challenges he faced in London. There is also a nuanced exploration of Yacoub’s character, shedding light on the man behind this illustrious career.

The book illuminates Yacoub’s many medical firsts, from early heart transplants to developing new techniques. It underlines how he performed some of “the first heart transplants in Britain and the first heart-lung transplants in Europe.” He also founded the world-renowned heart transplant center, The Magdi Yacoub Institute, at London's Harefield Hospital that revolutionized the treatment of children with congenital heart disease.

WHERE TO FIND IT - Hard copies are exclusively available at AUC Bookstores for EGP 750and you can buy the hardcover from Amazon for USD 29.95 or you can go for the Kindle version for USD 14.99.

? HOT AND FRESH OUT OF THE KITCHEN-

Stuffit , the new feteer place in Korba, is TikTok’s newest obsession. Hundreds of reviews (and reviews of the reviews, which is a thing now apparently) have catapulted the restaurant to fame. The menu doesn’t boast any innovative flavors, but what makes Stuffit special is their generosity. Each feteera is bursting at the seams with fillings, from sujouk, chicken, and cheese, to all kinds of sweet spreads. The feteer is made fresh in-house, and you can watch the specialists make them as you wait for your own pie.

The menu is short, sweet, and customizable. There’s a satisfying range of both sweet and savory options, and there are plenty of add-ons to choose from. Each feteera is large and bountiful, so it’s best to be a big group. For those who refuse to settle for just one kind, we suggest the share boxes, which come with three fillings: The savory one is divided into sujouk, chicken BBQ, and burger. Meanwhile, the sweet one is sections of Nutella, pistachio, and Lotus spread. For feteer puritans, the meshaltet will never disappoint, and you can choose any spread/dip from a long list that includes honey, mesh, eshta, and tahini. Modern classics that shouldn’t be overlooked are the kiri basterma and the mixed cheese.

The drawbacks: Like most places in Korba, Stuffit has limited seating space, so manage your dining-in expectations. Takeaway isn’t a bad option, especially if you’re sharing the pies with a large group, but sharing one in/on the car is an authentic Egyptian experience. The waiting time varies drastically and skews towards the long side, so carve out at least thirty minutes of your schedule for your pie to be prepared. Some customers have logged two hours, but look on the bright side: The food will be fresh.

? Per person: 200-400

? Outdoor seating: Yes

? Alcohol: No

? Accessibility friendly: Yes

This powerful docuseries shows us the world through the eyes of photographers

Tales by Light is a captivating docuseries that weaves together exploration, photography, and the natural world. Produced as a collaborative effort between National Geographic and Canon, the visually appealing series introduces a group of talented and professional photographers who embark on extraordinary journeys across the globe in pursuit of powerful and evocative images. Through the lens of these exceptional photographers, the audiences are transported to breathtaking locations, presenting thought-provoking narratives that capture the essence of the human experience and the beauty of our planet. For example, one episode will take you to Bangladesh, while another is a dive deep underwater to capture the astounding beauty of the diverse ocean life that is under threat. The series comes in three seasons including six episodes in each one.

Children In Need through the Eyes of Simon Lister is the first episode of the third season which gives you a glimpse into the story behind UNICEF’s poignant portraits of impoverished children. Lister, a veteran photographer, is joined by the goodwill ambassador Orlando Bloom. They both went to “Dhaka”, an overcrowded and impoverished slum in Bangladesh. Lister focuses on both the difficult lives of the children who search for spares or scrap items to eke out a meager living countered by the moments of joy when the children are within the safe spaces set up by UNICEF to receive an education and have some respite from the hardships they endure.

WHERE TO WATCH - The three installments are available on Netflix.

Children books’ authors talk about big emotions and ideas

The “A Kids Book About” series has an equally interesting podcast . Throughout the episodes, children’s books authors are invited on the show to discuss a variety of topics they have written about in a relatable way that is suitable for younger audiences. From climate change and body image issues all the way to how a person’s incarceration can affect an entire community — the show tackles pertinent, seemingly overwhelming topics in a way that is approachable and less intimidating for children, and short enough to easily maintain their attention span.

Fabian talks about anger : In this episode released last September, author Fabian Ramirez talks about the meaning of anger — an emotion that stems from hurt and is hard to control. What does anger look, feel, and sound like? How can people control it? How can our own anger hurt people around us as well as ourselves? In this episode, the show host Matthew Winner also invites listeners to reflect on their anger at a time when they are relaxed and comfortable in their bodies rather than agitated in order to learn more about this tricky emotion.

WHERE TO LISTEN- The show is available on Apple podcasts, Spotify, and Amazon Music.

THE ENTERPRISE ENTERTAINMENT CALENDAR

SEPTEMBER

29 September (Friday): Ramy Ashour performing at El Sawy Culture Wheel.

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

29 September (Friday): Medhat Saleh will be performing at the Cairo Opera House

29 September (Friday): Afro & reggaeton night party with Amen Ra & BubbleGum Kollectiv at Cairo Jazz Club 610.

OCTOBER

1 October (Sunday): Andromidapays homage to Pink Floyd at Cairo Jazz Club.

2 October (Monday): Salsa dancing with Soulmotion Studio atCairo Jazz Club 610.

3-4 October (Tuesday-Wednesday): Omar Khairat is set to perform at Cairo Opera House

6 October (Friday): Armed Forces Day.

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

12-16 October (Thursday-Monday): Cairo Opera Ballet Company Cinderella at Cairo Opera House.

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

18 October (Wednesday):Ruby and Ahmed Saad at Misr University

26 October - 3 November (Thursday-Friday): The 15th Annual Cairo International Jazz Festival at AUC’s Tahrir campus

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.

JANUARY

20 January (Saturday): Charlotte Cardin performing at Cairo Jazz Club 610

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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