Planet positive

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THE WEEK IN REVIEW

A shot at tax system simplification

Good morning, everyone, and welcome to the weekend. After a compressed workweek, we’re happy to sit back and unwind.

With temperatures refusing to cool over the fall, you may be extra aware of the climate issues causing the instability. If you’ve thought about making some changes to adopt a more sustainable and eco-friendly lifestyle but didn’t know where to start, this week’s guide has got your back.

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

LAST WEEK IN 3 MINS-

POLICY-

Tax facilities 1.0: The Madbouly government announced a long list of tax facilities during a presser on Wednesday, aimed at simplifying the tax system and easing the burden on taxpayers. The new measures could also see the 0.25% healthcare tithe to fund the universal healthcare system calculated based on companies’ net income, instead of their total revenues.

ECONOMY-

Inflation nudges higher in September: Annual headline urban inflation ticked up 0.2 percentage points from the month before to 26.4% in September, according to data from state statistics agency Capmas. The slight acceleration marks the second consecutive rise in a row, but still places the rate of inflation a whole 11.6 percentage points below the record 38.0% recorded in the same period last year.

Driving the uptick were energy costs, coming in at 4.4 percentage points higher than the month before on an annual basis. Behind the increase was a 50% rise in the cost of subsidized butane gas and electricity price hikes during the month, in addition to fuel price hikes of up to 15% that came into effect in late July.

TELECOMS-

5G licenses for all: The National Telecom Regulatory Authority inked USD 450 mn worth of agreements granting 5G service licenses to Vodafone Egypt, Orange Egypt, and e& Egypt for USD 150 mn each. Mobile operators will kick off trial operations in three months and officially launch 5G services within six months.

IPO WATCH-

The EGX could welcome a new IPO in 1H 2025: The Smart Villages Development and Management Company is planning to list 30-35% of its shares on the EGX in an IPO earmarked for 1H 2025. Smart Villages aims to raise around EGP 2 bn from the IPO, with proceeds earmarked for the development of a new Smart Village in east Cairo and funding ongoing expansions in west Cairo.

INVESTMENT WATCH-

Adenia Partners sets up shop in Egypt: Mauritius-based private equity firm Adenia Partners has expanded into Egypt, setting up its first local office. Adenia seeks to capitalize on potential investment in Egypt’s consumer goods, healthcare, education, and financial services sectors, Managing Partner Stephane Bacquaert said, highlighting Egypt’s “expanding consumer base, young, well-educated population, and stable economic and financial environment with an abundance of interesting and fast-growing businesses.”

WHAT’S HAPPENING NEXT WEEK-

#1- It’s interest rate week: News that inflation inched up in August makes it ever more likely that the Central Bank’s Monetary Policy Committee will keep rates as they are when it meets on Thursday. Rates have now been held steady for the last three consecutive meetings, after delivering a jumbo 600 bps rate hike in March that accompanied the float of the EGP.

#2- The five-day Cairo Water Week 2024 will kick off on Sunday under the theme Water and Climate: Building Resilient Communities. The event will gather experts and policymakers to tackle how better water management can strengthen communities against floods, droughts, and climate extremes. Through workshops and discussions, the week looks to spark much-needed solutions for sustainable, climate-resilient development.

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

ENTERPRISEAM IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. EnterpriseAM — the essential morning read on all the important news shaping business and the economy in Egypt, GCC, and the wider region — is looking for writers, reporters, and editors to help us build out new publications.

NEVER WORKED IN A NEWSROOM BEFORE? We have the EnterpriseAM Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the EnterpriseAM Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors, and entrepreneurs.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing EnterpriseAM stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

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

AROUND THE WORLD IN SEVEN DAYS-

This week marked exactly one year since Israel began its war on Gaza following Hamas’ incursion into southern Israel. Looking back on the grim 12-month period that has seen more than 42k Gazans killed and 90% of the enclave’s population displaced — many more than once — optimism in the international press over the last week of an approaching end was scarce.

Fears of a wider and more prolonged conflict in the region also dominated the narrative, with Israel upping the number of its troops in Lebanon 20k amid an considerable uptick in on-the-ground clashes with Hezbollah. In only a matter of weeks, over 2k Lebanese have been killed and nearly a quarter of the country’s population displaced. However, the big question and worry for diplomats and intelligence chiefs was how Israel will respond to Iran’s missile barrage the week prior, with many airing their concerns that a disproportionate response could pave the way for the conflict entering a new and even more bloody phase.

WHILE IN BUSINESS NEWS- We learnt that the US Department of Justice (DoJ) is considering breaking up Google as a possible sanction for holding a search monopoly, according to a document the DoJ filed Tuesday. If taken up, the proposed sanction — which follows the DoJ’s landmark antitrust win against the tech giant in August — would likely transform both the search market and the business of Google’s parent company, Alphabet.

PLUS- Over in the US, Hurricane Milton hit Florida, with President Joe Biden saying the “devastating” storm could be the worst to hit the state in more than a century.

ALSO- Nobel Prize season is in full swing: Victor Ambros and Gary Ruvkun took home the physiology award for their discovery of microRNA’s role in gene regulation. The physics prize went to John Hopfield and Geoffrey Hinton, credited for laying the foundations for modern AI. US scientists David Baker and John Jumper and Briton Demis Hassabis received the chemistry prize for decoding the structure of proteins and designing new ones. The 2024 Nobel Prize in Literature was awarded to South Korean author Han Kang for "her intense poetic prose that confronts historical traumas and exposes the fragility of human life", the Nobel committee said yesterday.

☀️ THE WEATHER THIS WEEKEND- This weekend is maintaining this week’s sunny mornings and chilly fall evenings. The capital will be seeing highs of 33°C today and tomorrow, with a low of 24°C today and a slightly chiller night on Saturday at 23°C, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Calling all plant parents. The autumn edition of the International Flower Expo began yesterday, at Al Horreya Garden. Take home anything from ornamental plants, trees, and all different kinds of flowers. The expo will continue until Sunday, 10 November.

Layali Misr with Angham: Singer Angham will be performing live as part of the Layali Misr event at the Grand Egyptian Museum tonight at 10pm. Tickets are available on Tazkarti.

The celebration of music continues at the Arab Music Festival, which kicks off today. The festival’s lineup includes Medhat Saleh, Ali El Haggar, Abeer Nehme, Wael Jassar, Lotfi Bouchnak, and more. The festival will run until Thursday, 24 October — tickets can be booked through Tazkarti.

Bibliothek is hosting a book signing for Riccardo Mancuso’s book Nos Se'eedi wi Nos Khawaga — an exploration of both the origins of Italian cuisine and Egyptians who have Italian origins. The event will take place tomorrow.

MENA’s first and only design-film festival: The third edition of Film My Design festival — under the theme Designing Our Lives for a Better Future is coming to an end tomorrow. Taking place at Zawya Cinema, the festival features film screenings, masterclasses, a motion design exhibition, VR immersive experiences, and much more. Buy your tickets from Collard Tickets.

For the love of tapestry. Today in History is Amsterdam-based Egyptian artist Dina Danish’s first exhibition in Egypt in nearly a decade. Composed of a collection of appliqué tapestries that resemble medieval banners, the exhibition is open at the Gypsum Gallery till Saturday, 30 October.

HAPPENING NEXT WEEKEND-

The largest collection of prints in the country. Cairopolitan is bringing together a collection of artwork from over 180 local and regional artists to display in the Cairo Prints Exhibition. The gallery will be open from Friday, 18 October till Monday, 18 November in Garden City.

The guide to becoming more sustainable

Want to do your part in saving the environment, but not sure where to start? This diverse array of resources is designed to deepen understanding of environmental issues and inspire change in day-to-day life. Whether you’re an experienced advocate or just beginning your journey, this guide will help you explore practical ways to reduce your footprint, embrace eco-friendly practices, and contribute to a healthier planet.

FOR THE READERS-

#1- Cradle to Cradle by William McDonough and Michael Braungart: Rather than simply minimizing waste, the book challenges us to rethink our entire production system so that eventually waste is eliminated altogether. By drawing inspiration from natural processes, they propose innovative design principles that encourage products to be durable, reusable, and beneficial to the environment.

WHERE TO FIND IT- You can find the book on Amazon.

#2- The Story of Stuff by Annie Leonard: In a society that encourages people to keep buying more things, Annie Leonard takes a hard look at the entire lifecycle of the things we consume, from production to disposal. This book not only makes the reader aware of the impact of their consumption habits, but also gives practical steps for making more sustainable choices.

WHERE TO FIND IT- You can find the book on Amazon.

FOR THE WATCHERS-

#1- Before the Flood: This documentary, created by Fisher Stevens and Leonardo DiCaprio, provides an exploration of the urgent issues surrounding climate change and the actions we can take to address them. Through compelling visuals and interviews with experts, the film showcases the impacts of climate change around the globe, from melting ice caps in the Arctic to pollution in industrial cities. It encourages viewers to make wiser environmental decisions and take part in protecting the planet for future generations.

WHERE TO FIND IT- You can watch this documentary on Disney+.

#2- Our Planet II: This docu-series is a wake-up call. It is an exploration of the Earth's natural beauty and diverse wildlife. Created in collaboration with WWF, Netflix, and Silverback Films, and narrated by the beloved David Attenborough, it offers captivating visuals and compelling storytelling, followed by the harsh reality of the environmental issues we face today, revealing how human actions are threatening these precious landscapes and the creatures that inhabit them.

WHERE TO FIND IT- You can watch this docu-series, as well as the first installment on Netflix.

FOR THE LISTENERS-

#1- Sustainababble: This refreshing podcast adds a comedic twist on understanding the environment. Hosts Oliver Hayes and David Powell blend humor with insights, tackling complex environmental issues in a way that’s easy to digest. The episodes clarify confusing concepts and highlight real-world examples of greenwashing and environmental missteps.

WHERE TO FIND IT- You can find the podcast on Apple Podcasts and Spotify.

#2- Climate Rising: Climate Rising dives into the intersection of climate change and business. By featuring insightful discussions with business leaders, policymakers, and Harvard Business School faculty, the show displays how companies can navigate the challenges and opportunities posed by climate change. The episodes include practical steps businesses can take to adapt more eco-friendly practices, thrive on them, and make more informed decisions.

WHERE TO FIND IT- You can find the podcast on Apple Podcasts and Spotify.

FOR THE SCROLLERS-

#1- Earth Hero: Upon downloading the app, users are presented with a questionnaire that estimates their carbon footprint. They are then able to view actions that can be done to care for the environment and reduce carbon emissions. These actions can be added to the user’s goals and tracked on a day-to-day basis. Earth Hero is an opportunity to develop eco-friendly habits and work towards a more sustainable lifestyle.

WHERE TO FIND IT- You can find Earth Hero on the Play Store or the App Store.

#2- Fork Ranger: This is an app designed to help users tackle climate change through their food choices. Users are given data-driven insights into the environmental impact of different foods, pushing them to make sustainable decisions. An added bonus is that the app provides easy-to-follow plant-based recipes, leaving little room for excuses.

WHERE TO FIND IT- You can find Fork Ranger on Play Store or App Store.

FOR THE CLICKERS-

#1- Sustainable Food Trust: This website is for an organization that is dedicated to promoting sustainable food systems to benefit both people and the planet. They advocate for practices that prioritize environmental health, social equity, and animal welfare. Website visitors are able to read the organization’s research and become driven towards more sustainable food production and consumption.

#2- Earth911: This is a resource for anyone looking to adopt a more sustainable lifestyle. The website offers a wealth of information on recycling, sustainability tips, and local environmental news. With its handy recycling search tool, you can easily find out how to responsibly dispose of various items. Earth911 not only provides valuable insights and inspiration but also encourages community engagement in sustainability efforts.

#3- Ecosia: This is a privacy-focused search engine that makes environmental giving easy. For every few searches, Ecosia plants a tree, allowing users to contribute to reforestation with minimal effort.

The king of chaos loses his crown

? AT THE MOVIES-

The king of chaos loses his crown. Five years after the movie that gained huge admiration backed up by nine Academy Award nominations and two wins, director and co-writer Todd Phillips returns with Joker: Folie à Deux, a disappointing sequel to Joker. How did that happen?

Setting the scene: Two years after Arthur Fleck’s (Joaquin Phoenix) crimes that rocked the city into a state of disarray and earned him the title of The Joker, Fleck is now being held at Arkham Asylum as he awaits his trial. He meets Haley “Lee” Quinn (Lady Gaga) during a musical therapy session, quickly falling in love. And then the musical begins.

It’s safe to say that the sequel didn’t meet fans’ expectations… Theaters were only half-filled with unenthusiastic fans hoping that the reports of it being a musical were exaggerated. But Fleck was nothing like the king of chaos in the first film — his weakness was even reflected in his musical chops, but whether or not that was an artistic choice is up to interpretation. The audience didn’t even get to see post-Joker Gotham, but got a good look at Harvey Dent (Harry Lawtey), a prosecutor who eventually becomes the Batman villain Two-Face.

… But some people think it was by choice. Some internet denizens have been theorizing that Phillips’ goal was self-immolation. Rumor has it that the director disliked the kind of fan the first movie attracted, feeling that it took away from the poignant story he meant to deliver about “the cruelty of [an] unempathetic world, told through the eyes of a man who’d been violently denied the love [needed] to suffer through it.” Like Fleck in the first movie, Phillips tells everyone to “ go f-ck themselves,” throwing the world in chaos in his wake. So perhaps he is the real criminal mastermind after all, and the real folie á deux — meaning “shared madness” — was between the audience and the director. Or, the movie — which cost about USD 200 mn to produce and saw paltry returns — was just bad.

While the film didn’t meet the fans’ expectations, some aspects were reminiscent of its much-loved predecessor. The same gloomy cinematography was something of a comfort for fans, and Hildur Guðnadóttir’s score — which earned the film an Oscar in 2019 — retained its brilliance.

WHERE TO WATCH IT- You can find the film at VOX Cinemas at City Centre Almaza and Mall of Egypt, City Stars Cinema, Cairo Festival City,Point 90 Cinema, Cima Arkan, Zamalek Cinema, and Zawya. You can also watch the trailer on YouTube (runtime: 2:50).

? FROM THE BOOKSTORE-

Dr. Benjamin Hardy challenges readers to rethink their relationship with time and identity. Be Your Future Self Now encourages readers to shift their focus from the constraints of the past to the limitless possibilities of the future. Hardy provides a roadmap for transforming aspirations into reality.

At the core is the idea that your future self should be your guiding compass. Many people remain tethered to past experiences and failures, while true growth comes from envisioning who we want to become. Drawing on psychological research and powerful anecdotes — including the story of internet sensation Mr. Beast — Hardy illustrates how connecting with your future self can ignite motivation.

The book is structured around three key concepts: Understanding the science of your future self, methods for connecting with and creating this envisioned identity, and expanding your concept of what your future could entail. Hardy's insights advocate for a mindset shift from fear-based to love-based goals.

WHERE TO FIND IT- You can purchase Be Your Future Self Now at Diwan.

? HOT AND FRESH OUT OF THE KITCHEN-

Let your taste buds take their pick at Picks. Settled in the heart of New Cairo, Picks is a culinary passport to France, Italy, and Morocco, all under one roof. But if you ask us, it’s their Moroccan dishes that really steal the show.

We started off as traditional as it gets with the lamb couscous. The lamb is melt-in-your-mouth tender, with fluffy couscous soaking up the cinnamon-laced broth. The sweetness in this sweet and salty dish is a tad too bold — so if you're not into cinnamon-heavy dishes, it might be a bit much. Don’t try this alone — this dish is made for two or three hungry stomachs.

For comfort food lovers, the Chicken Tagine is a solid choice. The pickled lemon and onion sauce makes for a tangy, zesty base, balanced out by the salty olives and crispy — but not for too long — fries served on the side. The chicken itself is tender, comforting, and familiar.

But the star of the show? The Seafood Pastille. Flaky pastry wrapped around a perfectly seasoned, spicy seafood with glass noodles and mushroom filling? Yes please. The only downside is that the portion is on the small side, and it’s so good you’ll definitely wish there was more.

If you manage to have space for dessert, order the humble Mesemen with honey — a crispy moroccan pancake — or the Chebakia.

Not sold on the Moroccan fare? Picks has you covered with a range of French and Italian-inspired options that round out their diverse menu. Their French classics aren’t quite what you'd expect — think chicken and meat wraps rather than coq au vin. On the Italian side, the squid ink spaghetti with shrimp is a standout. Their pizzas, while simple, are well-executed, with a thin, crispy crust and a range of toppings that keep it interesting.

? Per person: EGP 500-800.

? Outdoor seating: Yes.

? Alcohol: No.

? Accessibility friendly: Yes.

A comprehensive look at Palestine

The Palestine Pod provides the historical context that puts Israel’s crimes against humanity into perspective. They invite political analysts, humanitarian volunteers who have helped in Gaza, and historians to share their expertise and experience.

In Episode 129, hosts Lara E. and Michael B. discuss how the Israeli military has been luring African migrants to join in the attacks against Palestinians with the promise of permanent residence or asylum in Occupied Palestine. But according to reports by Haaretz no one knows what has come of these migrants after being dropped off in Gaza.

An economic perspective too: The episode, titled Israel’s Economic Collapse, discusses how the year-long campaign after decades of more covert attacks has ruined the occupying state’s economy. Intel revoked a USD 25 bn investment to build a chip plant in Israel, and tech firms — the most lucrative industry in Israel — have seen a 56% decrease in investment. 46k businesses in Israel have closed in the past year, with the number expected to reach 60k by the end of 2024.

The Palestine Pod is a good overview of the constant news coming out of Gaza, helping those who want to limit their exposure to heartbreaking information without looking away completely stay in the loop.

WHERE TO FIND IT- You can find The Palestine Pod on Apple Podcasts and Spotify.

THE ENTERPRISE ENTERTAINMENT CALENDAR

OCTOBER

28 September - 24 October (Saturday-Thursday): Bastet’s Daughters Exhibition at Craftastic.

7-21 October (Monday-Monday) First Wave exhibition at Downtown Cairo.

10 October - 10 November (Thursday-Sunday): International Flower Expo at Al Horreya Garden

10-12 October (Thursday-Saturday): EVs Electrify! Expo & Conference 2024 at Egypt International Exhibition Center.

11 October (Friday): Half Marathon in Luxor.

11 October (Friday): Cairokee at ZED East.

11 October (Friday): The Goats - Vol.1 at Theatro Arkan.

12 October (Saturday): TechUp Women Summit '24 at AUC Tahrir.

3-12 October (Thursday-Thursday): Film My Design festival at Zawya Cinema.

13-17 October (Friday-Tuesday): Cairo Water Week at The New Administrative Capital.

18 October (Friday): TriFactory Tough Mudder 5K run at Sodic.

18 October (Friday): Ash at Pyramids of Giza.

18 October - 18 November (Friday-Monday): Cairo Prints Exhibition in Garden City

21-26 October (Saturday-Thursday): Premier Padel P2 Tournament at New Giza.

24 October - 16 November (Thursday-Saturday): Forever is Now art exhibition at the Pyramids of Giza.

24 October (Thursday): Omar Khairat Concert at Monaco Hall, Triumph Luxury Hotel.

24 October - 16 November (Thursday - Saturday): Art D'Egypte’s Forever is Now Bus Tour at the Pyramids.

25 October (Friday): TriFactory Trailmaster run at Wadi Degla.

29-30 October (Tuesday-Wednesday): Intelligent Cities Exhibition & Conference (ICEC) at Waldorf Astoria.

31 October (Thursday): TriFactory’s The Glow Run at Badya Palm Hills.

31 October- 3 November (Thursday-Sunday): Egypt Cheese Festival at Al Horreya Garden.

31 October - 8 November (Thursday-Friday): Cairo International Jazz Festival at the historic American University in Cairo.

NOVEMBER

8 November (Friday): TriFactory’s The Run for Upper Egypt at New Giza.

14-16 November (Thursday-Saturday): Raabta Wellness Festival at El Gouna.

15 November (Friday): Circoloco Ibiza at The Great Pyramids of Giza.

16 November (Saturday): Charlotte Cardin at Cairo Jazz Club 610.

16 November (Saturday): TriFactory Half Marathon at El Gouna.

22 November (Friday): TriFactory TMK run at District 5.

DECEMBER

6 December (Friday): TriFactory PMH warm-up run at District 5.

13 December (Friday): Aura Music Festival at Lac Du Caire

14 December (Saturday): TriFactory’s The Marakez Pyramids Half Marathon at the Great Pyramids of Giza.

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Sections

About

Privacy & Support

Get EnterpriseAM daily

Planet positive

An independent publication supported by

Today at a glance

A shot at tax system simplification

Get Enterprise daily

Related

Related

The guide to becoming more sustainable

Related

Related

The king of chaos loses his crown

Related

Related

This publication is proudly sponsored by

A comprehensive look at Palestine

Related

THE ENTERPRISE ENTERTAINMENT CALENDAR

Related

An independent publication supported by

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