{"id":581753,"date":"2023-02-23T00:00:00","date_gmt":"2023-02-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/this-morning-the-sczone-could-be-heading-to-china-basharsoft-just-trialed-a-four-day-work-week-and-the-results-were-impressive\/"},"modified":"2023-02-23T00:00:00","modified_gmt":"2023-02-23T00:00:00","slug":"this-morning-the-sczone-could-be-heading-to-china-basharsoft-just-trialed-a-four-day-work-week-and-the-results-were-impressive","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/this-morning-the-sczone-could-be-heading-to-china-basharsoft-just-trialed-a-four-day-work-week-and-the-results-were-impressive\/","title":{"rendered":"THIS MORNING: The SCZone could be heading to China + BasharSoft just trialed a four-day work week \u2014 and the results were impressive"},"content":{"rendered":"

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Good morning, wonderful people, and happy THURSDAY. <\/span>We have an absolutely packed <\/span>issue for you this morning \u2014 one that sees us ending the week in a slightly better mood than we began it. Why? A handful of healthy signals.<\/span><\/p>\n

#1- The Finance Ministry\u2019s maiden sukuk issuance has closed 4x oversubscribed. <\/span>We\u2019re <\/span>not delighted to see the nation taking on more debt, but it was necessary. The question was <\/span>whether foreign investors had appetite, and the answer is now clear: The offering drew significant demand from across Europe, Asia and North America as well as the GCC, including from new investors to Egypt. <\/span><\/p>\n

#2- We\u2019re even happier to see so much _concrete_ chatter about the rebooted <\/span>privatization program.<\/span> If we\u2019re having arguments about valuation, we\u2019ve left theory and public pablum behind and are getting down to brass tacks. <\/span><\/p>\n

#4- We\u2019re also very happy to have heard from officials all week long that their preferred <\/span>method of sale is capital increases<\/span>, meaning the state isn\u2019t netting proceeds from the sales, but be diluted down. That will leave the companies in which stakes are being sold with new liquidity to invest in growth, process improvements, new talent, upgrades, you name it. <\/span><\/p>\n

#5- And we\u2019re even happier to see Almarai buying out PepsiCo\u2019s stake in Beyti. <\/span>\u201cBut <\/span>Enterprise,\u201d you say, \u201cthat\u2019s not part of the privatization program?\u201d Indeed it is not. <\/span>It\u2019s an example of a well-managed private-sector player doubling down on its investment in Egypt.<\/span> (Yes, PIF owns a minority stake in Almarai, but the company is publicly traded and its largest shareholder is Savola, with 34.5%.)<\/span><\/p>\n

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EGP WATCH- <\/span>The EGP slipped by another three piasters against the greenback <\/span>yesterday<\/span>, with the USD changing hands at 30.68 from 30.65 a day earlier, according to central bank data. <\/span>The currency hit the 30 mark at the end of January following a sharper devaluation and has lost nearly half its value against the greenback over the past year amid the fallout from the war in Ukraine and rising interest rates.<\/span><\/p>\n

WATCH THIS SPACE- <\/span><\/p>\n

#1- The SCZone wants that CNY:<\/span> The Suez Canal Economic<\/span> Zone could be making its way to China soon for a roadshow, the zone\u2019s Chairman Walid Gamal El Din told representatives of China\u2019s TEDA trade zone, according to <\/span>a statement<\/a><\/span>. During the meeting, he expressed the authority\u2019s readiness to cooperate with TEDA in organizing a <\/span>planned Chinese investment conference<\/span>. Gamal El Din\u2019s statements come days after he wrapped up a<\/span>visit to Tokyo<\/a><\/span>, during which he met more than 100 companies and financial institutions to drum up interest in Egypt.<\/span><\/p>\n

<\/span>#2- <\/span>BasharSoft trialed a four-day workweek last year \u2014 and it\u2019s happy with the <\/span>results: <\/span>Egypt-born tech startup BasharSoft has reported impressive results from a three-month pilot of a four-day work week it ran last year. In a <\/span>LinkedIn<\/a><\/span> post this week, the company said that 89% of its employees reported higher productivity, 82% said they were better able to manage their time, and 93% experienced lower levels of stress. <\/span>BasharSoft\u2019s business results have \u201ceither improved or remained stable\u201d throughout the trial period and after, it said.<\/span> <\/span><\/p>\n

As we noted earlier this week: The UK is running <\/span>one of the largest pilots yet<\/a><\/span>:<\/span> A significant <\/span>majority of the 61 British businesses participating in the six-month trial said they would continue <\/span>with it after recording lower staff turnover and absenteeism while maintaining productivity. Check out the <\/span>official website<\/a><\/span> for the trial or read about it in the <\/span>Wall Street Journal<\/a><\/span>.<\/span><\/p>\n

HAPPENING THIS WEEK-<\/span><\/p>\n

G-20 debt relief talks are taking place in India:<\/span> <\/span>G-20 <\/span>finance ministers will meet in <\/span>India this week to try to end a deadlock between the US and China that is threatening to torpedo a global framework to restructure the debt of low-income countries, <\/span>Bloomberg<\/a><\/span> reports. Signed in 2020, the G-20\u2019s Common Framework was meant to bring newer creditors like China, India, and Saudi Arabia into conversations on debt relief for more than 70 low-income countries with some USD <\/span>326 mn in outstanding debt. <\/span><\/p>\n

US-China tensions aren\u2019t helping matters:<\/span> Disagreements between Washington and Beijing <\/span>on how to move forward has left debt-distressed countries like Zambia and Sri Lanka without access to restructuring and bns of USD in IMF aid. Neither the US or China have shown willingness to restructure the countries\u2019 debts, with China conditioning any agreement on western lenders like the World Bank agreeing to a haircut \u2014 an idea that Washington refuses to countenance.<\/span><\/p>\n

Getting serious on debt relief could make a huge difference:<\/span> A 30% haircut for <\/span>debt-distressed nations could save them USD 148 bn over eight years, the UN Development Programme said in <\/span>a report<\/a><\/span> ahead of the G20 meetings.<\/span><\/p>\n

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THE BIG STORY ABROAD-<\/span><\/p>\n

Cold War-style rhetoric is continuing to dominate the global front pages this morning<\/span> on the <\/span>eve of the one-year anniversary since Russia\u2019s invasion of Ukraine. In the wake of Joe Biden\u2019s three-day visit to eastern Europe this week and yesterday\u2019s talks between Vladimir Putin and the Chinese foreign minister in Moscow, there\u2019s much talk in the western press of east vs west alliances, though \u2014 as the New York Times points out \u2014 the reality is more complicated, with plenty of countries around the world refusing to be drawn into the conflict. (<\/span>AP<\/a><\/span> | <\/span>Reuters<\/a><\/span> | <\/span>NYT<\/a><\/span> | <\/span>Financial Times<\/a><\/span> | <\/span>BBC<\/a><\/span> | <\/span>WSJ<\/a><\/span> | <\/span>CNN<\/a><\/span>)<\/span><\/p>\n

COME TO OUR NEXT ENTERPRISE FORUM- <\/span><\/p>\n

<\/p>\n

We\u2019re excited to unveil our next C-level event: <\/span>The Enterprise Exports & FDI Forum, where <\/span>we will take a deep dive into two of the most critical topics affecting our community.<\/span><\/p>\n

Exports and foreign direct investment (FDI) have never been more important to our economy<\/span> \u2014 or our businesses \u2014 than in the wake of the float of the EGP. <\/span>We think we have a once-in-a-lifetime chance to build an export-led economy<\/a><\/span> that makes us a magnet for FDI and all the benefits that will come with it for our nation.<\/span><\/p>\n

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CIRCLE YOUR CALENDAR-<\/span> <\/span><\/p>\n

El Gouna Film Fest is back after a one-year hiatus:<\/span> <\/span>El Gouna Film Festival (GFF) will <\/span>return for its sixth installment this year, and will be held from 13-20 October, according to a <\/span>statement<\/a><\/span> out<\/span> yesterday. The festival was postponed <\/span>last year<\/a><\/span> on the back of what the organizers described as \u201ccurrent global challenges.\u201d<\/span><\/p>\n

Check out our full calendar on the web<\/a><\/span> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people, and happy THURSDAY. We have an absolutely packed issue for you this morning \u2014 one that sees us ending the week in a slightly better mood than we began it. Why? A handful of healthy signals. #1- The Finance Ministry\u2019s maiden sukuk issuance has closed 4x oversubscribed. We\u2019re not delighted to […]<\/p>\n","protected":false},"author":1,"featured_media":581754,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[1648,116,72,125,6702,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-basharsoft","tag-china","tag-enterpriseam","tag-investment-watch","tag-sczone","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"904d8fb8-5c78-4d44-821b-f70b39d48def","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2021\/9\/women-in-work-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"he SCZone could be heading to China + BasharSoft just trialed a four-day work week \u2014 and the results were impressive","related_issue":[581751],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.cdc8aedb-d569-4679-bee5-b8abc5437130.mp3"},"yoast_head":"\nTHIS MORNING: The SCZone could be heading to China + BasharSoft just trialed a four-day work week \u2014 and the results were impressive - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/this-morning-the-sczone-could-be-heading-to-china-basharsoft-just-trialed-a-four-day-work-week-and-the-results-were-impressive\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: The SCZone could be heading to China + BasharSoft just trialed a four-day work week \u2014 and the results were impressive\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people, and happy THURSDAY. 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We have an absolutely packed issue for you this morning \u2014 one that sees us ending the week in a slightly better mood than we began it. Why? A handful of healthy signals. #1- The Finance Ministry\u2019s maiden sukuk issuance has closed 4x oversubscribed. 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EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/this-morning-the-sczone-could-be-heading-to-china-basharsoft-just-trialed-a-four-day-work-week-and-the-results-were-impressive\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/this-morning-the-sczone-could-be-heading-to-china-basharsoft-just-trialed-a-four-day-work-week-and-the-results-were-impressive\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/women-in-work-1600px.jpg?fit=%2C&ssl=1","datePublished":"2023-02-23T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/this-morning-the-sczone-could-be-heading-to-china-basharsoft-just-trialed-a-four-day-work-week-and-the-results-were-impressive\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/this-morning-the-sczone-could-be-heading-to-china-basharsoft-just-trialed-a-four-day-work-week-and-the-results-were-impressive\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/this-morning-the-sczone-could-be-heading-to-china-basharsoft-just-trialed-a-four-day-work-week-and-the-results-were-impressive\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/women-in-work-1600px.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/women-in-work-1600px.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/this-morning-the-sczone-could-be-heading-to-china-basharsoft-just-trialed-a-four-day-work-week-and-the-results-were-impressive\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"THIS MORNING: The SCZone could be heading to China + BasharSoft just trialed a four-day work week \u2014 and the results were impressive"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/women-in-work-1600px.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/women-in-work-1600px.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/women-in-work-1600px.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":545693,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/my-morning-routine-sherif-hashem-ceo-basharsoft\/","url_meta":{"origin":581753,"position":0},"title":"My Morning Routine: Sherif Hashem, CEO, BasharSoft","author":"enterpriseam admin","date":"7 April 2022","format":false,"excerpt":"Sherif Hashem, CEO, BasharSoft: Each week, My Morning Routine looks at how a successful member of the community starts their day \u2014 and then throws in a couple of random business questions just for fun. Speaking to us this week is Sherif Hashem (LinkedIn), CEO of BasharSoft. My name is\u2026","rel":"","context":"In "My Morning Routine"","block_context":{"text":"My Morning Routine","link":"https:\/\/enterpriseam.com\/egypt\/my-morning-routine\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/166.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557750,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/30\/auc-appoints-deans-at-sciences-humanities-schools\/","url_meta":{"origin":581753,"position":1},"title":"AUC appoints deans at sciences, humanities schools","author":"enterpriseam admin","date":"30 September 2021","format":false,"excerpt":"The American University in Cairo appointed two new deans: Lotfi Gaafar (bio) will lead the School of Sciences and Engineering, and John Meloy (bio) will head the School of Humanities and Social Sciences, according to a press release (pdf).OG tech startup BasharSoft has appointed Sherif Hashem (LinkedIn) as CEO, it\u2026","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":587150,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/23\/egypt-has-new-renewable-energy-targets-sczone-starts-china-roadshow\/","url_meta":{"origin":581753,"position":2},"title":"Egypt has new renewable energy targets + SCZone starts China roadshow","author":"enterpriseam admin","date":"23 May 2023","format":false,"excerpt":"Plus: Europe electricity exports are a long way off","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547351,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/ksas-khwarizmi-gains-an-egyptian-partner-in-basharsofts-ameer-sherif\/","url_meta":{"origin":581753,"position":3},"title":"KSA\u2019s Khwarizmi gains an Egyptian partner in BasharSoft\u2019s Ameer Sherif","author":"enterpriseam admin","date":"19 June 2022","format":false,"excerpt":"Saudi-based VC Khwarizmi Ventures has appointed BasharSoft\u2019s Ameer Sherif (LinkedIn) as a partner in the firm, according to a statement (pdf). Sherif is the cofounder and chairman of BasharSoft, which owns recruitment platforms Wuzzuf (for white collar workers) and Forasna (for blue collar workers).EgyptAir Holding Company has appointed Ahmed Shahin\u2026","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":582849,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/09\/this-morning-strategic-investors-public-share-sales-says-madbouly\/","url_meta":{"origin":581753,"position":4},"title":"THIS MORNING: Strategic investors > public share sales, says Madbouly","author":"enterpriseam admin","date":"9 March 2023","format":false,"excerpt":"Secondary share sales are also being considered by the cabinet.","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Madbouly-8-March-2023-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":655670,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/icc-issues-arrest-warrants-for-netanyahu-and-gallant\/","url_meta":{"origin":581753,"position":5},"title":"ICC issues arrest warrants for Netanyahu and Gallant","author":"enterpriseam admin","date":"21 November 2024","format":false,"excerpt":"Good afternoon all of you wonderful people, and welcome to the weekend. Read on for all the news, views, and reviews to get your Thursday night started off right.THE BIG STORY TODAY SCZone and Orascom Industrial Parks ink land agreement for a EGP 13 bn industrial complex: The Suez Canal\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=581753"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581753\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581751"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/581754"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581753"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581753"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}