PM — All about minimalism

Happy hump day, wonderful people. It’s a pleasantly brisk news day here at home as we get over the midweek slump — just enough to keep us on our toes, but not necessarily enough to warrant being branded as a heavy Tuesday.

THE BIG STORY TODAY

Qatar is eyeing a USD 1 bn green hydrogen and ammonia project: The Qatar Investment Authority (QIA) is conducting studies to establish a renewables project in the Suez Canal Economic Zone with investments exceeding USD 1 bn, Al Borsa reports, citing sources it says have knowledge of the matter.

THE BIG STORY ABROAD

It’s very much a mixed bag in the international business press. Although no single story is dominating the front pages, a bumper 3Q 2022 earnings season for oil and gas is getting some play this afternoon, with Saudi Aramco reporting USD 42 bn in net income — its second-highest quarterly earnings — while BP also reported strong earnings during the quarter on the back of higher natural gas prices (Financial Times | Reuters | Bloomberg).

HAPPENING NOW-

The two-day Arab League summit kicked off today: President Abdel Fattah El Sisi is in Algiers to attend the regional summit taking place amid a diplomatic spat between Algeria and Morocco. Morocco’s King Mohamed VI declined the invitation to attend and arguments broke out among diplomats in a pre-summit meeting. Saudi Crown Prince Mohamed bin Salman, who is reportedly not attending for medical reasons, and UAE President Mohamed bin Zayed, Kuwait's Emir Nawaf Al Ahmad Al Sabah and Jordan’s King Abdullah II are also notably absent.

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

• IMF gives us kudos for deval: The IMF’s Middle East and Central Asia boss has praised the Central Bank of Egypt’s policy moves last week, saying that the shift to a flexible exchange rate will protect the economy against external shocks and calling the decision to raise interest rates a “step in the right direction.”
• Has the EGP bottomed out? The EGP moved fractionally lower against the greenback yesterday, edging down a very slight 0.2% to 24.1875.
• Egypt is getting a USD 2 bn loan from the UN’s International Fund for Agricultural Development and unnamed “partner organizations” to support small scale rural-farmers.

???? CIRCLE YOUR CALENDAR-

November has come: Here are the key news triggers coming up this week and the next.

• PMI: We’ll know how Egypt’s private sector fared in October tomorrow when S&P Global releases the purchasing managers’ index. A 22-month contraction in private sector activity didn’t show signs of abating in September as high inflation continued to weigh on demand and output.
• Foreign reserves figures for October will be released next week.
• Inflation: Capmas and the central bank will release October’s inflation figures on Thursday, 10 November.

☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit 26°C tomorrow during the day before falling to 17°C at night, our favorite weather app tells us — although it didn’t predict this afternoon’s showers.

The iconic Pyramids of Giza are once again the setting for the Forever is Now exhibition featuring 11 large-scale installations of contemporary art. Hosted by local consultancy Art d'Egypte, the grande exhibition opened last Thursday and will run through Wednesday, 30 November. Some 500k people attended last year’s run, while over a bn people watched via social media live streams.

This year Meta is pitching in: The social media giant is collaborating with Art D'Egypte to release custom Augmented Reality filters available only on Instagram. The filters will help visitors navigate the exhibition and learn more about the backstory of each artwork, reflecting the event's theme of fusing ancient heritage with contemporary art. This is Meta’s first XR investment in Egypt and the MENA region, according to a company statement (pdf).

Egyptian rappers, get your diss tracks ready: Local rappers are now obliged to have a band of six authorized musicians to obtain live performance permissions, Ahram Online reports citing an announcement by Musicians Syndicate head Mostafa Kamel. Rappers also need to sign a pledge similar to one signed by Mahraganat singers last month, refraining from using indecent lyrics and committing to the set band formation.

???? ON THE TUBE TONIGHT-
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Are you a hoarder? Find the root of your struggle in Minimalists: Less is Now: In this Netflix documentary Minimalist gurus Joshua Fields Milburn and Ryan Nicodemus examine the addictive patterns we develop, the root causes of those patterns, and the possibility of a more fulfilling simpler life. The two friends use their personal stories to demonstrate the advantages of a minimalist lifestyle covering a range of topics related to consumerism, hoarding, and capitalism. It's tempting to turn to consumer goods as an answer to problems, but the Minimalists would rather rid people of the toxic cycles that come with buying stuff they don’t actually need (watch trailer, runtime 1:42).

⚽ The final round of the Champions League group stage kicks off today which means the final teams that qualified for the round of 16 and their standings will be revealed very soon.

Liverpool will host Napoli at 10pm jumping at the chance to lead the group. Both teams have already qualified, but Liverpool must secure a four-goal margin to get ahead. Rangers and Ajax will play at the same time, but the Rangers need to net five goals to pass Ajax into third place.

The remaining matches:

• Viktoria Plzen v Barcelona (10pm)
• Bayern Munich v Inter (10pm)
• Marseille v Tottenham (10pm)
• Sporting Lisbon v Eintracht Frankfurt (10pm)
• Porto v Atletico Madrid (7:45pm)
• Bayer Leverkusen v Club Brugge (7:45pm)

Over in the Egyptian Premier League, Haras El Hodoud plays Smouha at 5pm while Al-Ahly Bank will face Ceramica Cleopatra at 7pm.

???? EAT THIS TONIGHT-

Eat healthy without spending a fortune at Saladero: This Zamalek eatery has affordable healthy salads, soups, and wraps to fill that craving for nutritious options without breaking the bank. You can build your own salad with their extensive salad bar full of fresh ingredients, meats, cheeses, and dressings. We loved their chicken wraps, and a large salad was filling enough to last us the entire day. So the next time you feel like eating something leafy and green, create your own masterpiece and enjoy.

Calling all foodies- Have you recently enjoyed a delicious meal at a local restaurant? Let us know where — and what you enjoyed the most (be it the food itself or the ambiance) — and we’ll check it out. Send your recommendations to editorial@enterprise.press

???? OUT AND ABOUT-
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Go rogue and celebrate Halloween in November: Dress up in your scariest costume and head to Bellini at Intercontinental City Stars for a Halloween party by Egypt’s Latino dance community. Aside from a spooky set up, the night will include Bachata, Kizomba, Rumba, Salsa, and ChaCha music from 8pm to 2am.

Jazz trio Night Bus will perform at the French Institute of Egypt at 8pm as part of the Cairo Jazz Festival.

???? UNDER THE LAMPLIGHT-

The Marie Kondo of tech: It can be difficult to know how to best use our time and energy in a world where we are constantly bombarded with notifications, alerts, and requests — that’s where Digital Minimalism comes in to break down how to declutter our digital lives. Digital minimalism, a philosophy developed by best-selling author Cal Newport, identifies typical digital minimalist practices and the ideas that underpin them through a variety of real-life examples. He demonstrates how to reconsider the use of social media, rediscover the joys of the offline world, and return to a healthy amount of alone time in order to reconnect with our true selves. Newport writes with a can-do attitude and an easy-to-understand tone, revealing a deep understanding of the problem. We highly recommend this book to anyone who can’t stop staring at their phone.

The EGX30 rose 0.5% at today’s close on turnover of EGP 1.53 bn (30.8% above the 90-day average). Foreign investors were net sellers. The index is down 4.3% YTD.

In the green: Cleopatra Hospitals (+7.7%), Madinet Nasr Housing and Development (+4.7%) and Credit Agricole Egypt (+3.0%).

In the red: Juhayna (-4.7%), Eastern Company (-2.5%) and Palm Hills Development (-1.0%).

OUR FOUNDER OF THE WEEK– Every Tuesday, Founder of the Week looks at how a successful member of Egypt’s startup community got their big break, asks about their experiences running a business, and gets their advice for budding entrepreneurs. Speaking to us this week is Hadeer Shalaby (LinkedIn), founder of social enterprise Green Fashion.

My name is Hadeer Shalaby and I’m 28 years old. I’m an engineer who studied computer science before moving on to business administration. I worked as a web developer in a corporation for two years after graduating but quit to concentrate on Green Fashion. I've always been fascinated by the idea of sustainability — of creating a sustainable product while simultaneously empowering women. This is why I decided to launch a green fashion line.

I first came up with the idea for Green Fashion in 2018. I wanted to create a business model that is both socially and environmentally responsible. Growing up in Menoufia, where women's suffering is pervasive, I was inspired to empower them. I intended to provide them with financial freedom as well as training in an environmentally responsible skill so that they could support themselves and their families. In addition, I set up shop near their homes so that they wouldn't have to travel too far and set up a daycare inside the facility so they wouldn't have to leave their children at home while they went to work.

Green Fashion is a social enterprise that repurposes factory waste and textiles into garments using patchwork and other innovative methods, all while empowering women. We started with three founders and have now grown to a team of 15. We only had one line. We exclusively made vests, and we would sell them at open days and marketplaces and seek feedback from customers. By doing so, we were able to match our customers’ needs and expand to many lines, including pants, dresses, veiled women's clothing, and even formal apparel.

We take steps to ensure that our production process is entirely green with no chemical use, reduced carbon emissions, clean energy, 90% water preservation, 50% waste reduction, and the use of eco-friendly textiles. We also manufacture our own eco-dyes and use biodegradable fabric.

The best part about my job is witnessing how happy and prosperous the ladies we employed are, and how satisfied our clients are with our products. That added-value brightens my day. Also, observing how these women grow into better versions of themselves — more aware and proud of what they do — while customers are interested in learning and supporting our brand's vision, makes everything I do worthwhile.

The worst part about my job is the challenges I face while trying to expand or attain a certain license for the company. The process is very difficult. However, we were able to overcome some of the challenges and export to neighboring countries, including the UAE, Kuwait, and Morocco. Currently, we’re trying to expand to Europe as well.

When I have a problem at work, I don't go to one person in particular. Instead, I turn to people I work with. We all collaborate in the sense that if there is a problem, both the team and the board will discuss a solution. If the problem is beyond the capacity of the team and board, I turn to my mentors who work in the same industry and share the same goal and philosophy.

Starting your own business is not a lonely journey. To me, working in a corporation was lonely, given the nature of my work. However, now that I operate my own company, I never feel lonely. I'm always surrounded by people and good vibes. I have built and joined the environment that I believe is appropriate for my attitude. This is why I am never lonely.

At first, it was challenging persuading my family that my decision to leave a well-paid position with a reputable company and launch my own company was the best path for me. However, as time passed and they realized the positive impact Green Fashion was having on the community and our people, they grew extremely proud and are now actively supporting me and brainstorming with me.

Green Fashion has received numerous grants totaling USD 200k to date. Our biggest supporters included Switchmed, Safir EU, Sekem, Oxfam, Tanmia Wa Tatweer (TwT), MIT Enterprise Forum Pan Arab, and many more.

My short-term goals for Green Fashion are launching a solar-powered smart recycling bin, and establishing workshops in public and private institutions to increase awareness about sustainable fashion and green textiles. We aim to encourage students to donate their old clothes in exchange for price reductions on our website and other perks. We also intend to open a Green Fashion facility next to a textile factory in another governorate in order to benefit more women, improve our products, and distribute biodegradable fiber across Egypt.

My long-term goal is to build schools and create curriculums to teach future fashion designers about sustainable fashion and how to produce in accordance with environmental standards. We also intend to franchise Green Fashion to have a greater social and environmental impact.

If I were to exit my business, I would do it either through a large acquisition and stay as a founder with a stake in the company, or do it through an IPO. However, the latter approach is extremely difficult because it requires a lot of money, franchises, and massive expansion.

I just finished watching Our Planet. It's a documentary about climate change and its effects on living organisms and life. I'm also continuously reading the news and keeping up with the economy because it has a big impact on my business.

Currently, I am most inspired by laboratories, factories, and accelerators, particularly those of H&M. They give me ideas for ways to reinvent fabrics and dyes and encourage me to shorten the production cycle.

I lead a typical marital lifestyle in my spare time. I enjoy cooking a lot, going on daily walks with my husband, and riding my bike. I think moving my body keeps me grounded.

Breadfast is a startup that I believe is doing extremely well. They have accomplished so much in such a short period of time. I particularly like how they manage consumers and their services.

If I didn’t have Green Fashion, I still don’t think I would’ve been able to work in corporate. I would have eventually turned to something related to women’s empowerment and sustainability because I am truly very passionate about these two topics.

If I could give someone starting a business one piece of advice, it would be to work on themselves and surround themselves with the right people that share the same mindset and passion in order to grow and learn.