PM — The false promise of self care

Good afternoon, ladies and gents, and welcome to the start of a new week. It’s a calmer-than-expected Sunday so far, but we expect things to kick into high gear in the days ahead.

THE BIG STORY TODAY-’

Does SFE want a piece of El Ezaby Pharmacy? The Sovereign Fund of Egypt’s (SFE) health and pharma sub-fund is reportedly eyeing a minority stake in the pharma giant El Ezaby Pharmacy in partnership with an unnamed local investment company, Al Mal reports citing unnamed sources it says are in the know. The expected acquisition value was not disclosed.

THE BIG STORY ABROAD

There’s no single story capturing the attention of the international business press this afternoon. Among the stories making headlines: Doctors Without Borders (MSF) said that a group of 14 trucks were able to get into northwest Syria to help with earthquake rescue efforts. This eased growing worries about not being able to get into the war-torn area, but the French group is calling for an urgent increase in the volume of supplies to “match the scale of the humanitarian crisis." Over 46k people have lost their lives since the earthquake struck Turkey and Syria on 6 February. (Reuters | AFP)

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

• Investment banks are expected to conclude their sukuk roadshow tomorrow, as Egypt seeks a "benchmark-sized" USD-denominated offering, according to Bloomberg.
• Two state-owned pharma firms could sell minority stakes within six months. Between 30-40% of Chemical Industries Development Company (CID) and Misr Pharma will reportedly be offered to investors, likely in an IPO on the EGX.
• M&A in Egypt took a slight dip in 2022 amid a sharper slowdown in transactions across the Middle East, with the total value of Egyptian M&A transactions reaching USD 8.2 bn last year, according to a report by Baker McKenzie.

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: A new bill could help bring informal manufacturers into the formal economy. The proposed amendments come as the government pushes to localize manufacturing in order to boost exports and reduce our reliance on imports.

???? CIRCLE YOUR CALENDAR-

Renowned Egyptian musician Omar Khairat performs live in the Main Hall of the Cairo Opera House at 8pm tomorrow and Tuesday.

Want to become a private equity expert in three days? The Egyptian Private Equity Association (EPEA) and the African Private Equity and Venture Capital Association (AVCA) are hosting a three-day intensive private capital funds masterclass at the Ernst & Young office at Cairo Festival City. The masterclass kicks off next Friday 24 February.

Interested? You can attend the masterclass for EGP 18k or EGP 12k for EPEA and AVCA members. Register to attend here and take a look at the agenda here (pdf).

Find our regular business calendar, which includes a comprehensive listing of upcoming news events and news triggers, in EnterpriseAM and on the web.

☀️ TOMORROW’S WEATHER- Expect a pleasant daytime high of 22°C tomorrow and a nighttime low of 10°C, according to our favorite weather app.

The race to become Manchester United's new owner is heating up: British b’naire Jim Ratcliffe and Qatar’s Sheikh Jassim bin Hamad Al Thani have both submitted bids to acquire the Premier League club. Ratcliffe, the chairman of INEOS and a lifelong Man Utd supporter, made a bid for a majority stake in the Glazer family-owned club, and hired JPMorgan and Goldman Sachs to advise on the transaction, the Telegraph reported. Meanwhile, Sheikh Jassim, the son of Qatar's former Prime Minister and the chairman of one of Qatar's biggest banks, said he wants to buy the Red Devils club outright with a debt-free investment, according to the Financial Times.

US investment giant also wants in on the action: US-based hedge fund Elliott Investment Management said has also made a last-ditch entry into the bidding battle, the Times reported. But the group, who previously owned AC Milan reportedly doesn't want to buy the team outright. Instead, they want to help provide financing for the bidding process.

How much will it cost? The Glazer family has made it clear that they will not negotiate a price lower than GBP 6 bn, according to The Sun. “It’s possible they are keener on a partial sale rather than a full one at this stage — as that might value the club higher,” the paper quoted a source it says has inside knowledge of the matter as saying. Shares of the New-York listed club registered record highs of USD 26.50 last week, according to FT.

Say goodbye to Netflix’s Surprise Me button: The streaming giant quietly nixed the feature — which was introduced in 2021 under the name Play Something — last month because it was being underutilized, The Wall Street Journal reports. The button was introduced to help users pick something to watch from the thousands of available options but was ultimately discontinued since customers usually access the service seeking a specific film, series or genre, which reduces the feature’s appeal. “We will continue to explore other ways to give members more options and ways to explore and discover content they want to watch,” a Netflix spokesperson said in a statement.

???? ON THE TUBE TONIGHT-
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Laugh, cry, and celebrate the power of compassion in A Beautiful Day In The Neighborhood. Tom Hanks gives such an incredible performance as Fred Rogers, the iconic children's television host — you almost forget he's playing a role. The plot follows journalist Lloyd Vogel as he visits Rogers’ iconic home for an assignment with Esquire magazine. Through their conversations, Rogers helps Vogel work through some complicated personal issues, teaching him valuable lessons on self-acceptance and love. The film features beautiful cinematography, combined with calming music, and an impressive cast, including Matthew Rhys, Chris Cooper and Susan Kelechi Watson in supporting roles. A Beautiful Day In The Neighborhood is an uplifting and inspiring film to start the week with, reminding us to have faith in humanity and live life to its fullest potential (watch trailer, runtime 2:26).

⚽U20 Afcon kick-off: Egypt's national team will face Mozambique at 4pm in the opening match of the U20 Africa Cup of Nations in Egypt, which serves as a qualifier for the 2023 World Youth Cup in Indonesia next May. Egypt leads the group, which includes Senegal and Nigeria. The tournament's 12 teams will send four semi-finalists to the World Cup. The Pharaohs have not qualified for the World Cup since the 2013 edition in Turkey, when they defeated Ghana and won the African Youth Championship. The tournament will be played across Cairo, Ismailia and Alexandria.

English Premier League Gameweek 24 wraps up with Manchester United v Leicester City at 4pm, and Tottenham v West Ham at 6:30pm.

The race for La Liga continues: Barcelona will face Cadiz in the Spanish League at 10pm. The Catalan giants are looking to extend their eight-point lead over Real Madrid. Barça currently leads with 54 points, while Real Madrid is second with 51 points after playing more games.

The most notable matches in the major European leagues:

Borussia Dortmund v Hertha Berlin (6:30pm)

Atletico Madrid v Athletic Bilbao (7:30pm)

Spezia v Juventus (7pm)

Roma v Verona (9:45pm)

And in the Egyptian Premier League, Al-Ahly Bank faces Smouha at 5pm.

????EAT THIS TONIGHT-

Sahel hotspot Kiki’s Buoy makes its way to East Cairo: The upscale Greek/ Mediterranean/Asian restobar by G’nK Group — which was a hit in Hacienda White over the summer — opened its doors to the public a few months ago in Garden 8, New Cairo. The menu’s vibrant summer flavors are the perfect cure for the winter blues. It's a great place to go if you want to order a variety of dishes to share with a large group of people, as the menu is broken down into five sections: fire plates, small plates, medium plates, large plates, and desserts. A delicious way to kick off your meal is with the ponzu cream, smoked and cured eggs, and pickled onion beef tartare tostada. But if you're looking for something heartier, the beef gyro tacos with tzatziki sauce and Greek salad are a fantastic option. If you're on a plant-based diet, Buoy has you covered. The half roasted cauliflower with ginger, black garlic, vegetable sauce, and pistachio is one of the most succulent vegetarian options we've had in Cairo.

???? OUT AND ABOUT-
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What happens when a multi-instrumental musical duo is joined by a mezzo soprano and driven by a world class maestro? Maestro Nayer Nagui leads the Ayoub Sisters and the beautiful soprano Farrah Eldibany in a mesmerizing orchestra for a good cause at 8pm tonight in the Cairo Opera House.

Don’t miss Omar Khairat's concerts at 8pm tomorrow, and Tuesday, in the Main Hall of the Cairo Opera House.

We’re two days away from Kevin Hart’s standup comedy show in Cairo on Tuesday, 21 February.

Bringing the master of silent film to life on stage: Charlie is a musical play about the legendary Charlie Chaplin's human side, his hopes and hardships, and his impact on the film industry. The performance will take place at Theatro Arkan on Friday, 24 February, and tickets can be purchased here.

Catch Cirque du Soleil’s OVO next month: The event features 100 performers taking the stage with their acrobatic acts. OVO will host 16 shows between 8-18 March at Cairo international Stadium Hall, courtesy of real estate developer Madinet Nasr for Housing and Development (pdf).

Head to the She Crafts bazaar on 24 and 25 February at the Grand Nile Tower Hotel in Garden City anytime between 12-8 pm. The bazaar aims to help women market their products and become more financially independent.

Rock fans rejoice: 1984, Galab and Dabbet Namla are taking the stage at El Sawy Culturewheel’s Castle of Rock Festival on Tuesday 28 February at 7 pm.

???? UNDER THE LAMPLIGHT-

This one is for all the wellness gurus out there: The Gospel of Wellness contains all of the promises, expectations, and realities of the wellness industry in one book. The 2022 book, written by American lifestyle journalist Rina Raphael, gives readers an inside look at the strange things wealthy women do in the name of good health, based on Raphael's own experiences. Raphael looks into the false claims made by wellness brands and tries to make sense of her spending habits and patterns in a political context. The big themes of the book are the cost of childcare and sexism at work. The writer goes as far as suggesting that women go through some form of gender-based oppression when grocery shopping as they are prone to being affected by exploitive messaging about diet. “Food has become an utterly fraught ordeal for the average woman," she writes.

The EGX30 fell 0.9% at today’s close on turnover of EGP 1.51 bn (22.5% below the 90-day average). Foreign investors were net sellers. The index is up 18.9% YTD.

In the green: Orascom Construction (+0.4%),CIB (+0.2%) and CIRA Education (+0.1%).

In the red: Sidi Kerir Petrochemicals (-4.8%), Edita Food Industries (-3.8%) and Juhayna (-3.5%).