PM — You can visit the GEM this week

Good afternoon, ladies and gentlemen. It’s a brisk news day as we get closer to the weekend here in Omm El Donia.

THE BIG STORY TODAY-

Egypt closes its USD 1.5 bn sukuk issuance: The Finance Ministry successfully closed its maiden sukuk issuance on the London Stock Exchange (LSE) this morning, according to a statement. The USD 1.5 bn issuance was c.4x oversubscribed, leading the final yield to drop to 10.875% from an initial guidance price of 11.625%. Some 250 global investors subscribed to the sukuk, which attracted new investors to our debt from markets including the Gulf and East Asia as well as the US and Europe. “The yield on the issuance is a very lucrative rate for investors, and high demand for the sukuk bonds was expected,” economist Mona Bedeir told Enterprise.

More to come: The issuance is the first in a multiple-year, USD 5 bn sukuk program that the government will execute through the LSE, according to the statement.

THE BIG STORY ABROAD

It’s one of those days where there isn’t a unifying story leading the conversation in the international business press. Among the front page stories:

• Biden will meet with NATO's eastern flank leaders, while China's top diplomat holds talks in Moscow. (Reuters)
• Turkey’s Erdogan clings to his ideal election date despite earthquakes. (Bloomberg)
• Investors increase bets on ECB lifting rates to all-time high. (Financial Times)

HAPPENING NOW-

You can go visit the GEM this week: The Grand Egyptian Museum is now accepting online reservations for a limited number of guided tours, according to its official website. The guided tours include access to the exterior gardens, the Conference Center, the commercial area with cafes and restaurants, and the Atrium with its colossal (and picturesque) statue of Ramses II. Visitors can choose from four different time slots between 9am-6pm, with tickets ranging between EGP 75-150 for Egyptians, and EGP 500-1k for non-Egyptians.

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

• EFG Hermes’ Vortex invests in UK EV charging firm: Vortex Energy — the clean energy investment platform from our friends at EFG Hermes Holding — and London-based private equity and infrastructure fund manager Zouk Capital are making an USD 80 mn equity investment in British EV charging outfit EO Charging.
• Gov’t reveals names of four companies awarded golden licenses: Hassan Allam Utilities, developer Bloom Real Estate Development, truckmaker National Company for Transport Industry (N-MCV), and Vaccine & Biotechnology City Company were the recipients.
• Cairo Metro Line 4 to link to the new capital + Monorail goes live in 2024: The under-construction fourth metro line will run from Al Rehab to the new capital via Madinaty, while the eastern section of Cairo’s monorail, which connects Nasr City to the new capital, will open its doors to passengers in early 2024, Transport Minister Kamel El Wazir said.

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Sports Expo 2023 opens its doors: Head down to the Al-Manara Convention Center to meet global athletes, stock up on all sporting equipment, or hear about Egypt’s 2036 Olympics bid at Sports Expo 2023. The government-hosted event will bring together private- and public-sector players in the fitness and health sectors and related industries and will be open until Saturday 25 February.

☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit 20°C tomorrow during the day before falling to 10°C at night, our favorite weather app tells us.

Netflix lowers subscription prices across MENA: The streaming service reduced prices in Egypt this morning, as well as in Yemen, Iraq, Tunisia, Jordan, Palestine, Libya, Algeria, Lebanon, Iran, Sudan, and Morocco, Arab News reported. The price of the basic plan in Egypt went down from EGP 100 to EGP 70, while the price of the standard plan was reduced from EGP 165 to EGP 120, and the price of the premium plan went down from EGP 200 to EGP 165, according to an email sent to users seen by Enterprise. Across the MENA region, prices were slashed between 16-50%, according to our calculations. Subscription fees remain unchanged in Gulf countries such as Saudi Arabia and the United Arab Emirates.

The new prices will be effective beginning with the next billing cycle. The streaming service provider didn’t say why they dropped the price, but we think it could be a move to get more subscribers in the region by making services cheaper. Netflix started offering cheaper basic plans with ads in a few markets last year, but it’s not clear yet if the move to lower prices in the Middle East is related to its new tiered offering.

Korfball: Reviving the 120-year-old sport that promotes gender equality. Despite being more than a century-old sport, Korfball is little known outside of the Netherlands, reports the New York Times. However, with its inclusion in the Australian Olympics in 2032, more people are becoming aware of the niche sport. The game is a cross between basketball and handball, with a 25-second shot clock and one-point goals through a hoop 11.5 feet tall. What makes Korfball unique is that it is designed for teams with an equal number of men and women. Korfball was invented in 1902 by a Dutch schoolteacher in order to bring boys and girls together in team sports, with its playbook modeled on the early rules of women’s basketball in order to offset any physical advantages male players may have over female teammates.

The game’s ethos of cooperation and equality is rooted in its tactics. PKC, the top team in the Netherlands, has developed a dynamic playing style that deviates from the traditional roles of men rebounding and scoring and women assisting. PKC pushes women to be dominant in attack, believing that “the more players who can score, the more threatening and unpredictable a team becomes,” according to the NYT. “I believe male athletes function better when they have dominant women around,” PKC’s head coach Wim Scholtmeijer said, adding that the gender balance helps build a sustainable team culture.

Should tech giants be held accountable for what their users post? The United States Supreme Court is currently deliberating on two potentially landmark cases that could result in companies being held liable for user-generated content, The Guardian reported. The US Supreme Court was split yesterday on whether to put a stop to tech companies being sued for harmful content generated by their automated algorithms. The uncertainty comes after the court heard oral arguments in an appeal in the Gonzalez v Google lawsuit for nearly three hours.

Refresher: The case stems from the death of Nohemi Gonzalez, a 23-year-old student who was among the victims of Daesh terrorist attacks in Paris in 2015. Her family claims that YouTube owner Google violated US law by acting as a recruiting platform for the terror group based on its automatic recommendations. A lower court previously dismissed the case, citing Section 230 of the Communications Decency Act of 1996, which protects tech companies from liability for user-posted content. WaPo ran a live update on the lawsuit, with the showdown getting coverage from Reuters, CNN and others.

???? ON THE TUBE TONIGHT-
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True Spirit is based on the real-life experience of 16-year-old sailor and surfer Jessica Watson, who set out on a solo sailing trip around the globe in 2009. A failed trial run and skeptics who wanted to cancel her trip out of concern for her safety only fueled her determination, and she went ahead with her mission anyway. To survive the choppy waters and isolation, Watson kept a video diary and listened in on radio advice from an expert named Ben Bryant (played by Cliff Curtis). It's worth noting that Watson struggled with dyslexia for many years, adding another layer of complexity to her story. The teen sailor was later awarded the Medal of the Order of Australia. The movie setting is nice and breezy, with some tense moments involving deadly waves and stormy skies. The film is available to watch on Netflix.

⚽Egypt v Nigeria in U20 Afcon: Egypt's U20 team will face Nigeria in the second round of the Africa Cup of Nations Under-20 competition tonight at 7pm. Mozambique will play Senegal earlier in the afternoon at 4pm. In their previous games, Egypt and Mozambique played to a goalless draw, while Nigeria lost to Senegal. The tournament is taking place on home soil here in Egypt.

Champions League tonight at 10pm: Inter Milan faces Porto, while RB Leipzig plays against Manchester City at the same time.

And in the Egyptian Premier League: Al Masry will play against Pyramids at 7pm, while Al Moqawloon Al Arab will play against Future FC at 5pm.

???? OUT AND ABOUT-
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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.

Head to the She Crafts bazaar on Friday and Saturday 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.

From Waste to Good Taste: Don’t miss the two-day sustainable fashion experience this weekend at The Factory, Downtown Cairo. There’s plenty to do with several upcycling workshops for fashion and furniture taking place, a vintage museum showcasing iconic and authentic costumes, and lots of sustainable clothes on display.

Twenty one pilots cover band Skeletøn Clique is performing at Room Art Space this Saturday at 9pm.

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 7pm.

Metallica and Linkin Park fans, you’re in luck: Tribute bands Vyrus and Figure09 will take the stage at El Sawy Culture Wheel on Friday 3 March at 6pm, performing the two bands’ hits.

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A touch of Shakespeare, a speck of murder, and a whole lot of mystery. If We Were Villains, M.L. Roi's debut novel, follows protagonist Oliver Marks after his release from a ten-year prison sentence, as he recalls the events leading up to his arrest. Marks was one of seven actors studying Shakespeare at one of the world's most prestigious colleges when one of them is found dead and their lives are turned upside down as they try to persuade the police that they are innocent. The plot delves into themes such as friendship, betrayal, and the tortured artist. If you're looking for an exciting novel that will keep you up late, pick up a copy of If We Were Villains, which was named one of Bustle's Best Thriller Novels of 2017.

The EGX30 fell 1.5% at today’s close on turnover of EGP 1.67 bn (15.4% below the 90-day average). Local investors were net sellers. The index is up 14.9% YTD.

In the green: Eastern Company (+0.1%).

In the red: GB Auto (-4.9%), Cleopatra Hospitals (-4.9%), and Palm Hills Development (-4.8%).