Monday, 21 November 2022

PM — Don’t quit your day job

TL;DR

WHAT WE’RE TRACKING TONIGHT

Happy Monday, wonderful people. We’ve got a slow but steady stream of news trickling in this afternoon as we ease back into post-COP normality.

THE BIG STORY TODAY-

Nafeza rollout to air freight pushed “until economic conditions stabilize:” The rollout of the Advance Customs Information (ACI) customs system to air freight has been pushed for a second time to give importers, customs brokers, shipping agents and overseas companies more time to get used to the system amid volatility in the global economy, the Finance Ministry said in a statement. Use of the ACI for air freight was due to become compulsory on 1 January, having already been pushed back from an original October start date. The ministry will now extend the trial period until local and global conditions are stable, the ministry said.

There’s no single BIG STORY ABROAD leading the conversation in the international press this afternoon:

  • The return of Bob Iger as CEO of Walt Disney less than a year after his retirement is making waves in the business press. (Wall Street Journal | Reuters)
  • An earthquake in Indonesia has killed more than 50 people and wounded hundreds more. (Reuters | BBC)

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

  • Renewable power company Lekela Power is looking to invest USD 2 bn in Egypt over the next four years as part of a USD 6 bn plan to quadruple its energy production capacity to 4 GW from a current 1.1 GW.
  • The Central Bank of Egypt is going to stop providing funding for subsidized loans and pass the responsibility to the housing, finance and tourism ministries
  • A planned roadshow for the Sovereign Fund of Egypt’s pre-IPO fund has been pushed to late December or the beginning of January from November, thanks to COP27.

FOR TOMORROW-

The Fingerprint Summit is taking place tomorrow and Wednesday (22-23 November) at the Nile Ritz Carlton Hotel. Speakers include Finance Minister Mohamed Maait and Planning Minister Hala El Said.

🗓 CIRCLE YOUR CALENDAR-

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Are you a C-suite executive or investor and want to attend our Enterprise Climate X Forum? Drop us a note on climatexrsvp@enterprisemea.com to signal your interest, letting us know your name, title and where you work.

The event takes place on Tuesday, 6 December 2022 at the Grand Egyptian Museum.

The deadline to apply for the Chicago Booth Executive Program in El Gouna is Sunday, 27 November. The two-week program, which kicks off in March 2023, offers executives from Egyptian public and private sector the skills to help them “become a better leader for your organization and support Egypt’s growth in the years ahead.”

Payment and fintech conference Pafix will be held as part of Cairo ICT 2022 from 27-30 November at the Egypt International Exhibition Centre in New Cairo.

☀️ TOMORROW’S WEATHER- Expect another sunny day tomorrow with a daytime high of 27°C and a nighttime low of 15°C, according to our favorite weather app.

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FOR YOUR COMMUTE

European countries back down on wearing rainbow armbands at World Cup: The national teams of England, Wales, Belgium, the Netherlands, Denmark, Germany, and Switzerland have scrapped plans to wear rainbow armbands in solidarity with the LGBT community on the field in Qatar, after FIFA threatened sanctions against captains that could include yellow cards. “As national federations, we can’t put our players in a position where they could face sporting sanctions including bookings, so we have asked the captains not to attempt to wear the armbands in FIFA World Cup games,” the seven football associations said in a joint statement. The teams had hoped to wear the “OneLove” armbands to highlight their support for inclusion in football, against the backdrop of the tournament being held in Qatar, where same-sex marriage is illegal, Bloomberg writes.

The move could have long-term consequences for FIFA’s ties with Europe: The Dutch football association said that “together with the other countries involved, we will take a critical look at our relationship with FIFA in the coming period.”

This is the latest in a series of controversies surrounding this year’s World Cup: Host Qatar has been criticized for everything from its human rights record to the treatment of migrant workers in the lead-up to the tournament. European nations have raised concerns about the treatment of LGBT fans in the country, while sponsors were rattled by a last-minute decision to ban alcohol in stadiums, potentially breaching Budweiser’s contract with FIFA.


Change your job to change your life? It might be a little more complicated than that, the Financial Times reports. Talk of the ‘Great Resignation’ is everywhere as more people reportedly quit high-paying positions to pursue creative, passion-driven careers. The general narrative is that the pandemic has inspired a kind of global midlife crisis, pushing people to think about what really matters to them and ditch their jobs in pursuit of a deeper purpose. But quitting work outright doesn’t necessarily mean a brighter future ahead — and takes a serious financial cushion, whether through savings or a high-earning partner, the FT notes.

You don’t like your job — but do you know what you do like? Workers are commonly “dissatisfied with their current role but unsure about an alternative,” Lucy Standing, founder of professional advice nonprofit Brave Starts tells the FT. That means a leap of faith into unemployment may not be the wisest step. Instead, employees should consider building a new career as a hobby or side-hustle in tandem with their current job, or taking a more gradual step into part-time or flexible work.

Employers are missing a trick on recruiting midlife career-switchers: As it becomes more common for people to work in many different jobs and fields over the course of their careers, companies should make it easier for midlife professionals to test out new tracks rather than focusing solely on luring fresh graduates, the FT suggests.

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ENTERPRISE RECOMMENDS

📺 ON THE TUBE TONIGHT-
(all times CLT)

The creators of hit German supernatural thriller Dark are back with 1899: This mind-boggling Netflix series spans horror, mystery, and sci-fi in its eight episodes. It follows the story of a group of European migrants making the weeklong voyage from London to New York at the turn of the twentieth century, on a steamship named Cerberus (after the mythological three-headed dog that guarded the gates to the underworld). The Cerberus steers off course after receiving a distress signal from what seems to be the Prometheus, a ship that disappeared four months earlier while making the same journey — catapulting passengers and crew into a perilous trip through time and space. We love that this is a multilingual show, with the cast variously speaking in French, English, Cantonese, Polish, Portuguese, Spanish, Danish, and German — and all struggling to understand each other, adding to the pandemonium.

It’s day two of the FIFA World Cup Qatar 2022. There are quite a few matches in store for us today (all times CLT):

  • England v. Iran at 3pm.
  • Senegal v. Netherlands at 6pm. Star Senegalese player Sadio Mane is absent due to an injury.
  • US v. Wales at 9pm.

Sign up for our Enterprise Fantasy World Cup League, using the code SZJ507VP. The top scorer will win a special prize.

GROUP A-

P

W

D

L

GD

T

🇪🇨 Ecuador

1

1

0

0

2

3

🇸🇳 Senegal

0

0

0

0

0

0

🇳🇱 Netherlands

0

0

0

0

0

0

🇶🇦 Qatar

1

0

0

1

-2

0

🎤 OUT AND ABOUT-
(all times CLT)

It’s comedy night at the Tap West: Beit El Comedy is serving up their funniest punchlines from 9pm tonight. Local comedians Alaa Yassin, Marwan Fares, Abdelrahman Magdy, Hossam Khaled, and Pola Samuel are all taking to the stage.

Egyptian singer, composer and producer Mosad Ozil & The Band are performing a few originals and some traditional Arabic songs at Room Art Space New Cairo at 9pm tonight.

💡 UNDER THE LAMPLIGHT-

For some weird and wonderful World Cup reading, look no further than Incredible World Cup Stories: Wildest Tales and Most Dramatic Moments from Uruguay 1930 to Qatar 2022. Renowned Argentinian sportswriter Luciano Wernicke takes us through some of the most glaring errors and impressive records set in World Cups over the decades, covering everything from the superfans who have risked their lives to secure tickets, to the players who push themselves to their physical limits in the pursuit of victory — with plenty of bizarre anecdotes and obscure facts along the way. Released in 20 languages, this book makes a perfect early holiday gift for that football-mad relative.

GO WITH THE FLOW

The EGX30 fell 0.6% at today’s close on turnover of EGP 1.76 bn (32.5% above the 90-day average). Local investors were net buyers. The index is up 4.2% YTD.

In the green: Orascom Construction (+3.5%), Abu Qir Fertilizers (+3.2%) and Telecom Egypt (+2.1%).

In the red: Eastern Company (-7.5%), Rameda Pharma (-3.6%) and CIRA (-3.3%).

CYBERSECURITY

How Egyptian companies can up their cybersecurity game: Cyber attacks are higher than ever worldwide, and Egypt is no exception. We’ve seen the likes of shipping giant Maersk — which put the cost of its cyberattack at up to USD 300m, according to the Financial Times — along with regional ride-hailing app Careem, and mass transport app Swvl suffer from cybersecurity attacks. And 2021 has seen over 46 mn cyber threats in Egypt alone, according to Trend Micro’s annual report.

But 2021 was also a tough year on the global level, dubbed the worst year ever for cyberattacks on companies. Corporate networks reported 50% more attacks per week when compared to the previous year, according to data from Check Point Research

The cost of cybercrime globally is predicted to hit USD 10.5 tn by 2025, according to the latest version of the Cisco/Cybersecurity Ventures report. If it were measured as a country, cybercrime would be the world’s third-largest economy after the US and China, points out the chief editor of Cyber Crime magazine.

And it is more likely to keep CEOs up at night than covid. In fact, cyber risks are currently the biggest concern for companies globally in 2022, according to the Allianz Risk Barometer, driven by a surge in ransomware attacks. A majority of CEOs, risk managers and experts in 89 countries stated that the threat of cyber attacks and data breaches worries them more than supply chain disruption, natural disasters or covid.

But cybersecurity is yesterday’s news — what matters most today is cyber resilience. Enterprises should move beyond cybersecurity and focus on their cyber resilience, managing director of IBM spin-off Kyndryl Mahmoud Badawi says. “We need to focus on how to build our immune system to be able to be resilient towards threats which will always be around,” he adds, pointing out that the hacking landscape is constantly evolving, and new security threats arise every day. While staying on top of threats is important, recovering from them is just as vital.

Your company’s cyber resilience strategy should include “anticipating, protecting against, withstanding and recovering,” Badawi notes. It’s important to have the right infrastructure in place, build your company’s defenses, methods and policies, and it’s equally essential to be prepared for what happens after an attack. “It’s not just defending and protecting. It’s living through it and recovering,” Badawi says. There is no end-all solution that could guarantee your company will never be the victim of a cyberattack, he explains; however, there are a few steps that can be taken to help lessen the risks.

So how can you do that? You need to focus on product, process and people, global success manager at cybersecurity and digital risk management company RSA Mohamed El Garf says. You should invest in a strong tech product that fits current market needs, have the right process in place to deal with threats in real-time and manage the product adequately, and make sure you have the right people to build and manage the product and the process.

Let’s break that down: #1- Product: To secure your tech product, make sure that you have an identity security solution, Garf explains. It’s a tool that makes sure users are who they say they are and doing what they are allowed to do. This includes making sure that only authorized users can access sensitive information and that malicious actors can't get access to the data. Think of the two-step verification process in Gmail where you add your phone number to get a code that allows you to log in, or the fingerprint you need to scan in order to make an OTP request in banking apps.

And then ensure the following: Have a security information and event management system to monitor and control the logs of all cyber incidents occurring on your company systems. Get a network detection and response system that constantly monitors your company’s network to find cyber threats or strange behavior and responds to these threats. This system can use its own tools to deal with the issue or be integrated with available cybersecurity products in the market.

If your product deals with online payments, go the extra mile. For businesses with online transactions, a solid ecommerce security system is essential along with adaptive authentication tools, Garf explains. Adaptive authentication creates a profile for each user on your platform that includes that person’s geographical location, used devices and other identification metrics. Each time the user tries to authenticate their identity, the request is assigned a risk score.

#2- Process: There needs to be a cybersecurity strategy document that comprises all possible cyber threat scenarios and how to handle them, based on their level of difficulty and traits. For instance, is the threat internal or external? Is it severe or minor? The cybersecurity strategy and roadmap help the team handle threats as they come in. Cybersecurity companies create this document for their clients, which mostly incentivizes the latter to buy security products, El Garf says.

You also need endpoint security. Endpoints are basically all devices connected to a specific network, such as tablets, laptops and mobile phones. There are endpoint detection and response systems that work on detecting, analyzing, blocking and containing ongoing cyberattacks. This involves the continuous monitoring of devices that are connected to that network. Think of it as an antivirus program on steroids that can protect multiple devices from cyber threats at the same time.

#3- People: When tackling human resources from a cyber resilience perspective, you have to focus on two aspects — building a strong cyber resilience team and raising cyber threat awareness amongst all of your employees.

CALENDAR

NOVEMBER

6-18 November (Sunday-Friday): Egypt will host COP27 in Sharm El Sheikh.

13-22 November (Sunday-Tuesday): Cairo International Film Festival (CIFF).

20 November (Sunday): House of Representatives is back in session.

20 November-18 December (Sunday-Sunday): 2022 Fifa World Cup, Qatar.

22 November- 23 November (Tuesday-Wednesday): The Fingerprint Summit will be held at the Nile Ritz Carlton Hotel.

27 November (Sunday): Senate in session.

27-28 November (Sunday-Monday): The first edition of the Egypt Media Forum.

27-30 November (Sunday-Wednesday): Cairo ICT and Pafix, Egypt International Exhibition Center, New Cairo.

29 November – 6 December (Tuesday-Tuesday): US and Russia to hold talks on resuming mutual nuclear inspections in Cairo.

DECEMBER

1 December (Thursday): Sphinx International Airport will begin operating international flights.

1 December (Thursday): Contractors to break ground on Egypt-Saudi interconnection project.

3 December (Saturday): Dior Men’s pre-fall collection show in Giza.

5-8 December (Monday-Thursday): QS Reimagine Education Awards and Conference, multiple locations.

6 December (Tuesday): Enterprise Climate X Forum, Grand Egyptian Museum.

7 December (Wednesday): Euromoney Egypt 2022 conference

10 December (Saturday): The TriFactory’s Pyramids Half Marathon.

10-12 December (Saturday-Monday): The 2nd edition of the Nebu Expo for Gold and Jewelry kicks off.

13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.

13-15 December (Tuesday-Thursday): US-Africa Leaders Summit.

15 December (Thursday): European Central Bank monetary policy meeting.

22 December (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

December: The Sixth of October dry port will begin operations.

December: Egyptian Automotive Summit.

December: Egypt to expand Sudan electricity link capacity to 300 MW.

December: Chinese President Xi Jinping visit to Saudi Arabia

JANUARY 2023

January: EGX-listed companies and non-bank lenders will submit ESG reports for the first time.

January: Fuel pricing committee meets to decide quarterly fuel prices.

January: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.

1 January (Sunday): Use of Nafeza becomes compulsory for air freight.

1 January (Sunday): Residential electricity bills are set to rise as per the government’s six-year roadmap (pdf) to restructure electricity prices by 2025.

7 January (Saturday): Coptic Christmas.

24 January-6 February: The 54th Cairo International Book Fair, Egypt International Exhibition Center

25 January (Wednesday): 25 January revolution anniversary / Police Day.

26 January (Thursday): National holiday in observance of 25 January revolution anniversary / Police Day.

30 January-1 February (Monday-Wednesday): CI Capital’s Annual MENA Investor Conference 2023, Cairo, Egypt.

FEBRUARY 2023

11 February (Saturday): Second semester of 2022-2023 academic year begins for public universities.

13-15 February (Monday-Wednesday): The Egypt Petroleum Show (Egyps), Egypt International Exhibition Center, Cairo.

23-27 February (Thursday-Monday): Annual Business Women of Egypt’s Women for Success conference.

MARCH 2023

March: 4Q2022 earnings season.

23 March (Wednesday): First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.

APRIL 2023

1 April (Saturday): Deadline for banks to establish sustainability unit.

17 April (Monday): Sham El Nessim.

22 April (Saturday): Eid El Fitr (TBC).

25 April (Tuesday): Sinai Liberation Day.

27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

Late April – 15 May: 1Q2023 earnings season.

MAY 2023

1 May (Monday): Labor Day.

4 May (Thursday) National holiday in observance of Labor Day (TBC).

22-26 May (Monday-Friday): Egypt will host the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.

JUNE 2023

19-21 June (Monday-Wednesday) Egypt Infrastructure and Water Expo debuts at the Egypt International Exhibition Center.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY 2023

18 July (Tuesday): Islamic New Year.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

Late July-14 August: 2Q2023 earnings season.

SEPTEMBER 2023

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER 2023

6 October (Friday): Armed Forces Day.

Late October-14 November: 3Q2023 earnings season.

EVENTS WITH NO SET DATE

2H 2022: The inauguration of the Grand Egyptian Museum.

2H 2022: IEF-IGU Ministerial Gas Forum, Egypt. Date + location TBA.

2H 2022: The government will have vaccinated 70% of the population.

3Q 2022: Ayady’s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.

3Q 2022: Swvl to close acquisition of Urbvan Mobility.

End of December/early January: SFE’s pre-IPO fund to kick off roadshow.

4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.

4Q 2022: Raya Holding subsidiary Aman and Qalaa Holdings’ Taqa Arabia to launch their fintech company.

4Q 2022: Saudi Arabia’s Jamjoom Pharma to inaugurate its EGP 1 bn pharma factory in El Obour.

End of 2022: Decent Life first phase scheduled for completion.

End of 2022: e-Aswaaq’s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.

2023: Egypt will host the Asian Infrastructure Investment Bank’s Annual Meeting of the Board of Governors in 2023.

1Q 2023: Adnoc Distribution’s acquisition of 50% of TotalEnergies Egypt to close.

1Q 2023: Internal trade database to launch.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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