PM — Egypt’s first Metaverse city

Good afternoon, ladies and gents, and welcome to the start of a new week. It’s a relatively calm news day so far today, but we expect things to kick into high gear in the days ahead.

THE BIG STORY TODAY

It’s official- GB Auto has sold a 7.5% stake in MNT to Chimera. GB Auto has finalized the sale of a 7.5% stake in MNT Investments to Abu Dhabi-based investment firm Chimera Investments, GB Auto said in a bourse disclosure (pdf). The GB Capital subsidiary now owns a 49.5% stake in the Netherlands-based payments company.

THE BIG STORY ABROAD

There’s no single story capturing the imagination of the international business press this afternoon. Among the stories making headlines: China is buckling under the weight of covid-19 outbreaks after rolling back its restrictive covid-zero policies (Reuters | CNBC); Saudi Arabia is expected to be the fastest-growing G20 economy this year after growing at an 8.8% clip in 3Q 2022 (Bloomberg); and consumer finance players in the US are increasingly squeezed by the US Federal Reserve’s monetary tightening cycle (Wall Street Journal)

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

• Deval drives inflation to five-year high: Urban annual inflation accelerated to 18.7% in November, up from 16.2% in October — its highest level in nearly five years.
• Vodacom is Vodafone Egypt’s new majority shareholder: Vodafone Plc’s South African subsidiary, Vodacom, has closed the acquisition of its parent company’s 55% stake in Vodafone Egypt.
• FinMin extends e-invoicing registration deadline for the self-employed: Self-employed individuals — including doctors, pharmacists, and lawyers — now have until 30 April 2023 to register with the Tax Authority’s e-invoicing system, after the Finance Ministry extended the deadline from next Thursday, 15 December.

*** 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: Local gold prices surged to record highs last week, with 21 carat gold reaching EGP 1.8k for the first time ever, leading merchants to stop pricing the precious metal amid confusion about the price of USD, sending the market into a tailspin. We speak to industry professionals about why this has happened as well as larger problems the gold industry has faced in recent years.

???? CIRCLE YOUR CALENDAR-

Will we finally close an IMF facility this week? The IMF’s executive board will discuss Egypt’s request for a new extended fund facility on Friday, 16 December. Past precedent suggests the board will likely make a decision on the USD 3 bn, 46-month facility during the meeting. Egypt and the Fund reached a staff-level agreement for a new loan program at the end of October.

The Egyptian Private Equity Association is hosting a healthcare summit tomorrow, 12 December at the Semiramis Intercontinental Cairo. The event will be held under the auspices of the finance and planning ministries. You can check out the agenda here (pdf).

Next week: The Central Bank of Egypt’s Monetary Policy Committee meets on Thursday, 22 December to review interest rates.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- We’re in for a partially cloudy day tomorrow with temperatures expected to rise to 25°C during the day before falling to 14°C at night, our favorite weather app tells us.

Egypt has its first Metaverse world: Tutera, an Egyptian creative community hub, has launched phase one of the first Egyptian meta-city, Metatut. The city is inspired by the ancient Egyptian civilization and revives King Tutankhamun in a futuristic setting, Al Monitor reports. The second phase of the city is set to launch tomorrow, with the third phase slated for launch on 21 December, Everything that visitors and locals need to go about their everyday lives will be integrated into Metatut, such as housing, education, and entertainment venues, the project’s general manager told Al Monitor.

Twitter Blue makes its comeback tomorrow: Twitter is relaunching its suspended Twitter Blue subscription plan tomorrow, the platform tweeted yesterday. The service will be offered at a USD 8 fee for web and USD 11 for iOS, meaning Apple users will be charged a markup. The fee difference comes after Twitter CEO Elon Musk went on a tirade last month claiming that Apple had threatened to withhold the social media platform from the app store. Twitter Blue (controversially) allows subscribers to brand their accounts with a blue check mark that indicates verification, edit tweets, and upload high definition 1080p videos.

???? ON THE TUBE TONIGHT-
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Queen Elizabeth probably wouldn’t have liked watching this: The Duke and Duchess of Sussex’s highly publicized docuseries, Harry and Meghan, dropped on Netflix on Thursday. The former royal couple use the series — whose second volume airs this Thursday — to tell the story of their marriage and the reality of being part of the British monarchy, in their own words. Harry and Meghan say their story has been told by too many irrelevant third parties and that speaking to the public through the new docuseries is their way of essentially correcting the course of the narrative surrounding their time together and their decision to step down from their royal responsibilities. Never ones to be without controversy, they also promised to unveil the “full truth” about incidents that have never been spoken of before.

⚽ The World Cup is off for two days, giving rest to the four teams who qualified for the semifinal round: Croatia, Argentina, Morocco, and France. The semis are scheduled for next Tuesday and Wednesday.

Meanwhile, here at home at the Egyptian Premier League: Zamalek will play against Pyramids FC at 7pm, while Talae El Gaish faces Al Masry, and Smouha competes with Al Mokawloon Al Arab at 5pm.

In a friendly match today: Liverpool is playing Lyon in the Dubai Super Cup at 4pm.

ALSO- Mashreq Bank is now sponsoring Argentina’s national football team: Our friends at Mashreq Bank signed an agreement to become the exclusive regional bank sponsor of the Messi-led Argentinian football team until the end of 2030, according to a statement (pdf). The bank will become the team’s ambassador for the Middle East and Egypt.

???? EAT THIS TONIGHT-

A new sushi gem in New Cairo: Founded by Chef K, Sushimi by K sets a new high bar for Japanese cuisine in Egypt, and we would feel selfish not to talk about it. We loaded up on the fishy bites of heaven and the salmon carpaccio cooked in front of diners, and served fresh with a delicious sauce. The shrimp tempura with caviar appetizer is also a must-try. We were particularly happy with the service and the fact that Chef K is very hands-on with the cooking. The restaurant’s ambiance is perfect for a date night and has great value for money.

???? OUT AND ABOUT-
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Egyptian composer Omar Khairat will be performing live tonight and tomorrow at the Cairo Opera House at 8pm.

Don’t miss out on tribute night at CJC: Mangabeys is playing Arctic Monkey tunes and Radioactive Toy is playing Porcupine Tree songs tonight at Cairo Jazz Club in Agouza at 9pm.

Are you a fan of the arts? The Upside Down Sky exhibition by artist Sahar AlAmir is opening its door tonight and until 17 December at Ubuntu Art Gallery at 7pm. AlAmir’s painting style is distinguished by freedom of expression using mixed media.

Another art exhibition happening tonight: Docu-Fiction by Salam Yousry. The exhibition at Access Art Space in Downtown Cairo at 7pm focuses on the philosophy of storytelling through art.

???? UNDER THE LAMPLIGHT-

Stay True: A Memoir by Taiwanese New Yorker staff writer, Hua Hsu: This book dives into the grief of losing a loved one, with Hsu not holding back from revisiting old wounds in his works by reliving memories of his late Japanese friend Ken. Hsu and Ken were polar opposites — the only thing Hsu thought they had in common was being immigrants in America. Ken’s interests were far too mainstream for Hsu, who was deeply immersed in publications and record stores. But he soon realized the importance of their friendship and how much he yearns — now that Ken is gone — to go back in time to see him again. Hsu chose to write this book in honor of Ken’s memory, touching on every aspect of what true friendship entails. He also takes the reader on a journey through his therapy, revealing what he learned on the way to help those coping with loss to be able to process and move on. Despite the fact that this book is about two Asian American boys, it merely concentrates on the emotional moments rather than highlighting racial differences.

The EGX30 fell 1.7% at today’s close on turnover of EGP 2.49 bn. Foreign investors were net sellers. The index is up 22.1% YTD.

In the green: Sidi Kerir Petrochemicals (+6.1%), Qalaa Holdings (+4.4%) and GB Auto (+2.4%).

In the red: Telecom Egypt (-6.8%), Elsewedy Electric (-4.6%) and CIRA Education (-4.2%).