PM — Why are so historically obsessed with utopia?

We’ve officially made it to the weekend, friends. As you join the exodus to Sahel (or if you managed to slip out of work early, if you’re luckier than us), the news flow here at home is also in weekend mode.

THE BIG STORY TODAY

Pachin’s board of directors have rejected Saybad’s takeover bid, saying that Saybad’s offer is not reflective of the real value of the company and its assets, according to a company disclosure to the bourse (pdf). EGX-listed Pachin will ask Saybad to revise their offer, taking into consideration the company’s land portfolio, the board decided. The board will also present the question of allowing due diligence proceedings at their next general assembly meeting for a vote.

^^We’ll have more details on this story and others in Sunday’s edition of EnterpriseAM.

PSA- Your Uber ride just got slightly pricier, with base fares for its UberX service in Cairo rising to EGP 9 (from EGP 8.50), while the minimum fare is up EGP 1 to EGP 15, according to an email sent out to users. In Alexandria, the base fare for UberX rides is up EGP 0.40 to EGP 8.70, with the minimum fare rising to EGP 13, from EGP 12 previously. The company attributed the price increases to the government’s recent decision to raise fuel prices.

THE BIG STORIES ABROAD

It’s a busy Thursday afternoon in the global business press. On the agenda:

#1- Russia resumes flow of natural gas to Europe — with a reduced volume, the operator of major pipeline Nord Stream 1 said, offering some relief to the region after a 10-day maintenance period filled with fears that Moscow could choose to tighten the screws on the energy-starved continent and turn off the taps. The Nord Stream pipeline connects Russia with Germany under the Baltic Sea, and ships more than a third of Russian gas exports to the EU. The pipeline has been running at 40% capacity in recent weeks as Russia ramps up the tit-for-tat energy war with Europe.

Flows are expected to remain at the pre-maintenance level of 40% of total capacity. “Unfortunately, the political uncertainty and the 60% cut from mid-June remain,” head of Germany’s energy regulator Klaus Müller said. Russia began throttling supplies in June, choking up the reduced capacity to technical issues related to Western sanctions against Russia. German officials think the levels are a deliberate move to prevent European countries from shoring up their gas reserves for next winter. Germany and other EU nations have pledged to end purchases of Russian energy by 2024. The story is getting coverage from: Wall Street Journal | Bloomberg | Reuters | Washington Post | Financial Times.

#2- ECB says goodbye to negative interest: The European Central Bank just ended an eight-year run with negative interest rates after enacting a 50 bps rate hike today, according to a statement. The bank cited rising inflation for the monetary tightening decision, signaling that it could push through another hike at its next meeting in September.

Meanwhile, Turkey kept interest rates unchanged for a seventh consecutive month despite inflation being at a 24-year high, according to a central bank statement. The country’s monetary policy is swimming against the global current, with central banks across the world going for aggressive rate hikes to curb soaring inflation, which in Turkey has reached its highest rate since 1998, Bloomberg notes. Turkey’s borrowing costs carry the most negative real rates in the world when adjusted for prices — a big red flag for investors — and the TRY plummeted to record lows earlier this year.

#3- Italian Prime Minister Mario Draghi officially stepped down this morning after failing to secure the backing of his coalition partners in a parliamentary vote on his future. Reuters has the story.

HAPPENING NOW-

IDG kicks off cultural festival with sustainable waste in focus at Alamein: Our friends at Industrial Development Group (IDG) are hosting a cultural festival at their eco-sustainable industrial park, e2 Alamein, on the North Coast, according to a statement (pdf). The “Locale” festival, which IDG is hosting in partnership with Art d’Egypte, will showcase nine art installations made with recycled materials to raise “awareness around waste management and encouraging waste prevention, reuse, and recycling behavior.”

The event launches today and runs through the summer.

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

• A step closer to a military IPO: The state is moving forward with the EGX listing of the National Company for Producing and Bottling Water (Safi) and Wataniya Petroleum after the cabinet approved the pre-listing procedures for the military companies.
• Beltone Financial has until 3 August to come to a decision on Chimera Investments’ bid to acquire up to 90% of its shares.
• Dutch development bank FMO has pledged USD 10 mn to Algebra Ventures’ second tech fund, with the money coming from FMO’s EUR 200 mn investment program, which is co-financed by the Dutch foreign ministry and the European Commission.

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???? CIRCLE YOUR CALENDAR-

The national dialogue board is set to meet again before the end of the month, marking its third meeting since the board convened earlier in July. The session will see the board decide on heads and members of the three political subcommittees it agreed on during a meeting earlier this.

Calling tech startups: Universities of Canada in Egypt-based incubator DMZ Cairo has opened applications for its second eight-month incubation program for tech startups, which begins in November, according to a statement (pdf). The incubator — which is backed by the Academy of Scientific Research and Technology and the National Technological Incubators Program — is accepting applications for the cycle until 29 September.

Further afield, leaders from across Africa are scheduled to convene in Washington for the US-Africa Leaders Summit from 13-15 December. The summit will bring together leaders to discuss pressing matters including food security and climate change, according to a White House statement.

Thirty fashion scholarships are up for grabs: City Centre Almaza and fashion school ESMOD Beirut are joining forces to offer 30 local designers one-month scholarships, which will include courses in fashion design, pattern making and styling and image consulting, according to a statement (pdf). You can register for the scholarship here and the chosen candidates will be announced on 15 August.

☀️ TOMORROW’S WEATHER- Expect fairly hot weather in Cairo over the weekend, with daytime highs of 40-41°C on Friday and Saturday, our favorite weather app tells us. Temperatures will fall to lows of 23-24°C at night.

What do the heat waves breaking out across Europe, the US, and China all have in common? It could be the way air currents are shaped: Rising temperatures across these areas are all linked by “wavenumber 5,” a pattern of five big waves circling the globe’s jet stream in a U-bend shape called an “omega block,” scientists tell the Financial Times.

Global warming is, of course, the culprit: The Arctic region is the reason we have the North Atlantic jet stream at all, and temps have risen by nearly 1.1°C since the industrial times rolled in. Cold air masses from the north collide with warm air masses from the south to create this fast-flowing air current called a jet stream, and scientists are racing to figure out whether climate change and decreased summer winds from the north are slowing it down. What would that mean for us? More persistent heatwaves in the summer. “If such wave patterns [wavenumber 5] become stagnant and persist over longer periods, then we typically see simultaneous heatwaves,” a climate scientist told FT.

And speaking of climate change and soaring temperatures: A new thermo-satellite could mark a big advancement in global heat mapping. UK-based Satellite Vu plans to operate thermal satellite imaging constellations, coinciding with unprecedented heat waves that are hitting the UK and other countries, the BBC reports. The London firm expects to deliver new thermal data-sets that would measure the temperature profiles of offices, buildings, and factories, and could even help the UK meet its net-zero pledges. The spacecraft will map the ground at mid-wave infrared wavelengths. While most Earth observation satellites can show more, the light wavelengths by Satellite Vu allows for further access and sight to heat energy retained in structures.

What Satellite Vu is saying: “With infrared, what you see in daytime, you can see at night. And whereas most other Earth observation data-sets are looking at the outside of buildings, we can even get an inference of what’s going on inside — whether there's activity in that building, whether a house is occupied, whether there's productive machinery in a factory,” Anthony Baker, CEO and co-founder of Satellite Vu said.

???? ON THE TUBE TONIGHT-
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Black Bird is an unsettling true crime must-watch: The new Apple+ six-part drama is based on James Keene’s memoir In With the Devil, a thrilling true story that was elevated further on our screens by the writing of TV veteran Dennis Lehane. The story centers on Keene, a charming drugdealer and the son of a long-serving cop (played by the late Ray Liotta in one of his final roles). After getting arrested and sentenced to 10 years in prison, Keene becomes the recipient of an unexpected offer from the FBI: He can earn his freedom and get out of prison if he manages to befriend a suspected serial killer and coax a confession out of him. With sharp dialogue and incredible performances from all of the actors involved, Black Bird is one of the best limited series we’ve watched this year.

⚽ It’s derby day: Al Ahly and Zamalek will face off tonight at 9pm at the final of the 2020-21 Egypt Cup, while Eastern Company will play against Al Ittihad Al Sakandary in the Premier League at 6:30pm.

On the international football front, Liverpool will play its third friendly match in preparation for the new season against Leipzig at 7:15pm.

Friday: Three Egyptian Premier League matches are taking place: Al Moqawloon Al Arab v Ghazl El-Mahalla at 6pm, and Ceramica Cleopatra v Al Masry at the same time, followed by Enppi v Farco at 9pm.

European friendly games: Juventus will play against Mexico’s Guadalajara at 10pm.

Saturday: The Egyptian League continues with Tala’e El-Gaish facing Misr Lel Makasa at 6:30pm, while Al Ahly Bank plays against Future at 9pm.

And the European friendlies continue: Manchester United will play against Aston Villa at 11:45am.

IN OTHER FOOTBALL NEWS- It’s Salah v Mane again at the CAF Awards tonight at 9pm: National treasure Mo Salah is up against Senegal’s Sadio Mane and Edouard Mendy for this year’s Confederation of African Football’s Player of the Year award. The winner will be announced at tonight’s ceremony, which is held in Morocco this year. Egypt is shortlisted for the best African team, along with Senegal and Cameroon, while Al Ahly is up for the best team award, along with Morocco’s Wydad and Nahdet Berkane. The awardwinners are determined based on a vote by team captains, coaches, and journalists, along with the CAF Technical Study Group and African football legends. You can check out the rest of the nominees here.

???? EAT THIS TONIGHT-

Sax brings live music and fine dining to elevate your Sahel nights: ‘Tis the season to spend all day by the beach and all night partying at the North Coast, and Sax Egypt needs to be on your list of evening venues. Located at The Address Golf Resort in Marassi, the restaurant is elegant with infectiously energetic vibes, as live musicians and bands get people on their feet. The menu boasts an eclectic assortment of appetizers, salads, and main courses that all landed spots on our must-try list — we’re planning on heading back to order each of them throughout the summer. What we particularly enjoyed this time around was their beetroot and artichoke salad, and the grilled salmon that was cooked to perfection. The crème brûlée was an excellent ending to our meal.

???? OUT AND ABOUT-
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Celebrate DJ Feedo’s birthday with the best Hip hop and RnB tunes tonight at Maadi’s Alquimico: The Nile-side venue will host Feedo’s birthday bash from 10pm to 3am.

It’s Everywhere: Experience a unique audiovisual performance on Friday at Medrar: The experimental performance is a collaboration between artist Hadeer Omar and Jaden Oath, a psychedelic electronic music project founded by actor Youssef Al Imam. The hybrid fusion of analog synths and rock vocals will begin at 8pm.

???? EARS TO THE GROUND-

Nice Try explores some of history’s most interesting endeavors to build perfect societies, in a collaboration between Curbed and the Vox Media Podcast Network. Ever since the term “utopia” was coined by Thomas More in the 1500s, there have been countless pursuits (mostly by white men) to build communities in which everything is perfect. Many have tried, some have come close, but ultimately all have failed. The first season’s eight episodes cover various attempts, from the English settlement of Jamestown (you likely know the story — albeit with plenty of deviations from historical truth — from Disney’s Pocahontas), to a more recent attempt in the 1950s by a newly democratic India to build a new capital city, Chandigarh, as a work of art. The podcast’s host, Avery Trufelman dives into the lessons to be learned from the resounding failures that ensued, the successes, and how plans went sideways.

???? UNDER THE LAMPLIGHT-

The EGX30 rose 1.9% at today’s close on turnover of EGP 975 mn (15.1% above the 90-day average). Local investors were net buyers. The index is down 22.3% YTD.

In the green: Ibn Sina Pharma (+10.9%), Qalaa Holdings (+9.8%) and EFG Hermes (+6.8%).

In the red: Eastern Company (-0.6%).

Could the green energy transition provide an opportunity for more women to join the workforce? Women make up only 10% of the total energy sector workforce in Egypt — far below the global average of 22%. But as Egypt and other countries in the region focus on expanding their renewable energy capacity in the coming years, there’s a unique opportunity to change this dynamic, according to a World Bank report (pdf).

The renewables industry is rapidly growing around the world, with that comes a new opening: The global energy market is expected to grow 44% by 2050. An overwhelming portion of those jobs (some 80%) will be coming from the renewables industry, which appears to be more capable of bringing more women into its workforce than the fossil fuel industry, the report suggests.

There’s a huge economic upside for making sure labor force participation is expanded: GDP in the region could grow 20% by simply closing the existing gender gaps in labor force participation, the report says. Part of this would come from growing the overall size of the labor force. Another part could come from a rise in productivity, which according to existing research occurs when gender diversity increases.

And major losses for inaction: The exclusion of women from the workforce is estimated to be costing the region some USD 575 bn per year, according to the OECD.

More jobs are on the horizon across the board: The green energy transition could add 1.4 – 3.8 mn jobs to the Egyptian economy by 2050, according to the report. Assuming no increase in the current rate of women’s participation in the workforce — which is currently around 15% — that would translate to about 210k – 570k new jobs for women, the report estimates.

That figure could be higher amid rising demand for new skills and growing interest among women: Telecommunications, computer science, and artificial intelligence-based skills are becoming increasingly important for the industry and could “leave significant room for empowerment of women in the sector through employment,” the report says. Part of the reason for this is because women have been generally more interested in enrolling in educational programs focused on renewable energy and make up a good chunk (43%) of the country’s STEM graduates, the report explains. Interest in climate issues among women has grown substantially, and is higher up on young women’s priorities than ever before.

Already we’re seeing renewable energy firms in Egypt more likely to hire women in technical roles than their fossil fuel-based counterparts: Overall, some 11% of technical and professional positions in the renewables sector are currently held by women — double that of the non-renewables industry. The same holds true for plant, machine and assembly operators, which in the renewables sector is 11% occupied by women while only 4% for non-renewables.

But we’re still far from celebrating a win for gender equality: Female representation in renewables globally is currently around 32%, far above the rates we’re seeing here in Egypt and the rest of the region. And while the representation of women in certain kinds of roles within the renewables industry in Egypt is significantly higher than those same jobs in the fossil fuel-based energy sector, the total difference in representation is only about 1%.

How do we stack up against our peers? Compared to neighboring countries in the Gulf and the Levant, we’re not at rock bottom. Saudi Arabia, for example, only has some 5-6% of its energy-related sector positions held by women. The figures are roughly the same for Lebanon, Jordan and Iraq. Compared to Tunisia and Algeria, though — who have participation rates of some 16-20% and 27%, respectively — we’re far behind.

A number of structural problems need to first be addressed before any meaningful gains on gender equity are achieved: Expanding recruitment opportunities — which typically target men — and ensuring safer and more reliable transport are crucial first steps, the World Bank says. There’s also a serious need for better vocational training and more accessible childcare options for women. Independent professional development networks would also be a huge help in providing guidance and networking opportunities for women looking to join the energy sector.