Thursday, 24 November 2022

PM — Is Elon Musk saying what your boss is thinking?

TL;DR

WHAT WE’RE TRACKING TONIGHT

Good afternoon, friends, and a happy Thursday to all. For those celebrating Thanksgiving today, we wish you a wonderful turkey-fuelled afternoon with plenty of weekend leftovers to spare.

THE BIG STORY TODAY- Qatar’s sovereign fund has chosen a port it wants: The Qatar Investment Authority (QIA) is reportedly in talks with the Egyptian government to develop and manage the port of Safaga under a 25-year contract, Bloomberg Asharq quotes two unidentified sources as saying. The talks come after the Sovereign Fund of Egypt and the QIA inked an agreement to cooperate on ports last September.

THE BIG STORY ABROADAnother rate cut for Turkey: The country has cut its benchmark interest rate down to 9% — despite annual inflation of over 85% — in response to president Recep Tayyip Erdoğan’s call to bring rates down to the single digits before the end of the year. This is the fourth consecutive cut in a cycle of monetary easing as Turkey attempts to wrangle soaring inflation and keep a grip on its currency value. Bloomberg, the Wall Street Journal and the Financial Times all picked up the story.

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

  • The Qatar Investment Authority’s talks with Telecom Egypt over a potential purchase of a 20% stake in Vodafone Egypt have “accelerated” and could close “very soon.”
  • Some MPs are calling on ministers to reconsider their plans regarding a decision by the government to end the CBE’s role in providing funding for subsidized loans.
  • ​​Japanese bank Nomura thinks that Egypt is the most vulnerable EM to a currency crisis over the next 12 months.

enterprise

The Enterprise Climate X Forum is fast approaching, and we’re incredibly excited to meet with some of you in Cairo at the Grand Egyptian Museum on Tuesday, 6 December 2022. We get underway with a networking breakfast at 8am CLT.

What’s on the table? CEOs, execs, bankers and development finance folks will mull over a variety of topics, including:

  • What’s this green hydrogen mumbo-jumbo you speak of?
  • How are leaders building green businesses — from scratch, or as retrofits to decades-old family enterprises?
  • How do we pay for it all?
  • What do you really think of the green economy?

With that in mind, we’ll be dropping little notices in stories and topics we intend to explore more of at the forum. Study up if you’re coming.

Some of the biggest names in business and finance are on board — are you? If you’re a C-suite exec, business owner, climate professional, DFI staff, investor or banker, please email us at climatexrsvp@enterprisemea.com to signal your interest, letting us know your name, title and where you work. You can learn more on our conference website here.

*** YOU MUST REGISTER TO ATTEND by clicking the link on your registration email. Attendance is by invitation only. You’ll need a special QR code to gain access to the GEM on event day.

🗓 CIRCLE YOUR CALENDAR-

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

The US and Russia will hold nuclear talks in Cairo next week: Washington and Moscow will discuss resuming mutual nuclear inspections during week-long talks from Tuesday, 29 November through to 6 December, Russian Deputy Foreign Minister Sergei Ryabkov said, according to CNN.

☀️ TOMORROW’S WEATHER- There’s a possible chance of a rain shower tomorrow, with a daytime high of 24°C and nighttime low of 15°C, our favorite weather app tells us. Enjoy a partially cloudy Saturday with highs of 23°C before cooling off to a chilly 13°C in the evening.

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FOR YOUR COMMUTE

Is Elon Musk saying what your boss is thinking? Managers may balk at the PR chaos the Tesla boss has unleashed since his whirlwind takeover of Twitter — but many of them are secret fans of his no-nonsense approach to setting standards for employees, according to the Wall Street Journal. Musk’s insistence that employees at Twitter (the ones he didn’t fire) commit to being “extremely hardcore” and “working long hours at high intensity” is drawing admiration from senior execs who say the post-pandemic workforce has gone soft. “ “I think every successful CEO, including myself, is tired of all the whining,” Michael Friedman, New York investment firm First Level Capital’s chief exec, told the WSJ.

The Musk managerial style might only work for those with USD bns and a spaceship: The allure of working for the richest and arguably most famous businessman in the world means Musk can get away with the kind of strong-arming that others can't, Friedman concedes.

And even then, there’s only so much a workforce can take: While some 4k Twitter employees have been fired in recent weeks, another 1.2k have walked away. The social media company also disbanded its entire Brussels office today, sparking over whether the platform will be able to enforce the EU’s tough new online content rules.


Surprisingly, Neanderthals were foodies: A discovery by a research team from Liverpool John Moores University has unearthed the earliest prepared food dating back 70k years and there’s evidence of complex flavor palates, The Guardian reports. The leftovers — found in an Iraqi cave north of Baghdad — show evidence of multiple steps of preparation to prepare foods with flavor, providing proof that prehistoric humans enjoyed cooking and even had diverse diets. With the absence of pots, the Nenderthals warmed up food in animal skin and pounded seeds with rocks to unleash more flavor to add to their dishes. Other research has shown others skipping the cooking and preferred eating wild nuts, various grasses and seeds like lentils and wild mustard.

The Japanese touch: Japan’s football fans stuck around to tidy up the stadium after the country’s memorable World Cup victory over Germany showing viewers worldwide what civic duty looks like, Bloomberg reports. After their 2-1 defeat, German fans exited the stadium while Japanese spectators started cleaning up, collecting trash into bags and making sure the space was as clean as they found it. The cleanliness extended indoors, with Japan’s team tidying up their changing room, neatly lining up water bottles and food containers into piles and leaving 11 origami cranes behind with a “thank you" note written in Japanese and Arabic.

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ENTERPRISE RECOMMENDS

📺 ON THE TUBE TONIGHT-
(all times CLT)

Gobble, Gobble’ with this Thanksgiving classic: Long before Gen Z was introduced to Steve Martin in Only Murders in the Building, he was a mainstay of ‘80s and 90’s comedy. Planes, Trains & Automobiles is a madcap holiday adventure taking viewers on a wild ride as Neal Page (played by Martin) desperately tries to get home to his family in time for Thanksgiving — despite fellow traveler Del Griffith's (played by comedy legend John Candy) best efforts. The two encounter every frustrating travel obstacle there is on the road, providing belly laughs and capping it off with truly heartwarming moments of vulnerability. It’s no surprise this movie has lasted the test of time. You can rent the movie on Amazon Prime and Google Play. (watch trailer, runtime 1:03).

⚽ The World Cup drama is in full swing: Switzerland beat Cameron 1-0 when they faced off earlier at 12pm, after Switzerland’s Breel Embolo scored against Cameroon — his country of birth. The AS Monaco forward was born in Yaonde and moved to Switzerland at a very young age. Despite efforts by the Cameroonian Football Federation to persuade him to change nationalities, he ultimately chose to play for the European nation. Even though this is Embolo’s first World Cup goal, he refused to celebrate it.

On the pitch now: Uruguay v South Korea are playing now as we dispatch.

On deck today: Portugal v Ghana at 6pm, and Brazil v Serbia at 9pm.

GROUP G-

P

W

D

L

GD

T

🇨🇭 Switzerland

1

1

0

0

1

3

🇷🇸 Serbia

0

0

0

0

0

0

🇧🇷 Brazil

0

0

0

0

0

0

🇨🇲 Cameroon

1

0

0

1

-1

0

The football fun continues on Friday as the teams play their second group matches:

  • Wales v Iran (12pm)
  • Qatar v Senegal (3pm)
  • Netherlands v Ecuador (6pm)
  • England v USA (9pm)

GROUP A-

P

W

D

L

GD

Points

🇪🇨 Ecuador

1

1

0

0

2

3

🇳🇱 Netherlands

1

1

0

0

2

3

🇸🇳 Senegal

1

0

0

1

-2

0

🇶🇦 Qatar

1

0

0

1

-2

0

GROUP B-

P

W

D

L

GD

Points

🏴󠁧󠁢󠁥󠁮󠁧󠁿 England

1

1

0

0

4

3

🇺🇸 USA

1

0

1

0

0

1

🏴󠁧󠁢󠁷󠁬󠁳󠁿 Wales

1

0

1

0

0

1

🇮🇷 Iran

1

0

0

1

-4

0

On Saturday, the tournament heats up in Qatar with the following games:

  • Tunisia v Australia (12pm)
  • Poland v Saudi Arabia (3pm)
  • France v Denmark (6pm)
  • Argentina v Mexico (9pm)

GROUP C-

P

W

D

L

GD

Points

🇸🇦 Saudi Arabia

1

1

0

0

1

3

🇲🇽 Mexico

1

0

1

0

0

1

🇵🇱 Poland

1

0

1

0

0

1

🇦🇷 Argentina

1

0

0

1

-1

0

GROUP D-

P

W

D

L

GD

Points

🇫🇷 France

1

1

0

0

3

3

🇩🇰 Denmark

1

0

1

0

0

1

🇹🇳 Tunisia

1

0

1

0

0

1

🇦🇺 Australia

1

0

0

1

-3

0

JOIN US FOR OUR ENTERPRISE FANTASY WORLD CUP LEAGUE. Sign up with the code SZJ507VP to compete against other members of the Enterprise community. The top finisher will take home something special from us.

Meanwhile, local football fans can temporarily tune out the World Cup so they can tune into Zamalek v Al Masry in the quarter final of the Egypt Cup at 7pm on Saturday.

🥐EAT THIS TONIGHT-

Satisfy that burger craving with the Good Guy: We’ve tried and tested a lot of burger joints, but few come close to the flavor, texture, and overall experience at Good Guy. From the caramelized onions to the tasty mushrooms, this spot has something for every burger lover. The classic cheese burger is truly the winner, made with fresh ground beef and topped with just the right amount of melted cheese. Add some curly fries and their signature oreo peanut butter cup milkshake and you’re good to go. If you’re in the mood for hot dogs, their crunchy and juicy panko corn dogs definitely won’t disappoint. Good Guy has branches in New Cairo, Nasr City, and Maadi.

🎤 OUT AND ABOUT-
(all times CLT)

It’s Jazz night tonight at the Kempinski. Okasha will be performing at the Jazz Bar for a night of blues, jazz, and soul starting at 9:30pm.

Head to CJC 610 tomorrow for another entertaining edition of Ma Yatlobooho Al Mostame3oon. Superstar Ehab Tawfik will perform old-school favorites from 9pm.

On Saturday, stop by Diwan Heliopolis around noon for the opening of Aziza Abou Zeid's exhibition of glass sculptures featuring a special guest artist, Khalil Aboelalla. The exhibit will run through 26 December.

👂 EARS TO THE GROUND-

Feeling lost and uninspired career-wise? Check out the Diary of a CEO for a boost of inspiration. Every week Steven Bartlett interviews some of the world's most influential people, experts and thinkers on this podcast — diving into their stories of success, failure, and everything in between. A wide range of topics relating to entrepreneurship are discussed including leadership, marketing tactics, goal setting strategies, personal growth habits, productivity hacks. Bartlett is brimming with the kind of energy and enthusiasm to inspire listeners to get up and start working on their goals. By the end of each episode you’ll be feeling ready to take on any challenge or obstacle standing in your way.

💡 UNDER THE LAMPLIGHT-

Leadership lessons from a Silicon Valley visionary: Former CEO of Cisco Systems John Chambers shares his experiences in Connecting the Dots, delivering valuable wisdom and tips ​​for whatever stage your business is at right now. The book delves into how to develop extraordinary teams, stay focused on goals and objectives, and build relationships with customers and partners. Chambers also offers practical advice on financing, hiring, and other essential aspects of running a business through real-life examples. He also discusses some of his failures quite frankly — without sugarcoating things or pretending everything went perfectly — acknowledging the mistakes and lessons he learned along the way.

GO WITH THE FLOW

The EGX30 rose 1.4% at today’s close on turnover of EGP 1.95 bn (37.5% above the 90-day average). International investors were net sellers. The index is up 7.0% YTD.

In the green: GB Auto (+6.9%), Alexandria Containers and Cargo Handling (+3.9%) and Elsewedy Electric (+3.9%).

In the red: QNB Alahli (-1.8%), Orascom Construction (-1.4%) and EKH Holding – EGP (-1.3%).

OFFICE LIFE

What are Egyptian businesses looking for in L&D services? A core pillar of any business is the learning and development (L&D) of its employees — from the junior to the executive level. Globally, most university-based executive education programs work with corporate clients — as opposed to Egypt, where individuals are investing a lot in their own L&D for better job prospects, associate dean of Executive Education at the American University in Cairo (AUC) Ghada Howaidy tells us. But even when companies actively seek L&D options for their employees, the local market falls short in providing them with what they need.

There are a few driving factors causing companies to seek L&D: Some 51% of training needs are decided by L&D heads within companies, Howaidy explains. Strategic vision and management-driven objectives account for 11%, according to a recent AUC School of Business report (pdf) that surveyed 30 companies in Egypt across 12 different sectors to map the L&D landscape from a corporate perspective. “When you are in a time of crisis or a merger and acquisition for example, the strategy needs to take priority and competencies need to be aligned. Training should then be there to meet those competencies,” Howaidy adds.

Companies often want tailored programs: For technical skills, standardized programs can do the trick, but customized programs based on the organization’s actual needs, culture and applications take it one step further. Some 87% of surveyed companies want the training provider to tailor programs based on the client’s needs, according to the report.

But those come at a high cost: Some 71% of surveyed companies say they are unable to realistically evaluate the training needs for their employees and preparing tailored L&D programs requires pre- and post-program assessments not widely available in the local landscape, the report states. For training providers to wear the hats of actual “solution providers”, they may need to reshape their business model into a more customer-centric one resulting in a higher price point.

The extent of that increase depends on the level of customization needed and the needed outcomes of the training program, cofounder and director of Newton Education Services Nelly El Zayat tells us. Newton Education Services brought the Chicago Booth Executive Program to Gouna. The application deadline for its March program ends on 4 December, according to the company’s LinkedIn page.

Practical and applicable solutions are crucial: Some 81% of respondents said there was a rising need for L&D processes that allow for practical implementation. Many corporates find training solutions lacking in relevant local case studies, and the ones offered lack a connection to the client’s situational needs, the report says. This is especially true for oil and gas, real estate, ICT, and agribusiness companies. Training providers also need to incorporate digital solutions. Some 48% of respondents were unhappy about the limited use of digital technologies from training providers during L&D processes.

So what should companies do to get the most out of their L&D strategy? “Companies need to reflect on their purpose for L&D: is it an employee benefit for the person’s own growth or is it aligned with the purpose of the organization and job requirements?” Howaidy explains. Additionally, if companies want a customized program tailored to their needs, they need to understand that it comes with a price tag, she adds. Lastly, both parties need to align from the beginning on what “success” looks like and what is needed for a satisfying return of investment.

CALENDAR

NOVEMBER

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.

4 December (Sunday): House back in session.

4 December (Sunday): OPEC+ meeting.

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

5-7 December (Monday-Wednesday): Food Africa 2022 kicks off at Egypt International Exhibitions Center.

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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