PM — Keto for mental health

Good afternoon, ladies and gentlemen. The news cycle both here at home and abroad is dominated this hump day by all things macro, as the IMF dropped its World Economic Outlook while its annual meetings with the World Bank roll on.

THE BIG STORY TODAY + ABROAD

The IMF revised downwards its forecast for Egypt’s GDP growth in FY 2022-2023 to 4.4%, according to its updated World Economic Outlook, which was released just minutes before we shipped out this afternoon’s edition. The revised forecast is 1.5 percentage points lower than it had anticipated in its July edition of the report.

The fund sees global GDP growth remaining unchanged from its previous forecasts this calendar year at 3.2%, but revised downward its projection for next year’s growth by 0.2 percentage points to 2.7%. The report also sees a “25% probability that it could fall below 2%” in 2023.

^^We’ll have the full rundown of the report in tomorrow’s edition of EnterpriseAM.

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

• Inflation accelerated again in September as price shocks continue to linger, rising to 15.0% amid an ongoing surge in living costs fuelled by the war in Ukraine and a weaker EGP.
• Capiter meltdown could end up in court: The two co-founders of B2B e-commerce startup Capiter have filed a lawsuit with the public prosecutor’s office against the company’s board of directors over their recent firing, co-founder Mahmoud Nouh said.
• CI Capital Asset Management has launched an equity fund tracking the EGX30 Capped index, which it says is the first of its kind in the local market.

Take our EV survey: Are you an ex-petrolhead shopping around for your first electric vehicle? EV-curious and wondering what all the fuss is about? Or are you not ready to say goodbye to that sweet smell of benzene as you wait at the gas station?

We want to hear from you: We’re taking the pulse on how the nation feels about Egypt’s nascent EV transition. Take a few minutes to fill out our short survey. We’ll be back with the results in a couple of weeks.

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The EGX is looking to drum up interest in listed companies on a roadshow to Dubai and Abu Dhabi later this month, an EGX source told Enterprise. The bourse has tapped Al Ahly Pharos to help manage the roadshow, with EGX boss Rami El Dokany set to meet with as many as 100 regional and international financial institutions, the source said.

We’re celebrating 50 years of ties with the UAE in a three-day event in Cairo from 26-28 October, under the slogan “UAE and Egypt … One Heart,” according to a statement. The event will highlight the economic and investment ties the two countries have built over the decades, as well as cultural links.

Fuel prices to rise this month? We’re expecting the government to hike fuel prices for the seventh consecutive quarter when the fuel pricing committee meets this month. Fuel prices have risen by as much as 28% over the past 18 months in response to heightened international oil prices, which surged earlier this year on the back of Russia’s invasion of Ukraine.

Smart Green Governorates shortlist coming next month: Egypt’s Smart Green Governorates initiative will announce the full shortlist of 60 projects for the initiative at a conference early next month, according to a cabinet statement. The initiative’s technical committee is currently in the process of whittling down the shortlist from 162 projects to 60 (10 projects from each of the six categories), which will be presented to a national jury to select the final 18 projects. These will be showcased to investors at COP27.

⛅TOMORROW’S WEATHER- Expect a partially cloudy day tomorrow, with temperatures rising to 31°C during the day before falling to 19°C at night, our favorite weather app tells us.

Going keto could have some mental health benefits: The ketogenic diet — a widely popular high-fat, low-carb diet — could help improve the health of those suffering serious mental illness, FoodNavigator writes, citing a study by Australia’s James Cook University. The clinical trial examined how the diet could be used to treat illnesses such as schizophrenia and bipolar disorder. One of the co-authors of the study argued that the release of ketone bodies could help in bypassing abnormally functioning cellular energy pathways in such mental disorders. Contemporary western diets, dominated by highly-processed sugars and carbs, lack the necessary nutrients to supply the body and feed the brain, the CEO of UK-based Keeto Life argues. A low-carb diet means lower chances of bloating, allowing your body to benefit from the nutrients and therefore your mind to feel more robust, he said. There’s also a fundamental change in using food to improve mental wellbeing, an Ernst & Young Global Consumer Senior analyst said, adding that brain health and sleep and others have grown to become important drivers for diets and weight-loss.

The essence of professional boundary-setting: Getting comfortable saying “no” — or knowing when to making your “yes” conditional: Embracing the ability to say “no” to taking on tasks and projects that would stretch us beyond our limits, or otherwise vocalizing capacity limits, is critical to pushing forward “myfastweightloss.net” in the workplace, the Financial Times writes in an opinion piece. These boundary-setting practices, which “come courtesy of younger generations raised online, who had to find their own limits,” are becoming increasingly normalized in the professional world, as people become more cognizant of the benefits of time management and striking some semblance of a work-life balance.

That’s not to say you should always say “no” flat out, says the CEO of a professional development firm. But there are ways to set boundaries or otherwise exercise your judgment. For example, we can employ the “I can, if” technique — agree to take on a project or task in exchange for delegating another, or extending its deadline, which gives managers better visibility on overall workloads and allows them to set priorities. And when you do make the personal decision to go beyond your normal limits, ask yourself: “If I’m saying yes to this, what am I saying no to?”

???? ON THE TUBE TONIGHT-
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It’s the spookiest time of the year, and The Midnight Club is bringing the horror: A group of young patients with terminal illnesses meet in secrecy every night to share terrifying tales, and they agree that whoever passes away first will make an effort to get in touch with the other Midnight Club members from beyond the grave. The horror-thriller series is based on the books by Christopher Pike and directed by Netflix’s prodigal horror filmmaker Mike Flanagan — the man behind series like The Haunting of Hill House, The Haunting of Bly Manor, and Midnight Mass. In his latest project, Flanagan uses storytelling to explore the idea of mortality and utilizes horror to examine the worst things that could happen to anybody, eventually coming to a place of compassion for grief and loss. The story of the young characters will most certainly resonate with younger viewers, but their personal experiences will speak to all of us. The first season is available to stream — if you dare — on Netflix (watch trailer, runtime 3:02)

⚽ It’s Matchday 4 of the Champions League, with eight games to keep an eye on through the evening:

• Shakhtar Donetsk v Real Madrid (9pm)
• Milan v Chelsea (9pm)
• FC Copenhagen v Man City (6:45pm)
• Borussia Dortmund v Seville (9pm)
• Paris Saint-Germain v Benfica ((9pm)
• Maccabi Haifa v Juventus (6:45pm)
• Dinamo Zagreb v Salzburg (9pm)
• Celtic v Leipzig (9pm)

Shout out to Egyptian swimmer Mostafa Said, who is beginning the unprecedented 160-kilometer swim across the Red Sea today with British-South African endurance swimmer and UN Patron of the Oceans Lewis Pugh to highlight the destructive consequences of climate change on coral reefs ahead of Cop27, the National reports. The two-week endeavor is being hailed as the first-ever swim across the Red Sea.

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Lebanon’s iconic Barbar has landed in East Cairo: The famed Lebanese street food eatery Barbar has debuted at The Drive by the Waterway, which means fellow foodies can now get the authentic, delicious flavor of Beirut whenever the craving hits. Coming from humble beginnings as a little bakery on the vibrant Hamra Street in 1979, the eatery has since become more than just a place to get some comfort food; it is widely recognized as a top destination in Lebanon, for tourists and residents alike. Barbar is famous for its delicious shawarma, freshly-baked manakish, falafels, specialty sandwiches, fresh juices, and more. If, like us, you’ve been waiting for Barbar to arrive in Egypt for a while, stop by the newly-opened spot and let us know if it lives up to the hype.

That said… Barbar, you’ve got some stiff competition from our in-house talent here at Enterprise HQ. We just ate the most delectable shawarma we’ve potentially ever had, home-cooked by our very own chef extraordinaire Ahmed Abdel Wahab. We’re currently dispatching with some very happy bellies.

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Catch a moving performance of Traces – Discourse to the African Nations at Rawabet Art Spaces at 8pm: Written by Felwine Sarr and directed by Etienne Minoungou, the play examines Africa through the lens of its culture and history, and explores how African countries can move beyond their colonialist histories.

This one’s for contemporary rock enthusiasts: The Bends, a Radiohead tribute band, and Bleak, an Opeth tribute band will be taking the stage at 7:30pm at Zamalek’s El Sawy Culturewheel.

If you’re more into rap, head over to Room Art Space New Cairo for a rap night with Fakhaa and “special guest appearances” at 9pm.

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Indulge in a touch of magical realism in Self Portrait With Nothing: The new novel by Aimee Patwaka centers on 36-year-old Pepper Rafferty, who was abandoned as a newborn and didn’t learn the identity of her biological mother until she was 15. Pepper has been keeping her discovery a secret for almost 20 years; her mother is a recluse painter whose work has gained notoriety due to rumors that her “portraits summon their subjects’ doppelgängers from parallel universes.” While investigating the rumors, Pepper begins to wonder about what her parallel self would be like. The story that unfolds is a breezy read and a good reminder that making the most of life requires working with what we've got, flaws and all.

The EGX30 fell 0.8% at today’s close on turnover of EGP 821.63 mn (15.6% below the 90-day average). Local investors were net buyers. The index is down 17.4% YTD.

In the green: Orascom Construction (+2.4%), Sidi Kerir Petrochemicals (+1.9%) and CIRA (+0.3%).

In the red: Ezz Steel (-3.7%), Qalaa Holdings (-3.1%) and Fawry (-2.8%).

OUR FOUNDERS OF THE WEEK- Every Tuesday, Founder of the Week looks at how a successful member of Egypt’s startup community got their big break, asks about their experiences running a business, and gets their advice for budding entrepreneurs. Speaking to us this week are Madonna Nassif (LinkedIn) and Ola Al Sakka (LinkedIn), co-founders of Bubblzz.

Our names are Madonna Nassif and Ola Al Sakka and we are the co-founders of Bubblzz. We’re best friends and entrepreneurs who share a passion for science, beauty, and mother nature. We each graduated with a Bachelor’s degree in chemistry from the American University in Cairo — Ola in 2000 and Madonna in 2015.

Ola: After graduating, I decided to pursue an academic career. I worked as a teaching assistant at AUC from 2000-2013, obtaining my masters in 2009 and my PhD in 2014, both in organic chemistry. After 15 years, I decided that it was time for a career shift to focus on the company. Leaving academia was a bit discerning but I shifted my passion from teaching and mentoring to product research, development, and formulation, and the creation of my own brand.

Madonna: I graduated from university one year after starting Bubblzz. Right after graduation, I worked at Coca-Cola as a laboratory analyst in the quality control department for a year before deciding to quit and become fully dedicated to managing and expanding the company.

Our vision for Bubblzz emerged at the AUC science department’s chemistry club in 2014. Ola was the chemistry club’s faculty advisor and Madonna its president. Our mission was to revive the club and spark students’ interest in chemistry. We started to plan and conduct DIY workshops for soap, candles, and lip balms using 100% natural ingredients to show students that chemistry is a fundamental part of their daily lives. A chemical principle is involved in every personal care product you use on your hair or skin.

The workshops were a huge success and the first product we ever launched, Cupcake Soap, was developed during one of them. In the summer of 2014, we decided to establish Bubblzz. Our aim was to formulate and manufacture beauty and personal care products using wholesome and natural ingredients like organic and essential oils and active extracts. Our products are visually appealing, have no harsh chemicals, and do not involve any form of animal testing.

Our line has expanded to include hair care, body and facial care products. The company currently has six branches in both Cairo and Alexandria, and our products are available in retail outlets including Virgin Megastores, the Nile Ritz-Carlton hotel, and pharmacies all over Egypt. We also now export our products to countries including Iraq, Yemen, Saudi Arabia, and the UAE.

The best part of our job is testing new formulations and developing new products. The worst part is the work-life balance struggle that barely leaves us time to spend with our friends.

The word “easy” isn’t in your vocabulary when you’re running a business. There are many sleepless nights and long grueling days when nothing goes our way. However, these hardships are what bring growth. You either grow from your success or learn from your mistakes. When we first started Bubblzz, we felt the need to tackle everything at once — but as the business grew, we learned that it is healthier to start delegating.

The most important KPIs that we look at are customer satisfaction, sales growth, client acquisition and retention, social media presence, and the bottomline.

When we need advice to fix a difficult problem, we turn to our strong support base. In addition to our legal and finance team, we have been blessed with families that have experience in entrepreneurship, business management, and operations. We both have fathers and husbands who are successful business owners. They’re our role models and the key behind our success as individuals and entrepreneurs. Our families are our biggest supporters and sharing our success with them is what drives us forward.

We never resorted to external financing to grow our business. A business will never grow if there is no money earmarked for expansion. If we are ever unable to procure that financing through earnings alone, we would definitely consider outside financing. We have turned down several funding and partnership offers from huge investors in order to focus on maintaining Bubblzz’ mission and identity.

Our main goal is to expand our presence across the country and abroad by opening new branches and increasing our distribution channels. We’re focusing on exports as a part of our overall business strategy and on diversifying our product portfolio.

Enhancing customer satisfaction, improving our products, and expanding our team are of equal importance to maintain the business’ success and keep it moving forward.

Ola: I began regularly going to the gym a year ago to help reduce stress and increase my energy. When I’m at home, my favorite part of the day is spending time with family over breakfast or just chilling out and watching a funny movie. My all-time favorite classic movies are Gone With the Wind and Funny Girl. I wouldn’t mind watching them every week.

Madonna: I try to spend time as much as possible with my two-year-old son and help him develop. I also enjoy spending time in the kitchen. I recently really enjoyed reading Kazou Ishiguro’s novel The Remains of the Day.

We absolutely love the company Glow. They share our beliefs and vision and are developing and serving food that reinforces healthy living.

We can’t imagine doing anything except Bubblzz. Our business will always be our baby and we hope to remain committed and devoted to it and see it grow and expand.