PM — Mushrooms to save the world

Happy Sunday, friends, and welcome to another privatization-driven news day here in Omm El Donia as we kick off this week.

THE BIG STORIES TODAY

#1- Two state-owned real estate companies seek investments through capital increase: State-owned real estate companies, El Nasr Housing and Development and Maadi for Development and Construction, will drum up investments from strategic investors through capital increase rather than selling a stake belonging to existing shareholders,” a source with knowledge of the matter, who asked to remain anonymous, told Enterprise today. Making public share offerings in the two companies will come at a later stage,” the source added.

#2- Pachin shareholders are facing a regulatory ultimatum: Paint and Chemical Industries (Pachin) will have 10 working days to respond to Dubai-based National Paints Holding’s (NPH) mandatory tender offer (MTO) to fully acquire the company, according to a a Financial Regulatory Authority (FRA) statement (pdf). The countdown to the FRA-enforced deadline begins from the day of publishing the announcement of the acquisition bid, the statement reads.

THE BIG STORY ABROAD

UBS has offered to buy Credit Suisse for USD 1 bn in an all-share transaction, which could be signed as early as this evening, the Financial Times reports, citing several sources with knowledge of the transaction. The “fast-moving” agreement is expected to be fast-tracked by Swiss authorities, which could “change the country’s laws to bypass a shareholder vote on the transaction,” the salmon-colored paper reports. The story is leading the conversation in the international business press this afternoon, with front-page coverage in the Wall Street Journal, Reuters, Bloomberg, and CNBC.

HAPPENING NOW-

Palestine, Israel participate in Egypt-brokered security meeting: Officials from the two sides met in Sharm El Sheikh today as part of a five-way meeting with Egyptian, Jordanian, and US officials, a cabinet statement said. The discussions follow on from a meeting in Jordan last month that attempted to encourage a dialogue between the two sides but which did little to calm tensions.

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

• First up from the SFE’s pre-IPO fund: Egyptian Linear Alkyl Benzene (Elab) will be the first company to go to market via the Sovereign Fund of Egypt’s (SFE) pre-IPO fund.
• No limits on Safi, Wataniya stake sales -SFE’s Soliman: The Sovereign Fund of Egypt (SFE) could sell up to 100% of military-owned firms Safi and Wataniya to strategic investors depending on market appetite.
• Abu Dhabi Ports just established itself as a major player in Egypt’s port infrastructure: Abu Dhabi Ports (ADP) will develop and operate a container terminal at Safaga Port under a USD 200 mn, 30-year concession agreement signed with the government yesterday.

*** 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: As Egypt works to grow its exports and slash its import bills, industry players and other stakeholders have called for the government to enact certain reforms that they believe are necessary to prop up exporters and streamline their work.

????️ TOMORROW’S WEATHER- The sun is going into hiding tomorrow, bringing down the mercury a couple of degrees to 20°C during the day and 12°C in the evening, according to our favorite weather app.

The tax man is tracing the footprints of digital nomads: For those who have gotten accustomed to the peace and comfort of remote work — away from their tax jurisdiction — there’s a legislative overhaul afoot that aims to bring you closer to the tax man’s radar. The discussion of tax treatments for cross-border remote work has become a hot topic as the earned income of digital nomads accounts for 1.3% of global personal income, Bloomberg reports, citing IMF data. Some businesses think that the flexibility to offer remote work “is needed to attract and retain talent in the modern economy and we want to make sure that we’re able to do that,” said a tax official at the Organization for Economic Cooperation and Development (OECD).

They’re on to you: The OECD is working on a note for later this year that will list the tax challenges and scenarios associated with the post-pandemic trend of remote work in a bid help people, businesses and governments have a better idea of who should be taxed and when and where they will be taxed, according to the business information service. Currently, digital nomads working away from their tax jurisdiction in countries such as China, India, and the UK get taxed by the governments of these countries once their stay crosses a six-month threshold, according to Bloomberg.

Microsoft unleashes new fighter onto AI battleground: Microsoft Corp will in the coming months roll out Copilot, an AI-powered assistant, across its Microsoft 365 suite — including Word, Excel, PowerPoint, Outlook, and Teams — the company announced on Thursday. Underpinned partly by OpenAI’s newly launched GPT-4, the software will enable users to generate first drafts of entire documents, presentations, and emails by entering simple prompts. It can also summarize discussions and suggest actions in real time during meetings, among a host of other features, and is currently open to some 20 companies for testing before a wider launch, Bloomberg and Reuters report.

AI war tightens: The move is Microsoft’s latest bid to overhaul its product lines with AI and gain a foothold in the industry ahead of rival Google, which two days ahead of Microsoft’s announcement said it would bring a very similar feature named Magic Wand to Google Workspace, adding new capabilities to Docs, Slides, Sheets and Gmail.

Caveat: The software isn’t foolproof: “It does a lot of amazing things and gets a lot of things right, but it doesn’t get everything right,” Microsoft Vice President Jon Friedman told Bloomberg. However, Copilot prompts users to review and fact-check the drafts it generates and embeds links to the sources it uses in the process, answering the prevalent criticism that AI chatbots serve up unverifiable information. “Just like any time somebody sends me a draft — I review the

draft,” said Microsoft CEO Satya Nadella. “I just don’t accept the draft.”

???? ON THE TUBE TONIGHT-
(all times CLT)

Dive into the wonderful world of fungus: If someone told you that mushrooms could save the world, you’d probably think they had a few loose screws — but just how profoundly complex and powerful these organisms are is the subject of the 2019 documentary Fantastic Fungi. Narrated by some of the world’s leading experts on mushrooms, Fantastic Fungi takes you on an informative and eye-opening journey into the world of mycelium networks and the surprising ways they can help us tackle some serious earthly problems. Alongside their crucial role as facilitators of vast underground communication networks between trees, there’s evidence to show that fungus can be used to clean oil spills, fend off parasites, and help treat PTSD. Part nature documentary and part impassioned advocacy campaign, this fascinating exploration of fungus is bound to teach you something new about this tiny world beneath our feet. If the geeky science-talk isn't for you, the breathtaking time lapse imagery of mushroom life cycles should keep you thoroughly entertained.

⚽ It’s El Clasico Day: Barcelona meets with its rival — and La Liga title holder — Real Madrid at Camp Nou at 10pm tonight. Barcelona is currently at the top of the league, with a six-point lead, meaning tonight’s match could seal its fate as the new title holder if it’s able to come out on top, while Real Madrid will be pushing to narrow the gap and keep the possibility of holding on to the league title.

Wrapping up Gameweek 28 in the English Premier League: Arsenal plays host to Crystal Palace at 4pm. Arsenal is currently in first place in the league, standing five points ahead of defending champions Manchester City, which are currently in second place. Arsenal has a chance to widen that point gap to eight should it defeat Crystal Palace. Meanwhile, Crystal Palace (currently 12th in the league) are in a bit of a turbulent period after its manager Patrick Vieira was removed from his post two days ago after the team failed to bag a single victory in its past 11 league matches.

Join 200 Enterprise readers as they battle it out in the Enterprise Fantasy League for the top spot — and a special prize from us at the end of the season. You can join by clicking this link or entering the code: 8o4sut.

Today in the FA Cup: Manchester United hosts Fulham in the quarterfinals of the FA Cup at 6:30pm. Sheffield United v Blackburn Rovers kicked off at 2pm and is approaching the last few minutes of the match as we hit dispatch, with the score currently at 2-2. Brighton v Grimsby Town also kicks off today at 4:15pm.

And the most important matches of the major European leagues:

• Torino v Napoli (Serie A — 4pm)
• Lazio v Roma (Serie A — 7pm)
• Inter v Juventus (Serie A — 9:45pm)
• Leverkusen v Bayern Munich (Bundesliga — 6:30pm)
• Paris Saint-Germain v Rennes (Ligue 1 — 6:05pm)

???? EAT THIS TONIGHT-

This miniscule eatery packs a punch: Downtown’s Fasahet Somaya only seats about 10 people and has no set menu. Instead, the restaurant’s owner, Somaya Al-Asyoty, plans select dishes each day, depending on what she sees at the market and inspires her. Eating at Fasahet Somaya is like having a home cooked meal — traditional Egyptian dishes like molokhiya, tiny buttery quail, and stuffed vegetables are often on offer. At other times, Somaya experiments and surprises guests with new dishes like slow-cooked lamb with chocolate. And she keeps an eye on each table to see how they enjoy their feast. The atmosphere at Fasahet Somaya is home-y and the food is filling. Get in early before the evening queues start, or put your name on the waitlist and head to an ahwa or nearby Horreya for a quick drink beforehand.

???? OUT AND ABOUT-
(all times CLT)

Egypt’s most talented female artists are still going strong at Art d’Egypte’s Kaon exhibition at the Arts’ Hub in Zamalek. The exhibition, which kicked off last Thursday and runs through next Thursday, 23 March, is held in celebration of International Women's Day.

The French Institute in Egypt is screening Trois Souvenirs de ma jeunesse (My Golden Days), a French dramatic comedy about a man who looks back on his childhood in France, a fateful student trip to the USSR, and the love of his life. The screening begins at 6:30pm and wraps at 9:30pm.

Standup comedy from a Gen X favorite: Standup comedian Ahmed Ahmed will be here tomorrow at 8pm for “Back to Om El Donia” at the American University in Cairo’s Tahrir Campus’ Ewart Memorial Hall. Also featured in the lineup: Brian Alyward, Hashem El Garhy, and Ola Roshdy. The tickets can be purchased through Ticketsmarche.

Get moving this Ramadan with Trifactory’s Relay Run on 5 April in Palm Hills Club, 6 October. Call up four buddies for a 2-hour (non-konafa-related) competition to run as many laps as possible. This event is happening from 9-11pm. Visit Trifactory’s website to register.

???? UNDER THE LAMPLIGHT-

A celebration of the faceless subaltern: Yaa Gyassi’s Homegoing is the ultimate retaliation against the dehumanizing colonial machine. The novel transcends time and space by spanning many decades, villages, and cities. The countless characters — the descendants of Ghanaian sisters Effia and Esi — all have rich and complex backstories and lives. While the novel is at times overwhelming, it is the natural unfolding of glaringly different fates: While one woman was abducted and sold as a slave after enemies raided her village, her sister weds an affluent Englishman.

The EGX30 fell 0.2% at today’s close on turnover of EGP 926 mn (55.5% below the 90-day average). Regional investors were net buyers. The index is up 0.6% YTD.

In the green: Abu Dhabi Islamic Bank (+4.8%), Juhayna (+4.2%) and Credit Agricole (+3.7%).

In the red: Telecom Egypt (-6.1%), Fawry (-3.2%) and Cleopatra Hospitals Group (-3.1%).