PM — The spies of TikTok

Good afternoon ladies and gentlemen. We hope you’re having a lovely last day of February, as the news cycle here at home remains pleasantly brisk.

THE BIG STORY TODAY

The Health Ministry inked three agreements with Qatari healthcare companies, to invest in the Egyptian healthcare sector and the development of medical establishments, according to a cabinet statement. MoUs were signed with Investment Holding Group, Al Qamra Holding Group, and Aamal Company to collaborate on projects to improve the level of health, medical, and pharma services available in Egypt during Prime Minister Mostafa Madbouly's Doha visit. They also discussed ways to simplify and expedite the procedures required for Qatari companies to operate in Egypt, according to the statement.

Meanwhile, MPs greenlight extension of expat car import scheme + custom breaks: The House of Representatives gave the proposed two-month extension of the expat car import scheme its final approval, pushing the scheme’s deadline to 12 May, from its initial deadline of 15 February, Al Mal reported.

REFRESHER– The scheme provides incentives to Egyptians living abroad to purchase cars overseas and import them into Egypt, and was designed by policymakers to bring more FX into the country. Under the rules, expats will receive full rebates on customs fees, VAT, and other taxes within five years of purchasing a vehicle, provided they pay them upfront in FX.

The House also approved custom breaks aimed at tech investment projects, as part of the state’s efforts to boost foreign investments in a last-ditch effort to bring in more hard currency into the country, Asharq Business wrote. Under the new custom breaks, batteries, headphones, and cameras imported to be used in smartphone assembly will be subject to a 2% custom tax, from the current custom tax ranging from 5-30%, while phone screens will be exempt from their current 2% custom.

THE BIG STORY ABROAD

It’s a mixed bag in the international business press this afternoon. Among the stories getting top billing: Investors are betting the European Central Bank will raise interest rates to a record high as inflation in major European economies shows no signs of slowing down. Data released earlier today showed that annual inflation made unexpected jumps in France (rising to 7.2% in February from 7.0% in January) and Spain (rising to 6.1% in February from 5.9% in January). The story is getting attention in: Financial Times | Bloomberg | Wall Street Journal.

HAPPENING NOW-

President Abdel Fattah El Sisi and PM Viktor Orbán signed a strategic partnership agreement to strengthen bilateral ties (watch, runtime: 2:44) during a press conference at the Ittihadiya palace today. The press conference also saw Egyptian and Hungarian ministers sign a number of MoUs in areas including the peaceful use of nuclear energy, youth and sports, academic scholarships, higher education and scientific research (watch, runtime: 8:24).

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

• Edita wants 100% of an unnamed local food firm: The board of EGX-listed Edita Food Industries has agreed to submit an offer to acquire 100% of an unnamed, unlisted company in the local food industry.
• Tabby to triple its local workforce as it turns Egyptian operations into regional support hub: Emirati buy now, pay later firm Tabby will double down on recruitment in Egypt despite announcing last week that it will suspend its local operations due to economic headwinds.
• Egypt-Qatar sign double taxation agreement + Al Thani pledges investment ‘in the coming period”: Egypt and Qatar yesterday signed an agreement to eliminate double taxation and crack down on tax evasion.

The Enterprise Exports & FDI Forum will be taking place on Monday, 15 May at the Four Seasons Hotel at Nile Plaza.

DO YOU WANT TO ATTEND? The first wave of invites is going out soon. If you’re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please TAP OR CLICK HERE to request a spot at this exclusive event.

What’s the Enterprise Exports & FDI Forum? It is the latest in our series of must-attend, invitation-only gatherings for C-suite-level business leaders. The Enterprise Exports & FDI Forum will discuss the critical topics of exports and foreign direct investment (FDI) in Egypt.

We will be taking an in-depth look into some of the most vital industry topics, including:

• How to effectively break into new export markets
• How to leverage domestic trends and turn them into massive export opportunities.
• What foreign investors are looking for
• What the government's role should be

Why now? Exports and foreign direct investment (FDI) have never been more important to our economy — or our businesses — than in the wake of the float of the EGP. We think we have a once-in-a-lifetime chance to build an export-led economy that makes us a magnet for FDI, and all the benefits that will come with it for our nation.

Think of the Enterprise Exports & FDI Forum as a hands-on lab for how to turn the devaluation of the EGP into something that will turbocharge your company and our economy.

Who’s on board? Some of the biggest names in business and finance are on board — are you? If you’d like to partner with us on the conference, ping a note to Moustafa Taalab, our head of commercial, here.

???? CIRCLE YOUR CALENDAR-

LaLiga football camp to be held in Egypt for the first time: The Spanish football league will host the camp between 21-26 April at Makadi Bay, Hurghada, offering young footballers (ages 9-16) training sessions from UFEA coaches. The deadline for camp applications is April 14. Financing options for the camp are being offered by EFG Hermes Holding’s buy-now, pay-later platform valU, which signed an agreement with the camp’s partner, Sixyards Sports and Event Management, according to a joint press release (pdf).

☀️ TOMORROW’S WEATHER- It’s always sunny in Cairo. Expect temperatures to rise to 31°C during the day tomorrow before falling to 17°C at night, our favorite weather app tells us.

Did you know that music therapy is actually backed by scientific research? Scientists are saying that the increasing understanding of the power of music on the brain could lead to more effective treatments for conditions such as dementia and other memory issues, anxiety, stress, depression, learning disabilities, and numerous physical illnesses including chronic pain, cancer and Parkinson's disease, the Washington Post reports. “Music activates different parts of the brain,” according to Amy Belfi, assistant professor of psychological science at the Missouri University of Science and Technology. There is also evidence that listening to music can cause the release of neurotransmitters like dopamine, a chemical messenger involved in the brain's reward and pleasure system. Music has also been shown to make more of the hormone oxytocin, which is involved in childbirth, mother-child bonding, trust, and romantic attachment, and less of the hormone cortisol, which makes people feel stressed.

Legendary musician Tony Bennett was a perfect example of music's healing power. At 96 years old, he was still able to flawlessly perform his hits even while suffering from Alzheimer’s. The digital therapeutics company Lucid is optimizing the use of music for clinical purposes within the domains of mental and neuropsychiatric health by building an AI-powered music player capable of creating a playlist that can help patients with many conditions, including anxiety, the news outlet reports citing a company’s scientist.

Is China spying through TikTok? The White House has given US government agencies 30 days to remove TikTok from all federal devices and systems, according to a memorandum reportedly seen by Reuters. The Chinese-owned app has already been banned from government devices linked to the White House, Department of Defense, Department of Homeland Security, and State Department, as well as in several US states, in a bid to protect US digital infrastructure and data from Chinese spying attempts — claims that have been denied by the Chinese government and TikTok owners, ByteDance. Similar regulations are in place in Canada, the EU, and Taiwan. The Chinese company refutes the concerns it says are fueled by misinformation.

A sign of widening cracks between US, China: The crackdown has increased support for a bill introduced by the House Foreign Affairs Committee that would grant President Joe Biden the authority to ban TikTok from all US devices. The bill is set to be voted on next Tuesday. Almost 100 mn Americans have downloaded the app on their personal and work devices, according to Reuters. The bill is also a sign of the ever-deepening hawkishness toward Beijing, from both US parties, recently heightened by the alleged Chinese spy balloon found over the US, says Bloomberg, which also picked up the story.

???? ON THE TUBE TONIGHT-
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Start your engines: Drive to Survive is back for its fifth lap. Racing fans can relive last year’s Formula 1 season and experience the team rivalries, hide-behind-your-eyes crashes, and champagne-soaked victories. The Netflix docu-drama is back and features interviews with Max Verstappen, the winner from the previous year, as well as fan favorites Daniel Ricciardo, Guenther Steiner, and the ever-monotone Toto Wolff. Drive to Survive captures the high intensity of competitive racing with drivers pushing themselves to the limits of their physical and mental abilities, whether or not you followed the 2022 season's lap around the world, including a surprisingly refreshing Miami. The show and past seasons are available for streaming on Netflix.

⚽Lionel Messi crowned the Best FIFA Men’s Player 2022: The Argentina and Paris St-Germain forward beat finalists Kylian Mbappe and Karim Benzema, after a landmark year, during which he led Argentina to World Cup victory in Qatar as captain, the BBC reports. Messi, who previously won the award in 2019, said: "It's amazing. It's been a tremendous year and it's an honor for me to be here and win this award. Without my team-mates I wouldn't be here,” at the Best FIFA Football Awards ceremony in Paris yesterday.

Argentina swept all awards: Besides Messi, Emiliano Martinez was named best goalkeeper, Lionel Scaloni was named best coach, and Argentine fans were named best fans. Marcin Oleksiy, a Polish amputee soccer player, won the Puskas Award for the year's most beautiful goal, while Georgian Luka Lukhoshvili won the Fair Play Award for his role in saving the life of one of his opponents during an Austrian league match.

Today in the Egyptian Premier League: Al-Ahly faces Al-Dakhiliya at 7pm. Enppi plays against Al-Masry at 5pm, while Ceramica Cleopatra takes on Al-Ahly Bank at the same time.

In Serie A:

Cremonese v Roma (7:30pm)

Juventus v Turin (9:45pm)

And In the FA Cup fifth round:

Stoke City v Brighton (9:15pm)

Leicester v Blackburn (9:30pm)

Fulham v Leeds (9:45pm)

Bristol City v Man City (10pm)

???? OUT AND ABOUT-
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This one’s for the rock fans: 1984, Galab and Dabbet Namla are taking the stage at El Sawy Culturewheel’s Castle of Rock Festival tonight at 7 pm.

Metallica and Linkin Park fans, you’re in luck: Tribute bands Vyrus and Figure09 will take the stage at El Sawy Culture Wheel on Friday at 6pm, performing the two bands’ hits.

Komedy Koshk takes over the stage ‎at Rawabet Art Space on Saturday from 8pm-11pm. Don’t miss this lineup: Mina Selim, Ahmed Hassan, Mohamed Farghaly, Alaa Yaseen, Paula Rizk, Ahmed Salem.

American standup comedian Maz Jobrani is serving up his funniest punchlines at the Marquee theater at Cairo Festival city on Saturday 4 March. Get your tickets at TicketsMarche.

Catch Cirque du Soleil’s OVO next month: The event features 100 performers taking the stage with their acrobatic acts. OVO will host 16 shows between 8-18 March at Cairo international Stadium Hall, courtesy of real estate developer Madinet Nasr for Housing and Development (pdf).

???? UNDER THE LAMPLIGHT-

Feeling nostalgic enough to (re)visit a classic? You may have seen Waiting for Godot enacted in a small, endearing production at your school’s theater back in the day or viewed any of its countless on-screen renditions, but this classic 1952 play is as compelling to read as it is to watch. A mainstay of 20th-century theater by Irish playwright Samuel Becket, Waiting for Godot spins out conversations in a limbo-like dreamscape between two bedraggled men who wait endlessly for an elusive person — or thing, perhaps — named Godot to show up. The setting bears nothing but a leafless tree, and empty conversations are interspersed only sparingly with somber reflection. Yet every line is compelling in that it’s bizarrely absurd, exploring an interplay between comedy and tragedy. The play’s minimalism has invited a host of philosophical and political interpretations—from existentialism and Marxism to Freudianism and Christianity. It’s a fun read that’s as deep as you make it.

Egytrans’ net income jumped 152.4% y-o-y to EGP 46.1 mn in 2022, according to an EGX disclosure (pdf). Revenues, meanwhile, rose 36.3% to EGP 400.1 mn.

Export Development Bank’s (EBank) net income climbed 113.5% y-o-y to EGP 1.3 bn in 2022, according to an EGX disclosure (pdf). The state-owned bank’s net interest income rose to EGP 3.2 bn, up 60.3% y-o-y. On a 4Q basis, net income rose 85% to EGP 345.7 mn and net interest income jumped 90% to EGP 1 bn.

The EGX30 fell 0.6% at today’s close on turnover of EGP 2.21 bn (10.8% above the 90-day average). Foreign investors were net sellers. The index is up 16.5% YTD.

In the green: Ezz Steel (+3.8%), Qalaa Holdings (+3.3%) and Elsewedy Electric (+2.7%).

In the red: Mopco (-6.2%), Rameda Pharma (-3.6%) and Oriental Weavers (-3.3%).