PM — USD = EGP 29.61

Good afternoon, wonderful people. We’ve made it to the end of what proved itself to be quite the eventful week. We hope you all have a restful weekend to unwind.

CORRECTION- In this morning’s edition of EnterpriseAM, we incorrectly said Tarek Metwally is currently the deputy managing director of Blom Bank Egypt. Metwally resigned from his position in 2018. Rabih El Halabi (LinkedIn) is Blom Bank Egypt’s current deputy managing director. The story has been amended on our web edition.

THE BIG STORIES TODAY

#1- SFE adds five state + military-owned companies to pre-IPO fund: The Sovereign Fund of Egypt (SFE) has reportedly added military-owned firms Safi and Wataniya, along with state-owned Misr Life Ins., Banque du Caire, and Egyptian Linear Alkyl Benzene (Elab) to its pre-IPO fund, Bloomberg Asharq reports, citing two sources it says have knowledge of the matter. The SFE expects to offer stakes of 20-30% in each of these companies to strategic investors, with a roadshow to market the assets set to take place this month, the sources reportedly said.

#2- EGP WATCH- The EGP closed at 29.61 to the greenback today, after the EGP / USD exchange rate rose to an intraday high of 30.69, according to Bloomberg data. The USD exchange rate fell 0.5% against the greenback compared to yesterday, when it closed at EGP 29.76 / USD 1.

THE BIG STORY ABROAD

The global business press doesn’t have one specific news story driving the conversation this afternoon, with everything from Mark Parker’s appointment as Disney’s next chair (Financial Times | Wall Street Journal) to the mass layoffs at Goldman Sachs (Reuters) getting front-page play.

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

• The EGP tumbled to a new all-time low against the greenback yesterday as authorities continued to transition to a fully flexible exchange rate as agreed with the IMF.
• Gov’t plans EGP 150 bn subsidized loan program for industry and agriculture: The Madbouly government is set to offer EGP 150 bn worth of loans at a subsidized 11% interest rate to industry and agriculture players.
• TE could get in on future flows: Telecom Egypt is looking at future flow securities as a potential debt tool to help fund its expansions and investments.

???? CIRCLE YOUR CALENDAR-

MENA-focused business network Mindsalike will hold a networking event in Cairo on Monday, 16 January. The event will take place at U Bistro & Bar in Zamalek from 7pm. Register for the event here.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- Expect daytime highs of 19°C over the weekend and nighttime lows of 10-11°C, our favorite weather app tells us. Friday’s looking like it’ll be mainly sunny but expect more cloudy skies on Saturday.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential daily read on what’s happening in business, finance, economics and policy in Egypt and the wider region — is looking for writers, reporters, and editors to help us build new publications. We're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and ideas moving markets. Egyptian and foreign nationals alike are welcome to apply.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. The four-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run in our publications. Those who successfully complete the program will then be offered full-time positions on staff.

During the program you will learn:

• The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
• Business and finance for non-finance people: Whether it's industry jargon, key concepts, or simply how to read a an income statement;
• How to construct an Enterprise story: From idea formulation down to the structure, style, and tone of writing;
• The ins and outs of a newsroom, including how to develop sources that will give you the key insights needed to tell a complete story;
• How to communicate these stories with the confidence and language of an insider.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

A rundown of the 80th Golden Globes: After controversy surrounding the Hollywood Foreign Press Association last year over the organization’s lack of Black journalists, the Golden Globes kicked off earlier this week with award show host Jerrod Carmichael addressing the diversity controversy, Reuters reports.

Who took home which awards: Quinta Brunson won best actress for Abbott Elementary, Jeremy Allen White won best actor for The Bear, Michelle Yeoh won best actress for Everything Everywhere All at Once, Austin Butler landed best actor for Elvis, and Colin Farrell for Banshees of Inisherin. Ke Huy Quan took home the award for best supporting actor for Everything Everywhere All at Once, and Angela Bassett won best supporting actress for Black Panther: Wakanda Forever and Jennifer Coolidge for the limited series for The White Lotus. Steven Spielberg took home the award for best director for his work on The Fablemans, while Abbott Elementary won the best comedy series and House of Dragons won the best drama series. You can catch the full list of nominees and awardwinners here.

Global warming isn’t going to leave behind a planet infested with parasites — but that’s still far from good news: Warm weather is driving a significant decline in parasitic populations — which include around 50% of all living organisms, according to a recent PNAS study. While there are some outliers that are thriving on the effects of global climate change (including some whose proliferation could result in the spread of more diseases such as Lyme disease and malaria), the broad majority of these parasitic species are crucial for maintaining a balanced ecosystem. The study found that around 85% of the unharmful species are facing population declines — and that figure doesn’t take into account “certain bacteria, viruses, fungi, and protozoans,” the New York Times reports.

The methodology: Scientists dissected 669 marine fish specimens, discovering around 17.7k parasites trapped and belonging to 85 different species, the study found. The researchers concluded that some species suffered more than others, implying that the most invasive species — or those with the most complex life cycles — are likely to be the first to become extinct as temperatures rise. Research was limited to marine species from the Gulf of Alaska, Rio Grande, the Pearl River in Louisiana and Mississippi and the Alabama River, and it is uncertain whether the findings apply to other ecosystems, scientists say, according to the NYT.

Skip the late-night excursions to the fridge — studies show that meal timing really counts. Given the typically busy schedules many people are bound to, it may be convenient to pass up breakfast and opt for a later binge after work, but a recent study confirms that consuming more calories earlier rather than later in the day improves metabolic health and induces weight loss. This is potentially because it better aligns with our circadian rhythms — our inner clocks that regulate sleep-wake cycles and affect appetite, metabolism, and blood sugar levels. Eating late increases levels of ghrelin, which is also known as the “hunger hormone,” while suppressing leptin, a hormone that induces satiety.

10-hour windows are the body’s sweet spot: Another study that looked at firefighters working 24-hour shifts found that restricting all meals to a 10-hour period (a form of intermittent fasting) can stave off heart disease by decreasing the size of bad cholesterol particles. It also found that it can improve blood sugar levels and blood pressure, and is thus especially beneficial to those with cardiometabolic conditions, such as hypertension, high cholesterol, and diabetes.

Gender parity in boardrooms in Europe’s financial sector is improving, albeit at a slow rate: Women’s share of board seats in European financial services firms increased five percentage points between June 2022 and January 2023, although new board appointments were “evenly split by gender over the past year,” according to a report by EY. However, the figures are not all moving in the same direction across the financial sector — which includes banking, ins., and wealth and asset management — with wealth and asset management players seeing a drop in the number of women occupying board seats between June and January.

There’s still a long way to go: Some 44% of European financial services investors support boardrooms with fair gender representations, while only 16% said it’s irrelevant to their decision-making, the report notes. Still, there’s a lot that needs to be done to close the parity gap, EY’s financial services managing partner for Europe, the Middle East, India, and Africa Omar Ali said.

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

Om El-Donya: An Ancient Egyptian documentary dating back to the beginning of history around 20k years ago. The documentary, narrated by veteran Egyptian actress Sawsan Badr, shares the unique stories of the most powerful kings in the world’s history. It addresses many questions about the era of the pharaohs, the Hyksos kings, and the new kingdom. The documentary is limited to only 15 condensed episodes that tell the story of Egypt’s dynasties, and draw connections between the past and our modern day world — pointing out similarities in speech, behavior, and even some rare beliefs. The series is exclusively available on Watch It — you can catch the trailer here (watch, runtime: 1:21).

⚽ In the 13th round of the Egyptian Premier League: Al Ahly will host Al Masry at 7pm, and Ghazl El Mahalla will play against Enppi at 5pm.

English Premier League: Fulham’s match against Chelsea, which was postponed from the seventh week of the league, kicks off tonight at 10pm, concluding the 19th week of the Premier League Fantasy Leagues.

Speaking of which, you can join the Enterprise Fantasy League, and compete for one of our prizes. To register, click this link or enter this code: 8o4sut.

Happening in the Spanish Super Cup: Saudi Arabia will host the second match in the semi-finals of the Supercopa de España between Real Betis and Barcelona tonight at 9pm. Real Madrid successfully eliminated Valencia yesterday with a penalty goal, and qualified for the final round following a tied score of 1-1 in regular and extra time — awaiting the victor of today’s match in the Super Final next Sunday.

The decisive rounds in the Gulf 25: The third and final round of the group stage in the Arabian Gulf Cup, happening today and tomorrow, will start today at 5pm. In the first group today, Iraq will face Yemen, and Saudi Arabia will play against the Sultanate of Oman. Tomorrow in the second group: Qatar will compete against the UAE, and Bahrain against Kuwait.

Other matches to watch over the weekend:

Egyptian Premier League:

Aswan v Haras El Hodood (Friday at 2:45pm)

Pharco v Ceramica Cleopatra (Friday at 5pm)

Ismaily v Arab Contractors (7pm)

The 20th week of the English Premier League kicks off tomorrow with a match between Aston Villa and Leeds United at 10pm. More matches on Saturday:

Man United v Man City (2:30pm)

Brighton v Liverpool (5pm)

Wolverhampton v West Ham (5pm)

Everton v Southampton (5pm)

Nottingham Forest v Leicester (5pm)

Brentford v Bournemouth (7:30pm)

Friday and Saturday in LaLiga:

Celta Vigo x Villarreal (Friday at 10pm)

Valladolid x Rayo Vallecano (Saturday at 3pm)

Girona x Sevilla (Saturday at 5:15pm)

Osasuna x Real Mallorca (Saturday at 7:30pm)

Real Sociedad x Atletico Bilbao (Saturday at 10pm)

In Serie A:

Napoli v Juventus (Friday at 9:45pm)

Lecce v Milan (Saturday at 7pm)

Inter Milan v Verona (Saturday at 9:45pm)

Over in the Handball World Cup: Egypt’s national team will face Croatia in the opening match tomorrow at 9:30pm. You can follow Egypt’s matches on Ontime Sports Channels — who announced today that they have obtained broadcast rights for the tournament.

???? EAT THIS TONIGHT-

Rise and shine at Restless: The quaint coffee joint, with its outdoor seating is a great spot to enjoy a big cup of joe and some weekend brunch. They’ve got no shortage of options — their menu boasts everything from a wide variety of croissant sandwiches to wraps, omelet sandwiches, and manakeesh. You can also keep it simple and order their continental breakfast, which includes your choice of a plain or cheese croissant, butter, jam, orange juice and tea or American coffee. The retro-themed spot also has lunch options including pizza, salads, burgers and pasta. If you don’t want to brace the cold outside and would rather enjoy fresh baked goods from the comfort of your couch, they’ve got you covered with delivery all across Maadi.

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

Butternotes take the stage at Cairo Jazz Club for the first time at 9pm tonight, followed by Amro & The Big Bang Boogie to keep the night going with groovy renditions of funk, pop, and party hits.

Get your dancing shoes ready: DJunkie is taking over the Tap West at 10pm tonight.

Reem Soliman is performing covers of famous Egyptian folk songs and newer songs at Room Art Space Garden City at 9pm tonight.

90s Arabic music fans rejoice: Autobees El Sahra, DJunkie and a surprise guest will take the stage at Cairo Jazz Club 610 on Friday at 9pm.

The Wannabe Comedians presents a new group The Jokers that will deliver their funniest punchlines at ‎Rawabet Art Space on Saturday at 8pm.

???? EARS TO THE GROUND-

Separating fact from fiction: BBC disinformation reporter Marianna Spring investigates conspiracy theories surrounding the war on War on Truth. She talks to all sorts people caught up in the parallel information war unfolding, from a man named Rob who believes that covid-19 and the war are a hoax invented by shady elites in order to establish a worldwide tyrannical government, to Kristiana, a woman in Ukraine whose cousin in Russia is convinced that Ukraine is bombing itself. With new misinformation constantly being circulated every day, it's easy to lose sight of the truth, this eye-opening podcast will definitely help clear things up.

???? UNDER THE LAMPLIGHT-

All the People I’ve Been by Rayan Mansour comprises a set of short stories about the various dimensions of our personalities, and how a person can live more than one life. In her book, Mansour claims that everyone has the ability to transform who they are by bringing us beyond our everyday routines and breaking away from a monotonous existence. She outlines the various ways one can change their reality and mold their present and future. Mansour also addresses topics such as adversity, friendship, and other relatable experiences.

The EGX30 rose 0.15% at today’s close on turnover of EGP 2.59 bn (55.9% above the 90-day average). Local investors were net buyers. The index is up 6.53% YTD.

In the green: Heliopolis Housing and Development (+10.6%), Alexandria Containers and Cargo Handling (+4.9%) and AMOC (+4.5%).

In the red: Cleopatra Hospitals (-3.2%), Mopco (-2.7%) and Credit Agricole Egypt (-2.5%).