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Tuesday, 18 May 2021

TONIGHT: Alex Medical bid war updates; RenCap’s MENA update coming.

Hump day in this short week is almost over, ladies and gentlemen. Enjoy it, as it will likely be the last short work week until 30 June rolls around.

THE BIG STORY TODAY- Are bidders for Alex Medical looking to get it at a lower price? It appears that Cleopatra Hospital Group’s (CHG) bid to acquire Alex Medical may be pushing other companies in the race to lower their bids. Nile Misr Healthcare confirmed to us this morning that it is looking to bring down its initial bid following CHG’s MTO, but other bidders are so far denying plans to make similar moves. We cover the story in greater detail in the Speed Round below.

HAPPENING NOW- Renaissance Capital’s annual MENA Investor Conference is currently underway with Global Chief Economist, Charlie Robertson, and Acting Head of Research Africa, Yvonne Mhango presenting the bank’s MENA macroeconomic update. This will be followed with a panel discussion that includes among others, Fawry CEO Ashraf Sabry. The event is being broadcast live here, but if the timing isn’t right, look to tomorrow’s EnterpriseAM for coverage on the event.

The conference will run until this Thursday, with the majority of the remaining days being one-on-one meetings. You can check the schedule for the conference here.

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

PSA- The Health Ministry is launching this week a chatbot service on WhatsApp to answer inquiries on vaccine registration including the date and location of their vaccine appointment as well as allowing people to report any side-effects after getting the jab, Aysam Salah, adviser to the Health Minister on ICT, said in a press conference today, reports Al Masry Al Youm.

THE BIG STORY ABROAD- No reports of Palestinians killed overnight for the first time since 10 May when the fighting between Israel and Hamas erupted, as international calls for ceasefire continue to mount, Reuters reports. The intensity of long-range Palestinian rocket attacks was also tuned down since midnight. US President Joe Biden finally said he “supports” a ceasefire in his third call with Israeli Prime Minister Benjamin Netanyahu yesterday — an offer Israel looks to turn down as it vows to press on for now with its attacks against Hamas. The Israeli military will “continue to operate in Gaza in accordance with a target list for the coming 24 hours,” chief spokesman Brigadier-General Hidai Zilberman said. The UN General Assembly is scheduled to meet on Thursday to discuss the attacks.

Egypt’s infrastructure diplomacy policy extended to Gaza: President Abdel Fattah El Sisi has reportedly pledged USD 500 mn in reconstruction aid to the residents of Gaza, according to an Ittihadiya statement. Egyptian companies will also participate in the rebuilding efforts, El Sisi said at a tripartite summit in Paris today with French President Emmanuel Macron and Jordan’s King Abdullah. The move is in line with Egypt’s infrastructure diplomacy efforts, which sees the government encouraging private sector construction companies to help rebuild vital infrastructure in conflict-ridden regional countries such as Iraq.



Africa-based startups have until 26 May to sign up for the French government-sponsored AFD Digital Challenge, an annual startup competition (pdf) run by the French Development Agency (AFD). This year, the competition is targeting startups that work on environmental protection and tackle carbon emissions. The 10 startups chosen will receive a package of technical and financial support worth EUR 20k.

The IMF will complete at the end of June a second review of targets set under Egypt’s USD 5.2 bn standby loan. The loan was approved in June 2020.

The El Gouna International Squash Open 2021 and the CIB PSA World Tour Finals will go ahead as planned, PSA World Tour announced. The El Gouna Open will take place on 20-28 May, while the CIB-sponsored World Tour Finals will run on 22-27 June in Cairo. It’s still unclear whether fans will be allowed into the stands, with tickets said to be “on sale soon”.


Tesla CEO Elon Musk is seeing his fortune tumble, falling 24% from its January high to USD 161 bn after the tech tycoon exercised his influence in the crypto markets in the past few weeks, reports Bloomberg. The drop in wealth has slid Musk from his spot as the second-richest person globally, going instead to LVMH Chairman Bernard Arnault. Musk’s fortune has dropped about USD 9.1 bn this year alone, the most among US-based bn’aires, according to Bloomberg’s wealth index.

Revenge of the shorts? Tesla has long been among the companies that are popular among short sellers, including Michael Burry — known for his depiction in The Big Short — who revealed a short position against Tesla worth USD 530 mn, reports CNBC. Burry had previously flagged Tesla’s reliance on regulatory credits to generate profits as a red flag in a Tweet he later deleted.


French-language science fiction thriller Oxygen is worth a watch. The film starts with the main character (played by Mélanie Laurent) waking up in a cryogenic chamber where she’s been mummified. When the AI voice of the chamber's operating system tells her that oxygen supply is damaged and depleting fast, Laurent does all she can to remember how she came about her and how to survive. The claustrophobic single-location film never gets boring, with constant new events and suspense at every turn. Collider and Entertainment Weekly both give the film a B.

The English Premier League is close to wrapping up, and surprise, surprise, Manchester City has it all sewn up. Gameweek 37 is kicking off today, with Man United going up against Fulham and Southampton against Leeds at 7pm, while Brighton has a match against Man City at 8pm and Chelsea will hit the field with Leicester City at 9:15pm.

Serie A’s sole match tonight is Lazio versus Torino at 8:30pm.

In other sports news, Spotify CEO Daniel Ek’s hopes of acquiring Arsenal have seemingly fallen through, reports Goal. Club director Josh Kroenke and his family have turned Ek down and are determined to hang on to the reins of the football team despite falling out of favor with fans for Arsenal’s abysmal performance since the Kroenke’s took over the club and after the Super League debacle.

Egypt will be hosting the inaugural Women’s CAF Champions League this year, which will act as a qualifier for the FIFA Women’s World Cup Australia-New Zealand 2023, reports KingFut. A team draw that took place last week decided that Egypt’s women's team will go up against Tunisia in the first round, with dates still to be announced.

Egypt has also been selected to host the 2023 Africa U-20 Cup of Nations which will pave the way for participation in the FIFA U-20 World Cup in Indonesia taking place during the same year.


Your workout motivation in comic form: Graphic novel The Secret to Superhuman Strength explores cartoonist Alison Bechdel’s experience with fitness and working out. In relatable comics and storylines, Bechdel recounts the sports she participated in including running and cycling classes and how being active has helped her on her journey of self-discovery. The Atlantic is a big fan, praising the novel’s style and adding snippets of their favorite parts.

???? TOMORROW’S WEATHER- Expect temperatures of 37°C during the day and 20°C at night tomorrow, our favorite weather app tells us. The mercury should start falling to cooler levels on Saturday.

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