What Exactly is Web3 & Why is it Trending?🚀

Local Pickup🌇

Cleopatra Hospitals Board of Directors Leave Decision to Sell for Shareholders⏲

In a statement to the EGX, Cleopatra Hospitals (CLHO) board of directors (BoD) stated that the decision to sell a stake in the company is up to CLHO’s shareholders.

Sound Familiar?🧐 A similar situation happened with SODIC recently, after its BoD released a statement to the EGX stating that the decision ultimately rests in the shareholders’ hands.

Why is this Important🤔 CLHO BoD revealed that the EGP 5/share offer is 14% higher than the average trading price CLHO in the past six months, & 12% higher than the average closing price of CLHO in the last three months.

CLHO shareholders have six more days to respond to the offer

Ministry of Public Enterprise is in Talks with Three Potential EV Partners🚗

Minister of Public Enterprise Sector Hisham Tawfik said the ministry is currently in talks over potential partners to Nasr Automotive for the manufacturing of Egyptian electric vehicles (EV).

Backdrop🔙 The ministry had already agreed with Chinese auto manufacturer Dongfeng to locally assemble EVs, but the deal eventually fell through after unsuccessful negotiations.

More Details🧐 The three potential partners are also Chinese auto manufacturers, but haven’t been named. Tawfik said the EV car model will either be called A70 or E70, & available at a $20,000 (a little more than EGP 300k as of yesterday) price tag.

Why is this Important🤔 Production is scheduled to start in 2023, with production capacity increasing to 20,000 units annually over three years. Tawfik predicts that half of the buyers will be taxi or Uber drivers.

Startup Spotlight💡 – Filkhedma Gets Acquired by South African Start-up SweepSouth🧹

South African startup & Africa’s largest online home services platform has acquired 100% of Egyptian startup Filkhedma.

More on Filkhedma🧐 Founded in 2014, Filkhedma aims to provide reliable home services at preset prices, with a wide range of services such as regular cleaning, pest control, PCR testing, & much more.

Why is this Important🤔 This acquisition will allow both Filkhedma to expand rapidly, & SweepSouth to almost double its addressable market by launching new services in four key African tech markets: South Africa, Egypt, Kenya, & Nigeria.

What else is Clapping👏

  • National Bank of Kuwait – Egypt (NBKE) to Voluntarily Delist from EGX after Approving EGP 20.03/Share Fair Value Study

  • Abu Auf to Open Five Branches in the UAE as Part of its 2022 Expansion Plan

Global Pickup🌎

What Exactly is Web3 & Why is it Trending?🚀

At the core of Web3 is the idea of a decentralized internet, an internet that is not controlled by tech giants such as Google, Amazon, & Meta. 

What happened to Web1 & Web2?🤨 Think of them as internet generations, with Web1 characterized by static web pages & only used by those with technical know-how. 

Then came Web2, characterized by dynamic, editable, & user-driven internet, which led to the formation of the social media websites we know today. However, that came at the cost of “centralizing” the internet into the tech giants mentioned above.

More Details🧐 Websites & apps built on Web3 won’t be owned by a central monitor, but by users who will earn ownership stakes by helping develop & maintain those platforms.

Proponents of Web3✔ Those who support Web3 claim that it combines the best features of Web1 (a decentralized internet) & Web2 (dynamic & editable), putting power in the hands of everyday people rather than large companies.

Skeptics of Web3❌ Those against Web3 argue that if the goal is to resist giving data up to tech giants, then the answer shouldn’t be to put it on a blockchain where it’s available to the public.

Why is this Important🤔 Like cryptocurrencies & NFTs, Web3 is based on blockchain technology. Whether you’re with it or against it, you can definitely expect to hear more about Web3 in the coming period. 

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