Buy now, panic later?

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WHAT WE’RE TRACKING TONIGHT

Trump reinstates the Iranian blockade and slaps a 20% toll on Hormuz traffic

Good afternoon, friends, and happy hump day. Tonight is France vs. Spain — two of the four best teams in the world and, by most accounts, the best match of the semi-finals. We’ll have everything you need ahead of kick-off below. First: a deep dive into Egypt’s buy now, pay later boom — how it grew and why that might be an issue. If you’re craving matcha, we’ve got you covered as well.

Without further ado, the news…

THE BIG STORY ABROAD-

🌐 The US-Iran conflict once again lands front and center on the global newsfront, with the third consecutive night of exchanged strikes leading to a naval blockade in the Strait of Hormuz. Explosions are being reported in several areas across the Iranian coast, specifically in Bandar Abbas and on the islands of Kish, Qeshm, and Abu Musa in the Gulf — a US retaliatory attack after Iran struck three vessels with missiles off the coast of Oman, which were passing through the strait.

The renewed bout of violence follows US President Donald Trump’s announcement that the US is reinstating a naval blockade on Iranian shipping through the Strait of Hormuz. Under the plan, Washington would serve as the “guardian” of the waterways, with vessels transiting the strait charged a 20% cargo fee.

^^Read more on: CNN, BBC, Reuters, and The Guardian.

MEANWHILE- Oil prices jumped to their highest level in four weeks today as renewed tensions between the US and Iran rattled energy markets. The gains came after Washington reimposed the blockade, raising fresh concerns over oil flows through Hormuz. Brent crude climbed to USD 87.30 / bbl — its highest level since 12 June — while WTI rose to USD 80.99 / bbl — its strongest showing since 16 June — at the time of publication.

^^Read more on: Reuters, The Guardian, and the Associated Press.

CLOSER TO HOME- Tensions between Saudi Arabia and Yemen’s Iran-backed Houthis have escalated after the group said it launched missiles at Abha Airport in southwestern Saudi Arabia in response to strikes on Sanaa International Airport. The Saudi-led coalition said it intercepted the missiles and that no casualties were reported. The Houthis accused Saudi Arabia of targeting Sanaa’s runway, while Yemen’s internationally recognized government said the strike was aimed at preventing an Iranian plane from landing. The latest exchange is the most serious flare-up since the two sides agreed to an informal ceasefire four years ago.

^^Read more on: BBC, Reuters, and the Associated Press.

The EnterpriseAM Egypt Forum is back — and this year, we’re giving the full day to the one question on every business leader's mind: What does AI actually mean for your company, your people, and your own job?

Leaders in New York, London, Abu Dhabi, and Singapore are asking the same things, and nobody has built a playbook that works yet. We're all figuring it out in real time — and for Egypt, the stakes are unusually high.

Egypt could leapfrog a generation on the back of this technology — or watch AI hollow out the industries and jobs we can't afford to lose. The leaders who get literate early will be the ones who get to decide which road we take.

Every session on stage answers one question: “So, what do I actually do about it?”

Join us on 5 October in Cairo. Seats are limited and attendance is by invitation only.

Request your invitation here.

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

The Customs Authority and the Federation of Egyptian Chambers of Commerce signed an agreement activating the UN-backed International Road Transport (TIR) system. The agreement names the Federation as Egypt’s national TIR association — the body that issues TIR documents and backs the guarantee mechanism, the missing piece that makes the system operational;
Auditors can now review up to five investment funds at a time, up from three, with the Financial Regulatory Authority able to approve a higher cap upon request. The decision, which came in response to market calls, gives funds and auditors more room while cutting costs;
Egypt’s national universities added six foreign academic partnerships, the latest in a push to internationalize a university system now facing its first labor market test. The National Universities Council approved one cooperation agreement and five MoUs between Egyptian and foreign institutions.

Destination Sahel is back for a second edition — and this year, it's not just about the beach.

Gulf sovereign wealth funds are pouring billions into the North Coast, Gulf buyers keep showing up despite regional headwinds, and a new 400km master plan could reshape the whole coastline before summer’s out.

Over this season's series, stay tuned to see who's really buying Sahel, where the money's coming from, and what could still go wrong.

Plus, the hotels, restaurants, and openings worth checking out this summer.

Coming straight to your inbox — tomorrow, Wednesday, July 15.

☀️ TOMORROW’S WEATHER- We’re in for another warm and sunny day in C-town, with the mercury set to peak at 36°C before cooling down to an overnight low of 24°C. On the coast, expect a high of just 30°C and a low of 23°C, according to our favorite weather app.

Why the CBE and FRA are moving against Egypt’s BNPL boom

💸 In May, a warning from one of Egypt’s most senior bankers set off quite the needed conversation over how Egyptians finance their phones, fridges, and furniture. CIB CEO Hisham Ezz El Arab warned (watch, runtime: 5:08) that customers shut out of bank financing are turning to non-bank lenders at elevated rates despite weak repayment capacity, invoking the US subprime crisis: “A small spark can create something much bigger [...] where the collapse of a group of institutions dragged the rest down,” he said.

The BNPL genesis

The industry Ezz El Arab was describing didn’t exist a decade ago. Buy now, pay later (BNPL) financing arrived in Egypt in late 2017, when EFG Hermes seeded Valu with an initial EGP 250 mn investment. A spurt of growth soon followed — Valu tripled its customer base to 170k users by 2020. By the time it listed on the EGX in June 2025, it had logged over 9.2 mn cumulative transactions and held 25% of the consumer finance market.

MNT-Halan wasn’t far behind, reaching unicorn status in 2023. In June, the National Bank of Egypt’s investment arm, Al Ahly Capital, took an equity stake valuing the company at USD 1.4 bn — the first time a commercial bank bought into an non-banking financial institution (NBFI) as a shareholder. Valu and MNT-Halan — EGX-listed and bank-backed, respectively — are the sector’s biggest, most closely-watched names. A longer trail of relatively smaller — but equally utilized — platforms followed.

The sector-wide numbers explain why the warning resonated. Consumer finance extended by NBFIs — the category housing BNPL alongside installment and microfinancing lending — grew 57% y-o-y to EGP 96.3 bn in 2025, serving more than 10.8 mn customers, according to FRA data.

Trouble in loan paradise

Economists point to a specific mismatch, not just a growth rate. Financial expert Mohamed Abdel Moneim previously told EnterpriseAM that consumer finance apps have extended credit lines of up to EGP 250k to people earning monthly salaries of EGP 6k-8k — a gap he calls “unsustainable,” warning it risks exposure for borrowers.

The backlash isn’t just economic. Egyptian law firms report a rise in complaints over aggressive debt-collection tactics tied to consumer finance and BNPL products — incessant calls, contact with borrowers’ employers and family members, and pressure that crosses from lawful follow-up into harassment, according to a recent Lexology report. What makes matters worse: the same consumer can utilize several BNPL services. Globally, the practice, known as loan stacking, is well-documented.

The crackdown

So, what’s Om El Donia doing? The Central Bank of Egypt (CBE) kicked things off in April, we were told. Banks are now barred from granting or renewing credit facilities to NBFIs unless those firms are fully coded with the CBE and actively reporting to the Egyptian Credit Bureau (I-Score), with a three-month clock to unwind existing exposure to anyone who doesn’t apply.

The FRA followed in May with a public, three-tier blacklist for the sector; separate lists for unlicensed operators, entities with final convictions, and formerly licensed players hit with administrative measures. The point is to let customers check who they’re dealing with before clicking proceed. By late June, compliance came with a deadline attached. The FRA tied NBFI expansion to a clean compliance record, giving companies until 25 August to sort themselves out. Miss that, and they’re looking at an expansion freeze — anywhere from three months to three years, depending on how far out of line.

Know before you owe

Here’s the thing nobody tells you at checkout: BNPL was built for a specific purchase, not a lifestyle. The laptop you actually needed, the fridge that gave out — that’s the use case. The trouble starts when it becomes a running tab instead of a one-off decision. EGP 2k a month for a phone doesn’t feel too much like debt. Neither does EGP 250 for an air fryer. Each one, on its own, clears the “I can afford this” bar without much thought — that’s the entire design of the product. Add them up, though, and you’ve built a considerable debt. The math that makes each individual plan reasonable is exactly what makes the total invisible.

The fix isn’t complicated: Treat every new BNPL plan as a question about your total monthly installments, not just this one. If you can’t say what you’re currently paying across every provider combined, that’s the actual problem — not the fridge. These purchases have a way of sneaking up on you — and yes, that includes the pizza you opted to pay for later on Talabat.

Matter Brews serves up a sweet line-up of matcha and coffee

🍵 The matcha craze has left a bold, grassy-green mark on the world of specialty coffee and indulgent drinks. Yet despite its growing popularity, few in Cairo’s F&B scene have made the green powder the foundation of a concept all on its own. Minimalist and unmistakably green, Matcha house Matter Brews called to us and we had to find out whether it lived up to the hype.

Matcha, coffee, and sweet concoctions: Matter’s menu doesn’t miss a beat when it comes to inventive matcha drinks. Available hot, iced, and blended, the selection ranges from your classic vanilla latte and matcha milk to crowd-favorite strawberry and sea-salt blends. Fresh matcha-flavor blends brewed by Matter include banana bread, mango, pistachio, dirty matcha, and toasted cereal. To complement its matcha offerings, it serves an equally extensive coffee menu featuring similar blends.

What we ordered: Being our first visit to the matcha house, we kept things simple with a regular iced matcha latte and the staff-recommended sea-salt blend to put Matter’s pure matcha to the test — before venturing into the experimental creations. As self-proclaimed coffee addicts ourselves, we also couldn’t pass up a coffee sample, so we ordered our usual iced Spanish latte for an extra caffeine dose.

Our thoughts: The iced Spanish latte delivered exactly what we look for: a bold coffee flavor balanced by a solid coffee-to-milk ratio. It’s a drink we’d happily order again. The matchas, however, left us a little less impressed than we’d anticipated. The iced matcha latte had a good, earthy flavor, though the milk slightly overshadowed the matcha.

While we pleasantly sipped through it, it wasn’t the best sample of the green tea we’ve had by any means. The blended sea-salt matcha offered a similar pleasant matcha base with a noticeably sweet note from the sea-salt blend. Those who prefer a stronger matcha kick or a more pronounced salty contrast may find it leaning a little too sweet. The banana cake called to us, and strongly delivered — it was perfectly fluffy, sweet, and fresh.

The verdict: Given its matcha-first concept, Matter Brews set high expectations that, for us, weren’t met. All in all, our caffeine cravings were satisfied, though the matcha didn’t leave a lasting impression. If you’re after a reliably good sweet matcha or coffee, by all means, Matter is worth a visit. If you’re a devoted matcha connoisseur with particularly high standards, however, temper your expectations and you’re still likely to enjoy a pleasant matcha sip.

WHERE TO FIND IT- You can find Matter in New Cairo at Waterway 1 and inside U Venues’ Be-Indie store. On the North Coast, Matter has locations in Hacienda Red and Marassi Marina. You can also order through Talabat.

World Cup 2026 semi-finals kick off with Spain vs. France at 10pm

⚽ The first World Cup semi-final fixture is happening tonight, and we think it’s one that will have us glued to our screens. France face Spain at 10pm at Dallas Stadium, with a place in the final at New York New Jersey Stadium on 19 July on the line. The victor faces either England or Argentina, who meet tomorrow night.

France have been killing the tournament, topping their group with a perfect nine points, conceding nothing in the knockout rounds, and securing all three of their last-16 and beyond fixtures without conceding. Mbappé has eight goals, level with Messi in the Golden Boot race — tonight can break that tie. Spain, meanwhile, are into their first World Cup semi-final since lifting the trophy in 2010, having beaten Austria, Portugal, and Belgium — every match tighter than the last, every goal a nail-biter.

The last time both teams met on the pitch in the UEFA Nations League semi-finals, Spain served France a 5-4 defeat — we’ll have to wait and see if history will repeat itself.

💡 The match will be broadcast on beIN Sports Max 1.

**Don’t miss out on the fierce competition in the EnterpriseAM Fantasy World Cup — click on this link or use the code 2CUFGASD to join.

Comedian Ahmed Hassan brings The Special 1 to Teatro 90 this July

🎙️ Standup comedian Ahmed Hassan gets his first-ever comedy special at Teatro 90, presenting The Special 1 on Thursday, 23 July. The show marks his biggest and most personal one to date — expect brand-new material and the audience interactions he’s become known for. The show kicks off at 9:30pm, with tickets available on Ticketsmarché.

What the markets are doing on 14 July 2026

The EGX30 fell 0.6% at today’s close on turnover of EGP 10.7 bn (21.3% above the 90-day average). Regional investors were the sole net buyers. The index is up 25.0% YTD.

In the green: Abu Qir Fertilizers (+6.2%), AMOC (+3.7%), and Kima (+3.4%).

In the red: E-finance (-2.6%), Fawry (-2.3%), and Juhayna (-2.2%).

THE ENTERPRISEPM ENTERTAINMENT CALENDAR

🗓️ JULY

6-20 July (Monday-Monday): Bibliotheca Alexandrina International Book Fair.

7-24 July (Tuesday-Friday): Khayal Mareed Play at Theatro Arkan.

14 July (Tuesday): Comedy Therapy Interactive World Cup Edition at CJC 610.

14-15 July (Tuesday-Wednesday): The Stadium at Playa Strip by G Developments.

15-17 July (Wednesday-Friday): El Sahel El Sherir at Porto Theater, Marina El Alamein.

17 July (Friday): Tamer Ashour at Cocoon Beach, Sidi Abdel Rahman.

17 July (Friday): Al Shami and Mohamed Fadl Shaker at Tiatro Romano, Marina 2, Al Alamein.

17 July (Friday): Cairo Runners 10k Race at North Square Mall, New Alamein.

19 July (Sunday): World Cup Final at the New York New Jersey Stadium.

21 July (Tuesday): Tablet El Sitt at Boom Room, Madinaty.

23 July (Thursday): July 23rd Revolution 1952.

23 July (Thursday): Honey Drop Vol.3 Ft. Disco Misr at Beachouse One, Seashell.

23 July (Thursday): Marwan Pablo & Lege-Cy at Porto Golf.

23 July (Thursday): Ahmed Hassan: The Special 1 at Teatro 90.

24 July (Friday): Tamer Ashour at Tiatro Romano, Marina 2, Al Alamein.

24 July (Friday): Ramy Sabry at Cocoon Beach, Sidi Abdel Rahman.

24 July (Friday): Ruby Sunset Live Concert at Amarai Beach.

24 July (Friday): Adriatique at the North Coast.

27 July (Monday): Saad El Oud at Open Air Theater, Cairo Opera House.

29 July (Wednesday): Ali El Haggar at El Sawy Culturewheel, Zamalek.

31 July (Friday): Localine Vol.3: Sharmoofers at Masyaf, Ras El Hekma.

31 July (Friday): Reda El Bahrawy, Rahma Mohsen, and Ahmed Sheba at Tiatro Romano, Marina 2, Al Alamein.

31 July (Friday): Shorelines Festival at Almaza Bay.

AUGUST

1 August (Saturday): El Leila El Kebeera at Theatro Arkan.

4 August (Tuesday): Amr Selim at Open Air Theater, Cairo Opera House.

6 August (Thursday): Massar Egbari at Bibliotheca Alexandrina.

6 August (Thursday): Deep House Bible at North Coast.

7 August (Friday): Ali El Haggar at Bibliotheca Alexandrina.

7 August (Friday): Ismailia Mango Festival.

6-15 August (Thursday-Saturday): The Garden Market at Lakeyard, Hacienda Bay, North Coast.

7 August (Friday): Sherine at Porto Golf, Al Alamein City.

7 August (Friday): Cairokee Ft. Disco Misr at D-Bay, North Coast.

8 August (Saturday): Boosh Bshasha Stand-up Comedy Show at Teatro 90.

10-11 August (Monday-Tuesday): Mohamed Helmy Standup at Bibliotheca Alexandrina.

14 August (Friday): Mohamed Ramadan at Porto Golf, Al Alamein City.

14 August (Friday): Nawal El Zoghby and Wael Jassar at Tiatro Romano, Marina 2, Al Alamein.

16-17 August (Sunday-Monday): Omar Khairat at Bibliotheca Alexandrina.

20 August (Thursday): Hisham Abbas at Bibliotheca Alexandrina.

21 August (Friday): Black Coffee at Cubix North Coast.

21 August (Friday): Ruby and Rami Aiash at Tiatro Romano, Marina 2, Al Alamein.

21 August (Friday): Autostrad at Bibliotheca Alexandrina.

22 August (Saturday): Wust El Balad at Bibliotheca Alexandrina.

23 August (Sunday): Autostrad at El Sawy Culturewheel, Zamalek.

25 August (Tuesday): Prophet Muhammad’s Birthday.

27 August (Thursday): Jadal at Bibliotheca Alexandrina.

29 August (Saturday): Jadal at El Sawy Culturewheel, Nile University, Sheikh Zayed.

30 August (Sunday): Tamer Ashour at Bibliotheca Alexandrina.

SEPTEMBER

26 September (Saturday): John Achkar’s Feena Nehke at Theatro Arkan.

OCTOBER

1-4 October (Thursday-Sunday): She Arts festival across Cairo and Alexandria.

6 October (Tuesday): Armed Forces Day.

15-23 October (Thursday-Friday): El Gouna Film Festival.

24 October (Saturday): Blue 25th Anniversary Tour at New Capital.

28-31 October (Wednesday-Saturday): Egypt’s Cheese Festival at Al Horreya Garden, Zamalek.

NOVEMBER

5 November (Thursday): Gala De Danza at the Grand Egyptian Museum.

11-20 November (Wednesday-Friday): Cairo International Film Festival.

19-28 November (Thursday-Saturday): Cairo Design Week.

28 November (Saturday): Shakira at the Pyramids of Giza.

DECEMBER

11-12 December (Friday-Saturday): The Marakez Pyramids Half Marathon at the Pyramids of Giza.

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