Good afternoon, folks, and happy Monday. Our Made In Egypt series continues with our first sit-down in Meet the Founder and the first of many product reviews.
Reem Hamed, founder and creative director of Ramla, gives us an inside look at her founder journey and what it takes to create a full product line in Egypt. Her workaround for a domestic supply chain that can’t reliably give her top-grade leather is to go to the export tanneries herself and ask for the offcuts of hides meant for foreign buyers. In our Worth It? review, we put a few local leather bag brands to the test through weeks of daily use; some came out ahead of the others, and we’re telling you which.
Elsewhere in the issue: We watched Stanley Tucci’s new heist film on Prime Video, took a look at the footie fixtures on the pitches tonight, and introduced you to your next Sokhna wellness retreat.
But first, the news…
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Here are the stories driving the day both at home and abroad. Banque du Caire’s private placement reportedly sold out within hours of opening, Al Arabiya reports, citing anonymous sources, without giving coverage multiples. The institutional tranche of the IPO, which represents 95% of the shares on offer, was fully covered on the first day of subscriptions but will remain open until 23 October. There’s no word yet on retail demand, with subscriptions remaining open until 28 October. A covered book makes it more likely that Banque Misr exercises its option to take the sale to 45% of the bank as reported this morning.
On another note: MNT-Halan shares are set to begin trading on the EGX tomorrow at an offering price of EGP 24.50 per share. The debut comes on the heels of a successful initial public offering last week that was 16x oversubscribed. The stock will be permitted to fluctuate up or down by up to 40% — double the standard daily limit — with price caps temporarily lifted until the market establishes today’s closing price, giving the share ample breathing room to settle. The company is offering roughly 320 mn shares, representing a 20% stake.
Protecting retail investors: A stabilization fund will maintain open buy orders at the EGP 24.50 offer price for the first 30 days of trading. The fund will be fully backed by the nearly EGP 1.18 bn raised through the retail tranche of the offering.
^^ We’ll have more on these stories in tomorrow’s edition of EnterpriseAM.
☀️ TOMORROW’S WEATHER- Conditions remain steady in C-town tomorrow, with temperatures peaking at a hazy 28°C before dropping to an overnight low of 18°C, according to our favorite weather app.
MAKING HEADLINES ABROAD-
Protests across Europe continue to dominate headlines as unrest spills over from France and Spain to Portugal and Italy. Tent encampments have sprung up in Lisbon, while looting and vandalism in Milan led to 200 protesters being detained. In France, a weekend of riots and violent protests prompted Interior Minister Laurent Nuñez to offer his resignation, saying police had lost control.
President Emmanuel Macron rejected Nuñez’s resignation, instead pointing to “intelligence and foresight failings.” Meanwhile, the mayors of Paris, Marseille, and Lyon are demanding answers from their government over the seeming lack of preparation by security forces across the country.
MEANWHILE- Tensions between Ukrainian President Volodymyr Zelenskyy and US President Donald Trump continue as Ukraine defies the proposed ceasefire with Russia, launching one of its largest drone attacks on a key oil terminal overnight on Saturday. Zelensky accuses Trump of pressuring Kyiv to surrender to Russia, while reports say Russian President Vladimir Putin is considering a three-way summit with Trump and Chinese President Xi Jinping to negotiate an end to the war, potentially without Ukraine on the table.
Reem Hamed builds her luxury fashion collections out of the leather that Egyptian factories don’t ship abroad. She goes to the export tanneries herself, asks for the offcuts from the Grade A hides earmarked for foreign buyers, and turns what’s left into shoes and accessories. It isn’t scalable, but it’s as close as you can get to what full-stack Egyptian manufacturing actually looks like at this scale.
Hamed is one of the few Egyptian artisanal luxury brand founders who manufacture their full product line in Egypt, the A-Z tier that the rest of this series has documented as the hardest and rarest position in the local wave. Ramla, which she launched in 2017 and runs as founder and creative director, is caught between the brand Hamed wants to build and what the country’s supply chain allows.
Hamed studied architecture in Cairo until the 2011 revolution disrupted her studies. She then moved to Florence for a bachelor’s in interior and architectural design, graduating in 2015. A master’s in luxury business at the Salvatore Ferragamo School followed, with highest honors, along with an informal apprenticeship at a friend’s bespoke men’s shoe workshop, where she learned the leather trade from the bench up. She returned to Cairo and took a job in interior design. “Deep inside, I knew I wanted to create a product that was wholeheartedly Egyptian, had a story to tell, and was crafted with Egyptian hands,” she tells EnterpriseAM.
Ramla launched as an experiment. Thirty-six pieces, no expectations. A former Kuwaiti classmate invited her to do a pop-up in Kuwait as her first commercial outing. That collaboration produced the first sales and the first proof that the concept had a market beyond friends and family. Gulf retailer relationships followed, though slowly. Hamed describes sending “thousands of emails” to specific stores before any wrote back.
The operating reality now is defined by the supply constraint. High-quality leather is difficult to source consistently in the domestic market, so Hamed built the brand around factory offcuts from exporters of the best material. The upside is a sustainability story: nothing gets thrown away, and the brand works with women artisans across Egypt for the craftsmanship. The downside is that Ramla can’t buy in bulk or restock a bestseller reliably and can’t plan a collection without knowing whether the fabric will be there when it’s time to produce.
“Consistency is key so we can offer high quality, but I am always afraid — will I find this fabric again?” Hamed tells us. “You can’t just buy in bulk; cashflow isn’t the best.”
She can control the design side. The rest — financials, marketing, distribution, and PR — she has taught herself over the 10 years since Ramla launched. Whether the leftover-leather model is the ceiling of what a genuinely Made-in-Egypt luxury brand can be, or the foundation of something that eventually scales, is what the rest of this series is trying to answer.
We tested four Egyptian leather bag brands over several weeks of daily use — at work, on quick errands, and at family occasions. Five bags in total, at prices ranging from EGP 2.6k to EGP 11.3k. Some fared better than others, and here’s our no-BS take.
Sami Amin
The brand pairs genuine leather with brass hardware. The Zamalek store is on the smaller side, but the merchandising is careful, and the staff gave us space to explore the pieces without pressure. We chose the small “Nut” bag. The packaging attended to every detail: the sales assistant slipped it into a dust bag, then a box, then an outer bag.
After extended use, the bag has proven to be one of the best we’ve bought. The leather is high quality, the weight is light on the shoulder, and the design gives any outfit just the right amount of edge. Our only gripe was with the website; the search is disorganized, and the in-store experience proved to be leagues better.
Did Sami Amin accomplish something new? Yes. The brand has pushed the leather bag concept beyond what Cairo’s traditional leather shops offer, giving the pieces a character that adapts to occasion, use, and personality.
Is it worth it? Yes, if you’re looking for a piece that combines craftsmanship with visual pizzazz.
Best for: Everyday wear and occasions, for anyone looking for something different.
We shopped in-store at one of the branches. The designs are simple and elegant, suited to a range of daily looks. One caveat: the sales team tends to make selections on the customer’s behalf — a style some shoppers appreciate, but not for anyone who prefers to browse quietly. That said, the team was helpful in steering us toward the right options.
We chose the medium “Alexia” in black and the “Cecil” in camel. The quality is unimpeachable across both. The most striking aspect of the experience was the brand’s flexibility: when we found the black bag didn’t come with a long strap, the shop offered to have one custom-made. Georges Sara also offers a lifetime repair warranty.
Did Georges Sara do something new? Yes. The brand offers bags that combine luxury with restraint — enough to remind us of international houses like Polène, though at a substantially lower price point.
Is it worth it? Yes, particularly for anyone who values the lifetime warranty and the willingness to customize.
Best for: Everyday use, work, and study.
Price: EGP 7.8k for both the Alexia and the Cecil.
Maadi residents know this small shop tucked into a corner of Grand Maadi Mall because it’s been selling reasonably priced leather goods for decades. We were looking for a daily bag to carry a laptop and work essentials, with a simple design that would go with anything. We found several options. The shop is quiet, with roughly one staff member on the floor, which leaves room to try things without interference.
We chose the medium “Layali” in black. The design is simple, and the bag is sturdy, holding everything comfortably. It didn’t come with a dust bag — a small point worth noting at this price. Otherwise, the bag is a solid bargain for what it costs.
Did Emeli accomplish something new? Somewhat. Many of the designs are similar to what you’d find at any traditional leather shop, but the brand has recently begun offering more practical designs aimed at a broader customer base.
Is it worth it? Yes, if what you need is a daily work bag on a limited budget.
The brand competes in the market for contemporary bags at accessible prices, with a broad range of colors and designs. Products span large practical bags and smaller and medium-sized hand and shoulder bags. We ordered on Monday and received the bag by Wednesday afternoon, carefully packaged with a dust bag included.
We chose theCielain brown antique. It’s a clutch, paired with a gold chain strap that can be attached or removed. The one flaw: the chain digs into the shoulder when the bag is full. Otherwise, it’s a versatile piece that can be styled in multiple ways and draws compliments.
Did The Bag Maker accomplish something new? Somewhat. It outperforms the traditional players in color range and design variety, though the leather quality doesn’t match that of higher-priced brands in this review.
Is it worth it? Yes, for evening and light occasions — not as a daily bag.
Missed this morning’s edition of EnterpriseAM? Here are the top stories in a nutshell.
Subscriptions for Banque du Caire’s (BdC) IPO open today, a day after the FRA approved the state-owned lender’s prospectus. Institutional investors have until Friday, 23 October to place their orders, while the retail book will remain open until Wednesday, 28 October. The final price will be announced on Monday, 26 October, and the stock is expected to hit the EGX in November;
The House of Representatives hasextended its closed session on whether to authorize the armed forcesto support Saudi Arabia by two more days. MPs met yesterday without reaching a final decision, and the session resumes at 1pm today and continues tomorrow to hear from the rest of the MPs waiting to make their case;
The sale of a 20% stake in Misr Life Ins. is nowpenciled in for December, with the government paving the way for BdC’s IPO. The company’s fair value study is the holdup, but investor appetite has remained steady. The December date is tentative and depends on coordination between the Investment Ministry, the Sovereign Fund of Egypt, and advisors;
The government isheading into the eighth and final reviewof our USD 8 bn IMF program with divestments and tax collection working in its favor, while energy subsidies and a stalled tax on freezones are still holding it back.
The Egyptian Premier League’s seventh round begins tonight with three fixtures, starting with El Gouna hosting Smouha at 5pm on ON Sport Plus. Later in the evening, Al Masry host Abu Qir Fertilizers on ON Sport, while Enppi take on Al Mokawloon Al Arab on ON Sport Max. Both matches kick off at 8pm.
MEANWHILE- In the English Premier League, Tottenham Hotspur host Coventry City tonight, with kickoff at 10pm on beIN Sports 1.
Over in Turkey: Trabzonspor host Beşiktaş at Papara Park, with Mo Salah expected to start for the hosts after scoring in Thursday’s 4-2 Conference League victory over KuPS. Kickoff is at 8pm on beIN Sports 2.
Also on our radar in the European leagues:
Getafe vs. Rayo Vallecano — La Liga, 10pm, beIN Sports 3;
Monza vs. Cagliari — Serie A, 7:30pm, Starzplay;
Parma vs. Torino — Serie A, 9:45pm, Starzplay.
ICYMI-
Across the pond, Leeds and Manchester United drew 1-1 at Elland Road, while Arsenal edged Nottingham Forest 1-0 on a second-half Noni Madueke goal.
In La Liga, Real Madrid beat Sevilla 4-1 behind two Kylian Mbappé goals, cutting Barcelona’s lead to six points ahead of the upcoming Clásico. In Serie A, Lazio thrashed Juventus 3-0 on home soil.
AND- In African competitions, Enugu Rangers beat MC Alger 2-0 in the CAF Champions League despite playing most of the game with 10 men. Mamelodi Sundowns were also held to a 0-0 draw by Wiliete, while El Kanemi Warriors drew 2-2 with Raja Casablanca in the Confederation Cup.
Looking for a film for your next family movie night? Look no further thanMasterplan. Stanley Tucci (of The Devil Wears Prada fame) helms an easygoing, entertaining watch packed with family shenanigans in this street-shot crime comedy.
The plot: Tucci stars as Roger Cavendish, a legendary English thief who brings his estranged children back into his life for the heist of a lifetime. His daughter Chiara (Simona Tabasco) is a hacker, while his son Jay (Victor Belmondo) specializes in explosives. Both have experience pulling off smaller jobs, but their father has something considerably bigger in mind: stealing the Mona Lisa from the Louvre. What follows is a whirlwind of heist shenanigans, family drama, and unexpected bonding as the three attempt to pull off their biggest operation yet.
What we liked: Tucci brings his signature comedic timing and charm to the role with a performance that gives the film much of its personality. The family dynamics are another highlight, with Belmondo and Tabasco creating the kind of chemistry and banter that makes this makeshift family genuinely fun to watch. Watching Chiara and Jay navigate their newfound siblinghood, complete with plenty of banter and mischief, adds a welcome layer of warmth to the heist. The pacing also deserves mention, with the story moving along briskly.
The verdict: Masterplan delivers a fun, fast-paced film with a charming cast and lightheartedness, making it an easy pick for a relaxed movie night with the family.
The EGX30 rose 0.4% at today’s close on turnover of EGP 8.4 bn (25.8% below the 90-day average). Local investors were the sole net sellers. The index is up 22.2% YTD.
In the green: Abu Qir Fertilizers (+5.8%), Egypt Aluminum (+5.7%), and Mopco (+4.3%).
In the red: Palm Hills Developments (-3.0%), E-finance (-2.3%), and Alexandria Containers and goods (-2.1%).
Consider this your sign to log off, slow down, and reconnect with yourself. Tulua, a two-day wellness festival by Sukun, is taking over Il Monte Galala in Ain Sokhna on Friday, 23 October and Saturday, 24 October, bringing together movement, mindfulness, meditation, and human connection against a Red Sea backdrop. It offers a chance to step away from the daily grind, reset your routine, and discover new ways to recharge. Get your tickets on Tulua’s website.