Good afternoon, ladies and gentlemen. We arrive late in your inboxes due to a jam-packed Headlines section this afternoon as we send you off into the weekend. The USD crossed the EGP 55 threshold today, as the need for USD to cover foreign outflows pushed the rate to a record high. We speak to two analysts below to unpack what happened and what might come next.
In our Made in Egypt series, we unpack how multi-brand showrooms are giving Instagram-born brands their first real shelf space. Locally and Go Native walk us through how they’ve set up shop in Cairo’s biggest malls without paying for the real estate and why they’re working on making sure Zara and H&M shopping habits don’t make a comeback.
Elsewhere in the issue: We review Brothers, a bite-sized comedy series starring two of Hollywood’s most beloved faces, and highlight a roundup of the matches worth planning your weekend around.
But first, the news…
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Here are the stories driving the day both at home and abroad. The USD crossed the EGP 55 threshold today, hitting a record high. The Central Bank of Egypt (CBE) quoted USD 1 at EGP 55.24 for buying and EGP 55.38 for selling, while the National Bank of Egypt quoted EGP 55.25 and EGP 55.35. Former head of the Industrial Development Bank Maged Fahmy tells EnterpriseAM that “the move was expected given rising geopolitical tensions in the region, higher global energy prices, and a growing external debt service burden.”
The need for USD to cover foreign outflows pushed the rate to a record high, Fahmy says, expecting it to climb further. Veteran banker and former Banque Misr deputy chair Sahar El Damaty indicates that pressure on key sources of foreign currency, along with portfolio investment moving out of emerging markets and into the US market as interest rates and yields shift, is behind the demand drive. Int’l investors have been offloading gov’t debt since Monday: Foreign investors net sold c. EGP 73.8 bn of T-bonds and T-bills on the EGX between Monday and Wednesday, according to EGX data, and preliminary figures show a further EGP 39.2 bn in net foreign selling across all securities today. The exit has been concentrated in debt.
Regional investors absorbed part of the exit. They net bought c. EGP 12.6 bn of T-bonds and T-bills between Monday and Wednesday, offsetting roughly a sixth of the foreign selling, by our math. All of it came on Tuesday, when they net bought EGP 12.8 bn of debt, against small net sales on Monday and Wednesday. Combined, regional and foreign investors net sold USD 1.13 bn (EGP 61.1 bn) of local debt over the three days. Regional investors turned net sellers of EGP 1.2 bn across all securities today, according to preliminary figures.
Equities had a rough day too: The EGX30 shed 3.41% today to settle at 51.1k points, wiping out its gains from Tuesday and Wednesday. It closed at its session low, giving up c. 1.8k points from yesterday’s close of 52.9k, by our math. It was the index’s second steep drop of the week, after a 2.6% slide on Sunday, leaving it down c. 2.3% since last Thursday, by our math. The index is still up 22.05% so far this year. EGX30 constituents traded EGP 4.1 bn, or 50.5% of the day’s total value, but accounted for only 11% of shares traded. Foreigners were small net buyers of listed stocks, excluding block trades, every session from Sunday through Wednesday.
The CBE faces a tricky call: Fahmy expects the central bank to hike rates at the Monetary Policy Committee meeting next Thursday to curb dollarization and further inflation. El Damaty expects a hold while the bank watches inflation, adding that currency swap agreements give it an extra tool to ease some foreign currency pressure, though they don’t replace the need to build up traditional sources of foreign currency.
New logistics hub coming to Dekheila Port: The Alexandria Port Authority signed an MoU with Hassan Allam Utilities and Al Tareeq Capital for Real Estate Asset Management to build, develop, and operate an integrated logistics center at Dekheila Port, according to separate statements (here and here, pdf). The project will span some 273k sqm in the port’s western hinterland, on a plot set to be folded into the port’s customs zone, positioning it as a regional and international hub for distribution, re-export, and value-added services.
The center will house storage, handling, distribution, re-export, final processing, and light industry, alongside improved services for exporters and importers — a package aimed at sharpening the port’s competitiveness in global supply chains and trade. Under the agreement, the parties are now working to meet the applicable conditions and secure the necessary approvals before construction begins.
^^ We’ll have more on this story in Sunday’s edition of EnterpriseAM.
HAPPENING TOMORROW- Banque Du Caire’s (BdC) institutional book closes tomorrow, having sold out within hours of opening on Monday. Qualified investors have until Friday to put in orders for the state-backed lender’s IPO, which has so far secured cornerstone investments from four foreign funds, namely Helikon, Redwheel, Sustainable Capital, and Waha Investments. The final offer price will be announced on Monday, 26 October, and the retail book stays open until Wednesday, 28 October. The retail tranche was 1.98x covered as of Thursday’s close, with buy orders totaling 454 mn shares, a senior government official tells EnterpriseAM.
It’s still not too late for an upsize: Banque Misr, the selling shareholder, has until Sunday, 25 October to announce any increase in the stake on offer (from the current 30% to as much as 45%), with any upsize requiring at least three days’ notice before retail subscriptions close.
ICYMI- Banque Misr is selling some 4.575 bn shares, or 30%, of BdC in what is on track to be the heftiest EGX IPO in USD terms in at least five years. The fully secondary offering is set to raise some EGP 22.05-24.25 bn (c. USD 410-455 mn at the circular’s EGP 53.46 rate) in gross proceeds, barring an upsize, and is considered a major test of foreign appetite for Egyptian equities.
☀️ TOMORROW’S WEATHER- Cairo is in for another moderately warm day tomorrow, with the mercury set to peak at 30°C under hazy sunshine before dipping to a clear 20°C overnight, according to our favorite weather app.
MAKING HEADLINES ABROAD-
Dominating the global headlines this afternoon is Russia’s overnight“massive missile” attackon Kyiv, just hours after Russian President Vladimir Putin told US envoy Steve Witkoff that Russia was willing to restart three-party peace talks with the US and Ukraine in early November. The ballistic missile strikes killed two people and wounded 22, including four children. Numerous sites across the city were hit, including civilian buildings and energy infrastructure. Russia also reported over 600 drones launched by Ukraine toward Moscow during the night.
CLOSER TO HOME- Also making headlines is an order from the US Department of State to withdraw non-essential staff and their family members from its embassy in Riyadh as Iran-backed Houthi forces intensify their attacks. This follows a string of near-daily attacks against the kingdom, including an Aramco oil site and an eastern airport on Wednesday, where at least three people were killed. The order comes amid plans by the US and Israel to renew strikes on Iran after next month’s midterm elections.
IN TECH NEWS- The tech world is astounded at the discovery of critical vulnerabilities in PHP, an open-source programming language used to power around 70% of websites and web applications, forcing websites worldwide to shut down. PHP underpins platforms such as WordPress and Wikipedia, as well as parts of Slack and Facebook. Governments worldwide issued warnings about the vulnerabilities, which could allow hackers to access sensitive data, launch large-scale cyberattacks, and disrupt essential services. The agency recommended taking affected systems offline and released a patch for the bugs.
A new category of Egyptian retail intermediary is building the infrastructure the country’s homegrown brand wave needs to scale.Locally and Go Native are multi-brand showrooms that give Instagram-native brands their first real shelf space. Between them, they’ve anchored themselves in Cairo’s major malls, cut developer-partnership agreements that keep upfront capex off their balance sheets, and structured their operations around the premise that the wave they’re aggregating is structural, not cyclical. Locafy, an online-first third player, is following the same thesis without the physical footprint. All three are building for a version of the Egyptian consumer market in which the international fast-fashion chains don’t come back.
More than shelf space
Locally, which claims to have pioneered the brick-and-mortar showroom concept for local brands, explicitly positions itself as a platform rather than a landlord. “We’re definitely not only a space rental concept,” co-founder and CEO Mostafa Elsarrag tells EnterpriseAM. “We offer presence across seven branches in Egypt, monthly professional shoots, inclusion in campaigns and marketing efforts, and access to both offline retail and our online application. Brands plug into a system that already drives traffic, builds image, and generates sales.”
Locally watches conversion, not footfall. “High traffic alone means nothing if it doesn’t convert,” Elsarrag says. Brand selection runs on stated criteria: quality, positioning, and fit with the platform’s identity. Elsarrag is careful to frame the operation as curated.
Go Native runs a different diagnostic. “We rely heavily on feedback from our sales team and view our products through a fast-fashion model,” founder Omar Abuzaid tells us. “Our selection depends on which products sell more based on the data we now have. Some brands get a dedicated stand, others fit into a ‘mix and match’ product family.” The company identifies top-performing merchandise by tracking click reroutes for intent and sales for conversion.
Heavy by design
The aggregators’ business model is structured to absorb macro shocks. Locally combines rental income from brand tenants with a percentage of sales, with the split varying by brand. “We don't just make money from space; we grow when our brands grow,” Elsarrag says. Go Native has evolved from pure consignment (space rental plus revenue share) into a hybrid that includes wholesale for brands needing immediate cashflow. “We buy in bulk at a [reduced] price and operate on a high margin for those products to account for the inventory risk,” Abuzaid says.
The mall economics are the sharpest expression of the model. Go Native runs large-format stores of 700-1k sqm in major malls through partnerships with developers, including Al Futtaim Group and Marakez. “We are tenants; the developers handle the capex and are compensated through a minimum guarantee and the revenue share they take from us,” Abuzaid says. That structure keeps upfront costs light and ties occupancy costs to performance.
Where the capital goes: technology, marketing, and content. Locafy describes its platform as the primary investment, “built to be scalable and stronger than normal CMS platforms,” tech product manager Abdeljawad Muhammad tells us. Locally invests in paid ads, content production, an in-house team of designers and videographers, PR campaigns, and e-commerce infrastructure. Physical real estate, notably, is not on the fixed-cost list. Locally and Go Native rent rather than own.
A broadening base
The category’s customer base has shifted meaningfully. Go Native started by targeting 15-19-year-olds, the Gen Z consumers who came of age treating homegrown brands as the cultural default. Today, Abuzaid says, “If you go to our District 5 branch, you’ll find a mother shopping for her child while her husband also finds something.” He argues that’s the same customer base that used to shop internationally.
That broadening is the structural signal underneath the category. If the wave stayed a Gen Z phenomenon, it would be a demographic moment tied to the specific cohort of consumers who came of age after 2022. If it’s spreading to the customer base that used to shop at Zara and H&M, it’s a category shift in Egyptian consumer retail. The infrastructure being built to serve it needs to hold at scale.
Built to survive?
The aggregators are wagering that the FX gap that created the wave isn’t what sustains it. “The USD would have to drop to EGP 5-6 before international brands could truly compete with us again,” Abuzaid argues. Between import taxes and government regulations, he says, local sourcing has cost advantages that outlast any exchange-rate move. Elsarrag frames it differently: “Locally isn’t dependent on that gap. Even if global brands become cheaper, the brands that will survive are the ones with strong design, consistent quality, and clear positioning — not just price advantage.”
What’s next
More branches, and better ones. Go Native’s focus is now on maximizing sales per sqm through smarter displays and merchandising, Abuzaid tells us. The priority is optimizing current stores before opening new ones. “Our growth is very selective,” Abuzaid says.
Locally is moving in multiple directions at once: expanding its physical footprint, growing its app, widening its online presence, and increasing sales per brand. The goal, Elsarrag says, is building a stronger platform overall. Locafy has private labels and physical retail stores on the horizon, though no dates are attached.
Missed this morning’s edition of EnterpriseAM? Here are the top stories in a nutshell:
So many people were taking out consumer loans to buy gold that the Financial Regulatory Authoritybanned consumer finance companiesfrom financing gold and other precious metals. The regulator classed gold bullion and jewelry as investment tools rather than consumer goods, and the ban covers silver and platinum too;
Egyptian farmscan double or triple their output“with much less of an investment” than European growers spend chasing single-digit gains. The tools to get there are starting to show up locally, from cheap greenhouse controllers to leased state greenhouses and a planned substrate plant in the Suez Canal Economic Zone;
The Financial Regulatory Authorityissued a model contract for short selling, ticking off another requirement ahead of the mechanism’s launch. Brokerages and investors borrowing shares to short will use a single template setting out each side’s obligations;
Maersk hopes tohave all of its shipping services back on the Suez Canal routeby March 2027. Maersk COO Rabab Boulos gave that timeline to Suez Canal Authority Chairman Osama Rabie during a video call on Tuesday, telling him the canal “remains the optimal choice” for the group.
It’s a busy weekend on the pitches, highlighted by a full slate across Europe’s top leagues. Kicking us into gear today, Juventus host Rennes in tonight’s Europa League top fixture, with kickoff at 7:45pm on beIN Sports 1.
Also in the Europa League tonight, Bournemouth host AC Milan at 10pm on beIN Sports 1, and Celtic host Celta Vigo at Celtic Park at the same time on beIN Sports 6.
In the Conference League, Mohamed Salah’s Trabzonspor host Scotland’s Hearts after their 4-2 victory over KuPS in the opening round. Kickoff is at 7:45pm on beIN Sports 2.
Also on our radar tonight:
Beşiktaş vs. Crystal Palace — Europa League, 10pm, beIN Sports 2;
Hoffenheim vs. Lyon — Europa League, 10pm, beIN Sports 4;
Lillestrøm vs. Real Sociedad — Europa League, 10pm, beIN Sports Extra 2;
Ajax vs. Atalanta — Conference League, 10pm, beIN Sports 5;
Monaco vs. Freiburg — Conference League, 10pm, beIN Sports 3.
Friday’s fixtures
The Nile League takes a break until Wednesday, 28 October, so the CAF fixtures and Europe’s top leagues take over.
Defending champions Mamelodi Sundowns host Angola’s Wiliete at Loftus Versfeld at 9pm, while Algeria’s MC Alger host Nigeria’s Enugu Rangers at the Ali Ammar Stadium at 10pm.
AND- In the Confederation Cup, Morocco’s Raja Casablanca host Nigeria’s El-Kanemi Warriors at the Mohammed V Stadium at 11pm.
MEANWHILE- In the Premier League, Ipswich Town host Nottingham Forest at 10pm on beIN Sports 1.
Also on our radar on Friday:
Stuttgart vs. Borussia Mönchengladbach — Bundesliga, 9:30pm, Shahid;
Torino vs. Monza — Serie A, 9:45pm, Starzplay;
Brest vs. Nice — Ligue 1, 9:45pm, beIN Sports 4;
Alavés vs. Málaga — La Liga, 10pm, beIN Sports 3.
Saturday’s fixtures
Zamalek host APR FC at Cairo International Stadium at 8pm in the second leg of the CAF Champions League’s second preliminary round, leading 1-0 from Kigali. At the same time, Pyramids host South Sudan’s Al Merreikh Bentiu at the Air Defense Stadium, also with a 1-0 first-leg lead.
Over in the Champions League, four major fixtures take over Saturday’s slate as Aston Villa host Manchester City at 2:30pm on beIN Sports 1, Arsenal host Everton — fresh from their 2-2 Champions League draw against Bayern Munich — at 5pm on beIN Sports 1, and Coventry City host Fulham also at 5pm on beIN Sports 2. Later in the evening, Chelsea host Tottenham in a London derby at 7:30pm on beIN Sports 1.
In La Liga, Atlético Madrid host Deportivo La Coruña at 10pm, a day before Sunday’s much-anticipated Clásico at Camp Nou.
ICYMI-
In the Champions League, Bayern Munich and Arsenal drew 2-2 in Munich. Alphonso Davies and a Harry Kane penalty put Bayern ahead, while Eberechi Eze and Declan Rice answered for Arsenal. Real Madrid beat RB Leipzig 4-1, with Mbappé among the scorers, for a third straight victory in the competition. Elsewhere, Como thrashed Manchester United 4-1.
At home, Al Ahly drew 3-3 with Al Qanah at Cairo International Stadium. Ashraf Dari’s header in stoppage time rescued a point after a Yassin Marei own goal had given Al Qanah a 3-2 lead.
Brothersspins a rumor of brotherhood into a tongue-in-cheek series with lots of Southern charm. Who among us didn’t love the iconic duo Rust and Marty in the hit crime drama True Detective? Naturally, Hollywood stars Matthew McConaughey and Woody Harrelson boast a massive fanbase, largely thanks to their undeniable chemistry and genuine off-screen friendship that translates effortlessly to the screen. Capitalizing on this powerful screen presence, the duo decided to collaborate on an… unconventional eight-episode comedy.
The plot: Each episode opens with a humorous disclaimer stating that the show is “inspired by a true rumor,” a nod to actual Hollywood gossip that sparked the premise. Matthew and Woody portray fictionalized versions of themselves. While living in Texas with his family, Matthew welcomes Woody and his family for an extended visit. While chatting with Matthew’s mother, Ma Mac (Holland Taylor), Woody learns a secret: she may have been intimately involved with his father in the distant past. This revelation implies that the two best friends might be half-brothers, triggering a domino effect of hilarious situations.
What we liked: The creators cleverly took the real-life rumor of a familial connection between the actors and ran with it, building an imagined world that explores the question: what if they really were brothers? The result is a comedic ride packed with Texas Western vibes — ranch hunting, bull riding, treks through eerie woods, and plenty of beer.
Both actors clearly had a blast playing exaggerated, caricatured versions of their real personas — Matthew leaning heavily into his signature drawl and philosophical cadence, and Woody firing off an endless stream of jokes. In an era when shows compete to deliver heavy, trend-conscious drama, this series — which didn’t take itself too seriously — earned solid popularity among viewers, climbing Apple TV+’s watchlists.
As fans of the duo, we thoroughly enjoyed the show. That said, it lacks the artistic weight to justify high expectations; it’s simply a light watch that asks very little of the audience. Viewers shouldn’t expect more than it sets out to be. While the writing felt a bit undercooked in certain moments, it didn’t derail our overall enjoyment.
Our verdict: The show is a great choice if you’re a fan of McConaughey and Harrelson and want to kick back with a fun comedy averaging half-hour episodes — no dramatic plots or extraordinary storytelling required, just a generous dose of Woody’s quick wit and Matthew’s signature eloquence.
The EGX30 fell 3.4% at today’s close on turnover of EGP 8.2 bn (27.4% below the 90-day average). Local investors were the sole net buyers. The index is up 22.1% YTD.
In the green: Eastern Company (+1.6%) and Qalaa Holdings (+1.0%).
In the red: E-finance (-12.1%), GB Corp (-6.8%), and Sidpec (-5.3%).
Internationally renowned festival Gala de Danza is landing at the Grand Egyptian Museum (GEM) on Thursday, 5 November for an evening celebrating dance, music, and art. The event brings together world-renowned performers, including the Royal Ballet, the Dutch National Ballet, and MAGICLAB, among other musical and artistic experiences. The program also features a special performance by 100 students from local schools across Egypt. Doors open at 7pm, with the event starting at 9pm. Dress to impress, and book your tickets through TicketsMarché.
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