Good afternoon, folks, and kudos to you for making it to the weekend. On the Made in Egypt front today: Egyptian homegrown brands should, on paper, be fleeing USD-denominated software. Instead, they’re doubling down on Shopify, with almost 13k Egyptian stores now running on it, up 85% from a year ago. The founders we spoke to say the USD bill matters less than knowing the platform won’t fail them and that local alternatives haven’t made it onto their radar yet. We also tested a vase, a set of cushions, and a set of coasters from three Egyptian brands. Two hit, one didn’t.
Elsewhere in today’s issue: Netflix released The One About Matthew Perry, a tribute documentary about the man who played Chandler Bing. The screen went black, and our eyes went puffy. We also list all the football we’re watching this weekend.
AND- Don’t forget to turn your clocks back an hour before you go to sleep tonight, as daylight saving time ends at midnight, meaning 12am on Friday becomes 11pm on Thursday.
Now, onto the headlines...
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Here are the stories driving the day both at home and abroad. Egypt wants the EGP to be “legally convertible” outside the country, meaning it can be exchanged beyond our borders and held in bank accounts abroad. CBE Governor Hassan Abdalla said at Egypt Forum 2026 that it’s possible, (watch, runtime: 9:51), and put the timeline at five years. This, however, depends on how much the world needs to buy Egyptian things and on how much investors trusts the currency. The questions we’re all asking: what does it actually mean and how can we get there?
Take EGP 100 to Heathrow and you can exchange it, but only at a handful of counters in London that will accept EGP, Al Ahly Pharos Head of Research Hany Genena tells EnterpriseAM. Meanwhile, the USD, EUR, and GBP are taken everywhere. Closing that gap is the goal. Why does the state want it? A convertible currency holds its value, which Genena says is “an alternative to gold.”
^^We’ll have more on this story in Sunday’s edition of EnterpriseAM, where we ask economists and analysts whether Egypt has what it takes.
HAPPENING TODAY- The Central Bank of Egypt’s Monetary Policy Committee is meeting today, and its decision is due in a few hours. The majority of analysts we spoke to expect key policy rates to be left unchanged. We’ll have more in the morning’s Weekend edition.
☀️ TOMORROW’S WEATHER- It’s another day of nice-to-have weather tomorrow, as the weekend kicks off with a high of 27°C under hazy sun before temperatures drop to 18°C overnight under clear to partly cloudy skies, according to our favorite weather app.
MAKING HEADLINES ABROAD-
Making headlines this afternoon is European Central Bank (ECB) President Christine Lagardeannouncing her resignation, effective 7 February, just ahead of the ECB’s latest interest rate decision. Her term was due to run until October next year. EU leaders will begin the process of selecting her successor to replace one of the world’s most influential monetary policymakers. Former central bank governors Klaas Knot of the Netherlands and Pablo Hernandez de Cos of Spain are considered leading contenders to succeed Lagarde.
IN THE BUSINESS PRESS- Alphabet shares fell 10% in premarket trading today following the tech giant’s disappointing 3Q earnings report. The company reported negative freecash flow of USD 9.07 bn, well below analysts’ expectations of USD 2.7 bn. Sales and advertising revenue also fell short of analyst projections.
The country’s macroeconomic reality dictates that local brands should be fleeing USD-denominated software. Instead, they are doubling down on it. For homegrown retailers operating in an increasingly saturated market, e-commerce infrastructure has evolved from a storefront option into a core risk-management strategy — and the businesses making that call are wagering on foreign infrastructure that bills in USD because the local alternatives cannot yet be trusted to survive.
The math should naturally favor a local provider, but that isn’t the case yet. According to a recent Store Leads report, Shopify leads the pack for digital storefronts in Om el Donia — almost 13k stores in Egypt powered by Shopify were live as of 2Q 2026, an 85% increase from the same period last year.
The price of stability
For brands that define the local landscape, the USD price tag is secondary to structural stability. “We launched in 2020, at a time when the available options were extremely limited. Shopify was the only real consideration for us because it offered a complete solution that allowed us to build and operate our storefront without compromise,” Hussein Shahbender (LinkedIn), founder of Sight Cairo and Drop the Shop, tells EnterpriseAM.
For Shahbender, the USD cost is the price of stability and future scaling. “Expanding globally has always been at the forefront of our vision, and Shopify’s ability to support that was important. However, at its core, the decision was pragmatic: Shopify offered the strongest combination of inventory management, storefront functionality, and reliability, which made it the clear choice.”
Cost, Shahbender says bluntly, is not the decisive factor. “Functionality and reliability are far more important […] than cost,” he tells us, arguing that it's a competitive advantage local players haven’t been able to match at the level of the global incumbent. Not that local providers aren’t reliable, he adds — they’re not on the radar of Egypt’s entrepreneurs in the first place.
The trust signal
The Shopify signal reaches new founders before they’ve evaluated any alternatives. “You can always tell if a website or a digital store is a Shopify store; it just has this distinctive look that you know you could immediately trust — consumers trust that, and I wanted that for my brand,” Seif Khamis (LinkedIn), a Cairo-based marketer building a homegrown accessories brand called House of Egyptian Blue, tells EnterpriseAM. We ran into Khamis mid-build at a New Cairo café; the process he was working through was as frictionless as he described.
“Even when it comes to the User Interface (UI), it’s very intuitive — everything is just drag and drop. You don’t even need a developer,” he explains. When asked whether he’d considered a local alternative, Khamis was direct: “I haven't really heard of any local alternatives to Shopify, and I frankly wouldn't consider them. It's just trustworthy.”
Shahbender confirms the distribution gap on the other side. “No local players have approached us so far,” he says. He would be willing to “invest in a platform that we trust will perform consistently. We wouldn’t compromise the experience just to reduce expenses.” Paying in local currency and receiving a local invoice would be a meaningful change for the brand, but that would require “clear evidence that the platform can match Shopify’s performance and ecosystem.” Core infrastructure isn’t worth the switch unless the local alternative has been proven to hold up.
Moving and evolving fast
Shopify is ahead because it’s aggressive. Youssef Samy (LinkedIn), General Manager of Fashion Square, the parent company behind several Egyptian brands, including La Blanca, was approached by a local alternative five years ago and eventually went in the same direction as Shahbender. “I attended a couple of workshops back then for something called Vendo. The founders knew what they were doing, but you felt that the product team was not aggressive with the business. By aggressive, I mean the features were evolving, but they were evolving at a slow pace. I couldn’t accept this slow pace, so that's why you choose a big company [like Shopify].”
Samy started at Fashion Square when the brands under his purview still ran on hard-coded websites, and he spent years looking for the right e-commerce infrastructure before landing on Shopify. The pricing math is clear. “Yearly, it’s around USD 300, which is nothing compared to all the benefits and features you get in return — aside from the transaction fees and subscriptions for add-ons or plug-ins.” Most brands stick to the basic Shopify tier, with the signature checkout landing page Khamis referenced. Customizing the checkout page requires an upper subscription tier that Samy calls “absurd” in price — but the basic tier, he says, leaves little to desire.
But there’s still friction: Shahbender flags the administrative “headache” — downloading reports and certain accessibility limitations “can often be a hassle.” Not enough to move on. “The value Shopify offers far outweighs the cost.”
The local challenger
So who’s giving Shopify a run for its money in Egypt? Not really anyone — but Wuilt, a Cairo-based Arabic-language website builder, is furthest along. The platform pivoted to a at-no-cost model in April 2025 and raised USD 2 mn in funding to take its e-commerce model regional. The business model is value-added services rather than website fees: Wuilt Pay for integrated online payments, Wuilt Shipping through delivery partners including Aramex, Mylerz, and Bosta and Wuilt Wallet for earnings management.
The numbers don’t yet match the claim. According to a 2025 press release, over 20k merchants have joined Wuilt since their pivot — but Store Leads data shows only 328 active digital stores on the platform as of the end of 1Q 2026. EnterpriseAM reached out to Wuilt for comment to make sense of the disparity, but received no response. Additionally, several of the sample stores listed on their website appear to no longer be functional.
The math
Samy’s framing for why he wouldn't switch to a local platform is the sharpest argument. “If I were to hypothetically migrate from Shopify to a local provider, I first need to make sure that company will survive. Unless it’s someone who’s been in the market for 10+ years and has cemented their place, I wouldn’t even consider it. I wouldn't work with someone local who might close in three or four years. They disrupt your business big time, and it eats out of your sales, and it eats out of your time, and my time is money.”
His concerns aren’t unfounded. Many local platforms have come and gone — ExpandCart’s own website now sits as a virtual ghost town, its socials riddled with comments from former clients and former employees. That’s the reference point every scaled business running on Shopify is working from when they evaluate a switch.
If it isn’t broken, don’t fix it. “I'd love to support local companies, but I choose Shopify because they spot issues before you even realize they exist,” Samy says. “On top of that, Shopify releases massive updates semi-annually and quarterly. These are features you didn’t even know you needed, driven by data and insights from thousands, if not mns, of other brands on the platform. It gives you incredible speed; their forward-thinking is just so quick. Plus, they offer so many options, and their analytics are brilliant.”
We tested home accessories from three Egyptian brands — a vase, a set of cushions, and a set of coasters — at prices ranging from EGP 400 per piece to EGP 1.4k. Two hit and one didn’t. Our benchmarks: sturdiness, quality, and aesthetics — plus how each compares to imports and to legacy Egyptian makers. Our take on each below.
Fathy Mahmoud
Fathy Mahmoud is one of the most established homegrown ceramics and homeware brands in Cairo. The showroom at City Centre Almaza is compact but well-merchandised, with dinner and coffee sets, pitchers, and vases laid out with care. We picked the rosette pearl vase for its floral relief detail, then placed the order online. The website ran slow and threw a checkout error that a second attempt fixed. The vase arrived within three days, packed with real care.
The vase is smooth to the touch, and the finish is clean throughout. Placed on a coffee table and filled, it works as a focal piece. The weight is enough that accidental brushes against the table don’t threaten it — useful for anyone with pets. The one operational note: the intricate relief makes dusting a real task, which is a genuine trade-off with detailed ceramic pieces.
Did Fathy Mahmoud do something new? Somewhat. Fathy Mahmoud has been producing at this quality level for decades, so the “new” question doesn’t quite apply — this is legacy Egyptian craftsmanship holding its ground rather than a post-2022 wave brand. Compared to imported German ceramics from Villeroy & Boch at comparable design tiers, Fathy Mahmoud’s pricing runs meaningfully below, with quality on par or better.
Worth it? Yes. At EGP 1.4k for a statement ceramic piece from a legacy Cairo house, the vase is priced below the European alternatives it competes against on design and finish.
Best for: Living room, dining room, or hallway console — versatile statement piece.
Price: EGP 1.4k.
Where to buy: At many branches across Cairo, or online.
Ariika
Cushions are harder to get right than they look — too soft, too rigid, or without the specific balance that makes a piece worth living with. We ordered several ashen cushions that arrived a little less than a week later. The packaging was thin — a sealed plastic bag with no cushioning — which meant no damage this time but real transit risk on future orders.
The corduroy fabric feels premium, and the muted brick red adds a specific pop against a neutral couch setup. Over a week of use as back support, laptop stand, and armrests, the filling held up without compressing, and the cushions held their shape against pet claws.
Did Ariika do something new? Yes. Ariika’s corduroy pieces at this fabric quality and price point occupy a category that the traditional local textile makers haven’t served — comparable-quality alternatives usually meant importing from Ikea or Home Centre. Ariika’s pricing runs within or below their ranges at the same or better quality.
Worth it? Yes, with a caveat on volume. EGP 1k per cushion adds up quickly if you’re buying multiple cushions. But on quality and aesthetics, Ariika beats what the global mass-market home retailers offer at the same price.
Best for: Casual, family-style seating arrangements.
Maramzy has been across our feeds with wall decorations and accessories, and we picked the Warda coasters expecting the design catalog to translate to product quality. The website was a clean experience, and checkout was fast. Delivery took the longest of the three brands tested but stayed within Maramzy’s own stated shipping window. Each coaster in the four-piece set was packaged individually.
The disappointment came at unboxing. The coasters photograph well, but the finish doesn’t match the price. The clay embossing is inconsistent, and the bottoms aren’t glazed. The bottom-glaze issue wouldn’t matter on a piece that stays face-up in use, but at EGP 400 per coaster, it’s a finish gap that shouldn’t be there. Functionally, the coasters hold a mug securely.
Did Maramzy do something new? Somewhat. Maramzy occupies a design-forward wall decor and accessories niche that didn’t have a clear local player five years ago. On the coaster line specifically, though, similar aesthetic alternatives are available at Zara Home at a lower price point — and the finish gap doesn’t defend the premium.
Worth it? No, not on the coasters. The wall decorations and other accessories may be worth checking against different criteria, but for this product, the price doesn’t match the finish delivered.
Best for: Aesthetics-forward table styling — with the caveat that the finish inconsistency shows up on closer inspection.
Price: EGP 1.6k for a set of four; EGP 400 per additional coaster.
Where to buy: Online, or by visiting their showroom in Old Cairo.
Missed this morning’s edition of EnterpriseAM? Here are the top stories in a nutshell.
Our investment fund industrycrossed EGP 500 bn in 3Q 2026. The Financial Regulatory Authority published the milestone on Sunday, the same day the EGX70 lost 11.07% of its value in a single session. Net asset value rose 7.16% q-o-q to EGP 504.71 bn from EGP 470.97 bn, and assets under management climbed 7.27% to EGP 512.84 bn, with eight new funds taking the total to 232;
The Oil Ministryplans to import about 15 mn barrels of crude in 4Q 2026, 8% more than a year earlier, and pay for it through supplier credit. The shipments will cost USD 1.4-1.5 bn, as regional tensions keep oil prices high, which works out to roughly USD 93-100 a barrel, by our math;
Regulators are starting toease the path for more machine decision-making in lending. From April 2027, consumer finance companies will have to consult a score from the country’s only licensed private credit bureau (I-Score) before approving financing, under a new rule from the Financial Regulatory Authority. The score rests on behavioral analysis of alternative data, the kind of input that feeds directly into AI-backed risk prediction and automated lending decisions;
Two of the country’s biggest solar-and-battery projectsmoved forward this week at very different stages. Contractors at Nefer Minya have started full construction, while Dandara (whose power purchase agreement was signed in March 2025) is still signing preliminary financing terms.
It’s unsurprisingly another busy weekend on the pitch, with plenty of domestic and international action on the way. Tonight’s fixture to watch is Al Ahly vs. Modern Sport in Matchweek 8 of the Egyptian Premier League, kicking off at 5pm on ON Sport. At 8pm, Pyramids and Wadi Degla face off on ON Sport Max.
In the Carabao Cup, Everton take on Newcastle at 10:45pm in the Round of 16, live on beIN Sports 1. Elsewhere in Europe, Frosinone take on Lecce in Serie A Matchweek 9 at 8:30pm, while Fiorentina take on Atalanta at 10:45pm. Both stream on the Starzplay app.
Tomorrow’s fixtures
There’s more Egyptian Premier League action to watch tomorrow. Petro Asyut take on El Gouna at 5pm on ON Sport Max. At 8pm, Al Ittihad El Sakandary and Tala’ea El Gaish go head-to-head on ON Sport, while Al Qanah and El Sharqia ENPPI battle it out at the same time on ON Sport Max. All three matches are part of Matchweek 8.
Here’s what we’re watching in Europe:
Le Havre vs. PSG — 8pm, Ligue 1;
Elversberg vs. Mainz — 9:30pm, Bundesliga;
Villarreal vs. Espanyol — 10pm, La Liga;
Lille vs. Lens — 10:05pm, Ligue 1.
Saturday’s fixtures
In the Egyptian Premier League, Abu Qir and Ghazl El Mahalla kick off at 5pm on ON Sport Plus, followed by Ceramica Cleopatra vs. ZED at 8pm on ON Sport and Suez Petrojet vs. Smouha at the same time on ON Sport Max.
Over in England, Matchday 9 of the Premier League gets underway with Chelsea taking on Manchester United in this weekend’s headliner at 2:30pm. Later in the day, Manchester City take on Brighton at 5pm.
Other English Premier League fixtures on Saturday:
Coventry City vs. Sunderland — 5pm;
Brentford vs. Nottingham Forest — 5pm;
Hull City vs. Ipswich Town — 5pm;
Bournemouth vs. Leeds United — 5pm;
Tottenham Hotspur vs. Crystal Palace — 7:30pm;
Aston Villa vs. Fulham — 10pm.
In La Liga, Barcelona take on Alavés in Matchweek 11 at 10pm. Other La Liga fixtures on our radar:
Levante vs. Atlético Madrid — 3pm;
Rayo Vallecano vs. Celta Vigo — 5:15pm;
Real Betis vs. Málaga — 7:30pm.
In the major European leagues:
Bayer Leverkusen vs. Stuttgart — 4:30pm, Bundesliga;
Bayern Munich vs. Borussia Dortmund — 7:30pm, Bundesliga;
Lyon vs. Angers — 9:45pm, Ligue 1;
Troyes vs. Le Mans — 9:45pm, Ligue 1;
Milan vs. Inter Milan — 9:45pm, Serie A.
NOTE- All European fixtures will be broadcast on beIN Sports channels. Check out the full schedule here.
ICYMI-
Zamalek are second in the Egyptian Premier League after a2-1 Wover Al Mokawloon Al Arab last night. Mohamed Hamdy scored within a minute of coming on at halftime, but Mokawloon leveled when Mohamed Abdel Nasser’s shot deflected off Omar Gaber. Chico Banza then struck the decisive goal in the 88th minute. The White Knights sit on 19 points, two adrift of leaders Pyramids, having played a game more than both Pyramids and Al Ahly.
In the Carabao Cup, Liverpool and Manchester City both needed penalties. Liverpool drew 1-1 with Chelsea at Anfield: Morgan Rogers put Chelsea ahead from the spot in the 40th minute, and Cody Gakpo answered with a penalty three minutes later. Liverpool secured the shootout 6-5 after Wesley Fofana missed the decisive kick. City twice came back to draw 2-2 with Brighton and secured the shootout 4-3. Liverpool now face Bournemouth in the quarterfinals, and City face Bradford City.
In Germany, holders Bayern Munich beat second-tier Magdeburg6-1in the DFB-Pokal second round. Michael Olise scored twice, in the 10th minute and from the spot in the 50th, and set up Ismael Saibari’s goal. Alphonso Davies and Nathaniel Brown added two more, and a stoppage-time strike completed the rout. Harry Kane stayed on the bench. Olise now has 12 goals in all competitions this season, more than any other Bundesliga player.
Netflix releasedThe One About Matthew Perryon Tuesday, timed to the third anniversary of the actor’s death. Perry played Chandler Bing in all 236 episodes of Friends, and the title adopts the sitcom’s signature “The One With…” titling format. Netflix bills the three-part series as the first in-depth documentary about him, and it leans on the people around him rather than the cast he spent a decade alongside.
What to expect: The series follows Perry from a rising comedic actor to a household name, offering a look at the real Matthew Perry and the battles he fought along the way, including the addiction he wrote about in his 2022 memoir, Friends, Lovers, and the Big Terrible Thing. Archival interviews with Perry and previously unreleased family photos and videos fill in the story. The three episodes run for about three hours in total.
Who’s talking: The interviews come from Perry’s sister, Mia Perry Bowick, who is reportedly speaking publicly about him for the first time. Friends including David Pressman and Roger Castillo, actors Billy Gallo and Kevin Pollak, former NBC executive Warren Littlefield, and Friends writer Jeff Strauss also appear. Jennifer Aniston, Courteney Cox, Lisa Kudrow, Matt LeBlanc, and David Schwimmer did not take part in new interviews and show up only in archival footage. So, how’s the internet been reacting? Critics have been warm. The series debuted at 100% on Rotten Tomatoes.
What we thought: The One About Matthew Perry is a moving tribute that avoids over-dramatization, a pitfall that trips up many documentaries, especially ones with a runtime this long. It feels honest. The interviews don’t try to spin a particular story, and friends and family are left to speak plainly. The production is polished, and the archival footage of Perry, narrated in his own voice, hits hardest.
The verdict: Well shot, respectfully told, and plainly honest, this is one of the better tribute documentaries we’ve seen. If you grew up watching Friends or find yourself rewatching the sitcom this fall, it’s worth your time to take a look at the man behind Chandler Bing. Keep the tissues handy.
The EGX30 rose 0.6% at today’s close on turnover of EGP 7.5 bn (32.8% below the 90-day average). Local investors were the sole net sellers. The index is up 18.6% YTD.
In the green: Beltone Holding (+5.8%), AMOC (+4.9%), and Orascom Development (+3.7%).
In the red: Abu Qir Fertilizers (-3.5%), Mopco (-2.5%), and Telecom Egypt (-1.7%).
The Future Hospitality Summit (FHS) is coming to Egypt for the first time, taking place at Sofitel Downtown Cairo on Tuesday, 10 November and Wednesday, 11 November. Set against Egypt’s ongoing hotel boom, the two-day summit brings all the hospitality conversations in one room — from market trends and investment to tourism and branded residences — under the theme “Where Heritage Inspires Investment.”
Attendees will include international hotel groups, developers, investors, government leaders, and industry specialists, with dedicated forums such as the FHS DealRoom and FHS Living, alongside a networking program of over 300 hospitality professionals. For more information and event passes, visit the FHS website.
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