So, why was October named Black October?

1

OPENING NOTE

‘Tis the weekend

Good afternoon, ladies and gentlemen, and congratulations on making it to the weekend. Today, we catch up on the latest from the tech world and look at why October has been named “Black October” and whether Om El Donia escaped it. Not quite, as it turns out.

Elsewhere this afternoon, we may be a little late to the party, but we tune into Apple TV’s Widow’s Bay and make the case for it as your weekend binge-watch. We also break down last night’s football results and list the domestic and European fixtures we’re watching this weekend. That and more.

Now, onto the news…

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THE HEADLINES

Five EGX-listed companies are buying back their own shares after the sell-off

Here are the stories driving the day, both at home and abroad. Five EGX-listed companies are running share buybacks this week, three of which approved their programs days after the sell-off that triggered the bourse’s first trading halt since 2021. Ibnsina Pharma’s board signed off on 25 October, Edita’s on 26 October, and Taaleem’s on 29 October, while Pioneers Properties for Urban Development (PRE Group) and Bonyan for Development and Trade already had programs running.

Buying picked up mid-week even as the market started to recover. Bonyan made its two largest purchases this week, buying 2.62 mn shares on Tuesday and another 2 mn shares on Wednesday, according to bourse filings (here and here). The EGX30 gained 2.83% on Wednesday to close at roughly 50.7k points, its second consecutive session of gains, with foreign institutions net buyers of EGP 338.7 mn. Edita, meanwhile, made its largest purchase on Monday, buying 1.68 mn shares (pdf).

^^We’ll have more on this story in Sunday’s edition of EnterpriseAM.

☀️ TOMORROW’S WEATHER- Looks like Cairo’s getting its first taste of winter this weekend, with Friday topping out at 25°C before a chance of afternoon rain cools things down to a 17°C low, according to our favorite weather app.

MAKING HEADLINES ABROAD-

This afternoon’s news cycle is still heavily dominated by the results of the US Midterm elections. Making headlines elsewhere, however, are multiple reports of bomb threats against several flights across Europe for the second time this week. At least 15 flights across Europe received bomb threats today, triggering diversions, emergency landings, and security inspections at airports in several countries. One Aer Lingus flight from Dublin to Rome was diverted to a French military base in Evreux, while a London-to-Sofia Ryanair flight landed in Plovdiv, Bulgaria.

Authorities have since cleared several aircraft, with inspections in Prague, Rome, Brussels, Bucharest, and Bulgaria finding no explosives or suspicious materials. The threats also prompted police deployments and emergency security measures, including preparations for four incoming flights at Prague Airport. The incidents mark a second wave of aviation disruption this week, following similar threats on Tuesday that affected at least seven flights and a cruise ship across Europe. None of those earlier threats led to the discovery of explosives, and authorities have yet to establish whether the incidents are connected or part of a coordinated campaign.

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PLUG IN

Black October: Behind the global wave of cyberattacks that shook Egypt’s highways

A wave of cyberattacks around the globe earned October a nickname that had nothing to do with Halloween. Cyber professionals are calling it “Black October.” Hackers used AI to find some of the worst flaws in several systems around the world. In Om El Donia? That meant sexually explicit content blasted on a billboard on a busy highway in Giza.

Billboards go rogue

A Giza billboard swapped ads for sexually explicit content. Drivers on the 26th of July Axis got an unscheduled show on Thursday, 29 October when a digital billboard dropped its ads for sexually explicit footage, and motorists stopped to film it. The Interior Ministry says hackers breached the website of an international company that the screen’s operator, Al Arabia United, uses to push content to its billboards. The footage ran in several other countries simultaneously, the ministry said. Al Arabia United is an Egyptian-Saudi joint venture running nearly 2k billboards in Egypt, about 240 of them digital.

It didn’t seem to take a genius to do it either. A group calling itself “Leakers” claimed the attack on Telegram. A random, two-hour automated scan turned up thousands of display systems open to anyone with a browser, and the group says anyone “with two brain cells” could have done it. Eight municipal screens in Malaysia’s Kluang and screens in Brazil aired the same footage, and the group also claimed hits in Iraq and China. The group says it simply wanted to expose the “weak security” of some of the world’s biggest cities.

Cold isles, hot takes

It wasn’t just billboards that were targeted; French supermarkets took the initial hit. On Monday, 12 October, hackers logged into the online controllers maintenance firms use to adjust store temperatures and switched on defrost cycles. Around 700 stores were hit, and Intermarché fridges sat at 50°C for six hours overnight. Some stores caught fire. Intermarché CEO Thierry Cotillard put the losses at “tens of [mns of EUR] nationwide in a single day.”

Old hardware was the weak link. France’s National Cybersecurity Agency traced the breaches to controllers from Danish supplier Danfoss and Copeland-owned Dixell, many of which no longer get security updates. Security firm Claroty had flagged Danfoss flaws on 9 August. European Commissioner for Agriculture and Food Christophe Hansen warned that “the weaponization of food has become a reality.”

Round two hits eight countries as a second wave started on Monday, 2 November and reached stores in eight European countries. All 23 ICA stores hit in Sweden had equipment connected outside the chain’s central network. England mostly dodged the freezer fallout; hackers went after small meat-processing firms with minimal impact, said National Cyber Security Center CEO Richard Horne. But Britain has definitely seen this play out before; back in July, a cyberattack suspected to be linked to Iran knocked a small power plant offline for four days. France, meanwhile, was hit weeks after President Emmanuel Macron asked lawmakers to draft a new plan against cyber threats.

So, how does this happen?

The biggest loophole was in PHP, the programming language that runs 70-75% of websites, and on 21 October, its developers patched two flaws known as PHP2Shell that had sat in the code for more than a decade. Some 1.5 mn of 2.6 mn hosts run PHP versions with no fix. Even the Dutch cyber agency pulled its own website offline, and India’s eMudhra is quitting the global SSL/TLS business after the keys behind eight of its certificates proved crackable almost instantly. One was “simply the number four.”

Attackers also used AI to their advantage. China-aligned group Storm-0940 used ARTEX, an agentic AI penetration-testing tool, to try signing into more than 2.25k Microsoft 365 customer environments after breaching ConnectWise, Microsoft says. The AI pushed the attack “to machine speed,” and in several cases the group went from first targeting to privileged access in under three hours. Once the PHP2Shell fix went public, AI tools could reverse-engineer the bug “with little effort,” setting off what TLPBlack co-founder Costin Raiu called a “race to exploit.” Belgium’s Center for Cybersecurity agrees that sophisticated actors can now use AI to exploit these weaknesses too.

AI helped find the security loopholes. Wiz found PHP2Shell using its Wiz Atlas tool alongside Google’s Gemini 4 Argon and OpenAI’s GPT-5.6 Sol. Proving the flaws were exploitable took steps “at the edge of what human researchers could practically achieve,” Wiz says.

Where do we go from here?

Step one is to unplug. “There was no business need for the fridge controllers to be accessible on the public internet,” cybersecurity analyst Ken Munro told CNN. Anthropic Deputy Chief Information Security Officer Jason Clinton urged security leaders to “go to your boards and ask for help right now […] not for AI, for the basics.”

Egypt’s billboard rules, however, are more concerned with content than cybersecurity. Law No. 208 of 2020 set up the National Authority for the Regulation of Roadside Advertising, which reports to the prime minister and sets standards on “public order and morality.” Neither the law nor recent official statements set cybersecurity standards for remotely operated ad networks or specify who audits the third-party software connected to public screens. For now, authorities have suspended ad displays along the road and opened an investigation.

Governance is catching up, though. The UK AI Security Institute says it will run cyber tests without internet access after an AI agent tried to sneak malicious code into an open-source project. Cybersecurity consultant Joseph Steinberg wants owners held criminally liable when their AI hacks: “The assertion that the AI is an autonomous being is insane.”

The lesson from Black October is an age-old one. Anything plugged into the internet can be reached by someone you didn’t invite; AI just means they can now get there faster and easier. Until patching speeds up and better cybersecurity measures are put in place, any screen, fridge, or server left on the open internet is fair game.

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4

CATCH UP QUICK

The headlines from this morning

Missed this morning’s edition of EnterpriseAM? Here are the top stories in a nutshell.

  • The government will stop charging the 5% development fee on handsets that zone-based manufacturers sell into the domestic market, trading part of its fee revenue for new investment in local assembly. The exemption covers factories operating in the economic and private investment zones, which were paying the fee on phones they released onto the local market, where zone output is cleared as an import;
  • The EGX30 closed October down 4.43% at 49.6k points, its second losing month in a row and the benchmark’s first back-to-back losses this year. March, June, and September also closed in the red. The index opened the month at 51.9k, climbed as high as 54.1k, and bottomed at 47.9k — an 11.4% peak-to-trough swing inside four weeks, by our math. The only index on the board to finish green was the EGX T-Bonds, up 0.88% to 2.7k;
  • 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, Central Bank of Egypt (CBE) Governor Hassan Abdalla said at Egypt Forum 2026 late last month. Abdalla thinks it’s doable within five years, but how fast Egypt gets there depends on how much the world needs to buy Egyptian goods and services, and how much investors trust the currency;
  • The country’s non-oil private sector stayed in contraction in October, with output and new orders falling at their fastest in four months. The S&P Global Egypt PMI held at 47.2, unchanged from September — a 10th month below the 50.0 no-change mark and below the survey’s long-run average of 48.2 — while employment returned to decline and business confidence slipped to a seven-month low.
5

Sports

Zamalek, Ahly, and Pyramids all play in the Egypt Cup Round of 32 this weekend

There’s plenty of footie to go around this weekend on both the domestic and European fronts.

Tonight’s fixtures: In the Egypt Cup Round of 32, National Bank of Egypt (Al Bank Al Ahly) and Port Fouad go head-to-head at 5pm on ON Sport in tonight’s sole local action. Earlier today, El Gouna took on Ittihad El Shorta in another Round of 32 fixture.

It’s a different story in Europe, with a full slate of action. The one to watch: Crystal Palace host Hoffenheim at Selhurst Park at 7:45pm on beIN Sports in the Europa League.

Other Europa League Matchday 4 fixtures kicking off tonight:

  • Lillestrøm vs. Viktoria Plzeň — 7:45pm;
  • Milan vs. Ferencváros — 7:45pm;
  • Sparta Praha vs. Bournemouth — 7:45pm;
  • Real Sociedad vs. Lyon — 7:45pm;
  • Celta vs. Union SG — 10pm;
  • Sunderland vs. Dinamo Zagreb — 10pm;
  • Bayer Leverkusen vs. Marseille — 10pm;
  • Benfica vs. Lech Poznań — 10pm.

There’s plenty to go around in the UEFA Conference League too, but the one to watch will be Mo Salah’s Trabzonspor vs. Freiburg in a Matchday 3 fixture kicking off at 7:45pm. Freiburg arrive after a 3-0 defeat at Monaco.

Tomorrow’s fixtures

Egypt Cup Round of 32 action continues tomorrow with three fixtures, headlined by Zamalek vs. Masr Lel Tameen at 8pm on ON Sport. Earlier, Smouha and Al Minya go head-to-head at 2:30pm, followed by El Sharqia ENPPI vs. Proxy at 5pm.

In the English Premier League, Everton and Coventry City battle it out in a Matchday 10 fixture at 10pm. At the same time, in La Liga, Sevilla and Alavés face off in Matchday 12.

Other major European league fixtures on our radar tomorrow:

  • Hamburg vs. Mönchengladbach — Bundesliga, 9:30pm;
  • Venezia vs. Udinese — Serie A, 9:45pm;
  • Toulouse vs. Strasbourg — Ligue 1, 9:45pm.

Saturday’s fixtures

At home, the marquee domestic fixture is Ceramica Cleopatra vs. Abu Qir Fertilizers in the Egypt Cup Round of 32, kicking off at 5pm on ON Sport. Later, at 8pm, Pyramids and El Dakhleya face off, alongside Al Ahly vs. El Sekka El Hadid.

In the English Premier League, Matchday 10 continues with Leeds United vs. Tottenham Hotspur at 2:30pm, followed by Arsenal vs. Hull City at 5pm. Arsenal currently lead the table by three points. At the same time, Fulham and Newcastle take the pitch. At 7:30pm, Nottingham Forest and Manchester City round out Saturday’s action, with City arriving after two straight league defeats.

In La Liga, Valencia take on Real Madrid at Mestalla at 10pm. Madrid sit three points behind leaders Barcelona and come off a late 3-2 W at AEK Athens in the Champions League. Other fixtures on our radar:

  • Málaga vs. Racing Santander — 3pm;
  • Espanyol vs. Deportivo La Coruña — 5:15pm;
  • Osasuna vs. Athletic Bilbao — 7:30pm.

Elsewhere in Europe on Saturday:

  • Torino vs. Lecce — Serie A, 4pm;
  • Mainz vs. Bayern Munich — Bundesliga, 4:30pm;
  • Borussia Dortmund vs. Elversberg — Bundesliga, 4:30pm;
  • Auxerre vs. Paris FC — Ligue 1, 8pm;
  • Roma vs. Sassuolo — Serie A, 9:45pm;
  • PSG vs. Troyes — Ligue 1, 10:05pm.

NOTE- All European league matches will be broadcast on beIN Sports channels. Check out the full schedule here.


MEANWHILE- Cristiano Ronaldo is done with Portugal. The 41-year-old announced his international retirement earlier today, ending a 23-year run that began in August 2003. It spanned six World Cups, a European title, and the men’s all-time international scoring record.

ICYMI-

Como’s 9-1 W at Lens equaled the biggest margin of victory in Champions League history. Tasos Douvikas scored three times, and Nico Paz and Lucas Da Cunha also scored, with seven different players on the scoresheet in Como’s first Champions League campaign. Lens were already 7-0 down when they got their one back.

Fenerbahçe ended Liverpool’s perfect start with a 3-2 victory in Istanbul. Liverpool led twice, through Trey Nyoni and Alexander Isak, but Mason Greenwood, Archie Brown, and Vedat Muriqi’s header turned it around. It was Fenerbahçe’s first Champions League victory since 2008.

AND- Real Madrid came from behind to secure 3-2 at AEK Athens, with Federico Valverde’s late goal keeping them perfect on 12 points. Erling Haaland’s late goal gave Manchester City a 3-2 W at Leipzig. Arsenal beat Slavia Praha 2-1 on goals from Noni Madueke and Viktor Gyökeres.

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ON THE TUBE TONIGHT

Widow’s Bay swept 14 Emmys for its horror-comedy on a cursed island, and it earns the hype

We’re a little late to the party, but the party is still on. Apple TV keeps stacking up strong dramas, and Widow’s Bay is no exception. In April, Apple Studios released the first season of Widow’s Bay, a 10-episode series created by Katie Dippold. A few months later, it swept 14 Emmy awards this year, proof that horror-comedy has real audience and critical pull.

The plot: On a remote fictional island in the middle of the ocean, Mayor Tom Loftis (Matthew Rhys) is desperate to boost tourism. His plan is to lure a New York Times journalist to write about the town, hoping the coverage draws visitors. But an evil spirit that haunts the island is threatening to return. Loftis dismisses the warnings of old Captain Wick (Stephen Root), who keeps telling him that the curse trapping the islanders and preventing them from leaving will come back stronger and that the island is not safe. Loftis stays stubborn until the island proves that some legends are true.

What we liked: Apple’s best products aren’t its phones; they’re its shows. The story is gripping, the acting is excellent, and the dark comedy, mixed with moments of real horror, makes for a thoroughly enjoyable watch. We finished the whole season in under a week despite a busy schedule. The mood is dark and claustrophobic, and the pacing is measured without ever dragging. We follow Loftis from disbelief to shock and denial, and finally to grudging acceptance of the darker side of reality.

What didn’t work: Many viewers and critics feel season one could have been told just as well in eight episodes instead of 10. Some of the flashback episodes, particularly the one that travels back to 1702, noticeably slow the story’s momentum. We didn’t feel that ourselves, but it may bother fans of faster pacing. The finale also left some viewers cold: it stops abruptly without clear answers. Apple has renewed the series for a second season, so answers are on the way.

Our verdict: If you’re a fan of From, you’ll likely love this. It pairs real horror with black comedy in a tense, isolated setting on an island that never stops scaring its own residents. It’s a strong watch for anyone who likes mystery and suspense. Don’t miss it.

WHERE TO WATCH- Tune in to Widow’s Bay on Apple TV. Watch the trailer on YouTube (watch, runtime: 1:07).

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GO WITH THE FLOW

What the markets are doing on 5 November

The EGX30 rose 1.0% at today’s close on turnover of EGP 10.2 bn (7.8% below the 90-day average). International investors were the sole net buyers. The index is up 22.3% YTD.

In the green: Palm Hills Developments (+5.7%), Heliopolis Housing (+5.0%), and Raya Holding (+2.8%).

In the red: Edita (-3.0%), Qalaa Holdings (-1.8%), and ADIB (-1.0%).

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Mark Your Calendar

Egypt Fashion Week returns to the Agricultural Museum

Cairo’s fashion crowd, consider your November plans sorted. Egypt Fashion Week is returning for its third edition on 13 and 14 November, taking over the Agricultural Museum for two days of runway shows, designer showcases, workshops, and industry talks. This year’s lineup brings guest designers from India, China, Jordan, Turkey, and Russia, alongside the Egyptian Beauty Hub and one-on-one investor pitches for emerging fashion businesses. The event kicks off at 10am on both days, and one ticket gets you access to the full two-day program. Passes are available on TicketsMarché.

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THE ENTERTAINMENT CALENDAR

NOVEMBER

1 November (Sunday): Eternal Sun: An Immersive Light Experience at the Grand Egyptian Museum.

7 October - 13 November (Wednesday-Friday): Khayal Mareed at Theatro Arkan.

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

5 November (Thursday): Nour Hajjar Stand up Comedy show at Teatro 90.

5-7 November (Thursday-Saturday): Cairo Jazz Festival at AUC Tahrir Square.

5-14 November (Thursday-Saturday): Mohamed Fawzi’s play at The Theater, Movenpick, 6th of October City.

5-28 November (Thursday-Saturday): Mina Nader The Egyptian Tour.

6 November (Friday): Meen Amin with Ahmed Amin at Al Anfoushy Theater, Alexandria.

6 November (Friday): Angham at the New Opera House in the City of Arts and Culture.

6 November (Friday): 20 Years of Ramy Sabry at El Arena.

7 November (Saturday): Collective Coffee Summit at East Walk Mall.

10-11 November (Tuesday-Wednesday): Future Hospitality Summit (FHS) at Sofitel Downtown Cairo.

11-20 November (Wednesday-Friday): Cairo International Film Festival at Cairo Opera House, Zamalek.

12 November (Thursday): Meen Amin with Ahmed Amin at Ewart Memorial Hall, AUC Tahrir Square.

12 November (Thursday): Mazaher at Teatro 90.

12-14 November (Thursday-Saturday): Max Amini at St. Regis, New Capital.

13 November (Friday): Hiba Tawaji with Oussama Rahbani at Fustat Festival.

13-14 November (Friday-Saturday): Egypt Fashion Week at the Agricultural Museum.

13-15 November (Friday-Sunday): Cairo Comix Festival at Mahmoud Mokhtar Cultural Center, Zamalek.

14 November (Saturday): Trauma comedy special by Momos at CJC 610.

14 November (Saturday): El Leila El Kebeera at Theatro Arkan.

19 November (Thursday): Medhat Saleh and Wael Jassar fundraising concert at Abdeen Palace.

19 November (Thursday): Meen Amin with Ahmed Amin at Theatro Arkan.

19-21 November (Thursday-Saturday): Private Label Egypt at Cairo International Convention Center.

20-28 November (Friday-Saturday): Cairo Design Week.

20 November (Friday): Saad El Oud at Ewart Memorial Hall, AUC Tahrir Square.

20-21 November (Friday-Saturday): Trevor Noah at UTH Festival at the GEM.

21 November (Saturday): Carerha Summit at O West Orascom Development.

21 November (Saturday): El Gouna Half Marathon.

27 November (Friday): Red Bull Symphonic: Tul8te and Nayer Nagui at Mohamed Ali Palace.

27 November (Friday): Tawfeek El Ha2ee2y at Teatro 90.

27 November (Friday): Tamer Ashour at Fustat Festival, Fustat Arena.

28 November (Saturday): Omar El Gamal Vol.70 at Al Manara Main Hall.

28 November (Saturday): Sammy Obeid The Wit Supremacy Tour at Teatro 90, New Cairo.

DECEMBER

3 December (Thursday): Amr Diab at Al Manara Arena.

4 December (Friday): Ghostly Kisses at Zed Park, Sheikh Zayed.

4-12 December (Friday-Saturday): El Gouna Photo Week at Marina Abu Tig 2, Main Festival Hub.

5 December (Saturday): Saint Levant at Zed Park, El Sheikh Zayed.

11 December (Friday): The Greatest Hits Symphonic at the Grand Egyptian Museum.

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

12 December (Saturday): Cairo Bites at The Grand Egyptian Museum.

15 December (Tuesday): Neo Gen Conference at The St. Regis Cairo.

16 December (Wednesday): Dr. Khaled Ghattass at Bibliotheca Alexandria.

2027

JANUARY

20 January - 2 February (Wednesday-Tuesday): The Cairo International Book Fair at the Egypt International Exhibitions Centre.

27-30 January (Wednesday-Saturday): Oliver The Musical S4 by Fabrica at Theatro Arkan.

APRIL

2 April (Friday): Shakira at The Great Pyramids of Giza.

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