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WHAT WE’RE TRACKING TONIGHT

Bonyan makes long-awaited debut on the EGX

Good afternoon, friends, and happy almost-weekend. The news cycle seems to be cooling down as we approach the long weekend, and we’re hoping you’re doing the same.

THE BIG STORY TODAY-

Bonyan made its long-awaited debut on the EGX today under the ticker BONY.CA, opening at EGP 4.96 and trading within a tight range despite broader price movement bands. Shares hit an intraday high of EGP 5.15 and a low of EGP 4.97 before closing the session up 0.2% at EGP 4.97 a pop. Total trading volume came in at 64.6 mn shares (that’s 18% of the 363 mn shares debuted) executed across 10.3k trades.

The real estate investment firm’s relatively uneventful debut came despite the stock being granted a wider trading band, permitted to rise or fall by up to 40% on its first day, double the usual market limit, with no circuit breakers in place to curb volatility. Starting tomorrow, Bonyan shares will be subject to the same trading rules as the rest of the market.

ICYMI- Bonyan priced its IPO at the lower end of its range (EGP 4.96) suggesting plenty of upside for buyers given the independent financial advisor said a fair value looks more like EGP 7.52. The EGP 1.8 bn IPO had generated strong demand from both institutional and retail investors. The listing was accompanied by a solid 1Q earnings release, with rental and service charge revenues up 51% y-o-y to EGP 158.9 mn and gross asset value rising to EGP 16.6 bn, up from EGP 15.96 bn at the end of 2024.


Mark your calendar for the 2025 EnterpriseAM Egypt Forum, our flagship forum and part of our must-attend series of invitation-only, C-suite-level gatherings. Tap to register your interest to attend. Want to partner with us? Reach out to Moustafa Taalab at mtaalab@enterprisemea.com to explore sponsorship opportunities.


THE BIG STORY ABROAD-

It’s a rather slow international news day, with no major story dominating the day's agenda. Among the stories getting top billing:

The Trump administration is looking into alternative partners to build the new US missile defense system project dubbed the Golden Dome. This marks a shift from reliance on Elon Musk’s SpaceX to lead the project, after tensions between the US president and Musk rose in recent months, Reuters reports in an exclusive quickly gaining traction, citing sources familiar with the matter. Prospective partners could include Amazon’s Project Kuiper and other big defense contractors, the newswire said.

REMEMBER- Earlier in June, the White House had weighed a proposal for SpaceX to collaborate with software company Palantir and drone manufacturer Anduril to build key components of the Golden Dome — which aims to track and prevent possible missile attacks on the US.

☀️ TOMORROW’S WEATHER- Temperatures remain on the rise in Cairo, with the mercury set to peak at 40°C, before cooling down to 24°C. The North Coast is in for relatively cooler weather, with a high of 30°C and a low of 26°C, according to our favorite weather app.

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FOR YOUR COMMUTE

What your country of residence has to do with how fast you age

?Too young for wrinkles? Governments and societies’ impact on individuals can be so severe that it leads to premature aging, according to a new study published in Nature, which included over 162k participants from 40 different countries. Although natural factors contribute to the increased rates of premature aging, such as high blood pressure and heart disease, other accelerators come from one’s surrounding environment.

The methodology: Following three years spent studying prior research to identify factors that either accelerated or slowed down the aging process, researchers fed their data into a machine learning model. The model was tasked to predict each individual’s chronological age, then compare that to their actual age, and calculate the difference between both numbers. For example, if a participant was 30 years old and the machine pegged them for 40, then that person would be considered to be experiencing accelerated aging.

The results are in: Participating African countries recorded the fastest aging rates, Asian and Latin American countries showed moderate rates, whereas European countries had the slowest aging rates.

As it turns out, social inequality is no bueno for your health. Factors such as social inequality, absence of democracy, and high rates of air pollution are linked to accelerated aging. Voting restrictions and an atmosphere of uncertainty have also been found to increase feelings of despair and frustration, which accelerates the aging process, according to the study’s lead researcher and director of the Latin America Institute for Brain Health, Agustín Ibáñez. Economic factors, such as declining national income rates and gender pay gaps, also come into play.

All roads lead to anxiety. Although the link between physical manifestations of aging and an individual’s socio-political status remains somewhat muddled, especially when considering a host of other variables such as smoking, genetics, and the like, high levels of stress and pressure — often caused by economic and social reasons — remain profoundly impactful on the body and mind, Ibáñez added.

Is there a fix? The study concluded that education — in its various forms — is one of the effective means in combatting accelerated aging. Other factors, such as the ability to perform routine tasks daily and engage in physical activities, also help protect against premature aging by maintaining cognitive abilities.

On the bright side, the machine learning model used in the study at times estimated that some participants were biologically younger than their actual age. Here, Ibáñez emphasizes the necessity of studying the common factors among these individuals to compile a list of best practices that may help avoid premature aging.

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EAT THIS TONIGHT

Mexican and more at New Cairo’s Guaco

Care for a sprinkle of Mexican spice? Blending familiar Mexican flavors with a more casual, fusion-style approach, New Cairo’s Guaco is playing by its own rules. Guaco may not be the most authentic spot in town, but what it lacks in tradition, it makes up for in bold flavors and generous portions. Guaco’s menu covers all the bases, making it an ideal spot for big groups with different appetites.

You can’t go wrong with the chicken burrito. It’s loaded with grilled chicken, rice, and all the usual goodies. The grilled chicken itself is tender and flavorful, and the overall bite hits all the right notes — and is quite filling. The beef tacos unfortunately paled in comparison. The ground beef was a tad underseasoned, and while the toppings helped bring it together, it didn’t stick the landing quite like its chicken counterpart. Yet, it’s still a good option if you're craving some mild tacos.

Versatility is Guaco’s strength. If you're with someone who isn't into Mexican food, the menu has plenty of other options to fall back on, including burgers, pizzas, pastas, and main courses. It’s the kind of place where you don’t have to think hard about what you’re ordering. That said, the salad section is limited — so if you're after something green and fresh, your options are slim.

Don’t forget the drinks. There’s something for everyone — coffee, shakes, and cocktails. The peach iced tea is a great option and has just the right amount of sweetness. We’d also recommend giving the pink loaded cocktail — strawberry, watermelon, and mint — a try if you’re craving something fresh and refreshing.

WHERE TO ORDER- You can order from Talabat or Instashop. You can also find Guaco at New Cairo’s Trivium Square Mall.

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Sports

England and Italy face off in the Women’s Euro semi-finals

Only one match is on our radar today in the UEFA Women’s Euro: England vs. Italy in the tournament’s semi-finals, which kicks off at 10pm.

England had sent Sweden packing in the quarterfinals on penalties after a 2-2 draw in regular time, whereas Italy qualified after defeating Norway 2-1.

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OUT AND ABOUT

South Korean DJ Peggy Gou makes a long-awaited return

MARK YOUR CALENDAR-

? DJ and producer Peggy Gou hits the Sahel sands once again. The South Korean DJ brings her signature blend of house, techno and Korean fusions to the North Coast for an unforgettable night under the stars at D-Bay on Thursday, 7 August. You can grab your tickets through Ticket Egypt.

HAPPENING THIS WEEK-

Komedy Koshk is back again at CJC 610 tonight. Need a laugh (or 610)? Komedy Koshk ’s Ali Khalifa, Mohamed Farghaly, Amr Abbasy, and more comedic mavens will be bringing the punchlines — and we’d suggest keeping an open mind. Tickets can be purchased through Ticketsmarché.

In the mood for a Middle Eastern serenade? Musician Saad El Oud will be performing all sorts of Arabic and Egyptian oud tunes at Theatro Arkan on Friday, 25 July. You can get your tickets from Ticketsmarché.

Number One is heading up north. Mark your calendars for Friday, 25 July, because Egyptian singer and rapper Mohamed Ramadan will be bringing the beat to the North Coast’s Porto Golf Marina. Ready to join the “Mafia”? You can grab your tickets from Ticketsmarché.

HAPPENING LATER-

Pop-star Nancy Ajram and shaa’bi legend Hakim will light up the stage at Layali Marassi on Saturday, 26 July. The two megastars will be at the Address Beach Resort for a night of nostalgic hits and performances bringing together generations of music lovers by the beach. You can grab your tickets from Ticketsmarché.

Feel like rocking out? Egyptian rock band Massar Egbari will be taking the stage at Nile University’s El Sawy Culturewheel Theater in Sheikh Zayed on Thursday, 31 July. You can grab your tickets from El Sawy Culturewheel’s website.

Up for a treasure hunt? On Friday, 1 August and Saturday, 2 August, Maadi’s Darb 15 will be hosting a garage sale brimming with fashion pieces looking for a new home. The sale will run from 12pm to 10pm on both days, and we’d suggest getting there fast if you plan on digging for gold.

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Founder of the Week

Meet our founder of the week: ReQaf’s Aly Khattab

OUR FOUNDER OF THE WEEK- Every Tuesday, Founder of the Week looks at how a successful member of Egypt’s startup community got their big break, asks about their experiences running a business, and gets their advice for budding entrepreneurs. Speaking to us this week is Aly Khattab (LinkedIn), founder of Egyptian specialty coffee brand ReQaf.

My name is Aly Khattab, founder of ReQaf, a specialty coffee brand designed to make high quality coffee available in Egypt — and eventually abroad. We offer specialty drip coffee bags sourced from trusted Specialty Coffee Association suppliers, and our goal is to create a curated, accessible coffee experience. Everyone wants their coffee fix, but still, they want good coffee, not just instant — we’re bridging the gap.

I graduated from the British University in Egypt in 2016 with a Bachelor’s degree in political science. My academic path wasn’t directly related to business, yet political science gave me a very solid foundation in terms of analytical thinking, my understanding of macroeconomic dynamics, and it proved useful as I transitioned into the private sector and entrepreneurship. It’s quite the leap going from political science to kickstarting a coffee company.

I started my career working for my father, who had a manufacturing company for home appliances. Because of that job, I travelled to Kenya for the first time. It was there that I was introduced to filter coffee, and that’s where it all started. Next, I moved into the energy sector and started working at Elsewedy Electric. That taught me a lot about corporate life. I then moved to management consulting at Simon-Kucher & Partners, and that was a big leap for me. I fell in love with consumer behavior, analytics, and strategies. That’s where I excel with ReQaf. Then I moved to banking for three years, and that killed me. My wife told me that it was as if my brain had started dying.

It was then, with her support, that I realized I needed to start my own business. I had full support from everyone, especially my wife and parents, and so I started ReQaf. I remember that day I came home after resigning from my job, thinking I’d lost stability, security, and made a mistake — but that same night, we came up with the name for ReQaf. The initial idea was a coffee shop, but we started veering towards convenient coffee.

We launched ReQaf out of a deep passion for coffee, and a desire to fill a gap in the Egyptian market. Specialty coffee was limited to cafés, you had to go to one to enjoy a decent cup of coffee, but we wanted to offer an on-the-shelf alternative that people could enjoy at home without compromising on origin, flavor, or freshness.

I spent time observing consumer behavior and gaps in product availability. I got myself into the specialty coffee community, and I leaned on my consulting experience to build a clear strategy. We did a lot of testing and sent out samples to family, friends, and an extended network. We gathered feedback and started crunching the data. A year later, we came up with the right strategy — it was all in the data.

ReQaf isn’t just a coffee brand, it’s a curated experience — that’s what sets us apart. ReQaf is more of a lifestyle product — for a busy parent or a school teacher or a doctor. We don’t sell just a product, we cater to lifestyles. We’re also the exclusive distributor for Standart — the number one coffee magazine in the world — and an example for what I mean when I say we cater to a lifestyle.

Success came in waves, and I knew we were successful when we started getting repeat customers. We also felt successful when we began expanding into new channels and partnerships. But for me, success is really a moving target. I would say we are successful, but there is more to be achieved.

In five years, I see ReQaf becoming a regional name in the specialty coffee scene, known for its innovation. We won’t be stopping at drip coffee bags, growth will be driven by expanding distribution, strengthening our partnerships, and building educational content around coffee.

To manoeuvre the recent economic challenges, we had to be extremely agile. We adapted our prices, adjusted our packaging, and negotiated better terms with suppliers. We’re also focusing on optimizing our supply chain and working capital. The biggest lesson has been to build a business that is resilient by design, not by reaction. We’re always trying to be proactive. If the worst happens, we’re prepared. With coffee prices fluctuating in the past year, we had to reprice several times. If costs increase 20%, you can’t increase your price by 20% — you’d kill your competitiveness. It’s quite challenging, but it’s interesting.

Three things I would change about the industry are transparency, consumer education, and sustainability. We are more open about sourcing, roasting, and pricing — something I learned from coffee roasters in Germany. Creating more accessible knowledge around coffee is also something that we try to do. In terms of sustainability, better practices around packaging and logistics is something that we want to see.

When someone messages us saying ReQaf changed how they experience coffee, that’s proof we’re making a real personal impact, which is very rewarding. The hardest part of running the business is wearing many hats. Sometimes I wear the driver's hat, I go and deliver orders myself to the warehouse. Sometimes I take care of production and I spend days and nights on the machine producing. Luckily, we have a very lean and agile team.

Balancing home and business is a constant effort, but I've learned to set clear boundaries and prioritize tasks. I try to reserve pockets of time for rest and reflection. Sometimes it works, sometimes it doesn’t. I have my routine. As soon as I wake up, we have some quality time, my wife and I, then we have a cup of coffee. I start reading a bit, and work out. Anything that follows throughout the day is like, whatever, I’ve done my part for myself.

The last book I read was Illusions of Triumph by Mohamed Hassanein Heikal. It's a political science book that delves into the first Gulf War and its prelude, focusing on the political origins and motivations. It also examines how the US and British gained a foothold in the Gulf due to the war and its ties to oil.

If I weren't the brain behind my business, I'd likely be into strategy or venture building. I really love building things from scratch and scaling ideas. My ideal life would be living by the beach, eating fish, and kite surfing. That's definitely my hobby, and luckily, my wife and I met kite surfing, so we both share the same passion.

If I could give advice to my younger self, I’d say start smaller, validate quicker, and don't be afraid to pivot. Go all-in, document everything, and over-communicate with your team. Communication is truly key; it's something I didn't learn when I was young, but I've since made an effort to master it.

Advice for budding entrepreneurs? Know your "why" and be ready to fight for it every day. Don't give up at the first challenge. Build a business that solves a real problem, because if you do, and if you believe in it and treat it like your baby, you will truly thrive.

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GO WITH THE FLOW

What the markets are doing on 22 July 2025

The EGX30 fell 1.0% at today’s close on turnover of EGP 4.1 bn (18.4% above the 90-day average). Local investors were the sole net sellers. The index is up 13.7% YTD.

In the green: Edita (+2.7%), Orascom Construction (+0.5%), and Qalaa Holdings (+0.3%).

In the red: Madinet Masr (-2.7%), GB Corp (-2.5%), and Juhayna (-2.4%).


? JULY

22 July (Tuesday): Komedy Koshk at CJC 610.

23 July (Wednesday): Revolution Day.

24 July (Thursday): Official holiday for Revolution Day.

25 July (Friday): Saad El Oud at Theatro Arkan.

25 July (Friday): Mohamed Ramadan at Porto Golf Marina.

26 July (Saturday): Open water festival at Ghazala Bay.

26 July (Saturday): Nancy Ajram and Hakim at The Address Beach Resort.

31 July (Thursday): Massar Egbari at El Sawy Culturewheel Theatre, Nile University.

AUGUST

1 August (Friday): The Martinez Brothers at Sol Beach.

1 August (Friday): Amr Diab at U Arenas.

1-2 August (Friday - Saturday): Garage sale at Darb 15.

2 August (Saturday): Ragheb Alama at The Address Beach Resort.

6-30 August (Wednesday - Saturday): Egypt Sculpture Symposium at New Alamein.

7 August (Thursday): Peggy Gou at D-Bay.

8 August (Friday): Hussein Al Jassmi, Disco Misr, and Ahmed Saad at Seashore.

8 August (Friday): &ME at Sol Beach.

8 August (Friday): All Day I Dream at ESCĀ Beach Club.

15 August (Friday): Marwan Pablo and Lege-cy at U Arena.

SEPTEMBER

4 September (Thursday): Al Mawlid Al Nabawi.

OCTOBER

6 October (Monday): Armed forces day.

7 October (Tuesday): Enterprise Egypt Forum 2025.

15 October (Wednesday): Scorpions concert at New Capital.

16-24 October (Thursday-Friday): Gouna Film Festival.

30 October - 22 November (Thursday-Saturday): Forever is Now at the Great Pyramids of Giza.

DECEMBER

19 December (Friday): DJ Tiësto at the Giza Plateau.

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