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The cost of fast fashion

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WHAT WE’RE TRACKING TONIGHT

Gov’t moves to list five state-owned firms on the EGX

Good afternoon, friends, and congratulations on making it to the weekend. It’s been quite the packed week in the press, and we’re grateful that we can turn off our alarms. In today’s issue, we take a look at the hidden cost of fast fashion and whether sustainable style can come to the rescue, alongside a movie with a ludicrous premise you may or may not relate to — in theory — and more.

Without further ado, the news…

THE BIG STORY TODAY-

📍 The government submitted listing documentation for five state-owned firms to the EGX, which are currently undergoing a review by the Financial Regulatory Authority, a government official tells EnterpriseAM.

The companies include El Nahda Industries, of which a relatively large stake is expected to be offered, potentially between 30-40%, according to our source. The planned offerings also include the Egyptian Ferroalloys Company, with an expected stake of up to 20%, alongside El Nasr Glass, El Nasr Mining, and Alexandria Co. for Refractories.

What’s next? The government is targeting proceeds of up to USD 1.5 bn to support Egypt’s economic reform indicators. Twenty state-owned firms are expected to secure approval for listing on the EGX by the end of April.

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

THE BIG STORY ABROAD-

🌐 Once again, the US-Israel-Iran war is dominating the digital front pages of every major media outlet out there. The latest seems to be a series of analyses of US President Donald Trump’s latest televised speech, in which he reiterated his timeline of intensifying strikes on Iran for the next two to three weeks.

Thereax? Anxieties are anything but assuaged. Trump’s speech sent oil back on the up: Brent is trading at USD 109.6 / bbl, up 8.4%, while WTI is at USD 109.3 / bbl, up 9.1%, at the time of publication. In response to the US president’s threat to go “extremely hard” on Iran, Tehran threatened both the US and Israel with “crushing” attacks.

^^ Read more on Reuters, Financial Times, The Guardian, BBC, and CNN.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Fertilizer manufacturers likely won’t be the only ones seeing gas prices rise in tandem with their export values. The government is mulling a flexible, phased pricing structure for natural gas across several sectors;
  • Egypt’s fiscal performance showed a modest improvement during the first eight months of the current fiscal year, with the budget deficit narrowing to 4.6% of GDP — a 0.2 percentage point decrease from the same period last year;
  • Anti-dumping duties on imported billet and steel sheets are here to stay, with the Investment Ministry giving the thumbs-up to extend its previous September decision to run for a total of three years.

🌤️ TOMORROW’S WEATHER- We’re in for relatively stable weather in the capital tomorrow (with some sunshine, hopefully). Temperatures will reach a high of 26°C, with a low of 15°C, according to our favorite weather app.

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FASHION

The cost of fast fashion

👗 From “bala” to vintage: Shoppers are moving from the mall to the market as both economic pressure and environmental awareness transform secondhand clothing from a lifestyle choice to a retail sector. Both locally and globally, consumers are redefining value — shifting the focus from seasonal trends to origin, sustainability, and ecological footprint.

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In the Egyptian collective memory, secondhand clothing — traditionally known as bala — was long tethered to financial hardship. Thanks to TikTok and Instagram, that stigma has been dismantled as the “used” label has been polished into “vintage” or “pre-loved.”

Through meticulous marketing campaigns and high-end shoots, pieces have transitioned from a social taboo to a mark of sophistication. Traditional hubs like Wekalet El Balah are now teeming with shoppers looking to escape mall-brand monotony, but in Egypt, sustainability isn’t just a lifestyle choice; it’s a financial lifeline. As the price of ready-to-wear clothing continues to skyrocket, secondhand shopping has become a savvy alternative, offering high-quality garments from previous decades at 50-70% less than their modern counterparts.

A new movement

This momentum has birthed a new generation of local innovators. Brands like Almah and Kendaka have successfully turned waste into luxury through online-first business models. Meanwhile, hubs such as Mn Qomash have gone beyond retail, offering workshops that empower consumers to repair and upcycle their own wardrobes rather than tossing them away.

“The idea behind the project came through my experience in civil work,” Basma Tawakol, founder of Mn Qomash, tells EnterpriseAM. Tawakkol had a problem: She was accumulating tons of donated clothes that were unfit for use. The fix? Transform wasted materials into products of economic and aesthetic value. “We began collaborating with designers to redesign those pieces and turn them into upcycled fashion, which [was] met with great demand from consumers at bazaars and on digital platforms, prompting us to expand the initiative by offering intensive grants to train a new generation of designers in the arts of sustainability,” she adds.

However, this success is now facing its own test: inflation. As demand grows, some online boutiques are raising prices to levels that rival new clothing, threatening to turn a grassroots movement into an elite luxury. This mirrors a global trend where major brands, like Denmark’s Ganni, are beginning to incorporate recycled fibers — such as their 2024 Circulose agreement — into their supply chains.

While these corporate moves look green on the surface, they highlight a growing conflict: Is this genuine environmental change, or is it a commercial containment strategy designed to turn eco-consciousness into just another marketing tool to justify higher prices?

Sales boom vs. resource depletion

Here at home, the wearing apparel production index surged by 33.4% y-o-y in March 2025, driven by increased demand and manufacturing and retail readiness, particularly during holiday seasons, such as Eid. While this consumer appetite revitalizes local trade, it simultaneously doubles the environmental challenges associated with disposing of stagnant inventory or returns, reinforcing the need to adopt sustainable shopping practices.

Yet beyond this consumer vogue lies quite the environmental toll. Globally, the industry consumes some 141 bcm of water on an annual basis, contributing to 10% of global carbon emissions — that’s more than the aviation and shipping sectors combined, according to the 2025 Uniform Market report.

What happens after pieces are purchased is even worse. Global consumption generates about 92 mn tons of textile waste annually — the equivalent of a full truckload of clothes destroyed every second. Less than 1% of these clothes are recycled to produce new pieces, turning the current consumption cycle into a one-way path toward excessive environmental and material waste, according to the report.

The invisible waste

The returns crisis, as it has come to be known, has become an operational headache for the global retail sector. Thanks to easy and at-no-charge policies adopted by vendors to attract consumers, a 2025 report by the US National Retail Federation estimated the total value of returned goods — in the US alone — at USD 850 bn.

The sheer volume of returns ends up sending mns of new items to landfills and incinerators — the alternative being spending money to restock them, which would threaten margins with unnecessary operational costs, seeing as the cost of inspecting returns exceeds its original value, according to Uniform Market.

If we’re not careful, however, we might just find ourselves back in square one. While the move towards second-hand clothing was fueled by both affordability and sustainability, that market too has begun seeing markups. Across the capital’s affluent neighborhoods, several youth-led businesses have started laying claim to the most “valuable” finds, once more limiting access to actual affordable pieces, begging the question: Will “vintage” clothing become the next luxury the average person can’t afford?

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ON THE TUBE TONIGHT

How far would you go for a job?

📺 Work really is killer, man. South Korean filmmaker Park Chan-wook’s No Other Choice is a biting satire on capitalism and the ruthlessness of the modern job market. Adapted from Donald Westlake’s novel The Ax, this dark-comedy thriller offers a hilarious — yet frighteningly real — dissection of the state of the workforce.

The plot: After 25 years of loyal service, Man-soo (played by Squid Game star Lee Byung-hun) is abruptly fired under the guise of “cost-cutting and restructuring.” Trapped by mounting debt and the looming threat of losing his home, he watches as his family’s lifestyle crumbles. A string of soul-crushing rejections later, Man-soo makes a radical and violent decision to survive…

Our thoughts: As lifelong devotees of Park’s filmography — specifically his magnum opus, Oldboy — our expectations for this were sky-high, and most were met. While the pacing at times feels a bit sluggish, the film transcends the boundaries of a standard crime thriller to pose a profound question: How much of our identity is inextricably tied to our job title? Man-soo isn’t just battling a rigged economic system — he is forced into a confrontation with his self-worth.

An all-around solid watch: Park utilizes his signature visual flair and humor. No Other Choice illustrates how the global order strips away individuality until we are nothing more than cogs in a machine — and once we fall out of the gears, we are left to plummet into the abyss. If you’re looking to watch something entirely different — or if you’re looking to take down capitalism, can’t, and could use some catharsis — this will be a satisfying pick for you.

WHERE TO WATCH- No Other Choice is streaming on OSN+. Watch the trailer on YouTube (watch, runtime: 1:49).

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Sports

All the footie we’re watching this weekend

With the international break now over, we’re back to our regular programming this weekend. While today’s schedule is light on major clashes, here are the top fixtures for Friday and Saturday:

Tomorrow’s fixtures

At home, Enppi faces Pyramids in the Egypt Cup semi-finals to secure their spot. The match kicks off at 5pm and will be broadcast on ON Sport.

In France, PSG takes on Toulouse at 8:45pm in a Ligue 1 matchday 28 fixture, broadcasting on beIN Sports 1.

Saturday’s fixtures

All eyes turn to the FA Cup quarter-finals this Saturday, featuring three high-stakes matchups:

  • Manchester City vs. Liverpool — 1:45pm, beIN Sports 1;
  • Arsenal vs. Southampton — 4pm, beIN Sports 2;
  • Chelsea vs. Port Vale — 4:30pm, beIN Sports 5.

Over in La Liga, another high-stakes clash awaits as Atlético Madrid hosts league leaders Barcelona at 9pm on beIN Sports 1. Meanwhile, second-placed Real Madrid faces Mallorca at 4:15pm on beIN Sports 2.

Other major European league fixtures on our radar:

  • Real Sociedad vs. Levante — La Liga, 2pm;
  • Freiburg vs. Bayern Munich — Bundesliga, 3:30pm;
  • Inter Milan vs. Roma — Serie A, 4pm;
  • Juventus vs. Genoa — Serie A, 4pm;
  • Strasbourg vs. Nice — Ligue 1, 5pm;
  • Stuttgart vs. Borussia Dortmund — Bundesliga, 6:30pm;
  • Lazio vs. Parma — Serie A, 8:45pm;
  • Lille vs. Lens — Ligue 1, 9pm.

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Mark Your Calendar

Tul8te touches down in Alexandria for the first time

🎤 The iconic Tul8te is making his Alexandria debut at Al Ittihad Alexandria Club on Friday, 17 April. The live show promises a lineup of the singer’s fan-favorite hits, alongside new music. The night starts at 6pm — grab your tickets on Ticketsmarché before they sell out.

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GO WITH THE FLOW

What the markets are doing on 2 April 2026

The EGX30 fell 0.7% at today’s close on turnover of EGP 6.6 bn (on par with the 90-day average). International investors were the sole net buyers. The index is up 10.9% YTD.

In the green: Qalaa Holdings (+3.4%), Orascom Construction (+2.5%), and Orascom Investment Holding (+2.2%).

In the red: Abu Qir Fertilizers (-2.1%), TMG Holding (-2.0%), and Raya Holding (-1.9%).


🗓️ APRIL

31 March (Tuesday) - 5 April (Sunday): Cuban artist Maria Maher’s exhibition at New Cairo’s Maison 69 at Garden 8.

2-4 April (Thursday-Saturday): AUC Tahrir CultureFest at AUC Tahrir Square.

3 April (Friday): Ehab Tawfik at CJC 610.

3 April (Friday): Salah El Daly at Theatro Arkan.

3 April (Friday): Dogs Day Out — Beyond the Message by Eastwind at Hyde Park.

3-4 April (Friday-Saturday): Egypt Career Summit at BUE.

3-6 April (Friday-Monday): Kony spring shopping experience at Arkan Plaza, Sheikh Zayed.

4 April (Saturday): Lege-Cy at AUC New Cairo Campus.

6-7 April (Monday-Tuesday): Omar Khairat at Cairo Opera House Main Hall.

7 April (Tuesday): Beyond Van Gogh: The Immersive Experience at District 5 by Marakez in New Cairo.

8 April (Wednesday): Black Theama at CJC 610.

11 April (Saturday): Cairo Flea Market at Ghurnata Community Space, Heliopolis.

12 April (Sunday): Backyard Festival: Tamer Hosny and French Montana at Azha Ain El Sokhna.

13 April (Monday): Sham El Nessim.

13 April (Monday): Sharmoofers at Soho Square, Sharm El Sheikh.

17 April (Friday): Amr Selim at Small Theatre, Cairo Opera House.

17 April (Friday): Tul8te at Al Ittihad Alexandria Club, Alexandria.

24 April (Friday): Daylight saving time begins.

24 April (Friday): Medhat Saleh at Ewart Memorial Hall, AUC Tahrir Square.

24 April (Friday): Marwan Pablo at Music Arena in Antoniads, Alexandria.

25 April (Saturday): Sinai Liberation Day.

27 April - 2 May (Monday-Saturday): Alexandria Short Film Festival.

MAY

1 May (Friday): Labor Day.

1-2 May (Friday-Saturday): Cotzl’s Step Into the Light bazaar at Al Horreya Garden, Zamalek.

7-9 May (Thursday-Saturday): Sandbox Festival in El Gouna.

26 May (Tuesday): Arafat’s Day.

26 May (Tuesday): Andrea Bocelli at the City of Arts and Culture in the New Administrative Capital.

27-29 May (Wednesday-Friday): Eid El Adha (TBC).

JUNE

16 June (Tuesday): Islamic New Year.

30 June (Tuesday): June 30th Revolution.

JULY

23 July (Thursday): July 23rd Revolution 1952.

24 July (Friday): Adriatique at the North Coast.

AUGUST

21 August (Friday): Black Coffee at Cubix North Coast.

25 August (Thursday): Prophet Muhammad’s Birthday.

OCTOBER

1-4 October (Thursday-Sunday): She Arts festival across Cairo and Alexandria.

6 October (Tuesday): Armed Forces Day.

24 October (Saturday): Blue 25th Anniversary Tour at New Capital.

NOVEMBER

28 November (Saturday): Shakira at the Pyramids of Giza.

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