Good afternoon, ladies and gents. The top stories this afternoon are Banque du Caire (BdC) and the greenback. BdC priced its IPO at EGP 5.30 a share, the top of the range it was guiding on, after institutions covered the private placement 6x over and the USD has set a new record reaching over EGP 56. More on both stories in Headlines below.
In today’s Made in Egypt series, we speak to Plume co-founder Ahmed El Hakim, who runs a homegrown, hotel-grade bedding company that earned him a spot on Shark Tank. We also reviewed basic tees from three local brands, and we’re ready to give our verdict.
Elsewhere today: We tune in to the MCU’s latest miniseries, none other than your friendly neighborhood synthezoid and faithful husband to the Scarlet Witch, Vision. We also cover last night’s footie and list the fixtures we’re watching tonight.
ICYMI- Our AM edition ran a recap of the most recentMaking It episode with Banque du Caire (BdC) CEO Hussein Abaza diving into why BdC chose a listing over a sale to a single buyer and why it’s listing now.
Onto the news…
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Here are the stories driving the day, both at home and abroad. The USD passed the EGP 56 mark in trading today, recording EGP 56.21 for buying and EGP 56.35 for selling, according to Central Bank of Egypt (CBE) data, extending the EGP’s downward trajectory over recent days. “Recent movements are a natural reflection of a flexible foreign exchange market,” economist Ayman Ghoneim tells EnterpriseAM, adding that the exchange rate is not expected to drop below the EGP 50 mark in the near future due to hot money outflows.
The USD’s recent momentum reflects the interplay of several factors, including seasonal demand for FX from companies and importers, portfolio investment shifts, global USD strength, and heightened uncertainty driven by regional geopolitical developments, Ghoneim tells us. “The flexible exchange rate policy adopted by the CBE is precisely what reduces the need to deploy international reserves as a buffer to absorb external shocks,” he adds.
“The CBE is expected to continue allowing the exchange rate to adjust to supply and demand, with a primary focus on maintaining USD liquidity and curbing inflation,” London-based economist Ali Metwally tells EnterpriseAM. Breaching the EGP 56 threshold doesn’t necessarily signal the start of an extended downward spiral for the EGP, as currency stability hinges on the volume of USD inflows relative to FX demand and the persistence of the geopolitical shock, he says. “Remittances from Egyptians abroad and foreign exchange reserves hovering at historic highs provide relative support to the FX market,” Metwally adds.
ON THE EGX FRONT- The EGX30 closed down 1.66% at 48.4k today, extending the selloff after opening at 49.2k and touching 47.9k intraday before clawing back part of it, according to market data. In USD terms, the drop was even steeper (-2.45%), with the gap explained by the EGP’s slide. The benchmark is still up 15.75% YTD in local currency.
Volatility is expected to persist across upcoming sessions, with the potential for a gradual technical rebound following the recent sharp sell-off, Metwally tells us, particularly among blue-chip stocks and companies with solid balance sheets and stable cashflows. “A sustained recovery through November and December will depend primarily on the de-escalation of regional tensions, exchange rate stabilization, and the return of market liquidity and investor confidence,” he adds.
Banque du Caire priced its IPO at EGP 5.30 a share, the top of the range it was guiding on, after institutional orders covered the private placement 6x over, the state-backed lender said in an EGX disclosure (pdf). Coverage rose to 19.8x excluding shares already allocated to anchor investors. The private book closed on Friday.
The 19.8x figure gives a better read of open-market demand, but it measures that demand against a smaller pool. Before the book closed, four foreign cornerstone funds had already locked in a large share of the institutional tranche (USD 256 mn), with the IFC and the EBRD separately agreeing to take up to 15.74% of the enlarged private placement.
^^ We’ll have more on this story in tomorrow’s edition of EnterpriseAM.
☀️ TOMORROW’S WEATHER- Consider this your cue to enjoy the outdoors while the weather is still playing nice, as temperatures reach a high of 30°C tomorrow before dipping to a cool 20°C overnight, according to our favorite weather app.
MAKING HEADLINES ABROAD-
Luiz Inácio Lula da Silva’s victory in Brazil’s presidential election is still dominating headlines this afternoon as his right-wing rival Senator Flávio Bolsonaro refuses to recognize the result and plans to challenge it. Also getting top billing is a pullback in oil prices as US-Iran tensions ease, while investors weigh the impact of further attacks on Saudi energy infrastructure. Brent fell 1.89% to USD 114.8/barrel, still trading near a six-month high, while WTI slid more than 2% to USD 101/barrel, as of the time of publication.
MEANWHILE- Senior officials from Makkah Pact members Saudi Arabia, Turkey, and Pakistan are set to meet with Iranian leaders in Tehran today in a bid to cool tensions and get peace talks back on track. Saudi Defense Minister Khalid bin Salman, Pakistan’s Army Chief Asim Munir, and Turkish intelligence chief Ibrahim Kalin will represent their respective countries.
Ahmed El Hakim (LinkedIn) runs a hotel-grade bedding company he started without owning a factory. He buys raw materials himself and contracts dyeing, spinning, and cutting facilities on a per-piece basis. His model strips out fixed costs and turns his cost structure into a speed advantage, so orders spread across multiple production lines can outfit hundreds of hotel rooms in days. Plume, the brand he founded to sell pillows, mattresses, and bedding, operates as an asset-light business in a category that usually requires owning industrial-scale manufacturing.
El Hakim graduated from Lancaster University in England with a degree in business and entrepreneurship. After graduating, he landed an apprenticeship at German company Hanse, which makes feather pillows and quilts for hotels, and spent a month at their factory in Hamburg. The plant manager asked him to come back for a full-year role — a plan cut short when Covid hit, hotels around the world shut, and El Hakim returned to Egypt.
Back in Cairo, he joined the family business — his father and uncle ran the Hanse hotel-supplies agency for Egypt. He proposed expanding the operation into the consumer market and identified the market gap: the available products were either poor quality or luxury-priced, with nothing in between at hotel-grade quality and consumer-accessible prices.
The first launch, under the name Design My Bed, was built around letting customers customize their bedding. “The model didn’t work at all,” El Hakim says. “The customer wants the product simply, without complexity.” When he entered the market after the failed launch, the on-the-ground reality differed from what the research had suggested.
A shift in product philosophy was what moved the business. El Hakim had been committed to offering the best possible product, but the market’s purchasing power didn’t match the product’s cost. “I focused instead on offering the best possible option for the customer within their budget,” he says. That change doubled the customer base and drove the company’s growth.
To get the brand in front of buyers, El Hakim partnered with Rania Fahmy’s Concept Store and collaborated with artists Hady Bara’i and Ahmed Farid on exclusive embroidered and printed pillow designs. The pieces went out at premium prices in limited quantities. They ran in the store for a period. Once the collection moved to Plume’s website, sales jumped — doing in days what would have taken three months. The art pieces drew customers to the site, and once there, they discovered the quality of the feather pillows and quilts, which pulled them away from imported alternatives.
After a bad experience with a media-buying agency he found to be dishonest, El Hakim decided to learn marketing himself. He took a job at Publicis, running Sephora’s Gulf account, and worked seven days a week to balance that role with running his factory. Today, he runs his own marketing team.
“Our core conviction is that we don’t sell pillows and mattresses — we sell solutions,” El Hakim says. The team studies each customer’s budget and needs, whether the customer is a large hotel or an Airbnb operator, and builds the right combination.
An appearance on Shark Tank (watch, runtime: 24:08) brought a flood of investment interest based on trust in the company and team rather than price competition. But there’s something else that means more to El Hakim. “I am happiest when I feel my father, a veteran businessman, has confidence in me. He handed me the entire management of his business because he firmly believes that I can take the company to a higher level and be successful,” he says.
We tested basic tees from three Egyptian brands over several weeks of wear and repeated washing — different cuts, fabrics, and prices from EGP 220 to EGP 600. Quality varied meaningfully across price bands, and the differences showed up in the details that matter to buyers looking for daily-wear staples. Our take on each below.
Elemnts
Elemnts positions itself around minimal basics designed for easy styling — a set of simple designs and muted colors that lean firmly into a minimal aesthetic. The pieces are easy to wear and coordinate thanks to the simple cuts, making them suited to daily repeat use.
The fabrics are comfortable, and the plain pieces without extra detail are the brand’s real strength. Sizing held up over repeated wear — no stretching or bagginess of the kind basics sometimes develop. The color range extends beyond black, white, and gray without making any single piece feel loud. What we’d have liked more of: variety in the cuts. Several pieces settle into the same simple shape.
Did Elemnts do something new? Somewhat. The pieces compete directly with what international basic-tee brands like Uniqlo and COS offer at similar price points, with a color range that pushes past the conventional neutrals. The variety of cuts competitors offer isn’t yet part of Elemnts’ range.
Worth it? Yes, for buyers looking for clean pieces that pair easily with the rest of their wardrobe.
Best for: Daily use and any occasion that needs a minimal piece for layering.
As the name suggests, The Basic Look specializes in basic pieces and offers a wide range of styles — boxy fit, slim fit, comfort, and oversized. We tested more than one style and noted that the differences show up in how the tee sits on the wearer and its suitability for daily use, not just in the naming.
The variety of cuts is a genuine strength. Each model gives the tee a distinct silhouette. The fabric quality on some models was a pleasant surprise — some fabrics carry more structure than the standard lightweight cotton tee. Worth noting: some white pieces are somewhat transparent under strong light, so not all models work worn on their own.
Did The Basic Look do something new? Somewhat. Cut variety at a price band starting from EGP 220 gives the local market options that weren’t traditionally available at this price. The fabrics outperform what international fast-fashion brands offer at the same price band on the low end, though the transparency issue on white pieces needs improvement.
Worth it? Yes, especially for buyers who want to try different silhouettes at an accessible price — with a note to check the fabric of white pieces before buying.
Nileton focuses on activewear and daily wear with an active-casual direction — pieces that work for the gym and can be styled for everyday looks. We tested a range, including tank tops and oversized tees. First impression on wear: the focus on comfort and freedom of movement is clearer than any emphasis on design details.
The pieces are comfortable and give real freedom of movement without restriction. The simplicity of the designs makes them easy to pair with jeans or shorts and to wear in training, giving them real versatility. What we’d have liked better: after repeated washing, the fabric lost some of the softness it had on first wear. The pieces held their shape well, but the texture changed — worth noting for garments you’d expect to wash frequently.
Did Nileton do something new? Somewhat. The active-casual category isn’t new locally, but Nileton competes on gym-to-daily-wear versatility at a substantially lower price than international activewear brands like Adidas and Nike. What it hasn’t yet matched is the post-wash fabric consistency the higher price tiers deliver.
Worth it? Yes, for buyers looking for practical, comfortable pieces for daily use — with the caveat that fabric texture may change with repeated washing.
Best for: Gym and daily use, for anyone who wants pieces that work for both.
Missed this morning’s edition of EnterpriseAM? Here are the top stories in a nutshell.
Most analysts expect the Central Bank of Egypt tokeep interest rates on holdat Thursday’s Monetary Policy Committee meeting, with the government’s freeze on fuel prices through December keeping a lid on inflation for now. The overnight deposit rate stands at 19% against urban headline inflation of 13.9% in September, a real-rate cushion of about 5.1 percentage points;
The country’s post-IMF economic framework now has a name, a structure, and a deadline: Planning Minister Ahmed Rostom laid out the National Economic Transformation Program 2027-2030 during a session at the forum. The program has three pillars, four axes, 40 targets, 185 key measures, and 150 performance indicators — including 20 legislative and 25 institutional reforms;
An IMF missionarrived in Cairo yesterday to start talks on the eighth and final reviewof our USD 8 bn Extended Fund Facility (EFF) and the last review under the Resilience and Sustainability Facility (RSF). That’s weeks ahead of the second half of November we had been told to expect last week. Clearing both reviews would unlock some USD 2.3 bn, with about USD 1.5 bn under the EFF and USD 800 mn under the RSF;
The EGX isswitching its SME market index to equal weighting, so a company’s size will no longer set its weight in the gauge. From 1 December, Tamayuz becomes Tamayuz All-Share EWI, with every constituent carrying the same share of the index instead of being weighted by freefloat market cap. The old Tamayuz capped any single name at 35% of the index by freefloat-adjusted market cap, under the methodology the EGX set at launch in 2021.
All eyes turn to the Parc des Princes tonight as Paris Saint-Germain face rivals Lyon in a clash rescheduled from Sunday amid ongoing unrest across France. The Parisians enter the showdown after dispatching Barcelona in the Champions League, securing three points to reclaim the top spot on the table. They must do so without Khvicha Kvaratskhelia, who is sidelined for the season after a torn ACL. Kickoff is at 10:30pm on beIN Sports 1.
Over in Turkey: Trabzonspor, led by Egyptian talisman and league top-scorer Mohamed Salah, visits Çaykur Rizespor at 7pm on beIN Sports 3 for Matchday 9 of the Süper Lig.
Other European fixtures on our radar:
Beşiktaş vs. İstanbul Başakşehir — Süper Lig (7pm, beIN Sports 4);
Galatasaray vs. Fenerbahçe — Süper Lig (9:30pm, beIN Sports 4);
Sevilla vs. Osasuna — La Liga (11pm, beIN Sports 5).
Last night’s game
Al Ahly secured their spot in the CAF Confederation Cup group stage yesterday with a 4-0 victory over Uganda’s Kitara FC in the second leg of the preliminary round, advancing 6-1 on aggregate. The showing made amends with frustrated supporters following a disappointing domestic draw against El Qanah while cementing the Red Devils as the first club in history to reach 700 goals across African competitions.
Mbappe’s brace decides El Clásico: Real Madrid claimed a 2-1 victory away against Barcelona at Camp Nou yesterday, with a Kylian Mbappe double snapping the Catalan side’s historic victory run in La Liga this season. Mbappe opened the scoring in the 41st minute before Raphinha leveled for the hosts in the second half. Mbappe then struck an 87th-minute winner, finishing off an Eduardo Camavinga feed set up by a driving solo run from Jude Bellingham — pushing the French forward past the 100-goal mark in Los Blancos colors. With the victory, Real Madrid cut the deficit to their arch-rivals to just three points, sitting only one point behind second-placed Atletico Madrid.
Over in the Premier League: Manchester United’s alarming tailspin deepened with a 3-0 home defeat to Bournemouth. Meanwhile, Liverpool took care of business with a 2-0 victory over Brighton at Anfield, and Newcastle earned a 2-0 road victory against Crystal Palace.
A little over four years after Wanda Maximoff (Elizabeth Olsen) was buried under a mountain inDoctor Strange in the Multiverse of Madness, the spotlight swings to Vision. Marvel’s latest Disney+ miniseries, VisionQuest, follows Paul Bettany’s synthezoid, though not quite the Vision you remember.
The plot: White Vision (Bettany) is hiding out in Edinburgh, a city full of memories of Wanda and the original Vision, piecing together a self from a past that doesn’t feel like his own. His consciousness is crowded with AIs inherited from Tony Stark, including J.A.R.V.I.S. and Friday, plus a locked-up Ultron (James Spader) who prods him about identity, emotion, and purpose. Outside, bounty hunter Paladin (Todd Stashwick) is working for an unseen client who wants Vision captured. His leverage is Thomas Shepherd (Ruaridh Mollica), the young man carrying Tommy Maximoff’s spirit. Vision is left asking how Tommy is alive at all.
What we liked: We’ve been looking forward to VisionQuest for a while, and four episodes in, it’s delivering. Bettany’s nuanced performance gives an android a soul, and Mollica makes a quick, human impression as Tommy. The superhero beats are familiar, but the show adds human stakes beyond hero versus villain. It’s about a man recollecting a life that feels unfamiliar and reconnecting with a son he didn’t think was real. Visually, it’s colorful, especially in the three-dimensional mindscape where Vision’s AIs live.
What we didn’t: We worry that VisionQuest has arrived late. WandaVision premiered five years ago, and Agatha All Along two years ago. Many viewers have moved on from Wanda and Vision’s story. Had it landed in the wake of WandaVision and Multiverse of Madness, we suspect it would have drawn a bigger audience.
The verdict: If you’re an MCU diehard, don’t sit this one out. The performances are strong, the storyline is intriguing and clearly ties into the wider MCU, and the production values show in every frame. The human story also makes it worth a try for viewers who haven’t kept up with Marvel.
WHERE TO WATCH IT- VisionQuest is streaming on Disney+, with episodes dropping weekly on Tuesdays. Watch the trailer on YouTube (watch, runtime: 2:38).
The EGX30 fell 1.7% at today’s close on turnover of EGP 8.9 bn (21.2% below the 90-day average). Local investors were the sole net buyers. The index is up 15.8% YTD.
In the green: Ibnsina Pharma (+4.6%), Edita (+4.1%), and Juhayna (+3.9%).
In the red: Telecom Egypt (-5.7%), Mopco (-5.5%), and Orascom Construction (-5.2%).
A Friday night, four pop icons, and a setlist of nostalgic hits?Count us in. The Fustat Festival is bringing together 90s pop favorites Hisham Abbas, Hamid El Shaeri, Mohamed Fouad, and Ehab Tawfik this Friday, 30 October. The concert promises throwback hits, live vocals, and plenty of sing-along moments. The show kicks off at 9:30pm — you can grab your tickets on TicketsMarché.
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