Is Europe having its own Arab Spring?

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OPENING NOTE

Cooler days

Good afternoon, friends, and happy Wednesday. The weekend is almost here, and with the Made in Egypt series now wrapped, we’re back to regular programming. Today’s issue is a packed, varied one.

In Plug In, we look at the youth-led protests spreading across Europe and ask whether the Arab Spring is a fair comparison. In After Hours: Scene, we go inside Downtown Cairo’s La Viennoise to see what to expect.

Elsewhere in today’s issue, Manchester City, Arsenal, and Liverpool play in the Champions League tonight, and we review Madeline Miller’s Mestra, a short story that hits harder than its length suggests.

Onto the headlines…

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THE HEADLINES

EGX30 closed October down 4.43%, its second straight monthly loss

Here are the stories driving the day, both at home and abroad. The EGX30 closed October down 4.43% at 49.6k points, its second losing month in a row and the first time the benchmark has strung two together this year, according to the bourse’s monthly report (pdf). The benchmark closed March, June, and September in the red. The index opened at 51.9k, touched 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. And only one sector held the line: food, beverages, and tobacco finished up 0.2%, making it the sole gainer out of 18.

The second tier fell twice as hard. The EGX70 dropped 9.91% to 16.8k points, and the broader EGX100 lost 8.62% to 22.6k. Tamayuz, the SME gauge, fell 6.33% to 38.1k points, the low-volatility EGX35-LV shed 8.32% to 5.8k, and the EGX 33 Shariah index fell 5.57% to 5.9k.

^^We dig deeper in tomorrow’s edition of EnterpriseAM.

☀️ TOMORROW’S WEATHER- It’s getting chilly in the capital tomorrow, as temperatures reach a high of 27°C before dropping to a cooler overnight low of 19°C, according to our favorite weather app.

MAKING HEADLINES ABROAD-

The results of the US midterm elections dominate the global headlines this afternoon. The 2026 midterms delivered a sweeping victory for Democrats, who are projected to take control of both chambers of Congress after flipping a string of Republican-held seats, including in traditionally conservative states. The results reflect voter frustration over the cost of living and President Donald Trump’s handling of the war with Iran. Democrats also made gains in gubernatorial races, turning several Republican strongholds blue and setting the stage for a series of historic firsts.

Among the night’s biggest milestones, Egyptian-American Democrat Abdul El-Sayed secured Michigan’s Senate race, becoming the first Muslim elected to the US Senate. The 42-year-old son of Egyptian immigrants defeated Republican Mike Rogers after a campaign centered on healthcare, affordability, and reducing corporate influence in politics. Another Egyptian-American, Adam Hamawy, secured New Jersey’s 12th Congressional District, becoming the state’s first Muslim member of Congress.

The election also delivered a string of historic firsts across the country. Texas, flipping blue, elected Democrat Gina Hinojosa as its first Hispanic governor and its first Democratic governor since 1990, while Georgia elected Keisha Lance Bottoms as the first Black woman to lead a US state. New Mexico’s Deb Haaland is set to become the first Native American woman governor, while Florida’s Byron Donalds will be the country’s first Black Republican governor.

Trump said he would accept the results and congratulated Democrats, acknowledging that they had “done a good job” in the election. He nevertheless rejected the idea that the Republican losses reflected on his presidency, arguing that the party would have secured victory by a landslide had he been on the ballot. He also blamed Texas Governor Greg Abbott for his defeat and said he was willing to work with Democrats.

Market reax: The USD fell to a one-month low today while gold climbed back above USD 4k per troy ounce. The USD weakened against major currencies, including EUR, GBP, JPY and CHF, while investors moved into US Treasuries, pushing bond yields lower. The benchmark 10-year Treasury yield dropped 4.7 basis points to 4.9%, while the two-year yield fell 3.7 basis points to 4.6%. Gold futures rose 2.8% to over USD 4k per troy ounce in mid-morning European trading, while other precious metals also advanced, with silver gaining 4.7% to USD 52.11 per ounce and platinum rising 2.4% to USD 1.5k.

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PLUG IN

Why Europe is revolting and why it echoes the Arab Spring

Headlines over the past month have not been spared from the youth-led protests sweeping Europe, and the unrest shows little sign of slowing. More than 500k have taken to the streets in France, alongside nationwide high school blockades, and smoke over Limoges and Paris. In Spain, indefinite tent encampments took over Madrid’s central Puerta del Sol, followed weeks later by similar demonstrations in Lisbon’s Rossio Square. Meanwhile, masked protestors, street violence, and barricades riddled the streets of Italy in Milan, Turin, and Bologna over inflation worries. Arrests, looting, violence, and clashes with riot police have only added insult to injury as housing affordability and the cost-of-living crisis headlined most of the protests.

The string of protests across countries and cities, with each new wave seemingly drawing momentum from the last, mirrors a succession of events that hits a little too close to home for us here in Om El Donia and across the wider region. Echoes of the early 2010s Arab Spring have become hard to ignore. While it all unfolds, some questions take precedence: Is the Arab Spring a valid sounding board for Europe’s own wave of unrest? Are there meaningful parallels between the two, or is it simply a shared revolutionary spirit finding its way across borders?

What’s actually happening?

The wave of protests began in France on 21 September when students, fed up with the state of education, the soaring cost of living, and climate-change-driven issues, took to the streets to protest. The country has been grappling with years of school austerity, leaving students to battle with deteriorating buildings, crumbling classrooms, absent teachers, low pay, and long school days. A recent heat wave only exposed how ill-equipped the country’s education infrastructure is to cope with increasingly extreme temperatures.

Things escalated quickly when police arrived to disperse the protests, using excessive force and firing tear gas. Several school entrances, where high school students held blockades and boycotted their classes, were damaged by fire as a result. Many were injured, hundreds arrested, and thousands held in custody, including minors and education staff, as the protests continued to pick up well through October and early November.

In Germany, Gen Z and younger generations also took center stage at protests, with the “Gen Z regelt” (Gen Z takes charge) campaign mobilizing demonstrations across more than 30 cities. Students called for increased school funding, more affordable housing, stronger climate protections, and opposed government plans to reintroduce mandatory military service, all while voicing solidarity with their neighbors in France.

In Spain, the eviction of an 87-year-old woman from her Madrid home of 70 years, after her rent shot up by 230%, triggered protests over the country’s housing crisis and soaring rental costs. Tent encampments soon sprang up in Madrid and other Spanish cities. Portugal followed suit, with protestors setting up tents across Lisbon and Porto over similar concerns about housing affordability and the cost of living — the country’s housing prices jumped 124% between 2015 and 2024, roughly twice the EU average. Italy took to the streets for similar reasons — the rising cost of living — where peaceful protests quickly escalated into clashes between masked rioters and police, looted stores, arson, multiple arrests, and several security officers injured.

The common thread? Housing prices. Across the EU, more than 34 mn people live in households where housing consumes over 40% of their disposable income. Germany sits at the top of the list with the highest number of people affected at 9.4 mn, followed by France with 4.4 mn, Spain with 3.5 mn, and Italy with 2.9 mn.

The protests may be rooted in different national circumstances, but they reflect a wider frustration with the political status quo among young Europeans and “a strong sense of uncertainty and a lack of control.” The region is also contending with a sense of “futurelessness” against a backdrop of combined pressures: migration, demographic decline, barriers to entering the labor market, and climate-driven changes. More recently, frustration has also centred on Europe’s massive spending commitments to Ukraine’s war effort and defense. While in Germany, the government approved EUR 800 mn in arms export licenses to Israel in just the first five months of this year — more than it had approved over the previous 20 months combined.

A European Spring?

Young Europeans are facing an affordability crisis in which traditional routes to upward mobility — homeownership, degrees, steady jobs — are increasingly out of reach. There are echoes of this frustration in the grievances that brought Tunisians to the streets in January 2011. Protesters were challenging an autocratic government, years of economic stagnation, and a lack of prospects for educated young people. Similar frustrations were felt across the region, and demonstrations soon spread to Bahrain, Jordan, Kuwait, Libya, Yemen, Syria, and Egypt, as younger generations challenged regimes they felt had failed to serve them.

The social media factor. Egypt’s 2011 uprising was famously named “the Facebook Revolution,” when it became clear for the first time the role social media can play in mobilizing political and social movements. Because these platforms were still relatively new as tools for political organizing, their role in the emergence of the Arab Spring quickly became a defining part of the story. The same is unlikely to be said of Europe’s protests, given how ubiquitous social media has since become. Still, its role in mobilizing demonstrations across the continent is hardly surprising. In France, for instance, high schoolers used TikTok, Snapchat, Instagram, and X to organize their blockades.

The Arabs were fighting a different fight. The Arab Spring was a struggle against authoritarian regimes, with protesters demanding political freedoms and, in several countries, the complete overthrow of their governments. Europe, on the other hand, is dealing with established democracies grappling with austerity, political stagnation, and growing public discontent. Protesters are largely demanding policy changes: eviction bans, rent controls, bigger education budgets, and wage indexation.

Crucially, there are still avenues for them to seek change: the next election, concessions in the following year’s budget, or the resignation of a minister. An exhausted democracy is not necessarily fertile ground for revolution. Its discontent may instead find expression in sharper political polarization, volatility on the streets, and growing support for populist movements at the ballot box.

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AFTER HOURS: SCENE

What’s inside Downtown’s restored La Viennoise

La Viennoise, Downtown’s grande dame, gets a second act. At the corner of Champollion and Mahmoud Bassiouni streets, La Viennoise has watched Downtown Cairo change for well over a century. Built in 1896, it spent decades as Pension Viennoise, a hotel for foreign visitors, in the Italian neo-Renaissance style: stone cornices, balconies on matching arches, high ceilings, and tall wooden windows designed to balance airflow and natural light.

From pension to project. Al Ismaelia for Real Estate Investment took ownership in 2009 as part of its push to revive heritage buildings in Downtown. Structural restoration and infrastructure work got going in earnest in 2016, with Alchemy and Ebony & Ivory on board, and the building reopened in 2018. The bill came to around EGP 55 mn, covering both acquisition and development. Last Friday, La Viennoise had its grand opening.

The space: Everything now circles an inner courtyard lined with shops and cafes. The corridors and staircases kept their original iron railings and stone floors, and the old details sit comfortably next to modern lighting and fixtures. For the opening ceremony, Lumino Experience turned the walls into a projection show of everyday Downtown life, from the architecture and passersby to the old cafes and shopfronts. The soundtrack drew on the work of the late Egyptian jazz pioneer Salah Ragab.

What’s inside: La Viennoise is now part hotel, part design hub, part food stop. Mazeej Balad takes the upper floors with suites inspired by characters and stories from old Cairo, mixing original architectural details with local furniture, art, and textiles. There’s also a rooftop restaurant with open seating and views over Downtown’s rooftops.

Around the courtyard on the ground floor, nine independent Egyptian businesses share the space:

  • Crafts and art: Anut sells homeware and handmade pieces using Egyptian materials and techniques, from Fayoum pottery to Akhmim textiles and hand-embroidered furnishings, and runs workshops and training for women artisans. Le Lab mixes exhibitions and creative studios, showcasing Egyptian artists and designers;
  • Fashion and beauty: Maison Gamil makes custom menswear and suits. Mix & Match covers everyday clothing. Huwa Designs sells men’s accessories, including silver rings, cufflinks, and pins, and Beauts is the place for beauty and personal care;
  • F&B: Floating Cups serves specialty coffee and is the Downtown branch of the Maadi cafe. Santariyya pairs a food menu with a shelf of gourmet groceries. Andiamo serves up classic Italian, including pizza and pasta, with seating attached.

La Viennoise joins Ismaelia’s growing Downtown portfolio, which also includes Cinema Radio, Tamara Haus, and Consoleya, all repurposed for cultural, commercial, and creative use.

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CATCH UP QUICK

The headlines from this morning

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

  • Egyptian granular urea is fetching about USD 535 a ton FOB in November contracts, up roughly 17% from about USD 457 in September. That makes Egypt the priciest origin of comparable regions, ahead of China, the rest of the Middle East, Nigeria, and Algeria. This price rally comes just as the government starts rationing the gas the plants run on: Kima told the EGX that its supplies were cut by 20% from noon on Sunday, 1 November, and that it has implemented the cut, with its urea plant still running normally;
  • Money market funds added roughly 4x as much in assets as equity funds in 1Q 2026 (EGP 55.2 bn against EGP 12.8 bn), by our math. That lead narrowed to about 1.6x in 2Q against the equity and Islamic equity lines (EGP 24.8 bn against EGP 15.3 bn) and reversed in 3Q. Still, the funds, which invest primarily in T-bills, short-term deposits, and certificates of deposit (CDs), held some EGP 303.1 bn by the end of September, or 60% of an industry that crossed half a tn to hit EGP 504.71 bn;
  • Egypt plans to send an LNG cargo to Europe this month, even as imports cover nearly half its gas use: The Idku plant should ship its first cargo to Europe in months by the end of November. That’s later than the October restart we flagged in late September. Exports only go out when winter demand dips: the Oil Ministry resumed feeding gas to Idku in recent days after agreeing on export volumes and marketing plans with Egas. How much gas ships depends on what’s left after domestic demand is covered;
  • EGX-listed Egypt Aluminum is back on the state offerings program, with the government looking to sell what a senior official describes to EnterpriseAM as a large stake in the country’s largest aluminum manufacturer on the EGX before the end of this year. The size of the stake has not yet been determined and is pending a fair value study.
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Sports

Manchester City, Arsenal, and Liverpool play in the Champions League tonight

Plenty of local action to tune in to tonight. In the Egypt Cup Round of 32, Ghazl El Mahalla take on Al Ittihad Al Sakandary at 5pm on ON Sport Max. At the same time, ZED take on Tala’ea El Gaish in the second round of the Egypt Capital Cup group stage on ON Sport Plus. Later, Al Masry and Suez Petrojet go head-to-head at 8pm on ON Sport.

There’s plenty to watch in the Champions League tonight. At 10pm, Leipzig host Manchester City on beIN Sports 3, a fixture in which Erling Haaland has scored 12 goals in eight appearances against the German side. At the same time, Slavia Praha host Arsenal on beIN Sports 1. Earlier, at 7:45pm, Fenerbahçe host Liverpool on beIN Sports 4. The Reds arrive after Sunday’s 1-0 defeat to Arsenal, having lost their last three UEFA away games in Turkey.

Also in the Champions League tonight:

  • Lens vs. Como — 10pm;
  • Viking vs. Sabah FC — 10pm;
  • Borussia Dortmund vs. Real Betis — 10pm;
  • Porto vs. Napoli — 10pm;
  • PSV Eindhoven vs. Club Brugge — 10pm.

NOTE- All Champions League fixtures will be broadcast on beIN Sports channels. Check out the full schedule here.

ICYMI-

On the home front, Ceramica Cleopatra beat Abu Qir Fertilizers 2-0 in the Egypt Capital Cup, with Marwan Osman Otaka scoring in the ninth minute and Mohamed Shika in the 43rd. It was their first W of the competition. Moreover, Pyramids beat Smouha 1-0, with Otta scoring the lone goal.

Manchester United beat Roma 3-2 at Old Trafford. United went two goals behind inside 17 minutes, their worst-ever start to a European home game. Bruno Fernandes pulled one back from the penalty spot, and Matheus Cunha scored in the 83rd and 86th minutes. United finished with 10 men. It ended a run of nine winless games in all competitions.

PSG beat Villarreal 6-0 and set a Champions League record. João Neves, Désiré Doué, Senny Mayulu, and Fabián Ruiz scored inside 17 minutes, the fastest any team has reached four goals in the competition. Ruiz added a second, and 17-year-old David Boly scored on his Champions League debut.

Barcelona beat Aston Villa 3-0 at Camp Nou. Lamine Yamal scored in the seventh minute, making him the highest-scoring teenager in Champions League history. Raphinha added two in the second half. It ended Villa’s perfect start and leaves both clubs on nine points. Bayern Munich secured the victory 2-0 at Atlético Madrid, with Lennart Karl and Konrad Laimer scoring after the break.


Spanish forward Jesús de Miguel died at age 30, his club Tenerife announced on Tuesday. He suffered a cardiac arrest after colliding with FC Andorra goalkeeper Jesús Owono in Monday’s second-division match, which was abandoned in stoppage time at 2-2. Owono was sent off. Real Madrid, Barcelona, and Lionel Messi were among those paying tribute.

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Under the Lamplight

Madeline Miller’s Mestra is a short story that packs quite a punch

Madeline Miller’s latest work of fiction is 80 pages long, and its heroine is someone most readers have never met. Mestra, out since 29 September, arrives eight years after Circe and three years after the short story Galatea and returns the #1 New York Times bestselling author of The Song of Achilles to Greek myth, this time with a story the publisher calls “powerful and forgotten.”

The plot: Mestra is the daughter of the King of Thessaly, and her father is cursed. Poseidon grants her a rare gift: she can transform into any being she can imagine. Devoted to her father, she decides to use it to help him survive. But his hunger is bottomless, and the question becomes how much of herself he will take. Every transformation has a price, and the story is built around what that costs her. Soon she must decide whether to keep helping him or breakfree.

What we liked: At 80 pages, Miller proves once more that she is a literary genius. Because of its brevity, not despite it, Mestra is a fully fleshed-out character with desires, fears, motivations, and setbacks: a deeply human woman handed a fantastical gift she doesn’t know how to wield. Miller builds a compelling atmosphere around her, and the story reads like a childhood fable written for adults who will recognize themselves in it.

The verdict: You’ll need about 30 minutes for Mestra, but it will stay with you for the rest of the day and likely longer. It’s less epic and less detailed than The Song of Achilles or Circe, but it’s still a powerhouse short story and a stronger one than Galatea. If you want a quick, impactful read, Greek mythology lover or not, pick this up.

WHERE TO GET IT- You can find the e-book on Amazon or listen to the audiobook on Storytel.

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GO WITH THE FLOW

What the markets are doing on 4 November

The EGX30 rose 2.8% at today’s close on turnover of EGP 9 bn (18.5% below the 90-day average). Local investors were the sole net sellers. The index is up 21.1% YTD.

In the green: Rameda (+7.0%), Ibnsina Pharma (+6.9%), and Edita (+6.6%).

In the red: AMOC (-1.3%), Orascom Development (-0.5%), and Palm Hills Developments (-0.4%).

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Mark Your Calendar

Hiba Tawaji performs with Oussama Rahbani at winter Fustat Festival on 13 November

This year’s winter Fustat Festival is welcoming Lebanese singer Hiba Tawaji, who will perform alongside Lebanese musical director and composer Oussama Rahbani on Friday, 13 November. Expect a live performance showcasing Tawaji’s vocals and Rahbani’s emotional compositions. The show starts at 9:45pm. You can grab tickets 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.

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

4 November (Wednesday): Farah El Dibany: A Tribute to Dalida at the Cairo Opera House.

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.

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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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