Screen or couch — does it matter when it comes to therapy?

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WHAT WE’RE TRACKING TONIGHT

Egypt issues USD 500 mn in Samurai bonds backed by African Development Bank

Good afternoon, friends, and happy almost long weekend. Last night gave us one of the biggest World Cup upsets in memory: Germany, four-time champions, knocked out by Paraguay on penalties, and we’re choosing to take that as a sign of good things for Egypt. Elsewhere in today’s issue: a look at when online therapy makes sense and when in-person still takes the cake, and a halal street food spot in Korba that’s making the case that delivery doesn’t have to mean a downgrade.

First things first, the news…

THE BIG STORY TODAY-

📍 Egypt has issued USD 500 mn (JPY 80 bn) in sustainability Samurai bonds in Japan, backed by a partial credit guarantee from the African Development Bank (AfDB), according to a press release. The bonds were issued yesterday, 29 June, in two tranches — five and 10 years — and carry a USD 500 mn AfDB guarantee raised from the USD 400 mn the bank had approved last quarter, a government source tells EnterpriseAM. The AfDB guarantee covers 100% of the principal on both bonds, as well as coupons from the fourth year onward for the 10-year bond and from month 18 onward for the 5-year bond.

The yield: Egypt sold the five-year tranche at a 2.87% yield and the 10-year at 3.5%, according to our source. Proceeds are earmarked for sustainable expenditures under Egypt’s Sovereign Sustainable Financing Framework.

Why this matters — and what comes next: The issuance closes out Egypt’s international placements for FY 2025/26 at USD 4 bn, following USD 3.5 bn raised earlier in the year. The Finance Ministry has more social bonds and international sukuk in the works in the coming FY, with total planned issuances of USD 3-4 bn, our source adds.

THE BIG STORY ABROAD-

🌐 No single story is dominating the front pages this afternoon. On the anticipated US-Iran talks in Doha today, Iran says no meeting has been scheduled, following the recent exchange of strikes that tested the countries’ interim ceasefire. US President Donald Trump sent special envoy Steve Witkoff and his son-in-law Jared Kushner to meet with Qatari mediators in Doha. Iran is reportedly sending its technical delegation later this week, even as its Foreign Ministry spokesperson Esmaeil Baghaei claims Iran will “not have any negotiation meetings at any level with the American side in the coming days.”

^^Read more on: CNN and Reuters.

IN THE BUSINESS PRESS- Magnificent Seven stocks shed USD 2.3 tn in market value this month as investors see limited returns from tech giants’ USD bns in AI spending and shift toward stronger performing areas of the market. Companies including Amazon, Meta, Microsoft, and Alphabet are taking on debt to fund these investments. As the sell-off continues, investors are now looking to the 2Q earnings season for signs that the spending is beginning to pay off.

^^Read more on: CNBC and the Financial Times.

IN OTHER NEWS- UK Prime Minister Keir Starmer announced an extra GBP 15 bn for defense funding, with some road and energy projects being scrapped to finance the defense investment plan. The plan will include GBP 5 bn to increase drone use and autonomous weapons for armed forces.

^^Read more on: BBC and the Guardian.

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

  • The government and the IMF reached a staff-level agreement on the seventh review under our USD 8 bn Extended Fund Facility and the second review of our parallel Resilience and Sustainability Facility. Subject to approval by the IMF’s board, the agreement will unlock USD 1.5 bn under the EFF and some USD 136 mn under the RSF;
  • Nassef Sawiris’ NNS Holding submitted the draft offer memorandum for its take-private of OCI Global to Dutch market regulator AFM. The AFM’s approval of the memorandum is the final step before a formal offer goes live to OCI’s shareholders;
  • Local asset manager Zaldi Capital is eyeing hotel acquisitions in Oman in partnership with Better Home Real Estate. The wider expansion strategy includes developing a new residential and hospitality project under the Midtown brand in Muscat, with self-funded initial investments of USD 500 mn, and a potential expansion into the ins. sector.

☀️ TOMORROW’S WEATHER- Much like our European neighbors, it seems we’re in for a heatwave this week. Temperatures in Cairo are set to peak at an unpleasant high of 39°C, with a low of 24°C. Up north will be a little higher than usual, too, with a high of 35°C and a low of 23°C, according to our favorite weather app.

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Enterprise explains

Online therapy is here to stay — but does it actually work as well as seeing your therapist in person?

🩺 Online therapy works — but in-person sessions still have the edge for complex cases, deeper nonverbal reading, and a stronger therapeutic relationship. The question isn’t whether to use it, but when.

A little background: Online therapy didn’t begin with the internet. Its roots stretch back decades — to Sigmund Freud, who used postal correspondence to communicate with some of his patients. Since then, successive generations of practitioners have tried to harness technology to bridge the distance between therapist and patient. But the recent boom in digital platforms and mental health apps has driven a shift, making online therapy a core component of modern mental healthcare.

Online therapy’s moment arrived in 2020 — and never left

Covid-19 was the inflection point. After years of near-total reliance on in-person mental health sessions, many people turned to virtual appointments during the pandemic — and the numbers reflect that shift. Online therapy jumped from almost zero in 2019 to 40% of all mental health visits by mid-2020, according to a KFF study. As pandemic restrictions eased, online therapy became a permanent fixture of the mental healthcare landscape, with a significant share of practitioners continuing to offer services digitally, at least in part.

The method is the same. The medium isn’t

Online therapy does not differ from in-person therapy in its methods — both draw on the same frameworks, including cognitive behavioral therapy and psychodynamic therapy. What it cannot fully replicate is the direct sensory interaction of face-to-face sessions: body language and other nonverbal cues that carry real diagnostic weight can be lost through the technical medium. What it offers in return is considerable logistical flexibility and easier access to providers, according to research published in ScienceDirect.

Online sessions help bridge the gap created by an acute shortage of therapists in many areas and remove the geographic and logistical barriers that routinely stand between patients and care. Finding the right provider — given the constraints of ins. coverage, subspecialty, location, and cultural and linguistic compatibility — is itself a major obstacle for many patients, according to KFF.

“Clinicians have observed, since the pandemic, that the flexibility of online therapy has translated into more consistent attendance and stronger adherence to attending sessions,” Khaled Salaheldin, counseling psychotherapist at Lotus and Up Therapy, tells EnterpriseAM. The format also makes therapeutic resources more accessible to neurodivergent individuals and those with demanding schedules.

Virtual therapy is also an effective cost-cutting option — with no commute to a clinic — and works particularly well for expatriates living in countries without Arabic-speaking therapists or in markets where in-person sessions are prohibitively expensive or unavailable, says Salaheldin.

In-person still has the edge — here’s where it matters

Both patients and practitioners show a measurable preference for in-person sessions over digital interventions. Face-to-face sessions are more effective for symptom relief, enabling deeper communication and a clearer read on facial expressions and body language — two elements that strengthen the therapeutic relationship and are difficult to assess with the same precision through a screen, according to a recent 2025 clinical study.

That analysis tracks with what Salaheldin has observed since 2022. He points to an adaptation gap between therapists: older practitioners may need intensive training programs to get comfortable with the technology, while his own generation — trained during the pandemic — learned remote care skills as a professional and academic baseline. That said, he’s clear on where in-person sessions hold the edge: they are better at picking up nonverbal cues, more suited to complex and severe clinical cases, and they give patients a stronger sense of privacy and a more genuine connection with their therapist.

The privacy question isn’t hypothetical

Maintaining confidentiality in digital sessions requires platforms that are secure and compliant with health data protection regulations — Zoom, Google Meet, and other encrypted applications among them. Reputable clinics conduct all virtual sessions and online communications from within their own offices and facilities, ensuring an acoustically and physically isolated environment. On the patient side — where control over the home environment is limited — the recommendation is to be in a secure, closed, private space before the session begins, rid of distractions and away from anyone who might overhear, Salaheldin notes.

AI is already in the room

Even as the debate continues over whether online therapy can truly replicate the in-person experience, rapid advances in AI are raising new questions about where this model goes next — and whether technology can do more than simply move sessions online, potentially enhancing their quality and effectiveness.

AI is playing a growing role in digital mental healthcare, with expanding applications in diagnostic support, patient monitoring, and quality of care. Some advanced platforms now use algorithms capable of analyzing facial expressions, eye movements, and vocal tone during virtual sessions, feeding the therapist real-time indicators and analysis to sharpen their understanding of a patient’s emotional state and support clinical decision-making. These systems run in the background, non-intrusively, generating continuous signals on potential shifts in mental state and associated risk levels, according to research conducted by the University of Sheffield.

As technology continues to evolve and digital services expand, the future of mental healthcare appears to be moving toward a hybrid model — one that combines the accessibility of online therapy with the irreplaceable quality of direct human connection. Whether that transition succeeds will depend, in large part, on the regulatory and security frameworks put in place to protect patient privacy and uphold the professional and ethical standards of therapeutic practice.

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EAT THIS TONIGHT

Ex Halal Guys brings NYC-style street food to Heliopolis

🍽️ There’s something special about food that manages to feel both familiar and exciting, the kind of meal that arrives at your door looking like a casual takeaway order but tastes like something much more carefully thought out. Ex Halal Guys, now bringing its New York-inspired halal street food concept to Korba, is making a case for why delivery doesn’t have to mean sacrificing the experience.

First impressions: Since Ex Halal Guys is primarily a takeout concept, the first impression comes straight from the doorstep. The food arrived quickly — around 30 minutes after ordering, beating their estimated delivery time — and everything showed up hot, organized, and ready to eat. The packaging deserves its own mention: the meal arrived neatly arranged on foil plates tucked inside branded cardboard boxes, making it easy to carry while also preventing the packaging from becoming a heat trap or a messy situation. The order also came with branded cutlery, gloves, and wipes; details that make a difference when you’re eating saucy street food at home.

What we liked: The portions stood out. Even the regular platter was generous, with enough food to feel like a feast rather than a quick bite. The Manhattan Butter chicken platter was the highlight. The grilled chicken was tender, well-seasoned, and generously coated in a rich butter sauce, alongside their signature white sauce, which had a refreshing, tzatziki-like quality. Served with potatoes, salad, and chili on the side, the meal had all the elements of classic street-food comfort, but with a homemade feel that made it stand out.

The NYC Pepper beef platter followed the same formula, bringing together seasoned beef, rice, potatoes, salad, and the house white sauce. The flavors were strong, and the ingredients were thoughtfully prepared. The only drawback was that some of the beef pieces were larger than ideal and slightly chewy. Rather than the standard yellow basmati rice you might expect, Ex Halal Guys serves a more distinct version with its own seasoning profile and added texture.

The downside: While the flavors across the meals were impressive, the beef could use some refinement. Smaller, more tender cuts would make the experience smoother and allow the seasoning to shine even more.

The verdict: Ex Halal Guys passed our tests with flying colors. It tastes homemade without feeling basic, and it’s comforting without falling into the usual fast-food category. For anyone craving a hearty meal in Heliopolis, Ex Halal Guys delivers (in more ways than one).

WHERE TO FIND IT- Ex Halal Guys is located in Korba, Heliopolis. They also deliver through Talabat, El Menus, the Mrsool app, or through this number: 01096567812.

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Sports

Germany and the Netherlands both eliminated as the Round of 32 brings chaos

⚽ It was a wild night of upsets, and we’ve got three more knockout matches tonight. Norway faces Ivory Coast at 8pm at the Dallas Stadium — Haaland’s first real test of the tournament against a side that’s quietly shaped up to be the dark horse of the group stage. Then at midnight, France takes on Sweden in a heavyweight clash at the New Jersey Stadium. Mexico rounds out the night against Ecuador at 4am at the Mexico City Stadium, with the co-hosts looking to maintain momentum on home soil.

💡 NOTE- All World Cup matches will be broadcast on beIN Sports Max 1 and 2.

🥅 ICYMI-

Did we just witness one of the biggest upsets in World Cup history? We sure did — and as Egyptians, it’s giving us hope. Paraguay knocked out four-time champions Germany on penalties, 4-3, after a 1-1 draw in extra time — a result so unlikely that Germany took the field ranked 10th in the world to Paraguay’s 41st, making it arguably the competition’s biggest upset.

A Jonathan Tah goal that would have secured victory for Germany in extra time was overturned by VAR for a foul on the Paraguayan goalkeeper. Goalkeeper Orlando Gill then saved two German penalties in the shootout — sending Germany home before the Round of 16 for the first time since their World Cup victory in 2014.

AND- Morocco also delivered a pleasant shock, beating the Netherlands 3-2 on penalties after both sides finished 1-1. Brazil, on the other hand, avoided becoming the day’s third upset, beating Japan 2-1.

**Don’t miss out on the fierce competition in the EnterpriseAM Fantasy World Cup — click on this link or use the code 2CUFGASD to join.

This publication is proudly sponsored by

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Mark Your Calendar

Comic book festival Comixandria returns to the Jesuit Cultural Center this July

🎨 Calling all comic aficionados: Alexandria’s international comic book festival Comixandria returns to the Jesuit Cultural Center from Thursday, 9 July, to Saturday, 11 July, running daily from 12-9pm. The program comes packed with exhibitions, talks, book signings, comic pop-ups, workshops, and a range of other activities, bringing together both Egyptian and international comic artists, writers, and publishers. Entry is at no charge.

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GO WITH THE FLOW

What the markets are doing on 30 June

The EGX30 rose 1.3% at today’s close on turnover of EGP 7.8 bn (10.2% below the 90-day average). Local investors were the sole net buyers. The index is up 20.7% YTD.

In the green: ADIB (+6.9%), Raya Holding (+5.2%), and Egypt Aluminum (+4.3%).

In the red: Beltone Holding (-1.0%) and Palm Hills Developments (-0.3%).


🗓️ JUNE

10 June - 1 July (Wednesday-Wednesday): Artozium at AUC New Cairo.

13 June - 1 July (Saturday-Wednesday): Miriam Hathout: Donkey-Full Summer at Bugendai, O1 Mall in New Cairo.

20-30 June (Saturday-Tuesday): Diwan’s Bumps, Dents, & Bargains Bonanza at Diwan, Heliopolis.

28 June - 3 July (Sunday-Friday): Egyptian Fan Zone at The Green River, New Capital.

30 June (Tuesday): Cairo Comedy Club at CJC 610.

30 June (Tuesday): Early bird registration ends for The Marakez Pyramids Half Marathon.

30 June (Tuesday): June 30th Revolution.

JULY

1 July - 2 November (Wednesday-Monday): General registration for The Marakez Pyramids Half Marathon.

3 July (Friday): Ruby at O by Michel Fadel, Marassi.

3 July (Friday): Cocoon Fan Zone at Cocoon Beach, Sidi Abdel Rahman.

4 July (Saturday): Ehab Tawfik at O Michel Fadel, Marassi.

6-20 July (Monday-Monday): Bibliotheca Alexandrina International Book Fair.

7-24 July (Tuesday-Friday): Khayal Mareed Play at Theatro Arkan.

9-11 July (Thursday-Saturday): Comixandria at Jesuit Cultural Center, Alexandria.

10 July (Friday): Mohamed Fouad, Hamid El Shari, Hisham Abbas, and Hossam Hosny at Tiatro Romano, Marina 2, Al Alamein.

10 July (Friday): Honey Drop Vol.3 Ft. Disco Misr at Beachouse One, Seashell.

10 July (Friday): Ghaiboba by Saleh El Nawawy at Teatro 90.

11 July (Saturday): Saleh El Nawawy: Mo7tawa Saleh lel Estekhdam at Teatro 90.

17 July (Friday): Tamer Ashour at Cocoon Beach, Sidi Abdel Rahman.

17 July (Friday): Al Shamy and Mohamed Fadl Shaker at Tiatro Romano, Marina 2, Al Alamein.

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

23 July (Thursday): Marwan Pablo & Lege-Cy at Porto Golf.

24 July (Friday): Tamer Ashour at Tiatro Romano, Marina 2, Al Alamein.

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

29 July (Wednesday): Ali El Haggar at ElSawy Culturewheel.

31 July (Friday): Localine Vol.3 at Masyaf, Ras El Hekma.

31 July (Friday): Reda El Bahrawy, Rahma Mohsen, and Shiba at Tiatro Romano, Marina 2, Al Alamein.

31 July (Friday): Shorelines Festival at Almaza Bay.

AUGUST

6 August (Thursday): Massar Egbari at Bibliotheca Alexandrina.

6 August (Thursday): Deep House Bible at North Coast.

6-15 August (Thursday-Saturday): The Garden Market at Lakeyard, Hacienda Bay, North Coast.

7 August (Friday): Sherine at Porto Golf, Alamein City.

7 August (Friday): Cairokee Ft. Disco Misr at D-Bay, North Coast.

14 August (Friday): Nawal El Zoghby and Wael Jassar at Tiatro Romano, Marina 2, Al Alamein.

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

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

27 August (Saturday): Jadal at Bibliotheca Alexandrina.

29 August (Monday): Jadal at El Sawy Culturewheel, Nile University, Sheikh Zayed.

SEPTEMBER

26 September (Saturday): John Achkar’s Feena Nehke at Theatro Arkan.

OCTOBER

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

6 October (Tuesday): Armed Forces Day.

15-23 October (Thursday-Friday): El Gouna Film Festival.

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

28-31 October (Wednesday-Saturday): Egypt’s Cheese Festival at Al Horreya Garden, Zamalek.

NOVEMBER

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

11-20 November (Wednesday-Friday): Cairo International Film Festival.

19-28 November (Thursday-Saturday): Cairo Design Week.

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

DECEMBER

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

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