What Egypt potentially stands to gain from its historic World Cup run

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WHAT WE’RE TRACKING TONIGHT

The US-Iran war has thus far cost USD 37.5 bn — and that’s the undercount

Good afternoon, ladies and gents, and congratulations on making it to the long weekend. It’s a quiet day on the news front, and we’ve got a relatively brisk issue to send you off into the weekend.

Today, we’re taking a look back at the 2026 World Cup: the records broken, the controversies, and what Egypt’s run is actually worth — in tourism, in global attention, in the kind of nation-branding no marketing budget can buy. Morocco did it in 2022; Egypt may be next. We also have a memoir from Gisèle Pelicot, who reclaims her own story two years after one of the most significant trials in recent memory. That and more.

** A QUICK PROGRAMMING NOTE- EnterprisePM is taking a publication holiday tomorrow in observance of the 23 July Revolution and will be back in your inboxes Sunday afternoon.

Without further ado, the news…

THE BIG STORY ABROAD-

🌐 The US-Iran war entered its 11th consecutive night of strikes on Tuesday, with no clear end in sight just yet. The US Central Command confirmed completing another round of attacks against Iranian military targets overnight, while Kuwait, Bahrain, and Jordan all reported intercepting Iranian aerial attacks. The cost of all of this? Defense Secretary Pete Hegseth told the Senate Appropriations Committee on Tuesday the war has cost USD 37.5 bn so far — a figure that doesn’t include costs to repair or rebuild US military infrastructure damaged in the conflict.

As strikes continue, State Secretary Marco Rubio claims the US remains willing to negotiate with Iran. Mediators are still floating a 10-day ceasefire proposal that is yet to be formally accepted or rejected. Oil prices, in the meantime, are riding a rollercoaster.

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

MEANWHILE- France is hopping on the social media ban bandwagon. The country banned children under 15 from using social media, becoming the first EU country to do so. Both chambers of parliament voted in favour of the measure. The move follows Australia, which became the first country to limit children under 16 from using social media platforms, and most recently, the UK.

^^Read more on: BBC, The Guardian, and CNN.

OVER IN TECH- In somewhat dystopian news, OpenAI said that some of its AI models autonomously hacked their way out of a test environment — one where internet access was supposedly walled off — and broke into the systems of AI start-up Hugging Face. The chatbot-maker called it an “unprecedented” incident, involving “state-of-the-art cyber capabilities.”

^^Read more on: Reuters and NBC.


The EnterpriseAM Egypt Forum is back — and this year, we’re giving the full day to the one question on every business leader’s mind: What does AI actually mean for your company, your people, and your own job?

Leaders in New York, London, Abu Dhabi, and Singapore are asking the same things, and nobody has built a playbook that works yet. We’re all figuring it out in real time — and for Egypt, the stakes are unusually high.

Egypt could leapfrog a generation on the back of this technology — or watch AI hollow out the industries and jobs we can’t afford to lose. The leaders who get literate early will be the ones who get to decide which road we take.

Every session on stage answers one question: “So, what do I actually do about it?”

Join us on 5 October in Cairo. Seats are limited, and attendance is by invitation only.

Request your invitation here.


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

  • Yesterday marked a month since single-stock futures on CIB and TMG started trading. The session saw 108 lots change hands across eight trades, worth a combined EGP 1.37 mn. CIB’s three- and six-month contracts each gained roughly 3%, while TMG’s two lost ground, down 1.6% and 1.5%;
  • Egypt has put a number on how climate change could hit the state’s balance sheet. The country’s first-ever Fiscal Risk Statement on Climate Change for FY 2026/27, obtained by EnterpriseAM, quantifies how physical climate shocks and the global shift to a low-carbon economy could hit public finances — from the electricity grid to its biggest PPP-backed infrastructure projects;
  • A judicial challenge that stalled a new debt-collectors registry for months appears to be going the Financial Regulatory Authority’s (FRA) way — and collection firms are now rushing to register before the courts settle the matter. The FRA launched a new registry for debt collectors on 21 January, but about 71 collection companies challenged the rules before the Administrative Court, arguing the rules fell outside the FRA’s jurisdiction.

☀️ TOMORROW’S WEATHER- Kicking off your long weekend with outdoor plans? Plan accordingly. Tomorrow is shaping up to be one of the hottest days of the month. Cairo is set to hit a high of 42°C and an overnight low of 26°C. Up north, there’s some relief, with a high of 34°C and a low of 26°C, according to our favorite weather app.

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PLUG IN

The 2026 World Cup, by the numbers, and what comes next for Om El Donia

🔎🏆 Spain lifted the trophy on Sunday night, and Messi stood in tears in front of Argentina’s fans as his team accepted the silver medals. By the time the final whistle blew at the New York New Jersey Stadium, the 2026 World Cup had already done something no tournament before it had: it broke the record book, lit up multiple ethics investigations, and triggered a diplomatic row between a sitting US president and the global football establishment. Somewhere in between, it also gave Egypt the best weeks in its football history.

The 2026 edition was always going to be different. Forty-eight teams, 104 matches, three host nations spread across the United States, Canada, and Mexico — the largest World Cup ever staged by a wide margin. What nobody anticipated was quite how much of the conversation would be happening off the pitch. From a US president personally lobbying FIFA’s president to overturn a red card, to a Somali referee barred from entering the country despite having a valid visa, to complaints against FIFA in four separate jurisdictions — the tournament delivered a level of off-field chaos that will shape how football’s governing body is held accountable for years to come.

Here’s what happened, what it means, and — for Egypt — why any of it matters.

The headline number: Almost 7 mn fans — 6.8 mn, give or take — attended, more than double the previous record of 2.6 mn set in the 1994 World Cup, the last time the US had hosted. More teams meant more matches, more fans, more revenue, and more exposure for countries that had never come close to a World Cup stage before. The expanded format was widely criticized on sporting grounds; on commercial grounds, it delivered — and it seems expansions may continue.

… This was also the highest-scoring World Cup ever. Before the knockout rounds were even complete, 2026 had already surpassed the previous record for total goals scored across an entire tournament (172 goals, Qatar 2022) and finished as the most prolific edition on record with 308 goals.

We also got to know (and love) the smallest nation to ever compete and score. The expanded format opened the door to Curaçao, with a population of just 150k. Curaçao became both the smallest nation ever to compete at a men’s World Cup and the smallest country ever to score a goal at one.

The reigning champions broke a record too. Spain conceded just one goal across the entire tournament — the fewest of any titleholder team in World Cup history — and recorded seven clean sheets, also a record. Their goalkeeper, Unai Simón, Golden Glove recipient, went 519 minutes without conceding across this tournament and the 2022 edition combined, the longest clean sheet run in World Cup history.

Love him or hate him, Messi also broke an impressive record. The 38-year-old became the oldest player ever to score a hat trick in a World Cup match.

The controversies were record-breaking too

One of the biggest off-pitch stories started with a red card. On 1 July, US striker Folarin Balogun was sent off during the United States’ 2-0 victory over Bosnia-Herzegovina for an illegal tackle, which meant a one-match suspension — ruling him out of the round of 16 against Belgium. Within days, US President Donald Trump personally called FIFA President Gianni Infantino to request a review, posting on Truth Social that he had asked FIFA to reconsider before later thanking the organization for “doing what was right.” Yet despite having the card reversed, the US team still lost — a bummer for them.

Needless to say, no one but the Americans was pleased. The organization’s own statutes prohibit political interference in football matters. When the red card controversy landed, UEFA said FIFA had crossed a line. The Belgian FA condemned the decision. Senior coaches and politicians across Europe added their voices to the chorus. Seventy-two European Parliament members have called for a formal investigation into Infantino’s role in the decision.

Referees don’t play… and sometimes they get denied entry too. Omar Abdulkadir Artan was one of Africa’s most respected referees and the only Somali official selected for the 2026 World Cup. He would have been the first Somali to officiate a men’s World Cup match. He arrived in Miami with a valid US visa only to be turned away — deemed inadmissible due to “vetting concerns.”

VARgentina: No VAR controversy dominated the 2026 tournament more loudly than Egypt’s 3-2 defeat to Argentina in the round of 16. Egypt led 2-0 with 11 minutes remaining — on course for one of the great World Cup upsets — when a goal by Mostafa Ziko in the 62nd minute, which would have made it 3-0, was disallowed after a VAR review identified a foul in the buildup. The Egyptian Football Association filed an official complaint against the match officials, and the impact lingered until the final fixture, with each and every Argentina performance drawing criticism from fans and accusations of rigging globally.

Controversies aside, Egypt walked away with heads held high

Egypt entered the 2026 World Cup having never won a single tournament match in its history. This year? A first-ever tournament victory (3-1 over New Zealand), a first-ever knockout-round victory (4-2 on penalties against Australia), and a round of 16 appearance (the deepest run in Egyptian football history) that ended 3-2 against the defending champions. The Pharaohs earned an estimated USD 18.5 mn — the largest payout for the country in its history. The tournament put Egyptian players in front of a global audience that had never seen most of them, with many players drawing a slew of bids from global clubs.

Off the pitch, what does Egypt stand to gain from this historic run?

Egypt’s hopeful 79-minute lead over Argentina brought in unprecedented global attention online as fans quickly rallied behind one of the tournament’s most unexpected underdogs. Sports and nation-branding have long gone hand in hand, and the 2026 World Cup is no exception. The mechanism was first studied on college campuses — called the “Flutie Effect” by Harvard Business School — describing how a standout athletic performance puts an institution’s name on the map in ways no marketing campaign can replicate.

The same dynamic plays out at scale during a World Cup. Participating countries are placed in front of bns of viewers — their culture, tourism appeal, and national brand suddenly visible to audiences that had no prior exposure. The question for Egypt is whether that momentum can turn into a measurable tourism boom.

When Morocco’s 2022 World Cup performance garnered greater recognition than the victors, the global interest was immediate. During and after the tournament, the country saw an astonishing increase in global search volumes pertaining to its culture, cuisine, and tourist attractions.

Touristic intent was at the forefront — keywords like “best time to visit Morocco,” “visa to Morocco,” and “Morocco travel” skyrocketed in search results. In December 2022, the month Morocco played its matches, foot traffic at Marrakech Menara Airport jumped 12% from two years before. The office of tourism in Marrakech reported 10.9 mn tourists that year, a notable climb from 3.7 mn in 2021 and 2.8 mn in 2020. By 2023, that number jumped 33% to 14.5 mn international tourist arrivals to Morocco in a single year.

Egypt enters this window from a position of strength. In 1Q 2026 alone, tourist arrivals jumped 43.5%, reaching 6.1 mn, and tourism revenues hit USD 5.1 bn, with a record 20 mn visitors expected by year-end. Whether the anticipated surge — or an even bigger one — can be largely attributed to World Cup-generated interest, however, remains to be seen.

It’s worth noting that even significant exposure doesn’t automatically translate into a surge in tourism. One academic study from 2026 posits that “sports-induced awareness” sees effects only as a “demand amplifier” rather than a “demand creator,” with a convertible audience that is simply not yet exposed. If a country like Morocco wasn’t already on a positive trajectory, the results may have been different.

What does this mean for Egypt? An existing surge in tourism could easily get an extra lift, led by World Cup exposure.

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Under the Lamplight

Gisèle Pelicot’s A Hymn to Life is a raw account of reckoning, resilience, and reclaiming a life

💡 Gisèle Pelicot: You likely saw her name all over news headlines in 2024 during the landmark trial in France in which her own husband and more than 50 men were convicted in a mass assault case that shook the world. Two years later, Pelicot — now an activist — reclaims her own story in a fearlessly honest memoir: A Hymn to Life. Translated from French by Natasha Lehrer and Ruth Diver, Pelicot lays bare the deeply intimate process of coming to terms with the horrors inflicted on her by the man she once believed to be a good, loving husband while rallying behind the resounding message that “shame has to change sides.”

What to expect: Pelicot opens her memoir right at the turning point: when her husband, Dominique, was caught and arrested for filming under women’s skirts in a supermarket. Soon after, police deliver the harrowing news. They had found thousands of pictures and videos of her being drugged, unconscious in her own bed, and assaulted by a horrifying number of men — all of which she has no recollection of. From there, Pelicot takes us through past and present, revisiting her childhood, the death of her mother when she was nine, meeting Dominique at 19, a grief-stricken family history, and the current nightmare she feels her difficult past has prepared her for.

What we liked: Pelicot never allows herself to sink too deeply into her suffering, nor does she frame the memoir around victimhood alone. Instead, she writes of her remarkable steadiness as she confronts the devastating reality of what was done to her while granting herself the grace to process the collapse of a 50-year-long marriage. Through intimate reflections on her past, she approaches grief very profoundly yet still manages to grasp onto happy memories. The memoir is also unexpectedly literary, with vivid and evocative prose that captures the powerful hold of memory and the painstaking process of making sense of an unimaginable past.

The verdict: In just under 200 pages, A Hymn to Life is both a riveting read and a profoundly moving account of grief, memory, and resilience. The memoir flies by, even as certain parts carry immense emotional weight, ultimately leaving readers with a sense of hope and, above all, admiration for Pelicot’s courage and honesty in shaping her own narrative under the glare of public scrutiny. If you’re looking for an emotionally powerful memoir told with grace and incredible sincerity, A Hymn to Life is an excellent place to start.

WHERE TO GET IT- You can find the eBook on Kindle and Kobo.

This publication is proudly sponsored by

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Mark Your Calendar

The Goats take over Playa Strip’s The Plot this Friday

🐐🎤 Looking for a good laugh while in Sahel this weekend? The Goats are landing at The Plot at Playa Strip Mall this Friday, 24 July. The stand-up comedians bring their sharp humor, signature crowd work, and witty “Sahel tayeb” vs “Sahel sherir” jokes. The show kicks off at 11pm, with tickets available on TicketsMarché.

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GO WITH THE FLOW

What the markets are doing on 22 July 2026

The EGX30 fell 0.1% at today’s close on turnover of EGP 12.6 bn (36.3% above the 90-day average). Regional investors were the sole net buyers. The index is up 28.9% YTD.

In the green: Orascom Development (+2.9%), Valmore Holding -EGP (+2.4%), and Raya Holding (+2.4%).

In the red: GB Corp (-2.9%), Orascom Investment Holding (-1.3%), and Edita (-1.3%).


🗓️ JULY

7 July - 8 August (Tuesday-Saturday): Khayal Mareed Play at Theatro Arkan.

23 July (Thursday): Official holiday for 23 July Revolution.

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

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

23 July (Thursday): Ahmed Hassan: The Special 1 at Teatro 90.

23 July (Thursday): Ali El Haggar at Sayed Darwish Theatre, Alexandria.

23-24 July (Thursday-Friday): El Sahel El Sherir at Porto Theater, Al Alamein.

24 July (Friday): The Goats at Playa Strip by G Developments.

24 July (Friday): Medhat Saleh at Premiere Show, Porto Golf.

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

24 July (Friday): Ramy Sabry at Cocoon Beach, Sidi Abdel Rahman.

24 July (Friday): Ruby Sunset Live Concert at Amarai Beach.

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

27 July (Monday): Saad El Oud at Open Air Theater, Cairo Opera House.

28 July (Tuesday): Sherif Mounir Nostalgia Band at Open Air Theater, Cairo Opera House.

29 July (Wednesday): Ali El Haggar at El Sawy Culturewheel, Zamalek.

30 July (Thursday): Medhat Saleh at Sayed Darwish Theatre, Alexandria.

30-31 July (Thursday-Friday): Garage Sale at Darb 15, Maadi.

31 July (Friday): Studio El Etneen at Premiere Show, Porto Golf.

31 July (Friday): Disco Misr and Lino Cheikho at The Smokery Beach, Bianchi.

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

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

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

AUGUST

1 August (Saturday): El Leila El Kebeera at Theatro Arkan.

1 August (Saturday): Omar El Gamal Vol.66 at Teatro 90.

4 August (Tuesday): Amr Selim at Open Air Theater, Cairo Opera House.

6 August (Thursday): Cairo Comedy Club at Teatro 90.

6 August (Thursday): Hamada Helal at Premiere Show, Golf Porto.

6 August (Thursday): Amr Selim at Sayed Darwish Theatre, Alexandria.

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): Salah El Daly - Stand Up Comedy Show at Teatro 90.

7 August (Friday): Ali El Haggar at Bibliotheca Alexandrina.

7 August (Friday): Ismailia Mango Festival.

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

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

8 August (Saturday): Boosh Bshasha Stand-up Comedy Show at Teatro 90.

10-11 August (Monday-Tuesday): Mohamed Helmy Standup at Bibliotheca Alexandrina.

13 August (Thursday): Hisham Abbas at Premiere Show, Golf Porto.

14 August (Friday): Tul8te at U Arena, North Coast.

14 August (Friday): Mohamed Ramadan at Porto Golf, Al Alamein City.

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

16-17 August (Sunday-Monday): Omar Khairat at Bibliotheca Alexandrina.

20 August (Thursday): Mohamed Fouad at Premiere Show, Golf Porto.

20 August (Thursday): Hisham Abbas at Bibliotheca Alexandrina.

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

21 August (Friday): Ruby and Rami Aiash at Tiatro Romano, Marina 2, Al Alamein.

21 August (Friday): Autostrad at Bibliotheca Alexandrina.

22 August (Saturday): Wust El Balad at Bibliotheca Alexandrina.

23 August (Sunday): Autostrad at El Sawy Culturewheel, Zamalek.

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

27 August (Thursday): Jadal at Bibliotheca Alexandrina.

28 August (Friday): Amal Maher at Premiere Show, Golf Porto.

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

30 August (Sunday): Tamer Ashour at Bibliotheca Alexandrina.

SEPTEMBER

4 September (Friday): Ehab Tawfik at Premiere Show, Golf Porto.

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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