Good afternoon, friends, and happy almost weekend. Today, we sit down with Heba El Kayal, the curator behind El Marsam — one of the first US gallery exhibitions devoted entirely to modern and contemporary Egyptian art, currently running in Washington through December. The works span almost a century, 29 artists, and a market El Kayal describes as undervalued. We also have a book on trade wars, tariffs, and what happens when the biggest economies stop playing by the same rules.
Without further ado, the headlines…
THE BIG STORY ABROAD-
🌐 The Russia-Ukraine conflict takes center stage again as Russian strikes killed three people in Kyiv and left at least 600k without electricity, following overnight missile and drone attacks on around 30 energy facilities in and around the Ukrainian capital.
Ukraine President Volodymyr Zelenskyy called the assault “ostentatious disrespect” toward US President Donald Trump, arguing that Moscow was disregarding Washington’s efforts to secure an energy ceasefire. Meanwhile, Russia’s Defense Ministry said its forces struck power plants in and around Kyiv and Kharkiv, claiming the attacks targeted energy and communications facilities used by Ukraine’s military.
Separately, Ukrainian presidential adviser Serhiy Beskrestnov said new speed restrictions on SpaceX’s Starlink terminals disrupted several military operations. Beskrestnov noted that Ukrainian troops were not notified of the changes, adding that Starlink plays a critical role in helping Ukrainian forces use interceptor drones against Russia’s jet-powered drones.
IN OTHER NEWS- The Vatican confirmed that Pope Leo XIV has been diagnosed with lung cancer following surgery last night to remove the lower lobe of his right lung, with the 71-year-old pontiff spending a peaceful night recovering at Rome’s Gemelli hospital. Tests confirmed a diagnosis of lung adenocarcinoma, and doctors are awaiting further test results before deciding on treatment. The Vatican stated that the affected lobe was removed, with the procedure completed successfully.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
Egypt’s balance of paymentsswung to a USD 2.8 bn surplusin FY 2025/26, compared to a USD 2.1 bn deficit the year before. Net inflows into the capital and financial account more than doubled to USD 23.2 bn from USD 10.2 bn. Net FDI and portfolio money together brought in USD 22.2 bn, within USD 300 mn of the current account gap;
Foreign institutional investorshave flocked to MNT-Halan’s USD 126.5 mn IPOon the Egyptian Exchange. The fintech giant’s private placement closed 11.2x oversubscribed yesterday. More than 300 investors across more than 10 countries — including multiple GCC countries, the UK, France, Switzerland, South Africa, and Egypt — put in orders for the 272 mn shares at the EGP 24.50 offer price;
Hassan Allam Holding is the latest Egyptian developer to cross the Gulf into Oman. The group’s real estate arm Grova Developments signed two agreements yesterday with state-owned Oman Tourism Development Company (Omran Group) to launch the first residential phase at Madinat Al Irfan in Muscat. The agreements cover a USD 75 mn residential neighbourhood and a USD 40 mn branded residences project, roughly USD 115 mn combined;
The EGX30etched out a modest gainin 3Q, closing the quarter up 2.79% at roughly 51.9k points, against an 11.4% rally in 2Q. September slowed the overall gain, with the index shedding 5.4% over the month, dragged down by building materials stocks.
☀️ TOMORROW’S WEATHER- As The Neighborhood once sang, it’s sweater weather. Temperatures in Cairo tomorrow drop to a breezy high of just 29°C, with a cool overnight low of 20°C, according to our favorite weather app.
🎨 Egyptian artists have been working alongside European and American modernism for nearly a century, but global audiences have rarely seen that history gathered in one room.El Marsam: Modern and Contemporary Art from Egypt opened at the Middle East Institute’s (MEI) art gallery in Washington, DC on 18 September and runs through 11 December — according to MEI, it’s one of the first US gallery exhibitions devoted entirely to modern and contemporary Egyptian art.
The title tracks the movement’s own history. Marsam is Arabic for studio, the word that gradually replaced the French atelier among Egyptian artists after the two were long used interchangeably. Curator Heba El Kayal reads that switch as a shorthand for Egyptian modernism itself, which took from international currents while working through local traditions, subjects, and aesthetics. She also treats the studio as a place where older artists trained younger ones, and the hang follows those lines of influence.
The works on view span painting, sculpture, drawing, photography, and collage, from canvases dated 1937 to pieces made in 2026. Twenty-nine artists are represented. Pioneering modernists Mahmoud Saïd, Inji Efflatoun, Abdel Hadi El Gazzar, and Gazbia Sirry, among others, hang near Hassan Soliman and his former student Samir Fouad, whose works sit side by side. The contemporary end includes photographer Youssef Nabil, Huda Lutfi, Lara Baladi, and Yasmine El Meleegy, who built a mural from porcelain made at an Egyptian factory, and more.
Most of the works are on loan from private Egyptian collectors, galleries, and the American University in Cairo. Naguib Sawiris put up the lead funding and lent pieces from his own collection, with Hassan Allam and David and Gretchen Welch among the major funders. That backing lands in a market El Kayal calls undervalued: Egyptian moderns still draw less money and attention than their French and American peers, and most buyers are Egyptian and Gulf collectors, she tells us.
Less than a month following its opening, EnterpriseAM caught up with exhibition curator Heba El Kayal (LinkedIn) to discuss El Marsam, how it came to be, what impact it seeks to have, and where Egyptian art stands globally today. Edited excerpts from our conversation:
EnterpriseAM: When did you settle on El Marsam as the title?
Heba El Kayal: The mandate was an exhibition introducing an American audience to modern and contemporary Egyptian art. The title of El Marsam came together when I was thinking about the works that I was going to include and how I was going to tie them in together, because an overview of a type of art, genre of art, or history of art is very broad.
I started asking collectors about the works that they have and what they’d be willing to lend. One work that was shared and offered to be loaned to me showed an aerial view of a number of artists in a massive studio, sectioned off, with different artists sitting at different easels and working. It got me thinking about how the studio is really a site of gathering, learning, exchange, and mentorship by older artists and younger artists. I decided to call it El Marsam because it would allow me to include different works and start to pull in the relationships between artists — whether they were literal relationships or a thread of artists who had informed or influenced others.
For example, I wanted to make sure that I included Mahmoud Saïd, seeing as he had a great influence on many artists that came after him. I wanted to include Hassan Soliman because he had taught artists such as Samir Fouad, and so I included both Soliman and Fouad and even hung them side-by-side in the exhibition. Then there were examples such as Yasmine El Meleegy, who works with porcelain — made by Fathy Mahmoud. Mahmoud was an industrialist who had been commissioned to produce big pieces for government offices. El Meleegy paid homage to him by using ceramicware from the factory and creating a mural, referencing one of the artworks that he had done.
E: You studied English and Comparative Literature at AUC before art history at Columbia. What pulled you from literature to art?
HK: I did study some art history at AUC; I took what I could, and I think if there had been a full art history major, I would have studied that along with English and Comparative Literature. Upon graduating, I started working as a journalist, and I wrote a lot on the art developments that were taking place in Egypt at the time. I reviewed exhibitions, interviewed artists, and went to their studios.
What really caused me to transition from literature to art history was recognizing, during the Arab Spring, that a lot of what had taken place was prophesied by the artwork that I was seeing before the Arab Spring. Samir Fouad had an exhibition two months before 25 January, which offered commentary on what had happened to the Iraqi prisoners in Abu Ghraib prison in Iraq. It depicted figures staring out at windows with cow carcasses hanging overhead — It was an interesting commentary on the strangeness, the violence, and the repression that was prevalent in the region.
There was something about it that was so prophetic about what was to come, the violence that was to erupt. It made me recognize the power of art as a medium and as a tool for expression, debate, and activism. That’s the reason why I shifted, because it allowed me to tell stories and understand things in a very relevant, contemporary way.
E: What principle decided what made the wall?
HK: How I went about the exhibition is that I had a list of people that I wanted to include; people that were influential in the order of Egyptian art history; who catalyzed movements. It was really important for me to try to tell as cohesive a story about modern and contemporary Egyptian art as possible. It’s by no means exhaustive, but it’s an attempt to really showcase the breadth of Egyptian art history.
I struggled with having people agree to lend works for a period of time. It sometimes happens where, sadly, an exhibition does not get to include somebody because of reasons as banal as logistics. We were lucky to get the works that we did, and if I was to expand the exhibition, I would try to include more artists, but also several examples of works by each of these artists so I could show again just how expansive their practice has been. All of these people that have been selected, all of these artists that have works on the wall, are people who have done an incredible amount of work and are known for various series.
Every work had something very strongly related to identity, to an Egyptian identity, to being Egyptian, to being of Egypt, and to being from Egypt. I think that’s why many of these works, despite being so different, all hang together quite well. There are very different works up there, from paintings as early as 1937 to photography and collage work as recent as 2025 and 2026.
E: What did you want El Marsam to do differently, especially for a US audience?
HK: I wanted El Marsam to upend people’s understandings and assumptions about what the Middle East is, what Egypt is, and what art in Egypt is like. I wanted to show just how talented, capable, and incredible the work produced by Egyptian artists over the decades is, and show a US audience not only the extensive history of Egyptian art, but the high level of skill and talent that is to be found in Egypt.
E: Several weeks in, who is mostly coming through the door? Is there a question American visitors kept asking you?
HK: People who are mostly coming through the door are a lot of visitors and guests to the Middle East Institute, which hosts guests regularly for different events, roundtable discussions, and people from the government. There are also a lot of members of the diaspora, people who have heard about this exhibition, and Americans living in DC. The American audience so far has been very impressed and really taken by what they’ve seen. I feel very lucky that we’ve been able to have that kind of an impact. It’s generated a lot of questions and thoughts pertaining to people’s understanding of Egypt.
E: Measured against other moderns, where do Egyptian moderns sit in the market? Are they undervalued?
HK:Yes, Egyptian moderns are undervalued globally. They don’t fetch or even receive the attention that French modernists or American modernists are currently achieving in the market, because Egyptian art is known, but it’s not the most known nor the most understood.
Academics have to contextualize these artists and these works in research papers, conferences, and texts. Curators have to do their utmost effort to learn about these artists and incorporate them in exhibitions. Collectors and patrons have to be generous and lend these works when asked of them so that these works can travel, be seen by different audiences, and audiences can learn about them. Egyptian modern art is actually quite special and quite beautiful, and it does not sit where I believe it can and where it should, but I believe that the kind of work that one does will help to get it there eventually.
E: Who is buying Egyptian art now? Egyptian collectors, Gulf buyers, or Western institutions?
HK: People who are collecting Egyptian art now tend to be Egyptian collectors and people from the Middle East and the Gulf. Western institutions have started to collect some of the modernists and some contemporary artists, and I think that it’s been wonderful to have that happen. But it is still an underdeveloped market. The more interest there is in Egyptian art, the more buyers there become, the bigger the market becomes, and the more it expands. It’s a gradual matter, but I think it will happen with time.
📚 The prospect of a trade war may seem remote, but it’s never entirely off the table — andHow to Win a Trade Warmakes that abundantly clear. In today’s Trump-era tariff frenzy, the book’s authors, British economics journalist and podcaster Soumaya Keynes and American economist Chad P. Bown, examine what all-out economic warfare could look like. Across a brisk but heady 300 pages, the authors unpack the ins and outs of global trade, the strategies countries use to stay ahead, and the costs of economic conflict in an increasingly fragile global economy.
What to expect: Keynes and Bown make a hefty subject light and accessible to a general, beginner audience with humor, a lot of simplifications, and plenty of what-if scenarios. They start with the basics: what are the benefits of trade (the answer is more complicated than you might think), who gains from it, and who bears the costs? From the impact of Chinese imports on US manufacturers to the winding routes products take through global supply chains, Keynes and Bown show that when the rules of the global economic game begin to break down, there’s far more to worry about than tariffs alone. But building a more resilient trading system is possible, they suggest — albeit with some trade-offs.
What we liked: Former podcast creators who now host their own shows, Keynes and Bown bring considerable expertise and insight to a lively narrative, drawing on external research and interviews with prominent industry figures. The book favors accessible, journalistic commentary over a scholarly, technical approach, so seasoned economists may find less here to sink their teeth into. Though some may find the explanations oversimplified, the authors make trade wars a genuinely compelling subject. Their writing feels personalized enough to keep you hooked, and the range of detail and historical context gives curious readers a lot to chew on.
Our verdict: How to Win a Trade War is about as close as you’ll get to a non-fiction book that doesn’t feel like one. Keynes and Bown craft an engaging, narrative-driven survey of trade wars, steering clear of the sometimes dry, less exciting tone that can bog down books on the same subject. Trade nerds may still find plenty to chew on if they indulge the authors’ humor-heavy, streamlined style, but economics novices stand to gain the most — an engaging, page-turning introduction to the more complex implications of global trade.
WHERE TO GET IT- You can find the ebook on Amazon.
⚽ Champions League action continues today with Matchday 2’s second slate across Europe, while handball takes center stage at home with an all-Egyptian African final. Manchester City host Paris Saint-Germain in the night’s standout fixture. City enter the match boasting eight victories across all competitions this season, while PSG arrive as defending champions chasing a third straight title under manager Luis Enrique. Kick-off is at 10pm on beIN Sports 1.
Meanwhile, Liverpool travel to Lask as they look to recover from Sunday’s defeat to City, with kick-off set for 7:45pm on beIN Sports 2. Real Madrid also visit Roma tonight, with kick-off set for 10pm on beIN Sports 3.
Other Champions League fixtures on our radar tonight:
Feyenoord vs. Como — 7:45pm, beIN Sports 4;
Real Betis vs. Porto — 10pm, beIN Sports 5;
Bodø/Glimt vs. Borussia Dortmund — 10pm, beIN Sports 6;
Shakhtar Donetsk vs. AEK Athens — 10pm, beIN Sports Extra 2;
Slovan Bratislava vs. Stuttgart — 10pm, beIN Sports 7;
Aston Villa vs. Fenerbahçe — 10pm, beIN Sports 4.
🤾 In handball action
The African Handball Champions League wraps up today in Angola with an all-Egyptian final: Al Ahly take on Zamalek for the continental title at 5:30pm, live on ON Sport Max.
🥅 ICYMI-
Over in the Champions League: Barcelona thrashed Galatasaray 4-1 in Istanbul, Arsenal beat Lille 3-0, and Atlético Madrid beat Manchester United 2-0.
🧑🧑🧒 Looking to nurture your child’s talents?Steps Summit is taking over SODIC East’s Sports Club on Saturday, 17 October for a full day of family-focused activities designed to support children’s learning, development, and future potential.
With a focus on psychology and five talent zones, the summit brings together different youth development programs — from Central Dance Studio and Theater & Movement to camp program Blooms. Expect workshops, exhibitions, panel talks, and plenty more activities to help families explore new ways to support their children. The day kicks off at 11:30am, with tickets available on TicketsMarché.
The EGX30 rose 0.4% at today’s close on turnover of EGP 7.3 bn (36.0% below the 90-day average). Local investors were the sole net buyers. The index is up 23.1% YTD.
In the green: ADIB (+5.1%), Orascom Construction (+3.0%), and Orascom Development (+2.1%).
In the red: Cleopatra Hospital Company (-1.4%), Telecom Egypt (-1.2%), and Fawry (-1.2%).