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Why going against the grain pays off

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WHAT WE’RE TRACKING TONIGHT

Banque du Caire IPO pushed back to year-end

Good afternoon, ladies and gents, and welcome to a fresh new — and this time around, full — workweek. To ease you into the week, we’ve got a light issue for you to breeze through. Today, we’re taking a look at a New Cairo-born Japanese concept that went against the grain, watch an alternate history drama that had us hooked from the get-go, list the pre-World Cup friendlies we’re watching tonight, and more.

But first, the news…

THE BIG STORY TODAY-

📍 The Banque du Caire IPO has been pushed back toward year-end instead of late June, Hashem El Sayed, head of the cabinet’s State-Owned Enterprises Unit, tells EnterpriseAM. This comes after the investment banks managing the offering requested a postponement of investor roadshows to September and October. El Sayed attributed the delay to lower volume and trading activity — particularly regarding Gulf-based offers — on the stock market during the summer months.

Where things stand: EFG Hermes and CI Capital are set to manage the bank’s offering as part of the government privatization program, El Sayed said, noting that while the fair value of the share price has been approved, the exact size of the offering remains to be finalized and could range between 30-40% of the company’s shares. El Sayed also confirmed that international and institutional offers to participate in the IPO process continue to come in.

^^ We’ll have more on this story in tomorrow’s edition of EnterpriseAM.


You’ve spent decades building wealth, and the question now isn’t how to make money — it’s how to make sure it survives you, works across borders, and doesn’t quietly erode while you’re not looking. The rules have changed. Egyptian real estate, once a near-guaranteed store of value, is competing with markets in Greece, Spain, and Dubai.

Whether it’s art as an asset, crowd-funding, or the tax implications quietly stacking up behind that second passport, the toolkit for serious capital deployment has expanded faster than most conventional advice — or most advisors — have.

In Issue 3 of EnterpriseAM Money Matters, we cover the decisions that matter most when you’re at the stage where capital preservation is just as important as capital growth — and where getting it wrong is no longer something you can simply recover from.

Coming straight to your inbox — Wednesday, June 10.


THE BIG STORY ABROAD-

🌐 It’s a relatively quiet afternoon on the news front, with no single story dominating the front pages. The US-Iran ceasefire faced yet another disruption over the weekend following escalations between US and Iranian forces in the region. Late Friday, US forces intercepted four Iranian one-way attack drones heading toward the Strait of Hormuz, before later targeting Iranian coastal surveillance radars. On Saturday, Iran retaliated by launching seven ballistic missiles toward military infrastructure in Kuwait and Bahrain, with six intercepted, according to US Central Command. Tensions extended into Sunday morning, with the US reporting that its forces shot down two Iranian drones headed toward the strait.

^^Read more on: Reuters, CNN, BBC, and Associated Press

MEANWHILE- Russia, the EU, and Washington watch with bated breath as Armenians head to the polls in a parliamentary vote that could accelerate the country's geopolitical pivot toward Europe, marking a further step away from its long-standing alliance with Russia and potentially reshaping its foreign policy direction for years to come.

The stakes are high for the South Caucasus nation, which has faced mounting economic pressure from Moscow as incumbent Prime Minister Nikol Pashinyan campaigns for re-election on a platform centered on deeper integration with Europe. In the run-up to the vote, Russian President Vladimir Putin has repeatedly warned that closer ties with the EU could carry a steep economic price.

^^Read more on: BBC, The Guardian, and Associated Press

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

  • Thndr is repositioning from a stock-trading app to an integrated wealth management platform, layering digital gold, fractional real estate, no-commission investment funds, AI-powered planning tools, and a redesigned app onto its existing trading infrastructure;
  • Egypt’s energy sector is moving across the Mediterranean and beyond, pushing technical agreements for the pipeline transporting Cypriot gas to our LNG hubs, accelerating offshore exploration at home, and exporting drilling expertise to Turkey;
  • EFG Corp-Solutions closed a EGP 5.1 bn corporate bond issuance — the largest transaction of its kind in Egypt’s debt capital market history. The issuance beats the company’s own record of EGP 2.65 bn last year.

☀️ TOMORROW’S WEATHER- Keep a bottle of ice-cold water — and your AC remote — handy, because Cairo is in for a particularly warm day. Temperatures are set to peak at 36°C, with a low of 24°C. Up north will be cooler, with a high of 29°C and a low of 21°C, according to our favorite weather app.

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FOOD & BEVERAGE

Inside Hara Hachi Bu’s high-risk, high-quality Japanese concept

🍣 Sushi in Egypt isn’t hard to find — in fact, if you throw a rock in a mall, it’s likely to land on a sushi bar. From 100-piece combos dished out faster than you can say nigiri to 20-minute quick-packs delivered right to your doorstep, what was once a relatively upscale meal in Egypt’s F&B market is now a food item — just like any other — that’s anything but uncommon. We’d know, we’ve pretty much tried them all, with some faring better than others.

That’s exactly the problem one premier Egyptian F&B entrepreneur has been working to fix. Tamer Leithy (LinkedIn), who brought some of Egypt’s biggest F&B names to life, including Tamara, Mori, Mince, Ted’s, and The Grocer’s, introduced his experimental Japanese restaurant: Hara Hachi Bu. EnterpriseAM sat down with Leithy to ask: Why go against the grain? Why now? Did it pay off?

“I realized a gap in the market for high-quality sushi. I noticed that around 95% of the market is working with frozen ingredients,” Leithy tells EnterpriseAM. “It’s all about offers, [markdowns], and ‘all-you-can-eat’ options — which limits a restaurant’s ability to provide high-quality sushi, which is the whole idea.” For that model to be sustainable, restaurants need to compromise: either hike the prices to cosmic levels or risk quality. “You can’t have both,” Leithy says.

But was it always like this? Not quite. Sushi was first introduced in Egypt in the late ‘80s, courtesy of Japanese expats who brought professional chefs to help popularize their country’s national cuisine, according to Al Ahram, citing Egyptian sushi chef Ahmed Kamal. In 1995, according to Kamal, a single roll could cost EGP 10 — quite the number back then. Until that point, sushi was confined to high-end restaurants in upper-class neighborhoods. It has skyrocketed in popularity over the past two decades.

“It wasn’t always this way — this shift [toward offers] happened sometime over the last six to seven years, but the market unfortunately shifted,” Leithy tells us. As the top players began their pivot, everyone else followed suit, and everyone just got used to it. “That form of consuming sushi has become a way of life for Gen Z. As they grew up, they got used to that. So now you have a gap for really good, fresh sushi, where all the ingredients are fresh.” Leithy then notes that all the existing sushi brands have — more or less — “the exact same menu,” saying he wanted to do something entirely different.

That’s exactly what Leithy did with Hara Hachi Bu. A Japanese Confucian proverb that translates to “eat until you are 80 percent full,” the concept — with its debut location in District 5 — sought to bring back a (literally) fresh, mindful approach to the Japanese delicacy. Through different recipes, new introductions to the menu, and a strictly fresh approach, Leithy brought back what it truly means to enjoy sushi.

Egyptians love a good bargain — exactly what traditional sushi spots serve up — but we love good, fresh food even more. “Our entire approach to marketing the restaurant was based on the fact that we were all about freshness, and while the Hara Hachi Bu concept was a part of it, to us it was always about offering something literally fresh.” Leithy’s mission to offer a fine-dining sushi experience in a casual setting paid off. “We had high expectations, but reactions went even beyond that.” Guest reactions were overwhelmingly positive, Leithy tells us, with patrons — including us, when we stopped by for an unplannedreview in May of last year — praising the freshness.

Hara Hachi Bu’s strictly fresh approach comes with risks — especially amid regional tensions. “We get our salmon flown in by plane multiple times a week — and most of our ingredients are sourced from abroad as well,” Leithy says. With the ongoing tensions, Hara Hachi Bu found itself in a bit of a pickle: “When it came to fish, we found ourselves almost completely out of fresh stock. We didn’t know what to do because we couldn't serve frozen salmon, and if we were going to serve it, we would have had to declare it to the customers.” By some miracle, before having to make that decision, a shipment came through, and business carried on as usual.

With 12 tables over approximately 60 sqm, the District 5 branch functioned as a stepping stone for Leithy — a way to build the name and reputation. A little over a year later, Leithy took his experimental concept to the west of the capital with a brand-new branch at Hale Town Mall in Sixth of October. “My friends, family, business partners, and I always felt that West Cairo was missing a prime sushi destination — but I just couldn’t find the right location. The second I did, we opened up.”

Looking forward, Leithy has his sights set on expanding the nascent concept. “The new location is highly accessible to everyone — between New Giza and Palm Hills, you have over 12k homes, and we see very strong potential there, especially on the delivery front.”

The takeaway for up-and-coming F&B entrepreneurs: When a good chunk of the market converges on the same offerings and pricing model, the biggest risk isn’t trying something new, it’s sticking to the old, what everyone else is doing. Hara Hachi Bu’s early success demonstrates that breaking away from the well-trodden path — while requiring operational discipline — pays off.

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ON THE TUBE TONIGHT

Alternate history done right in Apple TV’s Star City

📺🚀 What if the Soviets had won the space race back in 1969? That is the question answered by Apple TV’s longest-running original show, For All Mankind (FAM). When Americans first landed on the moon, the space race came to an end on account of dissipating urgency, high costs, and a slew of other factors. In FAM, the showrunners explore a timeline in which America’s loss to the Soviets triggers a colossal investment in space exploration, ultimately changing the world as we know it.

Seven years later and one year prior to the series finale of FAM, the showrunners are turning back time to explore the same story again with Star City … from the other point of view. Whereas FAM is told through an American perspective, Star City explores the events that led to the Soviet Union’s triumph through a narrative that masterfully showcases the reality of life in twentieth-century Soviet Russia.

Do you need to watch FAM to get into Star City? No, but you definitely should. Despite Star City being essentially fan service for FAM loyalists, you don’t need to watch the parent show to enjoy the spin-off. Star City provides enough context to get you hooked, even with no prior exposure to the franchise.

The plot: The Apple original starts off with a bang. The Soviets have just outshone the Americans, and the political landscape has never been more intense. After landing the first man (and later, the first woman) on the moon, the Russians are working overtime to ensure they maintain their momentum — even if that means murder, torture, and all that jazz.

Irina Morozova (Agnes O'Casey) is a newbie in the KGB’s surveillance department, tasked with spying on the cosmonauts in the Soviet Union’s space program. Irina’s ambitions lead her to take initiative to rectify an error made by a colleague — a feat that impresses her superior officer, Colonel Raskova (Anna Maxwell Martin), who sees promise in Irina and pushes her moral boundaries.

The verdict: Star City isn’t a show for the faint-hearted. Expect gruesome scenes, stomach-churning sequences, and one heck of an emotional roller coaster. With only three episodes now live, Star City has already established itself as another great Apple TV original, with stellar, gloomy cinematography, a haunting score, and brilliant performances from both veteran actors — such as House of the Dragon’s Rhys Ifans — and new faces who keep up.

WHERE TO WATCH- You can stream Star City on Apple TV — episodes drop weekly on Fridays. Watch the trailer on YouTube (watch, runtime: 2:01).

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Sports

Friendly foes take the field

Fields are abuzz with a slew of friendlies today as pre-tournament warm-ups for the 2026 World Cup — kicking off on Thursday, 11 June — continue. At dawn, Egypt and Brazil went head-to-head at Cleveland’s Huntington Bank Field. Unfortunately, victory eluded the Pharaohs, who scored one goal to Brazil’s two.

The friendlies we’re watching today:

  • Denmark vs. Ukraine — 7:30pm, beIN Sports 2;
  • Croatia vs. Slovenia — 9:45pm, beIN Sports 2;
  • Morocco vs. Norway — 10pm, Arryadia;
  • Greece vs. Italy —10pm, beIN Sports 4;
  • Jordan vs. Colombia — 2am, Jordan TV Sport.

This publication is proudly sponsored by

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Mark Your Calendar

Catch Anoushka’s big night at AUC Tahrir

🎤 Anoushka is making a long-awaited return to the stage on Friday, 12 June, at AUC Tahrir Square’s Ewart Memorial Hall. The singer-actress is presenting nostalgic melodies, backed by The Syncope Orchestra, led by George Kolta. The performance comes as part of AUC Tahrir’s initiative to revive historic Downtown Cairo through music. Doors open at 7:30pm. The dress code is smart casual, and tickets are available through Ticketsmarché.

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GO WITH THE FLOW

What the markets are doing on 7 June 2026

The EGX30 fell 0.9% at today’s close on turnover of EGP 9.2 bn (12.3% above the 90-day average). Regional investors were the sole net sellers. The index is up 24.7% YTD.

In the green: Qalaa Holdings (+6.3%), Raya Holding (+2.3%), and Ibnsina Pharma (+1.4%).

In the red: Fawry (-4.0%), Orascom Investment Holding (-3.6%), and E-finance (-2.9%).


🗓️ JUNE

7 April - 8 June (Tuesday-Monday): Beyond Van Gogh: The Immersive Experience at District 5 by Marakez in New Cairo.

9 June (Tuesday): Comedy Therapy at CJC 610.

10 June (Wednesday): Aziz Maraka at CJC 610.

11 June (Thursday): The Stadium at Playa Strip by G developments, North Coast.

12 June (Friday): Anoushka at Ewart Memorial Hall, AUC Tahrir Square.

13 - 27 June (Saturday-Saturday): One Mn In Your Pocket - Real Estate Training at Tolip El Narges, New Cairo.

16 June (Tuesday): Nostalgia Soiree with Ghassan Yammine at Ewart Hall, AUC Tahrir Square.

17 June (Wednesday): Islamic New Year.

18 June (Thursday): Dr. Khaled Ghatttass at Al Manara Main Hall.

20 June (Saturday): Mohamed Helmy’s Globally Local 2nd Show at Cairo Stadium.

21 June (Sunday): Medhat Saleh at the Cairo Opera House, Zamalek.

26 June (Friday): Hamaki at El Arena.

28-29 June (Sunday-Monday): Omar Khairat at the Cairo Opera House, Zamalek.

16 April - 30 June (Thursday-Tuesday): Early bird registration 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.

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

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

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

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

AUGUST

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

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

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

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.

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

NOVEMBER

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

DECEMBER

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

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