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These homegrown brands have some big shoes to fill

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WHAT WE’RE TRACKING TONIGHT

Egypt eyes return to EUR-denominated bond market after eight-year hiatus

Good afternoon, friends, and happy almost-weekend. It’s another slow day in the press, and we’ve got the rundown for you below. Also in today’s issue: we explore Egypt’s domestic footwear sector and recommend your next read.

So, when do we eat? Maghrib prayers are at 5:51pm in the capital, and you’ll have until 4:58am tomorrow to hydrate and caffeinate ahead of fajr.

THE BIG STORY TODAY-

📍 Egypt is eyeing a return to the EUR-denominated bond market for the first time in eight years, with the Finance Ministry weighing a EUR 1 bn issuance in 2Q 2026, two senior government sources told EnterpriseAM.

Working with potential lead managers including BNP Paribas and Deutsche Bank, Bank of Alexandria (Intesa Sanpaolo), and Standard Chartered, the ministry views EUR markets as a “more stable” alternative for its gradual re-entry into international debt markets, which also includes plans for a separate USD 2-2.5 bn offering by mid-year.

The move is designed to refinance upcoming maturities — including a EUR 1 bn bond due this April — and capitalize on a sharp drop in Egypt’s CDS risk premiums, which hit a six-year low in January following a perfect track record of debt service and a surge in foreign holdings to USD 45 bn by end-2025.

^^ Read the full story and more details in tomorrow’s edition of EnterpriseAM.

THE BIG STORY ABROAD-

🌐 Still dominating the headlines this afternoon is US President Donald Trump’s State of the Union address — his longest speech on record, surpassing the 100-minute mark (watch,runtime: 1:58:18). The speech brushed off concerns over the US economy, with Trump noting that the “roaring economy is roaring like never before.” The president doubled down on his tariff policy and claimed that he had slowed inflation and driven the stock market to record heights. He failed to mention foreign policy or cost-of-living concerns, instead calling out Iran’s nuclear ambitions and making his case for possible US military action against the country.

^^Read more on Bloomberg, Reuters, and the Financial Times.

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

  • The Finance Ministry is looking to issue its newly debuted Citizen Bonds on a monthly basis. Each new issuance will feature a variable interest rate determined by market conditions at the time of offering;
  • Islamic Cairo may soon welcome new private investors, as the government prepares to offer a selection of restored heritage sites under public-private partnership schemes;
  • CIB is set to begin due diligence on HSBC Egypt’s retail banking portfolio. It’s the first formal confirmation that a process which could see HSBC divest its retail franchise here has moved beyond the exploratory phase.

🌤️ TOMORROW’S WEATHER- We’re in for another cool, breezy day in Cairo, with a high of 21°C and a low of 11°C, according to our favorite weather app.

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AFTER HOURS

How local designers are stepping into Egypt’s footwear market gap

👟 For the shoe aficionados among us, the market gap is clear: Finding nice, simple, high-quality shoes in Egypt isn’t easy — and it’s not for a lack of local shoe stores. They are everywhere, with storefronts so crammed that it’s difficult to distinguish one pair from the other. If you go the mall route, you’ll find better displays and an underwhelming selection of low-quality imported brands.

That’s why a handful of new local shoe brands have recently caught our eye. They are attempting to fill a market niche with cutting-edge design and high-quality craftsmanship at prices that are competitive with the lower quality imports currently available on the market.

EnterpriseAM sat down with two of these young footwear designers to learn what inspired them to enter a challenging sector currently dominated by mass market brands.

A UC Berkeley architecture graduate, Sole22 founder Hana Ghazi (LinkedIn) first became interested in shoes during a stint designing store facades at Tiffany & Co in New York. “I took a shoe course that covered everything from sketches to production. I got so into it that on weekends I would find myself going to fabric shops, exploring materials and learning everything I could about the industry. About a year later I moved back to Egypt and started my own shoe business,” Ghazi tells EnterpriseAM.

Twin Flame founder Hala El-Sherif (LinkedIn)also comes from a design background. A Parsons graduate, El-Sherif split her time between Paris and New York — two cities she credits with developing her design aesthetic. “When I was in New York I took an elective called shoe construction and I absolutely loved it. By the time I got to my senior year in Paris, I knew that shoes were going to be my focus,” El-Sherif tells us.

A modern approach to traditional manufacturing

Egypt’s domestic footwear sector currently satisfies 60-70% of market demand, according to Chairman of the Board of Directors of the Egyptian Chamber of Leather Industries Gamal El Samalouti. Local production is distributed across approximately 170-200 manufacturing facilities. Most of these establishments are small-to-medium-sized operations, predominantly run as independent, single-owner businesses rather than large, branded corporate groups.

In addition to factories and mass market products, many artisanal shoemakers continue traditional leather shoe production by hand. These skilled craftsmen serve niche markets and preserve heritage techniques.

The current market landscape makes it challenging for small, independent, design-led brands to break through. “It was only after months of due diligence and factory visits that I began to comprehend the barriers to entry in this sector,” said Ghazi. “The big factories are only interested in mass production, so if you want to manufacture on a small scale you have to [work] with the small workshops, which requires being very hands-on at every stage of the production process,” she added.

Despite the prevalence of shoe manufacturers in Egypt, there is very little innovation. “They all have the same lasts, the same shapes, and the same techniques that have been passed down for generations. Introducing anything new is often met with resistance,” said El-Sherif.

The availability of materials is also an issue. “The leather and the lasts in Egypt are great, but I find it difficult to find good quality soles, and the method used to attach the sole to the upper — glue instead of stitching — is also lacking,” said Ghazi.

Both Twin Flame and Sole22 currently outsource their manufacturing. El-Sherif hopes to have her own small production facility soon. “It’s difficult to protect my designs and control the quality and delivery timelines as long as I’m fully outsourcing.”

Branding and social media

For the up-and-coming shoe brands, building a strong digital presence is a central component of their business model. Founders are investing heavily in cultivating a social media presence that reinforces their identities as contemporary, design-clever footwear rather than generic resellers, and that has played a major role in capturing the attention of their target customer.

“Our social media is our storefront. It’s the storytelling platform of our brand. Our strategy focuses more on creating a brand world rather than selling. My last photo shoot was in New York, for example, where it all started,” said El Sherif.

Sole22’s instagram feed uses a mix of clean photography and videos that often include the founder herself. To coincide with Ramadan, they launched a 15-episodevideoseries called “People of Craft,” which spotlights Cairo’s traditional artisans.

Look and feel is everything

Another area that Ghazi and El-Sherif have meticulously cultivated is branding and packaging. An avid matchbox collector, El-Sherif designed her shoe box to open like a matchbox. The name Twin Flame itself was inspired by matchboxes.

“When I receive packages, I like to feel that there’s a special touch,” explains Ghazi. “I tried to make sure that Sole22 offers a premium unboxing experience. I wanted everything from the color of our shoe box to the little piece of leather with our logo on our dust bag to feel elevated.”

Future growth potential?

Estimates for Egypt’s footwear market vary — but even conservative figures show hundreds of USD mns to bns in total annual sales across all categories. A substantial market size means there’s room for specialised segments to carve out space alongside mainstream players. Independent brands like Sole22 and Twin Flame that are leveraging social media to sell directly to consumers have quickly made a name for themselves without investing in massive physical networks.

Where do they see themselves going? Ghazi hopes to have a physical Sole22 store in the near future, while El-Sherif hopes to see Twin Flame expand regionally. Both agree that the potential is huge and that early signs are showing that the market gap they are addressing is hungry for more.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

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Under the Lamplight

What gets lost in translation when you’re far from home?

💡 “Man kharag min daro, ‘al me’daro.” In Egyptian-American author Rajia Hassib’s debut novel, In the Language of Miracles, this Egyptian saying is translated into: “whoever leaves his house loses prominence.” While an apt and accurate translation, the English iteration of the proverb fails to deliver the impact and sense of loss felt in Arabic, begging the question: What gets lost in translation when you’re far from home? In her 2015 novel, Hassib dissects just that.

The Egyptian Menshawy family has long sought the American dream, only to suffer its nightmare. Recently wed with a newborn, Samir and Nagla move to the US to pursue careers as doctors. While the relocation is off to a rough start that tests their relationship, the waves soon subside, only for everything to come crashing down decades later. As their children grow older and begin developing identities of their own, a crisis leaves the family unmoored and under intense scrutiny from their new-found community: their eldest son, Hossam, is found dead alongside his girlfriend, Natalie, and the Menshawys are to blame.

Oscillating between the different members of the family, the novel is narrated a year after Hossam’s death, tracing the days following the incident. Hassib eloquently anatomizes the psyches of each of the surviving family members: Samir, Nagla, their surviving son Khaled, and his grandmother Ehsan, who refuses to part with her Egyptian ways. We see a mother unspooled following her son’s death, a father desperately trying to prove he “belongs,” a brother seeking to escape his family’s shadow, and a stalwart Egyptian grandmother observing it all with a masked, heavy heart.

This is a novel the pages of which were stained with our tears. Hassib’s prose carries within it a palpable grief that tugs at the reader’s heartstrings. In the Language of Miracles explores guilt, mental illness, what it means to never belong, and the pain of being lost in translation — a point Hassib emphasizes in the beginning of each chapter, introduced with an Arabic proverb and its nearest English equivalent that never quite conveys the right meaning.

In the Language of Miracles feels familiar, its characters reminiscent of people we know and love. This is why the novel proves a difficult read. By meticulously probing the innermost privacies of these familiar people, Hassib leaves the reader with a heavy heart, forcing one to spend much time introspecting and questioning all that we had once assumed was inherent to our identities. In the Language of Miracles is a story of grief and loss, yes, but it is also a story of love, and how the ways it manifests may not always make sense to others.

WHERE TO GET IT- You can find the ebook on Amazon and Kobo. You can also place a special order for the paperback version at The Bookspot.

This publication is proudly sponsored by

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Sports

Real Madrid and Paris Saint-Germain take the field

The UEFA Champions League playoff second-leg matches continue today with four fixtures, headlined by Real Madrid vs. Benfica. The first leg ended in a 1-0 victory for Los Merengues, giving the Spanish giant an advantage over the Portuguese side heading into the return match. Kick-off is at 10pm on beIN Sports 2.

An all-French summit: Paris Saint-Germain faces domestic rivals Monaco once again in their return leg. PSG secured a hard-fought W in the first leg, which ended 3-2. The match kicks off at 10pm on beIN Sports 1.

Also on our radar:

  • Atalanta vs. Borussia Dortmund — 7:45pm, beIN Sports 4;
  • Juventus vs. Galatasaray — 10pm, beIN Sports 3.


In the Egyptian Premier League, Matchweek 19 fixtures continue, all kicking off at 9:30pm:

  • Al Masry vs. Modern Sport — ON Sport 1;
  • Petrojet vs. Al Ittihad Al Sakandary — ON Sport 2;
  • Al Bank Al Ahly vs. Pharco — ON Sport app.
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Mark Your Calendar

PubG brings Wegz to the Pyramids

🎤 Wegz is taking over the Great Pyramids of Giza on Friday, 27 March to celebrate PubG Mobile’s Anniversary Carnival. The iconic rapper is the first name revealed in a lineup of to-be-announced stars set to perform at the Carnival. Expect interactive PubG-themed experiences throughout the night. You can book your tickets on Ticket Egypt.

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GO WITH THE FLOW

What the markets are doing on 25 February 2026

The EGX30 fell 2.7% at today’s close on turnover of EGP 6.2 bn (1.4% below the 90-day average). International investors were the sole net sellers. The index is up 17.2% YTD.

In the green: Eastern Company (+4.7%), Oriental Weavers (+1.3%), and Raya Holding (+0.9%).

In the red: Edita (-5.1%), Misr Cement (-5.0%), and Beltone Holding (-4.5%).


🗓️ FEBRUARY

24 February – 14 March (Tuesday-Saturday): Ramadan Premium Market at the Arena, Cairo West.

27-28 February (Friday-Saturday): Ramadan on the Farm at Hazel Farm.

28 February – 11 March (Saturday-Wednesday): Qahrawya Iftours.

MARCH

3 March (Tuesday): Angham at Al Mashrafia tent, the Grand Egyptian Museum.

6 March (Friday): The Women’s Night 5K Race with Cairo Runners at Promenade, New Cairo.

6 March (Friday): Wust El Balad at Gomhouria Theatre, Downtown.

21 March (Saturday): Eid Al-Fitr.

27 March (Friday): Wegz at the PubG Mobile anniversary carnival, the Great Pyramids of Giza.

APRIL

2 April (Thursday): Hany Shaker at Theatro Arkan.

7 April (Tuesday): Shakira at the Pyramids of Giza.

13 April (Monday): Sham El Nessim.

25 April (Saturday): Sinai Liberation Day.

MAY

1 May (Friday): Labor Day.

26 May (Tuesday): Arafat’s Day.

26 May (Tuesday): Andrea Bocelli at the City of Arts and Culture in the New Administrative Capital.

JUNE

16 June (Tuesday): Islamic New Year.

30 June (Tuesday): June 30th Revolution.

JULY

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

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

AUGUST

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

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

OCTOBER

6 October (Tuesday): Armed Forces Day.

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

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