Making It

MNT-Halan’s IPO has been the talk of the market for a few weeks. So on this episode of Making It, Mounir Nakhla, the founder and CEO of MNT-Halan, joins Patrick to talk about why his company is going public, and why now is the right time.  Mounir built MNT-Halan in about 17 years, and soon 20% of the Egypt side of the business will be up for grabs. In the first part of the episode, Mounir takes us through what motivated the decision. He makes the case for returning FDIs, that the so-called Egypt discount is over, and he tells Patrick what it would take for this IPO to “pop.” In the back half, we glimpse the day-to-day operations of MNT-Halan and how they journeyed to the top over the past decade. According to Mounir, distribution and retention are key. You need the right tech and the right team, sure, but the route to growth is simple: make yourself available to the customer. And of course, we ask him about AI and whether or not we might be in the early stages of a credit bubble. Sign up to our newsletter to get Making It in your inbox every Thursday.See omnystudio.com/listener for privacy information.

What do you risk when you build your business on top of the world’s frontier AI models? Youssef Rizk says, “Look at Google’s graveyard.” Youssef is the CEO of Windfall and co-founder and CTO of Wondercraft, which is the company we rely on to produce our other show Morning Drive, using the AI voice of our very human executive editor. On this episode of Making It, we discuss the present moment in tech, and take a pause to ponder the future. We unpack AI at the application layer and then think through how it impacts how the work gets done, and who gets to do it. Does AI replace people? Or does it add more work? Sign up to our newsletter to get Making It in your inbox every Thursday.See omnystudio.com/listener for privacy information.

For a few months, alarms have sounded across the board cautioning of an impending credit bubble. Are they warranted?  On this episode of Making It, Hazem Moussa joins Patrick to break down how a bubble in the credit industry actually forms, what regulators should watch out for, the risks on both sides, and the responsibility that lies on the client side — us, the consumers.    Hazem is the co-founder of Contact Financial Holding. He’s often credited as the architect of Egypt’s consumer finance industry.  In April, Hazem announced that he’s stepping down from Contact after a 25-year run. So we begin with him taking us through his final days at Contact, how he planned his exit all along, and the difficult choices he had to make along the way.  In the second half of the episode, he weighs in on the rapid expansion of NBFIs. On the one hand, the central bank has been tightening the screws on how banks fund non-bank institutions. And on the other hand, the lending train doesn’t seem to be slowing down. Hazem’s take is that there is no harm in being careful; as a community, we need to be cognizant of the risks, but regulators too need to respond by not “trying to control everything.” Hazem was a guest on Making It back in 2019. You can listen to the previous episode here.  Sign up to our newsletter to get Making It in your inbox every Thursday.See omnystudio.com/listener for privacy information.

Is Egyptian food having a moment? And more importantly, is our cuisine finally claiming its seat at the global table?  Hoda El-Sherif says, “It’s coming.” Hoda is the co-founder and CEO of Flavor Republic, and the force behind Cairo Food Week. On this episode of Making It, Hoda argues that Egyptian food belongs on the same table as the great cuisines of the world. That’s the thesis behind Cairo Food Week, whose fourth edition runs between 24 September and 4 October.  Hoda and Patrick dive into our burgeoning food industry and how it’s changed over the last few years, chefs who are carving their spot on the global map, the gaps that still exist in the market, and the lessons Egypt can learn from countries that have championed their culinary narratives, making gastronomy tourism a matter of state policy. With a sprinkle of AI and its impact on the making and marketing of food, in true Making It fashion.  Check out Cairo Food Week’s full calendar of events. Listen to Morning Drive from Sunday to Thursday.  Sign up to our newsletter to get Making It in your inbox every Thursday.See omnystudio.com/listener for privacy information.

After almost 50 years of competition, why would two companies choose to merge? Is it as simple as the big entity buying the smaller one, or is there more to the story?  On this episode of Making It, Ahmed Ragab joins Patrick to share how things actually played out for him.   Ragab is the CEO and Partner at Baraka Retail Group. This past May, Ragab sold control of Baraka Optics to Maghrabi, via a merger through acquisition, where Maghrabi bought 51% of his company. He chose not to walk away, even though he could have.  Baraka launched in 1979 as a wholesale business focusing on optics. Today, they operate in a number of industries: optics, fashion and e-commerce. Ragab explains the why behind the decision, and then breaks down the projected outcomes. He also shares his ethos as a manager, how he keeps up with trends “in a classic industry,” and how he thinks about the question of succession. Sign up to our newsletter to get Making It in your inbox every Thursday.See omnystudio.com/listener for privacy information.