$80 million then zero | Former e& Group CEO

Mounir Nakhla’s early research into microfinance took him across Egypt, speaking to small-business owners about their work and earnings. He found businesses making strong margins on very little capital, with limited access to funding. That gap became a business opportunity. In this episode of Money Moves, the founder and CEO of MNT-Halan discusses growing the company and taking its Egyptian business public. He explains why he believes it is difficult to disrupt, what investors are buying into, and why going public puts greater importance on communication and transparency. He challenges the idea that banks and fintech companies are rivals, explaining how closely the two depend on each other. And Mounir shares why serving customers in Egypt takes more than an app, alongside lessons from operating through inflation, currency devaluations and unexpected shocks. He also discusses his personal investment choices, the attention that comes with the unicorn label and why understanding the downside and listening to what the numbers actually say guides his approach to risk.  Chapters  00:00 Introduction 00:47 Why was only MNT-Halan's Egyptian business listed? 01:14 MNT-Halan's investment case 03:04 Will going public change how Mounir operates as a CEO? 03:41 When will MNT-Halan's mission be considered accomplished? 04:01 What did unbanked customers teach Mounir? 07:05 The number breakdown of unbanked Egyptians 08:35 Impact of microfinance on women in Egypt 09:15 What did the repayment of the unbanked and underbanked teach Mounir? 10:23 How is creditworthiness assessed? 11:09 Mounir on MNT-Halan's collection trends 11:50 Is the future banks vs fintech or banks, fintech working together? 12:47 What does a Western digital bank model misunderstand about Egypt? 14:27 How did MNT-Halan navigate challenges? 18:05 What has building in Egypt taught Mounir? 18:53 Is debt a bad thing? 21:11 Is BNPL normalizing debt? 23:24 Should one buy unaffordable things using BNPL? 27:22 What does Egypt get right for founders building businesses? 28:54 What was Mounir’s first serious financial risk? 29:24 What does Mounir personally invest and not invest in? 30:45 Is the unicorn label a status symbol? 31:35 Principles for money, risk and building in the region 

Property Finder almost didn’t survive its early years. Founder and CEO Michael Lahyani joins Natasha Turak to break down what it took to build the company from a print property classified into one of the region’s biggest digital real estate platforms. He talks about spending years loss-making, scrambling to make payroll, competing with Gulf News and betting on digital before the market was ready. Michael also gets into the mistakes he made expanding into new markets, why founders shouldn’t build just to impress investors, his biggest regret from Property Finder’s early days and why he sees an IPO as a one-way door. Plus, he explains how Property Finder is approaching AI, what he looks for in founders and his advice for young people deciding whether to rent, buy or invest. Watch the full episode of Money Moves with Michael Lahyani. Chapters  00:00 Introduction 00:44 The pain point that led to the founding of Property Finder 02:20 How did Michael decide to move to real estate? 02:52 Crises, its impact on Dubai’s property market and Property Finder 03:36 Was going digital one of Property Finder’s early advantages? 04:21 The dark moments while scaling Property Finder 05:05 The success mantra of Property Finder 05:53 The trends in Dubai’s property market after the 2026 war 06:40 The hardest thing about being your own boss 07:39 The do’s and don'ts when pitching to a VC 08:27 The truth behind Property Finder’s exit from Morocco and Lebanon 09:57 Michael’s take on the proptech industry today 10:53 An early decision Michael would do differently today 11:41 Michael on founders exiting their businesses 12:33 Why is Property Finder in no rush to go public? 13:06 Michael’s advice for young people navigating the realty market 14:18 How do you decide when to buy and when to rent? 15:08 The biggest mistake first-time property buyers make 15:52 Bye 

An Olympic career can cost up to $200K a year. And according to Farida Osman, prize money is not what keeps elite athletes going. The three-time Olympian breaks down the money behind competing at the highest level, what brands are actually paying athletes for and the sacrifices that come with staying world-class. Plus, what happens when the sport you’ve built your entire life around eventually ends? Farida breaks it all down on this episode of Money Moves.  Chapters:  00:00 Introduction 01:08 When did Farida first realize the business problems of her sport? 02:18 Is it economically viable for an average Egyptian to pursue sports? 03:43 An athlete’s income streams & the misconceptions around it 04:30 What do brands get when they sponsor an Arab, female athlete? 05:22 Has Farida faced challenges while securing sponsorships? 06:17 How does Farida choose her sponsorship deals? 07:15 Why does Farida want to open a swimming academy? 07:32 When did the academy start feeling like a business venture? 08:24 What does Farida still have to learn about business? 09:08 The business details of Farida’s swimming academy 10:17 What does success look like for Farida in 10 years 11:25 What does it cost to be an Olympic athlete? 13:01 The sacrifices behind becoming a world-class athlete 14:50 Farida’s Paris Olympics saga – what happened? 16:17 Would Farida handle the Paris Olympics situation differently now? 17:43 What would Farida do differently if she was 18 today 18:59 One thing Farida wished people asked but nobody has asked her yet 20:22 Bye 

She left Dior, went full-time as a creator and says she tripled her salary. But the bigger lesson came later: followers don’t automatically become customers. Zeynab El-Helw joins Money Moves to break down what creators are actually worth, the deals that taught her how to say no, building Reborn Society and why launching a brand is the easy part. Because as she puts it: people launch businesses and close them faster than they launched. Chapters:  00:00 Intro 01:03 From Dior to Full-Time Creator 03:14 What Creators Get Wrong 04:23 Followers vs. Customers 05:12 What Brands Get Wrong About Influencers 06:39 Explaining Social Media to Her Family 07:29 The Biggest Mistake She Made Early On 08:26 How Creators Can Actually Make Money 09:20 Creator Red Flags to Watch For 10:20 Her First Paid Deal After Dior 10:55 Building The Reborn Society 12:56 Do Creators Get Paid Differently in Dubai vs. Europe? 13:26 Making Triple Her Dior Salary 15:14 The Sacrifice No One Sees 16:37 What to Know Before Launching a Product 18:08 What Founders Shouldn’t Spend Money On 18:59 What If Instagram Disappeared Tomorrow? 19:44 Audience vs. Network: What Actually Matters 20:30 What’s Next for Zeynab? 

Born into one of Egypt’s best-known business families, Dina Ghabbour inherited opportunity but also the pressure to prove that she could build an identity of her own.  On Money Moves, she opens up about watching her family endure bankruptcy, rebuilding her career after four years away and navigating the expectations placed on women in business and beyond. Chapters0:00 Dina Ghabbour: Legacy, Pressure & Reinvention 0:58 Building a Business in Egypt Today 2:48 The Pressure of a Family Business Legacy 5:57 Risk, Bankruptcy & Rebuilding with Her Father 8:01 Visibility, Influence & the Dark Side of Social Media 9:48 Divorce, Loss & Why She Keeps Pushing 11:36 Why Authenticity Matters in Business 12:44 The Reality Behind Entrepreneurship & Hustle Culture 13:12 Feeling Like a Failure and Starting Again 14:21 Shark Tank: What Dina Looks for in Founders 15:45 Overlooked Opportunities in Egypt & the Middle East 17:10 Women in Business in the Middle East 19:53 Raising Her Daughters Without the Same Pressure 20:50 Advice for Female Entrepreneurs 21:22 What’s Next for Dina Ghabbour 

What does it take to reinvent a telecom giant and what makes a founder worth betting on? Hatem Dowidar, investor and former Group CEO of e&, joins Money Moves for a conversation spanning big business, technology, entrepreneurship and investing. He takes us inside the thinking behind Etisalat’s transformation into e&, and how the relationship between telecom companies, technology platforms and their customers have changed over the past two decades. We also get into Hatem’s life as an investor: what catches his attention in a founder, why a brilliant idea isn’t always enough, whether a corporate career can actually prepare you for entrepreneurship and what happens when a company once valued at $80 million ends up at zero. Plus, Hatem shares his approach to making difficult decisions, building at scale and knowing when a business or its leadership needs to change. Chapters  00:00 Intro 00:54 Why Etisalat Became e& 01:51 How Telecom Lost Its Power 03:53 How e& Expanded Beyond Telecom 06:03 Who Will AI Replace? 07:16 What Hatem Looks for Before Investing 08:38 The Two Founder Types That Failed 11:17 Why Startups Struggle to Scale Across Emerging Markets 13:19 Where Hatem Sees the Biggest Investment Opportunities 16:08 What Emerging Market Leaders See Before Everyone Else 17:20 Can a Company Grow Too Fast? 18:29 Entrepreneur vs. Corporate Career 22:26 The Most Important Advice for Any CEO 

In Dubai, where you eat tonight was probably decided by a video, and that video was probably paid for. Alex Augusti, founder of Just Food DXB, has spent five years building one of the city's most trusted food pages in an industry where trust is routinely for sale, and he says the thing that made it valuable was learning to say no. In this episode of Money Moves, Alex explains how a 500-dirham ice cream review turned into a full-time business, why he asked for money from day one instead of accepting free meals, and what a brand partnership actually pays at the top end. He breaks down where the real money sits and where the traps are, why taking 10,000 dirhams off a mom-and-pop restaurant can do more harm than good, why he gives clients their money back when the food isn't right, and the three number rules he gives creators, restaurants and anyone running this as a side hustle. Alex also shares how to spot a bought review as a viewer, what happened when he rated a burger below its competitors and the owner turned out to be his wife's boss, why he hates the algorithm with every fiber of his being, and the video that sold out a friend's entire weekend of stock in four hours. From fake followers and five-star Google reviews to burger fatigue, boycott accusations and the inside scoop about the restaurant he's opening, this is a conversation about building something people believe when everyone around you is for sale. Watch the full episode of Money Moves with Alex Augusti. Chapters  0:00 Inside Dubai’s Paid Food Review Economy 1:19 How JustFoodDXB Started 3:03 From Free Ice Cream to Paid Reviews 3:55 How Much Food Bloggers Really Make 4:32 Standing Out in Dubai’s Food Scene 5:33 Where the Real Creator Money Is 6:42 Should Creators Quit Their Day Jobs? 7:35 Why Alex Hates the Algorithm 8:28 Can Paid Reviews Still Be Honest? 10:13 How to Spot Fake Food Reviews 11:17 Why He Turns Down 95% of Deals 12:57 The Review That Triggered Legal Threats 15:13 Which Restaurants He Won’t Cover 16:07 The “Alex Effect” on Restaurant Sales 17:03 What Restaurants Get Wrong About Influencers 17:47 3 Rules for Creators, Restaurants & Side Hustlers 19:20 Alex’s Next Move: Opening Aatish 

What does it take to build a global brand from the Gulf? Anam Khalid and her husband started SQUATWOLF from their Dubai apartment with AED 250,000 in savings. Today, the activewear brand ships to more than 120 countries.  In this episode of Money Moves, Anam, founder and co-CEO of SQUATWOLF, takes us inside what happened in between. She explains how personal trainers and micro-influencers helped build SQUATWOLF's early community, why opening its marketing globally during COVID brought orders from more than 60 countries in a single day, and how Dubai became a launchpad for taking the brand international.  But scaling brought a new set of problems. Anam breaks down the shift from D2C to an omnichannel business, why the team now works on products 18 months ahead, and why expanding into retail meant building what was essentially an entirely new business unit.  Her lesson? “If you follow someone, you will always be the number two.”  From profitability before growth to the role luck plays in success, this is a candid conversation about building, funding and scaling a homegrown brand and trying to make sure SQUATWOLF becomes one of the names global competitors must watch. Chapters  00:00 Introduction 00:47 Why the name SQUATWOLF? 01:36 The role of activewear brands in establishing gym communities in the UAE 02:44 The journey from starting in their apartment to shipping to 120+ countries 05:12 Was SQUATWOLF ready to ship their products to 120+ countries? 05:33 Who were SQUATWOLF’s first customers? 06:35 Anam discusses the dynamics and impact of the ASCA investment 08:34 Anam’s most surprising learnings while building SQUATWOLF 11:11 Is growing too fast a disadvantage? 12:40 The impact of geopolitical tensions on SQUATWOLF 13:52 How does the additional costs get distributed? 14:39 Most underestimated challenges of building a brand in the Middle East 17:03 How did Anam navigate pressures in her corporate to startup transition? 17:54 What was Anam’s most expensive mistake? 20:26 A rule that Anam feels founders must follow 21:52 A moment when Anam felt SQUATWOLF might not work 23:53 Anam on the “luck factor” in success 24:25 Bye

In 2016, Ahmad Hammouda pitched the idea of a brokerage without brokers. The industry said no. So he built it himself. Today, Thndr is helping reshape how people across the region invest, growing from $120,000 in annual revenue to $8 million in just three years and reaching $1 billion in assets under custody. In this episode of Money Moves, Ahmad breaks down the conviction it took to keep building when the numbers were not moving, why chasing hype is one of the biggest investing mistakes and how Thndr uses both code and content to make finance feel accessible. He also gets honest about why most people should not start a company, the mental toll of entrepreneurship, and the fundraising milestone that left him feeling empty. For Ahmad, the real win was never the valuation. It was hearing from a mother who used Thndr to invest in her son’s future. Chapters:  00:00 Why Your Paycheck Isn’t Enough 01:10 What Is Thndr? 02:13 Building Through Egypt’s Financial Crisis 04:35 The Brokerage Without Brokers Idea 07:03 Why Only 0.5% of Egyptians Invest 08:59 Fixing the Financial Literacy Gap 09:44 Why Thndr Treats Creators Like Engineers 13:37 The FOMO Trap 16:21 From $120K to $8M 17:18 Thndr’s Biggest Early Product Mistake 19:16 Building a $1 Billion Investment Platform 20:41 Why Starting a Company Shouldn’t Be Your Goal 21:16 The 3 Reasons People Start Companies 23:40 The Problem Ahmad Is Obsessed With 25:29 The Mental Health Cost of Building a Company 26:53 Why Fundraising Left Him Feeling Empty 27:30 Getting More Women to Invest 29:15 The User Story That Made It Worth It 

What does it really take to build a global luxury brand from Cairo?  Aya and Mounaz Abdel Raouf, the co-founders of Okhtein, take us behind the scenes and reveal the business behind the brand. From celebrity placements to their premium pricing strategy and why it is time for brands to stop seeking Western validation. 00:00: Introduction 00:53: Mounaz and Aya describe Okhtein as a business 02:07: Okhtein’s most difficult challenges 05:42: How does Okhtein navigate difficulties? 07:41: Where all does an Okhtein bag travel? 08:57: Do logistical costs cut Okhtein’s margins? 10:20: How is Okhtein’s most expensive handbag manufactured? 14:08: How did Okhtein partner with Harrods? 15:41: The Bidayat investment and the relationship with Rachid Mohamed Rachid 16:51: Why did Okhtein expand into fine jewelry? 18:01: How did Emma Watson & Queen Rania carry Okhtein bags? 19:55: The MENA luxury market dynamics & how does it impact brand building? 26:37: Why did Mounaz and Aya position Okhtein as a “luxury” brand? 27:46: Bye Bye