Blind box economy

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WHAT WE’RE TRACKING TONIGHT

Egypt Post offloads stakes in 7 EGX-listed firms to FinMin

Good afternoon, friends, and congratulations on making it to the weekend. The coming days will remind us that summer takes its job very seriously, so we hope your AC’s effectiveness justifies the electricity bill. Today’s issue takes a look at the accessory du jour, which we think may be a harbinger of economic foundering at worst, and shifting consumer behavior at best.

THE BIG STORY TODAY

Egypt Post settles EGP 9 bn in debt with stake transfers to FinMin: Egypt Post has transferred EGP 9 bn worth of stakes in seven EGX-listed companies to the Finance Ministry in a move to settle its debt, Asharq Business reports, citing an unnamed source. The move — which is part of a wider protocol designed to address financial entanglements between different government entities — will reportedly see Egypt Post handing over the same shares it acquired from the National Investment Bank in December.

The details: The transaction included the sale of a 4.9% stake in Eastern Company, 3.4% in Alexandria Mineral Oils Company, 2.8% in Abu Qir Fertilizers, 1.7% in Alexandria Container and Cargo Handling Company, 1.5% in Sidi Kerir Petrochemicals, 1.1% in Egypt Kuwait Holding, and 0.7% in Misr Fertilizer Production Company.

THE BIG STORY ABROAD

Two Israeli embassy staffers were shot dead in Washington, DC, on Wednesday night outside the Capital Jewish Museum by a lone gunman who reportedly chanted “free, free Palestine” after being taken into custody. The victims were named as Yaron Lischinsky and Sarah Milgrim, a young couple planning to get engaged. The two were leaving a diplomatic event for Jewish professionals when they were shot, with the sole suspect identified as 30-year-old Elias Rodriguez from Chicago. The incident is being investigated as targeted violence by the FBI. (Reuters | Bloomberg | Associated Press | Washington Post | New York Times | Wall Street Journal)

☀️ TOMORROW’S WEATHER- The capital will be feeling the start of a heat wave tomorrow, with temperatures throughout the day peaking at 35°C and cooling to 22°C at night, according to our favorite weather app.

What does the Labubu mean for the Egyptian economy?

Complex global economic headwinds have given rise to a fascinating shift in consumer behavior that has quietly made its way to Egypt. Currency devaluation and high inflation has seen consumers spend more on small, affordable luxury items rather than major purchases. A major culprit on the scene? The Labubu. Its entrance in the Egyptian market could represent a fundamental change in spending patterns that have broader implications than influencers hopping on a trend.

Why are adults abroad queuing for hours to purchase USD 15-25 collectible toys in “blind boxes”? Pop Mart, the Chinese company behind the Labubu — reported explosive revenue growth of 188% in 2024 and a 375% increase in global market popularity, with their flagship character alone generating USD 410 mn in sales. When traditional luxury purchases become inaccessible due to economic pressures, consumers gravitate toward affordable alternatives that still provide the psychological satisfaction of acquisition and which become status symbols, with some models offering more social currency than others. Just like cars, one might say.

How Labubus landed in Egypt: Our current economic landscape creates ideal conditions for this phenomenon to take root. Businesses may see the increasing benefits of micro-luxury positioning — developing lines that offer premium experiences or products at accessible price points — or leverage scarcity and collectibility to drive demand. Over the past few days, a number of Egyptian celebrities have taken to social media to showcase their latest Labubu acquisitions. Egyptian actress Passant Shawky excitedly took to Instagram to showcase her latest collection, and similarly, Egyptian singer Ahmed Saad reacted to finally snatching the Labubu his collection was missing, in a video that has since gone viral — and garnered considerable mockery from fans — on Instagram. This reaction to macroeconomic pressures marks how consumer behaviour has been reshaped in significant ways.

The psychology of small luxuries: The appeal of the Labubu extends beyond economics and into psychology. In uncertain times, consumers seek comfort and control through small, predictable purchases, and Labubu’s “blind box” phenomenon — not knowing which model you’ve chosen until you tear through the packaging — taps into several psychological drivers, specifically (or most relevantly) controlled risk and social currency. Unlike major purchases, the potential loss is manageable, even if the gamble doesn’t yield the most coveted Labubu, but still provides the consumer with a status symbol.

A taste of Cookievore

There’s a certain charm to the premise of Cookievore’s All-In-One Box — a no-fuss selection of six cookies that aims to please a broad palate — ours featured the Original Chunk, Spiced White, and Double Fudge. This Cookievore box was built for sharing, or for slowly working through over the course of a weeknight wind-down.The overall texture of the cookies was spot on, not overly thick nor flimsy, just the way a proper cookie should be — crisp on the outside, soft and gooey in the middle.

Of the three, the Original Chunk was the most technically sound. The dough was well-balanced in that it’s firm enough to hold its shape yet tender at the core, with a melt that suggested proper fat content and controlled bake time. The integration of milk and white chocolate was generous but measured, lending both sweetness and creaminess without overwhelming the base. This cookie doesn’t try to reinvent anything, but it delivers familiarity with control and quiet confidence.

The Spiced White was our favorite — a well-balanced cookie that brought warmth and depth without sacrificing structure. The dough was tender and aromatic, laced with just enough ginger and cinnamon to evoke a sense of seasonal comfort, while the blend of white and dark chocolate added contrast and richness. Every bite was layered with sweet, spiced, and thoughtfully composed elements.

The Double Fudge was the weakest of the trio. Its texture leaned toward overly chewy, bordering on dense, and the chocolate used lacked the depth expected from a cookie marketed as rich or indulgent.

Cookievore has plenty to offer: In addition to its boxed cookie sets, the shop features a wide selection of flavors, including red velvet, double fudge, Kinder, Cadbury, pistachio, Nutella, Lotus, and their signature thin and chewy variety. The menu extends beyond cookies to include croissants, cookie cakes, and brownies. Notably, their popular kahk — a seasonal favorite — was unfortunately sold out when we tried to sample it.

WHERE TO GET IT- Cookievore delivers across Cairo, with orders typically arriving within one day, but some areas have specified delivery days. You can choose a preferred timeslot when placing their order through the website, or order through Talabat or Elmenus.

Who will be crowned king of Calcio?

⚽ Week 38 and the final round of Serie A launches tomorrow with two deciding title matches that will continue into Saturday and Sunday. The outcome of these clashes will draw the line between European qualifiers and relegation casualties.

The title race: Napoli and Cagliari will be locking horns at the Diego Armando Maradona Stadium on Friday while Inter visit Como at the Stadio Giuseppe Sinigaglia, with both victor-takes-all matches kicking off at 9:45pm.

Anything is possible: Napoli currently lead the table with 79 points, with Inter hot on their heels with 78 points, meaning that the Partenopei could claim their fourth Scudetto with a victory tomorrow. Meanwhile, the Nerazzurri need a W of their own and a draw or a loss for Inter to have a shot at their 21st title. Should Napoli lose and Iter draw — leaving both teams level on points — Serie A regulations dictate that the champion will be decided in a playoff at the home of the team with a superior goal difference, which would be Inter.

Serie A Saturday action:

Bologna vs. Genoa (7pm)
Milan vs. Monza (9:45pm)

The final La Liga rounds kick off on Friday with Real Betis hosting Valencia at 10pm, and will be continuing through the weekend and Sunday.

Real Madrid will be shaking hands with Real Sociedad at Santiago Bernabéu at 5:15pm on Saturday in what is expected to be an exhibition game for both sides with nothing left to gain.

Other La Liga matches on Saturday:

Espanyol vs. Las Palmas (7:30pm)
Leganés vs. Real Valladolid (7:30pm)
Alavés vs. Osasuna (10pm)
Rayo Vallecano vs. Mallorca (10pm)

History in the making: Pyramids is traveling to South Africa to face Mamelodi Sundowns at Loftus Versfeld Stadium for the first leg of the league final, kicking off at 4pm on Saturday. Pyramids are chasing their maiden continental crown in their debut final appearance, while Sundowns aim to add another trophy to their collection after a 2016 victory over Zamalek.

On the homefront: Zamalek are on Petrojet territory for the seventh and penultimate round of the Egyptian Premier League’s championship phase at 8pm on Saturday. The White Knights sit in third, officially out of the title race and Champions League qualification, but with a secured spot in the CAF Confederation Cup. Petrojet currently find themselves in 8th place.

Other Saturday Egyptian Premier League matches:

Ceramica vs. Haras El Hodoud (8pm)
National Bank vs. Al Masry (8pm)

Other Saturday showdowns we’re keeping an eye on:

Sheffield United vs. Sunderland — Premier League playoff final (5pm)
Arminia Bielefeld vs. Stuttgart — DFB-Pokal final (9pm)
Paris Saint-Germain vs. Reims — Coupe de France final (10pm)

El Hadaba hits the North Coast

MARK YOUR CALENDAR-

? Freshen up your linen shirts and pack up your shades, because Egyptian megastar Amr Diab will be warming up Sahel season at Sol Beach Marassi on Friday, 4 July. Joining the Hadaba will be German electronic dance music producer and singer Monolink, and Copenhagen-based experimental pop trio WhoMadeWho. You can grab your tickets from Ticketsmarché. Just don’t forget your sunblock.

HAPPENING THIS WEEK-

Treat your inner theatre kid to a night out this week as globally-renowned opera Carmen makes its way to the Cairo Opera House. Composed by France’s Georges Bizet, the Southern Spain-set opera explores seduction, jealousy, and the pitfalls of obsession. The opera will run at the Main Hall from Thursday, 22 May, to Monday, 26 May at 9pm — with the exception of Saturday, 24 May. Tickets are available on Tazkarti.

Hip Hop fans: Don’t miss the historic Project Meem concert, headlined by rap icons Marwan Pablo and Marwan Moussa sharing the stage. The concert will take place on Friday, 23 May at Cairo Festival City, and tickets are selling fast on Tazkarti.

All work and no play makes Momo a dull boy. Feel like partying it up this weekend? Egyptian party series PlayHaus will be bringing their signature beats and “late-night mischief” to Cairo Business Park’s The Warehouse this Friday, 23 May. Hypnotic DJ Cap, Berlin-based artist E.Lina, and resident DJs Joey and Mazen El Messery will be this edition’s players. You can grab your tickets from PlayHaus’ official Instagram.

Care for a tour of Dahshour? Qahraweya will be whisking curious wanderlusters off to Al Haraneyah and Dahshour this Saturday, 24 May, where they will get a 12-hour experience through the Ramsis Wissa Wassef Center, the Adam Hanin Museum, and the Glass Museum. The itinerary will also include interactive workshops and a traditional Egyptian lunch. If that sounds like a day well spent, you might want to secure your spot through Qahraweya’s official Instagram.

Customize your concert how you like: Pop-star icon Tamer Hosny will be the face of the Red Bull Jukebox on Friday 23 May in Taj City, where audiences will be able to choose the songs that the artist will sing, the performance style, and the stage ambience through a pre-concert vote and smart wristband during the show. Rising music producer El Waili and DJ Nedz will also be taking the stage. You can grab tickets on Ticketsmarché.

HAPPENING LATER-

Fans of smooth jazz have a rare chance to see Michael Bublé live on Monday, May 26 at the New Capital. The Grammy winner promises a landmark concert with his smooth, soulful voice and timeless hits for one special evening in Egypt. Tickets are now live on Ticketsmarché.

In the mood for a movie marathon? Manassat Film Festival is back for its 9th edition at Downtown Cairo’s Zawya Cinema this May. Running from Thursday, 29 May to Saturday, 31 May, the festival will be spotlighting a slew of Egyptian short films, and — alongside screening the films in the running for funding — will include a masterclass on costume and character design by Reem El Adl, and a few special presentations. Tickets can be purchased in person at Zawya starting Tuesday, 27 May.

Feel like running through all the colors of the wind? On Saturday, 31 May, O West will be hosting The Color Run marathon — a 5km foray through the decades, complete with “‘70s disco fever, ‘80s arcade vibes, and ‘90s street culture,” — and naturally, a whole lot of color. So be ready to get a little messy. The marathon will kick off at 8am, and the tickets are available through Ticketsmarché.

It’s almost beats by the beach season, and we’d suggest getting a headstart this Eid in Somabay. Debuting in Egypt, German electronic dance music trio Klangphonics will be joining Belgian synth-pop band Oscar and the Wolf for CJC’s Lumen party experience at Somabay’s Mesca Beach on Saturday, 7 June. Joining them with rhythms of their own are Cairo-based DJs Wolf Fang Midi, Dirty Backseat, and Zeft Funk. You can grab your tickets through Ticketsmarché. P.S. Don’t forget your favorite swimwear.

What the markets are doing on 22 May 2025

The EGX30 rose 0.4% at today’s close on turnover of EGP 4.3 bn (7.5% below the 90-day average). Local investors were the sole net buyers. The index is up 7.5% YTD.

In the green: Beltone Holding (+5.3%), Palm Hills Development (+3.4%) and EFG Holding (+3.1%).

In the red: GB Corp (-2.1%), Abu Qir Fertilizers (-1.6%), and Ibnsina Pharma (-1.5%).

ENTERPRISE ENTERTAINMENT CALENDAR

14-31 May (Wednesday-Saturday): The Corner Shop pop-up in Downtown Cairo.

21-31 May (Wednesday-Saturday): Disney On Ice at Cairo International Stadium.

22-23 May (Thursday-Friday): Carmen Opera at The Cairo Opera House.

22 May (Thursday): Tetrat w Zekrayat at Theatro Arkan.

23-25 May (Friday-Sunday): Arkans’ Farmers’ Market at Arkan Plaza.

23 May (Friday): PlayHaus at Cairo Business Park’s The Warehouse.

23 May (Friday): Project Meem at Cairo Festival City.

23 May (Friday): Redbull Jukebox at Taj City.

24 May (Saturday): Qahraweya’s “Wrapped in Silk” tour in Al Haraneyah and Dahshour.

25 May (Sunday): Saad El Oud at Boom Room.

25-26 May (Sunday-Monday): Carmen Opera at The Cairo Opera House.

26 May (Monday): Michael Bublé at New Administrative Capital.

27 May (Tuesday): WKND CMDY Night at CJC 610.

28 May (Wednesday): Jadalat CJC610.

29 May (Thursday): Omar Khairat at the Cairo Opera House.

30 May (Friday): Disco Misr Festival at Zed Park.

30 May (Friday): Adam Port at the New Administrative Capital’s Green River.

30 May (Friday): Sharmoofers at Boom Room.

30-31 May (Friday-Saturday): Dalida: Bint Shoubra at The Theatre.

31 May (Saturday): AUC Alumni Folklore Group at Theatro Arkan.

31 May (Saturday): The Color Run at O West.

JUNE

1 June (Sunday): Mai Farouk at the Cairo Opera House.

6 June (Friday): 50 Years of AC/DC concert.

7-8 June (Saturday-Sunday): Makadi Heights Music Festival at The Haus, Makadi Heights.

26 June (Thursday): Jeff Dunham at the New Capital’s Drama Hall.

27 June (Friday): Medhat Saleh at Cairo Opera House.

28 June (Saturday): Cairokee Empire concert at Cairo International Stadium.

JULY

4 July (Friday): Amr Diab, Monolinkand WhoMadeWho at Sol Beach Marassi.

OCTOBER

16-24 October (Thursday-Friday): Gouna Film Festival.

30 October - 22 November (Thursday-Saturday): Forever is Now at the Great Pyramids of Giza.

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