Egyptian fragrances

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THE WEEK IN REVIEW

Capital gains tax on EGX transactions postponed to next year

Good morning folks, and happy Friday. We hope you enjoy the longer weekend and have a festive Easter.

A great way to welcome this warm Easter is by embracing a new scent. Wait, we know what you’re thinking: In this economy? And to that, we answer an unwavering “yes”.

Our guide this week shares a comprehensive list of some names from Egypt’s fragrance scene. These brands have authentic innovations and also scents that are similar to their more expensive Western cousins but won’t leave you broke for the rest of the month.

Enterprise Weekend comes out each Friday at 9:00am CLT. We’ll be back on Sunday at 6am with EnterpriseAM. Until then: Enjoy the weekend.

LAST WEEK IN 3 MINS-

CAPITAL MARKETS-

#1- Gov’t postpones collecting capital gains tax on EGX transactions starting 2025:The Madbouly government plans to start collecting taxes on capital gains incurred from trading EGX-listed financial securities starting March-April 2025.

#2- The long-awaited Act Financial IPO is coming soon: Investment management firm Act Financial is closing in on its long-awaited initial public offering on the EGX and expects to start trading its shares within two months, after obtaining approval from the EGX. The company will list up to 30% of the company and bring in around EGP 1 bn when it goes public.

After the IPO? The firm wants to either acquire or merge with another entity to create “a big financial entity,” after going public, CEO Bassem Azab told Asharq Business. A number of Saudi and Emirati investors have already expressed interest in taking part in the transaction, he added.

BANKING-

Egypt’s first digital bank to launch in 4Q 2024: Banque Misr’s Misr Digital Innovation (MDI) has received an initial approval from the Central Bank of Egypt to launch what could be the country’s first digital bank, dubbed Onebank, MDI said in a statement yesterday (pdf). Onebank aims to launch in 4Q 2024 “after completing the second phase of the due and obtaining the operating license,” the statement reads.

ENERGY-

Gov’t leases an LNG regasification unit from Norway’s Höegh LNG: State gas firm EGAS has signed a contract to lease a re-gasification unit from Norwegian firm Höegh LNG,with the aim to meet the increasing local consumption of gas during the summer, according to a statement issued by the Oil Ministry yesterday.

ECONOMY-

#1- Egypt could receive USD 820 mn from the International Monetary Fund from June 15 onwards — shortly following the Fund’s third review of our loan program in the same month — after the Fund agreed to “to better align access with review cycles under the program.

#2- Goldman Sachs expects the Central Bank of Egypt to cut rates by 200 bps at its next policy meeting in May. The bank’s Monetary Policy Committee is scheduled to meet on Thursday, 23 May to review interest rates.

FX WATCH-

FX to be made available to all importers starting June: The central bank will start handing out letters of credit (LCs) to importers of non-essential goods at the start of June — including for goods already stuck at ports and new imports.

HOSPITALITY-

Fresh subsidized loans for hospitality players? The tourism and finance ministries have agreed to launch an initiative offering subsidized loans at a 12% interest rate to local and foreign hospitality players looking to set up more hotel rooms across the country. The ministries are drawing out the final details of the initiative to be presented to the cabinet.

WHAT’S HAPPENING NEXT WEEK-

#1- Capmas and the CBE are expected to publish the inflation data for April next week.The likelihood that we’re on a deflationary path seems good, with annual urban inflation cooling 2.4 percentage points to 33.3% in March on the back of a softer increase in food prices as traders priced in a lower exchange rate following the fall of the parallel market.

#2- S&P Global will publish Egypt’s PMI figures for April on Wednesday 8 May measuring the country’s non-oil private sector activity, which has been in contraction for the last 40 months.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

AROUND THE WORLD IN SEVEN DAYS-

Gaza continued to lead the front pages of the global press, as Israeli Prime Minister Benjamin Netanyahu signaled that he would push ahead with a ground assault on Rafah “with or without a deal.” Speaking as Cairo-brokered ceasefire talks continued, Netanyahu said, “The idea that we will stop the war before achieving all of its goals is out of the question. We will enter Rafah and we will eliminate Hamas’ battalions there — with or without a deal.”

Pro-Palestinian protests on US college campuses — and heavy-handed responses to them — also got plenty of ink. Columbia President Minouche Shafik received criticisms from both sides, while New York City massed police next to the campus after protesters “dramatically” took over a building, and those occupying the building have been threatened with expulsion.

On the business front, BlackRock landed a USD 5 bn commitment from Saudi Arabia’s Public Investment Fund and will open a “multi-class investment firm” in Riyadh. A unit of the world’s largest asset manager will target investments in the Kingdom as well as across the Middle East and North Africa.

☀️ THE WEATHER THIS WEEKEND- Expect a high of 33°C today and a low of 24°C. Saturday will be partly cloudy with the mercury climbing to a high of 31°C and dropping to 22°C, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Egyptian rap is taking the stage all over Egypt today. Red Bull is holding six concerts around the country simultaneously to celebrate rappers in their respective hometowns. Assiut, Mansoura, Tanta, Ismailia, Alexandria, and Fayoum will be hearing their rappers’ bars one by one. The following week, Friday, 7 May, all six rappers will unite to perform right here in C-Town at Mall of Arabia. Find tickets for each city’s concert here, and Cairo’s here.

CJC 610 are rewinding the tapes and hosting a 90s Flashback nighttonight at 9pm. For reservations send them a message on their Facebook page.

Tablet El Sitt is heading to Alex this weekend to perform at the Al Anfoushi Culture Palace. The concert, a celebration of Egyptian art and folklore, is taking place today at 8pm. Tickets can be found here, but seating is first come first served.

Pop icon Tamer Hosny is making an appearance in Makani Village. If you find yourself in Sokhna this weekend, you might want to catch the singer’s concert at Hibou Beach today. Book your tickets here.

Join the Nouma x Lamba Art tour by Qahraweya this Saturday. The tour will take you on a journey through the contemporary art scene of Downtown Cairo. You’ll also get to go on a felucca ride. To reserve your spot, message their page.

Get ready for the inaugural Maadi Book Festival at The Courtyard Maadi. The event kicked off on Wednesday and will continue till Monday, 6 May from 11am-11pm. They will showcase a diverse array of books, novels, handcrafted products, unique gifts, and interactive activities and then there’s price reductions that promise a bargain for attendees. No tickets are required

TAM.Gallery’s Solos in Parallel exhibition is open and will be ongoing until Tuesday, 7 May from 10am-5pm weekdays and 11am-6pm on Saturday. The exhibition features artworks from Rabab Eissa and Walid Taher where they showcase how parallel worlds intertwine, especially the profound interplay of love and transformation through art. No entrance fee is required.

The guide to smelling good

Perfume shopping has become a near-impossible luxury in the current economy. But what if we told you we had a solution to (nearly) all of your scent-related woes? To solve this conundrum, we have a list of local brands that sell perfumes and colognes that are affordable and actually get the job done. Some of them smell — cough, cough — quite similar to pricy originals, and others make authentic innovations that are bound to leave an impression wherever you roam.

Sound smart: An eau de parfum boasts the highest concentration of fragrance oils, dictating its potency and longevity. Perfumes are crafted with a balance of top, heart, and base notes, with the latter lingering the longest due to their richness. In the defense of fragrances, an individual’s body chemistry influences scent retention, with oily skin being more conducive to longevity.

Storing conditions also play a big part. Properly stored perfumes can help preserve your fragrances and prevent them from deteriorating prematurely. The rule of thumb is a dry, cool, and shaded environment.

#1- NSPIRED BEAUTY: This brand is set up by passionate scent enthusiasts who are committed to teaching you how to apply perfumes — and making well-known luxurious fragrances accessible to all without breaking the bank.

Another one of their perks is that you can opt for their discovery set for men and women if you’re not ready for ‘a bottle commitment’ yet (yes, that’s the lingo these days). What does that mean? They’ll send up to six 3ml samples of any six scents. They also have a 0% risk policy, so if the scent you bought doesn’t tickle your fancy you can return it and get your dosh back.

SCENTS: Nspired are all about fragrances that are inspired by some of the most popular (and frightfully expensive) imported perfumes and colognes.

MEN: For men, they have Sweet Cigar, an alternative to Tom Ford’s Tobacco Vanille, and Dior’s Sauvage stand-in, Wild Child.

WOMEN: For the ladies, the heavy-on-the-wallet MFK Baccarat Rouge 540 can be substituted by Scarlet Seduction, as can YSL’s Black Opium with Black Sugar.

HOW MUCH? Prices range from EGP 300 for the Discovery Set to EGP 1.3k for the Duo scent package. Perfumes come in two prices based on size: 50ml for EGP 485 and 100ml EGP 795.

WHERE? You can make an order on their website.

#2- DESIRS FRAGRANCE: They offer a distinctive range of fragrances, each inspired by their expensive counterparts.

SCENTS: Their categories of scents are strictly feminine and unisex.

WOMEN: Their bestselling Madagascar Vanilla has similar scents to the Narciso RodriguezAmbrée Narciso.

UNISEX: For both him and her, they have Toasted Tobacco Honey, which is a mix between Tom Ford’s Tobacco Vanille and Chanel’s Égoïste.

HOW MUCH? A bottle of Toasted Marshmallow will set you back EGP 900, and up to EGP 1.4k for Rose Smoke — all bottles are 110ml.

WHERE? You can buy their perfumes from their website. Prefer a sniff before committing? Visit one of the stores that stock their perfume for a quick whiff at Maison 69, Bloom Pharmacies, and 5 Beauty Spa Beverly Hills.

#3- NUIT FRAGRANCES: They’re a brand that focuses on curating a premium local fragrance brand with a singular belief: That everyone deserves more than just a pleasant scent.

SCENTS: They promise you an olfactory experience that’ll elevate your mood and spirit — and if you’re looking for a specific mood, they tell you what vibe each scent gives off and when to apply it.

MEN: They have Bounty Hunter, which has a heady scent close to Maison Margiela’s Jazz Club from the Replica line.

WOMEN: Their current hit aptly Head Turner has similar scents to Love Don’t Be Shy by Kilian.

UNISEX: Their best-selling unisex perfume is Rum, another fragrance that has notes similar toMFK Baccarat Rouge 540.

HOW MUCH? Prices range from EGP 380 for French Foulard to EGP 550 for Arabian Spell. All bottles are 50ml.

WHERE? You can buy their perfumes online but if you want to smell before you spend, you can visit Maison 69.

#4- BOSHARA PERFUMES: You’ll dig deep in your pockets for one of the fragrances from their diverse collection.

SCENTS: We were overwhelmed by the endless categories, but we picked a few to ease your search.

MEN: We picked Milano, created for fans of Paco Rabanne’s 1 mn.

WOMEN:Pink Shadow, similar to Viktor & Rolf Flowerbomb Nectar, was a quick like.

UNISEX: We opted for the Iconic Oud, which reminds us of Tom Ford’s Tobacco Oud.

HOW MUCH? Perfumes range from EGP 599 for Indiago, to EGP 1.5k for Neron. Bottle sizes range from 50ml to 100ml.

WHERE? You can order from the online website or you can visit one of their two Cairo branches in Mall of Egypt or Maadi City Center. There are other branches outside of Cairo, in Tanta and Alexandria.

#5- GO NATURAL: This brand is dedicated to promoting beauty and health — specifically perfumes — without the need for expensive products or harmful chemicals. There’s another bonus, too: They offer 5ml - 20ml samples of their perfumes for you to try without the commitment.

SCENTS: They’re mainly focused on women — only two fragrances were created for men. The majority of the scents are flowery, sweet, and fruity.

MEN: The first perfume, Noir, has similar notes to Jo Malone’s Velvet Rose & Oud. The second perfume, Alpha, is almost identical to Dior Fahrenheit.

WOMEN: There are more options for the ladies, and we picked two favorites. Juliette, similar to Viktor & Rolf’s Bonbon, and Velvet Musk, which is close to Chloé by Chloé

HOW MUCH? The perfumes are all priced at EGP 450 with 50 ml in the bottle.

WHERE? You can buy their perfumes on their website or try them out at Maison 69, Locally, Kito Center, and Up-Fuse.

#6- MISKA: If you fancy heavier scents that are similar to Arabian oud, this brand is for you.

SCENTS: They are focused on female scents and offer seven fragrances. Each one has a musky note to it complemented by dark and earthy to light and floral notes. Our must-have from the options is Rose Musk, a great substitute to Chanel’s Coco Mademoiselle.

HOW MUCH?Expect to fork up EGP 1.1 k for 50ml.

WHERE? You can DM their Instagram or make a trip to one of the Maison 69 or Al Sagheer Salon branches.

Dev Patel’s directorial debut is a (literal) hit. PLUS: A story of the struggle on the US-Mexico border. Jouri’s menu is a culinary passport

? AT THE MOVIES-

Vengeance is served raw in Dev Patel’s Monkey Man. The film is an action-packed and bloody ride following Kid (Dev Patel), a young man hellbent on getting revenge on the corrupt elite who killed his mother and continues to exploit and terrorize the powerless. Based on the Hindu legend of Hanuman, a half-human half-monkey warrior god that overcomes his oppressors, Kid unleashes a whirlwind of violence on those who wronged him and his loved ones.

Hollywood in the striking streets of India. There’s no shortage of action in Monkey Man. While some may find the violence excessive, the fight choreography is undeniably exceptional, a balletic display of raw power, adrenaline, and pure grit. The genre is dominated in Hollywood by Western heroes — your John Wicks and James Bonds, Jason Bournes, and Ethan Hunts — and seeing a different culture being portrayed on screen (and not just as a destination the hero has to jet off to) is refreshing.

Patel’s directorial debut shines a light on his promising future in the role. Patel has a keen eye for visual storytelling. The film uses flashbacks to reveal the protagonist’s tragic backstory. They are weaved in effectively for the most part, but sometimes feel clunky and awkwardly timed, disrupting the momentum of the main story. But his masterful adaptation of his original screenplay, produced alongside the legendary Jordan Peele, is a visually striking tour de force.

WHERE TO WATCH- Strap in for Monkey Man at Cairo Festival City, Golf City Cinema, and Madinaty Cinema. You can catch the trailer here (watch trailer, runtime: 3:16).

? FROM THE BOOKSTORE-

American Dirt by Jeanine Cummins, sheds light on the ugly truth behind the border crisis in the US. The narrative begins with the sudden intrusion of violence into the everyday life of a Mexican family, as a mother and son find themselves pushed into a harrowing ordeal amidst a deadly attack by a local drug cartel.

At the heart of the story is Lydia Quixano Pérez, the owner of a bookshop in Acapulco,whose life is upended when her husband's exposé on the notorious ‘The Owl’ cartel leads to a devastating massacre.

Lydia and her son, Luca, grapple with the aftermath of a brutal massacrethat claimed the lives of sixteen individuals,including Lydia’s husband. Fleeing for their lives Lydia decides to disguise herself and her son as migrants and embark on a perilous journey to America. Along the way, they encounter a cast of characters and navigate treacherous landscapes, all while evading the relentless pursuit of the cartel.

It shines a spotlight on the plight of migrants while grappling with the moral complexities of privilege and responsibility. Overall the novel offers a timely exploration of the human cost of violence and displacement in a world rife with injustice.

You can find it at Bookworm.

? HOT AND FRESH OUT OF THE KITCHEN-

Indulge in a Western take on Levantine cuisine at Jouri. Located at Golf Central in Palm Hills, this is the restaurant’s second branch, the first being all the way in Paris, France. They even have an optional chef’s table where you can watch renowned 3 Michelin star Chef, Mohamed El Khaldi, prepare his culinary excellence.

Can we talk about the decor? The interior of Jouri is delicately designed with comfortable, yet sophisticated, modern pieces and welcoming vibrant colors. Look out for the seating arrangements and lighting placements that have been curated to display elements of the jouri flower and the restaurant’s logo, as Chef Khaldi pointed out to us. The restaurant is spacious both indoors and outdoors and has available lounge seating, if you’re planning on getting comfy.

Jouri’s menu is a culinary passport, as they describe it on their website. You can have the classic Lebanese-style dishes or try out their culturally combined options. The star of our meal was definitely the steak with tout shami which was a tender steak drenched in berry sauce on a bed of spiced fereek, a true fusion of sweet and sour. We also had hummus with pesto topped with green apple, which we found quite interesting.

? Per person: EGP 500-1000

? Outdoor seating: Yes

? Alcohol: No

? Accessibility friendly: Yes

Palia is an MMO that’s all cozy, no combat

A cozy MMO? Palia, a free-to-play MMO, has carved a niche for itself in the cozy gaming world. That’s right, it’s an MMO with no raids, no guilds battling for dominance, and no pressure to min-max your character. Instead, this visually stunning MMO focuses on the simple joys in life, set in a charming little community.

Reminiscent of Animal Crossing and Stardew Valley, you’ll spend days tending to crops, raising animals, crafting, and building relationships with quirky townsfolk. The art style is delightful, and the vibrant open world is begging to be explored — at your own pace. Befriending villagers through conversations, quests, and gift-giving unlocks backstories, new shops, new crafting recipes, and special areas.

But there’s room for improvement. Our biggest gripe with Palia is that it’s underdeveloped as an MMO. While you can see other players running around, interacting with them is limited to pre-written chat messages and basic emotes.

Our wishlist: We’re craving a more robust MMO with a more engaging gameplay loop, and more fleshed-out maps and servers, but considering that Palia is free-to-play, we’re more than happy to wait for patches. Another thing we’re surprised to miss is a swimming feature. Currently, if you wade into any body of water, you immediately drown.

You’ll probably want to play this game on PC for smoother FPS and overall sharper visuals. The Switch version works just fine — all its issues are to be expected of a port. Keep in mind that Palia is still in beta, so bugs in early access shouldn’t come as a surprise. That being said, Palia offers a lot at no necessary cost, and has infinite potential for growth.

? Rating: 6/10 on Steam, 95% on Google Reviews.

⌛ Hours of gameplay: The main story will take you around 70 hours, and all PlayStyles will take you 135 hours. If you’re looking to achieve 100%, you’ll have to sink 400 hours of your time. Catch the trailer here (runtime: 2:17).

? Platforms:Steam or Epic Games for PC, Nintendo Switch.

? Price: Free-to-play.

Ever wondered what the first draft of your favorite movie looked like?

Calling all film buffs. Have you ever wondered how your favorite scenes made it from a blank page to the silver screen? Well, wonder no more. Script Apart is a podcast about the first drafts of the biggest movies and TV shows making the rounds. In each episode, host Al Horner invites a screenwriter to talk about their initial screenplay, what made it to the final cut, and what ended up on the editing room floor.

This isn’t a dry breakdown of the technical side of screenwriting— Horner holds engaging conversations with his guests, which have recently included American Fiction’s Cord Jefferson, The Holdovers’ David Hemingson, and Society of the Snow’s J.A. Bayona. Horner has also reached into the archive to discuss modern classics like Jurassic Park with David Keopp, The Matrix with Lilly Wachowski, and iconic TV shows like The Sopranos with David Chase and Midnight Mass with Mike Flanagan.

Beyond the entertainment value, Script Apart provides a wealth of knowledge for aspiring screenwriters. Each episode is a masterclass in itself, where listeners can learn about thematic development, character arcs, and the give-and-take between studio notes and artistic vision. Even casual enjoyers of film will come out with a deeper appreciation for the pictures they love.

WHERE TO FIND IT- You can tune into Script Apart on Apple Podcasts, Spotify, Podbay, PodBean, and Audible.

THE ENTERPRISE ENTERTAINMENT CALENDAR

MAY

1-6 May (Wednesday-Saturday): Maadi Book Festival.

3 May (Friday): Tamer Hosny concert at Hibou Beach in Sokhna.

3 May (Friday): Red Bull Sada Sot concerts across Egypt.

3 May (Friday): Youth to Business (Y2B) event at The GrEEK Campus.

3 May (Friday): Tablet El Sitt performance at Al Anfoushi Culture Palace in Alexandria.

3 May (Friday): 90’s Flashback at CJC 610.

4 May (Saturday): Nouma x Lamba Art tour by Qahrawya.

5 May (Sunday): Coptic Easter.

5 May (Sunday): National holiday in observance of Labor Day.

6 May (Monday): National holiday in observance of Sham El Nessim.

20 April - 7 May (Saturday-Tuesday): Solos in Parallel at Tam.Gallery.

9-13 May (Thursday-Monday): Tchaikovsky’s The Sleeping Beauty performance at The Opera House.

10 May (Friday): Tamer Ashour and Mahmoud El Esseily concert at Family Park.

10 May (Friday): Fouad and Mounib at Theatro Arkan.

10 May (Friday): Madinaty Half Marathon at Madinaty Open Air Mall

11 May (Saturday): Cairo Flea Market at Zamalek Fish Garden.

17 May (Friday): El Mahatta at The American University in Cairo.

23-25 May (Thursday-Saturday): The Design Show at Cairo International Conventions Center.

24 May (Friday): The Glow Run by The TriFactory at Palm Hills Sports Club.

24 May (Friday): The Elite Super Show at the Cairo International Stadium.

25 May (Saturday): Techne Summit at the Cairo International Stadium.

27-30 May (Monday-Thursday): Account Management For Ads Workshop with FP7’s Momen Aboutaleb at The GrEEK Campus.

30 May (Thursday): Mochakk Concert at Saqqara Pyramid

JUNE

4 June (Tuesday): Karaoke Night at Room Garden City

7 June (Friday): Celebrating 40 Years of Omar Khairat at Abdeen Palace.

15-19 June (Saturday-Wednesday): Eid El Adha (TBC).

30 June (Sunday): June 30 Revolution Day (TBC).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

23 July (Tuesday): Revolution Day (TBC).

SEPTEMBER

15 September (Sunday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER

6 October (Sunday): Armed Forces Day.

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