Government set to eliminate VAT exemption for natural gas for the first time

Good morning, folks, and welcome to the weekend.

But first, your weekly recap…

🗞️ LAST WEEK IN 3 MINS

Natural gas is losing its VAT exemption for the first time

InstaPay, Fawry, and a number of other banking and non-banking finance services and investment funds are set to receive VAT exemptions

Ascom’s board of directors approved a fair value study to acquire a 90% stake in Raya Holding’s Ostool Transport and Logistics

Talaat Moustafa Group’s Iraqi subsidiary secured a license and land for a USD 10 bn megaproject in Baghdad.

The retail tranche of Korra Energi’s IPO closed 31.35x oversubscribed before the Eid El Adha break, according to EGX data.

Chinese equipment manufacturer Sany Group plans to invest over USD 300 mn to build Egypt’s first wind turbine factory in Suez Canal Economic Zone.

The Industrial Development Authority (IDA) is asking parliament for EGP 21 bn over the next three years to complete infrastructure across 17 industrial zones.

The EGX30 added 1.73% in May to close the month at roughly 52.7k points

Egyptian firms reported real annual sales contraction of 11.4% in the World Bank’s latest Survey

Egypt’s gross domestic savings rate collapsed to 1.2% of GDP in FY 2024/25

Our investment fund industry became an EGP 411 bn parallel route for household savings by end-1Q 2026, up 30% in a single quarter.

Egypt’s energy challenge is characterized by a widening gap between declining production and rising demand

Egyptian equities could lose their emerging market label in one of the world's most widely followed equity index families.

🌍 AROUND THE WORLD IN SEVEN DAYS

It’s been a mixed bag in the news cycle this week. Here’s the rundown.

The US-Iran diplomatic stalemate persisted, despite both sides spending last weekend exchanging revisions to a draft pact that would keep the ceasefire in place. exchanging military strikes

On Wednesday, th e war saw serious escalations

On Thursday, the US House approved a war powers resolution to curb military action against Iran

Flights at Kuwait’s international airport were suspended on Wednesday after an Iranian drone strike hit the airport

CLOSER TO HOME- ordered attacks killed eight people

Israel maintains military action in Lebanon: continue

IN OTHER NEWS- unleashed a sweeping overnight assault

ALSO- proposed new tariffs

IN BUSINESS NEWS- agreeing to acquire will sell USD 80 bn

IN THE TECH WORLD- premiered unveiled

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☀️ THE WEATHER THIS WEEKEND

The hot weather continues this weekend.

🎤 HAPPENING THIS WEEKEND

Renowned Italian maestro Andrea Bocelli is landing in Egypt as part of his Romanza World Tour tonight Ticketsmarché

Still riding that Eid high? Ramy Sabry takes the stage at Tanza in Sixth of October City tonight performance Ticketsmarché

Ali El Haggar shows no signs of slowing down. The veteran singer returns to the Cairo Opera House in Zamalek tonight evening Tazkarti