House approves FY 2026/27 budget + decades-old food subsidy system to be replaced

☀️ Good morning, friends, and happy weekend.

We also have a novel that’s been dividing readers since it landed two months ago:

But first, your weekly recap…

🗞️ LAST WEEK IN 3 MINS

The House of Representatives gave its final nod to the FY 2026/27 budget and development plan, sending recommendations to the government for implementation

AND- The gov’t is preparing to replace Egypt’s decades-old in-kind food subsidy system with cash support beginning next fiscal year.

The gov’t will receive EUR 1.5 bn from the European Union this month to support its economic reform agenda.

MNT-Halan is weighing an IPO of its Egyptian business on the EGX as early as this year.

Chinese renewables equipment manufacturer Sany Group signed an MoU to build Egypt’s first wind turbine factory and a wind farm in the Gulf of Suez.

Egyptian National Railways signed four contracts worth EUR 690 mn (c. EGP 39.5 bn) with an Alstom-led consortium to modernize two of our most critical freight and logistics rail corridors.

Egyptian banks adopted the ISO 20022 international standard for SWIFT financial messaging in interbank transfers.

Newly-proposed amendments to the Companies Law could give EGX-listed companies new flexibility over their own shares.

The government is moving to narrow the scope of its planned 14% VAT on leased administrative space

Rolls-Royce entered the Egyptian market with a temporary showroom and service facility in New Cairo

🌍 AROUND THE WORLD IN SEVEN DAYS

This week’s headlines were once again dominated by developments in the US-Iran talks

Washington and Tehran met in Switzerland on Sunday for high-level talks 60-day roadmap

Following the talks, US Vice President JD Vance said Iran agreed to invite International Atomic Energy Agency (IAEA) inspectors back to their country. authorized Tehran to sell oil backed legislation remain at odds

MEANWHILE- awarded the lowest possible environmental, social, and governance (ESG) rating stock fell lose USD 400 bn locked in a USD 6.3 bn computing power agreement

IN OTHER NEWS- announced his resignation

ALSO- earthquakes in Venezuela

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☀️ THE WEATHER THIS WEEKEND

Grab your water bottle and seek AC, it’s going to be a warm weekend.

🎤 HAPPENING THIS WEEKEND

Get ready for a night of big laughs as Omar El Gamal takes over The Theater at Mövenpick Hotel in 6th of October City tonight for Ain Gamal Vol. 63, his biggest show yet. TicketsMarche

Hamaki is kicking off El Arena ’s summer concert season night Tazkarti

Still feel like a kid at heart? The Play Festival TicketsMarche

Pop icon Tamer Ashour is set to take the stage at The Mall of Mansoura for the mall’s grand opening tomorrow. show TicketsMarche

🎤 HAPPENING NEXT WEEK

Up for a classy summer evening? two-night run Tazkarti