LEGISLATION-

VAT amendments signed into law: President Abdel Fattah El Sisi ratified amendments to the VAT Law, according to a decision published in the Official Gazette. The amendments will help the government bring in an additional EGP 200 bn in tax revenues, a senior government official previously told us.

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REMEMBER- The House of Representatives granted final approval to the government-drafted VAT Law amendments last month. The changes will impact the prices of several key goods and services — construction and contracting services, crude oil, cigarettes, and alcoholic beverages.

Cigarette maker Eastern Company hiked the prices of its cigarettes by up to EGP 5.25 shortly after the law was ratified. The price of all its 20-cigarette packs, including Cleopatra, now stands at EGP 44, while its higher-end Viceroy and Pall Mall now sell for EGP 69 a pack. US tobacco giant Philip Morris earlier this month hiked prices by up to 11%.

DIPLOMACY-

Egypt engages with key players in nuclear talks: Foreign Minister Badr Abdelatty held calls with his UK and Iranian counterparts, as well as International Atomic Energy Agency chief Rafael Grossi, to explore reviving negotiations on Tehran’s nuclear program, according to a Foreign Ministry statement. The talks follow moves by the UK, France, and Germany to reinstate UN sanctions on Iran by the end of August, unless it makes progress on a nuclear deal.

CAPITAL MARKETS-

Zaldi Capital filed for a license to underwrite and promote securities, as it prepares to bring new listings to the EGX, Mohamed El Sherif, the company’s head of promotion, told EnterpriseAM.

Three listings in the works: Pending regulatory approval, Zaldi will advise on the potential EGX listings of three companies. One of these companies is in the tourism and real estate sector and plans to debut on the bourse before year-end, and another is in the fintech space and plans to go public in 1Q 2026. A third potential listing is being considered in the agricultural sector.

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