Good morning, friends, and happy weekend. We’ve got an extra day at our disposal this weekend, and we’d suggest using it wisely — P.S. Staying in and getting some rest is a wise choice as well.

If you find yourself heading up north, however, we have a few suggestions on pocket-friendly gadgets you might want to take with you. From life-saving battery packs to beach-friendly speakers, this week’s guide is all about keeping you powered, connected, and fully in the moment.

LAST WEEK IN 3 MINS-

House passes Old Rent Act amendments in final vote: The House of Representatives has given its final approval to controversial amendments to overhaul decades-old rent law, despite pushback from several MPs over the article setting a transitional period to vacate residential units.

The law sets a seven-year transitional period for residential units and five years for non-residential units rented by individuals. After the transition, tenants must vacate the property, with all old rent regulations scrapped at the end of the period.

“Old rent” will see steep increases in the transitional period:

• Residential units in “premium” areas: 20x the current “old rent”, with a minimum of EGP 1k per month.
• Residential units in “middle-income” areas: 10x current rents, minimum EGP 400.
• Residential units in “lower-income” areas: 10x current rents, minimum EGP 250.
• Non-residential units rented by individuals, the increase is set at 5x current rents.
• Rents will continue to rise 15% each year throughout the transitional period, whether for residential or non-residential purposes.

WHAT'S NEXT- The bill will be passed to President Abdel Fattah El Sisi to sign into law.

IPO WATCH-

Bonyan to kick off IPO this Sunday: Real estate investment firm Bonyan is looking to raise EGP 1.8 bn through the sale of a 20–21.94% stake in its IPO, which will open for subscription on Sunday, 6 July, according to its IPO prospectus. The indicative price range has been set at EGP 4.96–5.44 per share, while the independent financial advisor has valued the stock at a fair value of EGP 7.52 a pop. Subscriptions for both the retail and institutional tranches will begin Sunday. The private placement will close on 10 July, while the retail offering will close on 15 July. The debut price will be announced on 11 July.

TAX-

VAT amendments approved: The House of Representatives gave its final approval to the government-drafted bill amending the VAT Law. The amendments will impose a 10% tax on crude oil, apply the standard 14% VAT to construction and contracting services, and raise taxes on cigarettes and alcoholic beverages, helping the government bring in an additional EGP 200 bn in tax revenues.

ECONOMY-

#1- The economy grew 4.8% in 3Q FY 2024-2025, more than doubling from the 2.2% recorded during the same period last year, marking its strongest quarterly performance in three years. Average growth for the first nine months of the fiscal year rose to 4.2% y-o-y, up from 2.4% y-o-y a year earlier.

#2- Fifth review postponed? The IMF is considering merging its fifth and sixth reviews for our USD 8 bn loan program due to slow progress on structural reforms, potentially delaying the next USD 1.2 bn disbursement by up to six months

ENERGY-

#1- Israeli natural gas exports to Egypt have increased to 650-750 mn cubic feet per day (mcf/d) starting this week. After Israel restarted Egypt-bound exports with the reopening of its Leviathan gas field on Wednesday, limited exports only amounted to less than 200 mcf/d and were expected to gradually rise to 850 mcf/d over the coming two months.

#2- No more electricity discounts for industry? The government will cancel five-year-oldelectricity price breaks for industry players on extra-high, high, and medium voltages starting 1 July. The move comes amid Egypt’s rising reliance on costly LNG imports that are pushing up the country’s import bill.

INVESTMENT-

#1- El Khatib’s time in Shanghai bears fruit: Chinese players, across sectors, expressed their interest in pouring fresh investments into the local market during meetings with Investment Minister Hassan El Khatib in Shanghai. Among these plans:

• From textile players: Zhejiang Holding is planning to invest an initial USD 20 mn in Egypt’s garment and textile sector, while Jiangsu Haite Fashion wants to build a USD 20 mn garment factory.
• Beyond textile: Stationery manufacturer Deli Group has requested additional land to expand its operations with a new paper printing machine production line.
• In the energy sector: Zhongman Petroleum and Natural Gas Group discussed prospects in oil and gas exploration and drilling services. Longi Green Energy reviewed cooperation possibilities for solar panel manufacturing and renewable energy technology transfer.

#2- The Arab Organization for Industrialization (AOI) and China’s Xingaoyi Medical Equipment (XGY) will develop a USD 100 mn medical equipment factory. A new entity, the Arab-Chinese Medical Industries Company, will be established by both parties to manage their partnership and the construction of the factory.

WHAT’S HAPPENING NEXT WEEK-

Here are the key news triggers to keep your eyes on next week:

#1- Brics assemble. The annual Brics Summit is taking place on 6-7 July in Brazil’s Rio de Janeiro, marking the first time the bloc of nations has met since US President Donald Trump returned to the White House. Some of the Trump administration’s most punitive tariffs have been focused on Brics members; Trump even threatened tariffs of 100% or 150% if the bloc attempted to launch a common currency or undermine the USD’s status as the global reserve currency.

#2- Rate pause or a third consecutive cut? The central bank’s Monetary Policy Committee (MPC) is holding its fourth policy meeting of the year on Thursday, 10 July to review rates. The MPC cut interest rates by 100 bps in its last meeting.

#3- Is inflation still on the rise? The business community and policymakers will have their eyes on June’s inflation figures due on Thursday, 10 July after headline inflation ticked up for the third month running to 16.8% in May. Some analysts are already expecting inflation to rise again on the back of fuel price hikes.

#4- Fingers crossed for the non-oil private sector moving back into the green. S&P Global will release its PMI report measuring non-oil private sector activity for June on Sunday, 7 July. There’s reason to be hopeful, with the S&P’s last report showing the country’s headline figure for May rising to just 0.5 percentage points shy of the 50.0 mark threshold separating contraction from growth.

AROUND THE WORLD IN SEVEN DAYS-

US President Donald Trump’s “big, beautiful bill” is still getting plenty of play as the House races to vote ahead of Trump’s Friday deadline. House Speaker Mike Johnson said he expects the vote to take place later today, though many are still unhappy with the USD 3.4 tn deficit it adds to the US’ ballooning debt, while others are concerned about cuts to healthcare programs. The bill includes a trove of tax cuts, immigration measures, and a phase-out of clean energy subsidies. (Reuters | Bloomberg | Wall Street Journal | Financial Times)

CLOSER TO HOME- Israel has agreed to a proposal for a 60-day ceasefire in Gaza, Trump said. The ceasefire will be used as a period during which “we will work with all parties to end the war,” Trump said, while urging Hamas to accept the agreement, warning that “things will only get worse” if it does not. This comes ahead of Israeli Prime Minister Benjamin Netanyahu’s upcoming visit to Washington on Monday, and following an escalation of violence that has killed hundreds in the past day alone.

Hamas indicated that it is open to a ceasefire agreement with Israel but maintained its core demand for a complete end to the war in Gaza. The group is “ready and serious regarding reaching an agreement,” Hamas official Taher Al Nunu said, adding that it would “accept any initiative that clearly leads to the complete end to the war.”

AND- Israel’s attack on Tehran’s Evin Prison last week killed 71 people. The prison holds political prisoners and foreigners, marking a shift from Israel’s attacks on military and nuclear sites. Victims included administrative staff, military conscripts, detainees, visiting family members, and nearby residents.

And the US and G7 members agreed to create a “side-by-side solution” under which US companies would be exempt from parts of the global minimum tax agreement. In return, Washington will scrap a retaliatory tax provision in Trump’s tax and spending bill. The new “side-by-side” system recognizes existing US minimum tax laws and aims to stabilise the global tax framework. The agreement follows Trump’s January executive order withdrawing the US from the Biden-era global minimum tax deal and threatening retaliatory taxes on countries taxing US firms under the 2021 agreement.

☀️ THE WEATHER THIS WEEKEND-

If you’re staying in the capital, brace yourself for a hot weekend, with temperatures reaching highs of 37-38°C and lows of 23°C. Up North, it’s cool weather all around. Temperatures across the North Coast will peak at just 27°C over the weekend, and will slightly cool down to 24-25°C at night, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Comic book aficionados, this one’s for you. Running from today until Saturday, 5 July, the third edition of Comixandria is taking place at the Jesuit Cultural Center in Alexandria. From storytelling workshops to book signings and exhibitions, Comixandria has everything for everyone who lives and breathes comic books. Check out the full event itinerary on Comixandria’s Instagram.

You know what you need? A stand-up comedy night. Tomorrow, Cairo ComedyClub ’s Boudy Magdy, Khalid El Shoky, Omar Kint, and Islam Amin will be bringing both the jokes and the chaos to Downtown Cairo’s El Rihany Theatre. If you’re down to have some fun, grab your tickets from Ticketsmarché.

Up for a treasure hunt? Tomorrow and Saturday, 5 July, Maadi’s Darb 15 will be hosting a garage sale brimming with fashion pieces looking for a new home. The sale will run from 12pm to 10pm on both days, and we’d suggest getting there fast if you plan on digging for gold.

Marassi is throwing a season-long music festival, and you won’t want to miss out. Kicking off on Saturday, 5 July, the North Coast hotspot will be bringing some of the region’s biggest names to the stage for the 2025 Marassi Festival at The Address Beach Resort. Think Ruby, Amal Maher, Nancy Ajram, and more. This Saturday, Bahaa Sultan and Ramy Sabry will be setting the festival in motion. Tickets can be purchased through Ticketsmarché.

HAPPENING NEXT WEEKEND-

Ready to face a quadruple threat? On Friday, 11 July at Marina’s Roman Theatre, iconicpop stars Mohamed Fouad, Ehab Tawfik, Hamid El Shaeri, and Hesham Abbas will be bringing the heat to the North Coast as part of the Tiatro Romano Summer 2025 Festival. Oh, you’re humming 2000s hits already? Head to Ticketsmarchè to secure your spot.

Did that trip to Ibiza not make it out of the group chat? Well, you’re in luck. ParadiseIbiza — one of the Mediterranean island’s most celebrated party series — is marching to the beat of its own EDM drum all the way to the North Coast’s Solare in Ras El Hekma on Friday, 11 July. The line up includes Welsh DJ Jamie Jones (the brains behind Paradise), US DJ Seth Troxler, UK’s East End Dubs, Danish-Filipino Manda Moor, and Egypt’s own Awadly. Tickets are yet to be announced, however we’d suggest keeping an eye out on Paradise Ibiza’s website.

Marassi’s music festival is going strong, and on Saturday, 12 July, Egyptian singer AmalMaher and Lebanese singer Walid Toufic will be lighting up the stage at The Address Beach Resort. Tickets can be purchased through Ticketsmarchè.