LEGISLATION WATCH-

Another step closer to changing our clocks twice a year:The House Local Administration Committee approved the draft bill that would see the return of daylight saving. If passed, it would see Cairo Local Time (CLT) pushed forward by one hour from the last Friday of April through to the last Thursday of October.

What’s next? The bill will go to the House for final approval on Sunday.

** We can’t say we’re totally on board with this, but if it happens, can we agree on one thing? Let’s not be like Lebanon.

THE HORROR- Our elected representatives are finally taking action to tackle the scourge of “fake weather news.” Media organizations and social media users could be fined for publishing “fake” weather news under draft legislation approved by the House Tourism and Civil Aviation Committee yesterday. Under the bill, fines ranging between EGP 100k and EGP 5 mn will be handed out for inaccurate reporting of the weather and spreading weather-related rumors. No more false tsunami scares for us.

Does Fido look dangerous to you?The House Agriculture and Irrigation Committee approved a draft bill regulating the possession of dangerous animals and dogs. The bill, drafted by House Local Administration Committee chair, Ahmed El Sigini, includes new controls on personal dog ownership, measures to contain the spread of stray animals, and regulations on the possession of dangerous animals.

ENERGY-

Cheiron Energy is starting to bring new oil wells online in Gulf of Suez: Oil and gas playerCheiron Energy, one of Egypt’s largest independent producers, has started pumping oil from the first of up to seven new oil wells at the GNN field discovered in the Gulf of Suez in 2019, it said in a statement Monday. The first well — GNN-6 — is now producing 4.2k barrels of oil per day (bpd). Two more wells are set to go into operation in the next few weeks, while up to four more are yet to be drilled. The GNN field is estimated to hold more than 300 mn barrels of oil.

Who owns what:Cheiron holds a 60% working interest in the Geisum and Tawila west concession where the GNN field is located, and the remainder is owned by Kuwait Foreign Petroleum Exploration Company (Kufpec).

INVESTMENT-

Bahraini investor could set up USD funds for Egypt investment: A Bahraini investment firm headed by prominent Bahraini banking exec Adnan Ahmed Yousif is considering setting up USD-denominated funds to invest in a range of sectors of the Egyptian economy, according to a cabinet statement. Modern Development and Investment Company could target the financial, real estate, industry, agriculture, education, renewable energy, and strategic commodities sectors, Yousif told Prime Minister Moustafa Madbouly and Financial Regulatory Authority head Mohamed Farid yesterday. Yousif formerly headed up Al Baraka Bank, one of the largest banks in Bahrain.

Greece’s Mytilineos eyes Egypt’s renewables sector: Greek industrial conglomerate Mytilineos said it could invest in solar power plants and storage batteries in Egypt during a meeting in Athens with the General Authority for Freezones and Investment (GAFI) this week, according to a statement. The company is also considering getting involved in the country’s oil and gas sector, infrastructure and “sustainable engineering,” GAFI said.

REAL ESTATE-

Madinet Nasr to become Madinet Masr: EGX-listed Madinet Nasr Housing and Development (MNHD) will rebrand to Madinet Masr to reflect the company’s plans to establish urban cities across the country, CEO Abdallah Sallam said at a presser yesterday, according to Al Mal.

INFRASTRUCTURE-

Rosatom can get started on Dabaa’s third reactor: The Egyptian Nuclear and Radiological Regulatory Authority has given Russian state nuclear company Rosatom a construction permit for the third reactor at the 4.8 GW Dabaa nuclear plant, it said yesterday.

REMEMBER- Rosatom was contracted in 2015 to handle the construction and provide fuel for the plant, which will feature four 1.2-GW reactors. The facility will cost somewhere around USD 30 bn. The company started the eight-year construction last summer.

FINANCE-

Another sukuk fund in the making: Faisal Islamic Bank’s Faisal for Financial Investments wants to launch an EGP 1 bn sukuk fund by the end of 2023, according to Al Mal.

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