LEGISLATION-

Weather forecast reform / fake weather news bill clears first hurdle in the House:MPs gave preliminary approval to the draft law that will regulate the General Meteorological Authorityyesterday. The legislation imposes fines of up toEGP 5 mn on people caught spreading “fake weather news,” which lawmakers say could cost the country “bns of USD.”

The rationale: “Fake or inaccurate weather news could cost the country bns of USD in losses in terms of disrupting tourist traffic, losing economic transactions and restricting the flow of foreign direct investment,” the House Tourism Committee wrote in a report. “The draft bill also aims to restructure the weather forecasting sector and make it a fertile ground for attracting foreign investment, promoting scientific research and contributing to the country’s sustainable development.”

What’s next: The bill still requires a final reading and vote in the House and would then, if approved, move on to President Abdel Fattah El Sisi for signature. It would then come into effect once executive regulations on its implementation are published in the Official Gazette.

INVESTMENT-

Misr Ins. Holding will invest EGP 300 mn in AlAhlyMedical in return for a 10% stake in the National Bank of Egypt-owned healthcare investment platform, sources are cited as telling Al Mal.

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