TAX-

Real Estate Tax Authority partners with e-Tax to digitize operations: E-finance’s electronic tax platform e-Tax has inked a contract with the Real Estate Tax Authority to help digitize its operations, e-Finance said in a statement (pdf). E-Tax will work on creating “an information portal for the authority, e‐payment services, unified declarations, official registries, tax appeals, as well as other automated services.” The company will also provide cybersecurity for the authority, technical hosting for its applications, and other services.

Just the beginning? “This agreement signifies the launch of a new and pivotal phase for the group, and its associated companies in moving forward with its ambitious project that aims to digitize the entire suite of services and transactions provided by the Ministry of Finance and its associated agencies,” e-Finance Chairman Ibrahim Sarhan said.

LEGISLATION WATCH-

MPs had a busy Monday: The House gave final approval to the Unified Ins. Law, which will draw up new and comprehensive rules for regulating the ins. industry and widen compulsory ins. coverage. They also approved a new bill allowing private investors to manage and operate public hospital and healthcare facilities and a government-drafted bill that unlocks an additional EGP 320 bn for this fiscal year’s budget.

The House also gave approval to an EGP 1.2 mn grant from the UN Population Fund to help the National Council for Human Rights implement its health and reproductive rights strategy in Egypt.

REGULATION WATCH-

Customs exemptions for key goods extended: The Madbouly government has extended customs breaks for twelve key goods for a further three months as part of its ongoing battle to lower the price of goods and reel in inflation, according to a decision published in the Official Gazette. The goods — including certain types of poultry, offal, dairy, butter, cheese, tea, cooking fats and oils, sugar, pasta, ingredients for animal feed, and meds — were first given a sixth-month exemption in October.

DIPLOMACY-

Strategic relations top the agenda during FM’s Athens visit: Foreign Minister Sameh Shoukry discussed Egyptian-Greek relations with his Greek counterpart during his time in Athens, according to a statement from the ministry. Discussions centered around advancing economic, trade, and investment ties as well as exploring cooperation in the tourism and maritime transport sectors. The two sides also discussed recent developments in Gaza, security threats in the Red Sea, and regional security.

Energy a priority topic: The two ministers affirmed the importance of cooperation in the energy sector with particular focus on expediting a project to link the power grids of the two countries — dubbed GREGY — that will enable exports of Egyptian renewable energy into Europe.

Making future plans: Shoukry invited the Greek side to participate in the Egypt-EU Joint Investment Conference scheduled for 29-30 June.

STARTUPS-

Two Egyptian startups selected for the Mega Green Accelerator program:

Local crop analytics startup Viridia Tech and biotech startup P-VITA were among eight MENA-based startups selected to join the Mega Green Accelerator program, according to a statement. The eight startups — selected from a pool of 363 applicants — will receive funding and mentorship from industry experts to help scale up their business, with one of the companies set to be awarded USD 30k.

REAL ESTATE-

Madinet Masr launches Tajed: Real estate developer Madinet Masr has launched Tajed, its first integrated commercial district project, at its Taj City project in New Cairo, it said in a press release (pdf). Tajed will be divided into nine zones and will play host to commercial, business, and residential sites, the company said. The statement did not provide a timeline for the delivery of Tajed.

A whole lot of diverse investments in the pipeline: Madinet Masr wants to invest between EGP 60-70 bn into non-residential projects over the next ten years as the company looks to diversify its portfolio, CEO Abdallah Sallam told Al Borsa. The real estate developer has already established a management company to take on its residential and non-residential projects.

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