Unified Ins. Law is now the law of the land

Good afternoon, friends and happy Monday. We are still waiting for the newscycle to pick up on the second day of the business week. Meanwhile…

PSA-

We have another long weekend ahead. The public and private sectors will be off on Thursday 25 July in observance of the 23 July Revolution, Prime Minister Moustafa Madbouly announced today.

THE BIG STORY TODAY-

El Sisi ratifies Unified Ins. Law following approval from the House: President Abdel Fattah El Sisi has given the final approval for the Unified Ins. Law, which will draw up new and comprehensive rules for regulating the ins. industry and widen compulsory ins. coverage, according to the Official Gazette.

What it entails: The law will “regulate ins. companies, special funds, obligatory operations such as highway accidents, and state the new supervisory rules for the ins. industry,” Economic Affairs Committee Head Mohamed Soliman said in April.

THE BIG STORY ABROAD-

The headlines are still following the fallout from the attempted assassination of Donald Trump. World leaders including current POTUS and Trump’s Democratic opponent Joe Biden, have spoken out against the attempted assassination on the presumptive Republican candidate’s life. Despite the Democrats’ decision to halt campaigning, the presidential elections are still underway as planned with Trump’s support. Experts predict that the attack has increased Trump’s odds of clinching the elections. Trump is expected to be formally nominated as a presidential candidate at the Republican National Committee on Thursday. (NYT | Reuters | Bloomberg | CNN)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• The Central Bank of Egypt (CBE) is expected to leave interest rates unchangedwhen it meets on Thursday as inflation continues to ease, according to 13 analysts we surveyed.
• A triad of investment zones is in the works: The General Authority for Investment and Free Zones (GAFI) has requested the New Urban Communities Authority (NUCA) to allocate plots of land for the establishment of three new investment zones.
• Construction is underway at the West Qantara Industrial Zone’s first project: China’s Zhejiang Hengsheng Dyeing and Finishing Company has laid the foundation stone for its dyeing, processing, and textile manufacturing project in the Suez Canal Economic Zone’s West Qantara Industrial Zone, with investments amounting to USD 70 mn.

☀️ TOMORROW’S WEATHER- We’re seeing a high of 38°C and a low of 26°C in Cairo, according to our favorite weather app. Alexandria and Sahel are a bit cooler with a high of 32°C and a low of 24°C.