Good morning, folks. We have a brisk issue for you this morning led by news from IFC Regional Vice President for Africa Sérgio Pimenta’s time in Egypt — and we also have the inside scoop on what’s up with Qalaa Holdings debt buyback.

HAPPENING TODAY-

#1- Supreme Council to receive reformed Labor Act: The Supreme Council for Social Dialogue will kick off discussions of the redrafted Labor Act today before passing it along to the House of Representatives for discussion, according to a statement. President Abdel Fattah El Sisi has directed the council to complete discussions as soon as possible, so that the Labor Act can be prepared for issuance, the statement added.

Remember: The government pulled the bill from the House last year to redraft it after backlash from the business community, which said the original version was lopsided in favor of workers. Prior to the redraft, the bill would have introduced new labor rights, including legislating mandatory annual raises, caps on working hours, and longer maternity leave and notice periods, among other things.

#2- It’s day two of budget discussions at the house: The House Budget Committee will hold four meetings today to discuss and vote on the budgets of a number of ministries and state authorities for the next fiscal year. The committee is holding 21 meetings throughout the week to discuss the state budget for the upcoming fiscal year.

PSA-

Watch your speedometer: Public Prosecutor Mohamed Shawky Ayad has issued new directives to prosecution offices across the country to pursue criminal charges against anyone proven to have significantly exceeded the speed limit, according to a statement. The decision follows a series of fatal car accidents and aims to ensure road users’ safety.

WEATHER- It’s another sunny day in Cairo, with a high of 29°C and a low of 18°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 23°C and a low of 16°C.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

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ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at efforts to ramp up the local production of key production inputs. Check out the story on EnterprisePM Egypt here.

WATCH THIS SPACE-

An entity to manage state-owned companies? The government is studying a World Bank recommendation for the creation of a new entity to which the ownership of all state-owned companies would be gradually transferred, Planning Minister Hala El Said told Al Borsa. The proposal aims to streamline the implementation of state asset sales, El Said said, adding that the entity would be separate from the Sovereign Fund of Egypt — the state has been transferring a number of its assets earmarked for privatization to the SFE’s pre-IPO fund ahead of their sale.

In context: The government is set to launch a USD 1.1 bn program to implement the state ownership policy. The program aims to create an entity to centralize the management of state-owned companies, crack down on financial handouts, and separate ownership from regulation. The World Bank will reportedly extend USD 1 bn in financing for the program.

HAPPENING THIS WEEK-

#1- Green is the new black at Hivos’ Green Growth Summit: Private sector players, financial institutions, investors, donors, and policymakers will gather tomorrow for the Green Growth Summit hosted by global development organization Hivos at Cairo’s Conrad Hotel. The summit will focus on green exports, de-risking green investments, green jobs, green ambassadors, and green impact investing. Registration for the event has already closed.

#2- Tax Authority head to speak at BEBA: Egyptian Tax Authority head Rasha Abdel Aal will be giving the keynote address at the British Egyptian Business Association’s (BEBA) upcoming seminar on investment at the Conrad Hotel in Cairo on Thursday, 16 May.

ATTENTION, EGYPT INVESTORS-

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It’s a massive consumer opportunity and a regional export hub of tomorrow.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks. It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

*** Interested in attending? Tap or click here to let us know. Seating is limited.

WAR WATCH-

Egypt to join South Africa’s ICJ case against Israel: Egypt will formally join South Africa’s genocide case against Israel at the International Court of Justice (ICJ), the Foreign Ministry said yesterday. The lawsuit (pdf), filed by South Africa back in December, accuses Israel of violating its obligations under the Genocide Convention. Egypt’s decision “comes in light of the worsening severity and scope of Israeli attacks against Palestinian civilians in the Gaza Strip,” as well as the “direct targeting of civilians and the destruction of infrastructure in the strip,” the ministry said.

Egypt has also lodged protests with Israel, the US, and European governments, citing Israel’s Rafah offensive as a threat to the Egyptian-Israeli 1979 peace treaty — a fundamental pillar of regional stability — the Associated Press reports, citing an unnamed senior Egyptian official.

THE BIG STORY ABROAD-

It’s a reasonably quiet morning in the global business press, as is often the case on Mondays.

Some 300k Palestinians are on the move in Gaza after being forced out of Rafah by the Israeli army. “Many say they have nowhere to go,” writes the New York Times in the understatement of the year. Hamas troops, meanwhile, are pinning down the IDF in northern Gaza and other areas that the IDF had claimed to have cleared of the group, the WSJ notes.

CLOSER TO HOME: Kuwait’s foreign minister as well as its ministers of petroleum and finance retained their posts after Prime Minister Sheikh Ahmad Abdullah Al-Sabah formed a new cabinet just a couple of days after the country’s emir dissolved parliament.

ELSEWHERE- Shakeup in Russia. Russian President Vladimir Putin has appointed a civilianeconomist to run the Defense Ministry in a surprise shakeup.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We take a look at a new proposal to issue licenses for foreign teachers to work in Egypt amid concerns that unqualified hires from abroad are slipping through the net.

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