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A subsidy cut by any other name? The Electricity Ministry will introduce a new maintenance fee to users’ monthly bills as of July, unnamed officials tell Daily News Egypt. Proceeds will then be allocated to the support and development of the power sector, and particularly to improving energy efficiency in public buildings. The energy efficiency […]
Author Archives: enterpriseam admin
Posted inSpeed Round
El Sisi signs into law the Universal Healthcare Act
President Abdel Fattah El Sisi signed into law on Monday the Universal Healthcare Act, the government’s EGP 600 bn health coverage plan and a key piece of social policy for the Ismail cabinet. The bill will set premiums for employers of 4% of each employee’s monthly salary, while employees will pay premiums of only 1% […]
Posted inSpeed Round
House Legislative Committee completes its review of Criminal Procedures Act amendments
LEGISLATION WATCH- The House of Representatives’ Legislative Committee completed yesterday its review of amendments to the Criminal Procedures Act, Ahram Gate reports. The committee postponed to a later date its discussion and vote on contentious articles of the legislation pertaining to pre-trial detention. The amendments, which Cabinet had approved in October, introduce new avenues of […]
Posted inSpeed Round
Kabil announces plans for largest textile industries city in Egypt
Gov’t announces USD 2 bn textiles city: Trade and Industry Minister Tarek Kabil announced plans yesterday to establish Egypt’s largest textile project on a 3.1 mn sqm area in Sadat City, Al Mal reports. The project is expected to cost USD 2 bn to develop and will house 568 factories. 87% of the factories will […]
Posted inSpeed Round
Higher Education Ministry looking to attract EGP 35 bn for new schools
The Higher Education Ministry is looking to attract EGP 35 bn in investments to finance the construction of new private and public universities, Higher Education Minister Khaled Abdel Ghaffar said, according to Al Borsa. The move is meant to sate demand for universities as the number of students enrolled in universities is expected to reach […]
Posted inSpeed Round
Sadat will not contest presidential elections
Mohamed Anwar Sadat announced he will not be running in the presidential elections in March, The Associated Press reports. Sadat says the political “climate” isn’t conducive to campaigning and that he “‘will not contest a lost battle’ while also citing emergency laws and a ban on demonstrations as further reasons for his decision.” Sadat’s political […]
Posted inSpeed Round
British construction company Carillion insolvent
British construction firm Carillion collapsed yesterday after banks refused the firm further financing, Reuters reports. The 200-year-old firm went into mandatory liquidation after banks refused to restructure liabilities upwards of GBP 2 bn. Carillion becomes the first corporate giant to fail in the UK in 10 years. The UK government was forced to guarantee some […]
Posted inUncategorized
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Posted inTHE MACRO PICTURE
Share of renewables in Middle East energy mix set to triple by 2035
The share of renewables in the Middle East energy mix is forecast to triple to 20.6% by 2035, with renewables capacity reaching 100 GW, up from 5.6% (16.7 GW) in 2016, according to Siemens’ Middle East Power: Outlook 2035 report (pdf). Solar power is expected to account for additions of around 61 GW by 2035. […]
Posted inEGYPT IN THE NEWS
Mohamed Al Sadat’s withdrawal from the presidential race tops coverage of Egypt
Topping coverage of Egypt this morning is Mohamed Al Sadat’s withdrawal from the presidential race. The foreign press appeared shocked at the press conference, where it was widely expected that he would announce his candidacy. Meanwhile, he Guardian’s editorial board penned a scathing opinion piece bashing the elections and the state of democracy in Egypt, […]