{"id":543310,"date":"2022-01-24T14:02:16","date_gmt":"2022-01-24T14:02:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/this-evening-egypts-budget-deficit-widens-slightly-in-1h2021-22-tourism-revenues-returned-to-pre-pandemic-levels-in-2021-house-discusses-tourism-hotels-law\/"},"modified":"2022-01-24T14:02:16","modified_gmt":"2022-01-24T14:02:16","slug":"this-evening-egypts-budget-deficit-widens-slightly-in-1h2021-22-tourism-revenues-returned-to-pre-pandemic-levels-in-2021-house-discusses-tourism-hotels-law","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/this-evening-egypts-budget-deficit-widens-slightly-in-1h2021-22-tourism-revenues-returned-to-pre-pandemic-levels-in-2021-house-discusses-tourism-hotels-law\/","title":{"rendered":"THIS EVENING: Egypt\u2019s budget deficit widens slightly in 1H2021-22 + Tourism revenues returned to pre-pandemic levels in 2021 + House discusses tourism + hotels law"},"content":{"rendered":"<p><strong>Good afternoon, wonderful people.<\/strong> Welcome to a relatively brisk Monday on this holiday-shortened workweek.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>THE BIG STORIES TODAY<\/strong><\/p>\n<p><strong>#1- Egypt\u2019s budget deficit stood at 3.9% in 1H2021-22, widening slightly from 3.6%<\/strong><strong> during the same time last year<\/strong>, Finance Minister Mohamed Maait told <a href=\"https:\/\/www.asharqbusiness.com\/article\/31792\">Bloomberg Asharq<\/a>. The budget deficit is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e7917560-43b4-4dd1-984a-209a64b16608\">expected to stand at 6.9%<\/a> by the end of FY2021-2022, after the ministry revised upwards its prior forecast of 6.7%, Maait said last week.<\/p>\n<p><strong>#2- Tourism revenues surpassed USD 13 bn in 2021, returning to pre-pandemic levels<\/strong> after having dropped to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3106a1b0-6cfc-4c04-80c9-8da5fe98049e\">USD 4 bn<\/a> in 2020, Deputy Tourism Minister Ghada Shalaby <a href=\"https:\/\/bit.ly\/3FQG3U9\">said<\/a>. Revenues eclipsed the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9dfb2aca-9170-4294-8bfe-e91864b1a1f6\">USD 9 bn<\/a> target set by the ministry earlier last year, as the sector <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f6b025d-8ac4-419e-862c-870ce406ae4b\">recovered<\/a> on the back of travel restrictions being lifted worldwide and a subsequent increase in tourist arrivals.<\/p>\n<p><strong>HAPPENING NOW- <\/strong><\/p>\n<p><strong>Tourism + hotels law up for House discussion:<\/strong> The House of Representatives is discussing in its plenary session today a draft law simplifying licensing procedures for hotels and tourism companies. The bill was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d3b4aa4e-88a8-4a01-b3cc-f1045c1c7402\">approved last year<\/a> by the Madbouly Cabinet.<\/p>\n<p><strong>The draft Ins. Act is also on the agenda again today<\/strong> for a joint legislative and constitutional, planning and budgeting, and SMEs committee. The committee had begun discussing the bill, which would make the Financial Regulatory Authority the primary regulator for the ins. sector and make ins. compulsory for SMEs and freelancers, yesterday.<\/p>\n<p><strong>Algerian President and Defense Minister Abdelmadjid Tebboune is due in town for a<\/strong><strong> two-day visit starting today<\/strong>, the Algerian presidency <a href=\"https:\/\/www.facebook.com\/AlgerianPresidency\/posts\/298366895658378\">said last night<\/a>. The statement didn\u2019t provide any information about the president\u2019s schedule.<\/p>\n<p><strong>** CATCH UP QUICK <\/strong>on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>What the new incoming Labor Act means for your business:<\/strong> We <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ae083a4f-781c-443d-ad37-ab705d0103ee\">break down<\/a> the changes coming to employment practices in the private sector from an overhauled Labor Act as it currently stands.<\/li>\n<li><strong>Fawry and Misr Capital <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f46074c4-e6d1-4dcb-83e1-b76e834652ca\">are launching<\/a><\/strong><strong> the MENA region\u2019s first fintech-based money market fund<\/strong>, Fawry Yawmy, which is set to launch on 30 January.<\/li>\n<li><strong>Evolve Investment Holding <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4f535a44-1c35-4463-a9b9-47b5617f9e87\">plans to launch<\/a><\/strong><strong> a gold-backed investment fund<\/strong> that will invest in precious metals.<\/li>\n<\/ul>\n<p><strong>THE BIG STORY ABROAD- <\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>The latest from Ukraine:<\/strong> Nato members are bolstering their military presence in eastern Europe and have their forces \u201con standby\u201d as tensions with Russia and a potential invasion of Ukraine continue to escalate. Meanwhile, the US and <a href=\"https:\/\/www.gov.uk\/foreign-travel-advice\/ukraine\">UK<\/a> have begun withdrawing embassy personnel from Ukraine amid the rising risk of conflict. The story is on the front pages of the <a href=\"https:\/\/www.ft.com\/content\/c5e6141d-60c0-4333-ad15-e5fdaf4dde71\">Financial Times<\/a>, <a href=\"https:\/\/www.nytimes.com\/2022\/01\/24\/world\/europe\/ukraine-nato-russia-embassies.html\">New York Times<\/a>, <a href=\"https:\/\/www.wsj.com\/articles\/state-department-tells-families-of-u-s-diplomats-in-ukraine-to-leave-11642983133?mod=hp_lead_pos2\">Wall Street Journal<\/a>, and <a href=\"https:\/\/www.reuters.com\/world\/europe\/nato-sends-ships-jets-eastern-europe-ukraine-crisis-2022-01-24\/\">Reuters<\/a>.<\/p>\n<p><strong>The rising tension is weighing on markets<\/strong>, with US stock futures dropping today and Russia\u2019s RUB falling 1.8%, according to <a href=\"https:\/\/www.wsj.com\/articles\/global-stocks-markets-dow-update-01-24-2022-11643011323?mod=hp_lead_pos1\">WSJ<\/a>.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>FOR TOMORROW-<\/strong><\/p>\n<p><strong>Trading on Nahr Elkhair Development and Investment\u2019s shares is set to begin on the EGX tomorrow<\/strong>, after the bourse <a href=\"https:\/\/ent.news\/2022\/1\/nahr-el-kheir-trading.jpg\">gave the green light earlier today<\/a>.The company will directly list its shares on the bourse, without offering shares to investors via subscription, according to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=22012022&id=65cd81cb-4ab8-4a37-8790-46e01a5a2ddd\">Al Shorouk<\/a>.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>The IMF\u2019s World Economic Outlook Update will be published tomorrow.<\/strong> The report was scheduled to be released last week, but its publication was pushed to give it time to incorporate the latest omicron-related developments.<\/p>\n<p><strong>Don\u2019t expect a particularly pretty outlook<\/strong>, if IMF head Kristalina Georgieva\u2019s statements at Davos last week are anything to go by: By the time 2024 rolls around, the global economy will likely be facing a USD 12.5 tn price tag from the effects of the pandemic, Georgieva said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6372f851-60c5-4b67-a204-ce32e2924634\">over the weekend<\/a>. Meanwhile, this year is expected to act as an \u201cobstacle course\u201d for the global economy as geopolitical tensions fuel inflation amid record debt levels, while an imminent monetary tightening cycle from the US Federal Reserve will make it all the more difficult for some countries to face their growing USD-denominated debt piles.<\/p>\n<p><strong>The report will come out a few hours before the US Federal Reserve sits down for its first<\/strong><strong> Open Market Committee meeting of 2022.<\/strong> The two-day meeting is widely expected to see the Fed confirming that March will see the first in a series of 0.25-percentage-point interest rate hikes in a bid to curb rising inflation. The Central Bank of Egypt will follow with its own Monetary Policy Committee meeting next Thursday, 3 February.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Startups have until next Sunday, 30 January to apply for the spring 2022 cycle of<\/strong> <strong>EGBank\u2019s Mint Incubator.<\/strong> The incubator offers two tracks: A sector-agnostic track for startups at the MVP stage, and a fintech track that accepts early-stage startups both at the ideation and MVP stages. Main founders must be between 16-35 years old. You can apply <a href=\"https:\/\/mint.eg-bank.com\/Home\/Incubator\/Applynow\">here<\/a>.<\/p>\n<p><strong>The Cairo International Book Fair starts this Thursday at the Egypt International<\/strong><strong> Exhibition <\/strong><strong>Center.<\/strong> Members of the public will be allowed to enter without providing proof of vaccination, the Culture Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/322236086613485\">said<\/a> last week. The two-week event runs through to 7 February.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>The mercury will rise to 15\u00b0C during the day tomorrow before falling to 7\u00b0C at night, according to our favorite weather app.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, wonderful people. Welcome to a relatively brisk Monday on this holiday-shortened workweek. THE BIG STORIES TODAY #1- Egypt\u2019s budget deficit stood at 3.9% in 1H2021-22, widening slightly from 3.6% during the same time last year, Finance Minister Mohamed Maait told Bloomberg Asharq. The budget deficit is expected to stand at 6.9% by the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[279,633,568,272,187,277,305,270,238,304,703,634,273],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543310","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-budget-watch","tag-enterprisepm","tag-ghada-shalaby","tag-imf","tag-legislation-watch","tag-mohamed-maait","tag-nato","tag-russia","tag-tourism","tag-ukraine","tag-unified-insurance-act","tag-what-were-tracking-tonight","tag-world-economic-outlook","wpautop","entry"],"acf":{"mongo_id":"f367e03e-6de0-4e5c-8a74-8d404b059219","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[543308],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: Egypt\u2019s budget deficit widens slightly in 1H2021-22 + Tourism revenues returned to pre-pandemic levels in 2021 + House discusses tourism + hotels law - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/this-evening-egypts-budget-deficit-widens-slightly-in-1h2021-22-tourism-revenues-returned-to-pre-pandemic-levels-in-2021-house-discusses-tourism-hotels-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Egypt\u2019s budget deficit widens slightly in 1H2021-22 + Tourism revenues returned to pre-pandemic levels in 2021 + House discusses tourism + hotels law\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, wonderful people. Welcome to a relatively brisk Monday on this holiday-shortened workweek. THE BIG STORIES TODAY #1- Egypt\u2019s budget deficit stood at 3.9% in 1H2021-22, widening slightly from 3.6% during the same time last year, Finance Minister Mohamed Maait told Bloomberg Asharq. 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Welcome to a relatively brisk Monday on this holiday-shortened workweek. THE BIG STORIES TODAY #1- Egypt\u2019s budget deficit stood at 3.9% in 1H2021-22, widening slightly from 3.6% during the same time last year, Finance Minister Mohamed Maait told Bloomberg Asharq. The budget deficit is expected to stand at 6.9% by the [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/this-evening-egypts-budget-deficit-widens-slightly-in-1h2021-22-tourism-revenues-returned-to-pre-pandemic-levels-in-2021-house-discusses-tourism-hotels-law\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2022-01-24T14:02:16+00:00","author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/this-evening-egypts-budget-deficit-widens-slightly-in-1h2021-22-tourism-revenues-returned-to-pre-pandemic-levels-in-2021-house-discusses-tourism-hotels-law\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/this-evening-egypts-budget-deficit-widens-slightly-in-1h2021-22-tourism-revenues-returned-to-pre-pandemic-levels-in-2021-house-discusses-tourism-hotels-law\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"THIS EVENING: Egypt\u2019s budget deficit widens slightly in 1H2021-22 + Tourism revenues returned to pre-pandemic levels in 2021 + House discusses tourism + hotels law","datePublished":"2022-01-24T14:02:16+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/this-evening-egypts-budget-deficit-widens-slightly-in-1h2021-22-tourism-revenues-returned-to-pre-pandemic-levels-in-2021-house-discusses-tourism-hotels-law\/"},"wordCount":889,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"keywords":["budget watch","EnterprisePM","Ghada Shalaby","IMF","Legislation Watch","Mohamed Maait","NATO","Russia","tourism","Ukraine","Unified Insurance Act","WHAT WE\u2019RE TRACKING TONIGHT","World Economic Outlook"],"articleSection":["WHAT WE\u2019RE TRACKING TONIGHT"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/this-evening-egypts-budget-deficit-widens-slightly-in-1h2021-22-tourism-revenues-returned-to-pre-pandemic-levels-in-2021-house-discusses-tourism-hotels-law\/","url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/this-evening-egypts-budget-deficit-widens-slightly-in-1h2021-22-tourism-revenues-returned-to-pre-pandemic-levels-in-2021-house-discusses-tourism-hotels-law\/","name":"THIS EVENING: Egypt\u2019s budget deficit widens slightly in 1H2021-22 + Tourism revenues returned to pre-pandemic levels in 2021 + House discusses tourism + hotels law - 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The figures continue a trend seen in the first quarter of the fiscal year, when the deficit widened y-o-y from 2.7% to 3.1%\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/322.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568336,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/27\/egypt-misses-revenue-targets-thanks-to-pandemic-but-expenses-are-down-too\/","url_meta":{"origin":543310,"position":1},"title":"Egypt misses revenue targets thanks to pandemic, but expenses are down, too","author":"enterpriseam admin","date":"27 December 2020","format":false,"excerpt":"Egypt recorded a budget deficit of EGP 462 bn \u2014 or 7.9% of GDP \u2014 in FY2019-2020, according to Finance Ministry figures (pdf) published this weekend. The overall deficit fell short of ministry forecasts of 7.2% of GDP at the end of the fiscal year, but is still an improvement\u2026","rel":"","context":"In &quot;BUDGET WATCH&quot;","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542862,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/primary-surplus-falls-y-o-y-in-1h2021-2022\/","url_meta":{"origin":543310,"position":2},"title":"Primary surplus falls y-o-y in 1H2021-2022","author":"enterpriseam admin","date":"20 January 2022","format":false,"excerpt":"Egypt generated a EGP 3.2 bn primary surplus in 1H2021-2022, Finance Minister Mohamed Maait said during the weekly cabinet meeting yesterday. The surplus came on the back of an increase in tax revenues, which rose 16% y-o-y, the minister said.The surplus is down on an annual basis, but it\u2019s still\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/248.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559732,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/02\/maait-presents-medium-term-fiscal-targets\/","url_meta":{"origin":543310,"position":3},"title":"Maait presents medium term fiscal targets","author":"enterpriseam admin","date":"2 February 2021","format":false,"excerpt":"Egypt\u2019s tax revenues are expected to hit EGP 862 bn in FY2020-2021, up from EGP 676.8 bn last fiscal year, Finance Minister Mohamed Maait told the House of Representatives yesterday in a review of the government\u2019s medium-term fiscal plans, Al Mal reports. The initial state budget forecasts \u2014 which have\u2026","rel":"","context":"In &quot;PUBLIC FINANCE&quot;","block_context":{"text":"PUBLIC FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/category\/public-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/45.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571356,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/10\/egypt-has-deployed-just-egp-40-bn-of-funding-from-the-egp-100-bn-stimulus-and-bailout-funding-maait-says\/","url_meta":{"origin":543310,"position":4},"title":"Egypt has deployed just EGP 40 bn of funding from the EGP 100 bn stimulus and bailout funding, Maait says","author":"enterpriseam admin","date":"10 May 2020","format":false,"excerpt":"The government has deployed just EGP 40 bn of the EGP 100 bn earmarked by the government to protect the economy against the covid-19 pandemic, Finance Minister Mohamed Maait said on Thursday, suggesting it has resources left to help cushion the blow to the economy. 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