{"id":543598,"date":"2022-02-09T04:09:57","date_gmt":"2022-02-09T04:09:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/this-morning-changes-to-old-rent-law-could-see-freeloading-embassies-businesses-evicted-cairos-borders-now-include-the-new-administrative-capital\/"},"modified":"2022-02-09T04:09:57","modified_gmt":"2022-02-09T04:09:57","slug":"this-morning-changes-to-old-rent-law-could-see-freeloading-embassies-businesses-evicted-cairos-borders-now-include-the-new-administrative-capital","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/this-morning-changes-to-old-rent-law-could-see-freeloading-embassies-businesses-evicted-cairos-borders-now-include-the-new-administrative-capital\/","title":{"rendered":"THIS MORNING: Changes to old rent law could see freeloading embassies, businesses evicted + Cairo\u2019s borders now include the new administrative capital"},"content":{"rendered":"

Good morning, friends<\/strong>, and welcome to almost-THURSDAY, as we insist Wednesday is best known.<\/p>\n

Particularly interesting to us this morning:<\/strong> For the first time we can remember, the World Bank is zeroing in on fintech and financial inclusion as key drivers of economic growth here in Omm El Donia. Part way through a 45-page report that explains the Bank\u2019s forecast last month that we will grow 5.5% in 2021-2022, the report\u2019s authors say that the pandemic has \u201cfast-tracked important fintech reforms and has driven many businesses to utilize digital technologies \u2026 and led to a surge in e-commerce activities.\u201d The report is packed full of examples of how smart government policy and private-sector muscle are changing the way we do business, buy financial services, pay for goods, etc. We have coverage (and a link to the full document) in the news well, below.<\/p>\n

HAPPENING TODAY- <\/strong><\/p>\n

Old rent law up for debate in the House:<\/strong> The House of Representatives is set to discuss in a plenary session today a draft law that would, if passed, allow landlords to evict institutions that are to this day effectively \u201cunevictable\u201d under the old rent law.<\/p>\n

What\u2019s the issue? <\/strong>The old rent law gives landlords no meaningful power to raise rents or evict tenants (commercial, residential or other), leading to situations where flats and villas ostensibly worth mns are effectively valueless to their owners: Renters of properties that would go for tens of thousands of EGP per month on the open market are protected with rents in the double digits.<\/p>\n

SMART POLICY- The bill, if passed, would protect private citizens who rent.<\/strong> But it would also give landlords a pathway to eventually evict government agencies, public and private companies, embassies, clubs, associations and other entities leasing properties under the old rent system. As currently drafted, it would allow eviction proceedings to begin within five years of the law being enacted. Tenants could be forced in the meantime to pay 5x their current rent with a 15% annual rise. The House Housing Committee had signed off on the bill last month<\/a>.<\/p>\n

ALSO up in the House today: <\/strong>Amendments to the Real Estate Registry Act, which are up for further discussion after debate yesterday. We have more on that \u2014 and the other bills put to the House yesterday \u2014 in our Legislation Watch section, below.<\/p>\n

President Abdel Fattah El Sisi has appointed Judge Boulos Fahmy as president of <\/strong>the Supreme Constitutional Court, <\/strong>Hapi Journal<\/a> reports, citing a presidential decree published in the official gazette yesterday. Fahmy, who is the first Coptic Christian ever to head the court, takes on his new position effective today. He succeeds Said Maree Mohamed Gad, who is retiring.<\/p>\n

SIGN OF THE TIMES- The Sisi administration <\/strong>has redrawn<\/a><\/strong> Cairo\u2019s borders to include part <\/strong>of the new administrative capital<\/strong> to comply with the constitutional requirement that the seat of government \u2014 including the House of Representatives and Senate \u2014 be located in Cairo.<\/p>\n

THE BIG STORY TODAY- <\/strong><\/p>\n

There\u2019s plenty of business, culture \u2014 and, yes, Ukraine-related \u2014 news<\/strong> greeting us in the pages of the international press this morning:<\/p>\n

Let\u2019s get this out of the way first: <\/strong>While to the untrained eye, French President Macron\u2019s shuttle-diplomacy efforts in Ukraine and Russia didn\u2019t yield much<\/a> in the way of de-escalation, Putin-whisperers tell Reuters<\/a> they detect a shift in the Russian president\u2019s tone that suggests he\u2019s leaning more toward negotiation than invasion. Over at the New York Times<\/a>, the suggestion is that Putin\u2019s official spokesman stabbed Macron in the back while the French leader was in the air on the way to Kyiv. \u201cStatements by Russian leaders appeared to undercut French diplomatic authority, and even credibility. \u2026 the Kremlin spokesman \u2026 suggested that it was the United States, not France, that had standing\u201d to negotiate an agreement.<\/p>\n

Ukraine, meanwhile, would like everyone to get out of its backyard<\/strong> after weeks in the crosshairs of the US-Russia showdown, according to the Wall Street Journal<\/a>.<\/p>\n

MEANWHILE- Not forgetting the latest crypto scandal\u2026 <\/strong>Federal agents in the United States have seized more than USD 3.6 bn in allegedly stolen BTC from a New York tech entrepreneur and his wife, who are accused of a massive crypto money laundering scheme, the Financial Times<\/a> and the Washington Post<\/a> report. The seizure of the funds is the largest in the history of the US Justice department.<\/p>\n

SIGN OF THE TIMES- <\/strong>Italy is dropping its outdoor mask mandate<\/a> (but keeping an indoor masking requirement) and New York will back away from an indoor mask mandate<\/a> as more and more countries indicate they\u2019re preparing to learn to \u201clive with the virus\u201d in a manner similar to how we coexist with the seasonal flu. Canadian provinces including Qu\u00e9bec<\/a>, Alberta<\/a>, Prince Edward Island<\/a>and Saskatchewan<\/a> are also slowly phasing out restrictions.<\/p>\n

From the geopolitical stage to the big screen: Oscar noms prove the Power of the Dog (+ <\/strong>the <\/strong>streamers<\/strong>). <\/strong>The 2022 Oscar nominations are out, and the full list reads as its own sign of the times, with the nominated films showing the impacts of the pandemic on the film industry \u2014 from the shift to streaming platforms (Netflix and Apple did very well) to the bns lost in ticket revenues, even for the award contenders. Netflix\u2019s The Power of the Dog, directed by Jane Campion, leads the nominations with 12 nods, while sci-fi adaptation Dune followed closely with 10 nominations. AppleTV+ nabbed six nods. Three of the \u201cBest Picture\u201d nominations actually failed to \u201cconvert critical raves into ticket sales,\u201d Variety<\/a> notes. The award ceremony takes place on 27 March. <\/strong><\/p>\n

The all-important Best Picture contenders:<\/strong><\/p>\n