{"id":562822,"date":"2021-06-08T04:00:13","date_gmt":"2021-06-08T04:00:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/08\/this-morning-final-vote-on-the-sovereign-sukuk-bill-today-plus-the-long-road-to-a-global-tax-agreement-bezos-is-going-to-space\/"},"modified":"2021-06-08T04:00:13","modified_gmt":"2021-06-08T04:00:13","slug":"this-morning-final-vote-on-the-sovereign-sukuk-bill-today-plus-the-long-road-to-a-global-tax-agreement-bezos-is-going-to-space","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/08\/this-morning-final-vote-on-the-sovereign-sukuk-bill-today-plus-the-long-road-to-a-global-tax-agreement-bezos-is-going-to-space\/","title":{"rendered":"THIS MORNING: Final vote on the sovereign sukuk bill today? Plus: The long road to a global tax agreement, Bezos is going to space."},"content":{"rendered":"<p><strong>Good morning, everyone, and welcome to another brisk news morning. <\/strong>What appears to be a continued strong rollout of our vaccination program leads today. If you\u2019re thinking long-term, suggest having a good read through our Going Green <strong>interview with French Ambassador St\u00e9phane Romatet<\/strong> as well as the piece on Russia\u2019s <strong>wannabe alternative to the Suez Canal<\/strong>.<\/p>\n<p><strong>EDITOR\u2019S NOTE: EnterprisePM will be taking a publication holiday this afternoon<\/strong> so we can attend to some housekeeping and plug away at some long-term stuff about which we\u2019re really excited. EnterpriseAM and EnterprisePM will be back in your inboxes at their customary times tomorrow.<\/p>\n<p><strong>THE BIG STORY INTERNATIONALLY- Jeff Bezos is going to space<\/strong>, <a href=\"https:\/\/www.instagram.com\/p\/CP0MSOqnYEo\/?utm_source=ig_embed&ig_rid=2f20d7bc-0352-4153-8644-a4c3e365a137\">announcing<\/a><a href=\"https:\/\/www.instagram.com\/p\/CP0MSOqnYEo\/?utm_source=ig_embed&ig_rid=2f20d7bc-0352-4153-8644-a4c3e365a137\">yesterday<\/a> that he will be hopping aboard his company Blue Origin\u2019s first mission next month. The 20 July flight will feature an 11-minute trip to suborbital space that will reach an altitude of about 100 kms. Bids for a seat on the flight have gone as high as USD 2.8 mn. <strong>The story is everywhere in the foreign press <\/strong>from <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-07\/bezos-says-he-ll-go-to-space-next-month-on-blue-origin-flight?srnd=premium-middle-east\">Bloomberg<\/a> and the <a href=\"https:\/\/apnews.com\/article\/technology-business-9ac5c4668d9ff8d209889ca089572571\">Associated Press<\/a> to <a href=\"https:\/\/edition.cnn.com\/2021\/06\/07\/tech\/jeff-bezos-space-blue-origin-new-shepard-flight-scn\/index.html\">CNN<\/a>, the <a href=\"https:\/\/www.ft.com\/content\/defbe912-ceb9-4017-a215-16d214484597\">Financial Times<\/a> and <a href=\"https:\/\/www.cnbc.com\/2021\/06\/07\/jeff-bezos-to-fly-on-blue-origin-first-passenger-flight-in-july.html\">CNBC<\/a>.<\/p>\n<p><strong>*** CATCH UP QUICK<\/strong> with the top stories from yesterday\u2019s edition of EnterprisePM:<\/p>\n<ul>\n<li><strong>We talked to Openner\u2019s Ahmed Elsherif about what the VC firm has up its sleeve for Egypt. <\/strong>The VC is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/84934b97-6f95-48c1-ad9e-be81d747c493\">on the lookout<\/a> for stakes in as many as 50 tech startups, with USD 5 mn earmarked for Egypt at an initial stage<\/li>\n<li><strong>UAE\u2019s Opontia will soon set up shop in Egypt and has USD 20 mn to invest. <\/strong>Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e5c07e6-d79e-4d2f-a8b8-7c4d831a2d4c\">could receive<\/a> some of the USD 20 mn Riyadh-based consumer holding startup Opontia has earmarked for regional acquisitions.<\/li>\n<li><strong>JUFO signals to the market that its financials are sound: <\/strong>Juhayna Food Industries has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/087fd5c8-6743-4db4-953f-c80b280ffd77\">released a snapshot<\/a> of its unaudited FY2020 earnings in a move likely meant to reassure investors after the company was placed on the EGX\u2019 \u2018D-list\u2019 of non-compliant companies last week for missing the 1 June deadline to report FY2020 results.<\/li>\n<\/ul>\n<p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p>\n<p><strong>A delegation of 18 French companies are currently in town<\/strong> to meet Egyptian private sector firms and international financial institutions in an event <a href=\"https:\/\/ent.news\/2021\/6\/CP-English-version.pdf\">organized<\/a> by Business France. The visit wraps up tomorrow.<\/p>\n<p><strong>The long-awaited Sovereign Sukuk Act could get a final nod by the House as early <\/strong><strong>as today<\/strong>, paving the way for the issuance of our maiden sharia-compliant bonds on local and international debt markets, Rep. Yasser Omar told <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-nears-issuing-sukuk-bonds-bill-moves-through-parliament-2021-06-07\/\">Reuters<\/a>.<\/p>\n<p><strong>The worst case scenario:<\/strong> A final vote on the bill, which earned preliminary approval from the House on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2205dce0-274d-4586-84a5-5a7e9c7c46d9\">Sunday<\/a>, could be held later this month before the start of the new fiscal year, Omar said. It would then be handed over to the president to be signed into law. Once ratified, the executive regulations for the bill are expected to be issued within three months.<\/p>\n<p><strong>The ministry is eager to get the ball rolling<\/strong>, saying in <a href=\"https:\/\/bit.ly\/2RAmgWa\">a statement<\/a> yesterday that it will start working on its first issuance as soon as the legislation takes effect. The exact timing and size of the planned offering remains unknown.<\/p>\n<p><strong>The bill sets a framework for regulating Egypt\u2019s sovereign sukuk issuances<\/strong>, including\/ governing how sharia-compliant debt is securitized and traded.<\/p>\n<p><strong>Need a refresher on how sukuk work?<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8943e6f1-9b79-46d8-815d-d76d91a75de4\">We\u2019ve got you covered<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Don\u2019t celebrate (or gnash your teeth over) the global corporate tax<\/strong><strong> agreement just yet: There\u2019s a <\/strong><strong>long way to go.<\/strong> An agreement by G7 nations to introduce a 15% global minimum corporate tax rate still has a \u201clong road\u201d ahead of it, according to experts speaking to <a href=\"https:\/\/www.cnbc.com\/2021\/06\/07\/global-tax-reform-deal-will-take-time-negotiation-and-cooperation.html\">CNBC<\/a>. Finance ministers are already facing criticism that the proposal isn\u2019t ambitious enough and that more countries will need to come on board if the proposal is going to make a difference.<\/p>\n<p><strong>The critics have a point:<\/strong> Amazon, one of the largest companies in the world, could avoid having to pay more tax thanks to a part of the agreement that forces only companies with a 10%+ NP margin to comply, according to <a href=\"https:\/\/www.theguardian.com\/technology\/2021\/jun\/06\/global-g7-deal-may-let-amazon-off-hook-on-tax-say-experts\">the Guardian<\/a>. <a href=\"https:\/\/www.bbc.com\/news\/world-57372682\">Some campaigners say<\/a> that a minimum rate would have to be higher to make a difference, while others have criticized the agreement for allowing the continued existence of tax havens.<\/p>\n<p><strong>Then there\u2019s the problem of implementation:<\/strong> The plan, agreed in principle <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f40e85f-6132-4035-a552-9b35ce8f655e\">last weekend<\/a>, only involves Canada, France, Germany, Italy, Japan, the UK, the US and the EU, and would require more countries and closer coordination to properly close tax loopholes enjoyed by multinationals.<\/p>\n<p><strong>The long road: <\/strong>The G7-backed agreement will need confirmation at a meeting of G20 members in July. It will then require even broader negotiations at the OECD, a process French Finance Minister Bruno le Maire said <strong>might take two to three years. <\/strong><\/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>CIRCLE YOUR CALENDAR- <\/strong><\/p>\n<p><strong>Inflation data for May<\/strong> will be released this week.<\/p>\n<p><strong>Egypt <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/151259670377795\">is hosting<\/a><\/strong><strong> the <\/strong><strong><a href=\"https:\/\/www.unido.org\/our-focus\/advancing-economic-competitiveness\/investing-technology-and-innovation\/investment-and-technology\/africa-investment-promotion-agency-network-afripanet\">Africa Investment Promotion Agency Network\u2019s<\/a><\/strong><strong> first forum<\/strong> at the end of this week. The four-day event kicks off on Friday.<\/p>\n<p><strong>The Egypt Green Economy Forum takes place next Monday<\/strong>, 14 June.<\/p>\n<p><strong>The Central Bank of Egypt<\/strong> will meet Thursday, 17 June to review rates.<\/p>\n<p>Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n<p><strong>In today\u2019s issue: <\/strong>We sit down with St\u00e9phane Romatet, French ambassador to Egypt, to discuss France\u2019s support for Egypt\u2019s green energy plans. French investment in Egypt has grown from an estimated EUR 3 bn in 2017 to EUR 5 bn today. And renewables investment \u2014 currently comprising some EUR 500 mn \u2014 is becoming an increasingly important focus. Our conversation tackles France\u2019s ambitions to partner with Egypt on green hydrogen \u2014 where French companies are eyeing more renewables investment in Egypt \u2014 and the importance of resolving the feed-in tariff issue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, everyone, and welcome to another brisk news morning. What appears to be a continued strong rollout of our vaccination program leads today. If you\u2019re thinking long-term, suggest having a good read through our Going Green interview with French Ambassador St\u00e9phane Romatet as well as the piece on Russia\u2019s wannabe alternative to the Suez [&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":[7204],"tags":[318,3385,72,1253,274,670,3285,671,280,69,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562822","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-amazon","tag-blue-origin","tag-enterpriseam","tag-g7","tag-house-of-representatives","tag-jeff-bezos","tag-sovereign-sukuk-act","tag-space","tag-sukuk","tag-tax","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"7c892eab-a48b-4efa-b22c-abd294c2644a","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[562820],"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 MORNING: Final vote on the sovereign sukuk bill today? 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And worth up to USD 5 bn?!_StoryHedWeb_! Egypt to issue its maiden sovereign sukuk as soon as next week?","author":"enterpriseam admin","date":"16 February 2023","format":false,"excerpt":"Final timing of the issuance dependent on market conditions","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/sukuk-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564318,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/sovereign-sukuk-sale-coming-in-2h-fy2021-2022\/","url_meta":{"origin":562822,"position":1},"title":"Sovereign sukuk sale coming in 2H FY2021-2022","author":"enterpriseam admin","date":"24 August 2021","format":false,"excerpt":"Egypt is preparing to issue its first tranche of sovereign sukuk in the second half of FY 2021-2022, Finance Minister Mohamed Maait said in a statement today, less than a week after legislation allowing the government to sell the sharia-compliant bonds was signed into law. The ministry provided no further\u2026","rel":"","context":"In &quot;SPEED ROUND: ECONOMY&quot;","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/511.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564488,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/09\/one-step-closer-to-our-first-sovereign-sukuk-sale\/","url_meta":{"origin":562822,"position":2},"title":"One step closer to our first sovereign sukuk sale","author":"enterpriseam admin","date":"9 February 2021","format":false,"excerpt":"The House of Representatives\u2019 Economic Committee finalized today its amendments to the Sovereign Sukuk Act, which sets the framework by which Egypt will issue sovereign sukuks, according to Al Mal. Most of the amendments appear to be largely cosmetic \u2014 including referring to the special purpose vehicle (SPV) that will\u2026","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/422.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566240,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/06\/sovereign-sukuk-act-gets-early-nod-at-the-house\/","url_meta":{"origin":562822,"position":3},"title":"Sovereign Sukuk Act gets early nod at the House","author":"enterpriseam admin","date":"6 June 2021","format":false,"excerpt":"Sovereign sukuk get early House nod: The House of Representatives has approved \u201cin principle\u201d the long-awaited Sovereign Sukuk Act in a plenary session this afternoon, paving the way for the government\u2019s inaugural sukuk issuance once it is signed into law, according to Ahram Gate. The bill, which still needs a\u2026","rel":"","context":"In &quot;SPEED ROUND: LEGISLATION WATCH&quot;","block_context":{"text":"SPEED ROUND: LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/430.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":672727,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/29\/egypt-taps-the-intl-debt-market-with-usd-2-bn-sovereign-sukuk-issuance\/","url_meta":{"origin":562822,"position":4},"title":"Egypt taps the int\u2019l debt market with USD 2 bn sovereign sukuk issuance","author":"enterpriseam admin","date":"29 September 2025","format":false,"excerpt":"Good afternoon, wonderful people. The week has been off to a quiet start, but we don\u2019t think that will hold \u2014 today\u2019s light issue tackles heavy topics. THE BIG STORY TODAY Egypt returned to the international debt markets today with a USD 2 bn dual tranche sovereign sukuk issuance, comprising\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/761.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566576,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/28\/one-giant-leap-for-our-sovereign-sukuk-sale\/","url_meta":{"origin":562822,"position":5},"title":"One giant leap for our sovereign sukuk sale...","author":"enterpriseam admin","date":"28 June 2021","format":false,"excerpt":"The long-awaited Sovereign Sukuk Act will soon be the law of the land, after the House of Representatives gave it a final vote in a plenary session today, Youm7 reports. 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