{"id":566236,"date":"2021-06-06T13:28:28","date_gmt":"2021-06-06T13:28:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/06\/tonight-more-info-about-the-unified-tax-act-are-sovereign-sukuk-coming-our-way-also-its-inflation-week-and-a-french-delegation-of-18-companies-is-arriving-tomorrow\/"},"modified":"2021-06-06T13:28:28","modified_gmt":"2021-06-06T13:28:28","slug":"tonight-more-info-about-the-unified-tax-act-are-sovereign-sukuk-coming-our-way-also-its-inflation-week-and-a-french-delegation-of-18-companies-is-arriving-tomorrow","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/06\/tonight-more-info-about-the-unified-tax-act-are-sovereign-sukuk-coming-our-way-also-its-inflation-week-and-a-french-delegation-of-18-companies-is-arriving-tomorrow\/","title":{"rendered":"TONIGHT: More info about the Unified Tax Act + Are sovereign sukuk coming our way? ALSO: it\u2019s inflation week, and a French delegation of 18 companies is arriving tomorrow."},"content":{"rendered":"<p><strong>It\u2019s the unofficial fiscal policy issue this afternoon<\/strong>, ladies and gentlemen, as a number of key Finance Ministry-drafted taxation and debt legislations see the light of day.<\/p>\n<p><strong>THE BIG STORY TODAY- The Finance Ministry issued the executive regulations of the <\/strong><strong>Unified Tax Act<\/strong>, including guidelines on how the new tax platform will operate, and how you will be filing your state dues from now on. We have details in Speed Round below.<\/p>\n<p><strong>HAPPENING NOW- Are we soon getting our first sovereign sukuk issuances?<\/strong> The House of Representatives has given its initial sign off to the long-awaited Sovereign Sukuk Act in a plenary session today. This would pave the way for the government to begin issuing sovereign sukuk once the legislation makes it through. We have more details in the news well below.<\/p>\n<p><strong>We\u2019re expecting inflation figures to be released by CAPMAS this week, <\/strong>and won\u2019t be surprised to see an uptick in the month\u2019s reading as global commodity prices continue spiking. Analysts have increasingly been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6bb18bfa-39fe-4f57-ae02-2d7688b688be\">penciling in<\/a> heightened inflation \u201csoon\u201d as a result of the year-long commodities rally. Annual urban headline inflation unexpectedly slowed to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d82773c-16b8-4e19-956b-28cf55f425a6\">4.1% in April<\/a>, after having risen to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91d91bf8-2519-46d6-a33e-b0495cc892c0\">4.8% in March<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2ad47058-a1df-4f79-a48e-1b39c17beb79\">4.5% in February<\/a>.<\/p>\n<p><strong>We\u2019re already feeling the boom in some sectors:<\/strong> State-owned Egyptalum was the latest to hike its prices by some EGP 2k this month, with its sales head and spokesperson, Ehab Al Elwany, citing a USD 150 per-tonne increase in global aluminum futures over the past two months \u2014 due to heavy purchasing by China \u2014 as the reason behind the decision, <a href=\"https:\/\/bit.ly\/3ikRH1z\">Al Mal<\/a> reports. Wholesale aluminum sold at home now ranges between EGP 49-57k a tonne, up from EGP 47-55.5k <a href=\"https:\/\/bit.ly\/3vYiRzo\">in May<\/a>, as the commodities boom hits everything from food to energy to key metals.<\/p>\n<p><strong>How will US inflation play into ours?<\/strong> We dive deeper into this in today\u2019s Macro Picture.<\/p>\n<p><strong>** CATCH UP QUICK <\/strong>on the top stories from today\u2019s EnterpriseAM:<\/p>\n<ul>\n<li><strong>Goldman says CBE could cut rates this month + reserves were up in May:<\/strong> The Central Bank of Egypt (CBE) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69eea9f9-d02a-4120-b16a-653b9d0ebd7b\">can afford to cut rates<\/a> by as much as 50 bps at its meeting later this month without hurting its carry trade, Goldman Sachs said. Meanwhile, foreign currency reserves increased by almost USD 125 mn in May.<\/li>\n<li><strong>Goodbye, Brits. Hello, Russians:<\/strong> Egypt will be <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49d984c1-3825-437c-b742-2fce3cf21689\">on the UK\u2019s red list<\/a> of countries as of 8 June due to concerns over new virus variants, while Russian airline Aeroflot says (for the umpteenth time) that flights from Russia will resume soon.<\/li>\n<li><strong>US to donate vaccines to Egypt: <\/strong>Egypt and 13 other \u201cregional priority\u201d countries <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/190f4214-6152-4290-bcb5-d7330bb9dad3\">will receive some 6 mn doses<\/a> of covid-19 vaccines from the US, as part of a first batch of 25 mn doses, out of a total 80 mn doses the US plans to share with the world by the end of June.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><strong>Hani Sonbol, CEO of the International Islamic Trade Finance Corporation (IITFC), is in <\/strong><strong>Cairo today for a five-day visit<\/strong>, according to a <a href=\"https:\/\/ent.news\/2021\/6\/ITFC-EN-PRL.pdf\">statement (<\/a><a href=\"https:\/\/ent.news\/2021\/6\/ITFC-EN-PRL.pdf\">pdf<\/a><sup><\/sup><a href=\"https:\/\/ent.news\/2021\/6\/ITFC-EN-PRL.pdf\">)<\/a>. He will attend the opening of new projects and initiatives carried out in cooperation with the Egyptian government. These include the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d9c38c88-b58b-49de-b9eb-d81002013051\">\u201cSheTrades\u201d<\/a> initiative that provides support for female entrepreneurs.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a><strong> THE BIG STORY ABROAD- China\u2019s tech crackdown is topping coverage on <\/strong><strong>the global business press today.<\/strong> Bitcoin and other cryptocurrencies dropped over the past day amid fears of additional clampdown by China on crypto after some of the industry\u2019s influencer accounts were blocked on Chinese social media site Weibo, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-06\/bitcoin-drops-amid-weibo-crypto-suspensions-goldman-cio-survey?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>reports. A recent survey by Goldman Sachs Group says that institutional interest in crypto may have taken damage as a result of these repeated crackdowns. The price of BTC dropped so far by over USD 25k to trade around USD 36k from the USD 65k price level recorded at the beginning of this year. \u201cThe key level for the bulls to hold is USD 33.4k as it keeps the pattern of higher lows intact,\" said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX.<\/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><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a><strong> A delegation of 18 French <\/strong><strong>companies<\/strong><strong> is in Cairo tomorrow<\/strong> to meet with international financial institutions and Egyptian private partners during a three-day event organized by Business France, according to a <a href=\"https:\/\/ent.news\/2021\/6\/CP-English-version.pdf\">press release (pdf)<\/a>. This is the first business delegation from France since February 2020, and the sectors up for potential cooperation include renewable energy, mobility, health, water and sanitation, food security, education, and digitalization. Among the French companies sending representatives are <a href=\"https:\/\/www.alstom.com\/\">Alstom<\/a>, <a href=\"https:\/\/www.beaudrey.com\/\">Beaudrey<\/a>, <a href=\"https:\/\/www.ratpdev.com\/en\/home\">RATP Dev<\/a>, <a href=\"https:\/\/www.steam.fr\/?lang=en\">STEAM France<\/a>, <a href=\"https:\/\/www.veolia.com\/en\">Veolia<\/a>, and <a href=\"https:\/\/www.suez.com\/en\">Suez<\/a>.<\/p>\n<p><strong>Meanwhile the British Egyptian Business Association will hold a virtual conversation <\/strong><strong>with Oil Minister Tarek El Molla tomorrow at 1pm<\/strong> to discuss the sector\u2019s achievements. You can register <a href=\"https:\/\/us02web.zoom.us\/webinar\/register\/WN_MVUuhotDTyOEplB7iVpuNw\">through this link<\/a>.<\/p>\n<p><strong>We\u2019re looking forward to the second-most-holy holiday on the iSheep calendar tomorrow <\/strong>\u2014 that\u2019s when the faithful will stream Apple\u2019s <a href=\"https:\/\/developer.apple.com\/wwdc21\/\">WWDC<\/a> keynote. We\u2019ll get a look at what\u2019s next for macOS, iOS and iPadOS, sure \u2014 but more than a few of us will be praying for hardware announcements, too. You can catch <a href=\"https:\/\/appleinsider.com\/articles\/21\/06\/01\/what-to-expect-from-wwdc-2021---and-what-not-to\">AppleInsider<\/a>\u2019s and <a href=\"https:\/\/gizmodo.com\/wwdc-2021-ios-15-ipados-15-macos-12-watchos-8-mor-1847019275\">Gizmodo<\/a>\u2019s prognostications or just circle your calendar for 7pm CLT on Monday and <a href=\"https:\/\/www.apple.com\/apple-events\/event-stream\/\">stream the keynote here<\/a>.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Entrepreneurs in the tourism sector have until 20 June to apply for the six-month <\/strong><strong>Tourism Recovery Program<\/strong> launched by <a href=\"https:\/\/enpact.org\/#\/\">enpact<\/a> and the <a href=\"https:\/\/www.tuicarefoundation.com\/en\">TUI Care Foundation<\/a> and supported by <a href=\"https:\/\/www.giz.de\/en\/html\/index.html\">GIZ<\/a>, according to a <a href=\"https:\/\/ent.news\/2021\/6\/070621_Egypt-Press-Release_ENG.pdf\">press release (pdf)<\/a>. Under the program, 100 tourism startups will be chosen to receive dedicated mentoring, training, and direct financial support of up to EUR 9k per business. The program aims to build leadership, resilience, sustainability, innovation, and digital transformation within tourism SMEs while also creating an international network of tourism business to expand cooperation between Egypt, Germany, and all of Europe. You can apply for the program using <a href=\"https:\/\/enpact.org\/open-applications\/tourism-recovery-programme\/#\/\">this link<\/a>.<\/p>\n<p>? <strong>FOR YOUR COMMUTE-<\/strong><\/p>\n<p><strong>KUDOS- Two Egyptians took home gold medals in the FIG World Challenge Cup in <\/strong><strong>Artistic Gymnastics that was held last weekend in Cairo<\/strong>. Egyptian gymnasts <a href=\"https:\/\/www.gymnastics.sport\/site\/athletes\/bio_detail.php?id=28513\">Nancy Tamman<\/a> and <a href=\"https:\/\/www.gymnastics.sport\/site\/athletes\/bio_detail.php?id=32185\">Ali Zahran<\/a> each snagged first place for the women\u2019s and men\u2019s competitions, according to <a href=\"https:\/\/www.kingfut.com\/2021\/06\/06\/egypt-make-history-gymnastics\/\">Kingfut<\/a>. This was the first time the championship was hosted in Africa and more than 300 players from 16 countries competed in the event. Tamman has previously taken home the trophy for the Mediterranean Games and got first place in Africa twice in a row, while Zahran had previously snagged three world championships.<\/p>\n<p><strong>? <\/strong><strong>ON THE TUBE TONIGHT-<\/strong><\/p>\n<p><strong>David Attenborough strikes again, teaming up with scientist Johan Rockstr\u00f6m to create <\/strong><strong><a href=\"https:\/\/www.netflix.com\/eg-en\/title\/81336476\">Breaking Boundaries: The Science Of Our Planet<\/a><\/strong><strong>.<\/strong> The full length documentary explores how humans have managed to eliminate a [redacted] ton of Earth\u2019s biodiversity, reaching a hazardous point where humanity has managed to push our home planet beyond the boundaries of stability. Painting a picture of what the future of our species and the fate of the planet could look like, the doc outlines nine planetary thresholds that if exceeded could make life on Earth unsustainable, and explains how close we are to each one. <a href=\"https:\/\/www.nytimes.com\/2021\/06\/04\/movies\/breaking-boundaries-the-science-of-our-planet-review.html\">The New York Times<\/a> and <a href=\"https:\/\/www.rogerebert.com\/reviews\/breaking-boundaries-the-science-of-our-planet-2021\">Roger Ebert<\/a> think the content is essential to hear, but were dissuaded by one too many ambitious green screen ventures.<\/p>\n<p><strong>?EAT THIS TONIGHT- <\/strong><\/p>\n<p><strong>Downtown Cairo\u2019s Cafe Riche offers a side of history:<\/strong> The cafe was used as an assembly point for writers, artists, and intellectuals such as Naguib Mahfouz and Taha Hussein. The cafe was acquired by <a href=\"https:\/\/al-ismaelia.com\/\">Al Ismaelia<\/a> in 2008 and sensitively restored to become one of the most vibrant night spots in the area, all while preserving the original feel and aura of the place. Cafe Riche is a great place to get breakfast or pass by for a drink with friends towards the evening.<\/p>\n<p>?<strong> OUT AND ABOUT-<\/strong><\/p>\n<p><strong>Comedy Monsters are <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/184184486948786?active_tab=about\">taking the stage<\/a><\/strong><strong> at The Room Art Space in New Cairo<\/strong> tonight at 9pm.<\/p>\n<p><strong>A conference on Arab philosophy is <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/967616370707851\/?active_tab=about\">taking place<\/a><\/strong><strong> today at 6pm at the French Institute in Cairo. <\/strong>The talks will be given in French, with immediate Arabic translation.<\/p>\n<p><strong>Walking tour experience Qahrawya is providing a <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/478762586534294\/?active_tab=about\">Downtown Cairo tour<\/a><\/strong> <strong>on Wednesday<\/strong>, taking participants through downtown, Garden City and Mounira for lunch, shopping, and sightseeing.<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><strong>How to build a flexible organization that can adapt and flourish during times of <\/strong><strong>uncertainty: <\/strong><a href=\"https:\/\/www.amazon.com\/Change-Organizations-Hard-Imagine-Uncertain\/dp\/1119815843\">Change<\/a>, written by John P. Kotter, Vanessa Akhtar, and Gaurav Gupta, looks at how business leaders and policy makers can create non-linear change that is sustainable and adaptable in the current volatile climate. The book teaches how organizations should face threats and turn them into new ventures, how to manage resistance to change within old institutions, and how to improve outcomes in strategy execution, digital transformation, restructuring, and more. The book uses case studies and success stories to make their arguments and inspire the next generation of society leaders.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>The mercury will reach 36\u00b0C tomorrow during the day, falling to 19\u00b0C at night, according to our favorite weather app. This week will stay in the late 30s range, hitting a high of 40\u00b0C on Wednesday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s the unofficial fiscal policy issue this afternoon, ladies and gentlemen, as a number of key Finance Ministry-drafted taxation and debt legislations see the light of day. THE BIG STORY TODAY- The Finance Ministry issued the executive regulations of the Unified Tax Act, including guidelines on how the new tax platform will operate, and how [&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":[512,317,107,633,491,8591,555,182,845,238,4242,112,113,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-566236","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-boris-johnson","tag-commodities","tag-covid-19","tag-enterprisepm","tag-france","tag-giz","tag-hani-sonbol","tag-inflation","tag-international-islamic-trade-finance-corporation","tag-tourism","tag-tui-care-foundation","tag-uk","tag-vaccines","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"834c8650-132d-4199-9b4b-98e4143c2430","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[566234],"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>TONIGHT: More info about the Unified Tax Act + Are sovereign sukuk coming our way? ALSO: it\u2019s inflation week, and a French delegation of 18 companies is arriving tomorrow. - 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\/2021\/06\/06\/tonight-more-info-about-the-unified-tax-act-are-sovereign-sukuk-coming-our-way-also-its-inflation-week-and-a-french-delegation-of-18-companies-is-arriving-tomorrow\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TONIGHT: More info about the Unified Tax Act + Are sovereign sukuk coming our way? 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At home, we\u2019ve got news that the Finance Ministry is set to activate secondary trading for sovereign sukuk, and abroad, there seems to be yet another sell-off. Also in today\u2019s issue: we break down the latest AI safety report and see whether or not\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\/11\/1565.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":672875,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/01\/upcoming-usd-1-5-bn-sovereign-sukuk-issuance-6x-oversubscribed\/","url_meta":{"origin":566236,"position":2},"title":"Upcoming USD 1.5 bn sovereign sukuk issuance 6x oversubscribed","author":"enterpriseam admin","date":"1 October 2025","format":false,"excerpt":"Good afternoon, folks. Happy international coffee day to those of you who \u2014 like us \u2014 are powered by a strong cup of joe (or two, or three).THE BIG STORY TODAY Egypt\u2019s return to the international debt market is getting off to a good start, with its USD 1.5 bn\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\/6\/925.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":667455,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/25\/finmin-completes-usd-1-bn-sovereign-sukuk-issuance-fully-subscribed-by-kuwait-finance-house\/","url_meta":{"origin":566236,"position":3},"title":"FinMin completes USD 1 bn sovereign sukuk issuance fully subscribed by Kuwait Finance House","author":"enterpriseam admin","date":"25 June 2025","format":false,"excerpt":"Good afternoon, friends, and congratulations on making it to the end of a shorter-than-usual work week. The best part? We\u2019ve got another one coming right up. **A QUICK PROGRAMMING NOTE- EnterprisePM is taking a publication holiday tomorrow in observance of the Islamic New Year and will be back in your\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\/3\/31.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":670362,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/18\/gulf-sovereign-fund-set-to-announce-new-ras-shukeir-project\/","url_meta":{"origin":566236,"position":4},"title":"Gulf sovereign fund set to announce new Ras Shukeir project","author":"enterpriseam admin","date":"18 August 2025","format":false,"excerpt":"Good afternoon, friends. 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THE BIG STORY TODAY- A Gulf sovereign fund is set to announce a new Ras Shukeir project, with a focus on infrastructure and energy development, according to a Finance\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\/6\/682.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":566236,"position":5},"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. 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