{"id":578571,"date":"2023-01-04T03:56:37","date_gmt":"2023-01-04T03:56:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/house-postpones-debate-on-draft-labor-act-while-govt-makes-tweaks\/"},"modified":"2023-01-04T03:56:37","modified_gmt":"2023-01-04T03:56:37","slug":"house-postpones-debate-on-draft-labor-act-while-govt-makes-tweaks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/house-postpones-debate-on-draft-labor-act-while-govt-makes-tweaks\/","title":{"rendered":"House postpones debate on draft Labor Act while gov\u2019t makes tweaks"},"content":{"rendered":"<p><strong>LEGISLATION-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>The gov\u2019t is taking another look at the draft labor bill<\/strong>: The Madbouly government requested the House Manpower Committee delay until further notice its scheduled debate of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8154336d-5f19-46c1-8a9c-ac176dc579c0\">controversial new draft labor law<\/a> this week, while it redrafts some articles. The committee last week gave an initial nod to the draft bill, which has come under fire from some segments of the business community, who have said it is skewed in favor of workers. In its current form, the bill would introduce new labor rights including legislating mandatory annual raises, caps on working hours, and longer maternity leave and notice periods, among other things.<\/p>\n<p><strong>BUDGET WATCH-<\/strong><\/p>\n<p><strong>Primary surplus above target in 1H FY 2022-23:<\/strong> The primary surplus stood at 2.3% of GDP in the first half of the current 2022-2023 fiscal year, above the government\u2019s<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59bf3295-9f55-43bb-a1da-90128cc175ca\">full-year target<\/a> of 1.6%, according to an Ittihadiya <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02UCj2xoWs5si1fAJ1R8RfD8YRsx9KXDtG2SDrQ4bHM7aJeb1UYKwtuXKFP2eoSNqYl\">statement<\/a>. The figure is also up from the first quarter of the 2022-2023 fiscal year, when the primary surplus hit 0.11% of GDP. State revenues were up 14% and spending grew at a 19% clip in the July-December period compared with the first six months of last fiscal year.<\/p>\n<p><strong>CAPITAL MARKETS\u2013<\/strong><\/p>\n<p><a href=\"https:\/\/www.shuaa.com\/\">Shuaa Capital\u2019s<\/a> former securities brokerage arm in Egypt, <strong>Shuaa Brokerage Securities <\/strong><strong>Egypt,<\/strong> has rebranded to become <strong>Target Securities Brokerage<\/strong>, according to an <a href=\"https:\/\/ent.news\/2023\/1\/Shuaa-Brokerage-EGX-story.jpg\">EGX disclosure<\/a>. Dubai\u2019s Shuaa Capital <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90f10859-5f68-4faa-8433-5373cce96e5f\">sold the Egyptian brokerage unit<\/a> via a capital reduction transaction worth AED 3.6 mn (USD 980k) back in June, as part of the company\u2019s wider strategy to exit its non-core businesses.<\/p>\n<p><strong>REAL ESTATE-<\/strong><\/p>\n<p><strong>The Housing Ministry is drumming up traffic to its online land allocation scheme: <\/strong>Individuals can apply until 8 February to buy land plots in new cities through the Housing Ministry\u2019s \u201cMaskan\u201d scheme, according to a ministry <a href=\"https:\/\/m.facebook.com\/story.php?story_fbid=pfbid0P9iUNGThheYjCJgbuSoM4Rwrxs9TmMQhanPSg41WEiwbSXSFngeDZd9q7PWLKD9Tl&id=100067556149077&mibextid=Nif5oz\">statement<\/a>. The ministry yesterday released a video (<a href=\"https:\/\/www.facebook.com\/watch\/?v=938965680422856&extid=CL-UNK-UNK-UNK-AN_GK0T-GK1C&mibextid=2Rb1fB&ref=sharing\">watch, runtime: 1:47<\/a>) explaining how to reserve one of 305 plots across 10 new cities on its <a href=\"https:\/\/reserve.newcities.gov.eg\/?fbclid=IwAR3FgW62PMlev9-Dht21Yz5LsurWPNAm0hBIefePowwJQ-yudR4HthmzmOM\">dedicated website<\/a> under the scheme. Plots have been separated into three categories according to quality.<\/p>\n<p><strong>Another line of FX income: <\/strong>Preference in the allocation of land will be given to those who offer to pay in foreign currency.<\/p>\n<p><strong>SUEZ CANAL-<\/strong><\/p>\n<p><strong>Shipping-in green know-how from Amreeka: <\/strong>The Suez Canal Authority (SCA) inked an MoU yesterday with the American Bureau of Shipping to benefit from its expertise in environmental sustainability and decarbonization, according to an SCA <a href=\"https:\/\/m.facebook.com\/story.php?story_fbid=pfbid036UYpkENP3CpATEFcLwB77YyvJ2SihKCN8HXC7uVZYXwHeebC8q4Sp66w6ydLAhdRl&id=100068940828829&mibextid=Nif5oz\">statement<\/a>. The move comes as part of the authority\u2019s efforts to turn the shipping corridor into a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4efd47f2-548c-4454-aaed-14c2016ce56e\">\u201cgreen canal\"<\/a> by 2030, the statement reads.<\/p>\n<p><strong>DEFENSE-<\/strong><\/p>\n<p><strong>Egypt buys 12 military helicopters for USD 426 mn from the US: <\/strong>The Egyptian Air Force is buying the Boeing-manufactured US CH-47F Chinooks to replace its existing fleet of older CH-47D aircraft, according to a Boeing <a href=\"https:\/\/boeing.mediaroom.com\/news-releases-statements?item=131196\">statement<\/a>. The helicopters will be delivered starting in 2026. The US <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/81e4c15b-2f68-4b77-8b84-50ffdd46f5d1\">in May approved<\/a> the sale of up to 23 Chinook helicopters to Egypt, part of a USD 2.6 bn arms sale.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LEGISLATION- The gov\u2019t is taking another look at the draft labor bill: The Madbouly government requested the House Manpower Committee delay until further notice its scheduled debate of the controversial new draft labor law this week, while it redrafts some articles. The committee last week gave an initial nod to the draft bill, which has [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":578572,"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":[7209],"tags":[111,279,102,482,72,1719,391,180,83,6497,7103,6498],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-budget-watch","tag-capital-markets","tag-defense","tag-enterpriseam","tag-housing-ministry","tag-labor-act","tag-legislation","tag-real-estate","tag-shuaa-brokerage-securities-egypt","tag-suez-canal","tag-target-securities-brokerage","wpautop","entry"],"acf":{"mongo_id":"871ea863-674f-43ae-86c0-eca62612c541","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/68.jpg","photo_position":"above","related_issue":[578551],"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>House postpones debate on draft Labor Act while gov\u2019t makes tweaks - 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\/2023\/01\/04\/house-postpones-debate-on-draft-labor-act-while-govt-makes-tweaks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House postpones debate on draft Labor Act while gov\u2019t makes tweaks\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION- The gov\u2019t is taking another look at the draft labor bill: The Madbouly government requested the House Manpower Committee delay until further notice its scheduled debate of the controversial new draft labor law this week, while it redrafts some articles. The committee last week gave an initial nod to the draft bill, which has [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/house-postpones-debate-on-draft-labor-act-while-govt-makes-tweaks\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-04T03:56:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/68.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/house-postpones-debate-on-draft-labor-act-while-govt-makes-tweaks\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/house-postpones-debate-on-draft-labor-act-while-govt-makes-tweaks\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"House postpones debate on draft Labor Act while gov\u2019t makes tweaks\",\"datePublished\":\"2023-01-04T03:56:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/house-postpones-debate-on-draft-labor-act-while-govt-makes-tweaks\/\"},\"wordCount\":486,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/house-postpones-debate-on-draft-labor-act-while-govt-makes-tweaks\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/68.jpg?fit=%2C&ssl=1\",\"keywords\":[\"ALSO ON OUR RADAR\",\"budget watch\",\"capital markets\",\"Defense\",\"EnterpriseAM\",\"Housing Ministry\",\"Labor Act\",\"legislation\",\"real estate\",\"Shuaa Brokerage Securities Egypt\",\"Suez Canal\",\"Target Securities Brokerage\"],\"articleSection\":[\"Also on our Radar\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/house-postpones-debate-on-draft-labor-act-while-govt-makes-tweaks\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/04\/house-postpones-debate-on-draft-labor-act-while-govt-makes-tweaks\/\",\"name\":\"House postpones debate on draft Labor Act while gov\u2019t makes tweaks - 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The act was put up for public consultations two\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569427,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/24\/draft-labor-act-ready-to-enter-house-saafan\/","url_meta":{"origin":578571,"position":1},"title":"Draft Labor Act ready to enter House -Saafan","author":"enterpriseam admin","date":"24 February 2020","format":false,"excerpt":"LEGISLATION WATCH- Draft Labor Act ready to enter House -Saafan: The draft Labor Act is ready to be introduced to the House of Representatives, Manpower Minister Mohamed Saafan said during a TV interview on Saturday (watch, runtime: 2:08) without providing a timeline. 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