{"id":587436,"date":"2023-05-28T00:00:00","date_gmt":"2023-05-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/28\/maait-to-face-mps-on-tax-changes\/"},"modified":"2023-05-28T00:00:00","modified_gmt":"2023-05-28T00:00:00","slug":"maait-to-face-mps-on-tax-changes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/28\/maait-to-face-mps-on-tax-changes\/","title":{"rendered":"Maait to face MPs on tax changes"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good morning ladies and gents:<\/span><span style=\"\"> Tax is well and truly back on the agenda as we start the <\/span><span style=\"font-weight:400;\">beginning of a new week, with MPs getting ready to discuss not one but two bills that will both cut and raise (but mostly raise) various taxes and duties as the government looks to bolster revenues heading into the new fiscal year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Also:<\/span><span style=\"font-weight:400;\"> We also bring news of more potential investment from China, a more specific timeframe for our maiden panda bond issuance, and a look at how the FX crunch could be impacting the nation\u2019s food security.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>But first things first\u2026<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt4\"><\/a> <\/span><span style=\"font-weight:700\">It looks like we have another dusty day ahead: <\/span><span style=\"\">Greater Cairo is looking at more dusty <\/span><span>winds throughout the day with a 30% chance of rain, according to the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/photo\/?fbid=623943029764268&amp;set=pcb.623943059764265\" style=\"\">Egyptian Meteorological Authority<\/a><\/span><span style=\"font-weight:400;\">. The mercury will rise to 34\u00b0C during the daytime before dipping to lows of 21\u00b0C. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Bad weather forces closure of two ports: <\/span><span style=\"\">Authorities yesterday shut down the Red Sea <\/span><span>ports of Suez and Zeitiyat due to strong winds and high waves, the Red Sea Ports Authority said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=pfbid02j168Xp1ehZBTBU2HNPq6cGCoRjErXHk99B5p8ixVjFdxFK9RfbAJxgjjhV3hjsC9l&amp;id=100084131413158\" style=\"\">a statement<\/a><\/span><span>. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HAPPENING TODAY-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt1\"><\/a> <\/span><span style=\"font-weight:700\">The House is back in session:<\/span><span style=\"\"> MPs will question Finance Minister Mohamed Maait over the <\/span><span>ministry\u2019s proposed tax amendments, including the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d50d35d1-3aeb-45a0-bd26-02a55934eb07\" style=\"\">package of tax and development fee hikes<\/a><\/span><span> and changes to income tax given approval by the House Planning and Budgeting Committee last week. We have more details on the income tax changes in this morning\u2019s news well, below.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">At the committees: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">The Budget Committee <\/span><span style=\"\">will continue discussions on the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3ab6ab6-4c7d-4e04-a322-4b5b202f592a\" style=\"\">state budget<\/a><\/span><span style=\"\"> for the fiscal year <\/span><span style=\"font-weight:400;\">2023-2024;<\/span><\/li>\n<li><span style=\"font-weight:700\">The Industrial Committee<\/span><span style=\"\"> will hold three meetings to discuss the problems facing the <\/span><span style=\"font-weight:400;\">spinning and weaving industry, the dramatic rise in prices of building materials (particularly cement and reinforced steel), and how to boost private investments in the building materials sector;<\/span><\/li>\n<li><span style=\"font-weight:700\">The Agriculture Committee <\/span><span style=\"font-weight:400;\">will hold discussions on this season\u2019s wheat harvest;<\/span><\/li>\n<li><span style=\"font-weight:700\">The Environment and Energy Committee <\/span><span style=\"\">will discuss recommendations from the <\/span><span style=\"font-weight:400;\">COP27 summit and the government\u2019s green hydrogen plans;<\/span><\/li>\n<li><span style=\"font-weight:700\">The Youth Committee <\/span><span style=\"\">will review Egypt\u2019s preparations for next year\u2019s Summer <\/span><span style=\"font-weight:400;\">Olympics.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Tomorrow at the House: <\/span><span style=\"\">MPs will discuss and vote on two foreign agreements on maritime <\/span><span style=\"font-weight:400;\">transport, and a proposal for Egypt to join the 2006 Maritime Labor Convention.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt2\"><\/a> <\/span><span style=\"font-weight:700\">The Builders of Egypt Forum takes place at the Nile Ritz-Carlton:<\/span><span style=\"\"> The event will bring <\/span><span style=\"font-weight:400;\">together more than 300 business leaders in the contracting and real estate sectors, financial institutions, and local and regional business organizations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><a id=\"wwtt5\"><\/a> <\/span><span style=\"font-weight:700\">We\u2019ll know who\u2019s going to be leading Turkey for the next five years:<\/span><span style=\"\"> Turk<\/span><span style=\"\">ish<\/span><span>President Recep Tayyip Erdogan is in pole position to win a third term in office as voters head to the polls today. The incumbent only narrowly missed out on claiming the presidency in the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ed0952c-0d1f-4346-beec-706186a08c2e\" style=\"\">first round of voting<\/a><\/span><span> earlier this month, and now <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/2\/8\/501401\/World\/Region\/Turkey;s-thirdplace-finisher-endorses-Erdogan.aspx\" style=\"\">with the backing<\/a><\/span><span style=\"font-weight:400;\"> of the third-placed candidate looks to be in a strong position to win the head-to-head match-up with challenger Kemal Kilicdaroglu.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt3\"><\/a> <\/span><span style=\"font-weight:700\">NOT HAPPENING TODAY- The National Dialogue, which is taking a week off.<\/span><span style=\"\"> The dialogue <\/span><span>will resume sessions on Sunday, 4 June, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/National.Dialogue.NTA\/posts\/pfbid0DxrLxFkQykyWYKYmeZfJT2fE9h71RzoBk5yRo8UwTqNZf1fntATD6fKj8Hd6CcQhl\" style=\"\">statement<\/a><\/span><span>. The dialogue has been hosting four sessions every Sunday, Tuesday, and Thursday since it <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f1c29f7-6174-41c1-aea7-a24c14eb8e66\" style=\"\">kicked off<\/a><\/span><span style=\"font-weight:400;\"> two weeks ago. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HAPPENING THIS WEEK-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">IEF-IGU Ministerial Gas Forum:<\/span><span style=\"\"> The International Energy Forum and the International Gas <\/span><span>Union will hold its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ief.org\/events\/8th-ief-igu-ministerial-gas-forum\" style=\"\">Ministerial Gas Forum<\/a><\/span><span style=\"font-weight:400;\"> on Monday, 29 May.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Deadline for 1Q financials: <\/span><span style=\"\">Listed companies have until Tuesday, 30 May, to report and <\/span><span style=\"font-weight:400;\">publish their 1Q results.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\" style=\"\">Check out our full calendar on the web<\/a><\/span><span style=\"font-weight:400;\"> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/459.jpg?ssl=1\"><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MORNING MUST READ-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">\u201cAchieving genuine economic reform has become a matter of utmost priority\u201d:<\/span><span style=\"\"> That\u2019s <\/span><span>according to f<\/span><span>ormer deputy prime minister Ziad Bahaa Eldin<\/span><span>, who calls on the government to get more ambitious with its reform agenda in an op-ed in the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/b5bec0d9-7aac-4182-b908-06f35176097a\" style=\"\">Financial Times<\/a><\/span><span style=\"font-weight:400;\"> on Thursday. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Looking to the future:<\/span><span style=\"font-weight:400;\"> Rather than talking about covid-19 and the war in Ukraine, Bahaa El Din urges policymakers to reassess some of the policies that have contributed to the crisis and focus on building a more sustainable economy driven by private sector-led exports.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More must be done:<\/span><span> Welcoming the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\">package of business-friendly reforms<\/a><\/span><span style=\"font-weight:400;\"> announced earlier this month, the former deputy PM calls on officials to go further. \u201cFor the message to be truly convincing, and to attract the attention of a skeptical community of international and local investors, a comprehensive economic reform programme must be adopted, declared and followed through,\u201d he writes. \u201cOnly then will success stories become the norm and will Egypt\u2019s abundant opportunities and potentials be realized.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1470.jpg?ssl=1\"><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE BIG STORY ABROAD-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Crisis averted:<\/span><span style=\"\"> US President Joe Biden and House Speaker Kevin McCarthy last night reached <\/span><span>an \u201cagreement in principle\u201d to raise the debt ceiling and avert a federal debt default. \u201cWe still have more work to do tonight to finish the writing of it,\u201d the House speaker told reporters, adding that he expects the bill to be written today and a vote to take place on Wednesday. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/debt-limit-negotiations-biden-food-aid-snap-b5b97f0cbdeed4ee719c6c76441efe6e\" style=\"\">Associated Press<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/us\/us-debt-ceiling-negotiations-push-towards-critical-default-deadline-2023-05-27\/\" style=\"\">Reuters<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-05-28\/white-house-republicans-reach-deal-to-avert-historic-us-default?srnd=premium-middle-east\" style=\"\">Bloomberg<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/0c90fee8-880e-4d0e-9ea9-4c3838c56462\" style=\"\">Financial Times<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nytimes.com\/2023\/05\/27\/us\/politics\/debt-ceiling-republicans.html\" style=\"\">New York Times<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.washingtonpost.com\/business\/2023\/05\/27\/debt-ceiling-talks\/\" style=\"\">Washington Post<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/debt-ceiling-talks-extend-into-weekend-with-deal-seen-as-close-7eb59fbc\" style=\"\">Wall Street Journal<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cnbc.com\/2023\/05\/27\/white-house-and-republicans-reach-a-tentative-deal-to-avoid-us-default.html\" style=\"\">CNBC<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/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 style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">WATCH THESE SPACES-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/span><span style=\"font-weight:700\"> #1- <\/span><span style=\"font-weight:700\">We still don\u2019t know if household electricity prices are rising com<\/span><span style=\"font-weight:700\">e July:<\/span><span style=\"\">A final decision <\/span><span>hasn\u2019t yet been made regarding the potential increase in household electricity prices in July, Deputy<\/span><span> Electricity Minister Ali Abdelfattah told MPs on Thursday<\/span><span>. The current freeze on prices is due to expire at the beginning of the coming fiscal year on 1 July. Residential electricity bills had been set <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6738af87-afde-4aee-befb-5234cb2ccc14\" style=\"\">to rise by as much as 21%<\/a><\/span><span> last year under government plans to restructure pricing and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e3496a46-3ca8-4030-a63a-f2152d08f953\" style=\"\">phase out electricity subsidies by 2025<\/a><\/span><span>.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- We might have a competitor regional natural gas hub:<\/span><span style=\"\"> Cyprus wants to accelerate <\/span><span>building a pipeline to Israel\u2019s natural gas fields under a plan that could see it become a key energy supplier to the rest of Europe, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-05-26\/cyprus-speeds-up-efforts-to-build-natural-gas-link-with-israel\" style=\"\">Bloomberg<\/a><\/span><span style=\"font-weight:400;\"> reported Friday. Having originally planned to lay a pipeline connecting the Eastern Mediterranean to Greece and Italy, Cyprus now plans to acquire its own LNG facilities where it can liquefy imported Israeli gas and export it to Europe, its energy minister told the business news outlet.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Why this matters:<\/span><span style=\"\"> We\u2019re currently the only country in the EastMed able to export LNG and in <\/span><span style=\"font-weight:400;\">recent years have been positioning ourselves as the region\u2019s key energy hub.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next:<\/span><span style=\"\"> Cyprus is holding a two-day workshop this week to discuss its plans for the project <\/span><span style=\"font-weight:400;\">with potential stakeholders, includingTotalEnergies, Exxon Mobil, Eni and Shell \u2014 the oil and gas firms already working on projects in Cyprus.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#3- A USD 100 bn plan to help developing countries secure green finance is on the table:<\/span><span style=\"\"> An <\/span><span>intergovernmental summit in Paris next month is set to discuss a plan that would see the IMF and other multilateral development banks (MDBs) spend some USD 100 bn annually on currency guarantees to help developing countries secure climate finance, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/sustainability\/imf-others-should-give-100-bln-climate-fx-guarantee-document-2023-05-26\/\" style=\"\">Reuters<\/a><\/span><span>reports. The proposal is part of t<\/span><span>he <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.weforum.org\/agenda\/2023\/01\/barbados-bridgetown-initiative-climate-change\/\" style=\"\">Bridgetown Initiative<\/a><\/span><span style=\"font-weight:400;\"> \u2014 a plan to reform how rich nations extend development finance to developing countries \u2014 and will be discussed at a summit in Paris in June.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The mechanism:<\/span><span style=\"\"> Under the plan, MDBs would compensate investors who purchase <\/span><span style=\"font-weight:400;\">sustainability-linked bonds if the country involved devalues its currency. This would lower the risk premia of these bonds, enabling issuing countries to cut their interest rates. These guarantees would cover only green transition investments, including green bonds that finance environmentally friendly projects and blue bonds, which are ocean-focused.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">FACT CHECK- <\/span><span style=\"\">The Cairo Court of Cassation has denied permitting real estate developers to <\/span><span>increase their prices and push their deadlines, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3ozoOEu\" style=\"\">Akhbar El Youm<\/a><\/span><span> reported. This was in response to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/05\/27\/1671958\" style=\"\">local media reporting<\/a><\/span><span style=\"font-weight:400;\"> yesterday that the court had ruled in favor of an undisclosed real estate company increasing its prices and extending the implementation deadline of its project.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What happened:<\/span><span style=\"\"> The decision was taken by a court in Alexandria for a specific case and is not <\/span><span>a general rule issued by the Court of Cassation, Tarek Shoukry, head of the real estate division of the Federation of Egyptian Chambers of Commerce, told El Hekaya\u2019s Amr Adib last night (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/watch\/?v=3468246203445628\" style=\"\">watch, runtime: 13:02<\/a><\/span><span style=\"font-weight:400;\">). The developer was suffering losses because of the 2016 devaluation and because of that the court allowed it to increase its prices and extend its delivery deadline by two years, he said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help <\/span><span style=\"font-weight:700\">us build some very cool new things.<\/span><span style=\"font-weight:400;\"> Enterprise \u2014 the essential morning read on all the important news shaping business and the economy in Egypt and the region \u2014 is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We have tons more in the pipeline \u2014 come help us build new publications.<\/span><span style=\"font-weight:400;\"> We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of &gt;250k daily readers by telling stories that matter.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">That said, we're looking for gifted story-tellers from all walks of life and across all professions<\/span><span style=\"font-weight:400;\">, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">NEVER WORKED IN A NEWSROOM BEFORE?<\/span><span style=\"font-weight:400;\"> We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">During the program you will learn:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;<\/span><\/li>\n<li><span style=\"font-weight:400;\">Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;<\/span><\/li>\n<li><span style=\"font-weight:400;\">How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;<\/span><\/li>\n<li><span style=\"font-weight:400;\">How to develop sources that will give you the key insights needed to tell a complete story;<\/span><\/li>\n<li><span style=\"font-weight:400;\">How to communicate these stories with the confidence and language of an insider.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Not an internship program \u2014 a career:<\/span><span style=\"font-weight:400;\"> The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Apply directly to jobs@enterprisemea.com and mention \u201cwriting development program\u201d<\/span><span> in your subject line.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s going to another dusty day in the nation\u2019s capital<\/p>\n","protected":false},"author":1,"featured_media":587437,"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":[72,277,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-mohamed-maait","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"a42939e8-6c7e-4d52-b8bb-96cd5b1ac753","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/5\/1460.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s finance minister to face MPs on tax hikes","related_issue":[587434],"teaser":"It\u2019s going to another dusty day in the nation\u2019s capital","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.fb33b6ec-93e0-4aea-b6c5-52e6013b010b.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The law\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\/2019\/9\/tax-abacus-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587525,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/29\/house-of-representatives-gives-preliminary-nod-to-tax-hikes\/","url_meta":{"origin":587436,"position":2},"title":"House of Representatives gives preliminary nod to tax hikes","author":"enterpriseam admin","date":"29 May 2023","format":false,"excerpt":"MPs will vote to give their final approval at a later session","rel":"","context":"In &quot;Taxation&quot;","block_context":{"text":"Taxation","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/taxation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1512.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587439,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/28\/income-tax-changes-get-committee-approval\/","url_meta":{"origin":587436,"position":3},"title":"Income tax changes get committee approval","author":"enterpriseam admin","date":"28 May 2023","format":false,"excerpt":"The income tax changes will cost the state some EGP 6 bn","rel":"","context":"In &quot;Taxation&quot;","block_context":{"text":"Taxation","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/taxation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1437.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549777,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/29\/bill-cutting-personal-income-tax-will-soon-head-to-the-house\/","url_meta":{"origin":587436,"position":4},"title":"Bill cutting personal income tax will soon head to the House","author":"enterpriseam admin","date":"29 September 2022","format":false,"excerpt":"Long-awaited changes to the tax code are almost ready: The Tax Authority is close to finishing legal amendments to cut personal income tax, authority head Mokhtar Tawfik told reporters yesterday. The changes, first announced by Finance Minister Mohamed Maait over a year ago, would raise the personal income tax exemption\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557712,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/29\/a-group-of-mps-want-to-postpone-the-capital-gains-tax\/","url_meta":{"origin":587436,"position":5},"title":"A group of MPs want to postpone the capital gains tax","author":"enterpriseam admin","date":"29 September 2021","format":false,"excerpt":"Group of MPs to fight EGX capital gains tax: A small group of MPs will draft legislation aiming to postpone for another year the reintroduction of a capital gains tax on EGX transactions, which is slated for January 2022, Masrawy reports. The group of 20 lawmakers, led by businessman and\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/393.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=587436"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587436\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/587434"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/587437"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=587436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=587436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=587436"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=587436"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=587436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}