{"id":615695,"date":"2024-02-22T00:00:00","date_gmt":"2024-02-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/22\/the-new-building-reconciliation-act-has-arrived\/"},"modified":"2024-02-22T00:00:00","modified_gmt":"2024-02-22T00:00:00","slug":"the-new-building-reconciliation-act-has-arrived","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/22\/the-new-building-reconciliation-act-has-arrived\/","title":{"rendered":"The new Building Reconciliation Act has arrived"},"content":{"rendered":"

Good morning, folks. <\/strong>The Egypt Energy Show has come to an end, but the energy news is still rolling in from the event. We\u2019ve got important oil, gas, and renewables news for you today and a slice of big real estate news for good measure, plus so much more. We\u2019ve got a packed issue for you today, so let\u2019s jump right into it.<\/p>\n

<\/a> <\/p>\n

HAPPENING TODAY-<\/p>\n

<\/a> The executive regulations for the new Building Reconciliation Act will be out <\/strong>today<\/a><\/strong>:<\/strong> The long-awaited law is set to make it easier for owners of unauthorized buildings built by 15 October of last year to legalize their properties in return for paying a reconciliation fee, and to set a clear procedure for the process.<\/p>\n

** We delved into the ins and outs of the new law in a <\/strong>Hardhat<\/a><\/strong> last year.<\/strong><\/p>\n

\n

FROM THE RUMOR MILL-<\/p>\n

<\/a> Two new firms headed for the privatization list?<\/strong> The Public Enterprise Ministry isreportedly preparing to offer stakes in two unnamed companies to either strategic investors or through EGX offerings before the end of June, writes Al Arabiya<\/a>, citing an unnamed governmental official. The companies in question belong to the ministry\u2019s HoldiPharma, which has nine subsidiaries and two of which \u2014 Misr Pharma and Chemical Industries Development \u2014 are already included in the state\u2019s privatization plan<\/a>.<\/p>\n

ICYMI-<\/strong> Egypt is aiming to raise USD 6.5 bn<\/a> through the privatization of state-owned companiesand assets by the end of the year.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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WATCH THIS SPACE- <\/p>\n

<\/a> #1- Gov\u2019t to hand over land for Sohag wind farm within weeks:<\/strong> The government will deliver a plot of land for the planned 10-GW wind farm in Sohag<\/a> to the consortium in charge of developing the project within two to three weeks, Infinity Power Chairman Mohamed Mansour told Al Arabiya (watch, runtime: 1:31<\/a>). The project \u2014 which will be one of the region's largest wind projects to the region \u2014 is expected to reach financial close in 18-24 months. <\/p>\n

Remember:<\/strong> A consortium of UAE\u2019s Masdar, Infinity Power, and Hassan Allam Utilities in June<\/a> signed a land allocation agreement with the Egyptian government for their USD 10 bn wind farm in Sohag, eight months after the companies signed an agreement<\/a> for the project on the sidelines of COP27.<\/p>\n

Infinity eyes more energy production:<\/strong> The local renewables player plans to up its energy production capacity to 1.5 GW over the coming year, up from its current 1.3 GW, and ramp up its total energy production to 10 GW by 2030, Mansour added. <\/p>\n

<\/a> #2- United Bank is eyeing 20-30% stakes in two unnamed tech companies <\/strong>andaims to acquire the stakes within the coming few months, the bank\u2019s CEO Ashraf El Kady told Al Arabiya<\/a> without providing any further details.<\/p>\n

#3-<\/strong>Gov\u2019t could launch new phase of export subsidy program before April:<\/strong> The Finance Ministry is looking to roll out the seventh phase of its export subsidy program before the end of 1Q 2024, Finance Minister Mohamed Maait told Al Borsa<\/a>. Maait did not specify how much the government intends to spend on export subsidies this time around.<\/p>\n

CIRCLE YOUR CALENDAR-<\/p>\n

<\/a> Mega Green Accelerator program now accepting applications from MENA<\/strong> startups:<\/strong> Do you run a startup that focuses on \u201ccircular economy solutions, clean energy transition and climate mitigation technologies, including water and agriculture\u201d? If so, the Mega Green Accelerator<\/a> \u2014 an initiative launched at COP28 \u2014 is for you. The program offers seed funding, mentorship, and access to \u201csome of the most prominent business leaders in the region.\u201d Startups will have until 15 March<\/strong> to submit their applications.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

\n

THE BIG STORY ABROAD- <\/p>\n

US chipmaker Nvidia reported a 265% y-o-y jump in <\/strong>quarterly revenues<\/a><\/strong> on the back of a splurge in AI spending that has now pushed the company\u2019s valuation to USD 1.7 tn \u2014 surpassing that of tech goliath and Google-parent company Alphabet, reports the Financial Times<\/a>. Net income also skyrocketed 770% during the same period to USD 12.3 bn.<\/p>\n

Wall Street was expecting some impressive numbers, but not quite this: <\/strong>Revenues came in at USD 22.1 bn for 4Q 2023, 8% more than Wall Street forecasts of USD 20.4 bn. Revenues for the current quarter should come in larger still at around USD 24 bn, according to the chipmaker.<\/p>\n

A \u201ctipping point\u201d for AI and the big tech landscape: <\/strong>\u201cAccelerated computing and generative AI have hit the tipping point,\u201d Nvidia\u2019s CEO and founder Jensen Huang said. \u201cEvery company is built on their proprietary business intelligence and, in the future, their proprietary generative AI.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, folks. The Egypt Energy Show has come to an end, but the energy news is still rolling in from the event. We\u2019ve got important oil, gas, and renewables news for you today and a slice of big real estate news for good measure, plus so much more. We\u2019ve got a packed issue for […]<\/p>\n","protected":false},"author":1,"featured_media":615696,"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":[130,72,343,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-construction","tag-enterpriseam","tag-regulation","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"10d870cb-5a4e-4436-8853-fc2b5823a998","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/2162.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The new Building Reconciliation Act has arrived","related_issue":[615693],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.2a39fb46-413c-4217-b924-9eedfa62721b.mp3"},"yoast_head":"\nThe new Building Reconciliation Act has arrived - 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\/2024\/02\/22\/the-new-building-reconciliation-act-has-arrived\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The new Building Reconciliation Act has arrived\" \/>\n<meta property=\"og:description\" content=\"Good morning, folks. 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A final vote on the floor of the House could take place today if\u2026","rel":"","context":"In "What We're Tracking Today"","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":610513,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/21\/house-passes-long-awaited-building-reconciliation-law\/","url_meta":{"origin":615695,"position":1},"title":"House passes long-awaited building reconciliation law","author":"enterpriseam admin","date":"21 November 2023","format":false,"excerpt":"The law makes it easier for owners of unauthorized buildings before 15 October of this year to legalize their properties","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1101.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610306,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/19\/altman-out\/","url_meta":{"origin":615695,"position":2},"title":"Altman out","author":"enterpriseam admin","date":"19 November 2023","format":false,"excerpt":"Good morning, wonderful people. We have an important programming note for you before we get underway. Please join us in welcoming Vodafone to the Enterprise family. The nation\u2019s leading mobile network operator is the new sponsor of What We\u2019re Tracking Today, this very section. We think of What We\u2019re Tracking\u2026","rel":"","context":"In "What We're Tracking Today"","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\/2023\/11\/972.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":629188,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/24\/what-were-tracking-on-24-may-2018\/","url_meta":{"origin":615695,"position":3},"title":"What we\u2019re tracking on 24 May 2018","author":"enterpriseam admin","date":"24 May 2018","format":false,"excerpt":"We hope you, like us, have had a wonderful week and are looking forward to the second weekend of Ramadan. We are forever grateful for the privilege of writing all of you each morning.Our top three stories this morning are at the intersection of energy and social stability. Sources close\u2026","rel":"","context":"In "What We're Tracking Today"","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":612219,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/19\/el-sisi-ratified-the-new-building-reconciliation-act-plus-news-from-raya-auto-orascom-development-telecom-egypt-and-lukoil\/","url_meta":{"origin":615695,"position":4},"title":"El Sisi ratified the new Building Reconciliation Act. PLUS: News from Raya Auto, Orascom Development, Telecom Egypt, and Lukoil","author":"enterpriseam admin","date":"19 December 2023","format":false,"excerpt":"The new act makes it easier for people to legalize their unauthorized properties","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1262.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630166,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/what-were-tracking-on-15-april-2018\/","url_meta":{"origin":615695,"position":5},"title":"What we\u2019re tracking on 15 April 2018","author":"enterpriseam admin","date":"15 April 2018","format":false,"excerpt":"The House of Representatives will formally kick off its budget debate today,with Finance Minister Amr El Garhy and Planning Minister Hala El Said set to brief MPs on the state budget FY2018-19, according to Ahram Online. 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