{"id":619820,"date":"2024-05-12T00:00:00","date_gmt":"2024-05-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/12\/house-committee-kicks-off-budget-discussions\/"},"modified":"2024-05-12T00:00:00","modified_gmt":"2024-05-12T00:00:00","slug":"house-committee-kicks-off-budget-discussions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/12\/house-committee-kicks-off-budget-discussions\/","title":{"rendered":"House committee kicks off budget discussions"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s an econ-heavy morning here in Egypt with fresh inflation and foreign debt data out over the weekend. We expect things to stay busy as the House Budget Committee prepares to hold 21 meetings on next year\u2019s state budget. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>iPhones made in Egypt? <\/strong>Egypt is working to get Apple to set up a factory in the country, Prime Minister Moustafa Madbouly said during a visit<\/a> to the Vivo smartphone factory in Tenth of Ramadan (watch,<\/a>runtime<\/a>: 8:17<\/a>). The government is yet to release any statements to clarify what progress has been made in persuading the world\u2019s second largest company to open up shop here.<\/p>\n

The American tech giant is the only major smartphone manufacturer that doesn\u2019t <\/strong>produce phones in Egypt<\/strong>, wth Xiaomi, Vivo, Oppo, Infinix, Nokia, and Samsung having now all established factories<\/a> in the country.<\/p>\n

HAPPENING THIS WEEK-<\/p>\n

<\/a> #1- <\/strong>House committee to discuss next fiscal year\u2019s <\/strong>budget: <\/strong>The House of Representatives\u2019 Budget Committee will hold 21 meetings this week to discuss the state budget for fiscal year 2024-2025. The meetings, which kick off today and wrap up on Thursday, will focus on allocations for each ministry and other state bodies.<\/p>\n

Remember: <\/strong>Finance Minister Mohamed Maait delivered his budget statement<\/a> to the House last month, giving us our first proper look at the draft budget for next year. The Madbouly government sees the economy growing at a 4.2% clip in the next fiscal year and expects headline inflation to average 17.9% over the 12-month period. <\/p>\n

What\u2019s next? <\/strong>The budget should go up for a vote at the general assembly before the start of the new fiscal year on 1 July. If the budget doesn\u2019t pass before 30 June, the current budget rolls forward to direct state spending until the new document is passed. <\/p>\n

<\/a>#2-<\/strong>The IFC\u2019s Afri<\/strong>ca VP is in town: <\/strong>International Finance Corporation (IFC) Vice President for Africa S\u00e9rgio Pimenta is in Cairo today and tomorrow to meet with senior figures in the public and private sectors and other development organizations to identify ways to support the state\u2019s privatization program, the IFC said in a statement.<\/p>\n

Remember: <\/strong>The IFC was tasked<\/a> with giving \u201ctechnical assistance and advisory support\u201d on the state\u2019s privatization program in an agreement inked last year. The two have been assessing<\/a> an additional 50 state-owned companies to include in the privatization program to determine which sectors would be more attractive and lucrative.<\/p>\n

We should be in line for some announcements:<\/strong> Pimenta is expected to sign several agreements supporting key sectors including finance, fintech, and healthcare, according to the statement.<\/p>\n

#3- The Senate is back in session and tax incentives are on the agenda:<\/strong> The Senate reconvenes today and tomorrow and will discuss a report on the role of tax and fiscal policies in attracting foreign investment to Egypt <\/p>\n

The pitch: <\/strong>The report proposes that the country should be \u201coffering greater tax incentives to attract local and foreign investors to strategic and promising sectors like the fintech sector and help the private sector build partnerships that support economic development and raise growth rates.\u201d <\/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

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Want to subscribe? <\/strong>Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

PSA-<\/p>\n

<\/a> Uber <\/strong>introduces audio recording feature as an additional safety measure:<\/strong> Uber Egypt has added a feature to its app that will allow customers and drivers to record the audio during trips, according to a statement (pdf)<\/a> from the ride-hailing giant. The encrypted audio file will be stored on the rider or driver\u2019s phone and will only be accessible by Uber following a safety report.<\/p>\n

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WEATHER- Keep your sunnies at hand. <\/strong>We\u2019re in for another sunny day in the Capital today, with a high of 29\u00b0C and a low of 17\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s a little cooler in Alexandria<\/strong>, with a high of 24\u00b0C and a low of 16\u00b0C.<\/p>\n

CIRCLE YOUR CALENDAR- <\/p>\n

Egyptian, Jordanian businessmen to meet next month: <\/strong>Egypt and Jordan will hold a joint forum for businessmen in June to encourage trade and cooperation between the two countries\u2019 private sectors, a cabinet statement<\/a> said after the Joint Egyptian-Jordanian Higher Committee met on Thursday. <\/p>\n

*** We\u2019ve got the rundown of all the important agreements to come out of the meeting in <\/strong>the news well below.<\/strong><\/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

ATTENTION, EGYPT INVESTORS-<\/p>\n

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

Foreign investors are falling in love with Egypt again\u2026<\/strong> Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They\u2019re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that\u2019s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It\u2019s a massive consumer opportunity and a regional export hub of tomorrow.<\/strong><\/p>\n

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: <\/strong>Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are \u201clong Egypt.\u201d<\/p>\n

We\u2019ll be talking with you about the agenda over the coming couple of weeks. <\/strong>It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow\u2019s opportunities \u2014 and who aren\u2019t afraid to answer some tough questions. <\/p>\n

*** Interested in attending? <\/strong>Tap or click here<\/a><\/strong> to let us know.<\/strong> Seating is limited.<\/p>\n

WAR WATCH-<\/p>\n

<\/a>Israel orders more evacuations: <\/strong>Israel yesterday ordered Palestinians to evacuate more areas in Gaza\u2019s southern city of Rafah, forcing tens of thousands more people to clear out as it gears up to expand its military operation there. The Israeli military also said it would return to northern Gaza\u2019s Jabalia area where it says Hamas has regrouped to seize control of the area. Over 80k people left Rafah last week, according to UNRWA<\/a>. (Bloomberg<\/a> | Reuters<\/a>).<\/p>\n

Cairo ices out Israel: <\/strong>Egypt has refused to coordinate with Israel over the Rafah crossing due to \u201cIsrael\u2019s unacceptable escalation,\u201d Al Qahera News reported yesterday, citing what it says is a senior Egyptian official (watch, runtime: 0:38<\/a>).<\/p>\n

MEANWHILE- UN General Assembly votes in favor of Palestinian membership: <\/strong>The UN General Assembly on Friday voted<\/a> by a wide margin on a draft resolution to upgrade Palestine\u2019s rights and recommended that the UN Security Council reconsider Palestine\u2019s request for full UN membership \u201cfavorably.\u201d<\/p>\n

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

IN BUSINESS- The United States is about to slap a tariff of up to 100% on Chinese <\/strong>electric vehicles<\/strong> in a bid to protect its domestic EV industry from subsidized competition. The Biden administration will announce the move on Tuesday, the Financial Times<\/a> reports this morning. <\/p>\n

\u201cAll we do is complain while China advances,\u201d <\/strong>writes Kevin Williams in Inside EVs after a trip to Beijing. Read: I went to China and drove a dozen electric cars. Western automakers are cooked<\/a>. Need more background on what\u2019s going on in the global EV market? Check out last Thursday\u2019s Big Story Abroad here<\/a>. <\/p>\n

AND- UAE Foreign Minister Sheikh Abdullah bin Zayed swatted away <\/strong>Israeli claims<\/a><\/strong> that the UAE would be part of a post-conflict administration for Gaza, writing late Saturday night in a post on X<\/a> that Netanyahu \u201cdoes not have any legal capacity to take this step. The UAE refuses to be drawn into any plan aimed at providing cover for Israel\u2019s presence in the Gaza Strip.\u201d <\/p>\n

IN TECH- OpenAI isn\u2019t launching ChatGPT-5 or search engine<\/strong>, but will unveil on Monday \u201csome new stuff we think people will love. Feels like magic to me,\u201d CEO Sam Altman wrote on X<\/a>. Reuters had earlier reported the AI company was launching a search engine to rival Google<\/a>. <\/p>\n

Google, meanwhile, will kick off its Google I\/O conference tomorrow morning. <\/strong>Expect plenty of talk about (not around \u2014 about) AI<\/a>. <\/p>\n

AND- Apple is still in talks with OpenAI and Google <\/strong>to put their chatbots on the iPhone, Bloomberg<\/a> reports.<\/p>\n

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things.<\/strong> 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. <\/p>\n

NEVER WORKED IN A NEWSROOM BEFORE?<\/strong> 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.<\/p>\n

Not an internship program \u2014 a career:<\/strong> The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing Enterprise stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.<\/p>\n

Apply directly to jobs@enterprisemea.com and mention \u201cwriting development program\u201d<\/strong> in your subject line.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. It\u2019s an econ-heavy morning here in Egypt with fresh inflation and foreign debt data out over the weekend. We expect things to stay busy as the House Budget Committee prepares to hold 21 meetings on next year\u2019s state budget. WATCH THIS SPACE- iPhones made in Egypt? Egypt is working to get Apple […]<\/p>\n","protected":false},"author":1,"featured_media":619821,"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":[72,274,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-house-of-representatives","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"ad09cf04-9b0b-42a5-badc-dfef709056a4","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/5\/721.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s House committee kicks off budget discussions","related_issue":[619818],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.18f03d81-1468-4acc-ac2a-7e4d965c2c8a.mp3"},"yoast_head":"\nHouse committee kicks off budget discussions - 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\/05\/12\/house-committee-kicks-off-budget-discussions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House committee kicks off budget discussions\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. 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Last week\u2019s run of M&A news continues this morning as Banque Misr successfully closes out its offer to take a 90% stake in CI Capital. Meanwhile, GSK is not selling its Egypt arm to Hikma after talks broke down. We have chapter\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":648112,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/29\/what-were-tracking-this-week-184\/","url_meta":{"origin":619820,"position":1},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"29 May 2017","format":false,"excerpt":"House wants to know the impact of CBE\u2019s rate hike on debt, deficit: The House of Representatives\u2019 Budget and Planning Committee is meeting with Finance Minister Amr El Garhy to discuss the effect of the CBE\u2019s decision to hike interest rates on national debt and the budget deficit, Al Borsa\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":648165,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/30\/what-were-tracking-this-week-185\/","url_meta":{"origin":619820,"position":2},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"30 May 2017","format":false,"excerpt":"Sudanese Foreign Minister Ibrahim Ghandour canceled a trip to Egypt that was previously expected this week, Africanews reports. \u201cWe told our brothers in Egypt about the postponement of the visit due to internal issues and it would take place later,\u201d Ghandour said in a statement. Sudan\u2019s president had accused Egypt\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647850,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/22\/what-were-tracking-this-week-181\/","url_meta":{"origin":619820,"position":3},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"22 May 2017","format":false,"excerpt":"Budget talks at the House: Discussion of the FY2017-18 budget continue today at the House of Representatives, according to Al Mal, with Supply Minister Ali El Moselhy set to meet with members of the economics and budget committees. The budget committee is also expected to discuss spending priorities with the\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647791,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/21\/what-were-tracking-this-week-180\/","url_meta":{"origin":619820,"position":4},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"21 May 2017","format":false,"excerpt":"CIT Minister at the House for budget talks: The House of Representatives\u2019 Communications Committee will be meeting with CIT Minister Yasser El Kadi this week to discuss the FY2017-18 budget, Al Borsa says.Serbian and Bulgarian business delegations are expected to visit Cairo \u201cin the coming period,\u201d Canadian-Egyptian Business Council chairman\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":649097,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/23\/what-were-tracking-this-week-192\/","url_meta":{"origin":619820,"position":5},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"23 April 2017","format":false,"excerpt":"Budget debate: The House of Representatives\u2019 Planning and Budget Committee is expected to begin discussing the FY2017-18 state budget mid-week. 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