{"id":619895,"date":"2024-05-13T00:00:00","date_gmt":"2024-05-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/13\/budget-discussions-continue-at-the-house\/"},"modified":"2024-05-13T00:00:00","modified_gmt":"2024-05-13T00:00:00","slug":"budget-discussions-continue-at-the-house","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/13\/budget-discussions-continue-at-the-house\/","title":{"rendered":"Budget discussions continue at the House"},"content":{"rendered":"

Good morning, folks. <\/strong>We have a brisk issue for you this morning led by news from IFC Regional Vice President for Africa S\u00e9rgio Pimenta\u2019s time in Egypt \u2014 and we also have the inside scoop on what\u2019s up with Qalaa Holdings debt buyback.<\/p>\n

HAPPENING TODAY-<\/p>\n

<\/a> #1- Supreme Council to receive reformed Labor Act:<\/strong> The Supreme Council for Social Dialogue will kick off discussions of the redrafted Labor Act today before passing it along to the House of Representatives for discussion, according to a statement<\/a>. President Abdel Fattah El Sisi has directed the council to complete discussions as soon as possible, so that the Labor Act can be prepared for issuance, the statement added. <\/p>\n

Remember:<\/strong> The government pulled the bill<\/a> from the House last year to redraft it after backlash from the business community, which said the original version was lopsided in favor of workers<\/a>. Prior to the redraft, the bill would have introduced new labor rights, including legislating mandatory annual raises, caps on working hours, and longer maternity leave and notice periods, among other things.<\/p>\n

<\/a>#2- It\u2019s day two of budget discussions at the house: <\/strong>The House Budget Committee will hold four meetings today to discuss and vote on the budgets of a number of ministries and state authorities for the next fiscal year. The committee is holding 21 meetings throughout the week to discuss the state budget for the upcoming fiscal 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

PSA-<\/p>\n

Watch your speedometer: <\/strong>Public Prosecutor Mohamed Shawky Ayad has issued new directives to prosecution offices across the country to pursue criminal charges against anyone proven to have significantly exceeded the speed limit, according to a statement<\/a>. The decision follows a series of fatal car accidents and aims to ensure road users\u2019 safety.<\/p>\n

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WEATHER- <\/strong>It\u2019s another sunny day in Cairo, with a high of 29\u00b0C and a low of 18\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s a little cooler in Alexandria<\/strong>, with a high of 23\u00b0C and a low of 16\u00b0C.<\/p>\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

ICYMI- Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at efforts to ramp up the local production of key production inputs. Check out the story on EnterprisePM Egypt here<\/a>.<\/p>\n

<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a>An entity to manage state-owned companies?<\/strong> The government is studying a World Bank recommendation for the creation of a new entity to which the ownership of all state-owned companies would be gradually transferred, Planning Minister Hala El Said told Al Borsa<\/a>. The proposal aims to streamline the implementation of state asset sales, El Said said, adding that the entity would be separate from the Sovereign Fund of Egypt \u2014 the state has been transferring a number of its assets earmarked for privatization to the SFE\u2019s pre-IPO fund ahead of their sale. <\/p>\n

<\/strong><\/p>\n

In context: <\/strong>The government is set to launch a USD 1.1 bn program<\/a> to implement the state ownership policy. The program aims to create an entity to centralize the management of state-owned companies, crack down on financial handouts, and separate ownership from regulation. The World Bank will reportedly extend USD 1 bn in financing for the program.<\/p>\n

HAPPENING THIS WEEK- <\/p>\n

<\/a> #1- Green is the new black at Hivos\u2019 Green Growth Summit:<\/strong> Private sector players, financial institutions, investors, donors, and policymakers will gather tomorrow for the Green Growth Summit<\/a> hosted by global development organization Hivos<\/a> at Cairo\u2019s Conrad Hotel. The summit will focus on green exports, de-risking green investments, green jobs, green ambassadors, and green impact investing. Registration for the event has already closed.<\/p>\n

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#2- Tax Authority head to speak at BEBA: <\/strong>Egyptian Tax Authority head Rasha Abdel Aal will be giving the keynote address at the British Egyptian Business Association\u2019s (BEBA) upcoming seminar on investment at the Conrad Hotel in Cairo on Thursday, 16 May. <\/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>Egypt to join South Africa\u2019s ICJ case against Israel:<\/strong> Egypt will formally join South Africa\u2019s genocide case<\/a> against Israel at the International Court of Justice (ICJ), the Foreign Ministry said<\/a> yesterday. The lawsuit (pdf)<\/a>, filed by South Africa back in December, accuses Israel of violating its obligations under the Genocide Convention. Egypt\u2019s decision \u201ccomes in light of the worsening severity and scope of Israeli attacks against Palestinian civilians in the Gaza Strip,\u201d as well as the \u201cdirect targeting of civilians and the destruction of infrastructure in the strip,\u201d the ministry said.<\/p>\n

Egypt has also lodged protests with Israel, the US, and European governments<\/strong>, citing Israel\u2019s Rafah offensive as a threat to the Egyptian-Israeli 1979 peace treaty \u2014 a fundamental pillar of regional stability \u2014 the Associated Press<\/a> reports, citing an unnamed senior Egyptian official.<\/p>\n

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

It\u2019s a reasonably quiet morning in the global business press<\/strong>, as is often the case on Mondays. <\/p>\n

Some 300k Palestinians are on the move in Gaza <\/strong>after being forced out of Rafah by the Israeli army. \u201cMany say they have nowhere to go,\u201d writes the New York Times<\/a> in the understatement of the year. Hamas troops, meanwhile, are pinning down the IDF in northern Gaza and other areas that the IDF had claimed to have cleared of the group, the WSJ notes<\/a>.<\/p>\n

CLOSER TO HOME: Kuwait\u2019s foreign minister as well as its ministers of petroleum and <\/strong>finance retained their posts<\/strong> after Prime Minister Sheikh Ahmad Abdullah Al-Sabah formed a new cabinet<\/a> just a couple of days after the country\u2019s emir dissolved parliament. <\/p>\n

ELSEWHERE- Shakeup in Russia. <\/strong>Russian President Vladimir Putin has appointed a civilian<\/a>economist to run the Defense Ministry<\/a> in a surprise shakeup.<\/p>\n

<\/p>\n

*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p>\n

In today\u2019s issue:<\/strong> We take a look at a new proposal to issue licenses for foreign teachers to work in Egypt amid concerns that unqualified hires from abroad are slipping through the net.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, folks. We have a brisk issue for you this morning led by news from IFC Regional Vice President for Africa S\u00e9rgio Pimenta\u2019s time in Egypt \u2014 and we also have the inside scoop on what\u2019s up with Qalaa Holdings debt buyback. HAPPENING TODAY- #1- Supreme Council to receive reformed Labor Act: The Supreme […]<\/p>\n","protected":false},"author":1,"featured_media":619896,"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],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-house-of-representatives","wpautop","entry"],"acf":{"mongo_id":"aaaa6238-b564-4e33-9daf-0260d54bba79","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/5\/841.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Budget discussions continue at the House","related_issue":[619893],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.5111195b-2994-4aff-832e-2eadf4c7165f.mp3"},"yoast_head":"\nBudget discussions continue at the House - 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\/13\/budget-discussions-continue-at-the-house\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget discussions continue at the House\" \/>\n<meta property=\"og:description\" content=\"Good morning, folks. 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The committee approved most of the bill\u2019s articles but plans to hold discussions starting from today to discuss pending issues, such as strikes, penalties, and health and safety codes, with\u2026","rel":"","context":"In "Legislation + Policy"","block_context":{"text":"Legislation + Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652724,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/17\/supreme-investment-council-orders-the-establishment-of-national-payments-council\/","url_meta":{"origin":619895,"position":1},"title":"Supreme Investment Council orders the establishment of National Payments Council","author":"enterpriseam admin","date":"17 January 2017","format":false,"excerpt":"The Supreme Investment Council ordered the establishment of a National Payments Council during its third meeting on Monday, AMAY reported. The initiative is part of the 17 pro-investment policies the Council had adopted in its first meeting in November and will aim mainly to oversee Egypt\u2019s transition into a less\u2026","rel":"","context":"In "Egypt Politics + Economics"","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578831,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/16\/changes-to-police-authority-act-get-thumbs-up-from-house-unified-ins-act-is-back\/","url_meta":{"origin":619895,"position":2},"title":"Changes to Police Authority Act get thumbs up from House + Unified Ins. Act is back","author":"enterpriseam admin","date":"16 January 2023","format":false,"excerpt":"The House of Representatives gave final approval to amendments to the law regulating police officers\u2019 performance and disciplinary measures against them. Under the amendments to the Police Authority Act, only the general director of the Interior Ministry\u2019s disciplinary department will have the power to take action against police officers, taking\u2026","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\/1\/245.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542775,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/this-morning-south-korean-president-to-visit-egypt-from-wednesday-senate-concludes-labor-act-discussions-today-and-the-us-still-struggling-with-omicron\/","url_meta":{"origin":619895,"position":3},"title":"THIS MORNING: South Korean President to visit Egypt from Wednesday + Senate concludes labor Act discussions today and the US still struggling with omicron","author":"enterpriseam admin","date":"17 January 2022","format":false,"excerpt":"Good morning, wonderful people, and welcome to an unusually busy Monday morning on the news front, where the big story of the day is the upcoming visit of South Korean President Moon Jae-in.Moon is due in town from Wednesday to Friday, the first visit to Egypt by a South Korean\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":648223,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/31\/house-council-of-state-and-policymakers-are-in-a-sprint-to-the-summer-recess-finish-line\/","url_meta":{"origin":619895,"position":4},"title":"House, Council of State and policymakers are in a sprint to the summer recess finish line","author":"enterpriseam admin","date":"31 May 2017","format":false,"excerpt":"RACE TO THE FINISH: The passage this week of the stamp tax comes as MPs and other state officials kicked off a race to finish work on key pieces of economic legislation before they go on summer recess on 30 June. Among the various bills now in the works: Amendments\u2026","rel":"","context":"In "Speed Round"","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":626998,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/17\/house-signs-off-on-several-law\/","url_meta":{"origin":619895,"position":5},"title":"House signs off on several law","author":"enterpriseam admin","date":"17 July 2018","format":false,"excerpt":"LEGISLATION WATCH- House signs off on several laws, including Sovereign Wealth Fund Act and the Press and Media Act: The House of Representatives\u2019 general assembly signed off yesterday on the law establishing Egypt\u2019s EGP 200 bn sovereign wealth fund, Al Mal reports. The law gives the fund complete financial independence\u2026","rel":"","context":"In "Speed Round"","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619895","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=619895"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619895\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/619893"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/619896"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=619895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=619895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=619895"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=619895"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=619895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}