{"id":620145,"date":"2024-05-16T00:00:00","date_gmt":"2024-05-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/cabinet-to-set-up-a-unit-dedicated-to-state-owned-companies\/"},"modified":"2024-05-16T00:00:00","modified_gmt":"2024-05-16T00:00:00","slug":"cabinet-to-set-up-a-unit-dedicated-to-state-owned-companies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/16\/cabinet-to-set-up-a-unit-dedicated-to-state-owned-companies\/","title":{"rendered":"Cabinet to set up a unit dedicated to state-owned companies"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Ministers had a busy Wednesday: <\/strong>The Madbouly cabinet greenlit a raft of decisions during its weekly meeting yesterday, including one that would see the cabinet set up a unit whose sole focus is state-owned companies, according to statements <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0jui8WYz5PkCSsScZTVArjjCpHZ7Qb3diNma6KJ2nQmofFi4QAoAu1j7JgkrwSzs8l\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0MVEe5BbpNM9kuDRsLu3CUz7peEuWhRgWeKRcRRJ53ihmVw2mDsZuVYbsNf5URENWl\" style=\"\" rel=\"noopener\">here<\/a>. Among the most decisions notable are:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Follow-up unit for state-owned companies: <\/strong>Cabinet greenlit a draft law to set up a central unit dedicated to state-owned companies \u2014 dubbed the State-Owned Companies Inventory and Follow-Up Unit \u2014 with the aim of regulating state ownership in companies that the government wholly owns or holds stakes in. The unit will be tasked with a broad range of responsibilities, including: <\/p>\n<ul>\n<li>Implementing the state ownership policy with clear timelines and targets.<\/li>\n<li>Identifying companies that the government should exit or partially divest from.<\/li>\n<li>Determining exit strategies.<\/li>\n<li>Proposing strategies to encourage private sector participation in specific sectors.<\/li>\n<li>Developing legal frameworks to enhance the performance of state-owned companies.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At the helm:<\/strong> The unit will be led by a CEO with expertise in investment, project management, and other areas, supported by a team of specialists.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The cabinet is moving quickly: <\/strong>It was earlier this week that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aaaa6238-b564-4e33-9daf-0260d54bba79\/budget-discussions-continue-at-the-house\" style=\"\" rel=\"noopener\">Planning Minister Hala El Said said<\/a> that the government is looking into a World Bank recommendation for the creation of a new entity to which the ownership of all state-owned companies would be gradually transferred in an effort to streamline the implementation of state asset sales. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Reduced building reconciliation fees:<\/strong> Ministers also approved a draft decision introducing a 25% reduction on building reconciliation fees for building owners who pay the full fees upfront. The decision seeks to incentivize the swift resolution of building violations and restore a more aesthetically pleasing cityscape.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI:<\/strong> The cabinet approved the executive regulations for the new Building Reconciliation Act <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/50798bc3-5aa9-461f-b49f-4dc35d2bbaeb\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/50798bc3-5aa9-461f-b49f-4dc35d2bbaeb\/\" style=\"\" rel=\"noopener\">last month<\/a> after the law was ratified <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2cdf9897-e462-4efd-a9fb-9e6d728ed36e\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2cdf9897-e462-4efd-a9fb-9e6d728ed36e\" style=\"\" rel=\"noopener\">in December<\/a>. The long-awaited law is set to make it easier for owners of unauthorized buildings built until 15 October 2023 to legalize their properties in return for paying a reconciliation fee, and to set a clear procedure for the process.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- A grace period for informal businesses: <\/strong>Cabinet approved a draft decision giving informal businesses a three-year period to submit requests to legalize their projects. This extension aims to encourage informal project owners to integrate their businesses into the formal economy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Land for desalination plants: <\/strong>The cabinet greenlit a draft decision to allocate 1.5 feddans in North Sinai\u2019s Rafah for the establishment of seawater desalination plants. The move is part of a wider plan to ramp up the construction of green desalination plants in partnership with the private sector. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The government back in 2020 said it is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64f6386d-108e-41cd-872e-ace09bcbf196\/\" style=\"\" rel=\"noopener\">investing some EGP 134.2 bn through<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64f6386d-108e-41cd-872e-ace09bcbf196\/\" style=\"\" rel=\"noopener\">2050<\/a> to build seawater desalination plants. Egypt has some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/1f5e2330-5989-433e-a29a-1e4f3d64d7ff\/\" style=\"\" rel=\"noopener\">99 operational desalination plants<\/a> with a total capacity of 1.21 mn cbm \/ d, and has a target to increase its potable water conversion volume to 10 mn cbm \/ d by 2050.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The unit will work to implement the state ownership policy with clear timelines and targets<\/p>\n","protected":false},"author":1,"featured_media":620146,"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":[7306],"tags":[282,72,587,364],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet-watch","tag-cabinet-watch","tag-enterpriseam","tag-state-privatization-program","tag-water","wpautop","entry"],"acf":{"mongo_id":"ffd8047d-6c8a-42c6-9876-42db52c205e5","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1273.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s cabinet to set up a unit dedicated to state-owned companies","related_issue":[620136],"teaser":"The unit will work to implement the state ownership policy with clear timelines and targets","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.7597315e-98bb-47f1-bc54-2bbf33dc4119.mp3"},"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>Cabinet to set up a unit dedicated to state-owned companies - 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\/16\/cabinet-to-set-up-a-unit-dedicated-to-state-owned-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cabinet to set 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Sayed will serve a four-year renewable term","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/10\/696.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589083,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/21\/introducing-cabinets-privatization-a-team\/","url_meta":{"origin":620145,"position":1},"title":"Introducing cabinet\u2019s privatization A-team","author":"enterpriseam admin","date":"21 June 2023","format":false,"excerpt":"The unit will work directly with the IFC on state asset sales","rel":"","context":"In 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The amendments are currently being reviewed by the Council of State (Maglis El Dawla).","rel":"","context":"In &quot;Legislation + Policy&quot;","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":573680,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/13\/cabinet-approves-significantly-tougher-penalties-for-insulting-govt-employees\/","url_meta":{"origin":620145,"position":3},"title":"Cabinet approves significantly tougher penalties for insulting gov\u2019t employees","author":"enterpriseam admin","date":"13 August 2020","format":false,"excerpt":"CABINET WATCH- Tougher (and more expensive) penalties for insulting state employees on duty under legislative changes to penal code: The Madbouly Cabinet greenlit in its weekly meeting yesterday amendments to the penal code to give the state sharper teeth to clamp down on insult and batteries against government employees on\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\/2020\/8\/108.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589295,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/25\/private-sector-players-partner-with-govt-on-new-industrial-projects\/","url_meta":{"origin":620145,"position":4},"title":"Private sector players partner with gov\u2019t on new industrial projects","author":"enterpriseam admin","date":"25 June 2023","format":false,"excerpt":"Projects to manufacture chlorine pellets, pressed concrete wire, hydrogen gas and more","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1220.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600751,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/10\/egypt-launches-fund-to-reform-state-owned-enterprises\/","url_meta":{"origin":620145,"position":5},"title":"Egypt launches fund to reform state-owned enterprises","author":"enterpriseam admin","date":"10 February 2019","format":false,"excerpt":"New fund for state-owned enterprises: The Madbouly Cabinet approved last week setting up a fund to finance the overhaul of state-owned companies. 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