{"id":635118,"date":"2024-07-24T00:00:00","date_gmt":"2024-07-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/24\/progress-on-the-new-capitals-finance-hub-plus-news-from-brics-madbouly-cabinet\/"},"modified":"2024-07-24T00:00:00","modified_gmt":"2024-07-24T00:00:00","slug":"progress-on-the-new-capitals-finance-hub-plus-news-from-brics-madbouly-cabinet","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/24\/progress-on-the-new-capitals-finance-hub-plus-news-from-brics-madbouly-cabinet\/","title":{"rendered":"Progress on the new capital\u2019s finance hub. PLUS: News from BRICS, Madbouly cabinet"},"content":{"rendered":"<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Who will manage the new capital finance hub? <\/strong>An international consortium has <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0HhS9eNtZ7vQnHDQLzkjYqbjwZgtXcEX2tUcfa1ui3bYb8FZisTe4YqpNRUx7DFafl?rdid=yVfcMyZmxBIdaxxa\" style=\"\" rel=\"noopener\">submitted<\/a> a proposal to manage the Cairo International Financial Center (CIFC), an area of the new capital that will house financial institutions, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0HhS9eNtZ7vQnHDQLzkjYqbjwZgtXcEX2tUcfa1ui3bYb8FZisTe4YqpNRUx7DFafl?rdid=yVfcMyZmxBIdaxxa\" style=\"\" rel=\"noopener\">statement<\/a>. Prime MInister Mostafa Madbouly asked the consortium to submit a detailed proposal with its plans for the center.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Remember:<\/strong><span style=\"background-color: transparent;\"> An Emirati consortium \u2014 including <\/span><a target=\"_blank\" href=\"https:\/\/promax.digital\/\" rel=\"noopener\">Promax Investments<\/a><span style=\"background-color: transparent;\"> and <\/span><a target=\"_blank\" href=\"https:\/\/gdi-me.com\/\" rel=\"noopener\">Gulf Data<\/a><a target=\"_blank\" href=\"https:\/\/gdi-me.com\/\" rel=\"noopener\">International<\/a><span style=\"background-color: transparent;\"> \u2014 <\/span><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eabbb6a3-3a5e-4df9-9910-a489d4ba7f32\/gov%25e2%2580%2599t-to-hike-export-subsidies-almost-4x-next-fiscal-year.-plus:-talgo,-new-capital-finance-hub\" rel=\"noopener\">signed<\/a><span style=\"background-color: transparent;\"> an MoU with the General Authority for Freezones and Investment last year to set up a finance hub in the new administrative capital.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Big plans ahead: <\/strong>The state is working on regulations to govern the center as we inch towards its inauguration date, Madbouly said, adding that he is looking forward to receiving proposals regarding the matter. <\/p>\n<p class=\"tag-border-left\">URBAN DEVELOPMENT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No more converting green areas into commercial areas:<\/strong> Prime Minister Moustafa Madbouly has directed Egypt\u2019s governors to refrain from turning existing green areas into commercial areas as part of the government\u2019s greening plans, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0Dq1RR8YoAFfk7ExokMHtpcQj3iK2XPpwo4wEkpCr5Hkp8aWAyefvfwurWW8z8eS9l\" style=\"\" rel=\"noopener\">statement<\/a>. Madbouly also issued directives to greenify all road axes as part of the plan to plant 100 mn trees.<\/p>\n<p class=\"tag-border-left\">M&amp;A-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An Egyptian-Emirati consortium is looking to acquire a 25-30% stake in one of the <\/strong><strong>companies owned by the Public Enterprise Ministry\u2019s Cotton and Textile Industries Holding Company<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/07\/23\/1811679\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing informed sources. The ministry is in the process of reviewing the offer and is set to make its decision by the end of the month.<\/p>\n<p class=\"tag-border-left\">MINING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>BRICS nations to set up joint geological platform:<\/strong> Egypt and its fellow BRICS member states have agreed to set up a shared geological platform to facilitate the exchange of knowledge, technological development, and practical experience in mineral resource management, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid02amXr7n4G8J6dbpt5zmmGNnpJ2dFRT9ixiwd1SWbPq92pSTgJx1KL1LuJufTQ4gDvl\" style=\"\" rel=\"noopener\">statement<\/a>. The platform will prioritize geological exploration, regional geological studies, and digitalization in geology. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The center is an area of the new capital that will house financial institutions<\/p>\n","protected":false},"author":1,"featured_media":635119,"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":[7209],"tags":[111,7270,72,1350,373],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-635118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-brics","tag-enterpriseam","tag-madbouly-cabinet","tag-mining","wpautop","entry"],"acf":{"mongo_id":"a7db088b-1ef8-4ab4-abf7-a13f3ef0c5e2","order":"8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1925.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Progress on the new capital\u2019s finance hub","related_issue":[635105],"teaser":"The center is an area of the new capital that will house financial institutions","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.61c02186-9ebb-43de-ae77-79e1cd68e23e.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>Progress on the new capital\u2019s finance hub. PLUS: News from BRICS, Madbouly cabinet - 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\/07\/24\/progress-on-the-new-capitals-finance-hub-plus-news-from-brics-madbouly-cabinet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Progress on the new capital\u2019s finance hub. 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PLUS: Talgo, new capital finance hub","author":"enterpriseam admin","date":"27 March 2023","format":false,"excerpt":"Next year: Subsidies to be paid out within 3 months of submitting paperwork","rel":"","context":"In &quot;Also on our Radar&quot;","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\/3\/456.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594498,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/31\/govt-approve-amendments-on-microfinance\/","url_meta":{"origin":635118,"position":1},"title":"Gov\u2019t approve amendments on microfinance","author":"enterpriseam admin","date":"31 October 2019","format":false,"excerpt":"LEGISLATION WATCH- Gov\u2019t sets capital requirements for non-bank SME funders: The Madbouly Cabinet approved yesterday draft amendments to the 2014 Microfinance Law that set up new capital requirements for all non-banking finance institutions looking to lend money to SMEs, according to a cabinet statement. Companies looking to finance SMEs must\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":667842,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/06\/cabinet-will-discuss-electricity-pricing-scenarios-this-week\/","url_meta":{"origin":635118,"position":2},"title":"Cabinet will discuss electricity pricing scenarios this week","author":"enterpriseam admin","date":"6 July 2025","format":false,"excerpt":"Good morning, all. We kick off the week with a packed issue, led by Bonyan kicking off its IPO, the House approving amendments that scrap the Old Rent Law, and the IMF combining the fifth and sixth reviews of our USD 8 bn program. PSA- WEATHER- It\u2019s another sunny day\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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\/2024\/8\/1710.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577978,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/cabinet-approves-move-to-join-brics-development-bank\/","url_meta":{"origin":635118,"position":3},"title":"Cabinet approves move to join BRICS development bank","author":"enterpriseam admin","date":"12 December 2022","format":false,"excerpt":"Another step closer to BRICS bank membership: Ministers approved plans for Egypt to join the New Development Bank (NDB), a multilateral lender set up by Brazil, Russia, India, China and South Africa (the so-called BRICS), cabinet said following its weekly meeting on Wednesday.What is the NDB? The USD 100 bn\u2026","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/223.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":627092,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/19\/madbouly-cabinet-officially-approves-state-privatization-program\/","url_meta":{"origin":635118,"position":4},"title":"Madbouly Cabinet officially approves state privatization program","author":"enterpriseam admin","date":"19 July 2018","format":false,"excerpt":"CABINET WATCH- The Madbouly Cabinet officially signed off yesterday on the state privatization program, according to a statement. The statement provides no further details on the program, including the size of the offerings, or the timeline. The cabinet had announced on Tuesday that five already-listed state companies will pilot the\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622218,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/29\/cabinet-approves-consumer-credit-act-sent-to-house-for-final-vote\/","url_meta":{"origin":635118,"position":5},"title":"Cabinet approves Consumer Credit Act, sent to house for final vote","author":"enterpriseam admin","date":"29 November 2018","format":false,"excerpt":"LEGISLATION WATCH- The Madbouly Cabinet has reportedly approved the a bill that would create a consumer credit act and has sent it to the House of Representatives to become law, unnamed government sources told El Watan. The bill would, among other things, require companies to obtain a license from the\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\/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\/635118","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=635118"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/635118\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/635105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/635119"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=635118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=635118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=635118"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=635118"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=635118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}