{"id":645122,"date":"2017-07-12T04:16:52","date_gmt":"2017-07-12T04:16:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/12\/contractors-want-state-to-include-fuel-and-energy-prices-hikes-under-compensation-act\/"},"modified":"2017-07-12T04:16:52","modified_gmt":"2017-07-12T04:16:52","slug":"contractors-want-state-to-include-fuel-and-energy-prices-hikes-under-compensation-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/12\/contractors-want-state-to-include-fuel-and-energy-prices-hikes-under-compensation-act\/","title":{"rendered":"Contractors want state to include fuel and energy prices hikes under compensation act"},"content":{"rendered":"

<\/a> Contractors want state to include new fuel and electricity price hikes under Contractors Compensation Act: <\/strong>Contractors are requesting that the state factor in the effects of the latest fuel and energy price hikes when repricing their contracts under the Contractors\u2019 Compensation Act, New Urban Communities Authority (NUCA) chief Zein Al Abidin Mohamed tells Al Borsa<\/a>. Companies are blaming the rise in the costs of building materials on \u201cthe instability of the government\u2019s fiscal policies.\u201d The Housing Ministry has already started revising contracts that came into effect in 2016 and is waiting for the legislation \u2014 which will compensate state contractors for losses incurred after the EGP float \u2014 to determine the exact price differentials, unnamed government officials tell the newspaper. NUCA\u2019s initial estimates had reportedly set the compensation value at 7% of the original value of the contract, they add. The Sherif Ismail cabinet had approved this month<\/a> a six-month extension on all contracts with the private sector signed between 1 March and 31 December 2016 to make them eligible for compensation. The bill, however, has been in the works<\/a> for several months, with rumors even suggesting<\/a> that the House of Representatives was studying alternatives, claiming the act would cost state coffers EGP 10 bn that it simply can\u2019t afford. Maybe contractors should just be thankful they have that much.<\/p>\n","protected":false},"excerpt":{"rendered":"

Contractors want state to include new fuel and electricity price hikes under Contractors Compensation Act: Contractors are requesting that the state factor in the effects of the latest fuel and energy price hikes when repricing their contracts under the Contractors\u2019 Compensation Act, New Urban Communities Authority (NUCA) chief Zein Al Abidin Mohamed tells Al Borsa. 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The bill\u2019s executive regulations should be ready within a month, will compensate contractors for losses incurred as a result of the EGP float and\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":645531,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/24\/housing-ministry-to-issue-immediate-10-downpayment-on-compensation-to-contractors\/","url_meta":{"origin":645122,"position":1},"title":"Housing Ministry to issue immediate 10% downpayment on compensation to contractors","author":"enterpriseam admin","date":"24 July 2017","format":false,"excerpt":"Housing Ministry to issue immediate 10% downpayments on compensation to contractors: Contractors being compensated for losses incurred on government contracts after the EGP float receive 10% downpayments until the committee tasked with repricing their contracts can complete its work, Housing Minister Mostafa Madbouly decided on Thursday, according to Al Mal.\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":628272,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/28\/contractors-compensation-act-high-on-madbouly-cabinet-agenda\/","url_meta":{"origin":645122,"position":2},"title":"Contractors Compensation Act high on Madbouly Cabinet agenda","author":"enterpriseam admin","date":"28 June 2018","format":false,"excerpt":"CABINET WATCH- Contractors Compensation Act high on Madbouly Cabinet agenda: The focus of the Madbouly Cabinet\u2019s weekly meeting yesterday appears to have been paying out compensation to government contractors under the Contractors Compensation Act, according to a cabinet statement. Ministers reviewed a report, which showed that EGP 2.7 bn were\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":635593,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/07\/nuca-planning-to-disburse-egp-4-bn-of-compensation-to-contractors-by-years-end\/","url_meta":{"origin":645122,"position":3},"title":"NUCA planning to disburse EGP 4 bn of compensation to contractors by year\u2019s end","author":"enterpriseam admin","date":"7 December 2017","format":false,"excerpt":"The New Urban Communities Authority (NUCA) is planning to disburse by the end of the year a total of EGP 2 bn in compensation payments to contractors for losses incurred on state contracts after the EGP float, a Housing Ministry official tells Al Borsa. The remaining payments owed to contractors\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":649988,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/14\/contractors-compensation-act-now-slated-for-mid-april-instead-of-march\/","url_meta":{"origin":645122,"position":4},"title":"Contractor\u2019s Compensation Act now slated for mid-April instead of March","author":"enterpriseam admin","date":"14 March 2017","format":false,"excerpt":"No Contractor Compensation Act before mid-April: Contractors shouldn\u2019t expect until sometime in April a bill designed to allow the government to compensate them for losses on state contracts that need to be repriced post the float of the EGP.Housing Committee member Khaled Abdel Aziz says. 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