{"id":645889,"date":"2024-10-01T00:00:00","date_gmt":"2024-10-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/01\/adq-will-lay-the-foundation-stone-for-its-ras-el-hekma-project-this-week\/"},"modified":"2024-10-01T00:00:00","modified_gmt":"2024-10-01T00:00:00","slug":"adq-will-lay-the-foundation-stone-for-its-ras-el-hekma-project-this-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/01\/adq-will-lay-the-foundation-stone-for-its-ras-el-hekma-project-this-week\/","title":{"rendered":"ADQ will lay the foundation stone for its Ras El Hekma project this week"},"content":{"rendered":"

Good morn<\/strong>ing, friends<\/strong>, and welcome to a new month and a new quarter. We\u2019re ringing in 4Q with a brisk issue as we start counting down to the long weekend. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Construction work on the Ras El Hekma project will officially kick off on Friday:<\/strong> Emirati sovereign wealth fund ADQ will lay the foundation stone for its USD multi-bn Ras El Hekma project on Friday, Deputy Housing Minister for Technical Affairs Abdul Khaleq Ibrahim told Al Arabiya<\/a>. The first phase of the project \u2014 for which work has already unofficially begun \u2014 will take three years and cover 10k feddans, Ibrahim added.<\/p>\n

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<\/a> #2- Gov\u2019t to start the move to cash-based subsidies with the FY 2025-26: <\/strong>The Madbouly government will start introducing cash-based subsidies on a trial basis in certain areas of the country starting next fiscal year, Supply Minister Sherif Farouk told Extra News\u2019 Kalam Fi El Seyasa yesterday (w<\/a>atch, runtime: 50<\/a>:48<\/a>). <\/p>\n

Remember: <\/strong>Prime Minister Moustafa Madbouly last month said<\/a> that he hopes to see the initial phases of the implementation of cash-based subsidies at some point during the next fiscal year. The matter has already been discussed by the National Dialogue, which is now in talks with the government over how it could be implemented, he said.<\/p>\n

What we know about the transition away from in-kind subsidies: <\/strong>Transitioning from in-kind subsidies to cash-based government support is a key element<\/a> of our economic reform program linked to our most recent IMF package. Enterprise sources previously told us<\/a> that cash-based subsidies will range between EGP 500-1,250 and will be raised annually in line with inflation levels. <\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> #1- Th<\/strong>e House is back in session for the last parliamentary cycle of its five-year <\/strong>term:<\/strong> The House of Representatives is reconvening today after a three-month summer recess, with the Senate set to follow suit tomorrow. The session marks the final parliamentary cycle before elections in 2025 to elect a new House. <\/p>\n

And it has a busy legislative agenda:<\/strong> Heading into the nine-month 2024-2025 parliamentary cycle, the House is set to discuss a raft of new government-drafted laws<\/a>, ranging from reviewing amendments to the Criminal Procedures Law<\/a> to addressing the reworked and less contentious version of the Labor Act<\/a>. Other priorities include refining the Competition Act<\/a> to address economic concentration, implementing a new property ID system<\/a>, and advancing the long-delayed Local Administration Act<\/a>.<\/p>\n

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#2- Egyptian private and public sector players are in Marseille for the <\/strong>Egypt<\/a><\/strong>Business Forum<\/a><\/strong>, which aims to strengthen business relations between Egypt and France. Orascom Investment\u2019s Naguib Sawiris and Orange Egypt CEO Yasser Shaker, and others will be representing our private sector and government officials including Investment and Foreign Trade Minister Hassan El Khatib, SCZone head Walid Gamal El Din, and General Authority for Investment and Freezones boss Hossam Heiba will also be taking to the stage. The first day of the forum took place in Paris yesterday and saw Elsewedy Electric and GAFI ink two separate MoUs with Business France.<\/p>\n

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#3- The Global DPI Summit 2024 kicks off today: <\/strong>The three-day Global Digital Public<\/a>Infrastructure Summit<\/a> begins today and \u201cwill spotlight the extraordinary progress countries are making in adopting and implementing DPI principles\u201d at the new capital\u2019s St. Regis.<\/p>\n

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<\/a> #4- <\/strong>Cairo Sustainable Energy Week<\/a><\/strong>kicks off today<\/strong> and will run until 3 October at the Nile Ritz-Carlton in Cairo. Under the theme Building a World that Sustains, the event will gather ministers and private sector players from across the Arab world to discuss renewable energy, grid interconnection projects, sustainable development, and everything in between.<\/p>\n

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<\/a> #5- <\/strong>Arab central bankers gather in Cairo: <\/strong>The Central Bank of Egypt is hosting the annual meetings of the Council of Arab Central Banks and Monetary Authorities' Governors today, according to a statement<\/a>. The meetings will bring together Arab central bank governors, heads of Arab and international financial institutions, senior officials, and banking experts to discuss pressing economic issues. Discussions will address monetary policy management, private sector debt impacts on financial stability, and central banks' role in addressing climate change.<\/p>\n

NEWS TRIGGERS-<\/p>\n

It\u2019s the first day of October \u2014 here are the key news triggers to keep your eyes on this <\/strong>month:<\/strong><\/p>\n