{"id":654861,"date":"2024-11-10T00:00:00","date_gmt":"2024-11-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/10\/old-rent-law-set-for-an-overhaul\/"},"modified":"2024-11-10T00:00:00","modified_gmt":"2024-11-10T00:00:00","slug":"old-rent-law-set-for-an-overhaul","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/10\/old-rent-law-set-for-an-overhaul\/","title":{"rendered":"\u201cOld rent\u201d law set for an overhaul?"},"content":{"rendered":"

Good mornin<\/strong>g, folks, and welcome to the first day of a new work week.<\/strong> We\u2019re off to a strong start this week in terms of investment, with a handful of big ticket projects announced that will be music to the ears of those banging the localization drum. But that\u2019s not all, with the Supreme Constitutional Court\u2019s ruling on the \u201cold rent\u201d law yesterday, nine-figure financing for the renewables sector, and more in today\u2019s issue.<\/p>\n

PSA-<\/p>\n

WEATHER- It\u2019s another refreshingly cool day in Cairo today<\/strong>, with a high of 24\u00b0C and a low of 16\u00b0C, with a chance of light-to-moderate rain in the capital city and various parts of the country, according to our favorite weather app.<\/p>\n

It\u2019s only a tiny bit cooler in Alexandria<\/strong>, with a high of 23\u00b0C and a low of 15\u00b0C, with a chance of moderate-to-heavy rain in the whole north of the country.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

WATCH THIS SPACE-<\/p>\n

Will the \u201cold re<\/strong>nt\u201d law soon be revamped?<\/strong> The Supreme Constitutional Court ruled yesterday the fixed rent for residential properties stipulated in the so-called \u201cold rent\u201d law as unconstitutional and called on lawmakers to amend the first two articles of the law before the legislative season comes to a close. The court argued that the fixed annual rent cap set at 7% of the land and building\u2019s value at the time of licensing showed the law\u2019s failure to take into account inflation is unfair and denies landlords rights afforded to them under the constitution.<\/p>\n

The House got the message: <\/strong>The parliament\u2019s housing committee had already prepared a preliminary report on the \u201cold rent\u201d laws and it is scheduled to be presented at the upcoming general sessions, the House of Representatives said in a statement (pdf)<\/a> yesterday.<\/p>\n

The state has had the old rent law in its crosshairs for some time now: <\/strong>After years of talk of overturning the law, efforts picked up a gear last year after President Abdel Fattah El Sisi urged lawmakers<\/a> to address the old rent law, telling a conference in the new capital that it is \u201cunacceptable\u201d that property owners are unable to take economic advantage of what he said amount to 2 mn housing units across the country. The then-newly elected<\/a> chair of the House Housing Committee, Mohamed Attia El Fayoumi, told the media that amending the old rent law will be at the top of the committee\u2019s agenda in the coming legislative season.<\/p>\n

**We have more in Last Night\u2019s Talk Shows below.<\/strong><\/p>\n

DATA POINT-<\/p>\n

<\/a> Tourist footfall is expected to reach a record high of 15.3 mn in 2024<\/strong>, increasing 5% y-o-y from the year before, according to a statement<\/a> from the Tourism Ministry. The ministry\u2019s most current projection is down from initial targets to welcome 15.7 mn tourists made earlier in the year<\/a>.<\/p>\n

We\u2019ve got five years to up annual arrivals by nearly 10 mn: <\/strong>The government is working towards welcoming 25 mn tourists annually by 2030, down from a previously-set goal of hitting 30 mn tourists by 2028<\/a>. <\/p>\n

HAPPENING TODAY-<\/p>\n

<\/a> #1- It\u2019s inflation day: <\/strong>State statistics agency Capmas and the Central Bank of Egypt will release inflation data for October today.<\/p>\n

A Reuters poll of 17 analysts see headline inflation accelerating 0.6 percentage points to<\/strong> 27.0% y-o-y in October<\/strong>, with fingers firmly pointed<\/a> at fuel price hikes that came into effect during the month and education costs.<\/p>\n

This would mark the third consecutive monthly increase in inflation<\/strong>, as transport and energy costs continue to push up the headline figure<\/a> despite food and beverage price inflation continuing to retreat on an annual basis.<\/p>\n

But there\u2019s still optimism that inflation will start cooling before the end of the year:<\/strong> Capital Economics\u2019 James Swanston said they \u201cexpect for inflation to slow over the remainder of Q4 and more sharply in Q1 2025 to allow the central bank to start its monetary loosening cycle.\"<\/p>\n

<\/a> #2- Malaysian Prime Minister Anwar Ibrahim is in Cairo for a four-day trip to<\/strong> discuss Egypt-Malaysia relations<\/strong>, Malaysian state news agency Bernama<\/a> reports. The visit, which began yesterday, will focus on developing bilateral ties in trade and investment, defense and security, tourism, education, and religious affairs, renewable energy and water.<\/p>\n

Stay tuned for:<\/strong> Ibrahim is set to launch an assembly operations center for Malaysian automaker Proton during his visit and ink MoUs with Al Azhar to strengthen religious education and religious affairs cooperation.<\/p>\n

#3- It\u2019s day one of Falak Startups\u2019 <\/strong>Fund Manager Masterclass<\/a><\/strong>: Emerging fund managers, entrepreneurs, and angel investors are gathering in Cairo today to attend the three-day, EBRD- and USAID-supported event to learn everything you need to know about VC funds from raising funds to successfully exiting companies. <\/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

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

It\u2019s a mixed bag in the international press this morning<\/strong>, giving us a mix of stories focused on the latest in US politics and the peace talks between Israel and Hamas. <\/p>\n

Qatar suspended its negotiation efforts between Israel and Hamas for a ceasefire and <\/strong>hostage release agreement<\/strong>, and will resume the talks \u201cwhen the parties show their willingness and seriousness\u201d to end the war, Qatar\u2019s Foreign Ministry said<\/a>. The ministry pointed to \u201cmanipulation\u201d and \u201cblackmail\u201d Qatar is facing as a mediating party, while \u201cobligations agreed upon through mediation\u201d are not being met. <\/p>\n

As the negotiations stalled, media reports suggested that Qatar has requested that<\/strong> Hamas leaders leave the country<\/strong>, although the foreign ministry said in its statement that \u201cmedia reports regarding the Hamas office in Doha [are] inaccurate,\u201d without providing further details. Reuters<\/a>, Bloomberg<\/a>, and the Financial Times<\/a> have the story. <\/p>\n

In other regional news: Israeli airstrikes killed another 40 people in Lebanon in the past <\/strong>day<\/strong>, including in Tyre and Baalbek, bringing the total death toll in Lebanon from Israeli attacks in the past year to 3,136 people, including 619 women and 194 children, Reuters<\/a> reports. <\/p>\n

ACROSS THE POND-<\/strong> Republicans are on track to secure control of Congress, with the party already securing enough votes to take over control of the Senate, while the House looks likely to end the election with its Republican majority intact. Axios<\/a> and Reuters<\/a> have more. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, folks, and welcome to the first day of a new work week. We\u2019re off to a strong start this week in terms of investment, with a handful of big ticket projects announced that will be music to the ears of those banging the localization drum. 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We\u2019re racing towards the final stretch of the week and into the long weekend. The news cycle appears to be taking a breather, and so should you. THE BIG STORY TODAY- Old rent act discussions postponed to tomorrow amid parliamentary pushback: House speaker Hanafy Gebaly adjourned the\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/7\/75.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":654909,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/10\/inflation-is-on-the-rise-for-a-third-consecutive-month\/","url_meta":{"origin":654861,"position":1},"title":"Inflation is on the rise for a third consecutive month","author":"enterpriseam admin","date":"10 November 2024","format":false,"excerpt":"Good afternoon, all, and welcome to the start of a new workweek. This one seems to be kicking off with cooler weather and hotter prices.THE BIG STORY TODAY Inflation continues inching up: Annual urban inflation rose 0.1 percentage points to 26.5% in October, extending its upward trajectory for a third\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/760.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543802,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/20\/this-morning-old-rent-law-up-in-the-house-us-climate-envoy-john-kerry-makes-a-visit\/","url_meta":{"origin":654861,"position":2},"title":"THIS MORNING: Old rent law up in the House + US Climate Envoy John Kerry makes a visit","author":"enterpriseam admin","date":"20 February 2022","format":false,"excerpt":"Good morning, wonderful people, and welcome to another busy workweek. It\u2019s the kind of morning that sends you plenty of mixed signals.Lots is going well here at home: A great CBE report on fintech is out, FAB\u2019s bid for our friends at EFG Hermes is ticking along, a major UAE\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":630588,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/26\/what-were-tracking-on-26-april-2018\/","url_meta":{"origin":654861,"position":3},"title":"What we\u2019re tracking on 26 April 2018","author":"enterpriseam admin","date":"26 April 2018","format":false,"excerpt":"Bad news on which to close the week: After rain and flooding Tuesday night and yesterday, the national weather service is warning that we can expect \u201cunstable weather\u201d to continue today in Cairo,with torrential rain forecast for some areas of country. Look for a high temperature of 30\u00b0C in Cairo\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\/2018\/4\/1848.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628358,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/02\/expect-hot-and-dusty-weather-to-continue-today\/","url_meta":{"origin":654861,"position":4},"title":"Expect hot and dusty weather to continue today","author":"enterpriseam admin","date":"2 May 2018","format":false,"excerpt":"PSA- Expect hot and dusty weather to continue today across the country. The aftermath of a sandstorm that hit parts of Egypt on Monday, affecting visibility and closing several highways in the south, is expected to last until Friday, which will see the week\u2019s highest temperature at 40\u00b0C, the national\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\/2018\/5\/206.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544097,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/tonight-fab-makes-a-play-for-efg-hermes-amendments-to-the-old-rent-law-and-real-estate-registry-act-are-up-in-parliament\/","url_meta":{"origin":654861,"position":5},"title":"TONIGHT: FAB makes a play for EFG Hermes + amendments to the Old Rent Law and Real Estate Registry Act are up in parliament","author":"enterpriseam admin","date":"9 February 2022","format":false,"excerpt":"Good afternoon, wonderful people. It\u2019s nearly the end of this workweek that has felt like an entire month on its own. Our almost-weekend reward: A healthy news cycle that\u2019s keeping us on our toes. THE BIG STORY TODAY-FAB makes a play for EFG Hermes: The UAE\u2019s First Abu Dhabi Bank\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"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\/654861","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=654861"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/654861\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/654859"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/654862"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=654861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=654861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=654861"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=654861"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=654861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}