{"id":655378,"date":"2024-11-18T00:00:00","date_gmt":"2024-11-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/18\/govt-lays-out-privatization-targets-for-fiscal-year\/"},"modified":"2024-11-18T00:00:00","modified_gmt":"2024-11-18T00:00:00","slug":"govt-lays-out-privatization-targets-for-fiscal-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/18\/govt-lays-out-privatization-targets-for-fiscal-year\/","title":{"rendered":"Gov\u2019t lays out privatization targets for fiscal year"},"content":{"rendered":"

Good morning, folks<\/strong>. <\/strong>Unlike the weather, local business news is continuing to heat up this week. In another packed issue of EnterpriseAM Egypt, we\u2019ve got news that President Abdel Fattah El Sisi is in Rio for the G20 Summit, a fresh securitized bond issuance, talk of plenty more privatization announcements to come, and much, much more. Space is at a premium in today\u2019s issue, so let\u2019s jump right in.<\/p>\n

PSA-<\/p>\n

WEATHER- Temperatures are continuing to gradually creep down in Cairo today,<\/strong> with a high of 24\u00b0C and a low of 16\u00b0C, according to our favorite weather app.<\/p>\n

You better get your umbrella at the ready if you\u2019re in Alexandria<\/strong>, with scattered showers expected across the coast, along with a high of 23\u00b0C and a low of 15\u00b0C.<\/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

\n

HAPPENING THIS WEEK- <\/p>\n

<\/a> #1- President Abdel Fattah El Sisi is in Brazil for the G20 Summit set to kick off today. <\/strong>El Sisi touched down in Rio de Janeiro yesterday for the G20 Leaders\u2019 Summit<\/a> set to formally begin today and wrap up tomorrow, according to an Ittiyadiya statement<\/a>. <\/p>\n

On El Sisi\u2019s agenda: <\/strong>During the summit, El Sisi will address the summit to highlight Egypt\u2019s development efforts, the challenges facing developing nations as they try to achieve SDGs, and the importance of cooperation. The president will also highlight \"continued Israeli escalation\u201d in Palestine and Lebanon at the summit.<\/p>\n

On the sidelines:<\/strong> El Sisi is also expected to meet with a number of world leaders on the sidelines of the summit for discussions centered around bilateral relations, sustainable development, and regional escalations. <\/p>\n

But wait, Egypt isn\u2019t a G20 country? <\/strong>The Group of 20 is made up of 19 nations, the European Union, and also the African Union as of 2023. Brazil \u2014 as the current head of the group under its rotating presidency \u2014 invited Egypt to attend G20 meetings this year as a guest nation alongside<\/a> fellow guests Oman, UAE, Nigeria, and five other nations. This is the second year in a row that Egypt has been invited as a guest to the G20 \u2014 following its participation<\/a> in New Delhi last year.<\/p>\n

\n

\n

#2- It\u2019s day two of <\/strong>Cairo ICT<\/a><\/strong> 2024: <\/strong>The International Technology Fair and Forum for the MENA region kicked off yesterday and will run until Wednesday at the Egypt International Exhibition Center under the theme The Next Wave. The event gives participants the chance to explore emerging technologies, engage with tech leaders, and take part in hands-on demos. You can register here<\/a> and check out the agenda here (pdf)<\/a>.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> Gov\u2019t lays out sectors targeted for privatization by the end of the <\/strong>fiscal year: <\/strong>Cabinet spokesperson Mohamed El Homsani namechecked banking, airports, pharma, plastics, glass, and petrochemicals as among the sectors sectors where we will see stakes in state-owned entities offered up by the end of June, according to a cabinet statement<\/a> <\/p>\n

The government has another 15 privatization targets up its sleeves for after <\/strong>the current fiscal year: <\/strong>In addition to the state-owned entities that the government is planning to sell stakes in by the end of the current fiscal year, there are another 15 stake offerings in the pipeline for after. Prime Minister Mostafa Madbouly urged the swift finalization of these planned offerings during the meeting of the cabinet\u2019s Economic Ministerial Group, the statement read.<\/p>\n

Remember:<\/strong> Investment Minister Hassan El Khatib is set to unveil the government\u2019s revamped<\/a>privatization program<\/a> before the end of the month, Prime Minister Moustafa Madbouly told journalists earlier this month.<\/p>\n

\n

IN THE HOUSE-<\/p>\n

<\/a> MPs are back in the House again today<\/strong> to resume discussions over draft laws that pertain to refugees, the newly amended Criminal Procedures Law, and urban development plans. <\/p>\n

#1- Rent laws to be discussed: <\/strong>The House\u2019s Housing Committee will review laws regulating rents for housing units and residential properties, especially pertaining to the fixed rent for residential properties stipulated in the so-called \u201cold rent\u201d law following the Supreme Constitutional Court\u2019s ruling that the law is unconstitutional. House Speaker Hanafy Gebaly told the housing, local administration, and legislative and constitutional affairs committees yesterday to conduct an analysis of the court\u2019s ruling and draft a new rent law accordingly.<\/p>\n

Remember:<\/strong>Earlier this month, the Supreme Constitutional Court ruled the fixed rent for<\/a><\/a>residential properties stipulated in the so-called \u201cold rent\u201d law as unconstitutional<\/a> 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

#2- More talk about draft refugee law, following the House\u2019s preliminary approval <\/strong>yesterday:<\/strong> The House will continue discussing the government-drafted law that aims to establish a legal framework for refugees\u2019 status, rights and obligations, after the law received preliminary approval yesterday. The bill proposes creating a permanent committee for refugee affairs to handle all refugee-related matters, including managing data and statistics.<\/p>\n

#3- The Criminal Procedures Law will also be up for further discussion:<\/strong> The newly amended Criminal Procedures Law will be put up for a second week of discussion ahead of the final vote by the House, so as to give more political entities and people more time to voice their opinions on the law.<\/p>\n

#4- The House will explore urban development plans:<\/strong> MPs will hear from Housing Minister Sherif El Sherbiny as he lays out plans to tackle urban expansion, scale up fourth-generation cities, resolve building violations, and boost housing programs. <\/p>\n

\n

SIGN OF THE TIMES- <\/p>\n

Shipping giants are feeling the pinch of Red Sea disruptions<\/strong>: German shipping giant Hapag-Lloyd saw its net income dip 46.5% y-o-y during the first nine months of the year to record USD 1.8 bn despite transport volumes being up 4.6%, it said in its latest earnings release<\/a>. \u201cIn view of lower freight rates in the first half of the year 2024 and increased transport expenses due to the rerouting of ships around the Cape of Good Hope, these results are below the prior-year level, as expected,\u201d the company said. <\/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

ICYMI- Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we spoke to Beko\u2019s Regional Director \u00dcmit G\u00fcnel for our Manufacturer of the Month column. Check out the story here<\/a>. <\/p>\n

\n

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

Biden agrees to Ukraine hitting Russian targets with US long-range missiles:<\/strong> In a change of pace from the wall-to-wall coverage of US elections, the international press is focused this morning on reports that Washington agreed to let Ukraine use long-range US missiles to hit targets \u201cdeep\u201d in Russian territory. The approval marks a change in Washington\u2019s policy on Kyiv and Moscow\u2019s ongoing war, which officials and other sources quoted in several newspapers say comes on the back of North Korea sending ground troops to support Russian forces. North Korea had sent 10k elite troops to Russia\u2019s Kursk region near Ukraine\u2019s northern border last week<\/a> to help Russia regain control of the territory. The story is getting play in the New York Times<\/a>, the Washington Post<\/a>, Bloomberg<\/a>, Reuters<\/a>, the Wall Street Journal<\/a>, and the Financial Times<\/a>.<\/p>\n

IN OUR NECK OF THE WOODS-<\/strong> An Israeli airstrike on a building in central Beirut yesterday killed Hezbollah\u2019s chief spokesperson, Mohammed Afif. Israel also attacked Mar Elias in the center of the Lebanese capital, killing at least two and wounding 22. Reuters<\/a> and the Financial Times<\/a> have coverage. <\/p>\n

<\/p>\n

*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p>\n

In today\u2019s issue:<\/strong> We take a deep dive into state efforts to increase tech awareness. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, folks. Unlike the weather, local business news is continuing to heat up this week. In another packed issue of EnterpriseAM Egypt, we\u2019ve got news that President Abdel Fattah El Sisi is in Rio for the G20 Summit, a fresh securitized bond issuance, talk of plenty more privatization announcements to come, and much, much […]<\/p>\n","protected":false},"author":1,"featured_media":655379,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7204],"tags":[72,587,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-655378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-state-privatization-program","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"dcc95aae-8536-410b-8459-7162a70c62e3","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/11\/1629.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Gov\u2019t lays out privatization targets for fiscal year","related_issue":[655376],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.511f1d43-4b9c-4c5f-b476-d9b1c8e63a3f.mp3"},"yoast_head":"\nGov\u2019t lays out privatization targets for fiscal year - 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\/11\/18\/govt-lays-out-privatization-targets-for-fiscal-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t lays out privatization targets for fiscal year\" \/>\n<meta property=\"og:description\" content=\"Good morning, folks. 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It\u2019s one of those unexpectedly brisk midweek days here in Omm El Donia as we race towards the weekend.THE BIG STORY TODAY Where United Bank, Pachin, and Helwan Fertilizers\u2019 privatization plans currently stand: Two Saudi banks \u2014 Tadawul-listed Riyad\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\/wp-content\/uploads\/2020\/09\/market-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583607,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/16\/this-evening-state-privatization-program-will-likely-lead-with-oil-companies-credit-suisse-gets-a-lifeline\/","url_meta":{"origin":655378,"position":1},"title":"THIS EVENING: State privatization program will likely lead with oil companies + Credit Suisse gets a lifeline","author":"enterpriseam admin","date":"16 March 2023","format":false,"excerpt":"Happy THURSDAY, friends. We\u2019re finally winding down a hectic week as we slide into our last weekend before Ramadan rolls around.THE BIG STORY TODAY Oil and gas companies are likely going to be first in the chute for state privatization reboot: Six of the first eight state-owned companies that are\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\/2022\/6\/old-stock-market1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584920,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/06\/this-evening-export-development-bank-getting-in-on-state-privatization-program-instapay-now-works-abroad\/","url_meta":{"origin":655378,"position":2},"title":"THIS EVENING: Export Development Bank getting in on state privatization program? + InstaPay now works abroad","author":"enterpriseam admin","date":"6 April 2023","format":false,"excerpt":"Good afternoon, wonderful people, and happy THURSDAY to us all. It\u2019s a particularly sweet end to the week, as we\u2019re halfway through Ramadan as we head into a weekend that promises to bring plenty of sunshine. THE BIG STORIES TODAY #1- Export Development Bank getting in on privatization program? 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\/2023\/4\/313.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583202,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/this-evening-dana-gas-has-its-eyes-on-fresh-oil-gas-tenders-with-plans-to-invest-usd-100-mn-in-egypt\/","url_meta":{"origin":655378,"position":3},"title":"THIS EVENING: Dana Gas has its eyes on fresh oil + gas tenders, with plans to invest USD 100 mn in Egypt","author":"enterpriseam admin","date":"13 February 2023","format":false,"excerpt":"Good afternoon, ladies and gents. It\u2019s a relatively quiet Monday afternoon, and we\u2019re grateful for this mini-breather.THE BIG STORY TODAY The UAE\u2019s Dana Gas is planning to invest USD 100 mn in Egypt this year and next, CEO Patrick Allman-Ward said on the sidelines of the Egypt Petroleum Show, according\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\/wp-content\/uploads\/2022\/07\/oil-rig-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":656417,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/government-to-kick-off-the-new-year-with-a-port-privatization-push\/","url_meta":{"origin":655378,"position":4},"title":"Government to kick off the new year with a port privatization push?","author":"enterpriseam admin","date":"4 December 2024","format":false,"excerpt":"Good morning, folks. As we near the end of the first week of December, it looks like we might be in for a busy few weeks in terms of local business, finance, and economy news until the end of the year. In today\u2019s packed issue of EnterpriseAM, we\u2019ve got important\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\/2024\/8\/1478.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588873,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/18\/this-evening-the-ifc-is-advising-on-our-state-privatization-program\/","url_meta":{"origin":655378,"position":5},"title":"THIS EVENING: The IFC is advising on our state privatization program","author":"enterpriseam admin","date":"18 June 2023","format":false,"excerpt":"Good afternoon, friends, and welcome to a special Sunday. 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