{"id":657801,"date":"2024-12-26T00:00:00","date_gmt":"2024-12-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/26\/revised-labor-act-to-soon-head-to-the-house\/"},"modified":"2024-12-26T00:00:00","modified_gmt":"2024-12-26T00:00:00","slug":"revised-labor-act-to-soon-head-to-the-house","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/26\/revised-labor-act-to-soon-head-to-the-house\/","title":{"rendered":"Revised Labor Act to soon head to the House"},"content":{"rendered":"

\n

LEGISLATION-<\/p>\n

The cabinet reviewed the revised Labor Act<\/strong> during its meeting yesterday ahead of sending it to the House for approval, according to a statement<\/a>. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Remember:<\/strong> The Madbouly government approved the redrafted act<\/a> this November following several rounds of discussions with workers and businessmen. The government pulled the bill from the House last year after it received backlash from the business community, many of whom claimed that the original version\u2019s terms were lopsided in favor of workers.<\/p>\n

\n

REGULATION-<\/p>\n

Paying back delayed export subsidies: <\/strong>The cabinet approved a proposed mechanism to settle overdue payments owed under the export subsidy program \u2014 around EGP 60 bn \u2014 according to a cabinet statement<\/a>. The move follows presidential directives and the first phase will see companies receiving 40-50% of total overdue payments. <\/p>\n

DATA POINT- <\/strong>The Madbouly government has disbursed some EGP 70 bn in export subsidies to 2.5k exporters since the program kicked off in 2019. <\/p>\n

Remember: The program is in for a facelift: <\/strong>The government will reduce the percentage payout under the revamped export subsidy program to an average of 3% of the total value of exports depending on the sector \u2014 down from 8-10%. We have the details in our deep dive<\/a> into the revamped subsidy program. <\/p>\n

\n

SMES-<\/p>\n

#1- MSMEDA contributes USD 3 mn to Foundation Ventures fund: <\/strong>The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) is contributing USD 3 mn to homegrown VC firm Foundation Ventures<\/a> \u2019 startup fund, according to a statement<\/a>. The funds will provide essential financing to promising Egyptian startups across various sectors, supporting innovation and fostering business growth.<\/p>\n

\n

\n

#2- NBE, ILO to promote financial inclusion:<\/strong> The National Bank of Egypt inked a partnership agreement with the International Labor Organisation to enhance investment opportunities in Egyptian MSMEs, according to a press release (pdf)<\/a>. The partnership will focus on implementing programs for entrepreneurs, especially youth and women, in industries like leather and marble. <\/p>\n

\n

DIPLOMACY-<\/p>\n

Deeper ties with Uzbekistan: <\/strong>Egypt and Uzbekistan signed six cooperation agreements in the antiquities, health, environment, and education sectors during the Egyptian-Uzbek Joint Committee on Economic, Scientific, and Technical Cooperation, according to a statement<\/a> from the Planning Ministry. The committee meeting \u2014 the first between the countries in 15 years \u2014 also saw the duo sign a protocol for the joint committee \u201cwhich outlined collaboration in 14 developmental sectors, including trade, investment, public-private partnerships, industry, energy, health, agriculture, higher education, ICT, culture, tourism, civil aviation, and transportation.\u201d<\/p>\n

A joint business council? <\/strong>The two sides touched on forming an Egyptian-Uzbek Business Council to enhance private sector collaboration, with Uzbekistan inviting Egyptian companies to participate in exhibitions in 2025 and expressing interest in investing in Egypt\u2019s pharma industry. <\/p>\n

\n

INVESTMENT-<\/p>\n

A platform for green investments? <\/strong>The Investment Ministry is looking into launching an online platform to promote environmental and climate investments, Investment Minister Hassan El Khatib said during a meeting<\/a> with Environment Minister Yasmine Fouad. The meeting also saw El Khatib highlight the potential investments in solid waste management, sustainable energy, and bio-economy projects. <\/p>\n

\n

SOCIAL MEDIA- <\/p>\n

A new MENA-focused content creation award is on the calendar for April: <\/strong>The Content Player Awards, an event aiming at spotlighting and supporting the digital content industry in Egypt and the MENA region, is set to launch in April 2025, according to a statement<\/a>. A collaboration between Tayarah, ievents, and DigiSay Group, the awards will bring together creators, brands, and media professionals to foster collaboration and recognize achievements in digital storytelling. The event will begin with a two-day forum featuring workshops, panels, and networking opportunities, followed by an awards ceremony honoring top content creators and brands. <\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Cabinet approved a proposed mechanism to settle overdue payments owed under the export subsidy program<\/p>\n","protected":false},"author":1,"featured_media":657802,"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":[7209],"tags":[111,168,72,3733,187,1350,871,123,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-657801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-diplomacy","tag-enterpriseam","tag-foundation-ventures","tag-legislation-watch","tag-madbouly-cabinet","tag-regulation-watch","tag-startups","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"ff5989fb-acec-4671-a77f-1ddaac937dbe","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/2300.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Revised Labor Act to soon head to the House","related_issue":[657785],"teaser":"PLUS: Cabinet approved a proposed mechanism to settle overdue payments owed under the export subsidy program","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.c5e45856-350e-493c-aefb-42f1c6f29c7b.mp3"},"yoast_head":"\nRevised Labor Act to soon head to the House - 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Amendments to the Education Act would see parents fined between EGP 500 and EGP 1k if their child misses a week of school without a\u2026","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/258.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621701,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/15\/is-the-central-bank-of-egypt-done-revising-the-banking-act\/","url_meta":{"origin":657801,"position":5},"title":"Is the Central Bank of Egypt done revising the Banking Act?","author":"enterpriseam admin","date":"15 November 2018","format":false,"excerpt":"LEGISLATION WATCH- Is the CBE done preparing its revised banking act? CBE Governor Tarek Amer discussed with President Abdel Fattah El Sisi yesterday the long-planned overhaul of the Central bank and Banking Act, Ittihadiya said. A source familiar with the matter had said earlier this year that the central bank\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657801","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=657801"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/657801\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/657785"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/657802"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=657801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=657801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=657801"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=657801"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=657801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}