We follow this morning: Representatives vote on the new budget, and Mohammed bin Salman arrives in the country

Good morning, dear readers. There is still talk of the government’s proposal plan, and there is talk of the new controls that some large sectors are witnessing, at a time when Parliament is approaching its summer recess.

Further – The American company, Chevron, strengthens cooperation with Egypt to realize Cairo’s ambitions to become a regional center for natural gas exports. We have more Saudi investments in the financial technology sector in Egypt as the Al Hokair family prepares to acquire a minority stake in EFG-Hermes’ consumer finance company Value. There are also positive indications of more foreign investment being placed in the Egyptian market by sovereign wealth funds in the Gulf states.

The most prominent news locally – the new regulations for the real estate sector announced by the Council of Ministers yesterdayAiming to tighten supervision over completion rates in property development projects and the ability to finance them, in an important step to protect consumers and reduce market risks.

The most prominent news in the world – chaos in the political scene in Israel: Israel is on track to run in elections for the fifth time in four years as the country’s fragile governing coalition led by Prime Minister Naftali Bennett collapsed after a year in power due to internal disagreement. Bennett announced his plan to dissolve the government in a video statement with Secretary of State Yair Lapid, who will be interim prime minister until new elections are held. Bennett said: “We are facing you today at a not easy moment, but through dialogue we have made the right decision for Israel.” Elections are expected sometime in October.

Is this an opportunity for Netanyahu to return to the scene? The fifth election in less than four years will be a chance for long-term Israeli Prime Minister Benjamin Netanyahu to return to power. The story caught the attention of most international newspapers: Reuters | Associated Press | Bloomberg | BBC.

happens today –

The House of Representatives is expected to finally vote today on the draft budget and sustainable development plan for the 2023/2022 financial year.

Maaait responds to the MPs’ criticism: Finance Minister Mohamed Maaait said the demand by some members of the House of Representatives for more austerity measures to reduce the high levels of public debt in the new financial year budget was great, but could negatively affect health care, education and wages, which he describes as an urgent need for more spending, according to Ahram Online. Maait also said the government already has a strategy to reduce the level of government debt, but he pointed out that the war in Ukraine and the pandemic caused the state coffers to go up about $ 7.5 billion.

Also in the House of Representatives: Imported Electric Vehicles Import Act: The House Committee on Economic Affairs will discuss issues related to car imports, after three lawmakers submitted separate requests for information. Representatives Ahmed Bahaa Shalaby and Representatives Ahmed Heta submitted requests for information on the decision of the Ministry of Trade and Industry, from May last year, to prevent importers from entering used electric cars or electric vehicles that are not of the manufacturer’s latest models is not. Shalaby said the decision “contradicts the state’s orientation towards a green economy and its policy of encouraging environmentally friendly cars.” The deputy said the decision also led to an increase in the prices of imported electric cars sold in the local market.

Separately, Representative Amal Rizk submitted a request for an information session on regulationsimport Recently Updated (PDF) For passenger cars, which are imposed New safety and maintenance requirements. Rizk said the regulations encouraged local dealers to increase car prices for consumers. Although importers asked for more time in April to comply with the regulations, the biggest reason behind the car price increase is the large gap between supply and demand in the market. Thousands of cars were stranded at ports and foreign manufacturers essentially stopped sales to Egypt after new rules were issued in March requiring importers to use letters of credit to buy goods instead of collection documents.

An important day for Egyptian diplomacy

Mohammed bin Salman visits Cairo: Saudi Crown Prince Mohammed bin Salman arrived in Egypt on Monday for a two-day visit as part of his regional tour, where he was received by President Abdel Fattah El-Sisi in Cairo, according to a statement issued by the presidency. The visit will witness bilateral talks between Sisi and the Saudi Crown Prince, and discussions on local and international political issues of common interest. The Crown Prince’s visit to Cairo is part of a three-day tour that will visit Jordan and Turkey later this week. Reuters has indicated that this visit is the first for bin Salman outside the Gulf in more than three years.

Saudi Arabia lifts travel ban to Turkey ahead of Bin Salman’s visit: Saudi Crown Prince Mohammed bin Salman will continue his three-day regional tour after visiting Egypt yesterday, with visits to Jordan and Turkey today and tomorrow. Before landing in Ankara, Riyadh ended the travel ban imposed on Turkey, according to the Saudi press agency, which allowed citizens to visit the country for the first time since March 2020.

he draws gas export agreement for Lebanon today? The Minister of Energy in the Lebanese Provisional Government, Walid Fayyad, told the Al-Jumhuriya newspaper that Lebanon, Egypt and Syria would today sign the final agreement to export natural gas through the Arab Gas Pipeline to Lebanon. The plan has been subject to diplomatic obstacles for months, and it still needs final US approval and a pledge of World Bank funding before it can be implemented.


kick off today Aswan Summit for Sustainable Peace and Development It lasts for two days.

close today The Commercial International Bank and the Egyptian Center for Economic Studies Towards COP27 and Beyond Conferencewhich takes place for two days in the hotel Semiramis Intercontinental. You can attend in person at the conference venue or online through the Zoom application, or watch the conference live broadcast via Facebook.

Update on the war in Ukraine – a new point of contention crystallizes in the already strained relations between Europe and Russia After Lithuania moved to prevent the transfer of approved goods to the Russian territory of Kaliningrad. The isolated and besieged region between Poland and Lithuania on the Baltic coast relies on railways crossing Lithuania for goods and raw materials, and now faces the inability to obtain 50 percent of its imports due to the embargo. Moscow calls the move “unprecedented” and “publicly hostile” and has promised to “take measures to protect its national interests” if the restrictions are not lifted. More details at Reuters.

Did you miss our niche newsletter “In the Factory” for this week? In this week’s bulletin, we covered many industry-related topics, including tariff reductions aimed at promoting localization and reducing our dependence on global supply chains.

in notebook –

It’s interest rate week: The Central Bank of Egypt’s Monetary Policy Committee will meet next Thursday to review interest rates. The majority of economic analysts included in the regular Enterprise poll expected the central bank to keep interest rates unchanged.

Takes place Big 5 Egypt School Hall for Building During the period 25-27 Juneat the Egypt International Exhibition Center.

The US Chamber of Commerce in Cairo will hold its annual general meeting on Monday, June 27. The St. Regis Cairo. Finance Minister Mohamed Maaait will address the meeting.

Call for Women Entrepreneurs: Visa, in collaboration with the Commercial International Bank and the US Agency for International Development, has launched the “She’s Next” initiative in Egypt, giving women-led companies the chance to win one of five awards worth $ 10,000 , and a one-year training through the “IFundWomen” platform with opportunities to expand their network of contacts and receive advice and guidance, according to a press release (PDF). Applications close on July 20th.

You can view the full notebook at Our website, In which you will find a comprehensive list of upcoming news events, national holidays, conferences and everything that affects the business and financial community.

Our appointment today is with the “Green Economy”, your weekly gateway to the sustainable economy in Egypt. Which every Tuesday focuses on sustainable economic activities, renewable resources and green development in the country. The scale of the “green economy” is huge and covers everything from solar and wind energy, through water and sanitation management projects to sustainable construction.

In today’s issue: As the countdown to COP27 begins, we met with Marina Weiss, Country Director for Egypt, Yemen and Djibouti at the World Bank, to talk about the transition to renewable energy and climate finance and its importance in involving the private sector.

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