TL;DR

• Cabinet consensus on EGP devaluation
• Egyptian troops arrive in Yemen
• Egypt in ‘major operation’ in Sinai, 56 militants killed
• EFG’s Simon Kitchen and Naguib Sawiris on Bloomberg TV
• Al Borsa releases chart of current car prices
• ** By the Numbers + U.S. exports to Egypt **

WHAT WE’RE TRACKING TODAY

“Egypt stocks world’s worst,” declared Bloomberg yesterday, noting that the prospect of devaluation and rumors that a still-unfolding corruption investigation could extend to publicly traded companies are weighing-down the market. The probe has already seen the arrest of Agriculture Minister Salah Helal, among other senior government officials. Bloomberg joined both analysts and the Cairo gossip mill in suggesting real estate companies could find themselves in investigators’ cross hairs. Investors hammered shares of developers Amer Group (down more than 8.6%) and Talaat Moustafa Group (off 6.7%). By contrast, SODIC and Palm Hills both closed down, but fared better than the wider market, which closed off by 3.38%.

The expectation in the capital city is increasingly that we’ll see significant devaluation of the EGP in the near term. The pound fell 3 piasters against the USD on the parallel market yesterday to EGP 8.06, Al Borsa reports, adding that the “FX crisis” is behind the EGX’s underperformance of late. The slide came after what Pharos Research described in a note to clients as an “unprecedented” public embrace of devaluation by top cabinet ministers: “The strongest statement came from the minister of investment during the Euromoney Egypt Conference. He explicitly acknowledged that ‘an EGP depreciation is no longer an option (i.e., it’s a must), given developments in the global economy’ Salman’s statements echoed those of his Industry and Trade counterpart, who explicitly noted that a strong EGP is a key explanatory variable behind the contraction in merchandise exports y/y in 2015. We interpret both statements as a confirmation that EGP devaluation has been discussed in the cabinet, approved at the highest institutional level and is nearing the execution phase.” The research house goes on to tip Oriental Weavers, Alexandria Containers and EFG Hermes as among the possible winners to include in your trading strategy.

(And not for the first time): Central Bank Governor Hisham Ramez’s feathers were ruffled by Salman treading on his turf in the latter’s remarks on Monday. The investment minister released a statement yesterday promising us all that of course monetary policy is the CBE’s bailiwick, the CBE is entirely independent, is staffed by professionals, etc., etc.)

And pressure on the EGP will only get worse heading into 2016 as Egypt repays foreign obligations while continue to shell out massive sums to import energy, Bloomberg’s Ahmed Namatalla reminds us, writing: “Egypt has USD 1.25 bn of U.S.-backed bonds maturing Sept. 15, and a USD 1 bn loan from Qatar due next month. In January, about USD 700 mn come due to the so-called Paris Club creditors. Those payments would erase the remaining portion of USD 6 bn of aid sent from Saudi Arabia, United Arab Emirates and Kuwait in April. With domestic and international obligations equivalent to 93 percent of gross domestic product, Egypt is the Arab world’s most indebted nation after Lebanon.”

Palestinian President Mahmoud Abbas is in Cairo today to discuss “urgent developments” with President Abdel Fattah El Sisi, Al Masry Al Youm reported, while Prime Minister Ibrahim Mahlab arrived in Tunis yesterday on a two-day visit. Mahlab is expected to meet with Tunisian President Beji Caid Essebsi.

The new iPhone will drop tonight as will (reportedly) the next Apple TV, a larger iPad and a watch upgrade. The event kicks off at 7pm CLT and the live stream will be here.

The fifteenth OECD International Economic Forum on Africa is due to take place in Berlin today, while Qalaa Holdings will host today Rift Valley Railways: An Integrated Logistics Solution in East Africa.

WHAT WE’RE TRACKING THIS WEEK

Socialists have come out in support of planned protests on Thursday by teachers against both the civil service act and their working conditions; the protesters are also demanding the resignation of Education Minister Moheb Al-Refai. The teachers’ protest comes ahead of a labor union demonstration due to take place on Saturday in Fustat Park, Old Cairo; a division of the Medical Syndicate has called for protests on 1 October.

The two-day Upper Egypt Investor & Development Conference will get underway in Hurghada on Friday.

LAST NIGHT’S TALK SHOWS

Youssef El Husseiny, host of El Sada El Mohtaramoon, dedicated the lion’s share of his program to a discussion of the legislative challenges which lay ahead for parliament. El Husseiny’s guest for the night was legal expert Dr. Shawky El Sayed.

El Sayed kicked-off the discussion by casting light on article 156 of the constitution, which, according to our guest, requires that parliament ratify within a 15-day period the 488 (and counting) pieces of legislation that President Abdel Fattah El Sisi enacted since coming into office. Any legislation the House of Representatives fails to approve within this time frame is considered unconstitutional and thus lapses, explains El Sayed.

“This is a serious problem; it would be impossible for parliament to pass this many laws in such a short period of time,” El Sayed. The guest proceeded to call on El-Sisi and experts in the legal community to find a solution to this problem, urging them to “think outside the box.” Failing to find a solution to this problem could potentially engulf the country in legal quagmire, warned El Sayed. “The president should consult the Constitutional Court immediately,” said the guest.

(Editor’s Note: This is a tempest in a teapot. The House of Reps have exactly one “option”: That of voting all the legislation in question up or down in one single omnibus bill. Enough ‘thinking outside the box’ for you, Dr. Shawky?)

Over on Hona El Assema, host Lamis El Hadidy welcomed lawyer and judge Ghada El Shihawy, Egypt’s first female advisor to the Justice Minister. Over the course the half-hour segment, El Hadidy and her guest discussed the challenges faced by women in the legal profession.

El Hadidy: “How have your [male] colleagues treated you since you were appointed?”

Shihawy: “I have received overwhelming support from my colleagues. … One’s gender does not determine whether one is capable of acting justly. Men and women are both fully capable of holding legal positions, regardless of how powerful these positions may be.”

SPEED ROUND

Is another cabinet minister about to fall? Religious Endowments Minister Mohamed Gomaa has allegedly been barred from travelling to Saudi Arabia to head Egypt’s official hajj delegation, a source told Al Shorouk. Gomaa had been chosen to lead the delegation, but has reportedly been removed and has asked his deputies at the Ministry to not respond to any media queries regarding his status. This comes despite Prime Minister Ibrahim Mahlab’s assurances on Monday that there were no ongoing discussions over a wider cabinet reshuffle. Meanwhile, Irrigation Minister Hossam Moghazy held his first presser as acting Agriculture Minister following the resignation and arrest of Salah Helal. Moghazy said there will be no cover-ups amid the ongoing corruption investigation, essentially saying the chips will fall where they fall. Moghazy will focus on food security, land use and the needs of farmers while leaving the corruption probe to investigators. A detailed recap is front-page news in Al-Ahram this morning.

The corruption scandal engulfing the Agriculture Ministry has divided what Al Borsa calls the “economic sector” in Egypt, the newspaper writes, as it pits transparency advocates (who say airing the country’s dirty laundry will promote investment) against those who claim the scandal will hurt both the business and investment environments.

MOVES- SODIC announced that Magued Sherif will become the high-profile developer’s next managing director, succeeding Ahmed ‘Dasha’ Badrawi, who announced in June he was stepping down. Sherif will also join the board and is due to take over officially on 7 October. Sherif was the CEO of Hyde Park Properties for Development, ran local operations for the UAE’s Majid Al Futtaim and, most recently, was co-founder and managing partner of AA Investments LLC and KEMET Ventures LLC. According to a statement sent to the EGX, Sherif, a more than 20-year veteran of real estate development, earned his engineering degree from Cairo University and an MBA from AUC.

EFG Hermes has landed a mandate for Dubai’s latest IPO, Reuters reports, saying the regional heavyweight will take Al Shafar General Contracting (ASGC) public on the DFM. Goldman Sachs and Emirates NBD have also been mandated, the newswire reports, noting that “existing shareholders will provide the stock for the IPO … The company was co-founded by Emad Azmy, an Egyptian engineer, and Emirati national Mohamed Seif Bin Shafar in 1989.” Reuters stopped short of sizing the offering.

The EBRD is considering providing Egypt with a loan of up to USD 200 mn to fund the construction of a new 1.8 GW combined cycle gas turbine near Damanhour. The loan, which is still pending EBRD board approval, would be disbursed to the Egyptian Electricity Holding Company and its subsidiary West Delta Electricity Production Company.

Egypt’s second international bond sale will likely be a tougher sell than the first one three months ago, Bloomberg suggests. With USD 2.9 bn of debt payable by January, it is inevitable that Egypt will have to tap the international markets. The country should expect to pay a higher premium on its borrowings due to “the increased prospects of a Fed rates increase” and the expected “turbulence in emerging-market currencies” to follow, EFG Hermes’ Mohamed Abu Basha said.

Industrial development and the need to go further down the value chain into manufacturing topped the agenda at President Abdel Fattah El Sisi’s most recent meeting with his Council of Economic Advisors, Al Ahram reports, citing a meeting readout provided by Ittihadiya. Particularly notable: “The council reviewed several proposals to develop industry on a nationwide scale and to deepen domestic manufacturing [capabilities],” a phrase we believe suggests the council reviewed a proposal to protect domestic auto assemblers who move into full manufacturing. Trade and Industry Minister Mounir Abdelnour is the leading proponent of the legislation, as we reported yesterday.

How many of these are there? Prime Minister Ibrahim Mahlab issued a decision to form a ministerial committee for settlement of investment disputes on Tuesday, Al Borsa reports. The committee members, headed by Mahlab, has jurisdiction to review and resolve contract disputes between investors and state bodies, ministries and agencies.

No, Emaar Misr has not signed an EGP 5 bn joint venture agreement with Al-Futtaim Group to develop the Cairo Gate project, according to an official statement sent to the EGX.

Egyptian troops arrive in Yemen: An unspecified number of Egyptian troops were set to arrive in Yemen on Tuesday to join the Saudi Arabian-led coalition forces, according to unnamed officials speaking to Reuters. Sudan is also reportedly sending 5k troops. Reuters cites Al Jazeera as saying that Qatar has reportedly sent 1k troops, roughly equivalent to 100% of Qatar’s population. Coalition airstrikes reportedly killed at least 20 Indian nationals engaged in fuel smuggling on Tuesday, according to the accounts of local fishermen. Coalition operations in Yemen have intensified following a Houthi attack on Friday which killed at least 60 Saudi, Bahraini and Emirati soldiers east of Sanaa.

Egypt in ‘major operation’ in Sinai, 56 militants killed: Egypt launched a “major military operation” against North Sinai Daesh-affiliate Wilayat Sina on Monday, according to the military as reported by the AFP, resulting in the killing of 56 militants and the deaths of two soldiers. A statement by Wilayat Sina also noted the deaths of two soldiers through the use of a roadside bomb. The Defense Ministry has released official footage of Operation Haq El Shaheed [The Martyr’s Right] on its YouTube channel on Saturday, (Watch in Arabic, running time: 3:05). The operation is front-page news in state-run media this morning.

Judges’ Club calls reporting on judges’ salaries, bonuses, as ‘inappropriate’: The Judge’s Club complained on Tuesday over media coverage of “exaggerated salaries and special privileges” following reports on the Supreme Judicial Council’s decision to grant an annual bonus of EGP 10k. Ahram Online notes that “Head of the Judges’ Club Abdalla Fathy has neither confirmed nor denied those reports. However he stressed to Ahram Online that the judiciary has an independent budget that is separate from the state’s fiscal budget.” (Read)

High-profile figures line up to register for Egypt’s parliamentary polls: From the 4,136 parliamentary candidates who have thus far submitted their registration for candidacy to the Higher Election Committee, Gamal Essam el-Din of Ahram Online lists just about everyone you could possibly imagine running for parliament except for Fathi Sorour, who declined to enter the race despite the demands of The People. (Read)

The Egyptian Navy intercepted three fishing boats carrying 228 migrants and refugees in the direction of Europe on Sunday, according to the military, Daily News Egypt reports. Seventeen crewmembers were arrested.

Sawiris offered a Maldive island following refugee shelter pledge: “If he is interested he can use our island … though it’s only 9.1 hectares,” Muad Mohamad Zaki, the son of a prominent businessman in the Maldives told VICE News, saying that the Maldives has several other unpopulated islands that could be used. Zaki reportedly emailed Sawiris on Thursday, but has yet to hear back from him. “If he’s serious, we can arrange a meeting here with the government.” (See Worth Watching, below, for footage of Sawiris’ appearance on Bloomberg yesterday to discuss the issue.)

Oh, yeah. That. As if those of us in ‘emerging markets’ needed another reminder that we face some ‘headwinds’ heading into 2016 as the U.S. Federal Reserve looks set to raise rates, the FT quotes Mohamed El-Erian in its very helpful “Interest rate rise: emerging markets set to feel the wrath“. Quoth Enterprise readers’ favourite columnist: “First we had the spillover phase. This was the inability of the west to generate growth and its use of experimental monetary policies, which have undermined growth in EMs. Stage two is the spill back — the weakness in EMs that disrupts the economies of the west and makes its challenges even harder.” FT is running packages of special interest pieces heading into the U.S. Fed Open Markets Committee‘s meeting on 16-17 September (that’s a week from today, for those of you keeping score).

Al Borsa released a chart of current car prices, detailing changes in price (largely confined to Hyundai, Suzuki, and Mitsubishi). The most expensive of the lot is the 4.7L Toyota Land Cruiser, ringing in at EGP 1.7 mn. Cars not your thing — and not interested in the new iPhone? Al Mal’s got your back with it’s list of the 10 best-selling Samsung telephones in July. (Note to readers: The car price list is a JPG of a full newspaper page. Open it at your desk or on a tablet unless you’re ready to pinch and zoom on your smartphone.)

EGYPT IN THE NEWS

Following news of the Egyptian military’s major offensive against Daesh militants in North Sinai, the top story on Egypt in the foreign press is news of former agriculture minister Salah El Din Mahmoud Helal’s resignation, which has since been reported on by The Guardian, the BBC, Jurist, the AP, Reuters, and DW among others.

WORTH WATCHING

Egyptians owned Bloomberg Television’s ‘The Pulse,’ its flagship European morning show, yesterday. Simon Kitchen, head of MENA strategies at EFG Hermes, led-off with a home-run performance in a segment headlined “Oil producing countries feel impact of falling prices” (run time: 5:04). Simon, on whom we’ll confer honorary Egyptian-ness this morning, was followed within the hour by Naguib Sawiris, who was drumming up publicity for his proposal that he be granted a Mediterranean island (run time: 6:31), to be dubbed Aylan Island, on which to build a sustainable community for refugees.

DIPLOMACY

Terror State Alert: Qatari Foreign Minister meets with “foreign minister” of Islamist Tripoli rebels: Qatari foreign minister Khaled bin Mohamed Al Attiyah met with the “foreign minister” of the Tripoli-based Islamist terrorists in Doha on Sunday, according to Qatari state news agency QNA. The QNA article refers to Mohamed El-Ghirani as Al Attiyah’s counterpart from the Libyan “Salvation Government.” (Read)

MFA continues criticism of Europe over their handling of the migrant and refugee crisis: Foreign ministry spokesperson Counselor Ahmed Abu Zeid called on Europe to take in more refugees, in light of their wealth and constant commentary on human rights, during a press conference on Tuesday. Abu Zeid noted that Egypt hosts hundreds of thousands of Syrian refugees and migrants, who unlike other neighboring states, are not made to live in refugee camps. (Read)

ENERGY

IOC receivables fell to USD 2.9 bn, monthly LNG import bill is USD 120 mn -El Molla
Daily News Egypt | 08 Sep 2015
Receivables due to IOCs have fell to USD 2.9 bn by the end of August as USD 600 mn were disbursed over the month, EGPC’s Chairman Tarek El Molla said in an interview with Daily News Egypt. Egypt is now spending USD 120 mn a month to import LNG, he added, but the continuous decline in energy prices has resulted in the lowering of the fuel subsidy bill to USD 550 mn from USD 800 mn per month. Even though the government’s projects were based on oil trading at USD 70 per bbl, the impact of the drop in international prices will be dampened by the decrease in the Egyptian pound’s value, El Molla added. (Read)

General Electric to build 10 GW energy projects over three years
Al Shorouk | 08 Sep 2015
General Electric (GE) is aiming to build energy projects with a total output of 10 GW over the coming three years, said Sofiane Ben Tounes, CEO of North East Africa at GE. The new projects entail maintenance and development jobs on existing grids worth USD 1.2 bn, as well as building new power stations and new energy generators. GE also announced it was in negotiations with the government to build a water desalination plant in the Suez Canal area, and had announced it would build a USD 200 mn training center in Ismailiya. As of early Wednesday morning, only Shorouk was reporting on the remarks by Ben Tounes. (Read in Arabic) Ben Tounes makes no reference to 10 GW in this video from Youm7 on the sidelines of the Euromoney Conference, (Watch in Arabic, running time: 1:47)

BASIC MATERIALS + COMMODITIES

EGP 100 mn to develop Kaha production lines -Supplies minister
Ahram Gate | 08 Sep 2015
EGP 100 mn will be invested to develop Kaha for Preserved Foods’ production lines, Supplies Minister Khaled Hanafy said. The investment will also develop transport and packaging systems for the Food Industries Holding Company-owned business. New production lines will be added within two weeks, Hanafy said, and new international markets will be sought for Kaha’s output. (Read in Arabic)

HEALTH + EDUCATION

Privatising education questioned after Investment Minister’s statement
Daily News Egypt | 08 Sep 2015
Negative commentary has been reported in response to investment minister Ashraf Salman’s comments on the first day of the Euromoney conference whereby he stated that the health and education sectors could be privatised with the government shifting to more of a regulatory role rather than as a provider. Researcher Kamal Moghith at the National Centre for Education Research was quoted by DNE as saying “I am worried that the track of education can be diverted to support specific schools or sectors, while ignoring others.” With regard to the privatisation of healthcare, Moghith said he had no objections to private hospitals, but that investors “shouldn’t intervene in educational hospitals, which mainly treat the poor.” (Read)

Jordan’s Hikma Pharmaceutical to acquire EIMC United
Hikma Press Release | 08 Sep 2015
Jordan’s Hikma Pharmaceutical said it is buying almost all of the shares of Egypt’s EIMC United Pharmaceuticals, in oncology products. Hikma did not disclose the value of the agreement, which comes just months after its purchase of Boehringer Ingelheim’s U.S. generic drugs business. The agreement would help Hikma increase its market share from its current 2% in Egypt and gives it “access to a portfolio and a pipeline of opportunities in oncology and injectables, with the potential to add around 50 products by 2020.” HC Securities and Investment acted as an advisor to the agreement. (Read)

REAL ESTATE + HOUSING

NUCA to provide EGP 6 bn to reclaim 4 mn feddans, Madbouly says
Al Borsa | 07 Sep 2015
The New Urban Communities Authority (NUCA) will contribute EGP 6 bn to paid-in capital of a 4 mn feddan reclamation company, housing minister Moustafa Madbouly said. The government announced it would set up a joint stock company to reclaim 4 mn feddans of land. The company will also include the ministries of irrigation, agriculture, electricity, in addition to the governorates, banks and national institutions, Al Borsa reported. The company is set to be established as an independent body that can execute the plan while aiming to avoid obstacles that typically arise from bureaucracy and land ownership. (Read in Arabic here and here)

NUCA postpones second phase of reservations in Dar Masr project until after Eid
Al Borsa | 07 Sep 2015
The New Urban Communities Authority postponed the second phase of apartment reservations and tender specifications in the Dar Masr residential project from 13 September to 4 October. Khaled Abbas, Minister of Housing’s technical affairs assistant, said that the delay is due to the Eid Al Adha celebrations and the start of the new school year. The Housing ministry will auction off more than 25k residential units in 12 cities for the Dar Masr residential project, according to Al Borsa. (Read in Arabic)

EALB to ink EGP 2 bn settlements, contributes USD 20 mn to EEHC loan
Al Mal | 08 Sep 2015
The Egyptian Arab Land Bank (EALB) is aiming to ink EGP 2 bn settlements by June 2016, said Deputy Chairman Adnan El Sharkawy. EALB had previously settled EGP 1.3 bn with non performing clients in various sectors, most notably real estate. EALB also contributed USD 20 mn to the USD 521 mn loan issued by Banque Misr to the Egyptian Electricity Holding Company (EEHC), and is studying contributing in the Abu Dhabi Islamic Bank (ADIB) USD 150 mn loan going out to the Assiut Oil Refining Company, he added. (Read in Arabic)

EGP 2 bn Misr Italia Group investments in 2015
Al Shorouk | 08 Sep 2015
Misr Italia Group announced an EGP 2 bn investment plan for 2016 which includes pumping EGP 1.2 bn to develop 1 mn sqm of company owned land, in addition to EGP 400 mn to complete the second phase of Mousa Coast, as well as EGP 375 mn to the Cairo Business Park in New Cairo. Company Chairman Hani El Assal believes Egypt needs administrative complexes of international standards, highlighting why his company chose to build the Cairo Business Park, which includes 43 buildings and is the only private sector-built administrative project. (Read in Arabic)

AUTOMOTIVE + TRANSPORTATION

Ministry of Transportation receives two offers to build dry docks in Canal Axis
Al Mal | 08 Sep 2015
The Ministry of Transportation received a preliminary offer from a Korean group to build a dry dock in the Ain El Sokhna port, with an investment cost of USD 700 mn. The Ministry is pending the establishment of the Suez Canal Axis Authority to coordinate the project following a presidential decree adding the Ain El Sokhna port to the axis, along with East Port Said, Al Adabiya and Al Arish, said Maritime Transport Advisor Ahmed Amin. The Ministry also received a similar offer from an Egyptian-Gulf consortium for the same area, he added. (Read in Arabic)

Egypt’s decrepit transportation network is a brake on growth and development, Minister says
Al Borsa | 08 Sep 2015
The state of Egypt’s transportation system slows implementation of development projects, Transport Minister said at a Canada-Egypt Business Council meeting yesterday. Dahi said that the primary road network, which spans over 240k km, is in a state of disrepair due to traffic overload, adding that there are ongoing talks between the Armed Forces and the ministry of housing to implement the first phase of the 3.4k km national roads project (Read in Arabic)

BANKING + FINANCE

International banks will reduce Egypt exposure due to capital requirements, CIB’s CFO says
Al Mal | 07 Sep 2015
International capital adequacy requirements are causing global banks to exit Egypt, Ahmed Issa, CIB’s CFO said at the Euromoney conference. Capital adequacy-driven pressure from parent banks mean that subsidiaries operating in Egypt have and will continue to reduce their exposure to the country. Issa, however, says this does not imply lower attractiveness or returns in Egypt, noting that the fundamentals of the Egyptian banking sector remains sound. (Read)

Tasaheel aims to grow micro financing portfolio to EGP 20 mn
Al Mal | 08 Sep 2015
Tasaheel Microfinance Company, a newly established subsidiary of GB Auto, aims to grow its portfolio to EGP 20 mn by the end of 2016, said GB Auto Chief Investment Officer Menatalla Sadek. Tasaheel plan on opening 100-150 branches throughout the country within the coming five years, she added. GB Capital owns a 90% stake in Tasaheel, while the remaining 10% is owned by EQI, a microfinance firm and GB Auto’s partner in its successful subsidiary Mashroey. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

OTMT to build five logistics zones with Aramex
Company disclosure | 08 Sep 2015
Orascom Telecom Media and Technology Holding (OTMT) said it is assessing engaging in an alliance to build five logistics zones with Aramex. The zones, according to a statement sent to the bourse, will be spread over five cities and include an EGP 1 bn investment. If the project is undertaken, the Aramex OTMT alliance will form a company, with OTMT owning a controlling stake of 51%, and Aramex owning the remaining 49%. (Read in Arabic)

LEGISLATION + POLICY

Completed financial markets law sent to the government months ago, Samy says
Ahram Gate | 08 Sep 2015
EFSA had sent the government a complete financial markets law months ago, Chairman Sherif Samy said. The law includes items regulating sukuk issuance as well. Samy added that EFSA had met with the legislative reform committee and that they had a few comments regarding the phrasing of some articles. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Ambiguity over voting constituencies may further delay parliamentary elections
Mada Masr, Ahram, Ahram Online, Egypt Independent | 07-08 Sep 2015
A court ruling on Monday by the administrative court could potentially delay parliamentary elections, according to researcher Mohamed Bakr speaking to Mada Masr on Tuesday, despite comments by constitutional expert Shawky Sayed to Ahram Online on Monday, who said the rulings would not affect the legality of the process. Prime Minister Ibrahim Mahlab on 16 July published a retraction of the electoral districting law which had been published in the official gazette on 9 July, claiming at the time it was due to a procedural error. Mahlab’s changes added a city to Qena’s constituency, among other changes. Ahram suggests that Mahlab’s intervention is unconstitutional, as only the president is allowed to issue legislation until the parliament is elected. According to Mada Masr: “The problem in … the New Cairo district — is that Mehleb [sic] … changed the names of the geographical locations within the constituency. If they are amended back to the July 9 versions, he explained, there should be no further problems, but, if the geographical location is extended to other neighboring constituencies, like Sharqiya for example, this could affect the entire process … ‘We need to wait to see how much these mishaps will affect the elections. But the process will be affected.’” The Wafd Party has called for Mahlab’s removal following the court ruling.

Dostour Party’s participation in elections unclear
Ahram Online, DNE | 08 Sep 2015
Despite an “official” release from the centre-left Dostour Party on Monday, and its confirmed by its former spokesperson Khaled Dawoud to Ahram Online, DNE reports that other factions within the party issued their own statement disavowing participation. Dawoud apparently foresaw this outcome, telling Ahram Online that not all members of the party were onboard with the idea of participating in elections due to continued detention of activists, and that he expected splits to continue within the party as a result of the party’s about-face on entering the polls. Al Dostour Party had announced in February that it was boycotting elections.

ON YOUR WAY OUT

Amendments to Articles 29 and 32 of the investment law will be completed before the end of the year, according to a lengthy DNE interview with Chairman of the General Authority for Investment and freezones (GAFI) Alaa Omar.