Our elected representatives reconvene today for their fall legislative season. Prime Minister Sherif Ismail is set to address the House to discuss ongoing projects and priorities, Youm7 reports. The agenda is packed with business-related legislation, including the Labor Act, the Bankruptcy Act, the SMEs Law, the Companies Act, the Leasing and Factoring Act, and the Capital Markets Law, Al Mal notes.
Also due to be tabled: The Central Bank and Banking Act, the Automotive Directive, two separate pieces of legislation on allowing private sector participation in building, managing, and maintaining national railways and the Universal Healthcare Act. Tap here for our refresher on some of the key laws.
Speaking of the Universal Healthcare Act, the Council of State appears to have concluded its review and passed the bill over to President Abdel Fattah El Sisi and the Cabinet to revise, an Ittihadiya statement picked up by Al Mal says. The results of the actuarial studies on the bill, which are key to costing it, have also wrapped up. Last we heard, the Health Ministry had plans to include articles to set price controls on private healthcare.
The Council of State is expected to hand over the Dabaa nuclear power plant contracts to President Abdel Fattah El Sisi today. As we noted yesterday, there are expectations that these will be signed by El Sisi and Russian President Vladimir Putin at the 75th anniversary of the battle of El Alamein on 21 October.
A delegation from the African Development Bank arrives in Cairo today to discuss disbursing the last USD 500 mn tranche of a USD 1.5 bn agreement it signed with Egypt. AfDB says the tranche will be disbursed before year-end.
Foreign Minister Sameh Shoukry is scheduled to meet his Yemeni counterpart, Abdulmalik Al-Mekhlafi, in Cairo today, Al Shorouk reports.
Also on this first Monday in October: The United States Supreme Court reconvenes, once again making us happy that we can continue quote Walter Matthau to the effect that “A telephone has no constitutional right to be answered. Don’t pay any attention to it. It will go away.” H/t The Colonel and JWJFIII
A handful of items further afield worth noting this morning:
“Hedge funds ain’t dead yet,” the Wall Street Journal tells us after writing the obituary for the industry a year ago. “Written off … as overpriced and underperforming, hedge funds are pulling off an unexpected two-step this year: making money and taking in new cash. … That makes this year the industry’s best relative performance in a rising market since 2010. Investors, particularly in Asia and the Middle East, have begun sending new money hedge funds’ way, attracted by the better returns and a broad lowering of the industry’s famously hefty fees.”
Simpler PowerPoint presentations are better when you’re presenting (rather than, say, leaving behind a roadshow presentation), the Financial Times writes. We couldn’t agree more.
More than 49% of you have had a good year doing business in Egypt, while just over a third of you have had the opposite experience. 63% of you think business conditions will improve next year. Tap here if you missed the results last week of our 3Q2017 Enterprise Reader Survey.
The Official Enterprise Verdict on 4G after a day spent using it thanks to TE Data still being flaky in our neighborhood: Really fast.