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Thursday, 1 December 2016

Weekly Cabinet Roundup

The Ismail cabinet resumed its weekly meeting, which started on Tuesday, where discussions primarily focused on the new investment law. The Prime Minister said the cabinet will receive the final draft of the law for review on 14 December, according to Al Ahram. The cabinet also approved the Labor Act on Tuesday, as we noted yesterday. Other decisions from Wednesday’s meeting include:

  • Ratifying the COP21 Paris Climate Change agreement, which Egypt had signed in April;
  • Approving regulations to begin tendering land with utilities for industry in Upper Egypt for free as per the Supreme Investment Council’s package of incentives;
  • Sanctioning a USD 431.8 mn agreement with the Japan International Cooperation Agency to finance the second phase of the Grand Egyptian Museum and a USD 359.1 mn agreement to develop the power sector;
  • Approving a EUR 1 mn financing agreement with the French Development Agency to fund feasibility studies on various development projects;
  • Ratifying amendments to the Eminent Domain Act;
  • Approving a request from the Electricity Holding Company to cut stamp taxes and fees on their contracts with Siemens to build three 14.4 GW electrical power stations.

**EARNINGS WATCH:

Arabian Cement Company reported a 36% y-o-y decline in net profit after for 9M2016, which stood at EGP 157.6 mn, according to the company’s consolidated financial statements.

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