Back to the complete issue
Thursday, 2 February 2017

House protests government staple goods price hike in Wednesday’s session

MPs protest increase in staple prices: A number of members of the House of Representatives loudly objected yesterday to a hike in the prices of subsidized sugar and cooking oil imposed on Tuesday, Al Mal reported. MPs said they were concerned move is the first step in the way of removing food subsidies entirely, what they said is despite the dire need for them. In an “urgent memo” (foreign readers: that’s a thing here in Omm El Donia) the House Economic Committee asked Supply Minister Mohamed Ali El Sheikh to repeal the “sudden” decision and requested his presence in a general hearing to discuss the reasons behind the hike.

In other industry news, food manufacturersincluding dairy-producer Kiri, snack-maker Mondelez, Pepsi, and Coca Cola have announced price increases for February ranging from 6-33%, according to Al Borsa.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.