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Thursday, 8 June 2017

Looks like the House will be postponing recess

It looks like the House will postpone its summer recess: The House of Representatives’ majority bloc, the Support Egypt Coalition, decided on Wednesday to postpone MPs’ summer recess to mid-July from its original 30 June date, coalition spokesperson MP Ahmed Zeidan tells Al Borsa. The House will still have to vote to postpone their summer vacation, but MPs have a backlog of key economic legislation to push through — at the head of which is next year’s budget. MPs are also still waiting to hear back from the government on a draft bill to govern “private funds,” Zeidan said.

Also on the House’s agenda are increases to government service fees, on which the Budgeting Committee is set to begin deliberations on Monday, Al Borsa says. MPs received the law in April but had postponed discussions.

In other legislative news, the Egyptian Council of State finished reviewing the Consumer Protection Act on Wednesday and will be sending it to the Ismail cabinet next week, unnamed council officials tell Al Borsa. The council has also sent the revised Mineral Resources Act and amendments to the 1941 Commercial Fraud Law to the cabinet for a final look before referring them to the House for a vote.

The executive regulations governing the Investment Act will be ready before the upcoming Eid holiday, Investment Minister Sahar Nasr said on Wednesday, according to Al Shorouk. Nasr’s comments came during a meeting seeking input from representatives of businesses operating in private sector-run free zones, according to a ministry statement. Private free zones — which were brought back to life with the new Investment Act — have attracted some USD 11.5 bn in total investment and bring in about USD 4 bn a year from exports, Private Free Zone Investors Association head Moatassem Rashed told the minister. The head of the Taba and Nuweiba Investor Association, Samy Soliman, said that he hopes to see a private free zone established in the area, according to Youm7.

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