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Wednesday, 23 May 2018

What we’re tracking on 23 May 2018

The House may choose extend its current legislative session by two weeks to get through a backlog of legislation, Rep. Osama Heikal tells Youm7. Among the bills waiting to receive House approval: The FY2018-19 state budget, part two of the Media Act, and amendments to the Criminal Procedures Act, Heikal says. Parliament is currently in recess until 3 June and will likely only have six plenary sessions before Eid Al-Fitr, at which point MPs will go on vacation again.

Russian industrial zone contracts to be signed today? Egypt and Russia look set to sign contracts for a 5.23 mn sqm Russian Industrial Zone today at a meeting of the Egyptian-Russian Economic Committee, according to a Russian trade ministry statement.

The Transportation Ministry will break ground today on the third phase of Cairo Metro Line 3, Al Ahram reports. Once completed, the 18-km, 15-stop line is set to run from Imbaba to Cairo International Airport. A EUR 900 mn loan is covering 60% of the cost of the project.

A harsh reminder that power prices will go up this summer: We hope you are all having a better time with the heat wave (and yesterday’s electricity outages in the capital city) than we have. We experienced long blackouts in both Maadi and Heliopolis yesterday. Even the metro saw a slowdown, according to AMAY. This all a stark reminder that electricity prices are going to go up. We have the latest on all of it in Speed Round below.

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