THIS MORNING: It’s Argentina v France, Messi v Mbappe in the World Cup final tonight

Good morning, wonderful people: We might be reaching the twilight of 2022 but the news flow is showing no signs of slowing down.
WHAT’S HAPPENING TODAY-
It’s the World Cup final tonight: Argentina and France will face off in the final of the World Cup at the Lusail Stadium at 5pm tonight. France are bidding to become the first team to retain the trophy since Brazil in 1962. Meanwhile, the Argentinians are looking to claim their World Cup victory since Maradona led his country to victory in 1986. And with this likely being his final opportunity to win the trophy, tonight’s game is set up to be the defining match of Lionel Messi’s international career.
Coming in third and fourth: Croatia beat Morocco 2-1 in the third-place play-off yesterday, sealing themselves third place four years after becoming runners-up in Russia.
The House is back in session this week following a 12-day break. Here’s what’s on the agenda:
- Today: The House will discuss legal changes that would allow the government to bring companies to develop the Tahya Misr 1 terminal at Damietta port. A consortium of three European firms signed an agreement with the port authority earlier this year which will see them invest USD 500 mn to build the terminal. It will also hold votes on amendments to the Unified Tax Procedures Act.
- Tomorrow: MPs will vote on amendments to the Suez Canal Authority law that would establish a EGP 10 bn investment fund.
- Tuesday: Agriculture Minister El Sayed El Quseir will face questions from MPs on food security amid the war on Ukraine, inflation and climate change.
THIS WEEK-
EGX-listed Pachin will brief shareholders on acquisition offers it has received in its ordinary general assembly on Tuesday, 20 December. Dubai-based National Paints Holdings has offered to purchase 100% of the company for EGP 29 per share, valuing it almost EGP 700 mn and far outbidding earlier offers from Universal Building Materials and Chemicals (Sipes) and Saybad Industrial Investment that have since been withdrawn.
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PSA #1- E-invoicing deadline pushed until the end of the month: Companies have until the close of play on 31 December to register with the Tax Authority’s e-invoicing system, after the Finance Ministry pushed the deadline from Thursday. Only 150k companies had signed up to the new system as of the end of November, well below a sought goal of 1 mn companies to register under the system.
REMEMBER- The self-employed have a later deadline: The Finance Ministry pushed the deadline for self-employed professionals — including doctors, pharmacists and lawyers — to 30 April 2023 after widespread opposition to the system.
PSA #2- Local banks have been granted another year to increase micro, small, and medium enterprises’ share of their loan portfolios by five percentage points to 25%, according to a central bank directive (pdf). Banks now have until 31 December 2023 to comply with the requirement, instead of until the end of this year. The central bank first announced the requirement in February 2021 as part of its financial inclusion strategy, which includes SME support as one of its key pillars.
*** It’s What’s Next day: We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.
In today’s issue: A year of reckoning for startups: Our year in review on Startupland dives into the myriad challenges startups and investors faced over the course of 2022 — and how they’ve managed to stay afloat despite the turbulence.