LEGISLATION-

The gov’t is taking another look at the draft labor bill: The Madbouly government requested the House Manpower Committee delay until further notice its scheduled debate of the controversial new draft labor law this week, while it redrafts some articles. The committee last week gave an initial nod to the draft bill, which has come under fire from some segments of the business community, who have said it is skewed in favor of workers. In its current form, the bill would introduce new labor rights including legislating mandatory annual raises, caps on working hours, and longer maternity leave and notice periods, among other things.

BUDGET WATCH-

Primary surplus above target in 1H FY 2022-23: The primary surplus stood at 2.3% of GDP in the first half of the current 2022-2023 fiscal year, above the government’s full-year target of 1.6%, according to an Ittihadiya statement. The figure is also up from the first quarter of the 2022-2023 fiscal year, when the primary surplus hit 0.11% of GDP. State revenues were up 14% and spending grew at a 19% clip in the July-December period compared with the first six months of last fiscal year.

CAPITAL MARKETS–

Shuaa Capital’s former securities brokerage arm in Egypt, Shuaa Brokerage Securities Egypt, has rebranded to become Target Securities Brokerage, according to an EGX disclosure. Dubai’s Shuaa Capital sold the Egyptian brokerage unit via a capital reduction transaction worth AED 3.6 mn (USD 980k) back in June, as part of the company’s wider strategy to exit its non-core businesses.

REAL ESTATE-

The Housing Ministry is drumming up traffic to its online land allocation scheme: Individuals can apply until 8 February to buy land plots in new cities through the Housing Ministry’s “Maskan” scheme, according to a ministry statement. The ministry yesterday released a video (watch, runtime: 1:47) explaining how to reserve one of 305 plots across 10 new cities on its dedicated website under the scheme. Plots have been separated into three categories according to quality.

Another line of FX income: Preference in the allocation of land will be given to those who offer to pay in foreign currency.

SUEZ CANAL-

Shipping-in green know-how from Amreeka: The Suez Canal Authority (SCA) inked an MoU yesterday with the American Bureau of Shipping to benefit from its expertise in environmental sustainability and decarbonization, according to an SCA statement. The move comes as part of the authority’s efforts to turn the shipping corridor into a “green canal" by 2030, the statement reads.

DEFENSE-

Egypt buys 12 military helicopters for USD 426 mn from the US: The Egyptian Air Force is buying the Boeing-manufactured US CH-47F Chinooks to replace its existing fleet of older CH-47D aircraft, according to a Boeing statement. The helicopters will be delivered starting in 2026. The US in May approved the sale of up to 23 Chinook helicopters to Egypt, part of a USD 2.6 bn arms sale.