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Wednesday, 15 February 2023

More from Dubai + How many ways can MPs think of to drum up FX?

It was a mixed bag on last night’s talk shows. President Abdel Fattah El Sisi’s participation in Dubai’s World Government Summit led coverage for a second day, while amendments to the expat car-for-FX scheme and the state privatization program also got attention.

Analysts gave the pundits their two cents on the importance to the business community of El Sisi’s Dubai trip. Economist Mostafa Badra told Ala Mas’ouleety that President El Sisi “is the best promoter” of local investments to countries participating in the summit (watch, runtime: 2:49.) Al Hayah Al Youm ran a summary of El Sisi’s participation at WGS (watch, runtime: 3:13.)

The expat car-for-FX scheme got airtime once again, with House Budget and Planning Committee Yasser Omar making the rounds on Kelma Akhira and Salet El Tahrir to discuss amendments to the scheme making their way through the House. We have the full story in this morning’s Legislation Watch (watch, runtime: 8:42 | watch, runtime 5:25.)

More out-of-the-box thinking on FX: The House is looking into more proposals to help drum up hard currency amid the FX shortage — including allowing Egyptian expats exemption from customs tariffs on personal luggage in return for a one-year deposit of USD 3-10k. “You’ll be exempted from customs [on goods worth] within the amount you paid [for the deposit],” Omar said. Another proposal suggests a 50% break on deposits paid by expats for vehicles coming from the Gulf. The House committee will hold a meeting next week to decide on the proposals, he added.

Ala Mas’ouleety’s Ahmed Moussa dedicated most of his show to discuss the government’s ambitious privatization program, with EGX board member Rania Yacoub describing it as a “kiss of life to the economy” (watch, runtime: 40:12). “The state now has a clear vision,” she said, in reference to the state ownership policy document. The privatization plans also got a mention by Masa’a DMC (watch, runtime: 7:25.)

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