Dear followers everywhere, welcome to a new analysis of the most important reports presented by the Banker Research Unit around the clock today, Sunday, November 10, 2024, on various Banker platforms.
Banker platforms submitted a number of important reports today, including a special report on what will happen in the old rental law, a file that concerns a very large number of citizens and has been the subject of controversy for many years.
The report explained that the Supreme Constitutional Court issued a historic ruling that some provisions that linked the relationship between landlords and tenants in the old rental law were unconstitutional, including the decision to fix the annual rent for residential units.
The report pointed out that the old rent law was in place in the past to protect tenants from repeated rent increases, and the law preferred to fix the rent from that time.. but the problem is that with the passage of years, the value of rents in the law has become completely inconsistent with the prices now.. and this created a special crisis for the owners who remained with them. Apartments with fixed and very low rents, while market prices are now many times higher
Regarding what will happen after the ruling is issued, the report said that the court said that fixing the rent in this way is no longer fair and that a balance must be found between the two parties so that there is no pressure on the tenants, but at the same time the owner is not deprived of his natural right to a reasonable return on his property.
This means that the relationship between the landlord and the tenant will be somewhat liberated, and the tenant who leaves the residential unit closed or does not benefit from it will either leave it or negotiate with the landlord on a new rental price suitable for the market.
The report explained that analysts believe that this ruling could be a positive step towards reforming the situation of the real estate market in Egypt, which has been subject to long contracts subject to exceptional laws, and will return 2 million closed apartments to the real estate market.
The next report submitted by Banker Platforms was regarding the file of international oil companies in Egypt.
The report pointed out that during the past few days, the government paid one billion dollars to foreign oil companies out of total debts amounting to about 2 billion dollars.
The report interpreted the last step as an encouragement for international exploration companies to expand their investments in the Egyptian market once again. This shows that the government is very keen to preserve Egypt’s investment reputation, especially in the field of energy. However, the decision will raise the companies’ production very significantly in the coming period.
The Banker Research Unit presented a different report today on the monster of inflation.
The report pointed out that according to data from the Central Bureau of Statistics, the annual inflation or increase in prices reached 26.5% in cities in October, and this is considered a slight increase over the previous month, and this increase occurred due to the increase in fuel prices by 9.2%… and this was part of the government’s plan. He took years to reduce subsidies and improve the financial situation
Banker indicated that current expectations indicate that inflation in Egypt could decline to 20.4% in the fiscal year 2024-2025, and 11.4% in 2025-2026. I mean, there is hope that the situation will improve a little, but this of course depends on many factors.
The Banker report said that in the end, inflation is a problem that we all must understand because it affects the lives of every citizen in Egypt, and the government and the Central Bank are trying as much as possible to control it.
The next report submitted by the Bankir Research Unit was regarding a project for a new administrative capital that the Iraqi authorities intend to build.
The Iraqi government decided to copy the Egyptian New Administrative Capital project as a result of the increase in population and the large spread of slums.
The report pointed out that the new Iraqi administrative capital will be located south of the city of Baghdad and will be located on a very large area and will include all ministries and departments, according to financial allocations.
Iraq seeks to benefit from the experience of planning, designing, building, financing, and managing the Administrative Capital in Egypt, whether through transferring experience, especially in the field of infrastructure development, implementation, marketing, and promoting the city, as well as seeking assistance from Egyptian contracting companies in implementing the project.
The report indicated that the Iraqi authorities decided to seek the help of the Egyptian companies that implemented the Administrative Capital project in Egypt to operate in the new capital of Iraq. This is of course a great addition to the Egyptian companies and their international reputation, which will open other regional markets for them.
