Latest news with #OldRentLaw
See - Sada Elbalad
28-05-2025
- Business
- See - Sada Elbalad
Egypt Sends Official Invitations to World Leaders for Grand Opening of the Grand Egyptian Museum
H-Tayea Prime Minister Mostafa Madbouly announced that official invitations have been sent to kings, presidents, and heads of state to attend the inauguration of the Grand Egyptian Museum (GEM)—the largest cultural and archaeological project in Egypt's modern history. Speaking at a press conference, the Prime Minister described the event as a major milestone for Egypt and a symbol of its global cultural influence. Madbouly also addressed several pressing domestic issues: He stated that the annual revenues of the Endowments Authority (Awqaf) have reached EGP 3 billion. He emphasized that there are no abrupt increases in electricity prices, noting that any adjustments are based on production costs, announced transparently, and aligned with the previously declared schedule. "We do not implement changes suddenly," he affirmed. On the Old Rent Law, the Prime Minister confirmed that President Abdel Fattah El-Sisi has instructed the government to give due consideration to social concerns. Accordingly, residential units will have a longer transitional phase than commercial properties, and rent adjustments will be implemented gradually, taking into account regional and socioeconomic differences. He clarified that his directive to survey the Endowments Authority's assets aims at maximizing returns, not selling off properties. 'Waqf funds are sacred and must be preserved as private, protected assets,' he said. Regarding energy supplies, Dr. Madbouly noted that Egypt will receive four natural gas shipments this year to meet domestic needs. Although national gas production is expected to dip temporarily, output will begin increasing by September. Addressing the recent fuel distribution issue, he attributed the disruption to a conflict between a private company and a refinery. The President has ordered legal action against those responsible. He also reassured citizens that all meat imports are rigorously inspected and certified to meet Islamic halal standards. He noted that Egypt currently imports around 50% of its meat supply. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Egypt Independent
12-05-2025
- Politics
- Egypt Independent
Discussions on Old Rent Law remain open: Parliament speaker
The Speaker of the Egyptian House of Representatives, Hanafy al-Gebaly, said that the discussion on the Old Rent Law remains open, with community dialogue session ongoing until a comprehensive legislative vision is formulated – one that ensures justice and social peace between all involved parties without bias. Gebaly added, in a statement delivered during the plenary session on Sunday, that the Egyptian public is following with increasing interest the discussions under the parliament's dome regarding the exceptional rental laws, known in the media as 'old rent,' given the extreme specificity of this issue and the social and economic entanglements that have accumulated over decades. He added, 'While the House of Representatives recognizes the sensitivity of this issue, it is dealing with it with its constitutional responsibilities towards the nation and its citizens alike.' The head of the Old Rent Owners Coalition, Mostafa Abdel-Rahman Attia, announced his rejection of the government's draft law amending the Old Rent Law, in regards to rent increases and the duration of the rental agreement. During a hearing by the House's Housing Committee, Attia proposed that the minimum rent be set at LE 2,000 for low-income areas, LE 4,000 for middle-income areas, and LE 8,000 for upscale areas. He also called for a three-year legalization period, after which the rental agreement would be liberalized. Shorouk al-Islam Abdel-Basset, representing owners of residential units subject to the Old Rent Law, demanded a gag order on the law until it is officially approved in the Official Gazette.
Egypt Independent
30-04-2025
- Politics
- Egypt Independent
Up to 60 days to issue amendments on the old rent law in Egypt
In a long-awaited development, the government has submitted a bill to amend a law concerning old rents to the House of Representatives, aiming to address a long-running crisis impacting the lives of millions, both tenants and landlords. This came after an official announcement by Prime Minister Mostafa Madbouly during a press conference held after the weekly cabinet meeting, stressing that the new amendments will take into account all social dimensions and achieve fair balance between the two parties in the rental relationship. Madbouly said that the state has complied with the Supreme Constitutional Court ruling requiring Parliament to issue the law before the end of the current legislative term, which reinforces the importance of expediting parliamentary discussion of the draft law. He added that the government drafted the law in coordination with all relevant ministries and submitted it to Parliament to initiate a broad community discussion that ensures that all views are heard. Countdown With the bill referred to the relevant committees, the constitutional deadline of 60 days for issuing the law has begun. This is the mandatory period within which the House of Representatives must complete discussion and vote on the bill. This deadline represents the final opportunity for Parliament to resolve one of the most complex and influential issues affecting Egyptians in recent years. Highlights of the amendments Among the most prominent features of the new draft law is the setting of a new rental value for housing subject to the old rent law, whether in cities or villages, with a transitional period of no less than five years. During this period, rental values will gradually increase, taking into account the social and economic dimensions of the population. The Prime Minister emphasized the existence of proposals to regulate this relationship, achieving a proper balance without harming either party. The draft law also includes regulations that ensure tenants are not immediately evicted or removed, while guaranteeing the right to housing for families in need by integrating them into social housing projects. Observers viewed this as a humane approach that takes into account the living conditions of many older tenants. Parliamentary committees begin discussion After referring the amendments on Old Rent Law to the House of Representatives, House Speaker Hanafi al-Gebaly announced the referral of the two draft laws submitted by the government to the joint committee of the Housing, Public Utilities, and Reconstruction Committee, and the offices of the Local Administration and Constitutional and Legislative Affairs committees. Gebaly said that Parliament will provide full opportunities for landlords and tenants to express their views with complete transparency. He emphasized that the draft law will not emerge from the House of Representatives unless it is a balanced legislative formula that guarantees the rights of all. Gebaly also tasked the joint committee with conducting a comprehensive community dialogue that includes the National Council for Human Rights, the Central Agency for Public Mobilization and Statistics, and some law professors and economic and housing experts. MPs reassure tenants MP Ahmed al-Segini, head of the House of Representatives' Local Administration Committee, confirmed that the new law will not aim to evict or expel tenants at this time, but rather seeks to regulate the legal relationship between the two parties and achieve fair rental values. 'The state, with all its institutions, will not allow anyone to leave their apartment without a solution that takes their circumstances into account.' Segini emphasized that the law will be issued in a manner that balances the requirements of social justice and the economy. He explained that Parliament maintains complete neutrality between the two parties, and that any legal solution must be accompanied by humanitarian solutions, especially for the elderly and those with limited income. Segini also emphasized the need to develop a comprehensive government vision before the law is issued. Edited translation from Al-Masry Al-Youm
