February 15, 2014
AUTOMOTIVE ...... 5
GOVERNMENT BANS MOTORCYCLE AND THREE-WHEELER IMPORTS FOR ONE YEAR 5 A ministerial decree was issued on February 12 to authorize the minister of finance to issue a ban on the importation of motorcycles and three wheelers assembled abroad for one year...... 5
REAL ESTATE ...... 5
GOVERNMENT APPROVES SETTLEMENT ON SODIC’S EASTOWN 5 The government has approved the settlement on Sixth of October Development and Investment Company’s (SODIC) East town land...... 5
BUILDING MATERIALS ...... 5
LAFARGE PLANS TO USE FUEL COKE ARE CURBED 5 The French company Lafarge has been ordered by the Ministry of State for Environmental Affairs (MSEA) to halt its preparations to build storage units for fuel coke...... 5
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EZZ STEEL MAINTAINS ITS FEBRUARY STEEL PRICES AT EGP 4,950/TON 6 Steel prices in Egypt were maintained by Ezz Steel and Beshay Steel for February at EGP 4,950/ton and EGP 4,960/ton, respectively...... 6
ECONOMY ...... 6
NIR INCREASE TO USD17.105 BILLION IN JANUARY 2014 6 Egypt's net international reserves (NIR) increased USD73 million to reach USD17.105 billion in January 2014, up from USD17.032 billion a month earlier...... 6
EGYPT'S FDI SLOWS IN 1Q2013/14 6 Egypt's net Foreign Direct Investment (FDI) slowed 25% q-o-q in September 2013/14...... 6
GOVERNMENT STUDYING CASH-SUBSIDY SYSTEM FOR MOST NEEDY 7 Egyptian authorities are outlining a cash transfer program, which will target between 2 to 3 million families nationwide ...... 7
EASTERN COMPANY INCREASES PRICES OF LOCAL CIGARETTE BRANDS 7 Eastern Tobacco (link here) increased prices on local cigarette brands by EGP0.50/pack to abide by the minister of finance’s decision ...... 7
ENERGY ...... 7
GOVERNMENT FORECASTS GAS SHORTAGE NEXT FISCAL YEAR 7 Egypt's energy woes are likely to worsen in the next fiscal year as gas production fails to meet surging domestic demand ...... 7
FINANCE ...... 8
EHC TO RECEIVE USD50 MILLION AS THE SECOND TRANCHE OF ITS USD298 MILLION LOAN 8 Egyptian Hydrocarbon Company (EHC), 33%-owned by EK holding, is set to receive USD50 million as the second tranche of its USD298 million loan...... 8
FINANCE MINISTER APPROVES FUNDING WORTH EGP1.31 BILLION FOR HEALTHCARE, EDUCATION, OTHER SECTORS 8 Minister of Finance Ahmed Galal approved the allocation of EGP1.31 billion to various sectors on Sunday...... 8
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EGYPTIAN BANKS IN “GOOD FINANCIAL POSITION” 8 Egyptian banks are in good conditions, mainly due to the increased confidence in the country's economic and political stability ...... 8
IT & TELECOMMUNICATION ...... 8
MOBINIL TO RECEIVE EGP2.5 BILLION DEBT FINANCING FROM EIGHT BANKS 8 Eight banks have agreed to provide Mobinil with EGP2.5 billion of debt financing for its expansion and debt restructuring plans...... 8
AGRICULTURE ...... 9
EGYPT HAS ENOUGH WHEAT TO MID-JUNE, WHILE IT BUILDS STORAGE 9 Egypt's strategic stock of wheat is enough to last until 15 June, the supplies minister said, reassuring the market ...... 9
FOOD INDUSTRY VETERAN AHMED EL RASHIDI; DINA FARMS RAW MILK PRODUCTION EXCEEDS 200 TONS PER DAY 9 Citadel Capital (AmCham Member) (link here) announced today that its core agrifoods platform company, Gozour, has achieved operational milestones ...... 9
LAWS & REGULATIONS ...... 10
MINISTER OF FINANCE PREPARES FOR NEW CONSTITUTION’S IMPLEMENTATION 10 In line with the government’s preparations for implementing the new constitution, Minister of Finance Ahmed Galal issued a ministerial decree on January 31 to form a committee to review the financial regulations and economic articles of the constitution...... 10
PROJECTS ...... 10
NUCLEAR AUTHORITY AND ARMY CORPS OF ENGINEERS SIGN COOPERATION PROTOCOL 10 The Ministry of Electricity and Energy (MOEE) announced that it has signed a cooperation protocol with the Egyptian Army Corps of Engineers to implement Egypt’s first electricity- generating nuclear plant...... 10
TOURISM ...... 11
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OD HOLDING BIDS FOR 49-YEAR LEASE OF LASTAVICA ISLAND 11 Orascom Development Holding (OD Holding) is bidding for 49-year lease of Lastavica Island, Montenegro’s Tourism Ministry ...... 11
INTERNATIONAL RELATIONS ...... 11
NEW GULF AID WORTH USD5.8 BILLION SLATED FOR EGYPT 11 Saudi Arabia is expected to give Egypt up to USD4 billion in additional aids in the form of central bank deposits and petroleum products...... 11
LEGISLATIVE UPDATE ...... 12
BSAC PUBLICATIONS ...... 19
IMPORTANT LINKS ...... 21
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Automotive
GOVERNMENT BANS MOTORCYCLE AND THREE-WHEELER IMPORTS FOR ONE YEAR Source: Bloomberg, February 13, 2014
A ministerial decree was issued on February 12 to authorize the minister of finance to issue a ban on the importation of motorcycles and three wheelers assembled abroad for one year, in addition to banning imports of parts and components for three months. It appears as though the decision was made to provide the government with a window to enforce stringent regulations on the buying and licensing of two- and three-wheelers. This decision is unrelated to the State Commissioners Authority’s (SCA) recommendation to ban tuk-tuk imports (announced in early January 2014) for which a court case is yet to start. Rather, it is triggered by the recent security incidents whereby police officers were targets of motorcycle shootings among other security threats. The decision to impose a ban presents downside risks to our near-term estimates (two- & three-wheelers represent 12% and 14% of our 2014 proportionate revenue and gross profit, respectively). However, the impact may not be too pronounced as the company already has a sizeable inventory of two- and three-wheelers (an estimated three months). GB Auto (link here) management is currently assessing the impact of the decision.
Contents
Real Estate
GOVERNMENT APPROVES SETTLEMENT ON SODIC’S EASTOWN Source: Al Mal & AL Borsa, February 12, 2014
The government has approved the settlement on Sixth of October Development and Investment Company’s (SODIC) (AmCham Member) (link here) East town land. The case will be passed through to the General Prosecutor and an official announcement will be made later this month. According to earlier news citing Ministry officials, SODIC would be required to pay additional EGP620 million as part of the settlement. In related news, SODIC announced its plans to invest EGP1 billion in its projects during 2014, while maintaining the same level of sales achieved in 2013, which reached EGP2.73 billion, adding that deliveries during 2013 have exceeded the 600 unit mark. In another interview, SODIC’s Managing director, Ahmed Badrawy, announced that the company is aiming to invest up to EGP3 billion in Eastown once the settlement is finalized.
Contents Building Materials
LAFARGE PLANS TO USE FUEL COKE ARE CURBED Source: Ahram Online, February 6, 2014
The French company Lafarge (AmCham Member)(link here) has been ordered by the Ministry of State for Environmental Affairs (MSEA) (link here) to halt its preparations to build storage units for fuel coke. The MSEA expects the French cement manufacturer in Egypt to wait for a final decision on the use of
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Contents
EZZ STEEL MAINTAINS ITS FEBRUARY STEEL PRICES AT EGP 4,950/TON Source: Al Mal, February 2, 2014
Steel prices in Egypt were maintained by Ezz Steel (link here) and Beshay Steel (link here) for February at EGP 4,950/ton and EGP 4,960/ton, respectively. On the other hand, Egyptian Steel Company’s (link here) selling prices recorded a drop of EGP 30/ton to reach EGP 4,920/ton during February compared to EGP4, 950/ton during January.
Contents
Economy
NIR INCREASE TO USD17.105 BILLION IN JANUARY 2014 Source: Beltone, February 9, 2014
Egypt's net international reserves (NIR) increased USD73 million to reach USD17.105 billion in January 2014, up from USD17.032 billion a month earlier. NIR increased 0.42% m-o-m in January and growth accelerated to 25.8% y-o-y from 13.5% y-o-y in December despite the USD1.5 billion exceptional FX auction the Central Bank of Egypt (link here) held on January 27 and servicing of the Paris Club (link here) debt with USD700 million. This was probably due to further aid and investment, which includes a USD2 billion central bank deposit by Saudi Arabia. The progress of Egypt's political roadmap with the passing of the constitutional referendum in January and the announcement that presidential elections will be held first has also encouraged an influx of aid and investment. This is reinforced by the announcement of an imminent second stimulus package by the government, which reinforces the path the Egyptian government has for economic stability. The government has also revealed, through discussions with various ministers, that regulations will be put in place soon to improve the investment climate in Egypt and remove obstacles investors in Egypt have been facing. Contents
EGYPT'S FDI SLOWS IN 1Q2013/14
Source: Beltone, February 2, 2014
Egypt's net Foreign Direct Investment (FDI) slowed 25% q-o-q in September 2013/14. The quarter saw a net FDI of USD1.2 billion, comprised of USD2.3 billion in inflows and USD1.1 billion in outflows. Despite the quarterly shrink, the net FDI increased 826% y-o-y from USD108 million. The latest bulletin from the Central Bank of Egypt (link here) added that the state’s external debts raised 9.3% q-o-q in September 2013/14, reaching USD4.7 billion
Contents
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GOVERNMENT STUDYING CASH-SUBSIDY SYSTEM FOR MOST NEEDY Source: Ahram Online and Bloomberg, February 4, 2014
Egyptian authorities are outlining a cash transfer program, which will target between 2 to 3 million families nationwide, Finance Minister Ahmed Galal said in a press release on February 2. The new welfare system, designed to provide financial relief to the neediest segment of society, is an effort to overcome the inefficiencies of the government’s current universal food and fuel subsidies, as well as unconditional pensions. “The conditions are quite simple: for families that want to get cash, they have to mainly take care of their children’s health and education,” said finance ministry spokesman Mesbah Qotb. The beneficiaries of the program will include 1.4 million families receiving social security pensions that amount to EGP300 (USD42) in monthly stipends, according to the finance ministry. The program will be implemented nationwide within the next three to four years, with rural Upper Egypt under consideration as the first region to be targeted for economic justice.
Contents
EASTERN COMPANY INCREASES PRICES OF LOCAL CIGARETTE BRANDS Source: Beltone, February 5, 2014
Eastern Tobacco (link here) increased prices on local cigarette brands by EGP0.50/pack to abide by the minister of finance’s decision, according to a press release sent to the exchange on February 4. The increase will automatically translate to an EGP0.25 increase in the variable tax rate per pack for all local brands (50% of the pack price). We do not believe only one party (the company or retailers) stands to gain the remaining EGP0.25 per pack increase, believing instead that the increase will be shared, increasing Eastern Tobacco and retailers’ revenue share per pack simultaneously. Accordingly, we adjust our estimates to account for a 9.5% increase, on average, in Eastern Tobacco’s revenue share per pack for local brands sales. We revise our FV upwards by 14% to reach EGP177.67/share, up from EGP155.89/share previously, warranting a buy recommendation. Contents
Energy
GOVERNMENT FORECASTS GAS SHORTAGE NEXT FISCAL YEAR Source: Reuters, February 4, 2014
Egypt's energy woes are likely to worsen in the next fiscal year as gas production fails to meet surging domestic demand, according to government estimates. The petroleum ministry has forecast that gas production will be 5.4 billion cubic feet (bcf) per day and consumption 5.57 bcf/ day in the fiscal year that begins 1 July. In the current fiscal year by comparison, gas production is still estimated to exceed consumption at 5.31 bcf/ day versus 4.95 bcf/ day, a ministry source said. Trade and Industry Minister Mounir Fakhry Abdel Nour said last week that domestic supplies of oil and gas were "insufficient to cover the needs of Egyptian industry and household consumption".
Contents
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Finance
EHC TO RECEIVE USD50 MILLION AS THE SECOND TRANCHE OF ITS USD298 MILLION LOAN Source: Al Mal, February 3, 2014
Egyptian Hydrocarbon Company (EHC) (link here), 33%-owned by EK holding, is set to receive USD50 million as the second tranche of its USD298 million loan. According to the article, the company has concluded 87% of the project and is expected to begin operations during 2H2014. The project will have a capacity of 365,000 tonnes per year of mining grade ammonium nitrate.
Contents
FINANCE MINISTER APPROVES FUNDING WORTH EGP1.31 BILLION FOR HEALTHCARE, EDUCATION, OTHER SECTORS Source: Beltone, February 4, 2014
Minister of Finance Ahmed Galal approved the allocation of EGP1.31 billion to various sectors on Sunday. Some EGP1.1 billion will be allocated to the petroleum sector to repay its January debts for petroleum products, including natural gas and diesel, used in power stations. The Health Insurance Organization (HIO) (link here) will receive EGP25.9 million to fund an assistance program for households headed by women. The number of beneficiaries of the program has increased to record 520,000 women, the ministry said. Galal also approved the allocation of EGP41.8 million for a program providing health insurance for 13.9 million children under school age born between 2007 and 2012. The minister also approved EGP15 million to develop blood-bank centers. An allocation of EGP123 million was made to the Ministry of Education (link here) for printing schoolbooks.
Contents
EGYPTIAN BANKS IN “GOOD FINANCIAL POSITION” Source: Bloomberg, February 4, 2014
Egyptian banks are in good conditions, mainly due to the increased confidence in the country's economic and political stability, which was reflected in the rise in deposits in 2013, according to Central Bank of Egypt’s (link here) Governor Hisham Ramez. The Central Bank of Egypt took measures to curb speculation in dollar prices, including USD1.5 billion FX sale.
Contents
IT & Telecommunication
MOBINIL TO RECEIVE EGP2.5 BILLION DEBT FINANCING FROM EIGHT BANKS
Source: Al Alam Al Yom, February 4, 2014
Eight banks have agreed to provide Mobinil (AmCham Member) (link here) with EGP2.5 billion of debt financing for its expansion and debt restructuring
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Contents Agriculture
EGYPT HAS ENOUGH WHEAT TO MID -JUNE, WHILE IT BUILDS STORAGE
Source: Reuters, February 11, 2014
Egypt's strategic stock of wheat is enough to last until 15 June, the supplies minister said, reassuring the market, while he also raised the longer-term target for storage capacity as it moves to become more self-sufficient. Mohamed Abu Shadi told journalists after a cabinet meeting on February 10 that Egypt would increase storage capacity to 6 million tonnes by around mid-2015, an amount he called 'appropriate'. This was up from a 5.5 million tons target he cited last month. The state has been making heavy wheat purchases in recent months, and has been building supplies for its EGP21 billion (USD3 billion) annual program of bread subsidies. Contents
FOOD INDUSTRY VETERAN AHMED EL RASHIDI; DINA FARMS RAW MILK PRODUCTION EXCEEDS 200 TONS PER DAY Source: Beltone, February 9, 2014
Citadel Capital (AmCham Member) (link here) announced today that its core agrifoods platform company, Gozour, has achieved operational milestones that include record milk production at Dina Farms and a management restructuring that will maximize synergies for its food processing group. Industry veteran Ahmed El Rashidi has been appointed to head a portfolio that includes Egyptian confectioner Rashidi El-Mizan (link here), juice and dairy producer Enjoy, cheese manufacturer ElMisrieen (link here) and Sudanese confectioner El Musharaf. The move is part of an overall restructuring of Gozour’s food processing business that aims to capitalize on synergies between the companies by having Gozour’s food production companies managed under one umbrella. Dina Farms continues to achieve record raw milk production north of 200 tons per day. Milk production is expected to peak at 230 tons per day in March 2014. In 2013, the company added 2,400 milking cows to its herd, bringing total herd size to 15,000, including 9,000 milking cows. According to CEO of Dina Farms Group Hanee Afia, the increase in herd size is a part of a comprehensive dairy expansion program that includes the addition of international-standard milking stations that will see an increase of overall raw milk production to 72,000 tons per annum in 2014 from the 60,000 tons per annum that the farm produced last year. Afia expects to grow Dina Farms’ sales by more than 20% in 2014 with a total retail market share north of 65% in the fresh bottled milk category. Citadel Capital has an effective ownership stake of 43.25% in Gozour. Agrifoods is one of five core industries in which Citadel Capital invests alongside energy, transportation, mining, and cement. Contents
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Laws & Regulations
MINISTER OF FINANCE PREPARES FOR NEW CONSTITUTION’S IMPLEMENTATION Source: Beltone, February 2, 2014
In line with the government’s preparations for implementing the new constitution, Minister of Finance Ahmed Galal issued a ministerial decree on January 31 to form a committee to review the financial regulations and economic articles of the constitution. The committee, which will include advisers and experts from the ministry, will study the laws that organize the tasks of the ministry and decide if amendments are needed to comply with the new constitution, a statement from the ministry said. Galal highlighted that the committee will determine the needed measures to make these articles effective, especially with regard to progressive taxation. Galal added that current rates of income and real estate taxes will also be reviewed to conform to the rise of the tax tranches. According to the statement, Galal has sent letters to the ministers of higher education and scientific research, education, and health to prepare for the constitutionally mandate increase in spending on these sectors, which will be effective in FY2014/15. Galal stressed that this increase will be directed not at raising employee wages but at improving the services of these sectors, the progress of which, he said, would be tracked. Additional scientific research expenditures will be allocated for research projects that focus on problems from which Egyptians are suffering to achieve development and improve standards of living.
Contents
Projects
NUCLEAR AUTHORITY AND ARMY CORPS OF ENGINEERS SIGN COOPERATION PROTOCOL Source: Beltone, February 5, 2014
The Ministry of Electricity and Energy (MOEE) (link here) announced that it has signed a cooperation protocol with the Egyptian Army Corps of Engineers to implement Egypt’s first electricity-generating nuclear plant. The signed protocol stipulates that the corps work on rehabilitating the Dabaa site, located in the Matruh governorate, and the project’s infrastructure, which will include an administrative building, storage units, several workshop stations, the site’s garage, laboratories, and water and electricity utilities. The MOEE said in an official statement that it has provided the necessary financial resources to begin the implementation process and follow through with the timely schedule. It added that the project will cost around EGP13 million and will be implemented over a period of four months, starting from the date the engineering corps is provided with the building site, which is expected to be in a week.
Contents
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Tourism
OD HOLDING BIDS FOR 49-YEAR LEASE OF LASTAVICA ISLAND Source: Bloomberg, February 2, 2014
Orascom Development Holding (OD Holding) (link here) is bidding for 49- year lease of Lastavica Island, Montenegro’s Tourism Ministry (link here) announced in a statement. The company is offering EUR15 million investment, 200 jobs and EUR7.5 million of direct revenue over 10 years. It is worth mentioning that on 6 December, the government invited investors to develop a resort complex on the island. Contents
International Relations
NEW GULF AID WORTH USD5.8 BILLION SLATED FOR EGYPT Source: Beltone, February 2, 2014
Saudi Arabia is expected to give Egypt up to USD4 billion in additional aids in the form of central bank deposits and petroleum products. The new aid package will be worked out during Egypt's interim Prime Minister Hazem El-Beblawi’s visit this week to Saudi Arabia. Half of this Saudi aid package is expected to be deposited at the Central Bank of Egypt (link here) with the other half to be delivered in the form of fuel shipments. The UAE has also contributed USD1.8 billion to the new aid package in the form of fuel shipments. This UAE shipment, which amounted to 220,000 tons, was the first shipment of petroleum aid to Egypt this year.
Contents
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Legislative Update Law Status On Amending Some Provisions Of Law 53/1973 Concerning The State General Passed June 2013 Budget (Law 72/2013)
Promulgating the Law on the Islamic Passed May 2013 Financial Instrument (The Sukuk Law) Amending Some Provisions of the Income Tax Law Promulgated by Law 91 of the year Passed May 2013 2005 (Law 11/2013) Amending Some Provisions Of The Stamp Duty Law Promulgated By Law No. 111 Of Passed April 2013 The Year 1980 As Amended By Decree-Law No. 104 Of The Year 2012 Exempting the Establishments and the Insured from the Additional Amounts due thereon to the National Organization for Social Insurance Passed February 2013 Constitutional Proclamation Passed November 2012 Special Raise To State Civil Servants (Law Passed July 2012 82/2012) Increasing Pensions (Law 81/2012) Passed July 2012 Social Insurance and Pensions (Law Passed June 2010 135/2010) Regulation of Nuclear and Radiation Passed Activities (Law 7/2010) Organizing Customs Exemptions (Law Executive Regulations amended by Decree 186/1986) 416/2010 (June 2010) Licensing the Operation of Petroleum Refineries under the Free Zones System Passed June 2010 (Law 133/2010) Regulation of Private Sector Participation in Infrastructure and Public Utilities Projects Passed May 2010 (Law 67/2010) Executive Regulations amended by Decree Bids and Tenders (Law 89/1998) 347/2010 (May 2010) Executive Regulations amended by Decree Building (Law 119/2008) 200/2010 (April 2010) Executive Regulations amended by Decree Capital Market (Law 95/1992) 64/2010 (April 2010) Regulations for export/import amended by Agriculture (Law 53/1966) Decree 1323/2009 Executive Regulations amended by Decree Economic Courts (Law 119/2008) 144/2009 (April 2009) Environment (Law 4/1994) Amended by Law 9/ 2009 Control on Non Banking Financial Markets Passed March 2009 and Instruments (Law 10/2009) Supervision and Control of Insurance (Law Executive Regulations amended by Decree 10/1981) 6/2009 (January 2009) Property Tax (Law 196/2008) Passed – June 2008 Consumer Protection (Law 67/2006) Passed-Effective August 2006
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Passed (January 2005) + Executive Anti-trust and Competition (Law 3/2005) regulations passed August 2005 Executive Regulations amended by Decree Export-Import (Law 118/1975) 770/2005 (August 2005) Passed (June 2005)+ Executive Regulations Unified Income Tax (Law 91/2005) in effect as of July 2005 Investment Incentives and Guarantees (Law Amended by Law 94/2005 8/1997) E-signature (Law 15/2004) Passed (April 2004) Customs (Law 66/1963) Amended by Law 14/ 2004 Real Estate Mortgage (Law 148/2001) Passed-Effective August 2003 Unified Banking and Central Bank (Law Passed- Effective July 2003 88/2003) Passed-New amendments added in June Money Laundering (Law 80/2002) 2003 Labor (Law 12/2003) Passed Telecommunication Regulation (Law Passed 10/2003) Passed + Executive Regulations under Export Promotion (Law 155/2002) discussion law in effect as of October 2002 Passed + Executive Regulations in effect as Special Economic Zones (Law 83/2002) of September 2002 Intellectual Property Rights (IPR) (Law Passed + Executive Regulations in effect as 82/2002) of June 2002 Chambers of Commerce (Law 6/2002) Passed Application of 2nd and 3rd phase of Sales General Sales Tax (Law 11/1991) Tax by Law 17/2001
Decree Status
On Determining the Rules and Conditions of Decree No. 23 for the year 2014 New Certain Provisions of Presidential Decree (January 2014) No. 184/2013 Concerning the Issuance of Custom Tariffs Concerning Executive Regulations Decree No. 209 of the Year 2009 Amended Promulgated by the Minister of Tourism by Decree No. 63 of the Year 2014 New (February 2014)
On Utilization of Black Sands Prime Minister Decree No. 1478 for the Year 2013 New (December 2013)
On Regulating the Tourist companies The Ministry of Tourism Decree No. 777 for the year 2013 New (December 2013)
On Overall Monthly Wages and Incomes of Prime Minister Decree No. 22 for the year Civil Servants 2014 New (January 2014)
On Amending Some Provisions of the Traffic Decree-Law of the President of the Arab Law Promulgated by Law No. 66 of the Year Republic of Egypt No. 160 of the Year 2013 1973 (December 2013) New
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On Licensing the Activity or Recording in the Industrial Register Regarding the Lands Ministerial Decree No. 448/2007 Amended were Allocated in the Industrial Zones by Decree No. 626/2013 (September 2013)
On establishing a Ministerial Committee for Prime Minister Decree No. 1138/2013 the Project of the Development of the Suez Amending Prime Minister Decree No. Canal Region 144/2013 (October 2013)
On Levying an Export Duty on the Exports of Decree No. 685/ 2013 by Ministry of Trade Nitrogenous Fertilizers and Industry (October 2013) On Amending Certain Provisions of the Executive Regulations of the Customs Law as Issued by the Ministerial Decree No. Ministerial Decree No. 491/2013 (October 10/2006 2013) Amending Certain Provisions of the Prime Minister Decree No. 1115/2012 on the Formation of the Ministerial Group for the Prime Minister Decree No. 714/2013 (August Settlement of Investment Related Disputes 2013) On Establishing a Committee Entrusted with Prime Minister Decree No. 1067/2012 Examining the Contracts Concluded Amended as Per Nos. 1299/2013 and Between Investors and State-Affiliate Entities 998/2013 (November 2013) Concerning the Rules Governing the Payment of the Monthly Special Raise Decree 422/2013 (August 2013) Determined According to Law no. 78 of 2013 On Cancelling Law no. 135 of 2012, Promulgating Social Insurance and Pensions Law, and Amending Certain Provisions of Presidential Decree-Law 79/2013 (August Social Insurance Law 2013) On Granting a Special Raise to the State Presidential Decree-Law 78/2013 (August Civil Servants 2013)
On Amending Certain Provisions of Ministerial Decree no. 770 of 2005 Decree 468/2013 (August 2013)
In Respect of Cancelling the Export Duty Imposed on Some Feedstuff Items Decree 465/2013 (July 2013) On Regulating the Packing and Trading Activities Related to the Pasta, Vegetable Oils and Margarine Decree 223/2013 (June 2013)
On the commitment to Produce and Import According to the Egyptian Standard Specifications Decree 371/2013 (June 2013) On Amending the Executive Regulation of the Income Tax Law Decree 333/2013 (June 2013) On Amending Some Provisions of the Executive Regulations of the Stamp Law Decree 335/2013 (June 2013) On the Limitations of Exercising Bancassurance by Banks CBE Resolution 1010 (June 2013) Provisions of Decree 301/2013 Of the Tax Apply Annex (1) of Decree 310/2013 (May 2013) On the Determination of Percentages, Commodities and Rentals on Which the System of Addition for Account of the Tax Shall Apply Decree 310/2013 (May 2013)
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On Amending Some Provisions of the Executive Regulations of the Customs Law Decree 204/2013 (April 2013) Amending Certain Provisions Of The Central Bank, the Banking Sector and Money Law Promulgated by Law No. 88 of the Year 2003 Decree 8/2013 (April 2013) On the Amendment of Some Provisions of the Executive Regulations Implementing the Industrial Register Law Decree 133/2013 (April 2013) On Issuing Harmonized Customs Tariff Presidential Decree 184/2013 (March 2013) On the Compulsory Pricing and Determination of Energy Materials Decree 241/2013 (March 2013) On Imposing An Export Duty on Certain Kinds of Scrap and Lead Materials Decree 123/2013 (March 2013) Applications for Establishing Tourism Companies Will Not Be Accepted for One Year Decree 170/2013 (March 2013) Amending the Formation of the Cabinet Decree 144/2013 (February 2013) On Pricing and Selling of Petroleum, Natural Decree 110/2013 (February 2013) Gas, and Mazut Amending Certain Provisions of The Statute Of Rules Enforcing The Provisions Of Law Decree 61/2013 (February 2013) On Import And Export On continuing Imposing an Export Duty on Decree 44/2013 (February 2013) Blocks of Crude Marble and Granite Amending Decree no. 176/2005 on Presidential Decree 80/2013 (February Increasing Pensions 2013) Amending Some Provisions of Law No. 88 Presidential Decree-Law 160/2012 Of The Year 2003 (December 2012) On the Termination of Ministerial Decree No. 430 of the year 2012 Decree 993/2012 (December 2012) On The Identification Of The Rules And Limitations Of Acquisition/Usufruct Right In Sinai Peninsula Decree 290/2012 (December 2012) Amending Import and Export Decree 770 of the year 2005 Decree 961/2012 (December 2012) Amendment Of Some Provisions Of Law No. Presidential Decree 93/2012 155 Of The Year 2007 on Education (November 2012) On the Identification of the Delay Fine and Service Fees of Re-Entry and Modification of Data at the Ports Decree 11/2012 (November 2012) Amending Some Provisions Of The Executive Regulations Implementing The Provisions Of Import And Export Law Decree 859/2012 (October 2012) Amending Some Provisions, Rules And Procedures Of The Human Drugs Registration Decree 645/2012 (October 2012) Amending Certain Provisions of the Protection of the River Nile and Waterways Against Pollution Decree 383/2012 (October 2012) Amending decree no. 121 Decree 636/2012 (October 2012) On the Export of Rice Decree 767/2012 (September 2012)
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Amending Certain Provisions of The Statute Of The Rules Enforcing The Provisions Of Law On Import And Export Decree 736/2012 (September 2012) On Ceasing the Application of Ministerial Decree No. 430 of the Year 2012 Decree 718/2012 (September 2012) On Terminating the Investigation Procedures Regarding the Great Increase in Woven and Mixed Cotton Fabrics Imports Decree 693/2012 (September 2012) On the Compliance with the Special Egyptian Standard Specifications Decree 709/2012 (September 2012) On Imposing an Export Duty on Certain Kinds of Scrap and Materials Decree 696/2012 (September 2012) On Terminating Applying the Provisions of Ministerial Decree No. 902 of the Year 2001 Decree 694/2012 (September 2012) On the Regulation of Tourism Companies Decree 533/2012 (August 2012) On Amending the Press Law No. 96 of the Year 1996. Decree 85/2012 (August 2012) On the Issuance of the Statute of the National Authority for the Development of Prime Minister Decree 915/2012 (August Sinai Peninsula 2012) Regarding the Practicing of the Pharmaceutical Profession Decree 622/2012 (August 2012) On the Procedures of Registration and Control of Locally Manufactured Cosmetics Decree 498/2012 (August 2012) Granting a Special Raise of 15% to State and Private Servants Decree 82/2012 (August 2012) Imposing Final Precautionary Measures On Cotton and Mixed Yarn Imports Decree 589/2012 (July 2012) On Establishing the National Council for Industry Quality Assurance Decree 568/2012 (July 2012) On the Abidance by the Egyptian Standard Specifications During Production Decree 541/2012 (July 2012) Provisions Of The Social Insurance Law Decree 102/2012 (July 2012) Regarding Banderoles and Sticking Procedures Decree 293/2012 (July 2012) Imposing An Export Duty On Certain Kinds Of Scrap And Materials Decree 483/2012 (June 2012) On Imposing Temporary Precautionary Measures on Imports of Polypropylene Items Decree 430/2012 (June 2012) Amending Provisions of Organizing Tourist Companies Law Decree 301/2012 (May 2012) Amending Provisions of Executive Regulations Implementing Capital Market Law Decree 572/2012 (May 2012) Amending Provisions of Import/Export Law Decree 384/2012 (May 2012) Amending Provisions of Import/Export Law Decree 384/2012 (May 2012) Regarding Electronic Publication of Government Tenders and Auctions Prime Minister Decree 463/2012 (May 2012) Amending the Executive Regulations Implementing Cantral Depository and Registry of Securities Prime Minister Decree 421/2012 (April 2012) Loading/Unloading Rates and Compliance of Companies and Shipping Agencies Decree 142/2012 (April 2012)
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Provisions of Maximum Limit of Incomes and Minimum Limit Prime Minister Decree 322/2011 (April 2012) Amending Provisions of Import/Export Law Decree 219/2012 (March 2012) Determining Certain Customs Duties Prime Minister Decree 297/2012 (March Exemptions 2012) Establishment of Tourism Companies Decree 151/2012 (March 2012) To Install Tracking Devices in Tourism Ministerial Decree 121/2012 (March 2012) Vehicles Temporary Precautionary Measures on Ministerial Decree 116/2012 (February 2012) Woven And Mixed Cotton Fabrics Imports Determining Certain Customs Duties Prime Minister Decree 165/2012 (February Exemptions regarding Sugar Imports 2012) Tax Accounting Rules and Principles for Small Enterprises and Procedures of Tax Ministerial Decree 54/2012 (February 2012) Collection on their Profits The Integrated Development of the Sinai Supreme Council of the Armed Forces Peninsula Decree-Law 14/2012 (January 2012) Establishing Incentives for Settlement of Supreme Council of the Armed Forces Taxes Decree-Law 11/2012 (January 2012) Formation of the Ministerial Group for Prime Minister Decree 32/2012 (January Settlement of Investment-related Disputes 2012) Forming a Committee for Examining the Prime Minister Decree 1009/2011 (August Contracts That Have Been Signed Between 2011) Investors and State-Affiliate Entities The Regulation of Public Business Sector Supreme Council of the Armed Forces Ministry Decree 156/2011 (July 2011) Restaurants and Tourist Shops Ministerial Decree 300/2011 (June 2011) Pegging the State General Budget for the Supreme Council of the Armed Forces Fiscal year 2011/2012 and Amending some Decree- Law 51/2011 (June 2011) provisions of the Income Tax Law Amending Certain provisions of the General Supreme Council of the Armed Forces Sales Tax Law 11/1991 Decree- Law 49/2011 (June 2011) Imposing an Export Duty on Blocks of Crude Decree 278/2011 (June 2011) Marble and Granite Imposing an Export Duty on Certain Kinds of Decree 277/2011 (June 2011) Scrap and Materials Obligation to Produce and to Trade Ministerial Decree 266/2011 (June 2011) according to the Standard Specifications Imposing Power Consumption Labels to be Fixed on Home Appliances and Electric Decree 171/2011 (May 2011) Lamps Formation of the Ministerial Group for Prime Minister Decree 461/2011 (April 2011) Settlement of Investment-related Disputes Conditions and Procedures of Granting Work Ministerial Decree 90/2011 amending certain Licenses to Foreigners articles of Decree 292/2010 (April 2011) Prime Minister Decrees 526-530/2011 (April Amending Labor Law 12/2003 2011) Temporarily Stop Acceptance of Applications Ministerial Decree 84/2011 (March 2011) for Establishing Tourism Companies Conducting Radioactive Examination on Prime Minister Decree 458/2011 (March Certain Products 2011) Regulations of Calculating the Maximum Egyptian Financial Supervisory Authority Ratio of Liabilities to Equities for Financial (EFSA) Decision 1/2011 (March 2011) Leasing Companies -17-
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Amending Article 295 of the Executive Prime Minister Decree 345/2011(March Regulations Implementing Capital Market 2011) Law 95/1992 Establishing an Insurance Fund for Prime Minister Decree 355/2011 amending Securities Dealers against Non-commercial certain Provisions of Prime Minister Decree Financial Risks arising from the Activities of 1764/2004 (March 2011) Companies Operating in Securities field Paying the Due Income Tax in Installments Supreme Council of the Armed Forces regarding the year ended 31/12/2010 Decree-Law 8/2011 (March 2011) Tax Inspection Rules for Small Enterprises (Class A), Legal Persons pursuant to Ministry of Finance General Rules and Provisions of Law 91/2005 and its Executive Instructions 1/2011 Regulations Canceling Annex No. 1 of the year 2010 to Ministerial Decree 82/2011(February 20, the Decree of the Minister of Finance 2011) 363/2009 Granting a special raise to the state several Supreme Council of the Armed Forces servants Decree-Law 2/2011 (February 16, 2011) Amending provisions of law 125/2010 on the Ministerial Decree 290/2010 (December Degree of Waters' Rights Privilege 2010) Rules Governing Payment of the General Ministerial Decree 691/2010 amending Sales Tax on Machinery and Equipment article 1 of Decree 296/2005 (October 2010) Amending Executive Regulations of the law Decree 549/2010 (August 2010) Regulating Tenders and Bids Modifying the Rates of Charge of Services Carried out By the Egyptian Authority for Decree 682/2010 (July 2010) Export and Import Control Decree 2130/2010 (July 2010) Prices of Energy Decree 1953/2010 (July 2010) Amending Certain Provisions of Law on Decree 627/2010 (July 2010) Import and Export Decree 305/2010 (April 2010) The Conformity Assessment Entities in Ministerial Decree 348/2010 as amended by Egypt Decree 403/2010 (May 2010) Entities and Companies Granting or Ministerial Decree 415/2010 (May 2010) Obtaining the ISO Certificates Conditions concerning the Release of the Ministerial Decree 366/2010 amending Chinese Commodities Decree 257/2010 (April 2010) Establishing the National Council for Industry Ministerial Decree 135/2010 (February 2010) Quality Assurance Enforcing Production in Compliance with the Ministerial Decree 32/2010 (February 2010) Standard Specifications Provisions Regarding the Obligations of the Decree 424/2009 amending Decree 38/1999 Pharmaceutical Companies (November 2009) Establishment of an Investor Dispute Settlement Center at the General Authority Ministerial Decree 170/2009 (August 2009) for Investment and Free Zones Issuing the Statute of the General Authority Presidential Decree 192/2009 (June 2009) for Financial Control Provisions Regulating the Management of the Egyptian Exchange and its Financial Presidential Decree 191/2009 (June 2009) Affairs
Contents
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BSAC Publications Egypt Economic Profile (April 2013) An annual country report on Egypt's recent macroeconomic performance as well as coverage of Egypt's most important commodity and service sectors.
Banking Sector Developments in Egypt (March 2013) An overview of Egypt ’s post revolution banking system with focus on emerging trends including, retail banking, Islamic finance, project and SME finance and ICT applications.
MENA-US Trade and Investment (January 2013) The report provides a briefing on the MENA macroeconomic and business environment with focus on recent trends in MENA-US trade and investment relations.
Healthcare and Pharmaceuticals in Egypt (September 2012) A comprehensive overview of Egypt's healthcare sector and pharmaceuticals industry with focus on market trends, investments, trade in pharmaceuticals and growth areas.
MENA-US Trade and Investment (May 2012) The report provides a briefing on the MENA macroeconomic and business environment with focus on recent trends in MENA-US trade and investment relations.
Egypt Economic Profile (April 2012) An annual country report on Egypt's recent macroeconomic performance as well as coverage of Egypt's most important commodity and service sectors.
The Automotive Industry in Egypt (February 2011) A comprehensive overview of Egypt's automotive industry with focus on recent market trends in the passenger car, commercial vehicles and automotive components segments.
MENA-US Trade and Investment Report (May 2010) The report provides a briefing on the MENA macroeconomic and business environment with focus on recent trends in MENA-US trade and investment relations.
Egypt Economic Profile (March 2010) An annual country report on Egypt's recent macroeconomic performance as well as coverage of Egypt’s most important commodity and service sectors.
Egypt-U.S. Guide to Trade: Exporting to the U.S. (October 2009) An extensive publication produced to familiarize businesses with import procedures in the U.S. and export procedures in Egypt. Focus is placed on Egypt’s leading non-petroleum export sectors, namely textiles and clothing, processed food and cereals, iron and steel and furniture.
Petroleum Sector Developments in Egypt (March 2009) A comprehensive overview of Egypt's petroleum sector with focus on recent developments in the local oil, natural gas, and petrochemicals industries.
Banking Sector Developments In Egypt (September 2008) This study examines the Egyptian Banking System in its new state of reform with focus on major market players and recent developments.
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Tourism Sector Developments In Egypt (March 2008) An overview of the tourism sector in Egypt with focus on the latest market developments and investment opportunities.
Information and Communications Technology Developments in Egypt (May 2007) An overview of ICT sector development in Egypt with focus on the challenges and opportunities facing the sector in the next several years.
Pharmaceutical Industry Developments in Egypt (December 2006) An overview of the pharmaceutical sector in Egypt and recent challenges to higher sector growth and catalysts for sustainable development.
The Textile and Clothing Industry in Egypt (August 2004) A comprehensive study of the textiles and clothing industry, examining future competitiveness and anticipated changes in the global market.
The Construction Sector in Egypt (September 2003) A comprehensive study of the construction and building materials sectors in Egypt, with focus on factors affecting development and competitiveness.
The Insurance Sector in Egypt (August 2001) An update on the Egyptian Insurance sector with focus on private sector developments.
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Contents
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Important links
Egypt Business/Economic Links
Cairo and Alexandria Stock Exchanges Egyptian Government On-line Egypt State Information Service General Authority for Investment and Free Zones (GAFI) IDSC: Main Economic Indicators Information Decision and Support Center Ministry of Trade and Industry Ministry of Investment The US Embassy in Egypt
U.S. Links
American Association of Exporters and Importers International Trade Administration United States Customs & Border Protection US Department of Commerce- Bureau of Economic Analysis US Department of State-International Information Programs-Middle East and North Africa
Contents
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