Another 19 government ministries and agencies will move to the new administrative capital next week, cabinet said yesterday following its weekly meeting. Fourteen government ministries and agencies have already made the move, the statement says.

GOLD CUSTOMS EXEMPTIONS GREENLIT-

Ministers approved a draft decision that allows Egyptians living abroad to import gold to Egypt without paying customs duties for a six-month period, according to a separate statement. The decision, published in the Official Gazette yesterday, also included jewelry, even that which includes precious stones, with the exception of pearls — real and fake — and gemstones. Supply Minister Ali El Moselhy first proposed the move in a bid to help stabilize the gold market, where prices have more than doubled over the past year.

How much of a difference is this expected to make? Gold prices are expected to drop by EGP 50-100 per gram on the back of the decision, Amir Rizk, member of the Gold Division at the Chamber of Commerce, told Yahduth Fi Masr last night (watch, runtime: 6:38).

Putting that figure in context: Since the start of the year, the price of 21-carat gold has soared more than 50% from EGP 1,675 per gram to EGP 2,560 as of yesterday.

ALSO APPROVED-

  • Takaful and Karama social support program: The cabinet approved the USD 500 mn in additional financing from the World Bank to extend the Takaful and Karama program that was agreed in December;
  • Dual taxation agreement with Qatar: The cabinet approved the agreement signed with Qatar in February to scrap double taxation and crack down on tax evasion;
  • The African Continental Freetrade Area (AfCFTA): The cabinet approved a presidential decision to publish the list of customs breaks in the AfCFTA, which aims to boost trade and investment across the continent;
  • African Space Agency: The cabinet approved the African Union and the Higher Education Ministry’s agreement to establish the headquarters of the African Space Agency in Egypt.
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