LEGISLATION-

MPs give nod to quadrupling the price tag of passports: The House ofRepresentatives gave the final approvalyesterday to amendments that will raise the issuance fee of passports to EGP 1k from EGP 250, in addition to other fees. The increase aims to catch up with the rise in prices of imported materials that go into the production of passports in addition to improving security features.

Also approved by the House:

  • A EUR 500 mn grant from the European Investment Bank to support the environment ministry’s Sustainable Green Industry project.
  • A EUR 80 mn grant from Germany to fund the environment ministry’s solid waste management program, help create 25 technological schools and centers, and support the Central Bank of Egypt’s financial risk management program.
  • An agreement to eliminate double taxation and tackle tax evasion between Egypt and Croatia.

INVESTMENT-

Saudi Egyptian Industrial Investment (SEII) plans to invest USD 5 mn into a newpharma production line, which should kick off operations early next year, CEO Ahmed Ata told Al Shorouk. The investment will bring SEII’s total investment in the Egyptian pharma sector to USD 50 mn, he added. The SEII is also keen to invest in EGX-listed companies, “especially those in the ready-made garments, glass, and fertilizer sectors,” having pumped around EGP 150 mn into the stock exchange last year, Ata said.

SEII’s plans to acquire a majority stake in state-owned El Nasr Glass and Crystal are stillhappening, with discussions and negotiations currently underway, he said, but “we are waiting for the EGP-USD exchange rate to stabilize.” In case you missed it, SEII inked an MoU with the state-owned Metallurgical Industries Holding Company in 2023 to acquire 70% of its subsidiary El Nasr Glass and Crystal Company.

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