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FinMin has paid exporters EGP 1.4 bn in subsidy arrears -Maait: The Finance Ministry has disbursed over the past few weeks EGP 1.4 bn in overdue subsidy payments the government has owed to exporters since last year, Finance Minister Mohamed Maait said yesterday, according to Hapi Journal. A number of businesses claimed earlier this week […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Maait denies Egypt is planning to raise stamp tax rates
The Finance Ministry is not planning to raise stamp tax rates, Maait said at the Euromoney conference yesterday, according to Al Mal. The minister denied our report from yesterday that proposed amendments to the Stamp Tax Act would see the tax and fees hiked on electricity consumption, banking transactions, car and driving licenses, and several […]
Posted inSpeed Round
Mercedes-Benz Egypt selects Egyptian German Automotive Co. to assemble cars
Mercedes-Benz Egypt selects local partner for assembling cars: Mercedes-Benz Egypt will partner with the Egyptian German Automotive Company (EGA) to assemble cars in Egypt, the company said in a statement yesterday (pdf). The contract was given to EGA after meeting the company’s standards and production requirements, the statement said. No details were provided on the […]
Posted inSpeed Round
Madbouly, Nasr talk Egypt’s economic reforms with EBRD delegation
Madbouly, Nasr talk Egypt’s economic reforms with EBRD delegation: Prime Minister Moustafa Madbouly and Investment and International Cooperation Minister Sahar Nasr met yesterday with a delegation from the European Bank for Reconstruction and Development (EBRD), which is in town for an economic fact-finding mission, according to a Cabinet statement. The two sides looked into Egypt’s […]
Posted inUncategorized
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Posted inTHE MACRO PICTURE
‘Phantom’ FDI accounts for over a third of global investment, and it’s growing
“Phantom” FDI accounts for over a third of global investment, and it’s growing: Almost 40% of all global foreign direct investment (FDI) is being funneled into shadowy structures designed to minimize the global tax paid by firms, a joint study by the IMF and the University of Copenhagen reveals. Of the USD 40 tn in […]
Posted inImage of the Day
Museum creates 3D facial reconstruction of Egyptian mummy Tutu
The Mabee-Gerrer Museum of Art in Oklahoma has revealed a 3D facial reconstruction of its Egyptian mummy Tutu as part of their centennial celebration, according to the Oklahoman.
Posted inEGYPT IN THE NEWS
Egypt in the news on 10 September 2019
It’s another day of miscellany for Egypt in the foreign press, with a small handful of stories to keep on your radar this morning. Interfaith dialogue: The Abrahamic Teams — a German initiative whereby groups (each one made up of a Christian, a Muslim and a Jew) approach people at schools or events to instigate […]
Posted inDiplomacy + Foreign Trade
Egypt working to take Sudan off pariah list, Shoukry says
Egypt working to take Sudan off pariah list, Shoukry says: Egypt is working to lobby the US to remove Sudan from its list of terror sponsoring states, Foreign Minister Sameh Shoukry told reporters in Khartoum yesterday, according to Sudan News Agency (SUNA). Sudan has been on the list since the early 1990s. Shoukry, who is […]
Posted inDiplomacy + Foreign Trade
Egyptian QIZ exports record USD 587 mn in 7M2019
Egypt’s exports from Qualifying Industrial Zones (QIZ) increased 14.4% to USD 587 mn in 7M2019 and are expected to end the year at USD 1 bn for the first time since 2011, according to a local press report. The y-o-y increase comes on the back of a rise in textiles and readymade garment exports, which […]