Author Archives: enterpriseam admin

Meanwhile, the new Leasing and Factoring Act imposes VAT on lease contracts: The Leasing and Factoring Act, which the House of Representatives approved on Saturday, revokes VAT-exempt status previously granted to lease contracts, according to Al Mal. Several leasing companies have come out strongly against the imposition of the tax, CorpLease General Counsel Salah Youssef […]

EXCLUSIVE- This comes as the taxman looks to collect as much as EGP 6 bn from Uber and Careem in retroactive VAT payments for the last two years. Government sources tell us that tax officials should have a final figure within two weeks once they’re done reviewing paperwork filed by each company in the two […]

LEGISLATION WATCH- And speaking of the Ride-Hailing Act: President Abdel Fattah El Sisi has signed it into law, Youm7 reports. The law, passed by the House of Representatives last month, had initially stirred up controversy over government access to private user data. The bill was then toned down to allow access to the authorities on […]

FinMin committee to begin reviewing fuel hedging offers in July: A Finance Ministry committee tasked with studying offers for mechanisms of hedging against fuel price hikes will reportedly convene for the first time in early July to begin its review, a government source tells Al Shorouk. We reported earlier this month that the ministry received […]

The Madbouly government is working to insulate beneficiaries of its subsidy programs from rising food prices in the wake of last week’s fuel subsidy cuts. The government will pay 15% more for transport providers who haul the food and petroleum products it buys under the subsidy program after recent fuel price hikes, Social Solidarity Minister […]

BUDGET WATCH- Parliament signed off yesterday on a EGP 70.3 bn overdraft for the FY2017-18 state budget, Ahram Gate reports. The overdraft was in large part necessary to cover higher debt service rates, which alone account for EGP 57 bn. Other expenditures included EGP 2.3 bn in compensations to North Sinai residents as a result […]

Hassan Allam consortium wins contract for USD 4.4 bn Hamrawein ‘clean coal’ power plant on the Red Sea: A Chinese consortium of Hassan Allam Construction, China’s Shanghai Electric and Dong Fang has won a USD 4.4 bn contract from the Egyptian Electricity Holding Company (EEHC) to build a 6 GW clean coal power plant on […]

M&A WATCH- Pharos was sell-side adviser on the sale of NPP to Mondi: Our friends at Pharos Holding were sell-side advisors on the sale of 100% of National Company for Paper Products (NPP) to Mondi Group for USD 29 mn (EGP 510 mn), the firm said in a statement on Sunday (pdf). The sale of […]

The CBE is in talks with Afreximbank for a USD 500 mn loan that will be geared toward funding trade and imports as well as SME financing, an unnamed source from Afreximbank tells Al Shorouk. If it comes through, the facility would be yet another sign that the international finance institutions are willing to lend […]

MOVES- Hanafi El Gebaly has been named the next chief justice of the Supreme Constitutional Court, the nation’s highest court, Al Masry Al Youm reports. El Gebaly, currently the court’s first deputy chief justice, replaces chief justice Abdel Wahab Abdel Razek Hassan.