Author Archives: enterpriseam admin

House approves capital markets stamp tax and a law criminalizing cheating: The House of Representatives approved changes to the income tax law in a plenary session vote on Monday that will impose a 0.125% stamp tax on the buy- and sell-sides of capital markets transactions, Al Borsa says. The duty, which replaces the suspended capital […]

EFSA’s new regulations for investment in securities brokerages have gone into effect: The Egyptian Financial Supervisory Authority (EFSA)’s new regulations on investments in brokerage firms were published in the Official Gazette on Monday, Al Shorouk reports. The new rules, which were issued in early May, make it mandatory for the EFSA to approve transactions through […]

State coffers to get a slice of slush funds: The Ismail cabinet signed off on a new law proposal on Monday that would see the government earmark a percentage of what are known as “special revenue funds” or “special accounts” for state coffers to help narrow the budget deficit, Al Borsa reports. The percentage deducted […]

President Abdel Fattah El Sisi signed the new NGO bill into law yesterday, Al Shorouk reports. The bill, which was approved by the House of Representatives back in November, is already out on the Official Gazette. The law will regulate the work of some 46k non-governmental organizations, which have one year to comply or face […]

Egypt’s trade deficit fell 48% y-o-y in 4M2017 to USD 8.5 bn, Trade and Industry Minister Tarek Kabil said, Al Masry Al Youm reports. Non-oil exports rose 14% y-o-y to USD 7.4 bn and there was a 30% y-o-y decrease in imports to USD 15.9 bn. The ministry singled out growth in exports of construction […]

Arafa Holding plans to expand sales to the US, supported by the drop in the EGP’s value, Ahmed Feteha and Tamim Elyan write for Bloomberg. Chairman Alaa Arafa says the American market was out of reach for his company prior to the flotation as the “currency was overvalued.” Arafa says “since the beginning of 2017, […]

INVESTMENT WATCH- India’s TCI Sanmar Chemicals has plans to increase as much as USD 300 mn in Egypt, bringing its total invested here to USD 1.5 bn, Chairman PS Jayaraman told Investment Minister Sahar Nasr, according to Al Masry Al Youm. The company says it wants to increase its caustic soda production lines by investing […]

Dana Gas’ board of directors has approved carrying out limited drilling activitiesin Egypt. “In light of the recent collections received from the Egyptian government the board considered and approved that additional limited drilling activities should be carried out,” the company said in a bourse statement picked up Gulf News. Egypt made payments last week covering […]

Supreme Media Council to discuss website ban today: The newly-founded Supreme Media Council will meet today to discuss the Ismail government’s decision last week to block access to 21 news websites for allegedly publishing fake news and hosting pro-terrorism content,Al Mal reports. The decision, which restricted access to news websites including Mada Masr, Huffington Post […]

Don’t expect flights from Russia to be reinstated after Lavrov’s visit: Moscow has not imposed new conditions for resuming direct flights to Egypt, said Russian Foreign Minister Sergey Lavrov, who is in Cairo with Russian Defense Minister Sergey Shoigu for ‘2+2’ talks with their respective counterparts. He said at a joint press conference on Monday […]