Author Archives: enterpriseam admin

Egypt is considering temporarily reintroducing a stamp duty on stock market transactions after the tax was frozen in 2014, two finance ministry sources told Reuters on Thursday. Reuters’ sources spoke after the IMF loan documents to Egypt said some form of a capital gains or stamp duty will be implemented in FY2017-18. "We are studying […]

Speaking of taxes, parliament and the government appear to not see eye to eye on raising the minimum annual income to be taxed to EGP 23,000 from EGP 13,500 (surprise, surprise). Deputy Finance Minister Amr El Monayer denied the ministry was preparing a draft to amend the Income Law to factor in the increase, Al […]

Egypt is the world’s 12th riskiest market on Bloomberg’s Global Risk Briefing for 2016. The Country Risk Score is calculated using indicators for various financial, economic, and political risks measured on a scale of 0-100, with the higher end representing less overall market risk. Egypt’s low score of 11.0 was the result of various factors, […]

Africa’s stock investors are turning to Egypt and away from Kenya, Adelaide Changole writes for Bloomberg. The EGX30 is at its highest level relative to Kenya’s benchmark index since 2008 following the flotation of the EGP. Rencap chief economist Charles Robertson says the Kenyan government’s decision to impose a cap on lending rates along with […]

The Trade and Industry Ministry has its strategy to develop export markets in Africa, said minister Tarek Kabil. The strategy has identified export opportunities worth approximately USD 18 bn dollars, which is five-fold the current value of our exports to the continent, Al Ahram reports. According to the strategy, Egypt should be capitalizing on food, […]

Vodafone becomes first company authorized to launch 4G nationwide: Vodafone Egypt announced that it has met all the necessary conditions to roll out its 4G services nationwide, making it the only company in Egypt authorized to launch the service, Al Mal reports. Separately, the National Telecommunications Regulatory Authority (NTRA) has asked mobile network operators (MNOs) […]

The Consumer Protection Authority (CPA) has referred e-commerce platform Jumia to prosecution for offering unlicensed painkillers after a customer shopping on Jumia lodged a complaint with the CPA, Al Borsa reports. Jumia’s CEO has denied the company is legally responsible for the incident, which he believes is nothing more than a conflict between competing pharmacies, […]

Air France was allowed to repatriate some of its profits in Egypt abroad, but had to absorb the impact of the EGP devaluation, Air France KLM’s Egypt Country Manager Cees Ursem told Al Borsa. The company received approvals to repatriate its profits although it has only opted to transfer a small amount, Ursem says. He […]

The tally from Davos: Like that favorite uncle who comes home from abroad bearing gifts, the Egyptian delegation to the World Economic Forum has returned with some promising leads. The Swiss Agency for Development and Cooperation (SDC) is investing EGP 1.6 bn in Egypt in the coming four years, said SDC director Manuel Sager following […]