{"id":573832,"date":"2020-08-19T04:05:26","date_gmt":"2020-08-19T04:05:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=573832"},"modified":"2025-12-16T09:21:58","modified_gmt":"2025-12-16T09:21:58","slug":"finmin-looks-to-close-egp-34-bn-tax-loophole-enjoy-the-long-weekend-and-see-you-back-here-on-sunday","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/finmin-looks-to-close-egp-34-bn-tax-loophole-enjoy-the-long-weekend-and-see-you-back-here-on-sunday\/","title":{"rendered":"FinMin looks to close EGP 34 bn tax loophole. Enjoy the long weekend and see you back here on Sunday."},"content":{"rendered":"<section id=\"573834\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"573834\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/what-were-tracking-on-18-august-2020-2\/\">\r\n                            What we\u2019re tracking on 18 August 2020                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/what-were-tracking-on-18-august-2020-2\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Parliament had a three-day legislative marathon this week as it pushed through a host of bills, which we had taken as the prelude to its summer recess. We have chapter and verse on yesterday\u2019s legislative session in this morning\u2019s Speed Round, below.<\/p><p><strong>We\u2019re getting the results of last week\u2019s Senate elections today:<\/strong> National Elections Authority chief Lasheen Ibrahim is expected to announce the results of the vote later today. Runoffs are scheduled for 8-9 September in any districts where the results are inconclusive. Voters are electing 200 members to the newly reconstituted upper house of parliament, while the presidency will nominate another 100 members.<\/p><p><strong>PSA- Stranger Things hasn\u2019t resumed filming yet, but we now know there will be at least <\/strong><strong>one season beyond the upcoming fourth installation<\/strong>, according to this <a href=\"https:\/\/www.hollywoodreporter.com\/news\/stranger-things-creators-departure-halloween-spookiness-season-4-plans-1307226\">Hollywood Reporter<\/a> interview with showrunners the Duffer brothers. The interview is part of the outlet\u2019s coverage in the run-up to the Emmys.<\/p><p><strong>** We\u2019re not publishing tomorrow <\/strong>in observance of the national holiday, but we\u2019ll be back in your inboxes (<a href=\"https:\/\/enterprise.press\/\">and on the web<\/a>) at the usual time on Sunday morning.<\/p><hr class=\"grey-line\"><p><strong>COVID-19-<\/strong><\/p><p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/2Fz2hk9\">reported<\/a><\/strong><strong> 163 new covid-19 infections yesterday<\/strong>, up from 115 the day before. Egypt has now disclosed a total of 96,753 confirmed cases of covid-19. The ministry also reported 11 new deaths, bringing the country\u2019s total death toll to 5,184. We now have a total of 61,652 confirmed cases that have fully recovered.<\/p><p><strong>The Federation of Egyptian Chambers of Commerce wants to standardize maximum <\/strong><strong>business<\/strong><strong> hours for retail outlets.<\/strong> A proposal currently with cabinet would see most stores allowed to open weekdays from 5am-11pm, while unspecified outlets whose activities are particularly noisy would not be permitted to open before 8am, the <a href=\"https:\/\/www.alborsaanews.com\/2020\/08\/18\/1374992\">local press<\/a> reports. Closing hours would extend to midnight on Thursdays and Fridays; all stores would need to close by 10pm in winter (please don\u2019t ask us to sort through the logic there).<\/p><p><strong>Red Sea hotel occupancy rates are still below the 50% cap set by the gov\u2019t:<\/strong> Hotel occupancy in Hurghada is currently at 30-40%, making it the top performer in the country despite still falling short of the 50% capacity limit the government imposed as part of its covid-19 safety measures, Red Sea Tourism Investment Association Chairman Kamel Abou Aly told <a href=\"https:\/\/af.reuters.com\/article\/egyptNews\/idAFL8N2FK3Z2\">Reuters<\/a>. Sharm El Sheikh lags behind with a 20-25% occupancy rate, which is still inching up as domestic tourists flock to the coastal city during the summer, Egyptian Hotel Association Board Member Hisham El Shaer said. Occupancy rates during <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ac2037c-fbe7-43d3-9dde-de75871530a4\">the first half of the year<\/a> averaged at 53% in Hurghada and 51% in Sharm.<\/p><p><strong>FURTHER AFIELD- Renewed covid-19 outbreaks in some European countries are <\/strong><strong>kneecapping their economic recovery<\/strong>, according to data measured by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-08-18\/economic-recovery-hit-by-rise-in-cases-across-europe-chart?sref=mmeFTDW1\">Bloomberg Economics<\/a>. Italy, France and Spain saw a fall in activity in the first half of August, while the recovery in Germany, Sweden and Norway continued to be \u201csluggish.\u201d<\/p><p class=\"web-image stand-out-borderless\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/Hotel-Mesca-Entr-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>Joe Biden is officially the Democrats\u2019 nominee for November\u2019s US presidential election<\/strong> as the second night of the Dems\u2019 virtual national convention comes to an end. Among the many speakers last night were former president Bill Clinton (addressing a party that has <a href=\"https:\/\/www.nytimes.com\/2020\/08\/18\/us\/politics\/bill-clinton-convention.html\">\u201cleft him behind,\u201d<\/a> but laying out a <a href=\"https:\/\/www.cnbc.com\/2020\/08\/18\/bill-clintons-dnc-speech-lays-out-stark-choice.html\">\u201cstark choice\u201d for voters<\/a>) and Rep. Alexandria Ocasio-Cortez (making the case for progressive change). The convention continues through Thursday, when Biden is set to accept the nomination. The <a href=\"https:\/\/www.nytimes.com\/live\/2020\/08\/18\/us\/dnc-convention-election\">NYT liveblogged last night\u2019s festivities<\/a>, <a href=\"https:\/\/www.politico.com\/2020-election\/live-updates-and-analysis\/dnc-night-two\/\">Politico has wall-to-wall coverage<\/a> and you can <a href=\"https:\/\/www.demconvention.com\">visit the convention\u2019s official website<\/a> for more.<\/p><p><strong>The S&amp;P 500 closed at its highest level ever yesterday, erasing its corona-induced losses<\/strong> and \u201ccapping a remarkable rebound fueled by unprecedented government stimulus and optimism among investors about the world\u2019s ability to manage the coronavirus pandemic,\u201d <a href=\"https:\/\/www.wsj.com\/articles\/the-s-p-500-sets-first-record-since-february-erasing-its-coronavirus-plunge-11597781130?mod=hp_lead_pos1\">the WSJ reports<\/a>.<\/p><p><strong>The latest worry over whether the US is losing its edge as the world\u2019s reserve currency:<\/strong> Russia\u2019s rising EUR inflows from its exports to China in 1Q2020, coupled with wide-reaching EU stimulus measures, are fueling the thus-far \u201chistorically unconsummated concern\u201d that the USD\u2019s standing as the world\u2019s reserve currency is uncertain, Dion Rabouin writes for <a href=\"https:\/\/www.axios.com\/us-dollar-euro-value-reserve-currency-918a7a7c-b974-42e2-b1f0-dcbcdbb7b929.html\">Axios<\/a>. The moment of strength for the EUR is also coinciding with a \u201cmoment of weakness\u201d for the US, with the hegemon facing the world\u2019s most severe covid-19 outbreak and the Federal Reserve expanding its balance sheet by the tns.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, urban development and as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue:<\/strong> In part 2 of our series on why Egypt is still experiencing brownouts despite a large surplus in energy generation capacity, we look at how the smart grid can help stop power cuts and improve energy efficiency<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aly-el-moselhy\/\">Aly El Moselhy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/donald-trump\/\">Donald Trump<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hurghada\/\">Hurghada<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lebanon\/\">Lebanon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/microsoft\/\">microsoft<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oracle\/\">oracle<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sharm-el-sheikh\/\">Sharm El Sheikh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-welfare\/\">social welfare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supply-ministry\/\">Supply Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tiktok\/\">Tiktok<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/twitter\/\">Twitter<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    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alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" 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<\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"573837\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"573837\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Speed Round<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/egypt-to-revoke-tax-exemptions-for-some-institutions-that-invest-in-govt-debt\/\">\r\n                            Egypt to revoke tax exemptions for some institutions that invest in gov\u2019t debt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/egypt-to-revoke-tax-exemptions-for-some-institutions-that-invest-in-govt-debt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"573838\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/egypt-to-revoke-tax-exemptions-for-some-institutions-that-invest-in-govt-debt\/154-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/154.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"154.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/154.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/154.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573837\" class=\"content-area-description single-story post-573837 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-enterpriseam tag-income-tax-act tag-speed-round tag-tax wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Finance ministry is closing a tax loophole that gives a break to some state institutions <\/strong><strong>and insurers that invest in state debt<\/strong><strong>: <\/strong>The state treasury expects to net as much as EGP 34 bn in additional income from a bill currently making its way through the House of Representatives that would, if passed, tax previously-exempt institutions on returns from their investments in government treasury bonds and bills, a Tax Authority official who contributed to the bill\u2019s drafting told Enterprise. The bill would cover specific state institutions as well as government-owned bodies such as the National Investment Bank and the Nasser Social Bank. It would also include private insurance firms and some civil society groups, the source said.<\/p>\n<p><strong>Leveling the playing field: <\/strong>These entities had previously not been taxed on interest income and capital gains they made on investments (or trading of) government bonds and bills \u2014 onshore investors in those instruments face taxes under the 2005 Income Tax Act.<\/p>\n<p><strong>One institution that\u2019s still getting some special treatment:<\/strong> The National Organization for Social Insurance, which will only see 35% of the gains it makes from its investments in government debt be subject to income tax; the share of taxable income could rise every three years under the bill as it currently stands, according to <a href=\"https:\/\/bit.ly\/3iIovOW\">Al Mal<\/a>.<\/p>\n<p><strong>Why did the loophole exist in the first place? <\/strong>The source explained that the institutions that had been benefitting from the loophole have \u201csocial missions\u201d: The loophole was an incentive for them to make better returns by investing in higher-yield state paper rather than leaving surplus liquidity parked in bank accounts.<\/p>\n<p><strong>Don\u2019t expect the volume of investment in government debt to go down <\/strong>when the loophole closes given how attractive yields are today, the source argues: Institutions losing access to the loophole will still be able to generate returns as much as 400 bps higher than they would get by parking their liquidity with banks.<\/p>\n<p><strong>No foreign investors will be impacted by this change<\/strong> as only a handful of domestic investors presently have access to the loophole, <a href=\"https:\/\/bit.ly\/2Y8MQWr\">Finance Minister Mohamed Maait said<\/a>.<\/p>\n<p><strong>Keep this all in context: <\/strong>This is the second time the state has looked to recoup of a piece of the pie that investors make from investing in state debt instruments. A law <a href=\"https:\/\/enterprise.press\/stories\/2019\/02\/24\/el-sisi-ratifies-new-tax-treatment-for-egyptian-banks\/\">passed in 2019<\/a> (executive regulations <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/23\/executive-regs-for-new-tax-treatment-of-banks-corporations-out-in-official-gazette\/\">here<\/a>) effectively <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/25\/egypt-banks-will-see-their-taxes-rise-as-a-result-of-separately-accounting-for-income-from-holdings-of-state-debt\/\">hiked the tax rate<\/a> on interest income banks and corporations make from investments in government bonds and bills.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/income-tax-act\/\">income tax act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round\/\">SPEED ROUND<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"573854\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"573854\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/egypt-in-the-news-on-19-august-2020\/\">\r\n                            Egypt in the News on 19 August 2020                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/egypt-in-the-news-on-19-august-2020\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/egypt-in-the-news-on-19-august-2020\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/egypt-in-the-news-on-19-august-2020\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt in the News on 19 August 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/egypt-in-the-news-on-19-august-2020\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/egypt-in-the-news-on-19-august-2020\/&title=Egypt in the News on 19 August 2020\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News+on+19+August+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F08%2F19%2Fegypt-in-the-news-on-19-august-2020%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/egypt-in-the-news-on-19-august-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573854\" class=\"content-area-description single-story post-573854 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-egypt-in-the-news tag-enterpriseam tag-hazem-el-beblawi tag-imf tag-khalifa-haftar tag-libya tag-politics tag-turkey wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>No single story is dominating the conversation on Egypt in the foreign press this<\/strong><strong> morning.<\/strong> On the regional geopolitics side of things, the <a href=\"https:\/\/www.bbc.com\/news\/world-africa-53779425\">BBC<\/a> likens Egypt\u2019s potential military intervention in Libya to putting out a fire \u201cin the house next door\u201d in the absence of a fire brigade, while <a href=\"https:\/\/foreignpolicy.com\/2020\/08\/18\/eastern-mediterranean-greece-turkey-warship-geopolitical-showdown\/\">Foreign Policy<\/a> looks at the EastMed showdown between Egypt, Greece, and Turkey. Meanwhile, lawyers leading a torture lawsuit filed against former caretaker prime minister and current IMF executive board member Hazem El Beblawi say that the fund should determine whether El Beblawi has diplomatic <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ccec34c6-6258-4594-996b-afdb7e35c1f6\">immunity<\/a>, according to <a href=\"https:\/\/www.washingtonpost.com\/local\/legal-issues\/imf-should-determine-if-former-egyptian-prime-minister-is-immune-from-torture-claim-lawyers-argue\/2020\/08\/17\/93a7811c-de70-11ea-b205-ff838e15a9a6_story.html\">the Washington Post<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-in-the-news\/\">Egypt in the News<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hazem-el-beblawi\/\">Hazem El Beblawi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/khalifa-haftar\/\">Khalifa Haftar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"573855\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"573855\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/diplomacy-foreign-trade-on-19-august-2020\/\">\r\n                            Diplomacy + Foreign Trade on 19 August 2020                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/diplomacy-foreign-trade-on-19-august-2020\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/diplomacy-foreign-trade-on-19-august-2020\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/diplomacy-foreign-trade-on-19-august-2020\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Diplomacy + Foreign Trade on 19 August 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/diplomacy-foreign-trade-on-19-august-2020\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/diplomacy-foreign-trade-on-19-august-2020\/&title=Diplomacy + Foreign Trade on 19 August 2020\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Diplomacy+%2B+Foreign+Trade+on+19+August+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F08%2F19%2Fdiplomacy-foreign-trade-on-19-august-2020%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/diplomacy-foreign-trade-on-19-august-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573855\" class=\"content-area-description single-story post-573855 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-cyprus tag-diplomacy tag-diplomacy-foreign-trade tag-enterpriseam tag-ethiopia tag-export-subsidy-fund tag-greece tag-house-of-representatives tag-national-security tag-nile-basin tag-sudan tag-turkey tag-water wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Greek parliament to decide on Egypt-Greece maritime accord next week: <\/strong>Greece will submit the maritime demarcation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c3ad5b2-df09-4b29-a8b0-493e1b964837\">accord<\/a> signed with Egypt to its parliament for approval next week, reports <a href=\"https:\/\/www.ekathimerini.com\/255953\/article\/ekathimerini\/news\/greek-deals-with-egypt-italy-to-be-submitted-for-approval-next-week\">the Greek local press<\/a>. Egypt\u2019s parliament ratified the joint economic zone agreement <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/142474c9-8af2-4a37-b3e5-f691c379668d\">on Monday<\/a>.<\/p>\n<p><strong>EastMed saga continues as Ankara deploys (yet another) drilling ship:<\/strong> Turkey yesterday dispatched another oil and gas drilling ship into an area to the southwest of Cyprus, reports <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-08-18\/turkey-confronts-eu-with-new-energy-drilling-off-cyprus-coast?sref=mmeFTDW1\">Bloomberg<\/a>. The move is the latest of a series of provocations by Turkey after statements by President Recep Tayyip Erdogan that his country \u201cwill not back down\u201d from gas exploration efforts in the contested area despite an EU threat of sanctions. It also follows statements by the Turkish Foreign Ministry on Monday that countries in the region are forming an unholy alliance against Turkey. Turkey resumed oil and gas exploration in the contested territory last week after Greece and Egypt earlier this month signed their maritime demarcation pact.<\/p>\n<p><strong>Cyprus hints it\u2019s open for reconciliation, taking cues from the EU: <\/strong>Nicosia is prepared for talks on maritime borders with its East Mediterranean neighbors, Cypriot Foreign Minister Nikos Christodoulides said yesterday, hinting that the island nation is looking to reach a pact with Turkey, according to <a href=\"https:\/\/www.reuters.com\/article\/us-greece-turkey-cyprus\/cyprus-says-willing-to-engage-on-defining-maritime-zones-idUSKCN25E24Y\">Reuters<\/a>. Turkey is the only neighboring country with whom Cyprus has no maritime demarcation pact. EU foreign ministers have also recently been trying to ease tensions between member states Greece and Cyprus and Turkey, and both the Greek and Cypriot foreign ministers have been reiterating their country\u2019s willingness to engage in discussions.<\/p>\n<p><strong>Egypt, Ethiopia, Sudan sit down for second meeting of fresh AU-mediated GERD talks:<\/strong> Irrigation ministers from Egypt, Ethiopia, and Sudan held yesterday the second meeting of African Union-sponsored Grand Ethiopian Renaissance Dam (GERD) talks that resumed earlier this week after a seven-day suspension, <a href=\"https:\/\/bit.ly\/2Q4RTmd\">Egypt\u2019s ministry said<\/a>. The ministers are still discussing proposals on filling and operating GERD and how to proceed with the negotiations until 28 August. Observers from the European Union, the US, and the African Union Commission also attended the meeting.<\/p>\n<p><strong>While the three countries have yet to sign an accord on the dam, a final agreement is currently \u201cin the works,\u201d<\/strong> Sudan\u2019s acting Foreign Minister Omar Ismail Gamardin said, according to <a href=\"https:\/\/www.voanews.com\/africa\/south-sudan-focus\/sudan-egypt-optimistic-nile-dam-deal-ethiopia\">Voice of America<\/a>. AU consultants are expected to facilitate the drafting process.<\/p>\n<p><strong>BRIEFLY NOTED-<\/strong><\/p>\n<ul>\n<li>The Export Subsidy Fund is pushing printing, packaging, and paper exporters to submit the paperwork necessary to receive their export subsidy arrears from the last fiscal year, Vice President of the Printing, Packaging, Paper, Literary and Artistic Works Export Council Ahmed Gaber told <a href=\"https:\/\/bit.ly\/316KWY7\">the local press<\/a>.<\/li>\n<li>Egyptian officials met with representatives from Hamas, the Palestinian Authority, and Israel in a bid to restore calm following Israeli airstrikes that targeted underground Hamas infrastructure in the Gaza strip, <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/2\/8\/377961\/World\/Region\/Israeli-planes-bomb-Gaza-as-Egyptians-seek-to-rest.aspx\">AFP reports<\/a>.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cyprus\/\">Cyprus<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy-foreign-trade\/\">Diplomacy + Foreign Trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/export-subsidy-fund\/\">export subsidy fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/greece\/\">Greece<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-security\/\">national security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nile-basin\/\">Nile Basin<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"573859\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"573859\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/the-market-yesterday-150\/\">\r\n                            The Market Yesterday                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/the-market-yesterday-150\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/the-market-yesterday-150\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/the-market-yesterday-150\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=The Market Yesterday&url=https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/the-market-yesterday-150\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/the-market-yesterday-150\/&title=The Market Yesterday\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+Market+Yesterday+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F08%2F19%2Fthe-market-yesterday-150%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/the-market-yesterday-150\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573859\" class=\"content-area-description single-story post-573859 post type-post status-publish format-standard hentry category-the-market-yesterday tag-enterpriseam tag-the-market-yesterday wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><p><strong>EGP \/ USD CBE market average: <\/strong>Buy 15.88 | Sell 15.98<\/p>\n<p><strong>EGP \/ USD at CIB:<\/strong> Buy 15.87 | Sell 15.97<\/p>\n<p> <strong>EGP \/ USD at NBE: <\/strong>Buy 15.88 | Sell 15.98<\/p>\n<p><strong>EGX30<\/strong> (Tuesday): 11,077 (-0.6%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.2 bn (18% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -20.7%<\/p>\n<p><strong>THE MARKET ON TUESDAY:<\/strong> The EGX30 ended Tuesday\u2019s session down 0.6%. CIB, the index\u2019s heaviest constituent, ended down 0.5%. EGX30\u2019s top performing constituents were GB Auto up 3.2%, Qalaa Holding up 1.8%, and Egyptian Resorts up 1.5%. Yesterday\u2019s worst performing stocks were Dice down 3.5%, Juhayna down 2.8% and CIRA down 2.5%. The market turnover was EGP 1.2 bn, and local investors were the sole net sellers.<\/p>\n<p><strong>Foreigners<\/strong>: Net Long | EGP +6.3 mn<br \/>\n <strong>Regional<\/strong>: Net Long | EGP +20.0 mn<br \/>\n <strong>Domestic<\/strong>: Net Short | EGP -26.3 mn<\/p>\n<p><strong>Retail<\/strong>: 71.7% of total trades | 73.0% of buyers | 70.3% of sellers<br \/>\n <strong>Institutions<\/strong>: 28.3% of total trades | 27.0% of buyers | 29.7% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 42.50 (-0.91%)<br \/>\n <strong>Brent:<\/strong> USD 45.01 (-0.79%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 2.41 MMBtu, (+3.21%, Sep 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 2,010.00 \/ troy ounce (+0.57%)<\/p>\n<p><strong>TASI:<\/strong> 7,853.57 (+1.24%) (YTD: -6.39%)<br \/>\n <strong>ADX:<\/strong> 4,445.48 (+0.32%) (YTD: -12.42%)<br \/>\n <strong>DFM:<\/strong> 2,224.61 (+0.85%) (YTD: -19.54%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,740.80 (-0.99%)<br \/>\n <strong>QE:<\/strong> 9,775.28 (+0.82%) (YTD: -6.24%)<br \/>\n <strong>MSM:<\/strong> 3,570.58 (+0.54%) (YTD: -10.31%)<br \/>\n <strong>BB: <\/strong>1,348.96 (+0.03%) (YTD: -16.22%)<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-market-yesterday\/\">The Market Yesterday<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"573860\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/573860\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573860\" class=\"content-area-description single-story post-573860 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>19 August (Wednesday): Results of elections for the nation\u2019s first Senate are due to be announced.<\/p>\n<p>20 August (Thursday): Islamic New Year, national holiday.<\/p>\n<p>September: The General Authority for Investment (GAFI) <a href=\"https:\/\/bit.ly\/3kOkVVq\">will host<\/a> a virtual meeting with the Arab-German Chamber of Commerce and Industry and some 120 German companies to discuss investment prospects in Egypt.<\/p>\n<p>8-9 September (Tuesday-Wednesday): Run-off Senate elections.<\/p>\n<p>12 September (Saturday): Court session for Egyptian Resorts Company lawsuit against The Tourism Development Authority<\/p>\n<p>14-15 September (Monday-Tuesday) The Chemical Industries Export Council will organize a <a href=\"https:\/\/bit.ly\/3kBMjWw\">virtual conference<\/a> to discuss export options for Egyptian chemical exporters in Kenya and Uganda<\/p>\n<p>15 September (Tuesday): 2019-2020 academic year ends for Egyptian universities.<\/p>\n<p>15-16 September (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>20 September (Sunday): A Cairo administrative court is due to issue a ruling in a third-party lawsuit <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=26072020&id=ba514e75-6e4a-46ad-b8d1-bbc17912d90d\">demanding the government block YouTube in Egypt<\/a> for carrying an allegedly sacreligious video. The case is an infamous 2012-vintage lawsuit still wending its way through the courts.<\/p>\n<p>24 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>6 October (Tuesday): Armed Forces Day.<\/p>\n<p>8 October (Thursday): National holiday in observance of Armed Forces Day.<\/p>\n<p>16 September (Wednesday): The last day for the final results of the senate elections to be announced.<\/p>\n<p>17 October (Saturday): 2020-2021 academic year <a href=\"https:\/\/egyptindependent.com\/egypts-academic-year-to-start-october-17-but-decisions-remain-to-be-made\/\">begins<\/a> for K-12 students at state schools and students in <a href=\"https:\/\/bit.ly\/3eRqo9E\">public universities<\/a><\/p>\n<p>23-31 October (Friday-Saturday): <a href=\"http:\/\/elgounafilmfestival.com\/\">El Gouna Film Festival<\/a>, El Gouna, Egypt.<\/p>\n<p>29 October (Thursday): Prophet Mohamed\u2019s birthday (TBC), national holiday.<\/p>\n<p>November: Egypt <a href=\"http:\/\/gate.ahram.org.eg\/News\/2284801.aspx\">will host simultaneously<\/a> the International Capital Market Association\u2019s emerging market, and Africa and Middle East meetings.<\/p>\n<p>4-5 November (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>4-7 November (Wednesday-Saturday): <a href=\"https:\/\/www.cityscapeegypt.com\/en\/Home.html\">Cityscape Egypt Expo<\/a>, International Exhibition Center, Cairo<\/p>\n<p>12 November (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>1 December (Tuesday): The IMF will conduct a first review of targets set under the USD 5.2 bn standby loan approved in June (proposed date).<\/p>\n<p>15-16 December (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>24 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>25 December (Friday): Western Christmas.<\/p>\n<p>1 January 2021 (Friday): New Year\u2019s Day, national holiday.<\/p>\n<p>7 January 2021 (Thursday): Coptic Christmas, national holiday.<\/p>\n<p>25 January 2021 (Monday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>28 January 2021 (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>4 February 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>18 March 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>12 April 2021 (Monday): First day of Ramadan (TBC).<\/p>\n<p>25 April 2021 (Sunday): Sinai Liberation Day.<\/p>\n<p>29 April 2021 (Thursday): National holiday in observance of Sinai Liberation Day.<\/p>\n<p>29 April 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>3 May 2021 (Monday): Sham El Nessim.<\/p>\n<p>6 May 2021 (Thursday): National holiday in observance of Sham El Nessim.<\/p>\n<p>12-15 May 2021 (Wednesday-Saturday): Eid El Fitr (TBC).<\/p>\n<p>1 June 2021 (Tuesday): The IMF will conduct a second review of targets set under the USD 5.2 bn standby loan approved in June 2020 (proposed date).<\/p>\n<p>10 June 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>26-29 June 2021 (Saturday-Tuesday): <a href=\"https:\/\/www.thebig5constructegypt.com\/?utm_source=Adestra&utm_medium=email&CID=003D000002UIHn4IAH&utm_campaign=Egyp%5Bt%20postponement%20generic%20exp%20visp&utm_term&utm_content=7014G000001cG3zQAE&CNAME=Enterprise\">The Big 5 Construct Egypt<\/a>, Cairo International Convention Center <\/p>\n<p>22 July 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":573833,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-573832","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"8f3d6d1e-78d0-4da2-afe4-9adc80d9fe63","teaser":"","photo_url":"https:\/\/ent.news\/2020\/8\/153.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FinMin looks to close EGP 34 bn tax loophole. Enjoy the long weekend and see you back here on Sunday. - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/finmin-looks-to-close-egp-34-bn-tax-loophole-enjoy-the-long-weekend-and-see-you-back-here-on-sunday\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin looks to close EGP 34 bn tax loophole. 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