{"id":606318,"date":"2023-09-14T00:00:00","date_gmt":"2023-09-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/14\/foreigners-youll-need-to-pay-for-your-residence-permits-in-fx-from-saturday\/"},"modified":"2023-09-14T00:00:00","modified_gmt":"2023-09-14T00:00:00","slug":"foreigners-youll-need-to-pay-for-your-residence-permits-in-fx-from-saturday","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/14\/foreigners-youll-need-to-pay-for-your-residence-permits-in-fx-from-saturday\/","title":{"rendered":"Foreigners: You\u2019ll need to pay for your residence permits in FX from Saturday"},"content":{"rendered":"

Good morning, friends, and happy THURSDAY to you all. It\u2019s a good news, meh news <\/strong> kind of morning. <\/strong>Signs of rising foreign interest in investing here again tops the headlines, with new projects worth a combined USD 3.6 bn now on the drawing board. Most interesting is a potential Eastern Desert industrial zone <\/strong> that could be a boon to the domestic manufacturing industry if it goes ahead. The government, meanwhile, is looking to partner with a foreign player on a USD 1 bn steel plant<\/strong>, while Chinese and Arab investors are eyeing wind projects <\/strong> worth as much as USD 600 mn. <\/p>\n

SIGNS OF THE TIMES- <\/strong>We also note grumblings from Bloomberg (on our relative vulnerability to a debt <\/strong> crisis), Fitch (on NFAs <\/strong>), and what appears to be a step from the United States to trim military aid <\/strong> for a third year in a row. <\/p>\n

^^ We have more on all of these stories below. But before we jump in:<\/p>\n

<\/a> PSA #1- <\/strong>New FX requirements<\/a><\/strong> for residence permits go in effe <\/strong> ct on <\/strong> Saturday: <\/strong> Foreign nationals already in Egypt applying for residence permits will be required to pay their required fees in hard currency starting Saturday, 16 September, according to theOfficial Gazette. There are no changes to payment methods for folks applying for tourist visas from outside Egypt \u2014 the new requirement is only for people here on valid tourist visas who want to extend their stay by obtaining a residency permit.<\/p>\n

PSA #2- If you\u2019re a Canadian planning to come to Egypt anytime soon, apply for an e-visa now <\/strong> . <\/strong>Electronic visas issued to Canadian travelers before Sunday, 1 October, remain valid for entry until their expiry date. After 1 October, Canadian passport holders will need to obtain a visa directly from an Egyptian embassy or consulate abroad before departure. We\u2019re very much hoping that leaders in both Ottawa and Cairo find a way to move past this. <\/strong><\/p>\n

PSA #3- Egyptian men living abroad and looking to settle their national service obligations have another month <\/strong>after the government extended the deadline for its cash-for-exemption program. Hit this link for the details.<\/a> <\/p>\n

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<\/a> WE HAVE JUST <\/strong> FOUR <\/strong> DAYS TO GO until we see some of you at the Enterprise <\/strong> Finance Forum, <\/strong> which takes place 18-19 September <\/strong>(Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech \u2014 and of their clients.<\/p>\n

What to expect: <\/strong>Join Karim Awad <\/strong> (CEO, EFG Holding), Hazem Moussa <\/strong> (chairman, Contact Financial Holding), Tamer El Emary <\/strong> (group CEO, GB Capital), Hoda Kassem <\/strong> (Cairo global services center director, HSBC Egypt), Hassan Allam <\/strong> (CEO, Hassan Allam Holding), Pakinam Kafafi <\/strong>(CEO, Taqa Arabia), and many others for talks on everything from investing in uncertain times, to whether NBFIs are a bubble, and what the customers of financial institutions are saying about their bankers behind their backs. Stay tuned for the unveiling of our full list of speakers in the coming days.<\/p>\n

Tap or click here to view the FULL AGENDA with SPEAKERS.<\/a><\/strong><\/a><\/strong><\/p>\n

There will be plenty of parking available at the venue <\/strong> for all those attending. <\/p>\n

** We are honored to count some of the region\u2019s most important financial institutions as <\/strong><\/p>\n

our partners for this special event. <\/strong>The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FABMISR, HSBC, Mashreq, Banque du Caire, CI Capital, Global Corp, Visa, Hassan Allam Utilities, the IFC, and Post for Investment. <\/p>\n

<\/a> <\/p>\n

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HAPPENING TODAY- <\/strong><\/p>\n

<\/a> #1- The French FM is in town: <\/strong> France\u2019s top diplomat, Catherine Colonna, is in Egypt today for talks with President Abdel Fattah El Sisi and Foreign Minister Sameh Shoukry, according to a French statement<\/a>.<\/p>\n

On the agenda: <\/strong> Russia\u2019s war in Ukraine, global food security, climate finance, and crises in Sudan, Libya, Palestine and Lebanon.<\/p>\n

<\/a> #2- A South Korean business delegation in Egypt: <\/strong>A delegation of seven South Korean energy and electricity companies is in Cairo to meet with local firms, including Elsewedy Electric, according to Al Mal<\/a>. The visitors arrived on Tuesday and wrap up their tour tomorrow.<\/p>\n

<\/a> #3- The <\/strong>Hydrogen Egypt Summit<\/a><\/strong> concludes at the Nile Ritz Carlton today. Attendees will discuss Egypt\u2019s potential to become a regional green hydrogen hub.<\/p>\n

#4- The National Dialogue: <\/strong> The National Dialogue is holding a new round of closed-door meetings this week to draft a new batch of recommendations. The group sent its first batch of recommendations<\/a> to the president for approval last month.<\/p>\n

DEBT WATCH- <\/strong><\/p>\n

Egypt is the second-most vulnerable country to a debt crisis in the world: <\/strong>That\u2019s according to Bloomberg<\/a>, which ranked 60 countries based on the volume of government debt, interest costs, and the yields on USD bonds. Out of the 60 countries, Egypt has the highest interest bill as a percentage of GDP and its gross government debt-to-GDP is behind only Ukraine and Bahrain.<\/p>\n

WATCH THIS SPACE- <\/strong><\/p>\n

Gaza Marine gas development to finally get underway? <\/strong>Egypt\u2019s state-owned EGAS will sign an agreement with the Palestinian Authority (PA) to develop the Gaza Marine gas field in the next four days, Palestinian Energy Authority Chairman Dhafer Melhem told Asharq B<\/a> usines<\/a> s<\/a> yesterday. The PA and EGAS wrapped up negotiations and gas extraction from the field will go ahead without any Israeli partners or operators, he told Asharq. <\/p>\n

Remember: <\/strong> Israel gave its preliminary approval<\/a> to the development of a gas field off the Gaza coast in June. The agreement to develop the field was expected<\/a> to be inked between EGAS and the Palestine Investment Fund back in 1Q 2023. <\/p>\n

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THE BIG STORIES ABROAD- <\/strong><\/p>\n

The <\/strong>Arm IPO<\/a><\/strong> is dominating the conversation in the global business press this morning <\/strong>after the British chip designer priced its offering at the top of the range yesterday, putting it on course to raise almost USD 4.9 bn in what will be the largest IPO of the year so far. The SoftBank-owned company sold 95.5 mn depositary shares at USD 51 apiece, valuing it at USD 54.5 bn, it said<\/a> yesterday. (Bloomberg<\/a> | Reuters<\/a> | Financial Times<\/a> | Wall Street Journal<\/a> | CNBC<\/a>)<\/p>\n

The catastrophic floods in Libya are continuing to receive attention across the world <\/strong> as the death toll from Sunday\u2019s storm continues to climb. More than 5.3k people have now been reported dead and a further 10k are missing in the coastal city of Derna, which suffered tsunami-like flooding after a dam burst during the storm. The story is on the front page of Reuters<\/a>, Bloomberg<\/a>, the New York Times<\/a> and the BBC<\/a> this morning.<\/p>\n

Egypt is sending aid: <\/strong> President Abdel Fattah El Sisi has instructed<\/a> the military to set up camps in the country to provide shelter to victims and has dispatched a Mistral-class aircraft carrier to be used as a field hospital. The UN has estimated that at least 30k people<\/a> have been left homeless due to the disaster. The Religious Endowments Ministry said yesterday<\/a> it will send EGP 10 mn worth of humanitarian aid to Libya and Morocco, as well as Slovenia which in August experienced severe floods<\/a>.<\/p>\n

Also worth your attention: <\/strong><\/p>\n