{"id":615911,"date":"2024-02-26T00:00:00","date_gmt":"2024-02-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/26\/mps-give-nod-to-quadrupling-the-price-tag-of-passports-plus-saudi-egyptian-industrial-investment-to-invest-usd-5-mn-in-new-pharma-production-line\/"},"modified":"2024-02-26T00:00:00","modified_gmt":"2024-02-26T00:00:00","slug":"mps-give-nod-to-quadrupling-the-price-tag-of-passports-plus-saudi-egyptian-industrial-investment-to-invest-usd-5-mn-in-new-pharma-production-line","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/26\/mps-give-nod-to-quadrupling-the-price-tag-of-passports-plus-saudi-egyptian-industrial-investment-to-invest-usd-5-mn-in-new-pharma-production-line\/","title":{"rendered":"MPs give nod to quadrupling the price tag of passports. PLUS: Saudi Egyptian Industrial Investment to invest USD 5 mn in new pharma production line"},"content":{"rendered":"<p class=\"tag-border-left\">LEGISLATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>MPs give nod to quadrupling the price tag of passports: <\/strong>The House ofRepresentatives gave the final approvalyesterday to amendments that will raise the issuance fee of passports to EGP 1k from EGP 250, in addition to other fees. The increase aims to catch up with the rise in prices of imported materials that go into the production of passports in addition to improving security features.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also approved by the House:<\/strong><\/p>\n<ul>\n<li>A EUR 500 mn grant from the European Investment Bank to support the environment ministry\u2019s Sustainable Green Industry project.<\/li>\n<li>A EUR 80 mn grant from Germany to fund the environment ministry's solid waste management program, help create 25 technological schools and centers, and support the Central Bank of Egypt\u2019s financial risk management program.<\/li>\n<li>An agreement to eliminate double taxation and tackle tax evasion between Egypt and Croatia.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">INVESTMENT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Egyptian Industrial Investment (SEII) plans to invest USD 5 mn into a new<\/strong><strong>pharma production line<\/strong>, which should kick off operations early next year, CEO Ahmed Ata told <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/mr3sr8es\" style=\"\" rel=\"noopener\">Al Shorouk<\/a>. The investment will bring SEII\u2019s total investment in the Egyptian pharma sector to USD 50 mn, he added. The SEII is also keen to invest in EGX-listed companies, \u201cespecially those in the ready-made garments, glass, and fertilizer sectors,\u201d having pumped around EGP 150 mn into the stock exchange last year, Ata said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SEII\u2019s plans to acquire a majority stake in state-owned El Nasr Glass and Crystal are still<\/strong><strong>happening<\/strong>, with discussions and negotiations currently underway, he said, but \u201cwe are waiting for the EGP-USD exchange rate to stabilize.\u201d In case you missed it, SEII <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd4e09bb-a831-4dcf-b149-0ac5d4932182\" style=\"\" rel=\"noopener\">inked an MoU<\/a> with the state-owned Metallurgical Industries Holding Company in 2023 to acquire 70% of its subsidiary El Nasr Glass and Crystal Company. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The amendments will raise the issuance fee of passports to EGP 1k from EGP 250<\/p>\n","protected":false},"author":1,"featured_media":615912,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,101,72,180,8409],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-development-finance","tag-enterpriseam","tag-legislation","tag-saudi-egyptian-industrial-investment-2","wpautop","entry"],"acf":{"mongo_id":"acb5d6a2-0b6e-40c9-a8e8-6db186b3cb9c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2343.jpg","photo_position":"above","homepage_title":"","full_issue_title":"MPs give nod to quadrupling the price tag of passports. PLUS: Saudi Egyptian Industrial Investment to invest USD 5 mn in new pharma production line","related_issue":[615891],"teaser":"The amendments will raise the issuance fee of passports to EGP 1k from EGP 250","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.88044ab0-8e6f-462f-86d2-0f968087f4be.mp3"},"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>MPs give nod to quadrupling the price tag of passports. 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Amendments to the Investment Act that aim to extend incentives to\u00a0existing projects got a final nod at the House general assembly\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/662.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585274,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/13\/house-gives-preliminary-nod-to-nationality-law-changes\/","url_meta":{"origin":615911,"position":1},"title":"House gives preliminary nod to nationality law changes","author":"enterpriseam admin","date":"13 April 2023","format":false,"excerpt":"The amendments would make it easier for foreigners to become citizens","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/579.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591618,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/11\/foreigners-can-now-buy-citizenship-for-usd-250k\/","url_meta":{"origin":615911,"position":2},"title":"Foreigners can now buy citizenship for USD 250k","author":"enterpriseam admin","date":"11 December 2019","format":false,"excerpt":"CABINET WATCH- Foreigners can now acquire Egyptian citizenship for as little as USD 250k: The Madbouly Cabinet approved in its weekly meeting yesterday legislative amendments that will allow foreigners who hold assets in Egypt to buy citizenship, according to a statement. The cost of citizenship ranges between USD 250k-USD 1\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/920.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563494,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/05\/saudi-grant-for-sme-on-lending-new-ai-platform-established-to-promote-egyptian-ai-scene\/","url_meta":{"origin":615911,"position":3},"title":"Saudi grant for SME on-lending + new AI platform established to promote Egyptian AI scene","author":"enterpriseam admin","date":"5 July 2021","format":false,"excerpt":"Two other things we\u2019re keeping an eye on this morning: The Saudi government has provided three banks withan EGP 270 mn grant for on-lending to Egyptian micro, small and medium sized enterprises. Banque Misr will receive EGP 70 mn, the Industrial Development Bank will get EGP 100 mn, and Banque\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590084,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/heres-what-mps-got-done-this-session\/","url_meta":{"origin":615911,"position":4},"title":"Here\u2019s what MPs got done this session","author":"enterpriseam admin","date":"13 July 2023","format":false,"excerpt":"MPs passed almost 190 pieces of legislation over the past nine months","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/515.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549491,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/19\/another-eur-100-mn-in-green-lending-could-be-coming-from-the-eib\/","url_meta":{"origin":615911,"position":5},"title":"Another EUR 100 mn in green lending could be coming from the EIB","author":"enterpriseam admin","date":"19 September 2022","format":false,"excerpt":"The European Investment Bank (EIB) could lend EUR 100 mn to the Environmental Affairs Agency for on-lending to public and private industrial companies to green their manufacturing processes, according to the bank\u2019s website.Other things we\u2019re keeping an eye on this morning: Egyptian Company for Pipes and Cement Products (Siegwart) is\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/615911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=615911"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/615911\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/615891"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/615912"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=615911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=615911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=615911"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=615911"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=615911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}