{"id":633231,"date":"2024-07-10T00:00:00","date_gmt":"2024-07-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/10\/customs-authority-mulls-monthly-car-import-quota\/"},"modified":"2024-07-10T00:00:00","modified_gmt":"2024-07-10T00:00:00","slug":"customs-authority-mulls-monthly-car-import-quota","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/10\/customs-authority-mulls-monthly-car-import-quota\/","title":{"rendered":"Customs Authority mulls monthly car import quota"},"content":{"rendered":"

Good morni<\/strong>ng, friends. <\/strong>To wrap up this shorter-than-usual week, we\u2019ve got the lowdown from the new government\u2019s first cabinet meeting, news that the IMF\u2019s Executive Board is pushing back its meeting to rubber-stamp a USD 820 mn tranche, and so much more.<\/p>\n

And in case you forgot, the private sector, public sector, banks, bourse, and even us here at EnterpriseAM Egypt<\/strong> will be off tomorrow<\/strong> for Islamic New Year. But fear not, we will be back bright and early on Sunday morning with all the local business news and updates from the long weekend to keep you up to track.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #<\/strong>1- Customs Authority mulls 10k monthly car import quota:<\/strong> The Customs Authority is considering a proposal from the automotive division of the Federation of Egyptian Chambers of Commerce to allow a monthly import quota of 10k cars following the tighter restrictions on car imports recently, two sources at the Customs Authority told Enterprise. The division proposes to divy up the monthly imports to companies according to their market share, and to implement the quota until the end of the year in hopes that the local supply picks up and the market stabilizes by then, the sources added.<\/p>\n

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<\/a> #2- A temporary pause to blackouts to calculate usage: <\/strong>Prime Minister Moustafa Madbouly has instructed that load shedding be temporarily paused as \u201cexperiments\u201d in order to gauge daily energy needs \u201cunder normal conditions,\u201d he said in a press conference<\/a> following yesterday\u2019s cabinet meeting. The move comes ahead of the government\u2019s plan to suspend power cuts<\/a> for the summer months starting from the third week of July.<\/p>\n

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<\/a> #3- SEIC to conclude due diligence on CIRA before September: <\/strong>The Saudi Egyptian Investment Company (SEIC) \u2014 a wholly-owned subsidiary of the Public Investment Fund \u2014 should wrap up its due diligence ahead of its acquisition plans CIRA Education by the end of August, CIRA CEO Mohamed El Kalla told Asharq Business<\/a>. <\/p>\n

Remember:<\/strong> SEIC said in May<\/a> that it will buy into Social Impact Capital, the vehicle through which the founding El Kalla family holds a controlling stake in EGX-listed CIRA Education. SIC will use the cash injection to launch a mandatory tender offer to buy CIRA shares at a price of EGP 14 each to up its stake in the company to 75-100%.<\/p>\n

PSA-<\/p>\n

WEATHER- Another summery day in Cairo today<\/strong>, with a high of 39\u00b0C and a low of 28\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s continuing to heat up in Alexandria and along the North Coast<\/strong>, with a high of 36\u00b0C and a low of 24\u00b0C.<\/p>\n

And over the long weekend<\/strong>, in the capital it will heat up to 40\u00b0C tomorrow, before gradually falling to 38\u00b0C by Saturday. While for our friends on the Mediterranean, temperatures will slowly dip to 35\u00b0C by the end of the long weekend.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

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HAPPENING TODAY- <\/p>\n

<\/a> #1- Inflation to drop for a fourth consecutive month? <\/strong>Capmas and the CBE are expected to publish June\u2019s inflation data today. Policy makers and the business community are hoping for the recent downward trend in inflation levels to continue after annual urban inflation cooled to 28.1% in May<\/a> \u2014 its lowest level in 16 months.<\/p>\n

Forecasts are all over the place: <\/strong>While annual urban inflation is expected to cool 0.6 percentage points for the fourth consecutive month to 27.5%, according to a median prediction of 17 analysts polled<\/a> by Reuters, others see inflation moving the other way. Naeem Brokerage is forecasting that headline inflation will pick up 1.9 percentage points to 30% in a note seen by Enterprise, while Barclays has penciled in an even greater 4.2 percentage point jump to 32.3%.<\/p>\n

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#2- House committ<\/strong>ee starts reviewing the new government\u2019s policy statement<\/strong>: The parliamentary committee tasked with reviewing the new government\u2019s policy statement will kick off its meetings starting today. The committee will hold two meetings a day, which will see the new cabinet ministers summoned to answer questions on the government\u2019s plan for the next three years. <\/p>\n

What\u2019s next?<\/strong> The 42 committee members will draft a report on their findings at the end of the debates to submit it to the House for discussion on Sunday 21 July, before MPs hold a vote of confidence in the new government.<\/p>\n

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FACT CHECK-<\/p>\n

It\u2019s business as usual at our largest power plants: <\/strong>German firm Siemens Energy continues to operate Egypt\u2019s two largest power plants, the Electricity Ministry said in a statement<\/a>, in response to reports that the energy giant would be stepping back from the power plants due to outstanding debts owed by the government. The energy technology giant operates, maintains, and manages power plants in Beni Suef, Burullus, and the new capital under a eight-year agreement inked in 2018.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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CIRCLE YOUR CALENDAR- <\/p>\n

#1- IMF meeting to greenlight USD 820 mn tranche pushed to 29 July: <\/strong>After initially being penciled in<\/a> for today and then disappearing from the Executive Board\u2019s schedule<\/a>, the Fund\u2019s Egypt head Ivanna Hollar clarified that the board will meet to discuss the staff-level agreement-approved<\/a> third review of our USD 8 bn loan program on 29 July, in comments to Asharq Business<\/a>. Assuming the board greenlights the fresh USD 820 tranche into the state coffers, this will in turn allow Egypt to apply for an additional USD 1.2 bn<\/a> in climate finance from the international lender.<\/p>\n

Why the delay? <\/strong>The regional business news outlet cited an anonymous senior government official who alleged that the delay stems from Egypt \u201cnot meeting some conditions.\u201d However, the source clarified that these were \u201csimple procedures by the Fund that will be clarified soon.<\/p>\n

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<\/a> #2- <\/strong>Call<\/strong>ing all fintech SMEs: <\/strong>Changelabs has partnered with Disruptech Ventures and InDrive New Ventures to open applications for fintech SMEs looking to join the Egyptian edition of its flagship MENA fintech accelerator. The Egypt Fintech for a Future Accelerator aims to support 12 local fintech SMEs Egypt, Africa and the Middle East looking to expand into Egypt, develop their products, raise funds, and build their customer base and strategic partnerships, according to a press release (pdf)<\/a>. The program will run from September to January and give participating startups USD 25k in Amazon Web Services funding alongside tech and design support, coaching, and partnership leads. Applications close on 1 August. Apply <\/strong>here<\/a><\/strong>. <\/strong><\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

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THE BIG STORY ABROAD-<\/p>\n

The Nato summit kicked off in Washington yesterday<\/strong> against the backdrop of Joe Biden\u2019s teetering reelection campaign and developments in the Russia-Ukraine war landing on most front pages with news of another support package for Ukraine, this time in the form of an air defense system. (Washington Post<\/a> | Reuters<\/a> | FT<\/a>) <\/p>\n

Biden\u2019s speech at the summit stood in stark contrast with his performance at the presidential debate<\/strong>, with Reuters<\/a> noting his \u201cstrong and confident voice\u201d as he read off a teleprompter and looked to avoid signs of weakness. <\/p>\n

Still, his future candidacy remains in limbo<\/strong>, with another key democrat \u2014 Mikie Sherrill \u2014 joining the growing call among Democratic lawmakers for him to drop out, while some others have pledged support, the Financial Times<\/a> said. <\/p>\n

ALSO HAPPENING YESTERDAY- US Federal Reserve Chair Jerome Powell kicked off his testimony before the Senate Banking Committee with a tee-up for an interest rate cut <\/strong>that could take place as soon as September, Reuters<\/a> reports. <\/p>\n

\u201cLeaving monetary policy too tight for too long could unduly weaken economic activity and employment,\u201d<\/strong> Powell said, adding that the US economy is no longer overheated, as inflation and the labor market both continue to cool. <\/p>\n

OVER IN EUROPE- It\u2019s a bad week for France on all fronts<\/strong>, as it faces a political stalemate and is kicked out of the Euros by a defiant Spain \u2014 led by 16-year-old wunderkind Lamine Yamal \u2014 in yesterday\u2019s semi-final.<\/p>\n

PLUS- Europe just launched its first rocket in almost 30 years<\/strong>, virtually \u201cpower[ing] Europe back into space,\u201d European Space Agency Josef Aschbacher head said, after years of dominance from Elon Musk\u2019s SpaceX. (FT<\/a> | CNBC<\/a>)<\/p>\n

<\/p>\n

*** 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, and urban development, as well as social infrastructure such as health and education. <\/p>\n

In today\u2019s issue: <\/strong>We take a look at Egypt\u2019s energy mix over the last ten years and what led us to the ongoing period of gas shortages and electricity blackouts.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. To wrap up this shorter-than-usual week, we\u2019ve got the lowdown from the new government\u2019s first cabinet meeting, news that the IMF\u2019s Executive Board is pushing back its meeting to rubber-stamp a USD 820 mn tranche, and so much more. 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The new system, which would reduce the time needed for customs\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":658704,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/15\/egyptian-customs-authority-begins-clearing-30k-passenger-car-port-backlog-following-new-regulations\/","url_meta":{"origin":633231,"position":2},"title":"Egyptian Customs Authority begins clearing 30k passenger car port backlog following new regulations","author":"enterpriseam admin","date":"15 January 2025","format":false,"excerpt":"\u201cThese procedures represent a breakthrough in resolving the crisis of vehicles piled up at ports,\u201d Egyptian Automotive Dealers Association head Osama Abou El Magd said","rel":"","context":"In "Customs"","block_context":{"text":"Customs","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/customs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/863.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594231,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/23\/eba-lobbies-for-changes-to-draft-customs-law\/","url_meta":{"origin":633231,"position":3},"title":"EBA lobbies for changes to draft customs law","author":"enterpriseam admin","date":"23 October 2019","format":false,"excerpt":"LEGISLATION WATCH- EBA lobbies for changes to draft customs law: The Egyptian Businessmen\u2019s Association (EBA) will submit recommendations to the House Planning and Budget Committee on the draft customs law, Youm7 reported. An EBA delegation has attended two of the House\u2019s sessions to express its views on the law, which\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577781,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/progress-on-golden-licenses\/","url_meta":{"origin":633231,"position":4},"title":"Progress on golden licenses","author":"enterpriseam admin","date":"5 December 2022","format":false,"excerpt":"CUSTOMS-New customs rules aim to clear backlogs at ports: The Customs Authority is obliging importers to submit import approvals from the General Authority for Freezones and Investment (GAFI) before they request an ACID number for their shipments, Al Borsa reports. Importers were previously able to apply for GAFI approval after\u2026","rel":"","context":"In "Also on our Radar"","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\/2022\/12\/71.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599265,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/customs-dispute-with-mercedes-benz-importer-cleared\/","url_meta":{"origin":633231,"position":5},"title":"Customs dispute with Mercedes-Benz importer cleared","author":"enterpriseam admin","date":"24 June 2019","format":false,"excerpt":"EXCLUSIVE- Dispute between Customs Authority and Mercedes-Benz importer finally settled? An Egyptian importer of Mercedes-Benz vehicles has won an EGP 700 mn customs refund after the cabinet\u2019s dispute resolution committee ruled in favor of the company in its dispute with the Customs Authority, a government source told Enterprise. 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