saasaMay 15, 2004 - AmCham...MOBINIL TO RECEIVE EGP2.5 BILLION DEBT FINANCING FROM EIGHT BANKS 8...

February 15, 2014

AUTOMOTIVE .................................................................. 5

GOVERNMENT BANS MOTORCYCLE AND THREE-WHEELER

IMPORTS FOR ONE YEAR 5 A ministerial decree was issued on February 12 to authorize the minister of finance to issue a

ban on the importation of motorcycles and three wheelers assembled abroad for one year. .......... 5

REAL ESTATE .................................................................. 5

GOVERNMENT APPROVES SETTLEMENT ON SODIC’S EASTOWN

5 The government has approved the settlement on Sixth of October Development and

Investment Company’s (SODIC) East town land. ..................................................... 5

BUILDING MATERIALS ...................................................... 5

LAFARGE PLANS TO USE FUEL COKE ARE CURBED 5 The French company Lafarge has been ordered by the Ministry of State for Environmental

Affairs (MSEA) to halt its preparations to build storage units for fuel coke. .......................... 5

-1- Compiled by: Business Studies & Analysis Center (BSAC)

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EZZ STEEL MAINTAINS ITS FEBRUARY STEEL PRICES AT EGP

4,950/TON 6 Steel prices in Egypt were maintained by Ezz Steel and Beshay Steel for February at EGP

4,950/ton and EGP 4,960/ton, respectively. ........................................................... 6

ECONOMY ...................................................................... 6

NIR INCREASE TO USD17.105 BILLION IN JANUARY 2014 6 Egypt's net international reserves (NIR) increased USD73 million to reach USD17.105 billion in

January 2014, up from USD17.032 billion a month earlier. ............................................ 6

EGYPT'S FDI SLOWS IN 1Q2013/14 6 Egypt's net Foreign Direct Investment (FDI) slowed 25% q-o-q in September 2013/14. ............ 6

GOVERNMENT STUDYING CASH-SUBSIDY SYSTEM FOR MOST

NEEDY 7 Egyptian authorities are outlining a cash transfer program, which will target between 2 to 3

million families nationwide ............................................................................. 7

EASTERN COMPANY INCREASES PRICES OF LOCAL CIGARETTE

BRANDS 7 Eastern Tobacco (link here) increased prices on local cigarette brands by EGP0.50/pack to

abide by the minister of finance’s decision ............................................................. 7

ENERGY ......................................................................... 7

GOVERNMENT FORECASTS GAS SHORTAGE NEXT FISCAL YEAR

7 Egypt's energy woes are likely to worsen in the next fiscal year as gas production fails to meet

surging domestic demand ............................................................................... 7

FINANCE ........................................................................ 8

EHC TO RECEIVE USD50 MILLION AS THE SECOND TRANCHE

OF ITS USD298 MILLION LOAN 8 Egyptian Hydrocarbon Company (EHC), 33%-owned by EK holding, is set to receive USD50

million as the second tranche of its USD298 million loan. ............................................. 8

FINANCE MINISTER APPROVES FUNDING WORTH EGP1.31

BILLION FOR HEALTHCARE, EDUCATION, OTHER SECTORS 8 Minister of Finance Ahmed Galal approved the allocation of EGP1.31 billion to various sectors

on Sunday. ............................................................................................... 8




EGYPTIAN BANKS IN “GOOD FINANCIAL POSITION” 8 Egyptian banks are in good conditions, mainly due to the increased confidence in the country's

economic and political stability ......................................................................... 8

IT & TELECOMMUNICATION ............................................. 8

MOBINIL TO RECEIVE EGP2.5 BILLION DEBT FINANCING FROM

EIGHT BANKS 8 Eight banks have agreed to provide Mobinil with EGP2.5 billion of debt financing for its

expansion and debt restructuring plans. ................................................................ 8

AGRICULTURE ................................................................. 9

EGYPT HAS ENOUGH WHEAT TO MID-JUNE, WHILE IT BUILDS

STORAGE 9 Egypt's strategic stock of wheat is enough to last until 15 June, the supplies minister said,

reassuring the market ................................................................................... 9

FOOD INDUSTRY VETERAN AHMED EL RASHIDI; DINA FARMS

RAW MILK PRODUCTION EXCEEDS 200 TONS PER DAY 9 Citadel Capital (AmCham Member) (link here) announced today that its core agrifoods platform

company, Gozour, has achieved operational milestones ............................................... 9

LAWS & REGULATIONS .................................................... 10

MINISTER OF FINANCE PREPARES FOR NEW CONSTITUTION’S

IMPLEMENTATION 10 In line with the government’s preparations for implementing the new constitution, Minister of Finance Ahmed Galal issued a ministerial decree on January 31 to form a committee to review

the financial regulations and economic articles of the constitution. .................................. 10

PROJECTS ..................................................................... 10

NUCLEAR AUTHORITY AND ARMY CORPS OF ENGINEERS SIGN

COOPERATION PROTOCOL 10 The Ministry of Electricity and Energy (MOEE) announced that it has signed a cooperation protocol with the Egyptian Army Corps of Engineers to implement Egypt’s first electricity-

generating nuclear plant. .............................................................................. 10

TOURISM ...................................................................... 11




OD HOLDING BIDS FOR 49-YEAR LEASE OF LASTAVICA ISLAND

11 Orascom Development Holding (OD Holding) is bidding for 49-year lease of Lastavica Island,

Montenegro’s Tourism Ministry ...................................................................... 11

INTERNATIONAL RELATIONS .......................................... 11

NEW GULF AID WORTH USD5.8 BILLION SLATED FOR EGYPT 11 Saudi Arabia is expected to give Egypt up to USD4 billion in additional aids in the form of

central bank deposits and petroleum products. ....................................................... 11

LEGISLATIVE UPDATE ................................................. 12

BSAC PUBLICATIONS .................................................. 19

IMPORTANT LINKS ...................................................... 21




Automotive

GOVERNMENT BANS MOTORCYCLE AND THREE-WHEELER IMPORTS FOR ONE YEAR

Source: Bloomberg, February 13, 2014

A ministerial decree was issued on February 12 to authorize the minister of

finance to issue a ban on the importation of motorcycles and three wheelers

assembled abroad for one year, in addition to banning imports of parts and

components for three months. It appears as though the decision was made to

provide the government with a window to enforce stringent regulations on the

buying and licensing of two- and three-wheelers. This decision is unrelated to the

State Commissioners Authority’s (SCA) recommendation to ban tuk-tuk imports

(announced in early January 2014) for which a court case is yet to start. Rather,

it is triggered by the recent security incidents whereby police officers were targets

of motorcycle shootings among other security threats. The decision to impose a

ban presents downside risks to our near-term estimates (two- & three-wheelers

represent 12% and 14% of our 2014 proportionate revenue and gross profit,

respectively). However, the impact may not be too pronounced as the company

already has a sizeable inventory of two- and three-wheelers (an estimated three

months). GB Auto (link here) management is currently assessing the impact of the decision.

Contents

Real Estate

GOVERNMENT APPROVES SETTLEMENT ON SODIC’S EASTOWN

Source: Al Mal & AL Borsa, February 12, 2014

The government has approved the settlement on Sixth of October

Development and Investment Company’s (SODIC) (AmCham Member)

(link here) East town land. The case will be passed through to the General Prosecutor and an official announcement will be made later this month. According

to earlier news citing Ministry officials, SODIC would be required to pay additional

EGP620 million as part of the settlement. In related news, SODIC announced its

plans to invest EGP1 billion in its projects during 2014, while maintaining the

same level of sales achieved in 2013, which reached EGP2.73 billion, adding that

deliveries during 2013 have exceeded the 600 unit mark. In another interview,

SODIC’s Managing director, Ahmed Badrawy, announced that the company is

aiming to invest up to EGP3 billion in Eastown once the settlement is finalized.

Contents

Building Materials

LAFARGE PLANS TO USE FUEL COKE ARE CURBED

Source: Ahram Online, February 6, 2014

The French company Lafarge (AmCham Member)(link here) has been ordered by the Ministry of State for Environmental Affairs (MSEA) (link here) to halt its preparations to build storage units for fuel coke. The MSEA expects the

French cement manufacturer in Egypt to wait for a final decision on the use of




http://www.ghabbourauto.com/http://www.sodic.com/http://www.lafarge.com/http://www.eeaa.gov.eg/

coke as fuel in industrial operations. Lafarge submitted a study to MSEA on the

environmental impact of fuel coke in May 2013 and awaits a government decision

on its use. The MSEA does not allow cement factories to import coal, citing

hazards to the environment and the economy.

Contents

EZZ STEEL MAINTAINS ITS FEBRUARY STEEL PRICES AT EGP 4,950/TON

Source: Al Mal, February 2, 2014

Steel prices in Egypt were maintained by Ezz Steel (link here) and Beshay Steel (link here) for February at EGP 4,950/ton and EGP 4,960/ton, respectively. On the other hand, Egyptian Steel Company’s (link here) selling prices recorded a drop of EGP 30/ton to reach EGP 4,920/ton during February

compared to EGP4, 950/ton during January.

Contents

Economy

NIR INCREASE TO USD17.105 BILLION IN JANUARY 2014

Source: Beltone, February 9, 2014

Egypt's net international reserves (NIR) increased USD73 million to reach

USD17.105 billion in January 2014, up from USD17.032 billion a month earlier.

NIR increased 0.42% m-o-m in January and growth accelerated to 25.8% y-o-y

from 13.5% y-o-y in December despite the USD1.5 billion exceptional FX auction

the Central Bank of Egypt (link here) held on January 27 and servicing of the Paris Club (link here) debt with USD700 million. This was probably due to further aid and investment, which includes a USD2 billion central bank deposit by

Saudi Arabia. The progress of Egypt's political roadmap with the passing of the

constitutional referendum in January and the announcement that presidential

elections will be held first has also encouraged an influx of aid and investment.

This is reinforced by the announcement of an imminent second stimulus package

by the government, which reinforces the path the Egyptian government has for

economic stability. The government has also revealed, through discussions with

various ministers, that regulations will be put in place soon to improve the

investment climate in Egypt and remove obstacles investors in Egypt have been

facing.

Contents

EGYPT'S FDI SLOWS IN 1Q2013/14


Egypt's net Foreign Direct Investment (FDI) slowed 25% q-o-q in September

2013/14. The quarter saw a net FDI of USD1.2 billion, comprised of USD2.3

billion in inflows and USD1.1 billion in outflows. Despite the quarterly shrink, the

net FDI increased 826% y-o-y from USD108 million. The latest bulletin from the

Central Bank of Egypt (link here) added that the state’s external debts raised 9.3% q-o-q in September 2013/14, reaching USD4.7 billion

Contents




http://www.ezzsteel.com/http://www.beshaysteel.com/Home.htmlhttp://www.egyptian-steel.com/en/http://www.cbe.org.eg/English/http://www.clubdeparis.org/en/http://www.cbe.org.eg/English/

GOVERNMENT STUDYING CASH-SUBSIDY SYSTEM FOR MOST NEEDY

Source: Ahram Online and Bloomberg, February 4, 2014

Egyptian authorities are outlining a cash transfer program, which will target

between 2 to 3 million families nationwide, Finance Minister Ahmed Galal said in a

press release on February 2. The new welfare system, designed to provide

financial relief to the neediest segment of society, is an effort to overcome the

inefficiencies of the government’s current universal food and fuel subsidies, as

well as unconditional pensions. “The conditions are quite simple: for families that

want to get cash, they have to mainly take care of their children’s health and

education,” said finance ministry spokesman Mesbah Qotb. The beneficiaries of

the program will include 1.4 million families receiving social security pensions that

amount to EGP300 (USD42) in monthly stipends, according to the finance

ministry. The program will be implemented nationwide within the next three to

four years, with rural Upper Egypt under consideration as the first region to be

targeted for economic justice.

Contents

EASTERN COMPANY INCREASES PRICES OF LOCAL CIGARETTE BRANDS


Eastern Tobacco (link here) increased prices on local cigarette brands by EGP0.50/pack to abide by the minister of finance’s decision, according to a press

release sent to the exchange on February 4. The increase will automatically

translate to an EGP0.25 increase in the variable tax rate per pack for all local

brands (50% of the pack price). We do not believe only one party (the company

or retailers) stands to gain the remaining EGP0.25 per pack increase, believing

instead that the increase will be shared, increasing Eastern Tobacco and retailers’

revenue share per pack simultaneously. Accordingly, we adjust our estimates to

account for a 9.5% increase, on average, in Eastern Tobacco’s revenue share per

pack for local brands sales. We revise our FV upwards by 14% to reach

EGP177.67/share, up from EGP155.89/share previously, warranting a buy

recommendation.

Contents

Energy

GOVERNMENT FORECASTS GAS SHORTAGE NEXT FISCAL YEAR

Source: Reuters, February 4, 2014

Egypt's energy woes are likely to worsen in the next fiscal year as gas production

fails to meet surging domestic demand, according to government estimates. The

petroleum ministry has forecast that gas production will be 5.4 billion cubic feet

(bcf) per day and consumption 5.57 bcf/ day in the fiscal year that begins 1 July.

In the current fiscal year by comparison, gas production is still estimated to

exceed consumption at 5.31 bcf/ day versus 4.95 bcf/ day, a ministry source

said. Trade and Industry Minister Mounir Fakhry Abdel Nour said last week that

domestic supplies of oil and gas were "insufficient to cover the needs of Egyptian

industry and household consumption".

Contents




http://www.easternegypt.com/

Finance

EHC TO RECEIVE USD50 MILLION AS THE SECOND TRANCHE OF ITS

USD298 MILLION LOAN

Source: Al Mal, February 3, 2014

Egyptian Hydrocarbon Company (EHC) (link here), 33%-owned by EK holding, is set to receive USD50 million as the second tranche of its USD298

million loan. According to the article, the company has concluded 87% of the

project and is expected to begin operations during 2H2014. The project will have

a capacity of 365,000 tonnes per year of mining grade ammonium nitrate.

Contents

FINANCE MINISTER APPROVES FUNDING WORTH EGP1.31 BILLION FOR HEALTHCARE, EDUCATION, OTHER SECTORS


Minister of Finance Ahmed Galal approved the allocation of EGP1.31 billion to

various sectors on Sunday. Some EGP1.1 billion will be allocated to the petroleum

sector to repay its January debts for petroleum products, including natural gas

and diesel, used in power stations. The Health Insurance Organization (HIO)

(link here) will receive EGP25.9 million to fund an assistance program for households headed by women. The number of beneficiaries of the program has

increased to record 520,000 women, the ministry said. Galal also approved the

allocation of EGP41.8 million for a program providing health insurance for 13.9

million children under school age born between 2007 and 2012. The minister also

approved EGP15 million to develop blood-bank centers. An allocation of EGP123

million was made to the Ministry of Education (link here) for printing schoolbooks.

Contents

EGYPTIAN BANKS IN “GOOD FINANCIAL POSITION”


Egyptian banks are in good conditions, mainly due to the increased confidence in

the country's economic and political stability, which was reflected in the rise in

deposits in 2013, according to Central Bank of Egypt’s (link here) Governor Hisham Ramez. The Central Bank of Egypt took measures to curb speculation in

dollar prices, including USD1.5 billion FX sale.

Contents

IT & Telecommunication

MOBINIL TO RECEIVE EGP2.5 BILLION DEBT FINANCING FROM EIGHT BANKS

Source: Al Alam Al Yom, February 4, 2014

Eight banks have agreed to provide Mobinil (AmCham Member) (link here) with EGP2.5 billion of debt financing for its expansion and debt restructuring




http://www.ekholding.com/http://www.hioegypt.org/http://portal.moe.gov.eg/http://www.cbe.org.eg/English/http://www.mobinil.com/

plans. The National Bank of Egypt (AmCham Member) (link here) and Banque Misr (AmCham Member) (link here) will provide EGP500 million each, with the balance coming from CIB (AmCham Member) (link here) EGP400 million), QNB Al Ahli (AmCham Member) (link here) (EGP400 million), HSBC (AmCham Member) (link here) (EGP200 million), Credit Agricole (AmCham Member) (link here) (EGP200 million), Ahli United Bank (AmCham Member) (link here) (EGP160 million), and BNP Paribas (AmCham Member) (link here) (EGP100 million).

Agriculture

EGYPT HAS ENOUGH WHEAT TO MID-JUNE, WHILE IT BUILDS STORAGE

Source: Reuters, February 11, 2014

Egypt's strategic stock of wheat is enough to last until 15 June, the supplies

minister said, reassuring the market, while he also raised the longer-term target

for storage capacity as it moves to become more self-sufficient. Mohamed Abu

Shadi told journalists after a cabinet meeting on February 10 that Egypt would

increase storage capacity to 6 million tonnes by around mid-2015, an amount he

called 'appropriate'. This was up from a 5.5 million tons target he cited last

month. The state has been making heavy wheat purchases in recent months, and

has been building supplies for its EGP21 billion (USD3 billion) annual program of

bread subsidies.

Contents

Contents

FOOD INDUSTRY VETERAN AHMED EL RASHIDI; DINA FARMS RAW MILK PRODUCTION EXCEEDS 200 TONS PER DAY


Citadel Capital (AmCham Member) (link here) announced today that its core

agrifoods platform company, Gozour, has achieved operational milestones that

include record milk production at Dina Farms and a management restructuring

that will maximize synergies for its food processing group. Industry veteran

Ahmed El Rashidi has been appointed to head a portfolio that includes Egyptian

confectioner Rashidi El-Mizan (link here), juice and dairy producer Enjoy, cheese

manufacturer ElMisrieen (link here) and Sudanese confectioner El Musharaf. The

move is part of an overall restructuring of Gozour’s food processing business that

aims to capitalize on synergies between the companies by having Gozour’s food

production companies managed under one umbrella. Dina Farms continues to

achieve record raw milk production north of 200 tons per day. Milk production is

expected to peak at 230 tons per day in March 2014. In 2013, the company

added 2,400 milking cows to its herd, bringing total herd size to 15,000, including

9,000 milking cows. According to CEO of Dina Farms Group Hanee Afia, the

increase in herd size is a part of a comprehensive dairy expansion program that

includes the addition of international-standard milking stations that will see an

increase of overall raw milk production to 72,000 tons per annum in 2014 from

the 60,000 tons per annum that the farm produced last year. Afia expects to

grow Dina Farms’ sales by more than 20% in 2014 with a total retail market

share north of 65% in the fresh bottled milk category. Citadel Capital has an

effective ownership stake of 43.25% in Gozour. Agrifoods is one of five core

industries in which Citadel Capital invests alongside energy, transportation,

mining, and cement.

Contents




http://www.nbe.com.eg/http://www.banquemisr.com/http://www.cibeg.com/en/Pages/default.aspxhttp://www.qnbalahli.com/http://www.hsbc.com/http://www.ca-egypt.com/http://www.ahliunited.com/http://www.bnpparibas.com/enhttp://www.citadelcapital.com/http://www.elrashidi-elmizan.net/http://www.elmisrieen.com/

Laws & Regulations

MINISTER OF FINANCE PREPARES FOR NEW CONSTITUTION’S IMPLEMENTATION


In line with the government’s preparations for implementing the new constitution,

Minister of Finance Ahmed Galal issued a ministerial decree on January 31 to form

a committee to review the financial regulations and economic articles of the

constitution. The committee, which will include advisers and experts from the

ministry, will study the laws that organize the tasks of the ministry and decide if

amendments are needed to comply with the new constitution, a statement from

the ministry said. Galal highlighted that the committee will determine the needed

measures to make these articles effective, especially with regard to progressive

taxation. Galal added that current rates of income and real estate taxes will also

be reviewed to conform to the rise of the tax tranches. According to the

statement, Galal has sent letters to the ministers of higher education and

scientific research, education, and health to prepare for the constitutionally

mandate increase in spending on these sectors, which will be effective in

FY2014/15. Galal stressed that this increase will be directed not at raising

employee wages but at improving the services of these sectors, the progress of

which, he said, would be tracked. Additional scientific research expenditures will

be allocated for research projects that focus on problems from which Egyptians

are suffering to achieve development and improve standards of living.

Contents

Projects

NUCLEAR AUTHORITY AND ARMY CORPS OF ENGINEERS SIGN COOPERATION PROTOCOL


The Ministry of Electricity and Energy (MOEE) (link here) announced that it has signed a cooperation protocol with the Egyptian Army Corps of Engineers to

implement Egypt’s first electricity-generating nuclear plant. The signed protocol

stipulates that the corps work on rehabilitating the Dabaa site, located in the

Matruh governorate, and the project’s infrastructure, which will include an

administrative building, storage units, several workshop stations, the site’s

garage, laboratories, and water and electricity utilities. The MOEE said in an

official statement that it has provided the necessary financial resources to begin

the implementation process and follow through with the timely schedule. It added

that the project will cost around EGP13 million and will be implemented over a

period of four months, starting from the date the engineering corps is provided

with the building site, which is expected to be in a week.

Contents




http://www.moee.gov.eg/English/

Tourism

OD HOLDING BIDS FOR 49-YEAR LEASE OF LASTAVICA ISLAND


Orascom Development Holding (OD Holding) (link here) is bidding for 49-year lease of Lastavica Island, Montenegro’s Tourism Ministry (link here) announced in a statement. The company is offering EUR15 million investment,

200 jobs and EUR7.5 million of direct revenue over 10 years. It is worth

mentioning that on 6 December, the government invited investors to develop a

resort complex on the island.

Contents

International Relations

NEW GULF AID WORTH USD5.8 BILLION SLATED FOR EGYPT


Saudi Arabia is expected to give Egypt up to USD4 billion in additional aids in the

form of central bank deposits and petroleum products. The new aid package will

be worked out during Egypt's interim Prime Minister Hazem El-Beblawi’s visit this

week to Saudi Arabia. Half of this Saudi aid package is expected to be deposited

at the Central Bank of Egypt (link here) with the other half to be delivered in the form of fuel shipments. The UAE has also contributed USD1.8 billion to the

new aid package in the form of fuel shipments. This UAE shipment, which

amounted to 220,000 tons, was the first shipment of petroleum aid to Egypt this

year.

Contents




http://www.orascomdh.com/http://www.mt.gov.me/en/ministryhttp://www.cbe.org.eg/English

-12-

Legislative Update

Law Status

On Amending Some Provisions Of Law 53/1973 Concerning The State General Budget (Law 72/2013)

Passed June 2013

Promulgating the Law on the Islamic Financial Instrument (The Sukuk Law)

Passed May 2013

Amending Some Provisions of the Income Tax Law Promulgated by Law 91 of the year 2005 (Law 11/2013)

Passed May 2013

Amending Some Provisions Of The Stamp Duty Law Promulgated By Law No. 111 Of The Year 1980 As Amended By Decree-Law No. 104 Of The Year 2012

Passed April 2013

Exempting the Establishments and the Insured from the Additional Amounts due thereon to the National Organization for Social Insurance Passed February 2013

Constitutional Proclamation Passed November 2012

Special Raise To State Civil Servants (Law 82/2012)

Passed July 2012

Increasing Pensions (Law 81/2012) Passed July 2012

Social Insurance and Pensions (Law 135/2010)

Passed June 2010

Regulation of Nuclear and Radiation Activities (Law 7/2010)

Passed

Organizing Customs Exemptions (Law 186/1986)

Executive Regulations amended by Decree 416/2010 (June 2010)

Licensing the Operation of Petroleum Refineries under the Free Zones System (Law 133/2010)

Passed June 2010

Regulation of Private Sector Participation in Infrastructure and Public Utilities Projects (Law 67/2010)

Passed May 2010

Bids and Tenders (Law 89/1998) Executive Regulations amended by Decree 347/2010 (May 2010)

Building (Law 119/2008) Executive Regulations amended by Decree 200/2010 (April 2010)

Capital Market (Law 95/1992) Executive Regulations amended by Decree 64/2010 (April 2010)

Agriculture (Law 53/1966) Regulations for export/import amended by Decree 1323/2009

Economic Courts (Law 119/2008) Executive Regulations amended by Decree 144/2009 (April 2009)

Environment (Law 4/1994) Amended by Law 9/ 2009

Control on Non Banking Financial Markets and Instruments (Law 10/2009)

Passed March 2009

Supervision and Control of Insurance (Law 10/1981)

Executive Regulations amended by Decree 6/2009 (January 2009)

Property Tax (Law 196/2008) Passed – June 2008

Consumer Protection (Law 67/2006) Passed-Effective August 2006

Compiled by: Business Studies & Analysis Center (BSAC)






Anti-trust and Competition (Law 3/2005) Passed (January 2005) + Executive regulations passed August 2005

Export-Import (Law 118/1975) Executive Regulations amended by Decree 770/2005 (August 2005)

Unified Income Tax (Law 91/2005) Passed (June 2005)+ Executive Regulations in effect as of July 2005

Investment Incentives and Guarantees (Law 8/1997)

Amended by Law 94/2005

E-signature (Law 15/2004) Passed (April 2004)

Customs (Law 66/1963) Amended by Law 14/ 2004

Real Estate Mortgage (Law 148/2001) Passed-Effective August 2003

Unified Banking and Central Bank (Law 88/2003)

Passed- Effective July 2003

Money Laundering (Law 80/2002) Passed-New amendments added in June 2003

Labor (Law 12/2003) Passed

Telecommunication Regulation (Law 10/2003)

Passed

Export Promotion (Law 155/2002) Passed + Executive Regulations under discussion law in effect as of October 2002

Special Economic Zones (Law 83/2002) Passed + Executive Regulations in effect as of September 2002

Intellectual Property Rights (IPR) (Law 82/2002)

Passed + Executive Regulations in effect as of June 2002

Chambers of Commerce (Law 6/2002) Passed

General Sales Tax (Law 11/1991) Application of 2nd and 3rd phase of Sales Tax by Law 17/2001

Decree Status

On Determining the Rules and Conditions of Certain Provisions of Presidential Decree No. 184/2013 Concerning the Issuance of Custom Tariffs

Decree No. 23 for the year 2014 New (January 2014)

Concerning Executive Regulations Promulgated by the Minister of Tourism

Decree No. 209 of the Year 2009 Amended by Decree No. 63 of the Year 2014 New (February 2014)

On Utilization of Black Sands Prime Minister Decree No. 1478 for the Year 2013 New (December 2013)

On Regulating the Tourist companies The Ministry of Tourism Decree No. 777 for the year 2013 New (December 2013)

On Overall Monthly Wages and Incomes of Civil Servants

Prime Minister Decree No. 22 for the year 2014 New (January 2014)

On Amending Some Provisions of the Traffic Law Promulgated by Law No. 66 of the Year 1973

Decree-Law of the President of the Arab Republic of Egypt No. 160 of the Year 2013 (December 2013) New




On Licensing the Activity or Recording in the Industrial Register Regarding the Lands were Allocated in the Industrial Zones

Ministerial Decree No. 448/2007 Amended by Decree No. 626/2013 (September 2013)

On establishing a Ministerial Committee for the Project of the Development of the Suez Canal Region

Prime Minister Decree No. 1138/2013 Amending Prime Minister Decree No. 144/2013 (October 2013)

On Levying an Export Duty on the Exports of Nitrogenous Fertilizers

Decree No. 685/ 2013 by Ministry of Trade and Industry (October 2013)

On Amending Certain Provisions of the Executive Regulations of the Customs Law as Issued by the Ministerial Decree No. 10/2006

Ministerial Decree No. 491/2013 (October 2013)

Amending Certain Provisions of the Prime Minister Decree No. 1115/2012 on the Formation of the Ministerial Group for the Settlement of Investment Related Disputes

Prime Minister Decree No. 714/2013 (August 2013)

On Establishing a Committee Entrusted with Examining the Contracts Concluded Between Investors and State-Affiliate Entities

Prime Minister Decree No. 1067/2012 Amended as Per Nos. 1299/2013 and 998/2013 (November 2013)

Concerning the Rules Governing the Payment of the Monthly Special Raise

Determined According to Law no. 78 of 2013

Decree 422/2013 (August 2013)

On Cancelling Law no. 135 of 2012, Promulgating Social Insurance and Pensions

Law, and Amending Certain Provisions of Social Insurance Law

Presidential Decree-Law 79/2013 (August 2013)

On Granting a Special Raise to the State Civil Servants

Presidential Decree-Law 78/2013 (August 2013)

On Amending Certain Provisions of Ministerial Decree no. 770 of 2005 Decree 468/2013 (August 2013)

In Respect of Cancelling the Export Duty Imposed on Some Feedstuff Items Decree 465/2013 (July 2013)

On Regulating the Packing and Trading Activities Related to the Pasta, Vegetable

Oils and Margarine Decree 223/2013 (June 2013)

On the commitment to Produce and Import According to the Egyptian Standard

Specifications Decree 371/2013 (June 2013)

On Amending the Executive Regulation of the Income Tax Law Decree 333/2013 (June 2013)

On Amending Some Provisions of the Executive Regulations of the Stamp Law Decree 335/2013 (June 2013)

On the Limitations of Exercising Bancassurance by Banks CBE Resolution 1010 (June 2013)

Provisions of Decree 301/2013 Of the Tax Apply Annex (1) of Decree 310/2013 (May 2013)

On the Determination of Percentages, Commodities and Rentals on Which the

System of Addition for Account of the Tax Shall Apply Decree 310/2013 (May 2013)




On Amending Some Provisions of the Executive Regulations of the Customs Law Decree 204/2013 (April 2013)

Amending Certain Provisions Of The Central Bank, the Banking Sector and Money Law

Promulgated by Law No. 88 of the Year 2003 Decree 8/2013 (April 2013)

On the Amendment of Some Provisions of the Executive Regulations Implementing

the Industrial Register Law Decree 133/2013 (April 2013)

On Issuing Harmonized Customs Tariff Presidential Decree 184/2013 (March 2013)

On the Compulsory Pricing and Determination of Energy Materials Decree 241/2013 (March 2013)

On Imposing An Export Duty on Certain Kinds of Scrap and Lead Materials Decree 123/2013 (March 2013)

Applications for Establishing Tourism Companies Will Not Be Accepted for One

Year Decree 170/2013 (March 2013)

Amending the Formation of the Cabinet Decree 144/2013 (February 2013)

On Pricing and Selling of Petroleum, Natural Gas, and Mazut

Decree 110/2013 (February 2013)

Amending Certain Provisions of The Statute Of Rules Enforcing The Provisions Of Law

On Import And Export Decree 61/2013 (February 2013)

On continuing Imposing an Export Duty on Blocks of Crude Marble and Granite

Decree 44/2013 (February 2013)

Amending Decree no. 176/2005 on Increasing Pensions

Presidential Decree 80/2013 (February 2013)

Amending Some Provisions of Law No. 88 Of The Year 2003

Presidential Decree-Law 160/2012 (December 2012)

On the Termination of Ministerial Decree No. 430 of the year 2012 Decree 993/2012 (December 2012)

On The Identification Of The Rules And Limitations Of Acquisition/Usufruct Right In

Sinai Peninsula Decree 290/2012 (December 2012)

Amending Import and Export Decree 770 of the year 2005 Decree 961/2012 (December 2012)

Amendment Of Some Provisions Of Law No. 155 Of The Year 2007 on Education

Presidential Decree 93/2012 (November 2012)

On the Identification of the Delay Fine and Service Fees of Re-Entry and Modification of

Data at the Ports Decree 11/2012 (November 2012)

Amending Some Provisions Of The Executive Regulations Implementing The

Provisions Of Import And Export Law Decree 859/2012 (October 2012)

Amending Some Provisions, Rules And Procedures Of The Human Drugs

Registration Decree 645/2012 (October 2012)

Amending Certain Provisions of the Protection of the River Nile and Waterways

Against Pollution Decree 383/2012 (October 2012)

Amending decree no. 121 Decree 636/2012 (October 2012)

On the Export of Rice Decree 767/2012 (September 2012)




Amending Certain Provisions of The Statute Of The Rules Enforcing The Provisions Of

Law On Import And Export Decree 736/2012 (September 2012)

On Ceasing the Application of Ministerial Decree No. 430 of the Year 2012 Decree 718/2012 (September 2012)

On Terminating the Investigation Procedures Regarding the Great Increase in Woven and

Mixed Cotton Fabrics Imports Decree 693/2012 (September 2012)

On the Compliance with the Special Egyptian Standard Specifications Decree 709/2012 (September 2012)

On Imposing an Export Duty on Certain Kinds of Scrap and Materials Decree 696/2012 (September 2012)

On Terminating Applying the Provisions of Ministerial Decree No. 902 of the Year 2001 Decree 694/2012 (September 2012)

On the Regulation of Tourism Companies Decree 533/2012 (August 2012)

On Amending the Press Law No. 96 of the Year 1996. Decree 85/2012 (August 2012)

On the Issuance of the Statute of the National Authority for the Development of

Sinai Peninsula Prime Minister Decree 915/2012 (August

2012)

Regarding the Practicing of the Pharmaceutical Profession Decree 622/2012 (August 2012)

On the Procedures of Registration and Control of Locally Manufactured Cosmetics Decree 498/2012 (August 2012)

Granting a Special Raise of 15% to State and Private Servants Decree 82/2012 (August 2012)

Imposing Final Precautionary Measures On Cotton and Mixed Yarn Imports Decree 589/2012 (July 2012)

On Establishing the National Council for Industry Quality Assurance Decree 568/2012 (July 2012)

On the Abidance by the Egyptian Standard Specifications During Production Decree 541/2012 (July 2012)

Provisions Of The Social Insurance Law Decree 102/2012 (July 2012)

Regarding Banderoles and Sticking Procedures Decree 293/2012 (July 2012)

Imposing An Export Duty On Certain Kinds Of Scrap And Materials Decree 483/2012 (June 2012)

On Imposing Temporary Precautionary Measures on Imports of Polypropylene Items Decree 430/2012 (June 2012)

Amending Provisions of Organizing Tourist Companies Law Decree 301/2012 (May 2012)

Amending Provisions of Executive Regulations Implementing Capital Market

Law Decree 572/2012 (May 2012)

Amending Provisions of Import/Export Law Decree 384/2012 (May 2012)

Amending Provisions of Import/Export Law Decree 384/2012 (May 2012)

Regarding Electronic Publication of Government Tenders and Auctions Prime Minister Decree 463/2012 (May 2012)

Amending the Executive Regulations Implementing Cantral Depository and

Registry of Securities Prime Minister Decree 421/2012 (April 2012)

Loading/Unloading Rates and Compliance of Companies and Shipping Agencies Decree 142/2012 (April 2012)




Provisions of Maximum Limit of Incomes and Minimum Limit Prime Minister Decree 322/2011 (April 2012)

Amending Provisions of Import/Export Law Decree 219/2012 (March 2012)

Determining Certain Customs Duties Exemptions

Prime Minister Decree 297/2012 (March 2012)

Establishment of Tourism Companies Decree 151/2012 (March 2012)

To Install Tracking Devices in Tourism Vehicles

Ministerial Decree 121/2012 (March 2012)

Temporary Precautionary Measures on Woven And Mixed Cotton Fabrics Imports

Ministerial Decree 116/2012 (February 2012)

Determining Certain Customs Duties Exemptions regarding Sugar Imports

Prime Minister Decree 165/2012 (February 2012)

Tax Accounting Rules and Principles for Small Enterprises and Procedures of Tax Collection on their Profits


The Integrated Development of the Sinai Peninsula

Supreme Council of the Armed Forces Decree-Law 14/2012 (January 2012)

Establishing Incentives for Settlement of Taxes

Supreme Council of the Armed Forces Decree-Law 11/2012 (January 2012)

Formation of the Ministerial Group for Settlement of Investment-related Disputes

Prime Minister Decree 32/2012 (January 2012)

Forming a Committee for Examining the Contracts That Have Been Signed Between Investors and State-Affiliate Entities

Prime Minister Decree 1009/2011 (August 2011)

The Regulation of Public Business Sector Ministry

Supreme Council of the Armed Forces Decree 156/2011 (July 2011)

Restaurants and Tourist Shops Ministerial Decree 300/2011 (June 2011)

Pegging the State General Budget for the Fiscal year 2011/2012 and Amending some provisions of the Income Tax Law

Supreme Council of the Armed Forces Decree- Law 51/2011 (June 2011)

Amending Certain provisions of the General Sales Tax Law 11/1991

Supreme Council of the Armed Forces Decree- Law 49/2011 (June 2011)

Imposing an Export Duty on Blocks of Crude Marble and Granite

Decree 278/2011 (June 2011)

Imposing an Export Duty on Certain Kinds of Scrap and Materials

Decree 277/2011 (June 2011)

Obligation to Produce and to Trade according to the Standard Specifications

Ministerial Decree 266/2011 (June 2011)

Imposing Power Consumption Labels to be Fixed on Home Appliances and Electric Lamps

Decree 171/2011 (May 2011)

Formation of the Ministerial Group for Settlement of Investment-related Disputes

Prime Minister Decree 461/2011 (April 2011)

Conditions and Procedures of Granting Work Licenses to Foreigners

Ministerial Decree 90/2011 amending certain articles of Decree 292/2010 (April 2011)

Amending Labor Law 12/2003 Prime Minister Decrees 526-530/2011 (April 2011)

Temporarily Stop Acceptance of Applications for Establishing Tourism Companies

Ministerial Decree 84/2011 (March 2011)

Conducting Radioactive Examination on Certain Products

Prime Minister Decree 458/2011 (March 2011)

Regulations of Calculating the Maximum Ratio of Liabilities to Equities for Financial Leasing Companies

Egyptian Financial Supervisory Authority (EFSA) Decision 1/2011 (March 2011)




Amending Article 295 of the Executive Regulations Implementing Capital Market Law 95/1992

Prime Minister Decree 345/2011(March 2011)

Establishing an Insurance Fund for Securities Dealers against Non-commercial Financial Risks arising from the Activities of Companies Operating in Securities field

Prime Minister Decree 355/2011 amending certain Provisions of Prime Minister Decree 1764/2004 (March 2011)

Paying the Due Income Tax in Installments regarding the year ended 31/12/2010

Supreme Council of the Armed Forces Decree-Law 8/2011 (March 2011)

Tax Inspection Rules for Small Enterprises (Class A), Legal Persons pursuant to Provisions of Law 91/2005 and its Executive Regulations

Ministry of Finance General Rules and Instructions 1/2011

Canceling Annex No. 1 of the year 2010 to the Decree of the Minister of Finance 363/2009

Ministerial Decree 82/2011(February 20, 2011)

Granting a special raise to the state several servants

Supreme Council of the Armed Forces Decree-Law 2/2011 (February 16, 2011)

Amending provisions of law 125/2010 on the Degree of Waters' Rights Privilege

Ministerial Decree 290/2010 (December 2010)

Rules Governing Payment of the General Sales Tax on Machinery and Equipment

Ministerial Decree 691/2010 amending article 1 of Decree 296/2005 (October 2010)

Amending Executive Regulations of the law Regulating Tenders and Bids

Decree 549/2010 (August 2010)

Modifying the Rates of Charge of Services Carried out By the Egyptian Authority for Export and Import Control

Decree 682/2010 (July 2010)

Prices of Energy Decree 2130/2010 (July 2010) Decree 1953/2010 (July 2010)

Amending Certain Provisions of Law on Import and Export

Decree 627/2010 (July 2010) Decree 305/2010 (April 2010)

The Conformity Assessment Entities in Egypt

Ministerial Decree 348/2010 as amended by Decree 403/2010 (May 2010)

Entities and Companies Granting or Obtaining the ISO Certificates

Ministerial Decree 415/2010 (May 2010)

Conditions concerning the Release of the Chinese Commodities

Ministerial Decree 366/2010 amending Decree 257/2010 (April 2010)

Establishing the National Council for Industry Quality Assurance


Enforcing Production in Compliance with the Standard Specifications


Provisions Regarding the Obligations of the Pharmaceutical Companies

Decree 424/2009 amending Decree 38/1999 (November 2009)

Establishment of an Investor Dispute Settlement Center at the General Authority for Investment and Free Zones

Ministerial Decree 170/2009 (August 2009)

Issuing the Statute of the General Authority for Financial Control

Presidential Decree 192/2009 (June 2009)

Provisions Regulating the Management of the Egyptian Exchange and its Financial Affairs

Presidential Decree 191/2009 (June 2009)

Contents

BSAC Publications

Egypt Economic Profile (April 2013)

An annual country report on Egypt's recent macroeconomic performance as well

as coverage of Egypt's most important commodity and service sectors.

Banking Sector Developments in Egypt (March 2013)

An overview of Egypt ’s post revolution banking system with focus on emerging

trends including, retail banking, Islamic finance, project and SME finance and ICT

applications.

MENA-US Trade and Investment (January 2013)

The report provides a briefing on the MENA macroeconomic and business

environment with focus on recent trends in MENA-US trade and investment

relations.

Healthcare and Pharmaceuticals in Egypt (September 2012)

A comprehensive overview of Egypt's healthcare sector and pharmaceuticals

industry with focus on market trends, investments, trade in pharmaceuticals and

growth areas.

MENA-US Trade and Investment (May 2012)



relations.

Egypt Economic Profile (April 2012)

An annual country report on Egypt's recent macroeconomic performance as well as coverage of Egypt's most important commodity and service sectors.

The Automotive Industry in Egypt (February 2011)

A comprehensive overview of Egypt's automotive industry with focus on recent

market trends in the passenger car, commercial vehicles and automotive

components segments.

MENA-US Trade and Investment Report (May 2010)



relations.

Egypt Economic Profile (March 2010)

An annual country report on Egypt's recent macroeconomic performance as well

as coverage of Egypt’s most important commodity and service sectors.

Egypt-U.S. Guide to Trade: Exporting to the U.S. (October 2009)

An extensive publication produced to familiarize businesses with import

procedures in the U.S. and export procedures in Egypt. Focus is placed on

Egypt’s leading non-petroleum export sectors, namely textiles and clothing,

processed food and cereals, iron and steel and furniture.

Petroleum Sector Developments in Egypt (March 2009)

A comprehensive overview of Egypt's petroleum sector with focus on recent

developments in the local oil, natural gas, and petrochemicals industries.

Banking Sector Developments In Egypt (September 2008)

This study examines the Egyptian Banking System in its new state of reform with

focus on major market players and recent developments.







Tourism Sector Developments In Egypt (March 2008)

An overview of the tourism sector in Egypt with focus on the latest market

developments and investment opportunities.

Information and Communications Technology Developments in Egypt

(May 2007)

An overview of ICT sector development in Egypt with focus on the challenges and

opportunities facing the sector in the next several years.

Pharmaceutical Industry Developments in Egypt (December 2006)

An overview of the pharmaceutical sector in Egypt and recent challenges to

higher sector growth and catalysts for sustainable development.

The Textile and Clothing Industry in Egypt (August 2004)

A comprehensive study of the textiles and clothing industry, examining future

competitiveness and anticipated changes in the global market.

The Construction Sector in Egypt (September 2003)

A comprehensive study of the construction and building materials sectors in

Egypt, with focus on factors affecting development and competitiveness.

The Insurance Sector in Egypt (August 2001)

An update on the Egyptian Insurance sector with focus on private sector

developments.

For details on how to order, Please Click Here

Contents

http://www.amcham.org.eg/resources_publications/publications/business_studies/

Important links

Egypt Business/Economic Links

Cairo and Alexandria Stock Exchanges

Egyptian Government On-line

Egypt State Information Service

General Authority for Investment and Free Zones (GAFI)

IDSC: Main Economic Indicators

Information Decision and Support Center

Ministry of Trade and Industry

Ministry of Investment

The US Embassy in Egypt

U.S. Links

American Association of Exporters and Importers

International Trade Administration

United States Customs & Border Protection

US Department of Commerce- Bureau of Economic Analysis

US Department of State-International Information Programs-Middle East

and North Africa

Contents



http://www.egyptse.com/English/homepage.aspxhttp://www.egyptse.com/English/homepage.aspxhttp://www.egyptse.com/English/homepage.aspxhttp://www.sis.gov.eg/En/Default.aspxhttp://www.sis.gov.eg/En/Default.aspxhttp://www.sis.gov.eg/En/Default.aspxhttp://idsc.iza.org/metadata/http://idsc.iza.org/metadata/http://idsc.iza.org/metadata/http://www.mfti.gov.eg/english/index.htmhttp://www.mfti.gov.eg/english/index.htmhttp://www.mfti.gov.eg/english/index.htmhttp://cairo.usembassy.gov/http://cairo.usembassy.gov/http://www.aaei.org/http://www.aaei.org/http://www.aaei.org/http://www.cbp.gov/http://www.cbp.gov/http://www.cbp.gov/http://www.america.gov/http://www.america.gov/http://www.america.gov/

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