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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Local, Italian companies partner up to establish food retail chain in Egypt

            Local, Italian companies partner up to establish food retail chain in Egypt

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            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Miral’s premier Abu Dhabi waterfront project work on track

            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

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              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              New investment law in Egypt to attract further FDI

              Oxford Business Group

              July 13, 2017
              in Economy
              0

              On June 1 President Abdel Fattah El Sisi signed the new bill into law following months of deliberation, with implementation scheduled for the end of August. The legislation includes a variety of bureaucratic reforms, and outlines new fiscal incentives for potential investors.

              New rules, new system
              One of its key provisions is to streamline business procedures through an investors’ service center that will act as a one-stop shop for issuing all licenses. The center will be established by the newly created General Authority for Investment (GAI), previously the General Authority for Investment and Free Zones.

              The GAI will also develop an “e-incorporation” system for investment entities that pledges a 24-hour response to all applications. An accreditation office will then support the applicant through the license and approval process for investment projects, reviewing documents and issuing a certificate.

              Measures to ease investment include a “golden license” that will allow the prime minister to issue a single approval that includes all the required business establishment and operating licenses, land allocation and building permits for strategic and national projects deemed key to Egypt’s development.

              These changes should lessen the burden investors previously faced in dealing with a range of state agencies, raising Egypt’s rankings in the World Bank’s “Doing Business” report. In the most recent report, for 2017, Egypt already jumped 31 places in the starting a business category, to 70th out of 190 markets, though it slid one place to 63rd for dealing with construction permits.

              Incentivized investment
              The new law also incorporates tax incentives to draw investors, such as a five-year exemption from stamp duty on all incorporation contracts, as well as facility and mortgage contracts related to an investment project.
              The legislation will also give investors tax breaks of 30% across the board, rising to 50% for investments made in so-called underdeveloped zones, a concept that will be clarified in executive regulations to be published in late August.

              Under the new legal framework, the Council of Ministers reserves the right to grant further incentives, including allocations of free land on a case-by-case basis, with the conditions also to be confirmed at a later date.

              Other measures ensure investor rights and guarantees, such as more robust protection against nationalization, sequestration and license revocation. Investors will be allowed to hire foreign employees for up to 10% of the workforce, rising to 20% at a later date.

              The council will also retain the right to give foreign investors preferential treatment if deemed economically necessary – allowing them to, for example transfer profits abroad, or import goods without registering as an importer.

              Roadblocks to success
              The law is seen as an important breakthrough in ongoing government efforts to improve the macroeconomic and investment climate. Those efforts – which look to address a range of structural issues – have been largely supported by partners including development finance institutions and the IMF, which signed a $12bn extended fund facility with Egypt last November.

              That month also saw the government push through fiscal measures such as the free float of the Egyptian pound, and a reduction of its sizeable subsidy bill.

              “The currency floatation has to be seen as an uneasy, but necessary, surgery, that typically suffers post-op pain but will eventually guarantee a full cure over time,” Taha M Khaled, chairman of professional services firm BDO, told OBG. “There are difficulties related to inflation and the rising cost of imports, but they come with positive prospects for the overall doing business conditions in Egypt in the middle to long run.”

              On solid ground
              Despite these growing pains, net FDI inflows rose to $6.9bn in FY 2015/16, up from $6.4bn in FY 2014/15, according to the central bank – the highest level recorded since the January 2011 revolution.

              The rise has been driven partly by ongoing large-scale investments in oil and gas, where capital-intensive exploration and development projects have continued despite low prices.

              While the energy sector is already regarded as fairly well regulated and stable by investors, the new investment law should open other sectors up to greater FDI. In March Sahar Nasr, minister of investment and international cooperation, said the government aimed to attract another $10bn in FDI next year.
              Oxford Business Group
              13 July
               

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