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25 Jan 2017

Egypt studying stocks stamp duty as bourse advances

Egypt’s government is studying how and when to implement a stamp duty on stock transactions, and remains committed to a three-year delay on a capital gains tax, according to Finance Minister Amr El-Garhy.
The share levy will not be “of any magnitude that will hinder investors from coming,” El-Garhy said in an interview with Bloomberg Television...

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25 Jan 2017

Transparency International says corruption in Egypt “still high”

Transparency International said on Wednesday that “Corruption levels in Egypt are still high in the absence of a real political will to fight it”, in its Corruption Perception Index 2016.

The international"...

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25 Jan 2017

Egypt raises $4bn from bond issue

The sale was reportedly oversubscribed despite the fact that ratings agencies had given the bonds lower grades due to the country’s high fiscal deficit, public debt and security problems.

The funds will help"...

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25 Jan 2017

Egypt to Cyprus travel increases by 8,733 arrivals in 2016

Approximately 2,000 more tourists from Egypt visited Cyprus in 2016 compared to last year, the Cyprus Tourism Organisation (CTO) said on Wednesday. In 2016, 8,733 tourists from Egypt visited Cyprus compared to 6,450 in 2015, according to Cyprus Tourism Organisation (CTO).
Currently a Cypriot delegation – comprising tourism and shipping professionals...

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25 Jan 2017

Egypt eyes taking bond sales Eastward after $4b offer

Egypt may sell bonds in Japanese yen and Chinese yuan after the country’s first foray into international capital markets since a currency devaluation in November raised $4 billion.

The sale of dollar-denominated"...

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25 Jan 2017

Egypt’s FM to head for AU General Assembly in Ethiopia ahead of Sisi’s visit

Egypt’s foreign affairs minister Sameh Shoukry will travel to Ethiopia on Thursday to attend a ministerial-level African Union meeting ahead of President Abdel-Fattah El-Sisi’s participation in the AU’s 28th General Assembly by the end of this month, a ministry statement read.

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25 Jan 2017

India’s Sanmar Chemicals to raise Egypt investments to $1.5 billion

Indian petrochemical conglomerate Sanmar Group announced it will increase investments in its Egyptian arm by $300 million to eventually reach $1.5 billion, aiming to boost export capacity and fill the local market needs.

The"...

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25 Jan 2017

Direct payments to needy in Egypt may be better than slow subsidy reform

Egypt has taken bold steps to reform its expensive and poorly targeted subsidy system. Unfortunately the plan is running into turbulence, with the government and the poor beginning to feel the heat. Perhaps it’s time to brainstorm for some different ideas.

One"...

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25 Jan 2017

Ethiopia made a mistake to build Dam without permission from Egypt: Irrigation Ministry Official

A South Sudanese official has blamed Ethiopia for recent crisis that has brought suspicion between countries sharing the Nile waters, this comes just weeks after reports on media that Ethiopian rebels have opened a base inside South Sudan.

The official who is an Advisor at the ministry of"...

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25 Jan 2017

Egyptian museums achieve revenues of EGP 45m in 2016

The Ministry of Antiquities’ affiliated museums have achieved total revenues of $45m with 974,400 visitors in 2016.

According to a statement by the ministry’s museums division, the museums achieved the highest revenues in December, recording EGP 6.8m with 117,000 visitors, while"...

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