Mohamed Ayyad

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Latest by Mohamed Ayyad


$6bn foreign direct investment in FY 2014/2015: Investment minister

Egypt’s total foreign direct investments for FY 2013/2014 measured $6bn, Investment Minister Ashraf Salman said on Tuesday. On the sidelines of the Euromoney conference, Salman said that Egypt is hoping to “touch the $10bn” mark during FY 2014/2015, and will reschedule debts to foreign partners operating in the petroleum sector. The move will restore their …

Mohamed Ayyad

Euromoney Conference: Egypt’s economic summit under the microscope

The business and financial community awaits the Egyptian government’s economic plans to be revealed during the Sharm El-Sheikh summit to be held at the end of 2014 or early 2015. The plans are expected to involve procedures correcting Egypt’s economic path amid the government’s efforts to restore international and local market in the economy. Egypt’s …

Mohamed Ayyad

The elimination of tax exemption is a ‘necessity’: Tax Authority head

Mostafa Abdel Qader, chairman of Egypt’s Tax Authority, requested that tax exemptions that Egypt has granted for decades be eliminated, stressing that Egypt has not reaped benefits from them and that they are a “type of intellectual colonisation”. “The imposition of taxes on dividends and capital gains represent a bigger step towards achieving greater justice,” …

Mohamed Ayyad

Government begins reviewing bids for renewable energy projects

The government has begun reviewing offers submitted by private companies to carry out renewable energy projects in Egypt, said Minister of Electricity Mohamed Hamed Shaker. Shaker added that the four main criteria on which the offers will be judged are seriousness, technical capability, financial solvency and previous experience. The move comes as part of state …

Mohamed Ayyad

Hermes allocates EGP 50m for development projects in Upper Egypt, 20m for ‘Long Live Egypt’ fund

Investment bank EFG-Hermes Financial has allocated EGP 50m for its sub-organisation Hermes Foundation for Social Development in order to pursue development projects in several villages in Upper Egypt beginning early 2015, according to the bank’s timetable for implementation. The project aims to provide services to 30,000 citizens. Mona Zulfikar, chairwoman of the board of trustees …

Mohamed Ayyad