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Cooperation protocol between the Suez Canal Authority, banks and the Ministry of Finance expected to be signed on Tuesday.
Ministry of Finance announces the detailed new property tax law for the first time
The government’s drive to fund the Suez Canal project through investment certificates is raising fears that private sector banking will be pushed out
Government has yet to announce official date for investment certificates
Investment certificates expected to encourage investors with higher-than-average interest rates
Ibrahim Mehleb charges Finance, Investment, and Planning ministries with studying mechanisms to raise $8bn for new Suez Canal project
Government seeks to restore the confidence of international markets in Egyptian economy and gain support for economic reform programme
Government conducts broad international talks to revive confidence in Egyptian economy threatened by political turmoil
US is striving to expand its influence in Africa, Egypt heads project to develop its African interests, strategic expert says
Abraaj Capital Group is monitoring new direct investment opportunities to acquire companies in different sectors, counting on political stability
Bank aims to raise its retail banking portfolio in FY 2014/2015 as part of policy to increase retail customers to 5 million over next five years
Head of EFSA says oversight body is currently studying documents submitted to implement the deal
EGAS has yet to sign with two oil companies to supply 12 shipments of LNG, due to the lack of necessary funds.
Tax rate applied will be 10% of the units’ rental value
Total government deposits at the end of March were EGP 169.412bn, decreasing EGP 1.29bn from December 2013, when deposits were EGP 170.702bn
Economy remains weak with consumption under pressure and investment affected, the report stated
Dimian estimates that proceeds to the treasury from the new tax will range from EGP 5 – EGP 6bn, but this will be linked to market performance.
“A very high turnout might have enhanced the legitimacy of the return to military rule in domestic and international eyes,” the credit agency says
Ministry aims to facilitate the process of reaching polling stations for citizens, says minister of transportation
Government aims to increase tax revenues in new budget, but has refrained from specifying measures to be taken
Reuters – Egyptian property developer Talaat Moustafa posted a first-quarter profit after tax of EGP 160.8m ($23m) on Wednesday, up 15% from a year earlier, it said in an emailed statement. Revenues fell to EGP 1.14bn from EGP 1.52bn, it said.
Report criticises labour market and education system; describes them as structural weakness
Telecom Egypt, Ezz Steel, and Cemex Egypt among top tax paying companies
Daily News Egypt interviews the General Manager of Visa in the North and Francophone Africa region Tarek Elhousseiny
Reuters – Egypt’s Al Nouran sugar production facility, an EGP 2.5bn ($357m) project, could begin operations in 2016 after securing a Sharia-compliant financing package, the project sponsors said on Monday. Al Nouran is expected to refine more than 500,000 tonnes of sugar annually, potentially reducing the country’s reliance on imported sugar by up to 25%, …
Reuters – The government of Dubai plans to sell a benchmark-sized, US dollar-denominated sukuk with a lifespan of 15 years on Tuesday, a document from lead managers said. Initial price thoughts on the Islamic bond have been set between 5% and 5.125%, the document said. Benchmark size is traditionally understood to mean at least $500m. …
52% of Egyptians believe the economy has declined in the last 6 months, yet 37% still expect their personal financial situation to improve in the next 6 months, Bayt.com and YouGov report
Mawwell aims at providing the opportunity for project creators, who may be too small for bankers or too innovative for venture capital firms, to attract the attention of individuals whose financial support will help the projects
Reuters – Egyptian investment firm Pioneers Holding posted a 37% increase in net profits for last year, it said in a bourse statement on Wednesday. Pioneers made EGP 358m ($51m) in 2013 compared with EGP 260.5m in the previous year, it said. The firm, which specialises in brokerage services, said earlier this year it planned …
AFP – Growth in Egypt’s economy is expected to remain sluggish this year as political uncertainty keeps tourists and foreign investors away, the International Monetary Fund said Tuesday. The economy of the Arab world’s most populated country was forecast to grow by 2.7% this year after expanding by 2.1% in 2013, the IMF said in …