On the 17 of April 2022, the General Organization for Import and Export Control (GOEIC) announced the suspension of import activities of over 800 foreign companies and factories to Egypt for failing to register their companies in the importer’s registry in Egypt. Amongst the suspended companies are notable pharmaceutical, beverage, and consumer goods companies.

On the 6th of March 2022, Law No. 8 of 2022 regulating the Hotels and Tourism Establishments (the “Law”) was issued nullifying its predecessor law No. 1 of 1973 and setting out the licensing and regulatory requirements for hotel and tourism establishments.

Ministry of Tourism and Antiquities Decree no. 304 of 2021 provides that tourism companies that fall under category (A or C) are required to install tracking devices in their vehicles in accordance with the technical specifications within the framework plan set out by the competent general department of the Ministry of Tourism and Antiquities.

On 31 October 2021, the board of Financial Regulatory Authority (“FRA”) issued Decree number 163 of 2021, which approved that the venture capital companies may be licensed to conduct establishment of Special Purposes Acquisition Companies (“SPACs”). The said decree indicates that the licensing requirements shall be determined through executive regulations to be issued by FRA.

After years of struggling to launch, Egypt’s Sukuk market has finally taken off with the issuance of the country’s first corporate Sukuk in 2020. The Egyptian House of Representatives has also given its final approval for the draft Sovereign Sukuk Law, which outlines the terms for issuing sovereign Sukuk.

The Decree stipulates that all automotive companies and showrooms in Egypt must display the cars’ prices in Arabic (along with any other language if desired), and that such announced prices must be inclusive of any applicable taxes.

We invite you to read as we look beyond the pandemic with the updated issue of “MENA Post-COVID: Green Shoots & Recovery”.

EGYPT – IFC, a member of the World Bank Group has partnered with ALEXBANK, an Egyptian private bank to provide financing to farmers to enable them transition to use of sustainable irrigation systems.

While the COVID-19 pandemic has not passed Egypt by, the country has managed to weather the storm relatively well. Egypt is set to be the only country in MENA to see its GDP remain in the positive territory at 3.5% growth, a figure most analysts did not forecast at the onset of troubles this year. This week, we analyse the repercussions of the pandemic on the state budget and overall fiscal position.

LuLu International Holdings (LIHL), one of the leading hypermarkets & supermarket chains in the Middle East has entered into a non-binding agreement with Abu Dhabi headquartered investment firm, ADQ to acquire US$1 billion for expansion in Egypt.