欢迎来到Al Tamimi & Company第三期中文简报——《中东北非商业视界》。

As a part of the execution of the Egyptian National Strategy for Intellectual Property launched September of last year, the Egyptian Cabinet approved the draft law establishing the Egyptian Intellectual Property Authority (“EIPA”), and it was issued under Law no. (163) of 2023 (the “Law”) which was published in the Official Gazette on 6 August 2023.

500 Global, one of the world’s most active multi-stage venture capital firms, and The Egyptian Information Technology Industry Development Agency (ITIDA), announced the launch of 500 Global first batch of the Scale Up program in Egypt. The Scale Up program is focused on providing strategies and experimentation methodologies to accelerate growth for Pre-Series A startups in Egypt.

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”.