Egypt’s 2023/24 Tax Policy Document still under review: Maait
Mohamed Maait, the Minister of Finance, has confirmed that the 2023/2024 Tax Policy Document is currently under review and has not yet been made available for public discussion. In a statement on Monday, Maait explained that the version of the document circulating on social media was an initial draft prepared several months ago. The Ministry of Finance is meticulously examining the document to ensure it aligns with its objectives for the next six years. Maait emphasized that the high committee responsible for preparing the document is in the process of finalizing the details. The government remains committed to drawing insights from distinguished international experiences to establish stable tax policies, thereby enhancing the business climate and attracting more investments.
Source:Daily News Egypt
June 04, 2024 05:49 UTC
Egypt's infrastructure highlights under Madbouly's term
CAIRO - 3 June 2024: During Prime Minister Madbouly's term from June 2018 to June 2024, Egypt witnessed a surge in transformative projects aimed at bolstering infrastructure, healthcare, urban development, investment, transportation, port development, and economic growth. The Sokhna Port development project alone cost LE 60 billion, while the East Port Said Integrated Area Development Project amounted to LE 29 billion. Healthcare Infrastructure: Under Madbouly's term, Egypt saw unprecedented advancements in healthcare infrastructure, implementing 35 new hospitals and establishing medical complexes and centers nationwide. Ports Development: Tahya Misr Multi-purpose Station 62/55 in Alexandria Governorate stands as a testament to Egypt's commitment to port development. These endeavors signify Egypt's proactive approach to modernizing its port facilities, thereby enhancing its competitiveness in the global market and fostering sustainable economic development.
Source:Egypt Today
June 03, 2024 18:30 UTC
Egyptian President asks Madbouly to form new government, outlines priorities
Egyptian President Abdel Fattah Al-Sisi has tasked outgoing Prime Minister Mostafa Madbouly with forming a new government, following Madbouly’s resignation earlier on Monday. President Al-Sisi has instructed Madbouly to assemble a government of individuals with exceptional competencies and expertise. The new government will focus on several key areas, including safeguarding National security, by addressing regional and international challenges to Egyptian national security. Prime Minister Madbouly expressed his gratitude to his colleagues, including ministers, governors, deputies, and all government members, for their dedicated service under challenging circumstances. Madbouly Cabinet sees multiple reshuffles since 2018 formationEgypt’s 124th Cabinet, formed by Prime Minister Madbouly and sworn in on June 14, 2018, has undergone several changes since its inception.
Source:Daily News Egypt
June 03, 2024 16:49 UTC
Rowad Modern Engineering aims for 50% international business volume
Mohamed Mahlab, CEO of Rowad Modern Engineering, recently revealed the company’s expansion plan for Egypt and the Gulf markets. Expansion in Saudi ArabiaRowad Modern Engineering has secured projects worth SAR 800m in the Saudi market. Pharmaceutical ProductionRowad Modern Engineering is currently implementing a pharmaceutical production plant in partnership with EIPICO. The cost of establishing these factories, as part of the contracting work carried out by Rowad Modern Engineering, exceeds approximately EGP 10bn. Building SectorRowad Modern Engineering has a significant track record and extensive experience in constructing administrative buildings, hospitals, and specialized structures that go beyond traditional frameworks.
Source:Daily News Egypt
June 03, 2024 14:35 UTC
PM Madbouly thanks President Sisi for assigning him to form new government
CAIRO – 3 June 2024: Egypt’s Prime Minister Mostafa Madbouly thanked President Abdel Fattah al Sisi for assigning him to form a new government. The re-instated prime minister noted that specific presidential directives in several fields will be implemented after the new government is formed. Egypt's Prime Minister Mostafa Madbouly presented on Monday the government's resignation to President Abdel Fattah al Sisi. President Sisi assigned Madbouly to form a new government of ministers with distinguished competencies, experience, and capabilities. President Sisi also assigned the current government to continue performing its duties and tasks until the formation of the new government
Source:Egypt Today
June 03, 2024 13:28 UTC
Another trial, this one of Biden’s son, will deepen the election’s legal entanglement
Four days after presumptive GOP nominee Donald Trump was convicted on 34 counts in his hush money trial in New York, President Joe Biden’s son Hunter will be called to answer for federal gun charges in Wilmington, Delaware. But a CBS/YouGov poll released Sunday showed that Americans believe 57% to 43% that the Manhattan jury reached the right verdict. His inflammatory remarks did not reflect the fact that his refusal to accept his 2020 election loss and his demagoguery are far more reflective of developing-world banana republics than a fair jury trial. Hunter Biden is entitled to the same presumption of innocence and a trial by a jury of his peers that Trump was. “I’d rather be on President Biden’s side of that contrast than on the extreme MAGA Republican side,” he said.
Source:Egypt Independent
June 03, 2024 13:03 UTC
Tax policy plays crucial role in attracting investment to Egypt: ETA chief
Rasha Abdel Aal, Head of the Egyptian Tax Authority (ETA), emphasized that tax policy plays a crucial role in attracting investment to Egypt. Goals include achieving tax justice, enhancing transparency, and unifying tax procedures across all departments. Sakr confirmed that directives from the Minister of Finance prioritize resolving disputed files and moving toward full automation of tax procedures. Mohanad Khaled, Managing Partner at BDO Khaled & Co., highlighted the challenges faced by the business community concerning the tax system. The primary objective of this meeting is to foster cooperation among the business community, investors, and the Tax Authority.
Source:Daily News Egypt
June 03, 2024 12:46 UTC
Palestinian National Action Committee member: Israel intentionally violated all agreements, rules of war
CAIRO - 3 June 2024: Member of the Palestinian National Action Committee, Ratiba Natsheh, said that Israel violated all agreements, treaties, and rules of war directly, intentionally. Al-Natsheh indicated, during a phone call with Al-Qahera News TV Channel, that the Israeli war on the Gaza Strip is still raging to upset the demographic balance in the Middle East, pointing out that there is no safe area in the Gaza Strip at the time the Israeli occupation continuing to target all areas, as well as the tents of the displaced. She stressed that the situation in Gaza exceeded all that could be described as humanitarian massacres. She added that the war in the Gaza Strip will not be witnessed in the modern world since World War II until today. She explained that the Gaza Strip needs 14 years to rebuild as a result of the massive amount of destruction, and the massive targeting of buildings, infrastructure, children, women, relief crews, civil defense crews, journalists, and hospitals in its entirety,
Source:Egypt Today
June 03, 2024 09:48 UTC
CBE to auction $500m in US dollar-denominated T-bills
The Central Bank of Egypt (CBE) is set to auction local Treasury bills denominated in US dollars worth $500m on Monday. The proceeds from this auction will be used to settle a previous auction issued on June 6, 2023, during which the central bank raised $554.1m. In a similar auction held on 29 April 2023, the CBE received 23 bids totalling $1.1176bn from both local and foreign investors. Local banks and foreign institutions are allowed to subscribe to these dollar-denominated Treasury bills, with a minimum subscription of $100,000 and multiples thereof. The central bank then reviews these requests and accepts suitable bids.
Source:Daily News Egypt
June 03, 2024 06:24 UTC
Hezbollah intensified attacks on northern Israel in May: Israeli research center
According to the center, Hezbollah conducted 325 attacks against Israel's northern region in May. The report notes a daily average of 10 attacks, contrasting with April's figures, during which Hezbollah launched 238 attacks, averaging 7.8 attacks per day. Over the last four months (February to May), there has been a more than 12-fold increase in the number of drone attacks against Israel. In May, Hezbollah conducted 139 missile attacks, compared to 128 in April. Since the beginning of the conflict, Hezbollah has carried out 1,964 attacks along Israel's northern border, with 46% of them targeting infrastructure and civilian areas, as noted by the Israeli center.
Source:Egypt Today
June 03, 2024 01:20 UTC
CIB’s green finance initiatives: Pioneering sustainable banking in Egypt
Islam Zekry, the Group Chief Financial Officer at the Commercial International Bank – Egypt (CIB), emphasised the bank’s commitment to sustainable economies. CIB aims to stabilise the per capita share of gross domestic product (GDP) across Africa by focusing on green assets. Notably, CIB’s green assets account for 12%, a significant commitment even though this percentage remains well below the global average of 1%. “This framework is our gift to Africa to create a more balanced business and provide attractive products to customers. Zekry stresses that incentives are necessary, as well as identifying appropriate and future opportunities to direct funds to Africa.
Source:Daily News Egypt
June 02, 2024 18:57 UTC
CBE aims to strengthen sustainable borrowing through blended finance mechanisms: Governor
He said: “The international financial architecture is facing a set of challenges as it was designed at a time when neither climate risks nor inequalities were considered as the main impediments to development. “We also look forward to deepening sustainable borrowings in the form of blended finance mechanisms in addition to aligning private capital and public goods through Public Private Partnerships. He also praised the recent launch of the historic Global Sustainable Hybrid Capital by the AfDB, an exemplary initiative optimising resources. He said: “A key highlight in this regard is the launch of the historic Global Sustainable Hybrid Capital of the AfDB early this year, which is a leading example in optimizing MDBs’ resources. Egypt and AfDB have been close partners since the Bank’s inception, and we will remain supportive of the AfDB’s continuous efforts across all streams.
Source:Daily News Egypt
June 02, 2024 18:33 UTC
Egypt reaffirms Israeli withdrawal from Rafah crossing as prerequisite for reopening: Senior source
CAIRO – 2 June 2024: Egypt has restated its unwavering position, emphasizing the requirement for Israeli withdrawal from the Palestinian side of the Rafah crossing as a crucial condition for reopening the crossing. A high-level source said that officials from Egypt, US, and Israel concluded a meeting in Cairo on Sunday, where they discussed the reopening of the Rafah crossing. The Egyptian security delegation emphasized Israel's full responsibility for the obstruction of relief and humanitarian aid materials from entering Gaza. The Rafah crossing has been closed since Israel escalated its operations in Gaza, deploying ground troops to Rafah city near the border with Egypt on May 7. Cairo has since refused to coordinate with Israel on aid delivery to Gaza through the crossing.
Source:Egypt Today
June 02, 2024 15:02 UTC
Those who back Taiwan independence face ‘self-destruction,’ China’s new defense minister warns in combative summit speech
However, this prospect is increasingly being eroded by separatists for Taiwan independence and foreign forces,” Dong warned. The US also by longstanding policy does not support Taiwan independence nor the unilateral change of the status quo across the Taiwan Strait. It is also a rare opportunity to hear from, and pose questions to, senior Chinese military leaders. “The strategic environment in Asia has actually got more tense and I think we saw that in the Chinese defense minister’s speech today,” Ward said. “Every year for three years, a new Chinese defense minister has come to Shangri-La,” the official told CNN.
Source:Egypt Independent
June 02, 2024 13:30 UTC
India records bumper economic growth as election draws to a close
The rate of growth was higher than the Modi government’s forecast of 7.6 percent. Modi is running on his economic record over the past 10 years, a period of robust growth for India. It also experienced the largest percentage growth in GDP over the decade compared to other major economies. Despite the euphoria surrounding the growth figures, economists say there are enormous challenges facing the Indian economy in the next decade. Rising mercury levels in India risks reversing progress on poverty alleviation, health and economic growth, experts say.
Source:Egypt Independent
June 02, 2024 13:16 UTC