New Amendments to the Mineral Resources Law
The much-anticipated amendment (the “Amendment”) to the Mineral Resources Law (the “Law”) has been recently published on August 7th, 2019 as Law No. 145 of 2019 in the Official Gazette and entered into force as of August 8th, 2019. Below are the key provisions of the Amendment. New Regulatory Bodies The Amendment introduced new terms […]
read moreNew Regulations Regarding Foreign Investment Disclosure Obligations
In the wake of the most recent amendment to the Investment Law No. 72 of 2017 (the “Investment Law”) by virtue of law No. 141 for 2019 published on July 31st, 2019 (the “Law”), adding to GAFI’s mandate the possibility, for statistical purposes, of requesting the information required to compute direct and indirect foreign investment […]
read moreNew Decision on Work Permits
On 11 On 16 July 2019, the Minister of Manpower issued Decision No. 146 of 2019 (referred to as “the Decision”) by virtue of which decision No. 305 of 2015 was amended and modified in several sections. Changes in the Work Permit issuing Authority The new Decision obliges non-Egyptians to obtain Work Permits either from […]
read moreThe Establishment of an Arbitration Center for the Settlement of Non-Banking, Financial Disputes
On 11 July 2019, Presidential Decree No. 335 for the year 2019 regarding the establishment of an arbitration center for the settlement of disputes arising from the application of laws related to non-banking, financial transactions (the “Decree”) was published in Egypt’s Official Gazette. The Decree entered into force as of the next day of its […]
read moreThe CBE launches it’s first FinTech Regulatory Sandbox
In May 2019, the Central Bank of Egypt (the “CBE”) published the framework of its fintech regulatory sandbox (the “Framework”) for its innovative financial technology lab (the “IFTL”). This month, the CBE announced its regulatory sandbox soft launch and invites financial technology (“FinTech”) startups and companies specializing in electronic know-your-customer solutions to apply for its […]
read moreMoving Towards a Cashless Society
Egypt is taking steady steps towards a cashless economy. Parallel to the Central Bank of Egypt’s efforts to enhance financial inclusion, a new law regulating cashless payments (the “New Law”) was promulgated on April 16th, 2019, and published in the Egyptian Official Gazette on April 17th, 2019. Whereas financial inclusion targets bank customers through digital […]
read more