Exemption from Private Free Zones’ Conditions under the Investment Law Executive Regulations
On 15 June 2020, the Prime Minister issued Decree No. 1199 for the year 2020 including a new amendment (the “Amendment”) to the Executive Regulations of the Investment Law No. 72 for the year 2017 issued by virtue of Prime Ministerial Decree No. 2310 for the year 2017 (the “Executive Regulations”). The Amendment relates to […]
read moreNew Legislation Tackling the Economic Repercussions of Pandemics and Natural Disasters
With the adverse economic repercussions that have swept the Egyptian economy since the outbreak of the Coronavirus pandemic, the Egyptian Government introduced a monthly social solidarity contribution (the “Contribution”) to be payable by employees and pensioners. The aim of the Contribution is to remedy the negative effects of pandemics and natural disasters on the economy […]
read moreFRA Issues New Corporate Governance Rules
The Financial Regulatory Authority (the “FRA”) issued a decree with a new set of Corporate Governance Rules (“CGRs”) aiming to unify the CGRs for companies operating in the different sectors of non-banking financial services. Former CGRs (as further outlined below) had been issued by the FRA through various decrees applicable to different types of companies. […]
read moreThe New Law on the Development of Micro, Small and Medium Enterprises is Out
In an effort to mitigate the impact of the Covid-19 outbreak and improve upon the previously promulgated legislation, the President of the Arab Republic of Egypt ratified Law No. 152 for the year 2020 on the development of micro, small and medium enterprises on 13 July 2020 (the “Law”). The Law repeals the previously enacted […]
read moreFinancial Regulatory Authority Issues Decrees in the Fields of Insurance Brokerage and Listed Companies
The Financial Regulatory Authority (the “FRA”) has issued several decrees that directly affect companies operating in the sectors of insurance brokerage and companies listed on the Egyptian Stock Exchange (“EGX”) in an effort to better regulate the licensing and internal management requirements of companies operating in said fields. The FRA issued Decrees No. 82, 85, […]
read moreThe CBE’s Initiative to Finance Payrolls in the Tourism Sector
To mitigate the painful Covid-19’s impact on the tourism sector, and following the circulars previously issued by the Central Bank of Egypt (the “CBE”) to support Egypt’s tourism sector, the CBE issued a circular on 16 June 2020 (the “Circular”) to finance the payment of salaries and wages of the employees of the tourism sector. […]
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