Egypt has approved a draft law allowing for gold imports carried by arrivals to pass through customs free of tax — excluding Value Added Tax (VAT)— for six months, per an official statement published on the Cabinet’s Facebook Page on May 10. The custom tax exemption extends to semi-manufactured forms of gold, including those used for money circulation and jewelry. However, cultured and natural pearls as well as precious and semi-precious stones are not included in the listed items exempt. This comes amidst economic uncertainty within the country, which is witnessing a deficit in dollars that in turn reflects consequences…
Author: Dina Khadr
Egyptian digital warehousing startup, Khazenly, has unveiled a new service, Cross Borders, to provide Egyptian merchants with the opportunity to expand abroad and break into new markets. The technology-based logistics company, which services companies within the retail and e-commerce sector, offers digital warehousing resources including dispatching services and payment collection. Cross Borders aims to facilitate the process for Egyptian companies to reach target markets abroad by assisting with logistics as well as registration and trading regulations, as per an article published by Zawya in May 2023. For merchants planning to break into Saudi Arabia’s market, Khazenly aids in the procurement…
Egypt has signed an agreement to join the New Development Bank (NBD), part of the economic group constituting Brazil, Russia, India, China, and South Africa, BRICS block, according to state-run Al Ahram. The agreement with Egypt, which was passed in January at the House of Representatives, is an indicator of NBD’s trust in the Egyptian economy, according to a statement made by the Head of the House’s Defense and National Security Committee, Ahmed El-Awadi. “We will benefit from the Bank’s financial and technical assistance in areas of sustainable development, health, infrastructure, transport, water, and telecommunications,” added the Deputy Chairman of…
Egypt is set to issue five-year multiple entry visas for $700, according to a statement released by the Ministry of Tourism and Antiquities’ official Facebook page, in a bid to boost tourism. Visas upon arrival will be granted at a cost of $25 to a number of countries, including China. Indians with a residency visa in the GCC region will also be eligible for a visa upon arrival. “(The new decisions) come as part of a series of reforms implemented by the tourism ministry to streamline visa processes for tourists, Egypt’s Minister of Tourism and Antiquities, Ahmed Issa, said during…
The launch of the first joint electric vehicle (EV) in the region was discussed amongst Egypt, Jordan, the United Arab Emirates (UAE), and Bahrain, at the Higher Committee of Integrated Industrial Partnership meeting, which took place between March 19-21 in Cairo. The Arab Organization for Industrialization (AOI) of Egypt released a statement urging a fast completion of the EV in an effort for it to be ready in time for the 28th edition of the UN Climate Conference (COP28), set to take place in the UAE from November 30 to December 12, 2023. The Industrial Partnership for Sustainable Economic Development…
Egypt began the trial period for the production of gold from the site of Iqat located in the Eastern Desert, according to a statement on March 21 by the Minister of Petroleum and Mineral Resources, Tarek El Molla. Holding about 1.2 million ounces of gold in reserves, the site was reportedly discovered in 2020, Ahram reported. At a 95% extraction rate, appraised as one of the highest rates, the mining will be done through the state-owned Shalateen company as well as the Egyptian Mineral Resource Authority (EMRA) in collaboration with the private sector, as per Egypt Oil & Gas. The…
The World Bank Group (WBG) approved on March 22 a country partnership framework (CPF) worth $7 billion to be implemented in Egypt for 2023 – 2027, WBG said in a statement. The CPF details the five-year strategy set against the backdrop of the economic impact of the Russia-Ukraine conflict, and the country’s recovery from the pandemic. The joint partnership plans to work in alignment with “Egypt Vision 2030,” the Sustainable Development Strategy (SDS). Among its objectives, the CPF looks to tackle climate change adaptation, growth of the private sector, and inclusive development. As this partnership comes to fruition, Egypt is…
British International Investment (BII) has partnered with the global leader for smart solutions of water management, Metito Utilities Limited (MUL), to launch Africa Water Infrastructure Development (AWID). The platform will work towards prioritizing water security and safeguarding against water scarcity in the continent, according to a company statement. Egypt has been recognized as one of the key markets for AWID, with the North-African country prioritizing water infrastructure within the past decade. AWID aims to drive investments across sectors of water, sanitation and hygiene in an effort to counteract the damage done by climate change. Moreover, the project’s agenda includes working…
Investment and development company, Hassan Allam Utilies, is teaming up with industrial development specialist Agility to construct a logistics park and warehousing facilities in a venture dubbed YANMU, according to a company statement in March. The project is set to be a storage space for products across sectors including e-commerce, manufacturing, energy, health care, and pharmaceuticals, among others. Envisioned to make up about 270,000 square meters, the park will be constructed on the new Cairo-Suez Road. It will have easy access to Ring Road and will be located at a distance of 15 km from Cairo Airport. YANMU will be…
Garnering a potential of $1 billion worth of investments, Egypt has become the 32nd member and the first sovereign shareholder in North Africa for the Africa Finance Corporation(AFC), according to a statement released on March 7. The pan-African financial institution, which was founded in 2007, has already pinpointed several infrastructure projects across Egypt’s renewable energy, natural gas, heavy industries, technology, telecom, banking, and finance industries. That is excluding an already existing investment by the enterprise, worth $265 million in Egypt. “This equity investment is a testament to our confidence in AFC’s roles as a trusted partner in delivering transformational impact…