Author: Eman Othman On the 29th of October 2023, an amendment has been introduced with respect to the requirements for the registration of companies with the importers’ registry. In light of the above, the Egyptian official gazette has published Law No. 173 of 2023 (“the New Importer Registry Law”) which...
Prepaid Cards in Egypt
Author: Randa Shouma The Central Bank of Egypt (“CBE”) defined prepaid cards, in its Circular dated 8 May 2019 organising the Rules for Payment Services Using Prepaid Cards (the “Prepaid Cards Rules”), as electronic payment cards, where customers load funds in advance and can subsequently use them for transactions, including...
Guide to Consumer Finance Regulatory Framework in Egypt
Author: Randa Shouma Consumer finance is a type of finance that allows consumers to purchase goods or services without having to pay the full amount upfront. Instead, the consumer agrees to pay for the purchase in instalments over a period of not less than 6 months. Such payments are typically...
Comprehensive Analysis of the Recent Amendments to the Egyptian Investment Law: Impacts and Effects on the Egyptian Economy
Author: Tasneem El-Nagar Introduction In the pursuit of fostering economic growth and development, Egypt has undertaken proactive efforts to attract both foreign and domestic investments. A pivotal stride in this direction materialized through the amendment of the Investment Law No. 72 for 2017 (the, "Investment Law") by virtue of Decree...
Private Free Zones | Assessment of the Newly Introduced Amendments
Author: Tasneem El-Nagar On the 4th of June 2023, several amendments have been introduced with respect to the requirements for establishing Private Free Zones under the Investment Law No. 72 for the year 2017 (Article (76) of the Executive Regulations). The Amendments: These amendments can be summarized as follows: First:...
Client Alert – IDA Temporary Operation License Launched (June 2023)
Author: Ibrahim Shehata On 28th of May, 2023, the Ministry of Trade and Industry published decree No. 149 of 2023 regulating the issuance of a temporary operating license for industrial facilities (“Decision”). The Decision sets out the rules and the procedures to be implemented in the application of Law No....
Effects of Currency Depreciation on Contracts under the Egyptian Law (With Special Emphasis on Construction Contracts)
Author: Youssef Emam 1. Introduction The Egyptian Pound (“EGP”) has been suffering against the US Dollar (“USD”) recently. In this regard, it is estimated that the EGP has lost more than 50% of its value against the USD since March 2022. Notably, the EGP has hit various new lows since...
The Egyptian Cabinet Proposes a Promising Package of Incentives for Green Hydrogen Projects
Author: Salah Mohamed The Egyptian Cabinet has approved a bill of law setting out a package of incentives for projects within the realm of Green Hydrogen production and ancillary industries. In this regard, the bill of law shall apply as follows: A. Projects Eligible to the Package of Incentives: According...
Ultimate Beneficial Owners Disclosures are Now in Force in Egypt
Author: Alaa Zakaria On March 1st, 2020, the Egyptian Minister of Supply and Internal Trading issued the Ministerial Decree No. 41 of 2020 (the “Decree”) amending the Executive Regulations of the Commercial Register Law No. 34 of 1976 (the “Law”). Under the said Decree, all existing companies in Egypt are...
The Egyptian Court of Cassation Trend Towards Fulfilling Equality in Employment Contracts
Author: Tasneem El-Nagar An employment contract shall fulfil equality, meaning that it shall protect both the employee and the employer. One of the major issues in this regard are cases where an employee is not fit in his/her position, resulting in a non-efficient work environment for the employer. In such...