AMCHamjul1512 PDF

July 15, 2012
BUILDING MATERIALS ...................................................... 5 EGYPT'S BIGGEST CERAMICS MAKER TO SHUT FACTORIES 5
Mohamed Abul-Enein intends to liquidate his business interests in Egypt and close Cleopatra Ceramics ...............................................................................................5
CONSTRUCTION .............................................................. 5 ERC STARTS SELLING RESIDENTIAL UNITS IN JAMARAN PROJECT
Egyptian Resorts Company (ERC) (link here) has started selling residential units in Jamaran project. .................................................................................................5
ENERGY ......................................................................... 6 EGAS INCREASES NATURAL GAS PRICE FOR NON-INTENSIVE INDUSTRIAL ENERGY USERS 6
The state-owned Egyptian Natural Gas Holding Company (EGAS) (link here) has decided to increase the prices of natural gas. ......................................................................6
-1Compiled by: Business Studies & Analysis Center (BSAC) Subscribe and unsubscribe by sending an e-mail to: studies@amcham.org.eg Web: http://www.amcham.org.eg
AUTHORITIES INCREASE OIL SUPPLY TO MEET SUMMER DEMAND
The Egyptian General Petroleum Corporation (EGPC) (link here) is preparing for an increase in demand for oil during the summer months .........................................................6
ECONOMY ...................................................................... 6 CORE INFLATION SLOWS TO 7% Y-O-Y IN JUNE 6
Headline CPI published by the Central Agency for Public Mobilization and Statistics (CAPMAS) (link here) on July 10 ......................................................................6
SCAF APPROVES FY2012/13 BUDGET; PRESIDENT EXTENDS BONUSES
Egypts state budget for FY2012/13 has been approved by the Supreme Council of the Armed Forces (SCAF), the finance ministry announced on July 1 ............................................7
FOREIGN RESERVES RISE IN JUNE ON GOLD REVALUATION
Net international reserves did not see much change in June at USD15.5 billion (up only USD18 million) as an increase in gold holdings. ...............................................................7
SUEZ CANAL REVENUES DROP 6.6% Y-O-Y IN JUNE
Suez Canal revenues in June at USD416 million reached its lowest level since March 2011, falling 6.6% Y-o-Y .....................................................................................7
EGYPT BUDGET DEFICIT REACHES 8.8% OF GDP IN 11 MONTHS 8

Egypts budget deficit in the first 11 months of the 2011 - 2012 fiscal year reached EGP136.5 billion compared with EGP112.6 billion...............................................................8
FINANCE ........................................................................ 8 EGYPT SIGNS USD1 BILLION FINANCE FOR FOOD, ENERGY 8
The Egyptian government signed an agreement on July 1 with the Saudi-based Islamic Development Bank (IDB) .............................................................................8
BANQUE MISR RECEIVES SIZEABLE CAPITAL INJECTION FROM GOVERNMENT 8
The government has decided to provide an EGP6.3 billion capital injection to Banque Misr (AmCham member)....................................................................................8
EGYPTS RECORD DEBT OFFERING PLAN ON TRACK
Egypt will offer EGP15 billion of debt by July 16 amidst a power struggle between the president and the military ..............................................................................9
MINING .......................................................................... 9 CENTAMIN ANNOUNCES 2Q2012 PRELIMINARY PRODUCTION FIGURES 9
Centamin (link here) announced on June 10 its 2Q2012 preliminary production results from the Sukari Gold Mine (Sukari) in Egypt....................................................................9
PETROLEUM ................................................................... 9 BG EGYPT STARTED GAS PRODUCTION OF ITS WEST DELTA DEEP MARINE CONCESSION
Egypt's largest natural gas producer, BG Egypt (AmCham member) (link here), said the project would maintain production in the North African......................................................9
PHARMACEUTICALS ....................................................... 10 ADJUSTMENT TO EGYPTS PRICING SYSTEM FOR NEW DRUGS 10
The Ministry of Health (link here) issued a decree that introduces some minor adjustments to the pricing system for new drugs. .................................................................... 10
PROJECTS ..................................................................... 10 EGYPTIAN HOLDING CO. FOR AIRPORTS AND AIR NAVIGATION LAUNCHING A NEW HOTELS PROJECT 10
Egyptian Holding Co. for Airports And Air Navigation (link here) is launching a new hotel project at Cairo Airport .............................................................................. 10
JOINT-VENTURE BETWEEN SIAC AND ARABTEC AWARDED USD153 MILLION CONTRACT
11
A joint-venture between SIAC (AmCham member) and Arabtec Holding (link here) was awarded a contract to build Saudi Egyptian Construction Company (SECON)..................... 11
TOURISM ...................................................................... 11 TOURIST ARRIVALS UP 31.5% Y-O-Y IN 1H2012, ABDEL NOUR SAYS 11
Tourist arrivals have reached 5.4 million tourists in 1H2012, up from 4.1 million tourists in 1H2011............................................................................................... 11
LEGISLATIVE UPDATE .................................................... 12 BSAC PUBLICATIONS ...................................................... 17 IMPORTANT LINKS......................................................... 18
Building Materials
EGYPT'S BIGGEST CERAMICS MAKER TO SHUT FACTORIES
Source: Ahram Online, July 12, 2012
Mohamed Abul-Enein intends to liquidate his business interests in Egypt and close Cleopatra Ceramics (AmCham member) (link here), citing the 'stress' brought on by repeated labour disputes with his employees. Abul-Enein is the owner of Cleopatra Ceramics, a major player in the Middle East ceramics industry which has been hit by a wave of labour unrest following Mubarak's ouster in February 2011. Such protests, staged to win improvements in wages and conditions, are now causing Abul-Enein to close his factories and liquidate his investments. Company employees, however, accused the Cleopatra founder of spreading the news of imminent closures to make them fear for their jobs and rethink their ongoing protests. For his part, Ahmed Salah, the deputy head of the workers syndicate at the company's Suez factory, said employees would "welcome" AbulEnein's decision if it would lead to the nationalisation of the firm's factories, located in Suez and 10th Ramadan City. In March, around 4,000 of the 6,000 workers employed at the Cleopatra factory in Ain Sokhna, Suez launched a strike to demand salary increases, bonus payments and a share of company profits. In May, factory operations were suspended for 12 days after company management stopped providing free transportation for workers. In response, around 4,000 employees staged a sit-in before the Suez governor's office.
Contents
Construction
ERC STARTS SELLING RESIDENTIAL UNITS IN JAMARAN PROJECT
Source: Al Alam Al Youm, July 3, 2012
Egyptian Resorts Company (ERC) (link here) has started selling residential units in Jamaran project, the companys Head of Investor Relations, Abu-Bakr Makhlouf, stated. Makhlouf added that the company estimates an initial investment cost of EGP70 million and the project is planned for completion in three years. The project lies on 50,000 square meters (sqm) and is planned to include 47 villas. We estimate that this project could add up to EGP0.02 per share to our fair value (FV) of EGP0.9 per share, if all units are sold during 2012. We currently do not incorporate any land revenues related to this project in our FY2012-2013 forecasts and note that they do pose a very limited upside risk to our current FV and forecasts for the company. Moreover, ERC has leased a land plot in Sahl Hasheesh for 35 years to an investor for the development of a hospital and a club house, which will be opened in three years, said Makhlouf. The lease could provide an upside risk to our revenue forecasts as well and we would revisit them once more details regarding the plot and its lease terms are made available by management.
Contents
Energy
EGAS INCREASES NATURAL GAS PRICE FOR NON-INTENSIVE INDUSTRIAL ENERGY USERS
Source: Al Borsa, July 4, 2012
The state-owned Egyptian Natural Gas Holding Company (EGAS) (link here) has decided to increase the prices of natural gas it supplies to industrial nonenergy intensive users to USD4 per mbtu. The companys CEO stated that the price hike will be applied retroactively from January 2012 in line with similar increases to energy intensive users. Companies that get additional gas quantities will also be asked to pay the high prices according to a new formula which was not outlined in the news.
Contents
AUTHORITIES INCREASE OIL SUPPLY TO MEET SUMMER DEMAND

Source: Al Masry Al Youm, July 4, 2012
The Egyptian General Petroleum Corporation (EGPC) (link here) is preparing for an increase in demand for oil during the summer months. EGPC head Hany Dahy said that gasoline supplies will be raised by 500 tonnes to 17,000 tonnes daily. A series of shipment of 33,000 tonnes of gasoline arrived in Egypt as of July 8, followed by other shipments, Dahy added. Amr Mostafa, vice operation manager at EGPC, said the corporation allocated a large portion of its resources to finance the import of petroleum products, especially fuel for electricity stations. Mostafa added that a permanent unit had been created to monitor the availability of fuel and the distribution of butane cylinders throughout the country.
Contents
Economy
CORE INFLATION SLOWS TO 7% Y-O-Y IN JUNE
Source: CBE Press Release, July 10, 2012
Headline CPI published by the Central Agency for Public Mobilization and Statistics (CAPMAS) (link here) on July 10, 2012, declined by 0.55% (m/m) in June compared to a 0.24% (m/m) decline in May. The annual rate decelerated to 7.26% in June compared to 8.30% in May. In the meantime, core CPI computed by the Central Bank of Egypt (link here) increased by 0.28% (m/m) in June compared to a 0.52% (m/m) decline in May. The annual rate decelerated to 7.04% in June from 7.22% in May.
Contents
SCAF APPROVES FY2012/13 BUDGET; PRESIDENT EXTENDS BONUSES

Source: EFG Hermes, July 2, 2012
Egypts state budget for FY2012/13 has been approved by the Supreme Council of the Armed Forces (SCAF), the finance ministry announced on July 1. The new budget will come into effect on July 8. In May, Finance Minister Momtaz ElSaeed had announced that total state spending would climb 9% Y-o-Y to EGP533.7 billion (USD88.3 billion) in FY2012/13, while the budget would remain largely stable at EGP135 billion, or 7.6% of GDP. The government was accounting for a nearly 25% reduction in fuel subsidies in FY2012/13 by adopting a number of reform measures. News reports, however, indicated that postponement of such reforms are likely, matching our expectations, given the time constraints as a new government has not been created as well as the sensitive timing for such reforms after the inauguration of the new President. Also on July 1, Egypts newly-inaugurated President Mohamed Morsi issued a decision calling for 15% bonuses on public-sector salaries and raising monthly social-insurance pension rates from EGP200 to EGP300. The 15% bonus matches last years percentage and remains above the past three-year average.
Contents
FOREIGN RESERVES RISE IN JUNE ON GOLD REVALUATION

Source: Bloomberg, June 9, 2012
Net international reserves did not see much change in June at USD15.5 billion (up only USD18 million) as an increase in gold holdings made up for a drop in foreign currencies. The value of gold holdings increased by USD0.6 billion to USD3.3 billion, according to provisional data on the Central Bank of Egypt (CBE) (link here) website. Foreign currencies declined to USD10.9 billion from USD11.5 billion in the previous month, the data show.
Contents
SUEZ CANAL REVENUES DROP 6.6% Y-O-Y IN JUNE

Source: Reuters, June 11, 2012
Suez Canal revenues in June at USD416 million reached its lowest level since March 2011, falling 6.6% Y-o-Y. The waterways revenues have been on consistent deceleration since beginning of year, reflecting slower global trade activity as the Eurozone crisis intensifies. Trade between Asian and Europe, one of the main drivers of trade activity through the canal, has recorded marked declines since beginning of year, weighing on the waterways revenues despite a hike in the latters tariffs since beginning of year. June revenues meant the waterways revenues reached USD1.3 billion in 2Q2012 coming exactly in line with our expectation.
Contents
EGYPT BUDGET DEFICIT REACHES 8.8% OF GDP IN 11 MONTHS

Source: Beltone, July 15, 2012
Egypts budget deficit in the first 11 months of the 2011 - 2012 fiscal year reached EGP136.5 billion compared with EGP112.6 billion a year earlier, data by the Ministry of Finance showed. The budget deficit in 11MFY11/12 accounts for 8.8% of GDP. Earlier, Prime Minister Ganzouri had projected a budget deficit of EGP144 billion by fiscal year-end, representing c.9.2% of GDP.
Contents
Finance
EGYPT SIGNS USD1 BILLION FINANCE FOR FOOD, ENERGY
Source: Reuters, July 2, 2012
The Egyptian government signed an agreement on July 1 with the Saudi-based Islamic Development Bank (IDB) (link here) that will provide USD1 billion to finance energy and food imports, the government said in a statement. The finance was part of a previously announced agreement to provide Egypt with USD2.5 billion. Trade sources said this month that the government had struggled to obtain bank payments for its fuel purchases. They said this had led to shipping delays that may have disrupted supplies for transport, industry and farming. The government denied any problems with energy supplies.
Contents
BANQUE MISR RECEIVES SIZEABLE CAPITAL INJECTION FROM GOVERNMENT

Source: Daily News Egypt, July 2, 2012
The government has decided to provide an EGP6.3 billion capital injection to Banque Misr (AmCham member) (link here), rendering the value of the banks capital at EGP11.3 billion. According to the banks press release, the government has decided to convert an EGP5.7 billion loan made to the bank three years ago into bank equity, and adding an EGP600 million in currency. A 125% capital injection is unprecedented in the Egyptian banking sector. Banque Misr is now the largest capital holder of all Egyptian banks, exceeding the National Bank of Egypt (AmCham member) (link here), which had been the largest until last week. The bank added that its shares totalled EGP2.25 billion instead of one billion shares fully owned by the state. The shares nominal value is EGP5, bringing the banks total equity to EGP12 billion. The statement added that the step comes amidst a forced increase in the volume of the banks activities, which is reflected in its budget of more than EGP180 billon; the injection will be a huge factor in supporting the banks capital base and enabling the expansion of its lending activities.
Contents
EGYPTS RECORD DEBT OFFERING PLAN ON TRACK

Source: Beltone, July 12, 2012
Egypt will offer EGP15 billion of debt by July 16 amidst a power struggle between the president and the military. Egypt sold six- and 12-month securities valued at EGP2 billion and EGP3.5 billion, respectively, on July 12, according to the Central Bank of Egypt (CBE) (link here) data. It is seeking bids for EGP2.5 billion and EGP3.5 billion of three- and nine-month notes on July 15. The government has raised the targeted EGP29 billion from debt sales so far this quarter. Borrowing costs have stabilised after CBE cut a key reserve ratio for banks and added 28day repurchase agreements to the seven-day contracts it already offers. The funds made available to the market in the last two weeks helped lower yields on one-year notes to 15.87% at last weeks auction from 15.97% at the end of June, near the highest level since data tracking began in 2006. Egypt plans to raise a record EGP175 billion from debt sales in the three months ending September and has relied on local banks to buy debt as foreigners exited the market amid unrest that followed President Hosni Mubaraks ouster last year.
Contents
Mining
CENTAMIN ANNOUNCES 2Q2012 PRELIMINARY PRODUCTION FIGURES
Source: Centamin Press Release, June 10, 2012
Centamin (link here) announced on June 10 its 2Q2012 preliminary production results from the Sukari Gold Mine (Sukari) in Egypt. Total gold production for the quarter jumped 37% Q-o-Q to a record 67,422 ounces (+40% Y-o-Y). The highproduction levels were the result of a strong performance on all key operating metrics. Quarterly throughput in the Sukari process plant was 1,269 thousand tonnes, a 24% Q-o-Q increase (+49% Y-o-Y), as the plant delivered a record quarter and continued to operate at and above the 5-million-tonne-per-annum run rate. In 2Q2012, the open pit delivered a total material movement of over 6,579 thousand tonnes and underground ore production for the quarter increased to 117 thousand tonnes, a 63% increase Q-o-Q and a massive 172% increase on 2Q2011. With higher material movements from the open pit, the run of mine ore stockpile balance increased by 278 thousand tonnes to 497 thousand tonnes by end of quarter.
Contents
Petroleum
BG EGYPT STARTED GAS PRODUCTION OF ITS WEST DELTA DEEP MARINE CONCESSION
Source: Reuters, July 4, 2012
Egypt's largest natural gas producer, BG Egypt (AmCham member) (link here), said the project would maintain production in the North African country and help meet its gas supply commitments.
"We have adhered to our investment program in Egypt during turbulent times, and we are determined to continue doing so in the future," BG Egypt's Executive Vice President Sami Iskandar said. The deepwater development around 90 km from the Nile Delta in the Mediterranean is managed by the Burullus Gas Company which is 50% owned by the Egyptian General Petroleum Corporation (EGPC) (link here), while BG holds 25% stake and Malaysia's Petronas (link here) the rest. A further seven wells will be tied in to the sub-sea facilities of the development over the next few months, the company said in a statement. BG Egypt accounts for over a third of the country's gas output, which supplies both international and domestic markets.
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Pharmaceuticals
ADJUSTMENT TO EGYPTS PRICING SYSTEM FOR NEW DRUGS
Source: Al Masry Al Youm, Al Borsa, July 8, 2012
The Ministry of Health (link here) issued a decree that introduces some minor adjustments to the pricing system for new drugs (first announced in 2009). New drugs are now to be priced at the lowest international price versus pricing at a discount to a basket of 36 countries previously. Drugs are to be re-priced in the event of any relevant FX movements of +/-15% or more in any one year. The ministry added that an announcement of 50 drug price cuts will be made within the following ten days. The decree also states that the distributors margin should be 7.86% of the ex-factory price and pharmacy margin should be 25% of the distributor price. These margins are applicable to drugs that fall within a list of essential drugs. Pharmacy margins are to be increased 1% per annum for all drugs priced under the old system. The impact on EIPICO is negligible, if any as the company is currently not very active in new drug launches. Even if the decision was applied to all existing drugs, it will not imply any significant downward re-pricing to the drug portfolio of EIPICO.
Projects
Contents
EGYPTIAN HOLDING CO. FOR AIRPORTS AND AIR NAVIGATION LAUNCHING A NEW HOTELS PROJECT
Source: Al-Wafd, July 7, 2012
Egyptian Holding Co. for Airports And Air Navigation (link here) is launching a new hotel project at Cairo Airport involving EGP500 million investments. This was announced by Pilot Hassan Rashed, Chairman of the Holding Co., indicating that his company is progressing on its plans to increase the capacity of its airports to be able to handle annually almost 82 million passengers as of the end of 2012. He revealed that the above indicated hotel project is scheduled for competition during the first quarter of 2013 to serve a tangible segment of cabin crew, tourists, passengers and businessmen. No mention was given to the management of the hotel.
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JOINT-VENTURE BETWEEN SIAC AND ARABTEC AWARDED USD153 MILLION CONTRACT

Source: EFG Hermes, July 15, 2012
A joint-venture between SIAC (AmCham member) and Arabtec Holding (link here) was awarded a contract to build Saudi Egyptian Construction Company (SECON) Nile Towers in Cairos Maadi area worth USD153 million, according to a disclosure by SIAC. The contract was awarded by SECON established in 1975 between the governments of Saudi Arabia and Egypt. The project will be composed of two towers 22-floors high and will include a five-star hotel with 256 rooms to be managed by Hilton International (AmCham member) (link here). It will also include 114 hotel apartments.
Contents
Tourism
TOURIST ARRIVALS UP 31.5% Y-O-Y IN 1H2012, ABDEL NOUR SAYS
Source: Al Borsa, July 5, 2012
Tourist arrivals have reached 5.4 million tourists in 1H2012, up from 4.1 million tourists in 1H2011, said the Minister of Tourism, Mounir Fakhry Abdel Nour. Tourist arrivals from Japan and Spain have led to an increase in occupancy rates in Luxor and Aswan.
Contents
Legislative Update
Law Social Insurance and Pensions (Law 135/2010) Regulation of Nuclear and Radiation Activities (Law 7/2010) Organizing Customs Exemptions (Law 186/1986) Licensing the Operation of Petroleum Refineries under the Free Zones System (Law 133/2010) Regulation of Private Sector Participation in Infrastructure and Public Utilities Projects (Law 67/2010) Bids and Tenders (Law 89/1998) Building (Law 119/2008) Capital Market (Law 95/1992) Agriculture (Law 53/1966) Economic Courts (Law 119/2008) Environment (Law 4/1994) Control on Non Banking Financial Markets and Instruments (Law 10/2009) Supervision and Control of Insurance (Law 10/1981) Property Tax (Law 196/2008) Consumer Protection (Law 67/2006) Anti-trust and Competition (Law 3/2005) Export-Import (Law 118/1975) Unified Income Tax (Law 91/2005) Investment Incentives and Guarantees (Law 8/1997) E-signature (Law 15/2004) Customs (Law 66/1963) Status Passed (June 2010) Passed Executive Regulations amended by Decree 416/2010 (June 2010) Passed (June 2010)
Passed (May 2010) Executive Regulations amended by Decree 347/2010 (May 2010) Executive Regulations amended by Decree 200/2010 (April 2010) Executive Regulations amended by Decree 64/2010 (April 2010) Regulations for export/import amended by Decree 1323/2009 Executive Regulations amended by Decree 144/2009 (April 2009) Amended by Law 9/ 2009 Passed March 2009 Executive Regulations amended by Decree 6/2009 (January 2009) Passed June 2008 Passed-Effective August 2006 Passed (January 2005) + Executive regulations passed August 2005 Executive Regulations amended by Decree 770/2005 (August 2005) Passed (June 2005)+ Executive Regulations in effect as of July 2005 Amended by Law 94/2005 Passed (April 2004) Amended by Law 14/ 2004
Real Estate Mortgage (Law 148/2001) Unified Banking and Central Bank (Law 88/2003) Money Laundering (Law 80/2002) Labor (Law 12/2003) Telecommunication Regulation (Law 10/2003) Export Promotion (Law 155/2002)
Passed-Effective August 2003 Passed- Effective July 2003 Passed-New amendments added in June 2003 Passed Passed Passed + Executive Regulations under discussion law in effect as of October 2002 Passed + Executive Regulations in effect as of September 2002 Passed + Executive Regulations in effect as of June 2002 Passed Application of 2nd and 3rd phase of Sales Tax by Law 17/2001
Special Economic Zones (Law 83/2002) Intellectual Property Rights (IPR) (Law 82/2002) Chambers of Commerce (Law 6/2002) General Sales Tax (Law 11/1991)
Decree_Law Imposing An Export Duty On Certain Kinds Of Scrap And Materials On Imposing Temporary Precautionary Measures on Imports of Polypropylene Items Amending Provisions of Organizing Tourist Companies Law Amending Provisions of Executive Regulations Implementing Capital Market Law Amending Provisions of Import/Export Law
Status
Decree 483/2012 (June 2012)
Decree 430/2012 (June 2012)
Decree 301/2012 (May 2012)
Decree 572/2012 (May 2012) Decree 384/2012 (May 2012)
Amending Provisions of Import/Export Law
Decree 384/2012 (May 2012)
Regarding Electronic Publication of Government Tenders and Auctions Amending the Executive Regulations Implementing Cantral Depository and Registry of Securities Loading/Unloading Rates and Compliance of Companies and Shipping Agencies
Prime Minister Decree 463/2012 (May 2012) Prime Minister Decree 421/2012 (April 2012)
Decree 142/2012 (April 2012)
Provisions of Maximum Limit of Incomes and Minimum Limit Amending Provisions of Import/Export Law
Prime Minister Decree 322/2011 (April 2012) Decree 219/2012 (March 2012)
Determining Certain Customs Duties Exemptions
Prime Minister Decree 297/2012 (March 2012)
Establishment of Tourism Companies
Decree 151/2012 (March 2012)
To Install Tracking Devices in Tourism Vehicles Temporary Precautionary Measures on Woven And Mixed Cotton Fabrics Imports Determining Certain Customs Duties Exemptions regarding Sugar Imports Tax Accounting Rules and Principles for Small Enterprises and Procedures of Tax Collection on their Profits The Integrated Development of the Sinai Peninsula Establishing Incentives for Settlement of Taxes Formation of the Ministerial Group for Settlement of Investment-related Disputes Forming a Committee for Examining the Contracts That Have Been Signed Between Investors and State-Affiliate Entities The Regulation of Public Business Sector Ministry
Ministerial Decree 121/2012 (March 2012)
Ministerial Decree 116/2012 (February 2012) Prime Minister Decree 165/2012 (February 2012) Ministerial Decree 54/2012 (February 2012) Supreme Council of the Armed Forces Decree-Law 14/2012 (January 2012) Supreme Council of the Armed Forces Decree-Law 11/2012 (January 2012) Prime Minister Decree 32/2012 (January 2012) Prime Minister Decree 1009/2011 (August 2011) Supreme Council of the Armed Forces Decree 156/2011 (July 2011)
Restaurants and Tourist Shops Pegging the State General Budget for the Fiscal year 2011/2012 and Amending some provisions of the Income Tax Law
Ministerial Decree 300/2011 (June 2011)
Supreme Council of the Armed Forces Decree- Law 51/2011 (June 2011)
Amending Certain provisions of the General Sales Tax Law 11/1991 Imposing an Export Duty on Blocks of Crude Marble and Granite Imposing an Export Duty on Certain Kinds of Scrap and Materials Obligation to Produce and to Trade according to the Standard Specifications Imposing Power Consumption Labels to be Fixed on Home Appliances and Electric Lamps Formation of the Ministerial Group for Settlement of Investment-related Disputes Conditions and Procedures of Granting Work Licenses to Foreigners
Supreme Council of the Armed Forces Decree- Law 49/2011 (June 2011)
Decree 278/2011 (June 2011)
Decree 277/2011 (June 2011)
Ministerial Decree 266/2011 (June 2011)
Decree 171/2011 (May 2011)
Prime Minister Decree 461/2011 (April 2011) Ministerial Decree 90/2011 amending certain articles of Decree 292/2010 (April 2011) Prime Minister Decrees 526-530/2011 (April 2011)
Amending Labor Law 12/2003
Temporarily Stop Acceptance of Applications for Establishing Tourism Companies Conducting Radioactive Examination on Certain Products Regulations of Calculating the Maximum Ratio of Liabilities to Equities for Financial Leasing Companies Amending Article 295 of the Executive Regulations Implementing Capital Market Law 95/1992 Establishing an Insurance Fund for Securities Dealers against Non-commercial Financial Risks arising from the Activities of Companies Operating in Securities field Paying the Due Income Tax in Installments regarding the year ended 31/12/2010 Tax Inspection Rules for Small Enterprises (Class A), Legal Persons pursuant to Provisions of Law 91/2005 and its Executive Regulations
Ministerial Decree 84/2011 (March 2011)
Prime Minister Decree 458/2011 (March 2011) Egyptian Financial Supervisory Authority (EFSA) Decision 1/2011 (March 2011) Prime Minister Decree 345/2011(March 2011) Prime Minister Decree 355/2011 amending certain Provisions of Prime Minister Decree 1764/2004 (March 2011) Supreme Council of the Armed Forces Decree-Law 8/2011 (March 2011)
Ministry of Finance General Rules and Instructions 1/2011
Canceling Annex No. 1 of the year 2010 to the Decree of the Minister of Finance 363/2009
Ministerial Decree 82/2011(February 20, 2011)
Granting a special raise to the state several servants Amending provisions of law 125/2010 on the Degree of Waters' Rights Privilege Rules Governing Payment of the General Sales Tax on Machinery and Equipment Amending Executive Regulations of the law Regulating Tenders and Bids Modifying the Rates of Charge of Services Carried out By the Egyptian Authority for Export and Import Control Prices of Energy Amending Certain Provisions of Law on Import and Export The Conformity Assessment Entities in Egypt Entities and Companies Granting or Obtaining the ISO Certificates Conditions concerning the Release of the Chinese Commodities Establishing the National Council for Industry Quality Assurance Enforcing Production in Compliance with the Standard Specifications Provisions Regarding the Obligations of the Pharmaceutical Companies Establishment of an Investor Dispute Settlement Center at the General Authority for Investment and Free Zones Issuing the Statute of the General Authority for Financial Control Provisions Regulating the Management of the Egyptian Exchange and its Financial Affairs
Supreme Council of the Armed Forces Decree-Law 2/2011 (February 16, 2011) Ministerial Decree 290/2010 (December 2010) Ministerial Decree 691/2010 amending article 1 of Decree 296/2005 (October 2010) Decree 549/2010 (August 2010)
Decree 682/2010 (July 2010) Decree 2130/2010 (July 2010) Decree 1953/2010 (July 2010) Decree 627/2010 (July 2010) Decree 305/2010 (April 2010) Ministerial Decree 348/2010 as amended by Decree 403/2010 (May 2010) Ministerial Decree 415/2010 (May 2010) Ministerial Decree 366/2010 amending Decree 257/2010 (April 2010) Ministerial Decree 135/2010 (February 2010) Ministerial Decree 32/2010 (February 2010) Decree 424/2009 amending Decree 38/1999 (November 2009) Ministerial Decree 170/2009 (August 2009) Presidential Decree 192/2009 (June 2009) Presidential Decree 191/2009 (June 2009)
Contents
BSAC Publications
MENA-US Trade and Investment (April 2012) The report provides a briefing on the MENA macroeconomic and business environment with focus on recent trends in MENA-US trade and investment relations. Egypt Economic Profile (April 2012) An annual country report on Egypt's recent macroeconomic performance as well as coverage of Egypt's most important commodity and service sectors. The Automotive Industry in Egypt (February 2011) A comprehensive overview of Egypt's automotive industry with focus on recent market trends in the passenger car, commercial vehicles and automotive components segments. MENA-US Trade and Investment Report (May 2010) The report provides a briefing on the MENA macroeconomic and business environment with focus on recent trends in MENA-US trade and investment relations. Egypt Economic Profile (March 2010) An annual country report on Egypt's recent macroeconomic performance as well as coverage of Egypts most important commodity and service sectors. Egypt-U.S. Guide to Trade: Exporting to the U.S. (October 2009) An extensive publication produced to familiarize businesses with import procedures in the U.S. and export procedures in Egypt. Focus is placed on Egypts leading non-petroleum export sectors, namely textiles and clothing, processed food and cereals, iron and steel and furniture. Petroleum Sector Developments in Egypt (March 2009) A comprehensive overview of Egypt's petroleum sector with focus on recent developments in the local oil, natural gas, and petrochemicals industries. Banking Sector Developments In Egypt (September 2008) This study examines the Egyptian Banking System in its new state of reform with focus on major market players and recent developments. Tourism Sector Developments In Egypt (March 2008) An overview of the tourism sector in Egypt with focus on the latest market developments and investment opportunities. Information and Communications Technology Developments in Egypt (May 2007) An overview of ICT sector development in Egypt with focus on the challenges and opportunities facing the sector in the next several years. Pharmaceutical Industry Developments in Egypt (December 2006) An overview of the pharmaceutical sector in Egypt and recent challenges to higher sector growth and catalysts for sustainable development. The Textile and Clothing Industry in Egypt (August 2004) A comprehensive study of the textiles and clothing industry, examining future competitiveness and anticipated changes in the global market. The Construction Sector in Egypt (September 2003) A comprehensive study of the construction and building materials sectors in Egypt, with focus on factors affecting development and competitiveness. The Insurance Sector in Egypt (August 2001) An update on the Egyptian Insurance sector with focus on private sector developments.
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Important links
Egypt Business/Economic Links Cairo and Alexandria Stock Exchanges Egyptian Government On-line Egypt State Information Service General Authority for Investment and Free Zones (GAFI) IDSC: Main Economic Indicators Information Decision and Support Center Ministry of Trade and Industry Ministry of Investment The US Embassy in Egypt U.S. Links American Association of Exporters and Importers International Trade Administration United States Customs & Border Protection US Department of Commerce- Bureau of Economic Analysis US Department of State-International Information Programs-Middle East and North Africa
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July 15, 2012

BUILDING MATERIALS ...................................................... 5 EGYPT'S BIGGEST CERAMICS MAKER TO SHUT FACTORIES 5

CONSTRUCTION .............................................................. 5 ERC STARTS SELLING RESIDENTIAL UNITS IN JAMARAN PROJECT

AUTHORITIES INCREASE OIL SUPPLY TO MEET SUMMER DEMAND

ECONOMY ...................................................................... 6 CORE INFLATION SLOWS TO 7% Y-O-Y IN JUNE 6

SCAF APPROVES FY2012/13 BUDGET; PRESIDENT EXTENDS BONUSES

FOREIGN RESERVES RISE IN JUNE ON GOLD REVALUATION

SUEZ CANAL REVENUES DROP 6.6% Y-O-Y IN JUNE

EGYPT BUDGET DEFICIT REACHES 8.8% OF GDP IN 11 MONTHS 8

BANQUE MISR RECEIVES SIZEABLE CAPITAL INJECTION FROM GOVERNMENT 8

EGYPTS RECORD DEBT OFFERING PLAN ON TRACK

MINING .......................................................................... 9 CENTAMIN ANNOUNCES 2Q2012 PRELIMINARY PRODUCTION FIGURES 9

PHARMACEUTICALS ....................................................... 10 ADJUSTMENT TO EGYPTS PRICING SYSTEM FOR NEW DRUGS 10

JOINT-VENTURE BETWEEN SIAC AND ARABTEC AWARDED USD153 MILLION CONTRACT

LEGISLATIVE UPDATE .................................................... 12 BSAC PUBLICATIONS ...................................................... 17 IMPORTANT LINKS......................................................... 18

AUTHORITIES INCREASE OIL SUPPLY TO MEET SUMMER DEMAND

SCAF APPROVES FY2012/13 BUDGET; PRESIDENT EXTENDS BONUSES

FOREIGN RESERVES RISE IN JUNE ON GOLD REVALUATION

SUEZ CANAL REVENUES DROP 6.6% Y-O-Y IN JUNE

EGYPT BUDGET DEFICIT REACHES 8.8% OF GDP IN 11 MONTHS

BANQUE MISR RECEIVES SIZEABLE CAPITAL INJECTION FROM GOVERNMENT

EGYPTS RECORD DEBT OFFERING PLAN ON TRACK

JOINT-VENTURE BETWEEN SIAC AND ARABTEC AWARDED USD153 MILLION CONTRACT

Decree 483/2012 (June 2012)

Decree 430/2012 (June 2012)

Decree 301/2012 (May 2012)

Decree 572/2012 (May 2012) Decree 384/2012 (May 2012)

Amending Provisions of Import/Export Law

Decree 384/2012 (May 2012)

Decree 142/2012 (April 2012)

Determining Certain Customs Duties Exemptions

Prime Minister Decree 297/2012 (March 2012)

Establishment of Tourism Companies

Decree 151/2012 (March 2012)

Ministerial Decree 121/2012 (March 2012)

Ministerial Decree 300/2011 (June 2011)

Decree 278/2011 (June 2011)

Decree 277/2011 (June 2011)

Ministerial Decree 266/2011 (June 2011)

Decree 171/2011 (May 2011)

Amending Labor Law 12/2003

Ministerial Decree 84/2011 (March 2011)

Ministry of Finance General Rules and Instructions 1/2011

Ministerial Decree 82/2011(February 20, 2011)

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