Blog

Wednesday November 28th, 2018

GAFI Issues Several Circulars with Governance Rules for Companies

The General Authority for Investment and Free Zones (“GAFI”) recently published on its website a number of circulars with governance rules for companies following the amendments of the Companies Law and its executive regulations earlier this year. The circulars – with dates ranging between October and November 2018 – include a reiteration, and sometimes clarification, […]

Blog
Thursday November 1st, 2018

The New Public Contracts Law

On 3 October 2018, the new Public Contracts Law No. 182 of 2018 (the “Law”) was published in the Official Gazette.  The Law was discussed and passed by the House of Representatives last July, and comes into effect 30 days following its publication. As the new framework for regulating contracts concluded by public entities, it […]

Blog
Tuesday September 25th, 2018

A New Consumer Protection Law

Sound consumer protection regulation is a staple of developed legal systems. It is therefore typical of states to aspire to reach a balance between promoting a healthy competitive business environment while ensuring the protection of consumers who deal with businesses against unfair, deceptive, fraudulent or harmful practices. In this light, the new Consumer Protection Law […]

Blog, News
Monday September 17th, 2018

Egypt’s First Sovereign Fund Law

On 18 August 2018 the law establishing Egypt’s first sovereign wealth fund named “Misr Fund” was issued. With the purpose of contributing to sustainable economic development through management of state funds and assets, the fund was created as an independent legal entity, with an authorized capital of EGP 200 bn. Misr Fund has the right […]

Blog, News
Monday September 17th, 2018

A New Law for Financial Leasing & Factoring

As part of the recent overhaul of the legal framework governing non-bank financial activities, a new law was issued regulating financial leasing and factoring. The two activities are not new to Egyptian law. Rather, the new law replaces a 1995 law on financial leasing, while factoring, although not governed by an independent law, was regulated […]

Blog, News
Tuesday September 11th, 2018

Amendment of Custom Tariffs

New custom duties were issued by Presidential Decree No. 419 0f 2018 which increased import tariffs for over 300 goods in a variety of categories. Government officials announced that the decree is aimed at encouraging national industry and updates the classification of goods to comply with the Harmonized Commodity Description and Coding System (HS) after […]

Blog, News
Friday March 30th, 2018

Capital Market Law March 2018 Amendment: New Regulation of Sukuks, Futures Market, and Various Other Changes

In March 2018, the Capital Market Law was amended by Law No. 17 of 2018, which introduced the biggest changes to the Capital Market Law since its enactment in 1992. The amendment addresses several vital topics, including a complete new regulation of Islamic bonds “sukuks”, an already thriving Islamic finance product, and the introduction of […]

Blog, News
Wednesday March 7th, 2018

A New Bankruptcy Law

On 19 February 2018, the Law No. 11 of 2018 for Restructuring, Bankruptcy and Bankruptcy-avoiding Settlement was issued (generally referred to as the “Bankruptcy Law”). The Law is considered one of the most important pieces of economic legislation to come out lately. It adds novel concepts and introduces a new approach to dealing with persons […]

Blog
Tuesday March 6th, 2018

Biggest Competition Related Fines in Egypt’s History Imposed on Four Pharmaceutical Companies

On 28 February 2018, the Cairo Economic Court issued a fine totaling five billion five hundred and eighty million EGP against four medicine distribution companies for violations of the Competition Law. The competition regulator, the Egyptian Competition Authority, had initiated legal proceedings in 2015 against the four companies (Ramco Pharm– Ibn Sina – Multi Pharma […]

News
Tuesday March 6th, 2018

The Egyptian Tax Authority Launches an Electronic Filing System

Last February , the Minister of Finance announced the establishment of an electronic system for the submission of tax returns on the Tax Authority’s website. This is part of wider developments aiming to facilitate tax processes to improve Egypt’s overall business environment, including a decision to switch from a paper tax card to an electronic […]

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