AMCham Feb213 PDF

February 1, 2013
ECONOMY ...................................................................... 4 EGYPT RATING CUT BY FITCH ON UNREST 4
Fitch Ratings (link here) has downgraded Egypt's debt, citing political violence and budget strains, as the country's bonds fell .....................................................................4
MORSI HOPES FOR 5.5% GROWTH IN EGYPT NEXT YEAR
Egypt's President Mohamed Morsi said during a visit to Germany on Wednesday that he hoped for economic growth of 5.5% next year and of between 7 and 8% in subsequent.....................4
EGYPT TO RECEIVE EUR354 MILLION GERMAN AID
Minister of Planning and International Cooperation Ashraf El Arabi held a meeting with his German counterpart Dirk Niebel in Berlin.............................................................4
EGYPTS FX RESERVES MAY SLIGHTLY RISE IN JANUARY
An official at Central Bank of Egypt (CBE) (link here) expected the country's foreign cash reserves to increase slightly by the end of January .....................................................5
EGYPTS SUEZ CANAL TO RAISE FEES FROM MAY
Egypt's Suez Canal Authority (link here) announced it was raising fees on shipping through the waterway by between 2 and 5% starting on May 1.....................................................5
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FINANCE ........................................................................ 6 CBE CALLS ON LENDERS TO COMPLY WITH BASEL II RREGULATIONS IN 6 MONTHS
Egypt's Central Bank of Egypt (CBE) (link here) has asked local lenders to comply with the Basel II capital adequacy regulations...................................................................6
FINANCE MINISTER SAYS COMMITTED TO ECONOMIC REFORM AND IMF LOAN TALKS CONTINUE
Finance Minister Al-Mursi Al-Sayed Hegazy confirmed that Egypt is committed to implementing its economic and social reform .........................................................6
CBE ISSUES NEW INSTRUCTIONS REGARDING BANKS CAPITAL ADEQUACY RATIO 6
The Central Bank of Egypt (CBE) (link here) has issued new instructions maintaining banks minimum Capital Adequacy Ratio (CAR) at 10%. .....................................................6
PROJECTS ....................................................................... 7 CHEMICAL INDUSTRIES HOLDING COMPANY TO LAUNCH PP PROJECT TENDER OFFER 7
The Chemical Industries Holding Company (link here) is preparing to launch its polypropylene (PP) tender offer in Alexandria for USD800 million in Phase I and USD1.5 billion in Phase II. .....7
PRINCE TALAL BIN ABDUL AZIZ SIGNS SOCIAL PROJECT FINANCING AGREEMENT IN EGYPT
Prince Talal Bin Abdul-Aziz, President of the Arab Gulf Program for Development (AGFUND) (link here) has signed a financial .........................................................7
PETROLEUM ................................................................... 7 DANA PETROLEUM TO DEVELOP EGYPTIAN OIL FIELD 7
Dana Petroleum (link here) has announced that it will go ahead with the development of the Nefertiti oil field in the Gulf of Suez following the successful completion of an appraisal well. ......7
GOVERNMENT APPROVES A NEW SMART CARD SYSTEM FOR SUBSIDISED FUEL
The government recently approved a new smart card system for subsidized fuels proposed by the Ministry of Finance (link here) and Ministry of Petroleum ........................................8
LEGISLATIVE UPDATE ...................................................... 9 BSAC PUBLICATIONS ...................................................... 16 IMPORTANT LINKS......................................................... 18
Economy
EGYPT RATING CUT BY FITCH ON UNREST
Source: AME Info, January 31, 2013
Fitch Ratings (link here) has downgraded Egypt's debt, citing political violence and budget strains, as the country's bonds fell the most since president Mohamed Morsi was elected in June 2012. Egypt's "fiscal position has worsened" and "serious divisions have opened within society, contributing to sporadic outbursts of violence," Fitch said. It lowered the rating by one step to 'B,' five below investment grade.
Contents
MORSI HOPES FOR 5.5% GROWTH IN EGYPT NEXT YEAR

Source: Al Arabiya English, January 30, 2013
Egypt's President Mohamed Morsi said during a visit to Germany on Wednesday that he hoped for economic growth of 5.5% next year and of between 7 and 8% in subsequent. Morsi, whose one-day visit to Berlin is aimed partly at reassuring Western investors about economic prospects for his crisis-racked country, also said he saw around 750,000 new jobs being created in Egypt on an annual basis. The World Bank (link here) recently forecast economic growth in Egypt of 2.6% this year and of 3.8% in 2014, rising to 4.7% in 2015.
Contents
EGYPT TO RECEIVE EUR354 MILLION GERMAN AID

Source: Tegara Net, January 30, 2013
Minister of Planning and International Cooperation Ashraf El Arabi held a meeting with his German counterpart Dirk Niebel in Berlin on January 30 to discuss joint cooperation between the two countries in the field of development. According to El Arabi, the meeting touched upon the current situation in Egypt at the political and economic levels. He added that Germany has pledged nearly EUR354 million financial aid for Egypt. This financial support will go for potable water, sewage, irrigation and energy projects. For his part, Niebel stressed his countrys keenness on continuing to support Egypts development program.
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EGYPTS FX RESERVES MAY SLIGHTLY RISE IN JANUARY

An official at Central Bank of Egypt (CBE) (link here) expected the country's foreign cash reserves to increase slightly by the end of January, especially after Turkey deposited USD500 million as the second tranche of the USD1 billion loan it had pledged for Egypt. According to the official, the escalated violence in the streets would unlikely have a direct impact on foreign reserves, but would indirectly lead to lower cash inflows of foreign currencies, especially from tourism sector. Egypt's foreign reserves reached USD15 billion at the end of December, 2012, compared with USD36 billion on December 31, 2010. Meanwhile, CBE Governor Farouk El Okdah stepped down on January 31, to be replaced by Hisham Ramez who will officially assume his responsibilities next on February 3.
Contents
EGYPTS SUEZ CANAL TO RAISE FEES FROM MAY

Source: Reuters, January 31, 2013
Egypt's Suez Canal Authority (link here) announced it was raising fees on shipping through the waterway by between 2 and 5% starting on May 1, boosting revenues for the cash-strapped government. Tolls were raised in 2012 for all ships passing through the canal, a major source of hard currency for Egypt and vital to world trade, by 3% starting March 2012, saying at the time it had not raised fees in the three previous years. The authority said this year's decision to raise tolls was taken after studies into prospects for growth in the world economy and global trade. Egypt declared a state of emergency in three cities that lie along the Suez Canal Port Said, Ismailia and Suez - after violent anti-government protests there. But the canal authority said the waterway was unaffected and has pledged to keep traffic running smoothly through the waterway. Fees for tankers carrying oil, petroleum products, liquefied natural gas (LNG) and chemicals, as well as bulk carriers, would rise by 5%, while fees for container ships and car transporters would be 2%. Other ships would face a 3% rise in fees.
Contents
Finance
CBE CALLS ON LENDERS TO COMPLY WITH BASEL II RREGULATIONS IN 6 MONTHS
Source: IntelliNews, January 30, 2013
Egypt's Central Bank of Egypt (CBE) (link here) has asked local lenders to comply with the Basel II capital adequacy regulations, the CBE said in a statement on its website. Under the regulations, banks are required to maintain a minimum of 10% of their weighted average capital to mitigate credit, market and operational risk. Banks have been given a 6-month transitional period to prepare their regulatory submissions according to the new rules.
Contents
FINANCE MINISTER SAYS COMMITTED TO ECONOMIC REFORM AND IMF LOAN TALKS CONTINUE
Finance Minister Al-Mursi Al-Sayed Hegazy confirmed that Egypt is committed to implementing its economic and social reform program aimed at achieving economic, financial and social stability in the medium and long term. He added that negotiations with International Monetary Fund (IMF) (link here) over the USD4.8 billion credit facility sought by Egypt to plug its budget deficit are ongoing.
Contents
CBE ISSUES NEW INSTRUCTIONS REGARDING BANKS CAPITAL ADEQUACY RATIO

Source: Al Borsa Newspaper, January 31, 2013
The Central Bank of Egypt (CBE) (link here) has issued new instructions maintaining banks minimum Capital Adequacy Ratio (CAR) at 10%. CBE asked banks operating in Egypt to apply capital controls to maintain this ratio starting from December 2012. The banks will have to provide a specific plan with set dates in case they do not comply with the minimum CAR requirement. The CAR breakdown will be provided in the financial statement of all banks on a quarterly basis (most banks had already been applying this since 2009). CBE has also imposed new percentages for risk-weighted assets, which banks will have to adhere to in order to prepare for the application of Basel III by 2019. It asked banks to maintain core capital at 5% of risk-weighted assets starting from January 2013, which will increase to 6% in the coming two years. Commercial International Bank (CIB) (AmCham member) (link here), National Societe General Bank (NSGB) (AmCham member) (link here), and Credit Agricole Egypt (AmCham member) (link here) core capital ratios are well above the minimum set by the CBE in this new instruction.
Contents
Projects
CHEMICAL INDUSTRIES HOLDING COMPANY TO LAUNCH PP PROJECT TENDER OFFER
Source: Al Mal, January 31, 2013
The Chemical Industries Holding Company (link here) is preparing to launch its polypropylene (PP) tender offer in Alexandria for USD800 million in Phase I and USD1.5 billion in Phase II. The company expects the bidding process to be completed by 1H2013/14 when execution of the project should commence, Mohamed Saafan the companys President and Chairman was quoted as saying. The project requires c400,000 tonnes of propane per annum to produce c350,000-500,000 tonnes of PP.
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PRINCE TALAL BIN ABDUL AZIZ SIGNS SOCIAL PROJECT FINANCING AGREEMENT IN EGYPT
Source: Saudi Press Agency (SPA), January 30, 2013
Prince Talal Bin Abdul-Aziz, President of the Arab Gulf Program for Development (AGFUND) (link here) has signed a financial grant agreement for the implementation of a social project in Egypt. Under the agreement, AGFUND will provide a grant of USD90,000 for the implementation of the project of the integrated care for girls at risk in Egypt.
Contents
Petroleum
DANA PETROLEUM TO DEVELOP EGYPTIAN OIL FIELD
Source: Al Bawaba, January 30, 2013
Dana Petroleum (link here) has announced that it will go ahead with the development of the Nefertiti oil field in the Gulf of Suez following the successful completion of an appraisal well. The Aberdeen-based oil and gas company, in partnership with INPEX received the green light to develop the field from the Egyptian government after it successfully drilled the exploration well Nefertiti-2X at the end of 2012. The well tested at a maximum stabilized flow rate of 1,850, bpd with an Electrical Submersible Pump (ESP) and the field is expected to produce around 2,500 bpd (1,625 bpd net to Dana) when it comes on stream in approximately six months. The two companies agreed with the Egyptian General Petroleum Company (EGPC) (link here) on November 7 2012 that the Nefertiti field was a commercial field. Engineer Osama Kamal, Minister of Petroleum and Mineral Resources, approved the lease on January 20 2013.
Contents
GOVERNMENT APPROVES A NEW SMART CARD SYSTEM FOR SUBSIDISED FUEL

Source: Daily News Egypt, January 29, 2013
The government recently approved a new smart card system for subsidized fuels proposed by the Ministry of Finance (link here) and Ministry of Petroleum (link here), in an attempt to help guide the allocation of subsidies to those who need it most. The new plan would charge the ministries of petroleum and mineral resources, represented together in the General Petroleum Authority, with implementing and overseeing the new smart card program for the National Bank of Egypt (NBE) (AmCham member) (link here). The smart card program would lead to daily direct financial transfers for companies producing petroleum products. This would be represented in the difference in price for fully and partially subsidized fuel for the total amount consumed by the smart cards. The committee which included the petroleum, finance and administrative development ministries, and the Central Bank of Egypt (CBE) (link here) assessed the cost of establishing a new structure for the program. This would include releasing smart cards and expanding points of sale, which would cost an estimated EGP120 million. The cost of maintaining points of sale was estimated to cost between EGP60 and 80 million. The committee also identified primary infrastructure elements for the program, that gather entitled data support, 6 million smart bank cards to administer subsidies, 10,000 points of sale for over 2600 petroleum stations, and communications centers to administer disputes and aid and logistical subsidies for owners of the cards and fuel stations.
Contents
Legislative Update
Law Constitutional Proclamation Special Raise To State Civil Servants (Law 82/2012) Increasing Pensions (Law 81/2012) 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) Status Passed November 2012 Passed July 2012 Passed (July 2012) 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
E-signature (Law 15/2004) Customs (Law 66/1963) 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 (April 2004) Amended by Law 14/ 2004 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 Amending Some Provisions of Law No. 88 Of The Year 2003 On the Termination of Ministerial Decree No. 430 of the year 2012 On The Identification Of The Rules And Limitations Of Acquisition/Usufruct Right In Sinai Peninsula Amending Import and Export Decree 770 of the year 2005 Amendment Of Some Provisions Of Law No. 155 Of The Year 2007 on Education On the Identification of the Delay Fine and Service Fees of Re-Entry and Modification of Data at the Ports Amending Some Provisions Of The Executive Regulations Implementing The Provisions Of Import And Export Law Amending Some Provisions, Rules And Procedures Of The Human Drugs Registration
Status Presidential Decree-Law 160/2012 (December 2012)
Decree 993/2012 (December 2012)
Decree 290/2012 (December 2012)
Decree 961/2012 (December 2012) Presidential Decree 93/2012 (November 2012)
Decree 11/2012 (November 2012)
Decree 859/2012 (October 2012)
Amending Certain Provisions of the Protection of the River Nile and Waterways Against Pollution
Amending decree no. 121
On the Export of Rice Amending Certain Provisions of The Statute Of The Rules Enforcing The Provisions Of Law On Import And Export On Ceasing the Application of Ministerial Decree No. 430 of the Year 2012 On Terminating the Investigation Procedures Regarding the Great Increase in Woven and Mixed Cotton Fabrics Imports On the Compliance with the Special Egyptian Standard Specifications On Imposing an Export Duty on Certain Kinds of Scrap and Materials On Terminating Applying the Provisions of Ministerial Decree No. 902 of the Year 2001
Decree 767/2012 (September 2012)
On the Regulation of Tourism Companies On Amending the Press Law No. 96 of the Year 1996. On the Issuance of the Statute of the National Authority for the Development of Sinai Peninsula Regarding the Practicing of the Pharmaceutical Profession On the Procedures of Registration and Control of Locally Manufactured Cosmetics Granting a Special Raise of 15% to State and Private Servants Imposing Final Precautionary Measures On Cotton and Mixed Yarn Imports On Establishing the National Council for Industry Quality Assurance On the Abidance by the Egyptian Standard Specifications During Production
Decree 533/2012 (August 2012)
Decree 85/2012 (August 2012) Prime Minister Decree 915/2012 (August 2012)
Decree 622/2012 (August 2012)
Decree 498/2012 (August 2012) Decree 82/2012 (August 2012) Decree 589/2012 (July 2012)
Decree 568/2012 (July 2012)
Decree 541/2012 (July 2012)
Provisions Of The Social Insurance Law Regarding Banderoles and Sticking Procedures 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
Decree 102/2012 (July 2012)
Decree 293/2012 (July 2012) 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 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 Provisions of Maximum Limit of Incomes and Minimum Limit Amending Provisions of Import/Export Law Determining Certain Customs Duties Exemptions
Decree 384/2012 (May 2012)
Prime Minister Decree 463/2012 (May 2012)
Prime Minister Decree 421/2012 (April 2012) Decree 142/2012 (April 2012) Prime Minister Decree 322/2011 (April 2012) Decree 219/2012 (March 2012) 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
Ministerial Decree 121/2012 (March 2012) Ministerial Decree 116/2012 (February 2012) Prime Minister Decree 165/2012 (February 2012)
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 Restaurants and Tourist Shops Pegging the State General Budget for the Fiscal year 2011/2012 and Amending some provisions of the Income Tax Law 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 Amending Labor Law 12/2003
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) Ministerial Decree 300/2011 (June 2011) Supreme Council of the Armed Forces Decree- Law 51/2011 (June 2011) 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)
Temporarily Stop Acceptance of Applications for Establishing Tourism Companies Conducting Radioactive Examination on Certain Products
Ministerial Decree 84/2011 (March 2011)
Prime Minister Decree 458/2011 (March 2011)
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 Canceling Annex No. 1 of the year 2010 to the Decree of the Minister of Finance 363/2009 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
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 Ministerial Decree 82/2011(February 20, 2011) 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)
Provisions Regulating the Management of the Egyptian Exchange and its Financial Affairs
Presidential Decree 191/2009 (June 2009)
Contents
BSAC Publications
MENA-US Trade and Investment (January 2013) The report provides a briefing on the MENA macroeconomic and business environment with focus on recent trends in MENA-US trade and investment relations. Healthcare and Pharmaceuticals in Egypt (September 2012) A comprehensive overview of Egypt's healthcare sector and pharmaceuticals industry with focus on market trends, investments, trade in pharmaceuticals and growth areas. MENA-US Trade and Investment (May 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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Contents
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
Contents

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February 1, 2013

ECONOMY ...................................................................... 4 EGYPT RATING CUT BY FITCH ON UNREST 4

MORSI HOPES FOR 5.5% GROWTH IN EGYPT NEXT YEAR

EGYPT TO RECEIVE EUR354 MILLION GERMAN AID

EGYPTS FX RESERVES MAY SLIGHTLY RISE IN JANUARY

EGYPTS SUEZ CANAL TO RAISE FEES FROM MAY

CBE ISSUES NEW INSTRUCTIONS REGARDING BANKS CAPITAL ADEQUACY RATIO 6

PETROLEUM ................................................................... 7 DANA PETROLEUM TO DEVELOP EGYPTIAN OIL FIELD 7

GOVERNMENT APPROVES A NEW SMART CARD SYSTEM FOR SUBSIDISED FUEL

LEGISLATIVE UPDATE ...................................................... 9 BSAC PUBLICATIONS ...................................................... 16 IMPORTANT LINKS......................................................... 18

MORSI HOPES FOR 5.5% GROWTH IN EGYPT NEXT YEAR

EGYPT TO RECEIVE EUR354 MILLION GERMAN AID

EGYPTS FX RESERVES MAY SLIGHTLY RISE IN JANUARY

EGYPTS SUEZ CANAL TO RAISE FEES FROM MAY

CBE ISSUES NEW INSTRUCTIONS REGARDING BANKS CAPITAL ADEQUACY RATIO

GOVERNMENT APPROVES A NEW SMART CARD SYSTEM FOR SUBSIDISED FUEL

Status Presidential Decree-Law 160/2012 (December 2012)

Decree 993/2012 (December 2012)

Decree 290/2012 (December 2012)

Decree 961/2012 (December 2012) Presidential Decree 93/2012 (November 2012)

Decree 11/2012 (November 2012)

Decree 859/2012 (October 2012)

Decree 645/2012 (October 2012)

Decree 383/2012 (October 2012)

Amending decree no. 121

Decree 636/2012 (October 2012)

Decree 767/2012 (September 2012)

Decree 736/2012 (September 2012)

Decree 718/2012 (September 2012)

Decree 693/2012 (September 2012)

Decree 709/2012 (September 2012)

Decree 696/2012 (September 2012)

Decree 694/2012 (September 2012)

Decree 533/2012 (August 2012)

Decree 622/2012 (August 2012)

Decree 568/2012 (July 2012)

Decree 541/2012 (July 2012)

Decree 102/2012 (July 2012)

Decree 293/2012 (July 2012) 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)

Decree 384/2012 (May 2012)

Prime Minister Decree 463/2012 (May 2012)

Establishment of Tourism Companies

Decree 151/2012 (March 2012)

Ministerial Decree 54/2012 (February 2012)

Ministerial Decree 84/2011 (March 2011)

Prime Minister Decree 458/2011 (March 2011)

Presidential Decree 191/2009 (June 2009)

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