Egypt Independent: Business-Main news http://www.egyptindependent.com//enhome_channel/Economy/rss.xml en US$20 billion investments in Egypt within 10 years: Chinese bank http://www.egyptindependent.com//node/2476583 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/11/02/1755/international_cooperation_minister_sahar_nasr.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p><span style="font-size: 1em;">Minister of International Cooperation Sahar Nasr met on Wednesday with a delegation from the Industrial and Commercial Bank of China Limited (ICBC) headed by Ivy Tsai, the director general of the bank for the African continent.</span></p><p dir="LTR">The meeting discussed ways to strengthen joint cooperation between Egypt and the bank in the field of investment and international cooperation. The delegation is expected to meet several ministers and government officials during its visit to Egypt.</p><p dir="LTR">Nasr stressed the government&#39;s open policy adopted to encourage investments, and its efforts to provide an attractive environment for investors and overcome all obstacles to this purpose, noting that her priority is to take action to improve the business environment.</p><p dir="LTR">Ivy reviewed bank-financed projects in Egypt in various sectors, stressing the importance of Egypt on the map of Chinese investments and international cooperation, as well as the diplomatic relations between the two countries which have been outstanding for more than 60 years.</p><p dir="LTR">Ivy put an emphasis on Egypt as a gateway to the African continent, where the ICBC plans to inject investments worth US$35 billion, including US$20 billion in new investments to Egypt during the next 10 years, through a package of important bank-financed projects, including projects in the New Administrative Capital.</p><p dir="LTR">The minister explained that the ministry is closely following the operational steps of the projects according to the priorities of the government, stressing the importance of China as a strategic partner to Egypt.</p><p dir="LTR">The minister also discussed various financing packages offered by the bank and how to use them in supporting Egypt&#39;s development plans.</p> Thu, 23 Feb 2017 09:46:00 +0000 MENA 2476583 at http://www.egyptindependent.com sites/default/files/photo/2015/11/02/1755/international_cooperation_minister_sahar_nasr.jpg Final bonus raised from 1 to 2 months' salary for incoming workers to Saudi Arabia: minister http://www.egyptindependent.com//node/2476598 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2016/10/03/16030/image_1.jpeg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p dir="ltr">The Ministry of Manpower&#39;s labor representative office in Saudi Arabia, located at the Egyptian Consulate in Jeddah,&nbsp;has modified workers&#39; end of service bonus from a value of one month&#39;s salary to two months for incoming laborers, according to a report received by&nbsp;<span style="font-size: 1em;">Manpower Minister Mohamed Saafan.</span></p><p><span style="font-size: 1em;">Labor Adviser in Jeddah, Othman Ramadan, said any incoming workers who complete the duration of their contract have the right to demand the end of service bonus, even if the work period was just one year, on condition that the contract specify the duration of the term. If workers finish the term without violating the conditions of the contract, then the bonus would be counted as a value of two months&#39; salary for every year, instead of one month.</span></p><p><span style="font-size: 1em;">He added that workers are entitled to a bonus, as is their right.</span></p><p>&nbsp;</p><p dir="ltr"><em>Edited translation from Al-Masry Al-Youm</em></p><p><br />&nbsp;</p> Thu, 23 Feb 2017 09:46:00 +0000 Al-Masry Al-Youm 2476598 at http://www.egyptindependent.com sites/default/files/photo/2016/10/03/16030/image_1.jpeg Iraq to supply Egypt with 1 million barrels monthly: ambassador http://www.egyptindependent.com//node/2476607 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2016/06/06/505021/iranian_oil_tanker.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">The Iraqi Oil Marketing Company SOMO has signed a contract for oil exports with the Egyptian government, al-Ahram quoted Iraqi ambassador to Cairo Habib Mohamed Hady al-Sadr as saying on Thursday.</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">&nbsp;</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">The company forwarded the contract to the Petroleum Ministry for final approval, he added.</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">&nbsp;</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">Sadr told al-Ahram newspaper that the first batch of oil, estimated at 1 million barrels, will be handed over to Egypt in the last 10 days of March 2018.</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">&nbsp;</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">Egypt, Iraq and Jordan are preparing for a major strategic joint energy project, he added. The three countries will extend oil and natural gas pipelines from Basra oil fields through Aqaba port in Jordan to Egypt.&nbsp;</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">&nbsp;</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">Saudi Aramco informed Egypt that it would halt the delivery of refined oil shipments to Egypt in October 2016 without giving clear reasons.</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">&nbsp;</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">The kingdom has been supportive of Egypt&#39;s regime since President Abdel Fattah al-Sisi came to power in 2013. Saudi King Salman agreed during his visit to Egypt in April 2016 to provide Egypt with 700,000 tonnes of refined oil products per month for five years, according to Reuters.</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">&nbsp;</div><div style="word-wrap: break-word; color: rgb(85, 85, 85); font-family: Arial, Helvetica, sans-serif; font-size: 12px;">The shipments were suspended after Egypt voted for Russia on a UN resolution that allowed the continuation of air strikes over Aleppo.</div><div>&nbsp;</div> Thu, 23 Feb 2017 03:00:00 +0000 Egypt Independent 2476607 at http://www.egyptindependent.com sites/default/files/photo/2016/06/06/505021/iranian_oil_tanker.jpg Egypt proposes customs exemptions on cars for its expats: minister http://www.egyptindependent.com//node/2476552 <img src="http://www.egyptindependent.com///sites/default/files/imagecache/media_thumbnail/photo/2015/10/27/94/minister_of_immigration_and_egyptian_expatriates_affairs_nabila_makram.jpg" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div><p dir="RTL" style="text-align: left;">Minister of Immigration and Egyptian Expatriate Affairs Nabila Makram announced on Monday that the Committee for Customs Exemptions for Egyptian Expatriates&#39; Cars has submitted its proposals to the Finance Ministry</p></div><div><div>The committee detailed conditions that tie customs exemptions on the cars of Egyptian expatriates to financial transactions through Egyptian national banks, Makram added.</div><div>&nbsp;</div><div>The exemption will be valid for one car per expatriate family, she said. Cars will be divided into categories and exemptions will be determined depending on the category of the car, according to Makram.</div><div>&nbsp;</div><div>If the Finance Ministry approves the proposals, they will be forwarded to the Cabinet, and then the State Council and the parliament for final approval, Youm7 quoted Makram as saying.</div><div>&nbsp;</div><div>The committee was formed by the Immigration Ministry to study Egyptian expatriates&#39; demands regarding exemption from huge customs imposed on their private cars in Egypt. It includes representatives of the ministries of Interior, Finance, Commerce and Industry, the Central Bank of Egypt, and the Customs and Tax authorities.&nbsp;</div><div>&nbsp;</div><div>In related news, the minister held a roundtable discussion Tuesday on handling the affairs of expatriates using expertise from other countries during which a proposal was made to issue &quot;consular cards&quot; for Egyptian expatriates. After registering with a consulate, Egyptians abroad can use these cards to facilitate necessary services when returning to their home country.</div></div><div>&nbsp;</div><div>These cards will be implemented in collaboration with the ministries of Interior, Foreign Affairs, Investment, and Housing, and will give Egyptian expatriates advantages when visiting touristic destinations in Egypt, Makram added.</div><div>&nbsp;</div><div>Several ambassadors from different countries were invited to the roundtable discussion, as Egypt needs to benefit from the expertise of other countries in handling the affairs of Egyptians expatriates using scientific methods, Makram explained in a press statement.</div><div>&nbsp;</div><div>The minister listened to the expertise of the foreign ambassadors in dealing with expat affairs, and displayed Egypt&#39;s efforts and expertise in this field as well.&nbsp;</div><div>&nbsp;</div><div>Makram said she plans to take advantage of the experiences of Arab countries and others in dealing with immigrants, noting that she will visit Sudan next Thursday as a guest of honor of the Conference of the Sudanese Communities Abroad.</div><div>&nbsp;</div><div>&nbsp;</div><div>&nbsp;</div><div>&nbsp;</div><p dir="RTL" style="text-align: left;"><em>Edited translation from Al-Masry Al-Youm</em></p><p dir="RTL">&nbsp;</p><p>&nbsp;</p><p dir="RTL">&nbsp;</p> Wed, 22 Feb 2017 14:54:00 +0000 Al-Masry Al-Youm 2476552 at http://www.egyptindependent.com sites/default/files/photo/2015/10/27/94/minister_of_immigration_and_egyptian_expatriates_affairs_nabila_makram.jpg