Egypt Independent: Economy-Main news en Stock indexes rise sharply Thursday <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div><span style="font-size: 14px;">Stock indexes rose sharply Thursday, backed by the purchases of Egyptian investors.</span></div><div>&nbsp;</div><div>The main index EGX30 was up by&nbsp;<span style="font-size: 14.3999996185303px;">0.65 percent</span><span style="font-size: 14px;">&nbsp;by the end of the trading session.</span></div><div>&nbsp;</div><div>EGX70 recorded an increase of 0.24 percent, while EGX100 rose by 0.34 percent.</div><div>&nbsp;</div><div>According to stock exchange data, the total trading value on Thursday reached LE684 million. Arab and foreign investors sold stocks, while Egyptians preferred purchasing.</div><div>&nbsp;</div><div>The market capitalization of listed companies closed at LE524,258 billion, recording an increase of about LE1.19 billion.</div><div>&nbsp;</div><div><em>Edited translation from&nbsp;Al-Masry Al-Youm</em></div> Thu, 28 Aug 2014 13:56:00 +0000 Al-Masry Al-Youm 2438192 at sites/default/files/photo/2013/12/26/484151/__sqwt_mwshr_blbwrs_lmy_tswyr_mhmd_mrwf_4_536.jpeg First free trade zone to be established between Egypt, Gulf countries <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p dir="ltr" id="docs-internal-guid-efee76dd-1c4b-20aa-a5b7-5ce9da02a2d2"><span style="font-size: 1em; line-height: 1.5em;">An informed source from the Trade and Industry Ministry said that an important meeting for ministers of the Economic Group (trade, finance, planning and investment) will be held before the end of the year to plan establishing the first free trade zone between Egypt and Gulf countries.</span></p><p dir="ltr">Actual implementation will start in 2015 seeking to increase investments and trade exchange between Egypt and the Gulf.</p><p dir="ltr">After the meeting, there will be a series of Egyptian-Gulf meetings to end any disputes that would come to surface through experts from Egypt and the Gulf, the source told Saudi <em>Okaz </em>newspaper.</p><p dir="ltr">The new zone, according to the source, will reduce fees on Egyptian-Gulf products, which would enhance trade . It will also lead to the establishment of several land roads and maritime harbors, as well as increasing the air carriers that transfer perishables, especially foodstuffs, in order to increase exports.</p><p dir="ltr"><span style="font-size: 1em; line-height: 1.5em;">The zone will end bureaucracy, activate the role of trade chambers and deepen bilateral cooperation.</span></p><p dir="ltr"><em>Edited translation from MENA</em></p> Thu, 28 Aug 2014 11:06:00 +0000 MENA 2438187 at sites/default/files/photo/2013/12/10/484151/shutterstock_124765441.jpg UAE to provide Egypt with loan to purchase petroleum products <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><p dir="ltr" id="docs-internal-guid-28254360-1795-9e7b-a980-f1b72785497e" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;"><span style="font-size: 1em; line-height: 1.5em;">Tareq al-Mulla, executive chief of the Egyptian General Petroleum Corporation (EGPC), said the United Arab Emirates agreed to provide Egypt with a loan to meet the needs of petroleum products.</span></p><p dir="ltr" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;">&nbsp;</p><p dir="ltr">Emirates is not offering a grant to Egypt, but facilities in the form of a loan to purchase petroleum needs either from UAE or other countries, Mulla told <em>Al-Masry Al-Youm</em>.</p><p dir="ltr">&quot;The Saudi petroleum aid will end this August,&quot; he said, adding that the agreement with Emirates came in time to serve local needs of gasoline, diesel oil and natural gas and fuel oil.</p><p dir="ltr">&quot;The Emirati loan will last for one year and is allocated to purchase petroleum substances,&quot; Mulla said.</p><p dir="ltr">Costs of products are estimated at US$9 billion (around $800 million monthly).</p><p dir="ltr"><span style="font-size: 1em; line-height: 1.5em;">A source from petroleum sector said Egypt will pay for the products over five year through installments every three months and a grace period of one year, according to the agreement.</span></p><p dir="ltr">Emirates is one of the biggest financial supporters of Egypt after the ouster of president Mohamed Morsy in July 2013.</p><p dir="ltr"><span style="font-size: 1em; line-height: 1.5em;">The Alliance includes Commercial International Bank (CIB), Arab African International Bank, Banque Misr and Qatar National Bank. </span></p><p dir="ltr"><span style="font-size: 1em; line-height: 1.5em;">Banque du Caire led another alliance, while the Société Arabe Internationale de Banque (SAIB) led a third alliance.</span></p><p dir="ltr"><em>Edited translation from Al-Masry Al-Youm</em></p><p><br /><br />&nbsp;</p> Wed, 27 Aug 2014 13:07:00 +0000 Al-Masry Al-Youm 2438168 at sites/default/files/photo/2013/03/11/4886/bas_2298.jpg Tax Authority Chairman: Late tax dues LE84.5 bn <img src="" alt="" title="" class="imagecache imagecache-media_thumbnail" width="152" height="114" /><div>Tax Authority Chairman Mostafa Abdel Qader said the economic crisis that followed the 25 January revolution caused an increase in late tax dues of LE8.6 billion in the last three years, bringing the total dues to LE84.5 billion by the end of the 2013-2014 fiscal year, including LE77 billion in general taxes and LE7.5 billion in sales taxes.&nbsp;</div><div>&nbsp;</div><div>He said in a statement on Tuesday that the Finance Ministry will start by collecting the undisputed taxes and then consider legislative amendments to overcome the problem of bounced checks.</div><div>&nbsp;</div><div>He also said that the Tax Authority will consider new mechanisms to resolve disputes amicably through conciliation committees and shorten the duration of the litigation in tax issues. &ldquo;Before that, the internal committees will try to solve disputes without referring them to the courts,&rdquo; he said. &ldquo;This will help us collect LE24 billion in late dues compared to LE16 billion collected last fiscal year.&rdquo;</div><div>&nbsp;</div><div>&ldquo;The private sector owes us LE58.5 billion of which LE52.5 billion are disputed,&rdquo; he said, pointing out that the law requires a final bankruptcy court sentence before those taxes are dropped.</div><div>&nbsp;</div><div>He said state press institutions owe the Tax Authority LE10.3 billion, public sector companies owe LE6.7 billion, banks LE1.9 billion, investment companies LE225 million and other government bodies LE44.6 million. &ldquo;All of them suffer liquidity problems,&rdquo; he said.</div> Tue, 26 Aug 2014 22:18:00 +0000 Ibrahim Alsahary 2438150 at sites/default/files/photo/2014/03/10/484151/192753_0.jpg