Economy

Parliament approves VAT bill at 13 percent tax rate

Opening session of Egypt's House of Representatives in January 10, 2015
29 Aug 2016
Egypt's House of Representatives gave its initial approval for a bill to introduce Value-Added Tax (VAT) during preliminary discussions in parliament on Sunday, with a number of sources claiming the a rate of 13 percent was agreed on....
Yes

Saudi Telecom, Lebara KSA in Egypt this week to discuss 4G licence, official says

29 Aug 2016
Representatives from Saudi Telecom and Lebara KSA are in Egypt this week to discuss the possibility of obtaining a fourth-generation mobile phone licence, an official from Egypt's telecommunications ministry said on Monday. "...
Yes

Wheat drops for 6th session on ample supplies; Egypt demand eyed

29 Aug 2016
U.S. wheat fell for a sixth consecutive session and hovered near a three-week low on Monday, as ample global stocks and a regulatory clamp-down from the world's largest buyer of the grain dragged on prices. Egypt, the world's...
Yes

Egypt's agriculture minister reinstates zero ergot policy in wheat

28 Aug 2016
Egypt will no longer permit wheat shipments with even trace levels of ergot, and will apply the decision retroactively, the agriculture minister said on Sunday. The decision reverses an earlier decree that had allowed for 0.05 percent, a...
Yes

Iraq plans to sell oil through Iran if talks with Kurds fail

28 Aug 2016
Iraq's government would consider selling crude through Iran should talks with the autonomous Kurdish region on an oil revenue-sharing agreement fail, a senior oil ministry official in Baghdad told Reuters. Iraq's State Oil...
Yes

Apple fixes security flaw after UAE dissident's iPhone targeted

27 Aug 2016
Apple Inc issued a patch on Thursday to fix a dangerous security flaw in iPhones and iPads after researchers discovered that a prominent United Arab Emirates dissident's phone had been targeted with a previously unknown method of...
Yes

Egypt's wheat corruption scandal: timeline of a crisis

26 Aug 2016
The minister responsible for food subsidies in Egypt, the world's biggest wheat importer, resigned on Thursday amid a high profile corruption probe.   In July, Egypt launched an inquiry into whether millions of dollars intended to...
Yes

Welspun scandal follows years of plummeting Egyptian cotton output

Cotton farmers
26 Aug 2016
A scandal involving the alleged sale of falsely labeled Egyptian cotton products by an Indian textile manufacturer to U.S. big box retailers highlights a stiff reality facing the high-end fiber market: there isn't much Egyptian cotton...
Yes

Oil prices fall as Saudi Arabia dampens prospects of output freeze

26 Aug 2016
Oil prices fell on Friday after the Saudi energy minister tempered expectations of strong market intervention by producers during talks next month, and as analysts pointed to an ongoing supply overhang that was weighing on markets....
Yes

Egypt plans to end fuel subsidies within three years

23 Aug 2016
Egypt plans to end fuel subsidies within three years and is aiming to increase fuel prices to 65 percent of their actual cost during the 2016/17 fiscal year, two government sources told Reuters on Tuesday. Struggling to revive its economy...
Yes