july 1st, 2015 - amcham · subsidies, tarek el molla, chairman of state-run egyptian general...

-1- Compiled by: Business Studies & Analysis Center (BSAC)

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July 1st, 2015

ECONOMY ...................................................................... 4

FITCH AFFIRMS EGYPT AT 'B'; OUTLOOK STABLE 4 Fitch Ratings has affirmed Egypt's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'B' with a Stable Outlook. The issue ratings on Egypt's senior unsecured foreign and local currency bonds have also been affirmed at 'B'. The Country Ceiling and the Short-term

foreign currency IDR have been affirmed at 'B' ........................................................ 4

DRAFT BUDGET SLOWS FISCAL REFORM, A CREDIT NEGATIVE 4 International credit agency Moody's has marked Egypt's draft budget as “credit negative” for

slowing the government’s medium-term macroeconomic plan. ........................................ 4

GOVERNMENT TO INCREASE CASH SUBSIDY PROGRAMMES IN

NEW BUDGET 4 The Ministry of Social Solidarity will allocate EGP11.5 billion for cash subsidy programmes in the upcoming budget, compared to EGP6.5 billion spent in the current fiscal year, according to

Minister Ghada Wali. .................................................................................... 4

FINANCE ........................................................................ 5

CABINET APPROVES FY2015/16 BUDGET 5 The Cabinet has finally approved the draft budget of FY2015/16 after three days of meetings. The budget targets a narrower deficit of 9.9% of GDP in FY2015/16 from an expected 10.8%

of GDP in FY2014/15, according to a statement by the Ministry of Finance ......................... 5

mailto:[email protected]

http://aib.com.eg:81/web/wps/portal/enaib




ENERGY ......................................................................... 6

EGYPT EARMARKS USD8 BILLION FOR FUEL SUBSIDIES IN

FY2015/2016 6 Egypt's draft 2015/16 budget earmarks EGP61 billion (USD8 billion) for fuel product

subsidies, Tarek El Molla, Chairman of state-run Egyptian General Petroleum Corp (EGPC),. ...... 6

EGAS AGREES ON DEAL WITH BP FOR LNG SUPPLY 6 Egypt has agreed on a liquefied natural (LNG) supply deal with British oil major BP (AmCham member) (link here) through 2015 and 2016, but for less than initially proposed, Egyptian

officials and trade sources said. ......................................................................... 6

NEGOTIATIONS WITH THE UAE TO IMPORT USD2 BILLION

WORTH OF PETROLEUM PRODUCTS 6 The government is in negotiations with the UAE to import USD2 billion worth of petroleum

products to cover Egypt’s 2H2015 demands. .......................................................... 6

IT & TELECOMMUNICATIONS ............................................ 7

NTRA APPROVES INTERNET PRICE CUTS 7 The National Telecommunications Regulatory Authority (NTRA) (link here) has approved a proposed plan for internet price cuts to be undertaken by Telecom Egypt (link here) said

Minister of Communications and Information Technology ........................................... 7

ICT MINISTRY AIMS AT MINIMUM SPEEDS OF 4MBPS BY END-

2016 7 The Ministry of Communications and Information Technology (link here) is planning to raise minimum internet speeds in the country to 4Mbps by end-2016, according to the Minister’s

advisor, .................................................................................................. 7

PROJECTS ....................................................................... 7

HOUSING MINISTRY TO OFFER LAND FOR DEVELOPERS

UNDER MIDDLE-INCOME HOUSING PROGRAMME 7 The Ministry of Housing (link here) has announced that it plans to offer land for real estate

developers to develop housing units for the middle income. .......................................... 7

12 NEW WATER SANITATION PROJECTS COMPLETED IN NEW

CITIES 8 The Ministry of Housing declared the completion of 83 drinking water and sanitation projects,

along with 112 sanitation projects in villages on 30 June. .............................................. 8





EGYPT-US RELATIONS ...................................................... 8

EGYPT RECEIVES TWO FAST MISSILE NAVY VESSELS FROM U.S. 8 The United States has delivered two navy vessels to Egypt, doubling Cairo's total fleet of Fast

Missile Craft to four, the U.S. embassy in Cairo said declared. ......................................... 8

TRADE & INVESTMENT .................................................... 8

GOVERNMENT TO DOUBLE EXPORT SUBSIDIES 8 The Cabinet approved increasing export subsidies to EGP5 billion from EGP2.6 billion. The new increase is set to boost Egyptian products' chances of competing on the international

marke .................................................................................................... 8

EGYPT BOUGHT 5.3 MILLION TONNES OF LOCAL WHEAT BY

END OF SEASON 9 Egypt bought a total of 5.3 million tonnes of local wheat during the procurement season the country's supplies minister said. The figure is close to the government's procurement target of

5.3 million tonnes and far higher than the 3.7 million tonnes procured in the 2014 season. 9

MERGERS & ACQUISITIONS ............................................... 9

VALEANT PHARMACEUTICALS INTERNATIONAL INC IN

ADVANCED TALKS TO BUY AMOUN PHARMACEUTICAL CO 9 Valeant Pharmaceuticals International Inc. (link here) is in advanced negotiations to acquire Egyptian drugmaker Amoun Pharmaceutical Co. (AmCham member) (link here) as it seeks to

expand into emerging markets .......................................................................... 9

LAWS & REGULATIONS ...................................................... 9

SISI APPROVES AMENDMENTS TO LAW ORGANISING SUEZ

CANAL AREA INVESTMENT 9 President Abdel Fattah Al-Sisi decreed a law amending several provisions of the law governing

“Economic Zones with a Special Nature”, according to the state’s official gazette. ................... 9

LEGISLATIVE UPDATE ................................................. 10

BSAC PUBLICATIONS .................................................. 20

IMPORTANT LINKS ...................................................... 22





Economy

FITCH AFFIRMS EGYPT AT 'B'; OUTLOOK STABLE

Source: Reuters, June 21, 2015

Fitch (link here) Ratings has affirmed Egypt's Long-term foreign and local

currency Issuer Default Ratings (IDR) at 'B' with a Stable Outlook. The issue

ratings on Egypt's senior unsecured foreign and local currency bonds have also

been affirmed at 'B'. The Country Ceiling and the Short-term foreign currency IDR

have been affirmed at 'B'. The rating agency said that Egypt's ratings balance a

high fiscal deficit and debt/GDP ratio, low import cover and recent volatile

political history with low external debt and recent commitment to a wide-ranging

economic reform programme. Fiscal consolidation, stronger growth and lower

commodity prices will reduce the budget deficit, although it will remain large

compared with peers, at a forecast 11.1% of GDP in FY15 (to end June).

Moderate deficit reduction and stronger nominal GDP growth are forecast to put

the debt/GDP ratio on a downward trend, ending a multi-year deterioration.

Prospects for the balance of payments look more stable over the next few years,

but Fitch expects only a marginal improvement in reserve coverage, as stronger

inflows of foreign exchange will be used to satisfy unmet private sector demand.

Economic momentum has been maintained. Fitch assumes that growth will stay

above 4% as the rebound stemming from greater political stability and reform

momentum is bolstered by investment and improved power supply. Political

stability has improved under President Sisi. In Fitch's opinion, this reflects a

desire for stability, a strong clampdown on political opposition and an improving

economy. Nonetheless, significant sections of the population are disaffected,

there are widespread grievances over some public services and there is serious

sporadic violence in North Sinai.

DRAFT BUDGET SLOWS FISCAL REFORM, A CREDIT NEGATIVE

Source: Daily News Egypt, June 28, 2015

International credit agency Moody's (link here) has marked Egypt's draft budget

as “credit negative” for slowing the government’s medium-term macroeconomic

plan. "This slowdown in fiscal consolidation, while small, is credit negative

because it will translate into a smaller reduction of Egypt’s already high

government debt and keep the government’s gross borrowing needs precariously

high for a longer period," read a statement by Moody's.

GOVERNMENT TO INCREASE CASH SUBSIDY PROGRAMMES IN NEW BUDGET

Source: Ahramonline, June 17, 2015

The Ministry of Social Solidarity will allocate EGP11.5 billion for cash subsidy

programmes in the upcoming budget, compared to EGP6.5 billion spent in the

current fiscal year, according to Minister Ghada Wali. The cash subsidy

programmes provided by the government include social solidarity pensions,

'Takaful' (a programme targeting poor families), and 'Karama' (a programme

targeting elders and those with disabilities), in addition to other programmes that

offer help to those facing crises, Wali stated.


https://www.fitchratings.com/

https://www.moodys.com/




Finance

CABINET APPROVES FY2015/16 BUDGET

Source: Ministry of Finance statement, June 21, 2015

The Cabinet has finally approved the draft budget of FY2015/16 after three days

of meetings. The budget targets a narrower deficit of 9.9% of GDP in FY2015/16

from an expected 10.8% of GDP in FY2014/15, according to a statement by the

Ministry of Finance. The budget will be presented to the President for his approval

conditional for the budget becoming into law. Below is a highlight of the key

takeaways for the released statement.

Budget key highlights:

- Fiscal consolidation on track, targeting a deficit of 9.9% of GDP compared

to 10.8% this year

- Key fiscal reforms are: implementation of the VAT, though only partially,

and second round of electricity price hikes

- Strong growth in spending (20% Y-o-Y) outpaced by rapid revenue

growth of 26% Y-o-Y

- The fiscal sector remains a key driver of growth with double-digit

spending growth on investment, health, education and wages

The MOF’s statement released only a few headline figures budgeting for strong

spending growth of 20% Y-o-Y to EGP885 billion (USD116 billion), driven by

double-digit growth in spending on investments (15 % Y-o-Y) and wages (14% Y-

o-Y). Overall social spending, including that on wages, pensions, subsidies, cash

support to needy families amongst other, is set to expand 12% Y-o-Y to EGP431

billion. Revenue growth, however, is set to outpace spending growth for the

second year in a row with the government budgeting for 26% Y-o-Y growth in

total revenues to a total of EGP612 billion (USD80 billion). The stronger revenue

growth is driven by reforms in the sales tax regime and the customs, revaluation

of land prices, as well as accelerating economic growth.

VAT is a key reform measure, though timing and magnitude are yet unclear: The

MOF’s statement pointed that buoyant revenue growth will be partially driven by

partial implementation of the value-added tax regime.

The implementation of the second round of electricity fuel price is the other key

reform measure this year. The increase, in line with the five-year subsidy

reduction plan in the electricity sector announced last year, is planned to be

implemented in July. As per the President’s directives, the first three tranches of

consumer brackets will be exempted from this year’s increase. This will be

compensated for by bringing forward next year’s price levels for the higher three

brackets to this year in a message by the government that rich segments of the

population will be carrying the burden of reforms, as per the MOF’s statement.

It was notable that the budget statement lacked any mention of fuel subsidies.

The Cabinet is yet to present the budget to the President, and he must approve it

to become law. We would assign lower risk for major changes to be introduced by

the President like last year given that the budget is building on a foundation laid

down last year. Moreover, the President has already communicated a number of

directives to the government whether on exempting lower-income households

from the upcoming electricity price hike or postponing the implementation of the

fuel smart card system.





Energy

EGYPT EARMARKS USD8 BILLION FOR FUEL SUBSIDIES IN FY2015/2016


Egypt's draft 2015/16 budget earmarks EGP61 billion (USD8 billion) for fuel

product subsidies, Tarek El Molla, Chairman of state-run Egyptian General

Petroleum Corp (EGPC), said in a statement on Saturday. The Cabinet on

Thursday approved a draft budget for the next fiscal year that starts on 1 July,

but it did not announce the amount allocated for fuel products subsidies. The

subsidy bill for the current FY2014/15 is expected to be EGP70 billion, El Molla

added. EL Molla said the fuel products allocation for the next fiscal year was

based in part on a projected average price of USD70 per barrel for Brent crude. A

switch to coal from natural gas and diesel in the cement industry also helped

determine the figure, as did a change in domestic consumption, he said. El Molla

said the government had a plan to reduce domestic fuel consumption by 3-5%,

which would save around EGP3-4 billion.

EGAS AGREES ON DEAL WITH BP FOR LNG SUPPLY


Egypt has agreed on a liquefied natural (LNG) supply deal with British oil major

BP (AmCham member) (link here) through 2015 and 2016, but for less than

initially proposed, Egyptian officials and trade sources said. BP will supply 16

cargoes under a deal with the state-run Egyptian Gas Holding Company, or EGAS

(link here), compared with the initially agreed 21 cargoes. This deal was meant

to form part of a major tender Egypt awarded in January to buy 70 LNG cargoes,

worth about USD2.2 billion, but recurring delays threw the deal with BP into

doubt as Egypt scrambled to cover its energy needs. "We signed with BP to

supply 16 cargoes of liquefied natural gas, that will be received through 2015-

2016," head of EGAS Khaled Abdel Badie said. As part of the January tender,

commodity trader Trafigura (link here) won the right to supply 33 cargoes,

Vitol (link here) nine and Noble Group (link here) seven. The remaining 21

cargoes were to be supplied by BP, with the first shipments scheduled to arrive

from April. But delays to signing a deal until recently has reduced the number of

deliveries.

NEGOTIATIONS WITH THE UAE TO IMPORT USD2 BILLION WORTH OF

PETROLEUM PRODUCTS

Source: Al Mal, June 28, 2015

The government is in negotiations with the UAE to import USD2 billion worth of

petroleum products to cover Egypt’s 2H2015 demands. Egypt is looking to pay for

the imports on installments with relaxed terms. Similar negotiations are also

taking place with Kuwait and Saudi Arabia, but the negotiations with the UAE are

moving faster as an initial agreement expires at end of June. The UAE had

pledged to maintain supplies without delays as contracted.


http://www.bp.com/en/global/corporate/about-bp/bp-worldwide/bp-in-egypt-.html

http://www.egas.com.eg/home.aspx

http://www.trafigura.com/

http://www.vitol.com/

http://www.thisisnoble.com/




IT & Telecommunications

NTRA APPROVES INTERNET PRICE CUTS

Source: Al Borsa, June 18, 2015

The National Telecommunications Regulatory Authority (NTRA) (link here) has approved a proposed plan for internet price cuts to be undertaken by

Telecom Egypt (link here) said Minister of Communications and Information

Technology, Khaled Negm. Internet service providers (ISPs) will be entitled to

take up the new prices or reject them and stick to the old ones, Negm added. In

related news, TE said it would start implementing internet price cuts during the

month of Ramadan, an unnamed company official said. Meanwhile, the “Internet

Revolution” movement announced it would escalate its campaign for price cuts by

filing a lawsuit against the NTRA and ISPs before the Administrative Court. The

Ministry of Communications and Information Technology (MCIT) is considering to

fund 50% of the cost of internet price cuts through the universal service fund

(USF) for six months.

ICT MINISTRY AIMS AT MINIMUM SPEEDS OF 4MBPS BY END-2016

Source: Amwal Al Ghad, June 21, 2015

The Ministry of Communications and Information Technology (link here)

is planning to raise minimum internet speeds in the country to 4Mbps by end-

2016, according to the Minister’s advisor, Khaled Sherif. Moreover, the plan is to

raise minimum speeds to 1Mbps during June 2015, and then to 2Mbps in January

2016.

Projects

HOUSING MINISTRY TO OFFER LAND FOR DEVELOPERS UNDER MIDDLE-INCOME HOUSING PROGRAMME

Source: Al Shorouk, June 21, 2015

The Ministry of Housing (link here) has announced that it plans to offer land

for real estate developers to develop housing units for the middle income. The

Ministry has set 200 feddans as a minimum land area per developer with 10,000

units. The terms of the agreement will be similar to the ones proposed under the

draft contract for Arabtec’s (link here) one-million housing unit project,

whereby the developer’s net profit should not exceed 7.5% of the investment

cost of the project and unit sizes should not exceed 120 sqm. The government’s

share will be determined based on the cost of the land in addition to the

infrastructure costs, and the return will be on an in-kind basis. A number of real

estate developers, include Al-Dorra Group (link here), have expressed interest

to take part in the project.


http://www.tra.gov.eg/english/Main.asp

http://www.tra.gov.eg/english/Main.asp

http://te.eg/en_home

http://www.mcit.gov.eg/

http://www.moh.gov.eg/en/en_design/default_en.aspx

http://www.arabtecuae.com/

http://www.dorra.com/




12 NEW WATER SANITATION PROJECTS COMPLETED IN NEW CITIES


The Ministry of Housing declared the completion of 83 drinking water and

sanitation projects, along with 112 sanitation projects in villages on 30 June.

Minister of Housing Mostafa Madbouly said the Construction Authority for Potable

Water and Wastewater (CAPW) completed eight sanitation projects in five satellite

cities, with an investment cost of EGP 700m. Of these, three projects were in New

Cairo, two projects were in the Burg Al-Arab area in Alexandria, and one project

in 6th of October City, 10th of Ramadan City and Badr City respectively.

Additionally, four drinking water projects were completed in three satellite cities,

with an investment cost of EGP 2.8bn, as well as two projects in the 10th of

Ramadan City, and one for both Obour City and Burg Al-Arab. The ministry will

begin operating tests for these projects, and they will begin work officially within

three weeks after the completion date.

Egypt-US Relations

EGYPT RECEIVES TWO FAST MISSILE NAVY VESSELS FROM U.S.


The United States has delivered two navy vessels to Egypt, doubling Cairo's total

fleet of Fast Missile Craft to four, the U.S. embassy in Cairo said declared. The

statement said the vessels had arrived in the Egyptian port city of Alexandria on

17 June aboard a U.S. transport ship. "The Fast Missile Craft directly supports

maritime and regional security, which includes protecting vital waterways such as

the Suez Canal and the Red Sea," said U.S. Embassy Senior Defense Official in

Cairo Major General Charles Hooper.

Trade & Investment

GOVERNMENT TO DOUBLE EXPORT SUBSIDIES

Source: Ahram Online, June 24, 2015

The Cabinet approved increasing export subsidies to EGP5 billion from EGP2.6

billion. The new increase is set to boost Egyptian products' chances of competing

on the international market and of finding new markets, according to the Cabinet

statement. Egypt's total exports dropped to USD8 billion in May 2015, from

USD10 billion in May 2014, according to the General Organisation for Export

and Import Control (link here). In an earlier statement, the Federation of

Egyptian Industries (link here) said that it was seeking to increase export

subsidies to make up for a projected drop in energy subsidies that would cause a

price hike in electricity and gas for factories.


http://www.goeic.gov.eg/

http://www.fei.org.eg/




EGYPT BOUGHT 5.3 MILLION TONNES OF LOCAL WHEAT BY END OF SEASON


Egypt bought a total of 5.3 million tonnes of local wheat during the procurement

season the country's supplies minister said. The figure is close to the

government's procurement target of 5.3 million tonnes and far higher than the

3.7 million tonnes procured in the 2014 season. The supplies ministry has said

the record level was largely due to the high price offered to farmers. This year,

EGP10 billion (USD1.3 billion) has been allocated for local wheat purchases. Still,

traders and experts argue the high price has further complicated a chronic

smuggling problem, where foreign wheat falsely labeled as Egyptian is sold to the

government pushing up the procurement figures.

Mergers & Acquisitions

VALEANT PHARMACEUTICALS INTERNATIONAL INC IN ADVANCED TALKS TO BUY AMOUN PHARMACEUTICAL CO

Source: Financial Post, June 16, 2015

Valeant Pharmaceuticals International Inc. (link here) is in advanced

negotiations to acquire Egyptian drugmaker Amoun Pharmaceutical Co.

(AmCham member) (link here) as it seeks to expand into emerging markets,

according to people with knowledge of the matter. The drugmaker, based in

Laval, Quebec, may reach an agreement with Amoun’s shareholders in the

coming weeks, the people said, asking not to be identified as the information is

private. No final decision has been made and any deal may still fall apart, they

said. A sale of Amoun could value the company at US$700 million to US$800

million, people familiar with the matter said in May. Valeant is seeking to become

one of the world’s biggest drug companies, mostly through acquisitions, amid a

flurry of transactions in the pharmaceuticals and biotechnology industries. Amoun

is one of the largest drugmakers in Egypt and offers both veterinary and human

medicines in the region.

Laws & Regulations

SISI APPROVES AMENDMENTS TO LAW ORGANISING SUEZ CANAL AREA

INVESTMENT


President Abdel Fattah Al-Sisi decreed a law amending several provisions of the

law governing “Economic Zones with a Special Nature”, according to the state’s

official gazette. The law organises and governs investment in the Suez Canal

area, and the economic body that will take over managing the Suez Canal

Development Project, in coordination with all the concerned governmental bodies.

According to the official gazette, the amendments stipulated that the general

authority, that is to be formed to manage the zone, has the right to participate in

launching one or more major companies to develop the area, or to licence others

to launch this company. The amendments allow the authority to contract a

private sector party to develop the area and perform the maintenance of the

infrastructure, without acquiring a quota in the development company, or while

owning very small quotas.


http://www.valeant.com/

http://www.amoun.com/




Legislative Update

Laws/ Decrees Description

Ministry of Tourism Decree No. 229 of the year 2015 New

On Applications for Establishing Tourism Companies

Ministry of Industry, Trade and Small & Medium Projects Decree No. 444 of the year 2015 New

On Cancelling the Ministerial Decree No. 257 of the Year 2010 concerning the Import and Export and the System of Procedures of Examination and Control of Imported and Exported Commodities and amendments

Prime Minister Decree No. 1272 Of The Year 2015 New

Concerning investment-related disputes

Ministry of Investment Decree No. 45 of the Year 2015 New

Amending Some Provisions of the Executive Regulations of the Capital Market Law Issued as per Decree of the Minister of Economy and Foreign Trade No. 135 of the Year 1993

Ministry of Tourism Decree No. 570 of the Year 2015 New

regarding tourist companies specialized in operating small tourist vehicles (Limousine)

Ministry Of Finance Decree No. 256 Of The Year 2015

Amending Certain Provisions of the Executive Regulations of the Customs Law Promulgated by Decree of the Minister of Finance no. 10 of the Year 2006

Official Journal – Issue No. 19 - Dated 7 May 2015

Prime Minister’s Decree No. 844 of the Year 2015 Determining Certain Customs Tax Exemptions

Presidential Decree-Law No. 23 Of The Year 2015

Amending Certain Provisions of the Building Law and its Promulgating Law No. 119 of the Year 2008

Presidential Decree-law No. 21 of the Year 2015

On Amending Some Provisions of the Penal Code

Ministry of Health and Population Decree No. 151 of the year 2015

Reorganizing the Procedure of Registration of Cosmetics

The Ministry of Industry, Trade and Small and Medium Projects Decree No. 287 of the Year 2015

On Imposing Final Precautionary Measures On Imports of Reinforcing Steel for Building Purposes Item

The Ministry of Industry, Trade and Small and Medium Projects Decree No. 288 of the Year 2015

On Imposing Temporary Precautionary Measures On White Sugar Imports

Presidential Decree-Law No. 12 of the Year 2015

Amending Some Provisions of the General Sales Tax Law Promulgated by Law No. 11 of the Year 1991

Egyptian Financial Supervisory Authority (EFSA) Authority's Board of Directors Resolution No. 158 of the year 2014

Regarding Micro-finance Fields and the Value Thereof

Presidential Decree-law No. 47 of the year 2014

On Amending Certain Provisions of the Public Cleanliness Law No. 38 of the year 1967 as amended by Law No. 106 of the year 2012

Presidential Decree-law No. 7 of the year 2015 On Amending Certain Provisions of The Child Law Promulgated by Law No. 12 of the year 1996





Decree Of The President Of The Arab Republic Of Egypt No. 69 Of The Year 2015

On Amending Custom Tarrifs

Presidential Decree-law No. 6 of the year 2015 On Amending Certain Provisions of The Child Law Promulgated by Law No. 12 of the year 1996

Egyptian Financial Supervisory Authority (EFSA) Authority's Board of Directors Resolution No. 158 of the year 2014 Issued on 3/12/2014

Regarding Micro-finance Fields and the Value Thereof

Decree-Law of the President of the Arab Republic of Egypt No. 203 of the Year 2014

Regarding the Stimulation of Producing Electricity from Renewable Energy Sources

Ministry of Trade and Industry Decree No. 135 of the Year 2014

Regarding the Egyptian standard specifications on Producing and importing foodstuff


Regarding the Stimulation of Producing Electricity from Renewable Energy Sources

Ministry of Manpower and Immigration Decree No. 216 Of The Year 2003

Concerning the Financial and Administrative Regulations Of the Social, Health and Cultural Services Fund Amended By Decree No. 310/2009

The Central Bank Of Egypt Resolution of the Board Of Directors Of The Central Bank Of Egypt No. 2404 of the Year 2014

On Amending Article No. (8) of the Articles of Association of the Federation of Egyptian Banks

The Central Bank Of Egypt Resolution of the Board Of Directors Of The Central Bank Of Egypt No. 2404 of the Year 2014

On Amending Article No. (8) of the Articles of Association of the Federation of Egyptian Banks


On Amending Some Provisions of the Income Tax Law Promulgated By Law No. 91 Of The Year 2005

Ministry of Manpower and Immigration Issue No. 288 Dated 21st of December, 2014

On Deciding the Disbursement of a Special Raise to the Private Sector Workers in the Year 2014

Ministry Of Tourism Decree No. 1002 of the Year 2014

Regarding the obligations of the tourist companies owning tourist buses to fulfill the license conditions related to the GPS trackers, speedometers and security cameras

Ministry of Tourism Decree No. 979 of the Year 2014 Issued on 19/11/2014

Concerning Non- Egyptians Ownership of Restaurants and Shops

Minister of Finance Decree No 531 For The Year 2005

Determining The Free (Non-Commercial) Professions In Applying The Provision Of Article-70 Of The Income Tax Law As Promulgated By Law No 91 For The Year 2005

Ministry of Finance Decree No. 434 of the Year 2014

On Amending Some Provisions of the Minister of Finance's Decree No. 531 of the year 2005

Prime Minister’s Decree No. 548 Of The Year 2005

Concerning The Non-Egyptians’ Ownership And Usufruct Of Residential Units In Certain Areas

Ministry of Industry, Trade and Small & Medium Projects Decree No. 865 of the Year 2014

Emposing Measures on transporting and circulating the industrial hazardous wastes and materials





Ministry of Housing, Utilities and Urban Communities Decree No. 727 of the Year 2014

Enforcing Some Provisions of Law No. 371 of the Year 1956 on Public Shops and Law No. 372 of the Year 1956 on Entertainment Places

Presidential Decree-law No. 142 Of The Year 2014

On Amending Some Provisions Of The Traffic Law Promulgated By Law No. 66 Of The Year 1973


Regarding the Provisions Related to the Extradition of the Accused and the Transfer of the Convicted

Prime Minister, Decree No. 1947 of the Year 2014

Regarding the Organization of the Ministry of Electricity and Energy


On Amending Certain Provisions of Law No. 102 of the Year 1986 on Establishing the New and Renewable Energy Authority (NREA)

Ministry of Trade, Industry and Investment Decree No. 767 of the Year 2014

On Continuing Levying an Export Duty on the Exports of Nitrogen Fertilizers

Ministry Of Industry, Trade And Small & Medium Projects Decree No. 671 of the Year 2014

Concerning the Export Duty Imposed On Certain Kinds Of Scraps And Raw Materials

The Ministry of Industry, Trade and Small Medium Projects Decree No. 765 of the Year 2014

Imposing Temporary Precautionary Measures on Reinforcing Steel Imports


On Amending the Penal Code

Ministry of Finance Decree No. 330 of the Year 2014

Amending some Provisions of the Executive Regulations of the Stamp Duty Law, Issued as per Law No. 525 of the Year 2006

Decree of the Prime Minister No. 1419 of the year 2014

Regarding the System of the Suez Canal Authority

Law No. 30 of the Year 1975 Regarding the System of the Suez Canal Authority

As Amended by Laws Nos. 11 of the Year 1976 and 4 of the Year 1998 And Decree of the President of the Republic No. 34 of the Year 2014


Exempting the Establishments and the Insured From the Additional Amounts Due Thereon to the National Organization for Social Insurance

Egyptian Financial Supervisory Authority (EFSA) Decision No. 109 of the Year 2014

Amending Some Provisions of the Decision of the Authority’s Board of Directors No. 72 of the Year 2013 Regarding the Regulatory and Supervisory Controls Governing Factoring Activity





Ministry of Industry, Trade and Small and Medium Projects Decree No. 591 of the Year 2014

Amending Ministerial Decree No. 510 of the Year 2014 on Suspending the Exportation of Solvents; and Memorandum of the Commercial Agreements and Foreign Trade Sectors

Prime Minister Decree No. 1265 of the year 2014

Promulgating the Executive Regulations of Decree Law No. 63 of the year 2014 of the Maximum Limit of Incomes of the State Bodies Wage-Earners

Ministry of Trade, Industry and Small and Medium Projects Decree No. 558 of the Year 2014

Amending Certain Provisions of The Statute Of Rules Implementing the Provisions of Law on Import and Export and the System of Procedures for Inspection and Control of the Imported and Exported Goods

Rectification of Law No. 56 of the year 2014 Amending Certain Provisions of Law No. 3 of the year 2005 on Protection of Competition and Prevention of Monopolistic Practices


Amending Certain Provisions of the Executive Regulations of the Customs Law

Presidential Decree-Law No. 52 of the Year 2014

Amending Some Provisions of the Law on the Regulation of Universities, As Promulgated by Law No. 49 of the Year 1972


Amending Certain Provisions of the Executive Regulations of the Law Regulating the Customs Exemptions Issued By Virtue of the Minister of Finance Decree No. 861 of the year 2005

Ministry of Trade, Industry and Small and Medium Projects Decree No. 556 For The Year 2014

Organizing the Export of Certain Mineral Ores

Ministry of Industry, Trade and Small & Medium Projects Decree No. 540 of the Year 2014

Adding A New Item To Annex (3) of the Statute of Rules Enforcing the Provisions Of Import and Export Law


Concerning The Rules Governing The Payment Of The Monthly Special Raise

Ministry Of Trade, Industry And Investment Decree No. 432 Of The Year 2014

Enforcing Production in Compliance with the Standard Specifications

Presidential Decree-Law No. 49 of the year 2014

Amending Certain Provisions of the Penal Code, Criminal Procedure Law

Presidential Decree No. 190 Of The Year 2014 On Increasing The Pensions as of 1/7/2014

Presidential Decree-law No. 39 Of The Year 2014

Amending Some Provisions Of Law No. 35 Of The Year 1976


Granting A Special Raise To The State Civil Servants


Amending Certain Provisions of Law No. 89 of the year 1998 On Organizing Bids And Tenders


Imposing a Temporary Additional Tax Income


Amending Certain Provisions of the Penal Code promulgated by Law No. 58 of the year 1937





Presidential Decree-Law No. 106 of The Year 2013

On The Prohibition of Conflict Of Interests of Public Officials


On forming a ministerial committee for the settlement of investment disputes

Presidential Decree No. 72 Of The Year 2014 On forming the new Cabinet

Prime Minister Decree No. 22 for the year 2014 On overall Monthly Wages and Incomes of Civil Servants

Decree No. 23 for the year 2014 Determining the Rules and Conditions of Certain Provisions of Presidential Decree No.184/2013 Concerning the Issuance of Custom Tariffs

Ministry Of Health and Population Decree No. 394 Of The Year 2014

On thoroughly reviewing the decree promulgated on 26 December 1953 on preservatives allowed to be added by specified ratios to foodstuffs


Amending Certain Provisions of Law No. 121of the Year 2008 Amending the Traffic Law promulgated by Law No. 66 of the year 1973

Presidential Decree No. 193 Of The Year 2014 Amending the name of the Minister of Antiques and Heritage

Ministry of Industry, Trade and Small and Medium Projects Decree No. 510 of the Year 2014

Suspending the Exportation of Solvents

Ministry of Social Solidarity Decree No. 34 of the Year 2014

Concerning the Rules Enforcing the Social Insurance Law

Presidential Decree No. 189 Of The Year 2014 On formation of cabinet ministers


Import and Export and the system of procedures for inspection and control of the imported and exported goods


Enforcing the Provisions of Import and Export Law referred to, in respect of the commodities imported under special conditions.


Enforcing the Provisions of Import and Export Law


Amending Certain Provisions of the Public Cleanliness Law No. 38 of the year 1967 as amended by Law No. 106 of the year 2012

Ministry Of Tourism Decree No. 381 Of The Year 2014

Concerning tourist busses and transportation

Presidential Decree No. 35 Of The Year 2014 Applying the Summer Time System


Concerning maintenance and after-sales service to the products bearing specific global trademarks

Prime Minister Decree No. 831 of the Year 2014

Amending certain provisions in the decree No. 259 of the year 2007

Ministry Of Trade And Industry Decree No. 393 of the year 2008

Concerning service and Maintenance Centers


On the formation of a ministerial committee for the project of the development of the Suez Canal Region

Presidential Decree-Law No. 27/2014 Amending Certain Provisions of the Capital Market Law

Decree No. 9 of the Year 2014 by the Ministry of Social Solidarity

Amending the Decree of the Minister of Finance No. 554 of the Year 2007





Decree No. 289 of the Year 2014 by the Ministry of Trade, Industry and Investment

Continuing Levying an Export Duty on the Exports of Nitrogen Fertilizers


Organizing Some Procedures of Appeal on State Contracts

Decree No. 274 of the Year 2014 by the Ministry of Tourism

Issuing the Executive Regulations of the Law on Organizing the Tourist Companies, and amendments thereof

Decree No. 127 Of The Year 2014 by the Ministry Of Manpower And Immigration

Concerning Disposition Of The Proceeds Of The Pecuniary Sanctions Inflicted On The Workers

Decree No. 636 of the year 2014 by the Prime Minister

Regarding the sale price of the natural gas used in the houses and commercial activities equivalent to the home use

Decree No. 195 of the Year 2014 by Ministry of Trade, Industry and Investment

Building and operating thermal equipment and steam boilers, and its executive regulations


Amending Certain Provisions of the Law On the Regulation of Universities


Amending Certain Provisions of the Traffic Law Promulgated by Law No. 66 of the Year 1973

Decree No. 136 of the year 2014 by the Ministry of Trade and Industry

In regard to apply the Egyptian Standard Specifications no. 4756/2013 for cement

Decree No. 218 of the Year 2014 by Ministry of Tourism

The executive regulations promulgated by the Minister of Tourism Decree No. 209 of the year 2009

Decree No. 135 of the Year 2014 by the Ministry of Trade and Industry

Concerning the standard specifications for the Egyptian Producers and importers of the foodstuffs

Decree No. 134 Of The Year 2014 by the ministry of trade and industry

Concerning the standard specifications producers and importers should abid by while producing and importing the chemical and engineering commodities

Decree No. 128 of the year 2014 by the ministry of trade and industry

The Ministerial Decree No. 242 of the year 2000 referred to shall be annulled.

Decree No. 219 of the year 2014 by the ministry of tourism

Regarding the establishments of new tourism companies

Administrative Resolution No. 34 of the Year 2014

Regard the amendments related to a set of Egyptian Standard Specifications concerning which binding ministerial decrees

Presidential Decree No. 15 Of The Year 2014 Amending Some Provisions of the Law on the Regulation of Universities As Promulgated by Law No. 49 of the year 1972


On forming a committee for the Settlement of Investment Contracts Disputes established by Prime Minister and deputized by the Minister of Justice

Decree No. 122 of the year 2014 by the ministry of trade and Industry

Prolonging the Enforcement of the Provisions of Ministerial Decree No. 195 of the Year 2008

Decree No. 120 of the year 2014 by the ministry of tourism

Concerning the executive regulations promulgated by the Minister of Tourism Decree No. 209 of the year 2009


On amending the Presidential Decree No. 284 of the Year 1997 on the Establishment of the General Authority for Investment and Free Zones as amended by Decree No. 316 of the Year 2004






On establishing a Ministerial Committee for the Project of the Development of the Suez Canal Region

Decree No. 65 of the year 2014 by the ministry of finance

Concerning amending certain provisions of the decree No. 534 of the year 2015

Decree No. 685/ 2013 by Ministry of Trade and Industry (October 2013)

On Levying an Export Duty on the Exports of Nitrogenous Fertilizers

Ministry of Agriculture and Land Reclamation Ministerial Decree No. 764 of the Year 2013

Concerning The importation from China of animal and poultry products

Ministerial Decree No. 491/2013 (October 2013)

On Amending Certain Provisions of the Executive Regulations of the Customs Law as Issued by the Ministerial Decree No. 10/2006

Prime Minister Decree No. 714/2013 (August 2013)

Amending Certain Provisions of the Prime Minister Decree No. 1115/2012 on the Formation of the Ministerial Group for the Settlement of Investment Related Disputes

Prime Minister Decree No. 1067/2012 Amended as Per Nos. 1299/2013 and 998/2013 (November 2013)

On Establishing a Committee Entrusted with Examining the Contracts Concluded Between Investors and State-Affiliate Entities

Decree 422/2013 (August 2013) Concerning the Rules Governing the Payment of the Monthly Special Raise Determined According to Law no. 78 of 2013

Presidential Decree-Law 79/2013 (August 2013)

On Cancelling Law no. 135 of 2012, Promulgating Social Insurance and Pensions Law, and Amending Certain Provisions of Social Insurance Law

Presidential Decree-Law 78/2013 (August 2013)

On Granting a Special Raise to the State Civil Servants

Decree No 468/2013 (August 2013) On Amending Certain Provisions of Ministerial Decree no. 770 of 2005

Decree No 465/2013 (July 2013) In Respect of Cancelling the Export Duty Imposed on Some Feedstuff Items

Decree No 223/2013 (June 2013) On Regulating the Packing and Trading Activities Related to the Pasta, Vegetable Oils and Margarine

Decree No 371/2013 (June 2013) On the commitment to Produce and Import According to the Egyptian Standard Specifications

Decree No 333/2013 (June 2013) On Amending the Executive Regulation of the Income Tax Law

Decree No 335/2013 (June 2013) On Amending Some Provisions of the Executive Regulations of the Stamp Law

CBE Resolution 1010 (June 2013) On the Limitations of Exercising Bank assurance by Banks

Annex (1) of Decree No 310/2013 (May 2013) Provisions of Decree 301/2013 Of the Tax Apply

Decree No 310/2013 (May 2013) On the Determination of Percentages, Commodities and Rentals on Which the System of Addition for Account of the Tax Shall Apply

Decree No 204/2013 (April 2013) On Amending Some Provisions of the Executive Regulations of the Customs Law

Decree No 8/2013 (April 2013) Amending Certain Provisions Of The Central Bank, the Banking Sector and Money Law Promulgated by Law No. 88 of the Year 2003





Decree No 133/2013 (April 2013) On the Amendment of Some Provisions of the Executive Regulations Implementing the Industrial Register Law

Presidential Decree No 184/2013 (March 2013) On Issuing Harmonized Customs Tariff

Decree 241/2013 (March 2013) On the Compulsory Pricing and Determination of Energy Materials

Decree 123/2013 (March 2013) On Imposing An Export Duty on Certain Kinds of Scrap and Lead Materials

Decree 170/2013 (March 2013) Applications for Establishing Tourism Companies Will Not Be Accepted for One Year

Decree 144/2013 (February 2013) Amending the Formation of the Cabinet

Decree 110/2013 (February 2013) On Pricing and Selling of Petroleum, Natural Gas, and Mazut

Decree 61/2013 (February 2013) Amending Certain Provisions of The Statute Of Rules Enforcing The Provisions Of Law On Import And Export

Decree 44/2013 (February 2013) On continuing Imposing an Export Duty on Blocks of Crude Marble and Granite

Presidential Decree 80/2013 (February 2013) Amending Decree no. 176/2005 on Increasing Pensions


Amending Some Provisions of the General Sales Tax Law

Presidential Decree-Law 160/2012 (December 2012)

Amending Some Provisions of Law No. 88 Of The Year 2003

Decree 993/2012 (December 2012) On the Termination of Ministerial Decree No. 430 of the year 2012

Decree 290/2012 (December 2012) On The Identification Of The Rules And Limitations Of Acquisition/Usufruct Right In Sinai Peninsula

Decree 961/2012 (December 2012) Amending Import and Export Decree 770 of the year 2005

Presidential Decree 93/2012 (November 2012) Amendment Of Some Provisions Of Law No. 155 Of The Year 2007 on Education

Decree 11/2012 (November 2012) On the Identification of the Delay Fine and Service Fees of Re-Entry and Modification of Data at the Ports

Decree 859/2012 (October 2012) Amending Some Provisions Of The Executive Regulations Implementing The Provisions Of Import And Export Law

Decree 645/2012 (October 2012) Amending Some Provisions, Rules And Procedures Of The Human Drugs Registration

Decree 383/2012 (October 2012) Amending Certain Provisions of the Protection of the River Nile and Waterways Against Pollution

Decree 767/2012 (September 2012) On the Export of Rice

Decree 736/2012 (September 2012) Amending Certain Provisions of The Statute Of The Rules Enforcing The Provisions Of Law On Import And Export

Decree 718/2012 (September 2012) On Ceasing the Application of Ministerial Decree No. 430 of the Year 2012

Decree 693/2012 (September 2012) On Terminating the Investigation Procedures Regarding the Great Increase in Woven and Mixed Cotton Fabrics Imports

Decree 709/2012 (September 2012) On the Compliance with the Special Egyptian Standard Specifications





Decree 696/2012 (September 2012) On Imposing an Export Duty on Certain Kinds of Scrap and Materials

Decree 694/2012 (September 2012) On Terminating Applying the Provisions of Ministerial Decree No. 902 of the Year 2001

Decree 533/2012 (August 2012) On the Regulation of Tourism Companies

Decree 85/2012 (August 2012) On Amending the Press Law No. 96 of the Year 1996.

Prime Minister Decree 915/2012 (August 2012) On the Issuance of the Statute of the National Authority for the Development of Sinai Peninsula

Decree 622/2012 (August 2012) Regarding the Practicing of the Pharmaceutical Profession

Decree 498/2012 (August 2012) On the Procedures of Registration and Control of Locally Manufactured Cosmetics

Decree 82/2012 (August 2012) Granting a Special Raise of 15% to State and Private Servants

Decree 589/2012 (July 2012) Imposing Final Precautionary Measures On Cotton and Mixed Yarn Imports

Decree 568/2012 (July 2012) On Establishing the National Council for Industry Quality Assurance

Decree 541/2012 (July 2012) On the Abidance by the Egyptian Standard Specifications During Production

Decree 102/2012 (July 2012) Provisions Of The Social Insurance Law

Decree 293/2012 (July 2012) Regarding Banderoles and Sticking Procedures

Decree 483/2012 (June 2012) Imposing An Export Duty On Certain Kinds Of Scrap And Materials

Decree 430/2012 (June 2012) On Imposing Temporary Precautionary Measures on Imports of Polypropylene Items

Decree 301/2012 (May 2012) Amending Provisions of Organizing Tourist Companies Law

Decree 572/2012 (May 2012) Amending Provisions of Executive Regulations Implementing Capital Market Law

Decree 384/2012 (May 2012) Amending Provisions of Import/Export Law

Decree 384/2012 (May 2012) Amending Provisions of Import/Export Law

Prime Minister Decree 463/2012 (May 2012) Regarding Electronic Publication of Government Tenders and Auctions

Prime Minister Decree 421/2012 (April 2012) Amending the Executive Regulations Implementing Cantral Depository and Registry of Securities

Decree 142/2012 (April 2012) Loading/Unloading Rates and Compliance of Companies and Shipping Agencies

Prime Minister Decree 322/2011 (April 2012) Provisions of Maximum Limit of Incomes and Minimum Limit

Decree 219/2012 (March 2012) Amending Provisions of Import/Export Law

Prime Minister Decree 297/2012 (March 2012) Determining Certain Customs Duties Exemptions

Decree 151/2012 (March 2012) Establishment of Tourism Companies

Ministerial Decree 121/2012 (March 2012) To Install Tracking Devices in Tourism Vehicles

Ministerial Decree 116/2012 (February 2012) Temporary Precautionary Measures on Woven And Mixed Cotton Fabrics Imports

Prime Minister Decree 165/2012 (February 2012)

Determining Certain Customs Duties Exemptions regarding Sugar Imports

Ministerial Decree 54/2012 (February 2012) Tax Accounting Rules and Principles for Small Enterprises and Procedures of Tax Collection on their Profits





Supreme Council of the Armed Forces Decree-Law 14/2012 (January 2012)

The Integrated Development of the Sinai Peninsula

Supreme Council of the Armed Forces Decree-Law 11/2012 (January 2012)

Establishing Incentives for Settlement of Taxes

Prime Minister Decree 32/2012 (January 2012) Formation of the Ministerial Group for Settlement of Investment-related Disputes

Contents





BSAC Publications

Egypt Economic Profile (May 2015)

An annual country report on Egypt's recent macroeconomic performance as well

as coverage of Egypt's most important commodity and service sectors

Energy Sector Development in Egypt (February 2015)

An industry overview with the latest information on subsidies, progress in

renewable resources and other alternative energy, oil and natural gas.

Egypt Economic Profile (June 2014)


as coverage of Egypt's most important commodity and service sectors

Egypt Economic Profile (April 2013)


as coverage of Egypt's most important commodity and service sectors.

Banking Sector Developments in Egypt (March 2013)

An overview of Egypt ’s post revolution banking system with focus on emerging

trends including, retail banking, Islamic finance, project and SME finance and ICT

applications.

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)



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)



relations.

Egypt Economic Profile (March 2010)


as coverage of Egypt’s 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

Egypt’s 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.

For details on how to order, Please Click Here

Contents


http://www.amcham.org.eg/resources_publications/publications/business_studies/




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


http://www.egyptse.com/English/homepage.aspx

http://www.egyptse.com/English/homepage.aspx

http://www.egypt.gov.eg/english/default.aspx

http://www.egypt.gov.eg/english/default.aspx

http://www.sis.gov.eg/En/Default.aspx

http://www.sis.gov.eg/En/Default.aspx

http://www.gafinet.org/English/Pages/default.aspx

http://www.gafinet.org/English/Pages/default.aspx

http://idsc.iza.org/metadata/

http://idsc.iza.org/metadata/

http://www.idsc.gov.eg/

http://www.idsc.gov.eg/

http://www.mfti.gov.eg/english/index.htm

http://www.mfti.gov.eg/english/index.htm

http://www.investment.gov.eg/en/Investment/Pages/default.aspx

http://www.investment.gov.eg/en/Investment/Pages/default.aspx

http://cairo.usembassy.gov/

http://cairo.usembassy.gov/

http://www.aaei.org/

http://www.aaei.org/

http://trade.gov/

http://trade.gov/

http://www.cbp.gov/

http://www.cbp.gov/

http://www.bea.gov/

http://www.bea.gov/

http://www.america.gov/

http://www.america.gov/

july 1st, 2015 - amcham · subsidies, tarek el molla, chairman of state-run egyptian general...

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