Day: May 2, 2022

Egypt’s Ministry of Tourism and Antiquities, represented by the General Egyptian Authority for Tourism Promotion, launched a campaign to promote the Egyptian tourist destinations for the summer of 2022 in the Arab market, under the title “Your Vacation Is Here”.

The campaign targets social media platforms of various Arab countries including Saudi Arabia, the United Arab Emirates, Kuwait, and the Hashemite Kingdom of Jordan.

CEO of the General Egyptian Authority for Tourism Promotion Amr el-Qadi indicated that this campaign targets the Arab market and aims to promote the various Egyptian tourist destinations highlighting its uniqueness and diversity, which in turn contributes to attracting more Arab tourists to the Egyptian tourist destinations.

 

 

Source: State Information Service Egypt

Petroleum Minister Tareq el Molla has unveiled a number of projects meant to upgrade the efficiency of the national gas grid as production from the Eastern Mediterranean fields continue to take an upturn.

 

Molla, in statements Monday, put the value of investments in the new ventures at more than six billion pounds.

 

He cited a project to duplicate the Capital-Dahshour pipeline to extend over 67 kilometers. Another pipeline duplication should connect Sulaymaniyah and Northern Giza along 20 kilometers, the minister added.

 

Molla also touched upon a 15km duplication project through Sinai and a 135km duplication project between Abu Qorqas and Assiut.

 

Work is also underway to expand the Western Desert Gas Complex through adding a fourth line that would produce some 600 million cubic feet daily, the minister added.

 

Molla said all the new ventures are part of his Ministry’s strategy to sustain natural gas supplies to the local market and to meet needs of citizens, particularly in the countryside.

 

Source: State Information Service Egypt

Finance Minister Mohamed Maait said on Monday amendments to the income tax law, approved by the Cabinet and referred to the House of Representatives, aim to alleviate citizens’ suffering and stimulate investment in light of the crises that have affected the global economy, starting from the repercussions of the coronavirus till the unprecedented challenges posed by the Russian-Ukrainian war.

Maait, in a statement, noted that these amendments include raising the personal tax exemption limit from EGP 9,000 to EGP 15,000, bringing the total tax exemption limit to EGP 30,000 annually.

The amendments to the law included some reforms to revitalize the Egyptian Stock Exchange, as they include simplified accounting features for individual and institutional investors and not be subject to profits achieved during the period of tax suspension to ensure tax fairness as well as giving investors an additional set of tax incentives to support the capital market and increase the demand for trading, the minister pointed out.

These amendments also included the renewal of the law on ending tax disputes until December 31, 2022, in response to the business community, he added.

 

 

Source: State Information Service Egypt

Egypt’s financial sector, not traditionally distinguished by its speed, is evolving fast backed by the reforms efforts made by the Central Bank of Egypt (CBE), the Euromoney Institutional Investor PLC said on Monday2/5/2022.

In a statement posted on its website, Euromoney said it will hold its 25th annual conference under the title of “The New Egypt: Investing in Sustainability”, set for September 26 in the New Administrative Capital.

The statement said: “Whilst the world slowed down, battling the economic headwinds of lockdowns and restrictions, Egypt went from strength to strength.

Before the pandemic, Egypt’s government initiated a major fiscal spending programme, investing in infrastructure: cities; roads; monorails; bridges; tunnels and more. The results of this investment were plain to see – the IMF forecasted 5.4% growth in 2022 and Egyptians looked set fair to benefit.”

“But, out of a clear blue sky, another huge geopolitical and supply-side storm has hit.” the statement added.

“Egypt has moved fast to manage the impact – it devalued the Egyptian pound and entered urgent talks with the IMF” the statement noted.

Egypt’s fintechs want more from the banks – more support, more partnerships and more funding – and there are clear signs that the industry is starting to deliver. Egypt’s financial sector, not traditionally distinguished by its speed, is evolving fast. It needs to, as the digital transformation of consumer finance in the country is well underway, the Euromoney statement noted.

The pandemic accelerated the adoption of fintech solutions worldwide, but Egypt’s government was already making good headway in its push for a cashless society and the provision of digital financial services before Covid-19 hit, according to the Euromoney statement.

“In its FinTech & Innovation Strategy gave shape and purpose to reform; and an entire chapter of Egypt’s new 2020 banking law focused on payment service providers and technology.” added the statement.

 

 

Source: State Information Service Egypt

President Abdel Fattah El Sisi was keen to participate with children of martyrs in the playgrounds during Eidul Fitr celebration held early Monday at Al Manara International Conference Center after the Eidul Fitr prayers.

Sisi posed for a photo-op with some of the kids of families of police and army martyrs and distributed sweets to them

 

 

Source: State Information Service Egypt