Nada Alyan

Favorable Arbitral Award for a Multinational Construction Company

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Tribunal decided unanimously the inarbitrability of construction social insurance disputes and dismissed the claim Riad & Riad scored a victory defending one of the international construction conglomerates in an arbitration case before the Cairo Regional Centre of International Commercial Arbitration (CRCICA). The arbitration was initiated by a leading state-owned construction company in connection with a dispute over construction social insurance. The arbitral … Read more

Egypt Allows SPAC Listing

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With the accelerated rise of special purpose acquisition companies (SPACs) over the past years, the Financial Regulatory Authority (FRA) in Egypt has given its green light for the establishment and licensing of SPACs. A SPAC is a company that is established solely to raise cash fund, through an initial public offering (IPO), for the purpose … Read more

Egypt’s Investment Regulations

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Introduction Scope of Application Investment Law Objectives and Principles Investment Guarantees Investment Incentives Expansion of Existing Projects Corporate Social Responsibility FDI Reporting Requirements Return of Privately-owned Fee Zones Facilitating and Streamlining Licensing Procedures Dispute Resolution Introduction Egypt’s new investment law no. 72 of 2017 was ratified and officially published on the 31st of May 2017 … Read more

Legal Framework of Digital Banking in Egypt

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What is a Digital Bank? A digital bank is a bank with technology-enabled business model which provide its services remotely with limited or no branch infrastructure. Alternative terms used by market participants are virtual banks, internet-only banks and neo banks. Digital banks are different from ‘fintech financing’ platform which refers to electronic platforms (not operated … Read more

Egypt Makes Covid-19 Vaccine Mandatory

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The Egyptian Council of Ministers issued an official circular (the “Circular”) this week ordering all the ministries in Egypt to issue a regulatory decision to prevent their workers from entering workplaces unless they have received Covid-19 vaccine. Workers who will reject to take the vaccine will be required to submit PCR every three days. The … Read more

RR NEWSLETTER ISSUE 22

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Legal Updates1 Covid Updates Egypt Makes Covid-19 Vaccine Mandatory Taxes New E-Invoice System in Egypt Customs New Customs Law in Egypt: the Advance Cargo Information System Labor & Employment Payment of Salaries and the New Law Regulating “Non-cash Payment Methods” in Egypt New Decree on Minimum Salary and Annual Increment R&R News IFLR Recognition Riad … Read more

The New E-Invoice System in Egypt

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Introduction As part of Egypt’s digital transformation, the Minister of Finance issued Decree no. 188/2020 in March 2020 to require VAT taxpayers to issue e-invoices. This Decree has delegated the Chairman of the Egyptian Tax Authority to determine the conditions, technical requirements and implementation phases of the e-invoicing system. E-Invoice Definition E-invoice is defined as … Read more

New Customs Law in Egypt: the Advance Cargo Information System

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Introduction In implementation of the Customs Law no. 207 of 2020 and its executive regulations issued by Decree no. 430 of 2021, the Egyptian Customs Authority started the implementation of a new system for customs clearance and pre-registration of shipments called the Advance Cargo Information system (“ACI”). The main objectives of the ACI system is … Read more

Payment of Salaries and the New Law Regulating “Non-cash Payment Methods” in Egypt

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State authorities and public sector entities are required – by virtue of Law No. 18/2019 regulating Non-cash Payment Methods  (the “Law”) – to execute payments of their employees, board members, service providers, experts and/or consultants through non-cash payment methods. Private sector companies as well are required to pay the entitlements of their employees, executive directors, … Read more

New Decree on Minimum Salary and Annual Increment

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The Egyptian Minister of Planning and Industrial Development issued the long debated decree to set the minimum salary for private sector in Egypt. According to the decree the minimum salary of private sector employees starting from 1st January 2022 shall be EGP 2,400 monthly. This minimum salary may comprise both fixed and/or variable salary elements (i.e. … Read more

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