Employment and labor relationships in Egypt are regulated by the Egyptian Labor Law No. 12/2003 and relevant Decrees (the “Labor Law”). The Labor Law was promulgated on 7 April 2003 consisting of 257 Articles includ...
The Central Bank of Egypt (“CBE”) issued new regulations on 8 March 2023 to introduce “Tokenization” services and allow contactless payments through smartphones (the “Regulations”). Tokenization is a process of subs...
The Financial Regulatory Authority (“FRA”) issued Decree No. 61 for 2023 (“Decree”) to allow licensed consumer finance companies to provide payment services using prepaid cards on behalf of banks. The Decree authori...
The Egyptian Minister of Finance issued Decree 24 of 2023 amending the Executive Regulations of the Value Added Tax Law No. 67 of 2016 (“VAT Law”) to regulate the application of Value Added Tax (“VAT”) on imported r...
The Egyptian Electric Utility & Consumer Protection Regulatory Agency (EgyptERA) issued Circular No. 3 for 2023 to regulate the licensing procedures and requirements for solar self-consumption plants (“Regulatio...
Minimum Salary for 2023 The Egyptian National Council for Salaries (“Council") chaired by the Minister of Planning and Economic Development has decided to increase the minimum salary for private sector employees fro...
Egypt amended its Protection of Competition and Prohibition of Monopolistic Practices Law No. 3 of 2005 (“Competition Law”) on 29 December 2022. The amending law No. 175 of 2022 (“Amendment Law”) introduced the long...
The Egyptian Parliament held several discussion meetings on the draft labor law (“Draft Law”) expected to be issued during 2023. The meetings were attended by all stakeholders including representatives from business...
In an endeavor to encourage the localization of the industry, the Cabinet issues new decree granting industrial projects in certain sectors a three-year exemption from the real estate tax imposed by virtue of the Re...
The Egyptian Electric Utility & Consumer Protection Regulatory Agency (“Egypt ERA”) issued the rules (“Rules”) governing the operation of electric vehicles (“EV”) charging stations. The Rules applies on EV charg...
VAT is regulated in Egypt by virtue of Law No. 67 of 2016 (“VAT Law”) and its Executive Regulation No. 66 of 2017. According to Article 3 of the VAT Law, exported goods and services are subject to VAT at zero (0) ra...
In an effort to expand local manufacturing, the Egyptian Cabinet issued Decree No. 3308 of 2022 facilitating the allocation process and pricing mechanism of industrial land with installed Utilities (“Decree”). The D...
What is Decennial Liability? The Egyptian legislator adopted the concept of decennial liability. It is a ten years liability imposed on contractors and architects/engineer, jointly and severally for: any total or pa...
The Prime Minister has recently issued the Decree No. 2184 of 2022 (“Decree”) implementing new rules to govern real estate developers and the sale of off-plan properties. The Decree creates greater protections for b...
The Prime Minister announced that companies operating in the following green energy project will benefit from the tax incentives stipulated under the Investment Law No. 72 for 2017: The production, storage and expor...
The Egyptian Financial Regulatory Authority (FRA) issued Decree 68 for 2022 to amend the Rules of Trading of Unlisted Shares issued by virtue of Decree 94 for 2018 (the “Rules”). The amended Rules allowed Misr for C...
Introduction Egypt adopted an ambitious energy diversification strategy. The strategy aims at ensuring the continuous security and stability of power supply, the diversification of energy resources and the optimum e...
On 8 February 2022, Law No. 5 of 2022 Regulating the Development and Use of Financial Technology in the Non-Banking Financial Activities (the “FinTech Law” or the “Law”) was issued. The Law came into effect the next...
The Egyptian Electric Utility & Consumer Protection Regulatory Agency (EgyptERA) issued Decree 6/2022 announcing new incentives aiming at encouraging more solar plants under (1) the net-metering system and...
A new law No. 8 of 2022 regulating Hotels and Tourism Establishments is issued in Egypt on 6 March 2022 (“Law”). The Law cancels and replaces Law No. 1 of 1973 and it regulates the licensing and regulatory complianc...
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 SPAC...
IntroductionScope of ApplicationInvestment Law Objectives and PrinciplesInvestment GuaranteesInvestment IncentivesExpansion of Existing ProjectsCorporate Social ResponsibilityFDI Reporting RequirementsReturn of Priv...
The digital transformation and prevalence of online technology have created new work models; the workforce is becoming mobile and employees are becoming able to do their jobs from anywhere through digital means of c...
In July 2015, a new law for electricity has been issued (Law no. 87 of 2015) to regulate all electricity activities with the aim of replacing the current single buyer model and establishing a fully competitive elect...
