Egypt imposes new fees on tourist facilities

Newsletter

02 Mar 2023

Egypt imposes new fees on tourist facilities. Egypt has imposed new fees on hotels, tourist facilities, restaurants, and bazaars as of March 1st for the Tourism and Antiquities Support Fund. The tourism ministry’s decision includes imposing a 1% fee, or an amount ranging between EGP 5 and EGP 50, on hotels per night and safari yachts. It is worth mentioning that the fund was launched last year via merging the Tourism and Antiquities Fund Financing the Nubian Antiquities Rescue Project, the Antiquities and Museums Projects Fund, and the Tourism Fund. (Bloomberg Asharq)

On the other hand, the Egyptian Parliament approves customs tariff cuts on smartphones' components
Egyptian Parliament has approved on February 28th the government’s proposal to cut customs tariffs imposed on some components of smartphones and screens, in addition to exempting some components from tariffs. The decision is pending the Egyptian President’s approval. Egypt will trim customs tariffs to 2% on smartphones’ batteries, headphones, and cameras, while the screens will be exempted from tariffs. The move is part of the country’s efforts to localize electronic and technological industries. (Bloomberg Asharq)
Work is underway to establish a joint Egyptian-Qatari investment fund “with large paid-in capital
Planning Minister Hala El Said stated yesterday. The heads of the Qatar Businessmen’s Association (QBA) and the Qatar Chamber of Commerce reiterated Qatari businesses’ willingness to deepen their involvement in the Egyptian economy, and pledged to continue studying potential investment opportunities. (Hapi Journal)
The Health Ministry signed three MoUs with three Qatari conglomerates — Investment Holding Group, Al Qamra Holding Group, and Aamal Company — that could eventually see them invest in our healthcare sector
Under the agreements, the three companies will explore opportunities to operate or develop healthcare facilities here. Food, hospitality and tech are also on the menu, according to the statements. One unnamed business owner mentioned plans to launch a group of hotels as soon as possible, according to the Egyptian cabinet statement. Qatar’s Al Kuwari Group submitted in January an offer to acquire the Ramses Hilton hotel for 320 million USD. (Hapi Journal)
Finance Minister Mohamed Maait said that he is in negotiations with Qatar to sign a customs agreement
Qatari investors gave a thumbs up to the dual taxation agreement signed by Finance Minister Maait. The treaty will scrap double taxation and crack down on tax evasion, covering capital gains, income, corporate profits, interest and dividends. QBA members said the treaty will help boost and encourage Qatari investments in Egypt. (Hapi Journal)
The Saudi National Shipping Company signs a memorandum of understanding with the Suez Canal to establish a joint Egyptian joint stock company
In the statement sent to the Saudi Stock Exchange today, the company said that the period of the memorandum is 6 months from the date of signing, subject to renewal. The company to be established with the Suez Canal Authority will specialize in owning, leasing, renting and operating ships for the purpose of transporting general and bulk cargo, chemicals, oil and all operations related to maritime transport. (Hapi Journal)
Samsung started assembling TVs in Egypt and is now our top non-oil exporter
It assembles two models here. Homegrown Sisco Egypt is another pioneer of the industry, while Xiaomi is planning to establish a 1 billion EGP phone factory in Egypt which could open in the second half of this year. Chinese manufacturers Oppo and Vivo have also said they are interested in the market. (Arab Finance)
Edita posts 94% YoY growth in 2022 consolidated profits
Edita Food Industries registered a 93.9% surge in consolidated net profits after minority interest for 2022. The leading food and beverage company recorded a net profit attributable to the parent company of 1.025 billion EGP last year, compared to 528.739 million EGP in 2021. Moreover, the company generated sales of 7.671 billion EGP last year, remarkably up from 5.251 billion EGP in 2021. Meanwhile, the company’s standalone net profit after tax grew to 875.997 million EGP in 2022 from 426.444 million EGP in the year before. (EGX)
Egypt secures 9.13 million USD grant from World Bank to expand climate change project
Egypt has secured a development grant worth $9.13 million from the World Bank Group through the Global Environment Facility (GEF) to expand the Greater Cairo Air Pollution Management and Climate Change Project. The funding is set to scale up the environmental benefits of the project locally and internationally via improving management of e-waste and healthcare waste. (Al Mal)