A contract was initiated to export Egyptian pharmaceuticals to Zambia is worth a total of 24 million dollars

Newsletter

25 Oct 2023

A contract was initiated to export Egyptian pharmaceuticals to Zambia is worth a total of 24 million dollars. In line with Egypt’s vision to increase Egyptian exports to African markets and translate the results of the African Medical Exhibition by enhancing trade with African countries, the Egyptian Unified Procurement Authority has initiated the contract for supplying Egyptian pharmaceuticals to Zambia, totaling 24 million USD. The first batch has been shipped, and coordination with manufacturing companies is ongoing to prepare the second shipment. (Arab Finance)

The EU is trying to get a financial agreement with Egypt over the line as fast as possible as it wakes up to the potential for a new refugee crisis on its doorstep.
European officials held talks in Cairo over the weekend over a package that would fund job creation and the green transition, rather than pay the country to keep migrants within its borders. “The issue here is stabilizing the country,” said one of the people involved in the talks. “Egypt is doing a good job with migration but is facing economic headwinds. This is about shoring up.” (Financial Times)
The Ministry of Finance has announced that it has completed the first draft of the state's tax policy document. This step is part of ongoing efforts to develop and improve the tax system in the country.
The Ministry of Finance has completed the initial draft of the state's tax policy document, which is expected to be finalized and published next month. The document, which is currently undergoing legal review before being presented for national dialogue, outlines the ministry's plans for tax reform and will remain unchanged for five years. The new document aims to reassure investors and encourage foreign direct investment.
Here is a summary of the draft document: Projects established under the Special Economic Zone system will be subject to a 5% labor profit tax and a 10% business profit tax, instead of the previous 22.5% income tax that companies were subject to.
Newly established projects will be eligible for tax reductions ranging from 30% to 50% depending on the project's size. The proposed tax policy will keep pace with developments in modern tax systems and technological advancements in the overall economy. (Arab Finance)
The trade of 40,000 tons of general and diverse goods took place at the Red Sea ports.
The Media Center of the Red Sea Ports Authority announced that the total number of ships at the authority's ports is 10 ships, and 40,000 tons of general and diverse goods, 459 trucks, and 382 cars were traded. The import movement included 34,000 tons of goods, 178 trucks, and 367 cars, while the export movement included 6,000 tons of goods, 281 trucks, and 15 cars. (Al Mal)
Saudi Arabia acquires 35% of the existing construction projects in the region.
Saudi Arabia, Egypt, and the United Arab Emirates will collectively account for around 60% of the existing construction projects in the Middle East and North Africa region, with a total value of approximately $3 trillion, according to JLL (Jones Lang LaSalle) company. The data indicates that Saudi Arabia holds approximately 35% of the value of these projects, totaling up to $1.3 trillion, followed by Egypt and the UAE with each having $500 billion worth of existing construction projects. (Bloomberg Al Sharq).
The Holding Company for Roads and Bridges secured contracts in Saudi Arabia worth half a billion riyals
The Holding Company for Roads and Bridges, has secured contracts worth 500 million riyals in Saudi Arabia, marking its first activity outside the local market, according to two informed sources who requested not to disclose their names. Earlier in October, the Egyptian Ministry of Transport approved the establishment of a headquarters for the Holding Company for Roads and Bridges in the Kingdom of Saudi Arabia after ensuring its acquisition of infrastructure project contracts, without disclosing details of these projects. (Bloomberg Al Sharq)
The Drug Authority" signs cooperation protocols with Saudi companies to enhance the access of Egyptian pharmaceutical products to the Kingdom.
The Drug Authority has signed several cooperation protocols between Saudi company Medinah Pharma and a group of Egyptian companies, according to a statement issued by the Council of Ministers today, Tuesday. The cooperation protocols aim to support trade exchange and mutual integration between the two countries and enhance the access of Egyptian pharmaceutical products to the Saudi market. This took place on the sidelines of the 5th edition of the Supply Chains and Logistics Services Conference 2023 held in the Kingdom of Saudi Arabia. (Economy Plus)
Palm Hills awards Dorra construction works of 3 commercial buildings in Palmet New Cairo.
Dorra Contracting has been granted the construction contract for three commercial buildings within Palm Hills Developments' Palmet New Cairo, their flagship project. These buildings will collectively span approximately 30,000 square meters in this East Cairo development. (Daily News)
The Arab-Brazilian Chamber of Commerce is considering the establishment of a logistics center for re-export in the Suez Canal region.
The Secretary-General of the Arab-Brazilian Chamber of Commerce, Tamer Mansour, stated that the Chamber is currently conducting a study, in collaboration with Brazilian investors, to establish a logistics center for re-exporting goods in the Suez Canal region. The project will be presented to the Suez Canal Authority once the study is completed. Mansour added that Brazilian investors and companies have expressed their interest in investing in Egypt in various sectors, including food, pharmaceuticals, cosmetics, and medical equipment manufacturing. (Al Borsa News)
The Ministry of Supply and Internal Trade requests the government to increase the price of wheat supply for the next season.
Ali Moselhi, the Minister of Supply and Internal Trade, stated that the ministry intends to submit a memorandum to the Council of Ministers to approve a new increase in wheat procurement prices from farmers for the upcoming season. During the previous season, the government raised the price of wheat twice, reaching 1,500 Egyptian pounds per ardeb in April, compared to the initial 1,000 pounds set in January and ranging from 865 to 885 pounds per ardeb in the previous season. The wheat procurement season usually begins in mid-April and continues until mid-July of the same year. During the last season, the government received 3.6 million tons of local supplies. (Al Borsa News)
Egypt Exports 38,000 tons of phosphate to India through the Port of Safaga.
The Red Sea Ports Authority's media center has announced that the total number of ships present at the authority's ports is 8 ships, with a trade volume of 51,000 tons of general and assorted cargo. This also includes 708 trucks and 146 cars. Import activity covered 5,500 tons of goods, 392 trucks, and 128 cars, while export activity included 45,500 tons of goods, 316 trucks, and 18 cars.(Egypt Today)3