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Tuesday, 23 August 2016

Foreign companies in SCZone refuse to pay for utilities in USD despite promises to repatriate profits

Foreign companies operating in the Suez Canal Economic Zone are refusing to pay for utilities in USD, despite assurances from the CBE that these companies would repatriate USD profits Al Borsa reported. As we had earlier reported, the SCZone had obtained CBE approval to charge the companies in USD for utilities. China’s TEDA, which operates an industrial zone in the SCZone, said only these assurances might win over factories in its area.

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