On the horizon
Investment Act’s exec regs on track for August delivery: The Sherif Ismail cabinet is on track with plans to issue the executive regulations to the Investment Act in August, Ismail said on Tuesday, according to Ahram Gate. The cabinet will be sending the regulations over to the Egyptian Council of State once it concludes its review and incorporates remarks from the finance and housing ministries during its coming meetings this month. The Union of Egyptian Investors’ Association will also be sending their remarks on the regulations for consideration and will lobby the cabinet to allow tobacco production at private freezones, AMAY says. As we noted yesterday, they are also not happy about that foreign labor can make up 20% of a company’s hiring, not to mention their ludicrous proposal that passing the regs require their approval.
The Union (a fitting name considering their confused leanings) will also be meeting with CBE officials in two weeks’ time to devise a solution for companies who have rejected the CBE’s settlement of a spike in importer debt from letters of credit following the EGP float, Al Borsa reports.
Cairo and Moscow will be signing the contracts for a Russian industrial zone in east Port Said by September, Russia’s Deputy Industry and Trade Minister Georgy Kalamanov said on Tuesday, according to TASS.