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Sunday, 5 August 2018

What we’re tracking this week and beyond

Foreign Minister Sameh Shoukry should be landing in Washington this week to meet with US Secretary of State Mike Pompeo over developments in the Middle East and US-Egypt relations.

The Federation of Egyptian Industries is expected to present its remarks on the new draft of the Customs Act this weekto the Finance Ministry. The FEI’s tax committee had laid out its recommendations and reservations on the act last week, citing concerns including whether the law is compliant with the Investment Act, clearly defining production inputs, and making sure that penalties under the act are not extreme.

The CBE will be hosting the annual meeting of the Association of African Central Banks in Sharm El Sheikh from 5 to 9 August.

The central bank will next consider interest rates on Thursday, 16 August.

Orange Egypt’s board of directors is meeting on 27 August to look into the company’s proposal for a voluntary delisting, according to a statement to the EGX (pdf). The mobile network operator has been facing mandatory delisting for several months for failing to meet the EGX’s requirements on the minimum required number of shares in freefloat. The company appears to have concluded that it cannot meet the requirement and will delist of its own accord.

A delegation of 60 unnamed US companies is set to visit Egypt in October to explore potential investments across a variety of sectors. A Japanese trade delegation is also due to visit the new capital and Suez Canal by the end 2018.

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