Tax holiday for the builders of our first nuclear plant
Dabaa contractors set to get a big tax break: The House of Representatives’ Energy and Environment Committee yesterday approved in principle draft amendments to the law regulating the Nuclear Power Plants Authority (NPPA), which would fully exempt from taxes all parties involved in building and operating nuclear projects. The legislation — which would include contractors, sub-contractors, equipment suppliers, and workers — comes to speed up the implementation of Rosatom-built Dabaa, the country’s first nuclear plant. It would also rename the NPPA as the Nuclear Power and Renewable Energy Plants Authority (NPREPA).
REMEMBER- Russian state nuclear company Rosatom was contracted in 2015 to handle the construction and provide fuel for the c. USD 30 bn plant, which will feature four 1.2-GW reactors. Construction began this summer and is slated to conclude at the start of the next decade. South Korea’s state nuclear power company in August signed a KRW 3 tn (USD 2.2 bn) contract with Rosatom to supply equipment and help build the 4.8 GW plant.
MEANWHILE- E-commerce platform Noon will launch a dedicated section on its website for the sale of products from electronics retailer BTECH per a signed MoU. (Statement, pdf)
Other things we’re keeping an eye on this morning:
- Saleh, Barsoum & Abdel Aziz will no longer represent Deloitte in Egypt from December and will instead join Grant Thornton International Ltd. as its local member firm. (Statement,pdf)
- UAE-based El Gammal Industrial Systems will reportedly invest EGP 100 mn to set up an aluminum-parts factory in Ain Sokhna. (Al Mal)
- Emirati foodtech startup Grubtech will provide its services to the Egyptian Food Bank after signing a partnership agreement with the nonprofit organization. (Statement, pdf)
- The government is preparing to offer a number of land plots and housing units in new cities to Egyptians living abroad. (Statement)