Since the late 2000s energy production has lagged behind consumption, and a shortage of natural gas has left industrial customers scrambling for solutions. Growth in upstream production failed to keep up with downstream demand, with both oil and gas production falling below historical highs. However, as new upstream discoveries have come on-...
OUTLINE: The first Egyptian mutual fund was launched in 1994, and since that time the industry has evolved slowly. There are nearly 100 funds operating under the direction of the Financial Regulatory Authority (FRA). There are specialised funds in a number of asset classes, including 28 equity, 10...
Egypt’s attempts to boost its taxation revenue began to pay off in 2017. In the first quarter of FY 2017/18 total tax revenue expanded to LE88.6bn ($5.8bn), according to the Ministry of Finance (MoF), a significant advance on the LE57bn ($3.8bn) of the same period in the previous year and 1% more than the ministry’s target for income growth....
Despite the economic challenges facing the country, 2017 has been positive for the Egyptian Exchange (EGX), with the main index expanding by approximately 17% over the course of the year. This growth came on the back of a strong 2016, in which the EGX was one of the best-performing markets in the world in local currency terms. After the years...
The late 1980s and early 1990s marked a time of economic change as Egypt began moving towards more market-oriented policies and streamlining its public sector through large-scale privatisation and restructuring, with at one point more than 300 state assets slated for divestment. However, a perceived mishandling of the process meant that by the...
The introduction of capital gains tax on equities has been one of the more challenging areas of Egypt’s wide-ranging tax reforms. Introduced in July 2014 and implemented in March of the following year, the 10% levy was subsequently postponed for two years as a result of objections from traders and brokers – a decision which lead to criticism...
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