Day: December 29, 2024

Rasha Abdel Aal, Head of the Egyptian Tax Authority (ETA), announced that the 2024 tax filing will begin next Wednesday, January 1, 2025. Individuals can file their tax returns until March 31, 2025, while companies have until April 30, 2025, or within four months of the end of their fiscal…

Minister of Housing, Utilities, and New Urban Communities, Sherif El-Sherbiny, has announced the activation of the New October Transformer Station, located in New October City. With a capacity of 220/22/22 KV and a total current capacity of 375 MVA, the station has now entered service as part of the ministry’s…

The Central Bank of Egypt (CBE) will hold a Treasury bill (T-Bill) auction denominated in US dollars on Monday, offering $800m in new debt. The proceeds from this auction will be used to settle the maturity of a prior T-Bill issue from January 2, 2024, from which the CBE withdrew…

Prime Minister Mostafa Madbouly attended on Sunday the signing ceremony of a landmark agreement between Mansour Group and China’s SAIC Motor to establish a $135m automotive manufacturing plant in Egypt. The agreement includes a technical licensing deal to produce MG cars locally, as well as a land allocation contract for…

The Central Bank of Egypt (CBE) has announced an increase in the maximum transaction limits for financial inclusion accounts, which apply to withdrawals, outgoing transfers, debit operations, and purchases. Under the new regulations, the daily transaction limit for individual accounts has been raised to EGP 90,000, up from EGP 60,000.…

Egypt’s President Abdel Fattah Al-Sisi held a meeting on Sunday with Prime Minister Mostafa Madbouly and Minister of Communications and Information Technology Amr Talaat to discuss key digital transformation initiatives and ongoing national projects. The discussions centered on strengthening collaboration between the Ministry of Communications and other government agencies, with…

Egypt has launched a major new initiative to support the private sector in purchasing machinery, equipment, and production lines. Announced on Sunday by Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, alongside Minister of Finance Ahmed Kouchouk, the initiative provides EGP 30bn in financing…

Local demand for gold in Egypt decreased in the fourth quarter of 2024, despite stabilising prices, due to rising inflation and higher price levels, according to the Gold Bullion 2024 report. Throughout 2024, gold prices in Egypt experienced significant fluctuations, driven by global financial decisions and the monetary policies of…

Egypt has provided EGP 65.6bn in loans for micro, small, and medium-sized enterprises to over 2.9 million beneficiaries in villages covered by the “Decent Life” presidential initiative, according to Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat. The loans were disbursed from various financing entities. The details were…