Wrap-up of Egypt’s top news Aug. 11: Cabinet approves draft bill on tax settlement
The Egyptian Cabinet during the weekly meeting on Wednesday. Youm7
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Politics

Russian delegation due in Cairo Monday to inspect airport security

A delegation of Russian experts will arrive in Egypt Monday in a five-day visit to inspect airports’ security measures, head of the Red Sea Tourism Investors Association Hossam al Shaer told Youm7.

The six-member delegation is scheduled to meet with the Red Sea and South Sinai governors and Egyptian ministers of interior and aviation, said al Shaer.

The delegation is scheduled to submit a report to update the Russian authorities on security measures carried out at Egypt’s airports ahead of flight resumption between the two countries, he added.

Several Russian aviation experts had visited Egypt after a Russian plane crashed over Sinai in October 2015 killing all 224 passengers onboard.

Russia believes the flight was brought down by a bomb while Egypt maintained that the investigation has yet to find evidence supporting this claim.

 

U.S. Army Central Command concludes Egypt visit

Commanding General of the United States Army Central Michael X. Garrett has concluded his two-day visit to Egypt during which he met with senior Egyptian military officials to discuss the long-standing partnership between the two countries, the US embassy in Cairo announced in a statement Thursday.

During the meeting, army leaders from the two countries also discussed joint efforts to fight terrorism, and shared interests in regional stability and security, according to the statement.

The visit is Garrett’s second to Cairo this year. In January, he met with the Egyptian chief of staff Mahmoud Hegazy and discussed ways to increase military cooperation.

 

Cabinet approves draft bill on tax settlement

(Reuters)-Egypt’s government approved a draft bill that would settle tax disputes, the cabinet said in a statement on Wednesday, a move aimed at restoring confidence with investors amidst ongoing talks with the International Monetary Fund.

Over 6,000 tax dispute cases worth about 47 billion Egyptian pounds ($5.29 billion) are in the court system, in addition to 150 civil disputes, Deputy Finance Minister Amr al-Mounir said in a news conference.

“The draft bill is an important tool for encouraging voluntary upholding of the tax law and aims to expedite dispute settlement with investors as well as create a climate of trust between investors and the tax authority,” the cabinet said.

 

National unity draft law to be discussed at parliament: Support Egypt Coalition head

The draft law of “National unity and social coherence” has been sent to the legislative sub-committee at the parliament “to be discussed before being referred to general session for voting,” head of Support Egypt Coalition Saad el-Gamal told Youm7.

MP demands more youth representation at parliamentary committees

Member of Parliament Dina Abdel Aziz demanded Speaker Ali Abdel Aal to increase youth representation at the general committee, Youm7 reported.

Abdel Aziz also demanded that youth be appointed as head and undersecretary of parliamentary sub-committees.

 

Local

Egypt bans rice exports to curb smugglers fraud

Trade Minister Tarek Qabil decided to halt the exportation of rice outside the country to cover the domestic market’s needs and to keep prices stable, state T.V reported.

The decision comes “to curb all manipulation and fraud attempts by smugglers” after the price of Egypt’s main commodity soared to nine EGP ($1.7) per kilogram, said Qabil, adding that the decision is put into effect as of Thursday.

In its weekly meeting on Wednesday, the Egyptian Cabinet decided to purchase rice from farmers for 2,300 Egyptian pounds per ton, Youm7 reported.

 

Sisi reallocates state lands in Port Said to establish fisheries

President Abdel Fatah al Sisi issued a presidential decree to reallocate a total of 107.5 acres of state-owned lands west of Port Said to the National Service Products Organization (NSPO) to establish fisheries, Youm7 reported Thursday.

The president also reallocated three plots of state land in Luxor to the NSPO to establish car service centers.

 

2 policemen detained for 4 days pending investigations over theft charges

Al warraq prosecution on Thursday ordered the detention of two policemen for four days pending investigation over charges of stealing 11,000 EGP from a civilian in a security checkpoint, Youm7 reported.

A police officer and a low ranking police officer from the interior ministry’s road security department had reportedly stolen the money from a salesman while searching his car in a security checkpoint on the Ring Road.

 

Huge youth turnout to participate in “Our Future is in our hands” Project

Assistant Minister of Solidarity Alaa el- Din told Youm7 that there is a huge turnout by youth to participate in the “Our Future is in our hands” Project that has kicked off this week in eight governorates.

The project aims to manage grants from a fund allocated to assist NGOs, in order to implement local activities and projects, as well as empower youth to get ready for local elections.

He also added that a total of 16,900 youth have participated in the first phase, while 45,745 applied to participate in the second phase.

 

Education Min. discusses UNESCO report on developing science, math curricula

Ministry of Education will discuss Thursday a UNESCO report on developing science and mathematics curricula in accordance with international standards, a source at the ministry told Youm7.

The ministry has organized a workshop over the past few days to compare between Egyptian and international science and math curricula.

 

Business

Egypt to receive 1st tranche of IMF loan in 6 weeks: finmin

Egypt will receive the first tranche of the International Monetary Fund’s $12 billion loan “within six weeks;” Finance Minister Amr el Garhy was quoted by Youm7 on Thursday.

The International Monetary Fund said on Wednesday it had reached an initial agreement to lend $12 billion three-year loan to Egypt to bolster an economy and rebalance currency markets.

The deal is subject to final approval by the IMF executive committee, likely in the coming weeks, the IMF said.

 

EGX closes on positive note amid IMF loan deal

The Egyptian Exchange (EGX) closed the trading week on Thursday on a positive note, following a $12 billion loan initial agreement with the International Monetary Fund, Youm7 reported.

The benchmark index EGX30 rose by 1.04 percent to close at 8,377 points, while the small and medium – caps index EGX70 inched up 0.34 percent to close at 363 points.

Meanwhile, the market capitalization lost 1.3 billion EGP to close at 418.64 billion EGP down from 419.95 billion EGP a day earlier.

 

Egypt 2025 dollar bond nears 1-year high after IMF loan agreement

(REUTERS)-Egypt’s dollar-denominated 2025 bond rose on Thursday to trade at its highest level since end-September 2015 after the country agreed a three-year funding deal with the International Monetary Fund (IMF).

The bond issued in 2015 changed hands at 95.437 cents in the dollar while the 2020 issue traded at 102.292 cents after adding 0.022 cents on the day.

 

Egypt, India discuss cooperation in establishing Azhar’s technology center

Minister of International Cooperation Sahar Nassr discussed with the Ambassador of India in Cairo Sanjay Bhattacharyya current cooperation in the project of establishing a technology center at Azhar University.

The project is part of a memorandum of Understanding signed in 2013, per which 500 people will be trained each year, while the Indian part will support the center with devices and experts.

 

Egypt’s Orascom Telecom Q1 net profit tumbles to 48.733 mln Egyptian pounds


(REUTERS): Egypt’s Orascom Telecom Media and Technology Holding said on Thursday its first quarter net profit had fallen to 48.73 million Egyptian pounds ($5.49 million) from 373.85 million in the same period of last year.

OTMT reported a net loss of 3.6 billion Egyptian pounds in 2015 versus a net profit of 263.98 million pounds a year.

 

Social

Turkish flights to Sharm el-Sheikh resume Sept.1: consul

Serdar Belentepe, consul general of Turkey in Alexandria, told Youm7 that Turkish flights to Sharm el-Sheikh will resume starting from September 1, after months halt since the Russian flight crash in the city last year.

 

Aug.12: Amr Diab performs live concert in North Coast

Amr Diab will perform a live concert at Golf Porto Marina, North Coast on Friday, Aug. 12, according to De Cairo website.

 

Delegation to Beijing for Egypt-China cultural ceremony

The Ministry of Culture has sent a delegation to China to follow up the preparations of a ceremony celebrating the end of this Egyptian-Chinese cultural year.

Inas Abdel Dayem, the head of Cairo Opera House, told Youm7 that the delegation will head to Beijing to meet with the Chinese Cultural minister in order to discuss a cooperation protocol on producing cinematic films.

She also added that the meetings will tackle a possible grant to establish an opera house in Luxor city.

 

Sports

2 Egyptian weightlifters receive $1000  after winning 3rd place in Rio Olympics

Two Egyptian weightlifter Sara Samir and Mohamed Ehab, who won bronze medals in Rio Olympics, received $1000 each from the Egyptian Olympics Committee.

 

Weightlifter who finished in 3rd place requests to do high school exams in Rio

Weightlifter Sara Samir who finished in third place in the 69kg finals requested Ministry of Education send her high school exams in Rio Di Janeiro as she missed the test due to Olympic preparations and travel.

Samir is considered the first Egyptian to win a medal at the 2016 Rio Olympic Games.

 

Zamalek SC fine players for giving media statements before Aug. 14

Zamalek SC administration decided to impose a fine of 50,000 EGP on any player who breach a media gag on statements before meeting Enyimba International F.C. on August 14.

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