CAIRO: No more browsing from site to site, view the top business news stories on August 29 here:
Saudi Telecom, Lebara KSA in Egypt this week to discuss 4G licence, official says
(REUTERS): Representatives from Saudi Telecom and Lebara KSA are in Egypt this week to discuss the possibility of obtaining a fourth-generation mobile phone licence, an official from Egypt’s telecommunications ministry said on Monday.
“Officials from Saudi Telecom are looking into investment opportunities in the telecommunication sector in Egypt, especially the 4G mobile services. They will complete their discussions with the Minister of Communication and the National Telecom Regulatory Authority today,” the official told Reuters.
Egypt’s telecom minister will also hold talks today with the chairman of Lebara KSA, which was among several companies to express an interest in acquiring a 4G license, the official said.
Saudi Telecom and Lebara KSA were not immediately available for comment.
Egypt is giving companies that already operate in the country of 90 million priority in obtaining 4G licences but has said it would launch an international tender should any of the operators decline the offer.
It offered 4G licences in June to the state’s fixed-line monopoly Telecom Egypt and the country’s three existing mobile service providers – Orange Egypt, Vodafone Egypt and Etisalat Egypt.
Only Telecom Egypt, which has long been keen to enter the mobile phone market, has accepted the terms so far.
The regulator revised its offer to the mobile operators after they expressed concerns that the frequencies on offer were too limited and has given them until Sept. 22 to give their response.
The government, which is grappling with a shortage of hard currency as economic and political turmoil in recent years has deterred foreign investment, has said it hopes to raise 22.3 billion Egyptian pounds ($2.5 bln) in total in licence fees.
EGX closes at varied indexes Monday
Egyptian stock exchange indexes have varied at the end of Monday’s trading session, where foreigners were selling, while Arabs and Egyptians were mostly purchasing.
VAT to be applied next October: Finance Ministry
The value-added tax will be applied in Egypt starting from October at 13% with a target outcome of 20 billion EGP in 2016/2017, Reuters reported Monday.
Current work at administrative capital worth 10B EGP
Works executed at the new administrative capital are worth 10 billion EGP, and five billion EGP have been allocated to install infrastructure facilities, deputy head of the New Urban Communities Authority told Youm7 Monday.
Customs Authority yield profits of 28B EGP
The Customs Authority yielded profits of 28 billion EGP in 2015/2016 with a 22-percent increase from last year, said the authority in a Monday state.
Petrobel pumps $948M into exploration, development of gas, oil fields
Belayim Petroleum Company (Petrobel) has allocated $948 million for further exploration and development in gas and oil fields, according to a Monday statement by the company.
Investment authority, JETRO sign investment memo of understanding
The General Authority for Investment and Free Zones and the Japan External Trade Organization (JETRO) signed a memo of understanding in the field of investment to exchange information and experiences and organize joint workshops, Youm7 reported Monday.