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Manage episode 468551857 series 2987212
*Key news articles for today*
The Finance Ministry is set to reduce penalties for late tax payments by up to 90% as part of its larger tax relief package, in a move that aims to resolve thousands of disputes resulting from delayed tax return submissions or filing returns without paying the due tax.
The countdown to the Grand Egyptian Museum’s official opening is on 3 July launch after President Abdel Fattah El Sisi approved the date.
The government sent a high-level delegation to Rabat earlier this week to push for the removal of recent restrictions that have left Egyptian exports piling in Morocco’s ports for two weeks.
Egypt and the UAE kicked off talks for a Comprehensive Economic Partnership Agreement, to strengthen trade, investment, industry, energy, and infrastructure collaboration.
The government is negotiating with the countries of origin to import wheat under the equal deals system, in an attempt to secure its grain stock and relieve pressure on the dollar at present.
The government paid about EGP6 billion in compensation for the Ras El-Hikma area, as part of the compensation and removal plan for the area.
The House of Representatives approved in principle the draft labor law submitted by the government, during a session while discussing the report of the Manpower Committee on the draft.
The government is studying amending the real estate tax law, and the Real Estate Tax Authority has submitted a proposal to raise the tax exemption limit for residential units, which currently stands at about EGP2 million, in light of rising real estate prices and increasing inflation rates. A source said that the limit might be raised to EGP3 - 4 million.
Eroglu Garment, a subsidiary of Turkish clothing manufacturer Eroglu Holding, is investing some USD120 mn in a new integrated garment factory in the Qantara West Industrial Zone.
UAE's Dana Gas has set a plan to invest around USD100 million in Egypt, including drilling 11 wells over the next two years, according to the company's head of investor relations.
ISPH issued positive 4Q24 results where bottom line amounted to EGP208 million that is up by 12.5% QoQ and 4.3x YoY. On an full year basis, 2024 bottom line came in at EGP615 million that is up by 1.9x YoY. ISPH in trading at 2025 multiples of P/E of 8.9x.
EGCH released 2Q24/25 unaudited financial indicators posting a significantly enhanced bottom line of EGP772 million, compared to EGP163 million in comparative quarter and only EGP38 million in previous quarter, which included EGP173 million in real estate revaluation gains. EGCH is currently trading at a 2024/2025e PE of 29.1x.
United Bank (UBEE) 2024 net income after tax jumped 63% y/y, to record EGP 2.8 bn.
CNFN has formed a strategic partnership with Auto Mobility, the official Geely agent, to offer full insurance solutions tailored for Geely vehicle owners.
Egypt’s financial inclusion rate, the percentage of citizens above the age of 15 who hold bank accounts, mobile wallets, or prepaid cards, jumped to 74.8% by the end of 2024 up from 71% at the end of 2023.
OCDI Board approved merging seven of the company's subsidiaries, with authorized capital of the company post-merger amounting to EGP25.0 billion and paid-in capital amounting to EGP5.2 billion distributed on 1.3 billion shares.
1656 bölüm
Manage episode 468551857 series 2987212
*Key news articles for today*
The Finance Ministry is set to reduce penalties for late tax payments by up to 90% as part of its larger tax relief package, in a move that aims to resolve thousands of disputes resulting from delayed tax return submissions or filing returns without paying the due tax.
The countdown to the Grand Egyptian Museum’s official opening is on 3 July launch after President Abdel Fattah El Sisi approved the date.
The government sent a high-level delegation to Rabat earlier this week to push for the removal of recent restrictions that have left Egyptian exports piling in Morocco’s ports for two weeks.
Egypt and the UAE kicked off talks for a Comprehensive Economic Partnership Agreement, to strengthen trade, investment, industry, energy, and infrastructure collaboration.
The government is negotiating with the countries of origin to import wheat under the equal deals system, in an attempt to secure its grain stock and relieve pressure on the dollar at present.
The government paid about EGP6 billion in compensation for the Ras El-Hikma area, as part of the compensation and removal plan for the area.
The House of Representatives approved in principle the draft labor law submitted by the government, during a session while discussing the report of the Manpower Committee on the draft.
The government is studying amending the real estate tax law, and the Real Estate Tax Authority has submitted a proposal to raise the tax exemption limit for residential units, which currently stands at about EGP2 million, in light of rising real estate prices and increasing inflation rates. A source said that the limit might be raised to EGP3 - 4 million.
Eroglu Garment, a subsidiary of Turkish clothing manufacturer Eroglu Holding, is investing some USD120 mn in a new integrated garment factory in the Qantara West Industrial Zone.
UAE's Dana Gas has set a plan to invest around USD100 million in Egypt, including drilling 11 wells over the next two years, according to the company's head of investor relations.
ISPH issued positive 4Q24 results where bottom line amounted to EGP208 million that is up by 12.5% QoQ and 4.3x YoY. On an full year basis, 2024 bottom line came in at EGP615 million that is up by 1.9x YoY. ISPH in trading at 2025 multiples of P/E of 8.9x.
EGCH released 2Q24/25 unaudited financial indicators posting a significantly enhanced bottom line of EGP772 million, compared to EGP163 million in comparative quarter and only EGP38 million in previous quarter, which included EGP173 million in real estate revaluation gains. EGCH is currently trading at a 2024/2025e PE of 29.1x.
United Bank (UBEE) 2024 net income after tax jumped 63% y/y, to record EGP 2.8 bn.
CNFN has formed a strategic partnership with Auto Mobility, the official Geely agent, to offer full insurance solutions tailored for Geely vehicle owners.
Egypt’s financial inclusion rate, the percentage of citizens above the age of 15 who hold bank accounts, mobile wallets, or prepaid cards, jumped to 74.8% by the end of 2024 up from 71% at the end of 2023.
OCDI Board approved merging seven of the company's subsidiaries, with authorized capital of the company post-merger amounting to EGP25.0 billion and paid-in capital amounting to EGP5.2 billion distributed on 1.3 billion shares.
1656 bölüm
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