The Egyptian Cabinet of Ministers approved bills that will allow the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Gas Holding Company (EGAS) to enter into agreements with national and international companies in the fuel and energy complex.
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On February 1, 2024, a team of INTRCON experts took part in a round table on the topic “The Middle East Crisis. Risks and opportunities for business and trading activities”, organized by the International Committee of the Bashkir regional branch of the public organization “OPORA RUSSIA” together with the INTRCON team.
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As you already know, in the Middle East region, starting from October 2023, experts and analysts have been actively predicting a global crisis related to security and economics. Let’s try together to understand this crisis, its trends and development, risks and opportunities for business.
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Egypt’s oil and gas sector is one of the most dynamically developing sectors of the economy, accounting for about 24% of the country’s GDP in 2019–2020. The growth rate of the oil refining sector over the same period amounted to 25% of Egypt’s GDP, which is the highest among other sectors of the Egyptian economy.
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On 10th October 2023, Egypt led a significant educational action, delivering specific training to agricultural researchers from eight different countries. This initiative was a collaborative effort of the Agricultural Research Center and the International Atomic Energy Agency (IAEA), and targeted 18 researchers from Saudi Arabia, Kuwait, Iraq, Yemen, Jordan, Syria, Oman, and Lebanon.
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The challenges of the food crisis, climate change and rapid population growth in the Middle East and Africa are creating demand for efficient agriculture, paving the way for new agritech startups in the Region.
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We are often asked questions about what budgets might be required to open an office or branch of a company in Egypt and what costs should be taken into account when budgeting. We have prepared for you a brief overview of the costs that you need to consider in order to open an office in Egypt and provide accommodation for your employee.
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In the Middle East, agriculture is of high importance, because due to the geographical and climatic features of the region, there is an acute shortage of water and the need for agricultural production. The special attitude of the government of the countries of the Middle East to the agricultural sector is expressed in the active support of various innovative technologies in the field of agriculture, irrigation, water reuse and other things.
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The total costs of opening a company can vary greatly depending on the profile of the company, whether it is going to import or export goods, and depending on the goals of the activity, various forms of legal entities are needed. In Egypt, you can open a “company for one person” – this is the cheapest option for opening a company, but such a company is limited by the maximum annual turnover. Also, in such a company it is impossible to add founders or sell a share. The authorized capital for such a company must be at least 1000 EGP, but for some types of activities, regulations provide for other values of the minimum authorized capital. If you open a Limited Liability Company, you will need to immediately have at least two founders. The requirements for the authorized capital are like the previous example.
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Trade rules provide that goods can be freely imported and exported, provided that they are not included in the list of special categories of goods and prohibited goods and the appropriate duty has been paid. Egypt no longer requires import licenses, with the exception of items on the banned list, which the government has announced its intention to eliminate entirely. Parts of poultry are still banned in Egypt, although there are some indications that parts of turkey may be allowed soon.
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