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In ESG

Egypt: Unlocking opportunities – Navigating Egypt’s new carbon trading regulations

by and 4 Mins Read

Since the landmark Climate Change Conference (COP 27) in Sharm El-Sheikh, Egypt has been on a mission to revolutionize its carbon trading market. This journey began with Prime Ministerial Decree No. 4664 of 2022, which set the stage for a voluntary carbon market platform within the Egyptian Stock Exchange. Recently, the Egyptian Financial Regulatory Authority introduced a series of groundbreaking regulations to create a robust framework for the accreditation, issuance, listing, delisting, and trading of carbon emissions reduction certificates.

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In Antitrust / Competition

Egypt: The Egyptian Competition Authority issues three price fixing cartel decisions in the eggs market

by , and 4 Mins Read

This week, the Egyptian Competition Authority (ECA) issued three price-fixing cartel cases against 21 of the major producers of table eggs, including board members of the Table Eggs Chamber, which is part of the General Union of Chicken Producers. In those cases, the Cartel Members agreed on the selling price of white and red table eggs, violating Article 6 of the Egyptian Competition Law No. 3 of 2005. The ECA initiated criminal proceedings before the public prosecution office for the Cartel Members and did not settle the case.

In ESG

Egypt: Unlocking opportunities – Navigating Egypt’s new carbon trading regulations

by and 4 Mins Read

Recently, the Egyptian Financial Regulatory Authority has introduced a series of groundbreaking regulations to create a robust framework for the accreditation, issuance, listing, delisting, and trading of carbon emissions reduction certificates. On 13 August 2024, the FRA officially launched the first regulated voluntary carbon market. These steps underscore Egypt’s dedication to sustainable development and its ambition to lead the carbon trading market in the Middle East and Africa.

In AML & Financial Services Regulatory

Egypt: the Central Bank of Egypt permits the opening of non-resident bank accounts to foreigners

by and 2 Mins Read

In a recent circular issued on 7 August 2024, the Central Bank of Egypt (CBE) mandated Egyptian banks to open non-resident bank accounts for foreign customers not residing in Egypt. This directive aims to expand the access by foreigners to a range of banking services allowing them to benefit from the same while ensuring compliance with account opening regulations, KYC requirements and anti-money laundering laws and regulations.
The CBE emphasized the need for such a decision and noted that denying non-residents the opportunity to open accounts could heighten the risks associated with financial transactions conducted outside the regulated market and have adverse effects on the reputation of banks operating within the Egyptian banking sector.

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In Antitrust / Competition

Egypt: Egyptian Competition Law – ECA narrows jurisdictional thresholds and establishes a simplified procedure/fast track process for notifications

by , and 8 Mins Read

Ahead of the coming into force of the new Egyptian merger control regime on 1st of June 2024, the Egyptian Competition Authority (ECA) today published its new notification form as well as questions and answers providing clarifications to merger parties. The ECA had received feedback that its proposed jurisdictional thresholds were too broad leading to transactions with no impact on the Egyptian market needing to be notified. To address these concerns, the ECA has narrowed down its jurisdictional thresholds, clearly requiring a local nexus for transactions. The ECA has also created a simplified procedure and fast track process for certain transactions.

In Antitrust / Competition

Egypt: For the first time, the ECA prohibits retail price maintenance and most favoured nation clauses in vertical agreements

by , and 3 Mins Read

The Egyptian Competition Authority (ECA) recently issued its first vertical restraints case prohibiting the vertical agreement between eight manufacturers and suppliers, along with their distributors (organized/hypermarkets and independent merchants). The ECA stated that were they found to have agreed on setting the minimum fixed resale price maintenance (RPM) and adopted Most Favored Nation clauses (MFN) in distribution contracts of household electrical appliances. This conduct was deemed a violation of Article 7 of the Egyptian Competition Law No. 3 for 2005.

In Antitrust / Competition

Egypt: Initial practical insights on the new pre-merger control regime in Egypt

by , and 9 Mins Read

On 4 April 2024, the Executive Regulation of the new Egyptian pre-merger control regime was officially published by Prime Minister Decree No. 1120 of 2024. The ER introduces the implementing regulations for the newly established pre-merger control regime issued by the Law number 175 of 2022 which empowers the Egyptian Competition Authority with significant powers in reviewing and approving transactions. The ER states that it will enter into force on 1 June 2024, i.e. transactions that close on or after 1 June 2024, and meet the prescribed thresholds, must obtain prior approval from the ECA.

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In ESG

Egypt: New incentives for green hydrogen and derivatives projects

by 4 Mins Read

On 27 January 2024, Law No. 2 of 2024 was issued (“Law”), providing green hydrogen and derivatives projects with certain incentives. These incentives are extended not only to green hydrogen and derivatives projects (such as green ammonia and green methanol), but also to the upstream and midstream facilities, of which 95% of the output is to service green hydrogen and derivatives projects and projects exclusively carrying out transportation, storage and distribution of green hydrogen and its derivatives in Egypt. The incentives also extend to projects that directly and exclusively manufacture production input and supplies for the midstream and downstream facilities for which a cabinet decree has been issued. The Law also applies to future expansions of the aforementioned projects.

In ESG

Egypt: New incentives for green hydrogen and derivatives projects

by and 4 Mins Read

On 27 January 2024, Law No. 2 of 2024 was issued (“Law”), providing green hydrogen and derivatives projects with certain incentives. These incentives are extended not only to green hydrogen and derivatives projects (such as green ammonia and green methanol), but also to the upstream and midstream facilities, of which 95% of the output is to service green hydrogen and derivatives projects and projects exclusively carrying out transportation, storage and distribution of green hydrogen and its derivatives in Egypt. The incentives also extend to projects that directly and exclusively manufacture production input and supplies for the midstream and downstream facilities for which a cabinet decree has been issued. The Law also applies to future expansions of suchprojects.

In AML & Financial Services Regulatory

Egypt: New Regulations on the Establishment and Licensing of Fintech Companies

by and 3 Mins Read

The Financial Regulatory Authority recently published regulations setting out the requirements for establishment and licensing for companies seeking to offer certain non-banking financial services in Egypt (“Fintech Regulations”) which came into force on the 2nd January 2024. The requirements set out under the Fintech Regulations apply to financial technology (“Fintech”) companies seeking to obtain a license to offer mortgage financing, SME financing, microfinance, financial leasing, factoring, and consumer finance services. This marks a significant step for startups in the Egyptian market, providing needed clarity in the form of a unified framework for entry into such market.

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