EGYPT’S NATIONAL WAGE COUNCIL ANNOUNCED THAT THE MINIMUM WAGE WILL BE EXECUTED IN THE PRIVATE SECTOR ON JANUARY 1,2022

EGYPT’S NATIONAL WAGE COUNCIL ANNOUNCED THAT THE MINIMUM WAGE WILL BE EXECUTED IN THE PRIVATE SECTOR ON JANUARY 1,2022

by | Dec 23, 2021 | News Station

Egypt’s National Wage Council announced that the minimum wage will be executed in the private sector on January 1, 2022, and based on the National Council for Wages’ decision, the minimum wage for private-sector workers was set at 2,400 pounds.
The application of the minimum wage to establishments that have requested exemptions due to the economic conditions caused by the Corona pandemic will be delayed until the end of mid-February next year.
According to Hala Al-Saeed, Minister of Planning and Economic Development and Chair of the National Wages Council, the Council tried, through its various committees, to strike a balance between workers’ rights to adequate wages and the difficult economic conditions that several sectors.
Al-Saeed went on to explain that the National Council for Wages’ decisions will be binding under the new labor law that was debated in the Senate and will be debated in the House of Representatives in the coming weeks.
A PROTOCOL OF COOPERATION BETWEEN THE INSTITUTE OF INFORMATION TECHNOLOGY AND THE ARAB AFRICAN

A PROTOCOL OF COOPERATION BETWEEN THE INSTITUTE OF INFORMATION TECHNOLOGY AND THE ARAB AFRICAN

by | Dec 22, 2021 | News Station

A protocol of cooperation between the Institute of Information Technology and the Arab African
Dr. Amr Talaat, Minister of Communications and Information Technology, and Sherif Elwi, Managing Director and Vice Chairman of the Board of Directors of the Arab African International Bank, witnessed the signing of a cooperation protocol between the Information Technology Institute (ITI) of the Ministry of Communications and Information Technology and the Arab African International Bank with the goal of enhancing the skills of young cadres and cooperation in preparing specialized cadres in a way that enhances One of her job opportunities for the bank in various technological disciplines.
“We are honored to take the lead in cooperating with the Ministry of Communications and Information Technology through the Information Technology Institute, due to the bank’s management being convinced of the Arab African International Bank’s main role in developing human skills for the Egyptian market as a whole,” said Sherif Elwi, Managing Director and Vice Chairman of the Board of Directors of the Arab African International Bank.
E-MAIL REQUESTS SERVICES TO ALL COMPANIES WHOSE SECURITIES ARE LISTED ON THE EGYPTIAN STOCK EXCHANGE

E-MAIL REQUESTS SERVICES TO ALL COMPANIES WHOSE SECURITIES ARE LISTED ON THE EGYPTIAN STOCK EXCHANGE

by | Dec 22, 2021 | News Station

E-mail requests services to all companies whose securities are listed on the Egyptian Stock Exchange.
The Egyptian Stock Exchange, in collaboration with the General Authority for Investment, decided to activate the series of measures issued by the Council of Ministers to support the stock market, by creating an email to receive requests for companies listed to complete their services at the Investment Authority as follows: (EGX-UNIT@gafinet.org .eg).
This has arisen after the establishment of a unit known as (services for companies whose securities are listed in the stock market). Under the Direction of the CEO of Gafi and led by the head of the Investment Services Sector, it’s goal is to boost the investment and business environment.
The Egyptian Stock Exchange has sent; An e-mail for all companies whose securities are listed on the Egyptian Stock Exchange, to start benefiting from it by helping them complete their services, and to overcome all procedural and practical difficulties that they may face.

of the Arab African International Bank’s main role in developing human skills for the Egyptian market as a whole,” said Sherif Elwi, Managing Director and Vice Chairman of the Board of Directors of the Arab African International Bank.

$6 BILLION IN SUEZ CANAL REVENUES DURING 2021

$6 BILLION IN SUEZ CANAL REVENUES DURING 2021

by | Dec 21, 2021 | News Station

$6 billion in Suez Canal revenues during 2021
Lieutenant-General Osama Rabie, Chairman of the Suez Canal Authority, stated that the canal’s navigation rates this year are very promising, as revenue generated from January to the first half of December reached $6 billion, a figure never recorded by the Suez Canal.
Lieutenant-General Osama Rabie welcomed a high-level judicial delegation led by Counselor Mohamed Mahmoud Hossam El-Din, Chairman of the State Council, and accompanied by a group of judges and State Council judges, at the Authority’s Maritime Simulation and Training Center in Ismailia Governorate.
With the goal of reviewing the developments of Suez Canal development projects in accordance with the plan to raise awareness among the council’s judges regarding the national projects implemented by the state in all fields.
He also shed light on the authority’s various procedures and measures. To deal with a variety of challenges, most notably the emerging coronavirus crisis and the bad weather crisis, a performance that received widespread international acclaim.
Lieutenant-General Rabie continued,
“The development projects in the Suez Canal did not stop after the new canal project, as the authority worked on developing the monitoring stations located along the canal, in parallel with the establishment of a series of garages on the new canal to meet potential emergency situations, and work is currently underway to develop the sector” Lieutenant-General Rabie continued.
For more information: رئيس الهيئة: 6 مليارات دولار إيرادات “قناة السويس” خلال 2021 – جريدة البورصة 
A SIGNIFICANT COLLABORATION BETWEEN ZAKI HASHEM & PARTNERS AND MATOUK BASSIONY ON THE EURO 355 MILLION FACILITY AGREEMENT

A SIGNIFICANT COLLABORATION BETWEEN ZAKI HASHEM & PARTNERS AND MATOUK BASSIONY ON THE EURO 355 MILLION FACILITY AGREEMENT

by | Dec 21, 2021 | News Station

A Significant collaboration between Zaki Hashem & Partners and Matouk Bassiouny on the Euro 355 million Facility Agreement executed on 16 December 2021 and supported by the Swiss Export Risk Insurance (SERV) with a sovereign guarantee issued by the Ministry of Finance as part of the Ministry of Public Enterprise Sector’s strategy to restructure the cotton sector by purchasing machinery and equipment from Switzerland, Italy, and Germany.
This funding is part of a bigger financing package for Euro 540 million, which includes export credit guarantees worth Euro 370 million from SERV and Euro 170 million from SACE S.p.A. (Italian export credit agency). In 2022, the SACE tranche of funding will be completed.
HSBC Bank Middle East Limited, Credit Suisse AG, and UBS Switzerland AG were among the banks involved in the financing.
Zaki Hashem & Partners, Ashurst LLP, and BMG Law acted as legal advisors to the Cotton Spinning Weaving & Garment Holding Company (CTIHC).
On behalf of the lenders, Matouk Bassiouny & Hennawy and Allen & Overy LLP served as their legal counsel.
Banque Misr SAE and the National Bank of Egypt SAE served as CTIHC’s financial consultants.