News & Events

October 27, 2022 Omar Sherif and Youssef Omar
Egypt’s Central Bank Hikes Key Interest Rates by 2% and Currency Slides to Record Low

In an exceptional unscheduled meeting convened on October 27th, 2022, the Central Bank of Egypt (“CBE”) lifted the deposit and lending rate by 200 bps to reach 13.25% for the overnight deposit rate and 14.25% for the overnight lending rate. In a statement released on Thursday morning, the CBE stated that the decision is primarily […]

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September 20, 2022 Mostafa El Zeky and Duaa Kebaish
The New Amendments encouraging Public-Private Partnerships

Following amendments that were introduced to the Public-Private Partnerships Law (the “PPP Law”) in December 2021, the Prime Minister issued Decree No. 3217 on 13 September 2022 (the “Amendment”) amending the Executive Regulations of the PPP Law issued by virtue of the Prime Minister Decree No. 238 of 2011 (the “ER”). The Amendment provides more […]

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August 16, 2022 Omneya Anas, Rokaya Ghoneim & Duaa Kebeish
EGX Granted the Power to Reverse Transactions

In an effort to maintain the stability and security of transactions conducted on the Egyptian Stock Exchange (the “EGX”), the Financial Regulatory Authority (the “FRA”) has approved the EGX’s proposal to reverse transactions that may have violated trading rules. The EGX now has the power to request securities brokers to reverse transactions via requiring the […]

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July 6, 2022 Omar Sherif & Rokaya Ghoneim
Introduction of Pre-Merger Clearance Regime: Antitrust Update

In the hope of reaching an agreement on the new amendments to the Egyptian Competition Law, the Egyptian Parliament’s House Economic Affairs Committee continued its debates over the proposed amendments to the Egyptian Competition Law this week. These amendments aim at changing the current post-merger notification regime to a pre-merger clearance regime (the “Proposed Amendments”). […]

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June 19, 2022 Sherry El Shalakany and Youssef Omar
New Decree Regarding Collective Labor Negotiations

On 18 April 2022, the Ministry of Manpower issued decree No. 50 for 2022 (the “Decree”) regulating collective negotiations in many aspects, including its levels, topics, and procedures. Workers have a freedom of representation under Egyptian law. Collective labor bargaining is a right guaranteed by the law to employees. Collective negotiations in general are regulated […]

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June 19, 2022 Sharif Shihata and Youssef Ihab
Commercial Agency Law Amendments Regarding Real Estate Brokerage

Law no. 120 for 1982 (the “Law”) has been the law regulating the registration of commercial agents and intermediaries in Egypt since the 1980s. Last April the major amendments to the Law were introduced, bringing real estate brokers (“Brokers”) within the ambit of the Law. Law no. 21 for 2022 (the “New Law”) was promulgated […]

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