news & events
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”).

Following the lengthy discussions that took place during this week’s sessions, which witnessed significant disagreement between representatives of the Egyptian Competition Authority (the “ECA”), the Central Bank of Egypt, the Financial Regulatory Authority and the Egyptian Stock Exchange over key aspects of the Proposed Amendments, the Parliament has adjourned and postponed voting on the same to the next legislative session, which will commence in October.

Points of Contention

The main points of contention are centered around the extent of powers the Proposed Amendments would grant to the ECA to regulate mergers and acquisitions. In this regard, the disagreements are primarily with regards to: (i) the timeframe granted to the ECA to assess mergers and acquisitions; and (ii) the fees to be paid by the relevant companies to the ECA for its assessment.

Unfortunately, no agreement has been reached on the above and the Parliament are due to resume their debates following the summer recess in October.

 
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Egypt’s Central Bank Hikes Key Interest Rates by 2% and Currency Slides to Record Low
October 27, 2022
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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The New Amendments encouraging Public-Private Partnerships
September 20, 2022
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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