Egypt: Opening Hours Amended for Cafes and Restaurants

Egypt Independent, 19 September 2021: Egypt’s Local Development Ministry has announced opening hours for shops, cafes and restaurants have been amended.

They were amended following a Decision from the Supreme Committee for Shop Licensing Public Shops.

The amended opening hours will come into force on 30 September 2021.

All, shops, cafes and restaurants which aren’t specified in Article 3 of the Decision will be allowed to open at 7am and will have to close at 10pm.

On Thursdays, Fridays and holidays during winter they will be able to close at 11pm.

Restaurants, cafés and bazaars, including those in malls, will be allowed to open from 5am and will have to close at 12am.

Takeaway and delivery service for restaurants and cafés will be able to operate at 24 hours a day.

Workshops and craft shops in residential blocks will be open at 8am and close at 6pm. Workshops on roads and gas stations as well as workshops associated with urgent services for citizens will not be included.

A separate decision will be issued by the Chairman of the Supreme Committee for Licensing Public Shops for these entities.

Shops in coastal and tourist governorates may be modified by a decision of the Chairman of the Supreme Committee for Licensing Public Shops following a proposal from the relevant governor or the head of the New Urban Communities Authority after it is presented to the Higher Committee for Licensing Public Shops together with the Tourism and Antiquities Minister.

Grocery stores, supermarkets and bakeries will be exempt from these requirements. The night activities of some shops selling fruit and vegetables, poultry, wholesale markets and pharmacies will have to be taken into account.

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Egypt: Conditions for Opening Representation Offices for Foreign Banks Explained

Youm7, 26 August 2021: The Egyptian authorities have explained the conditions for foreign banks to open representation offices in the country.

Under Egypt Law No. 194/2020, foreign banks should not have branches in Egypt and their headquarters should be located in their home countries.

The roles of representation offices should be limited to studying the market and investment opportunities.

The offices cannot operate banking activities.

The head of the representation office should be approved by the Central Bank Governor.

The Central Bank has the authority to supervise these offices and review its records. For full story, click here.

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Egypt: Maternity Leave Provisions Announced for Female Government Employees

Egypt Today, 19 August 2021: The Egyptian authorities have announced the maternity leave provisions in the draft labour law.

It has been submitted to the House of Representatives.

All of the law’s provisions will be applied to women who are working without discrimination.

A woman will be entitled to paid maternity leave for four months. They may start taking the leave before they give birth and it must start to be taken within 45 days of them giving birth.

They will only be entitled to this leave twice during their professional career.

Women who are on maternity leave will not be able to be dismissed or have their employment terminated.

Women who return to work will be entitled to a nursing hour. They may take this in one instalment or two instalments in a day. This hour should be deducted from their working hours and no deductions for this should be taken from their pay.

A woman who works in a facility which employs more than 25 workers should be given unpaid leave for up to two years to care for their child. They may not take this leave more than three times throughout their career.

A woman may terminate the employment contract because of marriage, pregnancy, or childbirth, provided they inform their employers in writing three months ahead of the date of marriage, pregnancy, or delivery.

An employer who hires women must hang a copy of the women’s employment system in the workplace.

Employers who recruit more than 100 women, must establish a nursery or outsource a nursery to care for children of female employees under the terms and conditions determined by the relevant Minister.

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Egypt: First License for Financial Leasing for Small Business Approved

Youm7, 15 August 2021: Egypt’s Financial Supervisory Authority has announced it has issued the first license to a company providing financial leasing services to small businesses.

The approval has been issued as part of the implementation of Egypt Law No. 176/2018.

The Authority said it will boost financial inclusion in the Egyptian market and open new opportunities for small businesses to extend their operations.

For full story, click here.

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Egypt: Draft Labour Law Explained

Youm7, 12 August 2021: The Egyptian authorities have explained the provisions in the draft Labour Law.

The draft law will determine the retirement age for employees in the private sector and the situations in which the retirement age can be extended.

It states that the retirement age should be 60.

Under the draft law, the employee will receive a severance payment calculated based on half salary of the first five years and full salary for the next years of their service.

The severance payment will be calculated based on the value of the last salary received. Where the employee dies, the severance payment will be paid according to the provisions in the Social Security Law.

For full story, click here.

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Egypt: Broker Registry for Micro, Small, and Medium Enterprises

Daily News Egypt, 5 August 2021: The Chairperson of the Financial Regulatory Authority (FRA) has revealed a draft law regulating the finance brokerage activity in the micro, small, and medium enterprises (MSMEs) sector has been approved.

The law states a registry will be created for those wishing to engage in finance brokerage activities. The aim is to protect all parties, whether financing entities or individuals dealing with those entities, after they have demonstrated practical application of the provisions in Egypt Law No. 141/2014.

In order to protect the funds of the entities which are licensed to finance MSMEs, the authority’s board of directors has included a draft amendment to the law’s provisions which would criminalise using fraudulent methods for obtain financing from a company, association or civil institution licensed by the Authority to engage in the activity of MSMEs financing. The board of directors have also approved a proposal to amend some of the provisions of the law which regulate consumer finance activity, by creating a register with the authority to register those who wish to engage in paid sponsorship activity, and to protect the rights of entities which work in consumer finance.

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Egypt: VAT Law Amended

Mubasher, 23 June 2021: Egypt’s Cabinet has approved amendments to the country’s VAT Law.

Under the amendments to Egypt Law No. 67/2016, the services provided by the Suez Canal Authority to ships passing through the Canal will be added to the list of goods and services which are exempt from VAT. For full story, click here.

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Egypt: Draft Sovereign Sukuk Law Approved

Egypt Today, 17 May 2021: Egypt’s Senate has approved a draft Sovereign Sukuk Law.

It was submitted to the Senate by the Government.

It will address a legislative vacuum in this area in the country and will enable the Government to issue sovereign sukuk.

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Egypt: Ever Given Inquiry Launched

Egypt’s Suez Canal Authority has announced it has launched an inquiry into the grounding of the Ever Given cargo ship. The inquiry will examine events before, during and after the accident. It will consider whether the ship’s captain responded to the Authority’s instructions before it ran aground. The Authority has requested the ship’s black box. The Authority added they expect to finalise a compensation agreement with the ship in three or four days. If the ship rejects the investigation findings, the case will be transferred to a civil court and the vessel will be seized. The inquiry’s findings will be made public.

Egypt: Ships Affected by Suez Canal Blockage Could be Compensated

The Head of Egypt’s Suez Canal Authority has announced the authorities are considering giving compensation to ships affected by the Suez Canal blockage. It follows the running aground of the container ship Ever Given which is operated by Evergreen. Rescue units are continuing to try and refloat the ship which was sailing from China to Rotterdam. Authorities are blaming strong winds for the incident.