Egx Trading System

Clan Party 8211 Out Now It8217s Party Time Excellent Vår nye Clan Party oppdatering er kommet, sammen med den noen av de største forbedringsmulighetene for livsforbedringer i Robocraft til dags dato. Alle frustrasjonene du kanskje har tidligere følt når du fester sammen med venner, er blitt adressert og hele prosessen har blitt mye jevnere There8217s også noen flotte tillegg i det også som noen store forbedringer til Premium-systemet og til og med vårt eget sett med Steam Trading Cards Så grip vennene dine og Party On 8212821282128212821282128211 NY 8212821282128212821282128211 NY PARTY SYSTEM Fancy new party widget gir deg all den informasjonen du trenger om festet ditt. Fest-widgeten viser deg når en invitert spiller ennå ikke godtar invitasjonen din, har akseptert den og sluttet seg til, og når de er i kø for en kampfestivalen som invitert eller medlemmene blir med nå vises i chattpanelet Du kan nå invitere spillere til en fest ved å høyreklikke på navn i vennelisten eller klanlisten. F vår og femte festspor er ikke lenger låst bak premie Alle og alle kan komme inn i 5-personers fester når de vil. PREMIUMDRIFTER Resirkuleringsrenten økes med 3x mens du har Premium. 6-måneders alternativet for premie er erstattet med Life Time-alternativet og er priset til 49,99 (USD) 34,99 (GBP) 44,99 (EUR). At8217s riktig TV-salgstale For den lave lave prisen på 49,99 kan du få premie for alltid fremover STEAM TRADING CARDS Don8217t vet hva Steam Trading Cards er, først klikk her for å lære mer om dem Robocraft8217s Steam Trading Cards-systemet inkluderer: 8 Trading Cards 6 Backgrounds 10 Emoticons 6 Badges Som Robocraft er et F2P spill, vil du tjene Trading Cards ved å bruke penger i spillet (ett badge per9 i henhold til Steam8217s offisielle FAQ) Viktig merknad: Dette vil bare inkludere penger brukt gjennom damppungene. Eventuelle kjøp uten Steam lommebok vil ikke hjelpe deg med å utvikle seg mot et Trading Card. 8212821282128211 CHANGES 8212821282128211 Du kan nå høyreklikke på din egen avatar for å endre det. Flere generelle festoptimeringer. Polert og optimalisert bergingsboksen. Droppeskjerm. Forbedret Mech Leg LoDs Mange spillere var uvitende om at du kan redigere en clans beskrivelse hvis du er en høy nok rang, så et visuelt element har blitt lagt til for å gjøre det mer tydelig. Forbedringer har blitt gjort for å gjøre chat enklere lesbar. Opplæringspiler er nå animerte. Ny resirkuleringsrate for episke komponenter er redusert fra 40 ned til 25 for å matche legendariske og sjeldne resirkuleringsrater og for å unngå uendelig-Robits misbruk ved å selge episke komponenter ved 120 resirkuleringshastighet med premium 8212821282128212821282128212 BUG FIXES 8212821282128212821282128211 Du kan nå høyreklikke på din egen avatar for å endre det. Fast en feil som skjulde noen bergingsrister når du bruker 800215600 oppløsning. Fast en feil som forårsaket chatpanelet. på slutten av en kamp for å bli bleknet, tvinger du til å klikke på den for å sende meldinger fast en feil som stoppet spillere i Pit fra å bli fjernet fra resultattavlen da de forlot kampen tidlig. Fast en feil som i sjeldne tilfeller ville få mech-ben til å løsne seg fra seg selv og falle fra hverandre. Fixed a bug som forårsaket CRF-knappen å forbli hvit etter kjøpe en robot Løs en feil som forårsaket feilmeldingen Du har ingen bot hvis du forsøkte å bli med i et slag mens du så på en robot i CRF. Løst en feil som førte til at spillerne beveget seg gjennom terreng som om det ikke var kollisjon dersom de døde mens de blinkte Festet kedjeknivere-tilkoblingspunktene, da en av dem ikke var et ekte tilkoblingspunkt. Fastgjorde dvergfrekvensplaten glødfarge. Fik en feil som forårsaket at blinkende chat-markøren skulle vises innenfor kanalnavnet når han sluttet seg til eller forlot en kanal. Fast en feil som forlot Klan chat kanal tilgjengelig etter å ha forlatt en klan Fast en feil som ikke klarte å vise den røde. når du ble invitert til en klan, hvis du var offline på tidspunktet for invitasjonen Fast en feil som forårsaket Sprinter Ben å synke i bakken når det brukes med Insect Legs uansett grunn du kanskje gjør det. Du fixer en feil som forårsaket roboter med begge versjoner av Sprinter-benet å miste deres evne til å spole fremover. Siste Innlegg BlogkategorierXenoblade Chronicles X Xenoblade Chronicles X. kjent i Japan som XenobladeX (Zenobureido Kurosu, bokstavelig talt Xenoblade Cross), er et spill utviklet av Monolith Soft og publisert av Nintendo for Wii U-konsollen. Det ble annonsert under den foreløpige tittelen X på en Nintendo Direct i januar 2013. Før 2014 E3-showet var lite kjent om spillet annet enn at det fulgte en lignende stil av Xenoblade Chronicles i sin kampstil og utforskningstemaer. Den ble utgitt 29. april 2015 i Japan og 4. desember 2015 i Nord-Amerika og Europa. I løpet av E3 2014 inkluderte en Nintendo Treehouse-demo av spillet kommentaren som foreslo at det var mer av en åndelig etterfølger av Xenoblade Chronicles. som om den beholder navnet og vil inneholde Nopon - og Telethia-arten fra Xenoblade Chronicles, samt en type robot som ligner Mechon. historien som ennå avslørt tyder på få direkte forbindelser. The Treehouse demo foreslo også at Xenoblade Chronicles X vil beholde noen av de filosofiske ideene fra Xenoblade Chronicles. så vel som de andre Xeno spillene (Xenogears og Xenosaga). Kategorier I henhold til Nintendos E3 2014 Xenoblade Chronicles X-siden spillfunksjoner inkluderer: Tilpasse alt om hovedpersonens utseende, inkludert kjønn, former, høyde, hudfarge, stemme og tatoveringer. Flere valgbare karakterklasser Evnen til å ri og kontrollere gigantiske våpenmagasiner, kjent som Skells. En massiv åpen verden, som alle er utfordrende. Xenoblade Chronicles X har mange lignende gameplay mekanikk til Xenoblade Chronicles. som friheten til å utforske verden, evnen til å løpe til nesten hvor som helst du kan se i det fjerne, og retur av et Arts-kampsystem som involverer både auto-angrep og en nedkjølingstimer for hver kunst. Spillet introduserer også gigantiske mechs under tittelen Skells, et navn gitt fra ordet exo-skelleton, som både kan brukes i kamp og reiseeksplorasjon. Skells har en begrenset mengde drivstoff som kan gjenopprettes til en pris, eller langsomt regenereres når Skell ikke er i bruk. Snarere enn å følge en forhåndsinnstilt gruppe tegn som i Xenoblade Chronicles. denne etterfølgeren introduserer evnen til å tilpasse din egen karakter og nevne dem i begynnelsen av spillet. Samleobjekter er spredt i hele spillverdenen, noen opptrer som oppdragsposter, og fiender faller rustning og våpen som tegn kan utstyre. Tegnet kan hoppe over hindringer. Det ble vist at det ikke er noen fallskader i dette spillet i Nintendo Treehouse-strømmen. Kampen innebærer sanntidsbekjempelse, i hvilken våpen for lange angrep kan byttes til kniver for å angripe nært, og dette kan gjøres umiddelbart og så ofte som nødvendig. Tegnet vil angripe automatisk når det er innenfor rekkevidde, men Battle Arts, som har en nedkjølingstid etter bruk, og er kraftigere angrep eller har spesielle evner, blir brukt. Det er også en Soul Voice-evne, som ligner Xenoblade Chronicles Affinity boosts, gir karakterbonuser som et helseforhøyelse hvis absolutt kravene er oppfylt midtkamp. Et TP-system er også involvert der en kunst krever en mengde TP, som er oppnådd av auto-angrep. Hvis et tegn løper ut av HP, kan en alliert gjenopplive dem innen 30 sekunder hvis nok TP er lagret, eller spilleren kan velge å starte omstart fra et nærliggende kontrollpunkt umiddelbart. Hvis spilleren ikke kan gjenopplives innen de 30 sekunder, kan kampen fortsatt bli vunnet dersom de andre lagmedlemmene er i stand til å beseire fienden før 30 sekunder er oppe. En form for multiplayer ble antydet i tidlig opptak av spillet, men E3 2014 skulle ikke ha avslørt en slik bekreftelse av gameplay. Monolith Soft Japanese Trailer utgitt 6. februar 2015, avslørte en fire-spiller online spillmodus for noen spesielle oppdrag, og opptil 32 spillere for online kommunikasjon (in-game chat), varehandel og informasjon deling funksjonalitet. Disse løftene ble opprettholdt ved utgivelsen av spillet Tegnutvikling Det er for tiden ukjent når utviklingen begynte for spillet. Det antas imidlertid at spillet begynte å utvikle seg rundt 2010, etter utgivelsen av Xenoblade Chronicles i Japan, og før januar 2013, da spillet først ble avslørt. Koh Kojima som regissør og spilldesigner Tetsuya Takahashi som administrerende direktør Hitoshi Yamagami som produsent Shingo Kawabata som produsent Kunihiko Tanaka som tegndesigner Hiroyuki Sawano som lydsporkomponist Yuichiro Takeda som plottforfatter Kazuho Hyodo som manusforfatter Kouichi Mugitani som designer Takayuki Yanase som Skell designer Yasushi Suzuki som fiendtlig mech-designer Raita Kazama som fremmed NPC og primitiv livsform designer Yoko Tsukamoto som illustrasjons illustratør Takashi Kojo som fiendtlig designer Fumihiro Katagai som mech designer RARE ENGINE som illustratør Hideyuki Matsumoto som våpen og New Los Angeles gadget designer Kusanagi Company som bakgrunnsdesigner Shojiro Nakaoka og Sound Racer som lydeffektprodusenter Data Packs For kjøpere av den fysiske platen kan lastetider forbedres ved å installere en eller flere valgfrie datapakker på Wii Us internminne eller en USB-stasjon, slik at spillet kan omgå den langsommere optiske stasjonen. Disse datapakkene legger ikke til noe nytt innhold, og gir ingen fordel for kjøpere av eShop-utgaven av spillet. Datapakkene er tilgjengelig gratis på Wii U eShop, og kan lastes ned etter at du har kjøpt spillet. Installering av alle fire pakker krever 10 GB plass. I anbefalte prioritetsordre er de: Basic Pack (2.0 GB) Enemy Pack (2.9 GB) Spillpakke (3.8 GB) Skellpakke (1.6 GB) eShop-utgaven av spillet krever 22,8 GB lagringsplass. Spillet vises med en oppløsning på 1280x720 (720p) med en kapasitet på 30fps. Spillet har ingen dynamisk belysning. I stedet har det statiske skygger som bare taper ut når natten kommer. Merchandise Flere tie-in produkter har blitt eller vil bli utgitt. Disse inkluderer: Wii U-pakken The European Limited Edition-pakker Den nordamerikanske Special Edition-pakken En spesiell utgave vil også bli utgitt i Nord-Amerika, inkludert: En artbook som inneholder større illustrasjoner enn kunstboken i Japan, samt flere illustrasjoner. Et digitalt lydspor, lagret på USB med en spesiell Lifehold-design. Et mattet kunstkort Et reversibelt spilldeksel med kunst som ligner på kunstboken og kunstkortet. Spillet vil ha en samlerutgave Strategi Guide laget av Prima-spill. Det finnes en Formell Skell-modell. Pre-Release og Ubrukt ContentU. S. Department of State Etter et år med økonomiske reformer, ønsker Egypt at verden skal vite at den åpner for næringsliv og klar for investering. Landet har rallied rundt en valgt president som, med hjelp av et teknokratisk økonomisk kabinett, har vist seg villig til å gjøre vanskelige økonomiske beslutninger, blant annet å kutte brenselsubsidier med 30 prosent og devaluere det egyptiske pundet. Kommende planlagte investeringsreformer inkluderer innføring av momsavgift, forenklet konkursbehandling, selskapslovgivning, endringer i kapitalmarkedsloven, ny forsikringslov og rammebestemmelser for arealforvaltning. I tillegg arrangerte landet i mars 2015 Egyptens økonomiske utviklingskonferanse (EEDC), som samlet stats - og multinasjonale sjefsledere for å vise frem Egyptens reformdagsorden, fremheve USD 36 milliarder i utenlandske investeringer og tilby taler av ministrene som bekreftet Governmentrsquos forpliktelse til økonomisk reform. Konferansen ble godt mottatt og generert positiv tilbakemelding fra mange av de tilstedeværende investorer, noe som gir Egypt fart som det virker for å takle alvorlige økonomiske utfordringer som inkluderer høy ungdomsarbeide, et svakt utdanningssystem, skattemessige ubalanser og langvarige valutakontroller. Regjeringen har gjort framskritt i veikartet vedtatt i juli 2013, ratifiserer en ny grunnlov i januar 2014 og holder presidentvalget i mai 2014. Parlamentsvalget har blitt utsatt flere ganger og forventes for tiden i høst 2015. Egypt er fortsatt avhengig av milliarder dollar i bistand fra Gulf-landene for å gi midlertidig økonomisk lettelse og styrke valutareserver. Egypt hylder sine lover, avtaler og handelsavtaler. Det er part i 112 bilaterale investeringsavtaler, og er medlem av Verdenshandelsorganisasjonen (WTO), det felles markedet for Øst-og Sør-Afrika (COMESA), og det større arabiske frihandelsområdet (GAFTA). I mange sektorer er det ingen juridisk forskjell mellom utenlandske og innenlandske investorer. Det er spesielle krav til utenlandske investeringer i bestemte sektorer, for eksempel oppstrøms olje - og gassutvikling, der det kreves joint ventures. Det har også vært nyere juridiske utfordringer for privatiseringen av tidligere statseide foretak (SOE). Egypt har flere programmer som skal tiltrekke seg utenlandske direkte investeringer i spesielle økonomiske og handelssoner. Den generelle myndigheten for investeringer og frizoner (GAFI) implementerer egyptisk politikk og prosedyrer for å lette å gjøre forretninger, inkludert å opprettholde egyptiske kontanter for investorer. Den egyptiske skattekoden beskatter personlig inntekt og bedriftsresultat for både utlendinger og statsborgere med en maksimal marginal rate på 25 prosent. Finansministeren nylig erklærte at denne satsen vil bli redusert til 22,5 prosent. I 2015 rangerte World Bankrsquos Ease of Doing Business Index Egypt 112 av 185 økonomier. Vesentlige hindringer for investeringer eksisterer. Investors rapport at det kan oppstå forsinkelser på opptil flere måneder for at lovlige overføringer av utenlandsk valuta skal utføres, selv om tilgjengeligheten av utenlandsk valuta forbedres. Arbeidsregler hindrer selskapene i å ansette mer enn 10 prosent ikke-egyptere (25 prosent i frizoner), og utlendinger har ikke lov til å drive eneboliger eller enkle partnerskap. Mangelen på beskyttelse av immaterielle rettigheter (IPR) er en betydelig hindring i visse sektorer for direkte investeringer i Egypt, som er igjen på US Trade Representativeiversquos Special 301 Watch List. Et utenlandsk selskap som ønsker å importere til handelsformål, må gjøre det gjennom en egyptisk eide importør. Egypt er undertegner av internasjonale voldgiftsavtaler, men domstolene anerkjenner ikke alltid utenlandske dommer. Tvisteløsning er sakte, med tid til å avgjøre en sak til fullføring i gjennomsnitt tre til fem år. Andre hindringer for investeringer inkluderer overdreven byråkrati, regulatorisk kompleksitet, en feilstilling mellom jobbferdigheter og etterspørsel etter arbeidsmarkedet, langsomme og besværlige tollprosedyrer og ikke-tariff handelshindringer. Forretningsfolk klager over at mange tjenestemenn er motvillige til å ta avgjørelser, noe som har en negativ innvirkning på forretningsaktiviteten. 1. Åpenhet til og begrensninger ved, utenlandsk investeringsstilling mot utenlandske direkte investeringer Egyptens regjering har erklært investeringer, inkludert utenlandske investeringer, en topprioritet. President Sisirsquos teknokratiske kabinett av økonomiminister har støttet denne politikken gjennom en serie av nylige forretningsreformer, inkludert en tredjepartskontraktsappellov som forbyder tredjepartsinterferens i statlige investorkontrakter, en konkurranserett og et presidentdekret som reformerer Egypts 1997 investeringslov ved å trimming av toll, utvidelse av selskapets slørbeskyttelse, etablering av flere fora for tvister mellom investor og stat, og grunnlag for en ekte one-stop-forretningsregistreringsbutikk. Ytterligere kommende reformer lovet av regjeringen inkluderer mva. Skatt, forenklet konkursbehandling, selskapslov, endringer i kapitalmarkedsloven, ny forsikringsloven og en rammebestemmelse for jordforvaltning. I mars organisert Egypt en stor investeringskonferanse, Egyptens økonomiske utviklingskonferanse (EEDC). Konferansen markerte reformer og kommende investeringer og ble sett av mange som en bekreftelse på Countryrsquos nye pro-investeringspolitikk. Andre investeringspolitikkanmeldelser Verken Organisasjonen for økonomisk samarbeid og utvikling eller Verdenshandelsorganisasjonen eller FNs konferanse om handelsutvikling har gjennomført en investeringspolitisk gjennomgang av Egypt de siste tre årene. Laws Reguleringer av utenlandske direkte investeringer I 2015 utstedte Egypt presidentdekret 172015, som reformerte mange av Egypts investeringsrelaterte lover, herunder selskapsretten, generell sosialskattelovgivning, investeringsgarantier og insentiver lov og inntektsrett lov. Dekretet raffinerte Egypttrosquos one-stop-butikksystem, og angav at departementet for investeringskontrakter GAFI skal fungere som en kontakt mellom investorer og myndigheter når de søker om forretningslisenser. One-stop-butikken gjenstår å bli implementert, og i april 2015 uttalte investeringsministeren at full gjennomføring kunne ta opptil 18 måneder. I tillegg tilbød dekretet ikke-skattemessige insentiver til investorer i enkelte sektorer eller regioner. Den har også tilbudt nye mekanismer for investeringstvister og forbedret bedriftsbeskyttelsesskydd av senior ledere fra straffeforfølgelse. Endelig begrenser dekretet utvidelsen av frizoner og gir kabinettet enerett til å velge investeringsfelt i frizonene som er betinget av statersquos økonomiske strategi. Investeringsincitamentloven fra 1997 ble utformet for å oppmuntre innenlandske og utenlandske investeringer i målrettede økonomiske sektorer og for å fremme desentralisering av industrien bort fra Nildalen. Loven tillater 100 prosent utenlandsk eierskap av investeringsprosjekter og garanterer retten til å overføre inntekt opptjent i Egypt og å repatriere kapital. Andre viktige bestemmelser inkluderer: garantier mot konfiskering, oppsigelse og nasjonalisering retten til å eie land rett til å opprettholde utenlandsk bankkonti frihet fra administrativt vedlegg rett til å repatriere kapital og fortjeneste og likebehandling uansett nasjonalitet. Lov 94 av 2005 endret 1997 Investment Incentives Law og gjorde selskaper som ble innlemmet under det, underlagt relativt enklere innlemmelse. Det ga også selskaper som ble etablert i henhold til Companies Law eller Commercial Law visse insentiver, inkludert beskyttelse fra nasjonalisering, pålegg av obligatorisk prising, og kansellering eller opphør av lisenser til bruk av fast eiendom. Det ga også bedrifter rett til å eie fast eiendom som kreves for deres virksomhet og retten til å importere råvarer, maskiner, reservedeler og transportmetoder uten å være pålagt å registrere seg hos Importørregisteret. Selskaper Lov 159 av 1981 gjelder innenlandske og utenlandske investeringer i sektorer som ikke er omfattet av lov om investeringsincitamenter, enten aksjeeier, aksjeselskap eller aksjeselskap, representasjonskontorer eller filialer. Loven tillater automatisk bedriftsregistrering ved presentasjon av søknad til GAFI, med enkelte unntak. Det fjernet også et tidligere lovkrav om at minst 49 prosent av aksjonærene skal være egyptiske, tillater 100 prosent utenlandsk representasjon i styret, og styrker regnskapsstandarder. Anbudsloven 89 av 1998 krever at regjeringen vurderer både pris og beste verdi ved tildeling av kontrakter og å utstede en forklaring på nektelse av bud. Loven inneholder imidlertid preferanser for egyptiske innenlandske entreprenører, som prioriteres hvis budene ikke overskrider det laveste utenlandske budet med mer enn 15 prosent. Capital Markets Law 95 av 1992 og dets endringer og forskrifter styrer Egypt's kapitalmarkeder. Utenlandske investorer kan kjøpe aksjer på den egyptiske børsen på samme måte som lokale investorer. Meklerfirmaer har kapitalkrav på LE 5 millioner (USD 656 200), og samme dags handel på det egyptiske aksjemarkedet er tillatt. Fra januar 2011 hadde 47 meglerfirmaer lisenser for samme dag eller intradag handel. Lov 123 av 2008 endret kapitalmarkedsloven slik at lokale og utenlandske institusjoner kan utstede obligasjoner til en verdi på LE 0,10 (USD 0,0131). Dekret nr. 719 for 2007 av departementet for industri og utenrikshandel og finansdepartementet gir incentiver til industrielle prosjekter i guvernørene i Øvre Egypt (Øvre Egypt refererer til guvernørene i Sør-Egypt). Dekretet gir et incitament til LE 15 000 (USD 1 968) for hver jobbmulighet skapt av prosjektet, forutsatt at prosjektets investeringskostnader overstiger LE 15 millioner (USD 1,97 millioner). Dekretet kan implementeres på både nye og pågående prosjekter. Sjølov 1 av 1998 tillater private selskaper, herunder utenlandske investorer, å gjennomføre de fleste maritime transportaktiviteter, inkludert lasting, levering og reparasjon av skip. Kommersiell lov 17 av 1999 har mer enn 700 artikler som omfatter generell handel, kommersielle kontrakter, banktransaksjoner, kommersielt papir og konkurs. Sentralbankloven 93 av 2000 reduserer risikoen knyttet til handelspapirer, øker likviditeten i markedet og forsøker å effektivisere verdipapirutvekslingsprosessen ved å standardisere registrerings-, clearings - og oppgjørsprosedyrer. Energiminister Mining: Petroleumsindustrien er en av de mest betydningsfulle i Egypt, og produksjon av hydrokarboner er langt den største enkelt industrielle aktiviteten. Selv om petroleum, naturgass og petrokjemikalier tradisjonelt har vært Egyptens toppeksport, har akutt energibehov de siste årene gjort Egypt til en nettimportør av olje, gass og raffinerte petroleumsprodukter, og råvaremangel har også rammet petrokjemisk sektor. Den egyptiske regjeringen oppfordrer investeringer fra internasjonale olje - og gasselskaper, og i dag opererer dusinvis av internasjonale produsenter i Egypt. Hydrokarbonindustrien forvaltes av Olje - og naturdepartementet, hvorav fire statseide selskaper fungerer som myndigheter. En av disse er Egyptens General Petroleum Corporation (EGPC), som inngår koncessjonsavtaler med utenlandske og innenlandske investorer i form av produksjonsdelingsavtaler. Egypt bevilger innrømmelser i spesifiserte geografiske områder ved å utstede en særlov for hver konsesjon, som danner det juridiske grunnlaget for en PSA mellom investor og et statlig selskap som EGPC. Etablering av hver konsesjonsavtale i lov gir avtalene overlegenhet i anvendelse over stridende lovgivning eller regulering. Etter inngåelse av avtalen blir eventuelle kontraktsmessige tiltak rettet opp gjennom en forenklet tilpasning av sine bestemmelser eller voldgift. Disse garantiene ble spesielt utarbeidet av Egyptens regjering (GOE) for å bidra til å forsterke tillit med utenlandske investorer og forbedre investeringen i hydrokarbon-sektoren. I noen tilfeller må det egyptiske militæret gi tillatelse for bedrifter å få tilgang til og operere i sine konsesjonsområder. Oljedepartementet søker aktivt investeringer fra utenlandske investorer i nye olje - og gassbudrunder. GOE har gjort fremskritt i å tilbakebetale etterskudd til utenlandske olje - og gasselskaper, som toppet på over 6 milliarder dollar i midten av 2014, men falt til 3,1 milliarder dollar innen utgangen av 2014. GOE har offentlig forpliktelse til å tilbakebetale utestående gjeld ved mid - 2016. Drivstoff er sterkt subsidiert i Egypt, og til og med etter store subsidiebesparelser i 2014 vil omtrent 10 prosent av offentlige utgifter sannsynligvis bli brukt på drivstoffsubsidier i regnskapsåret 2014-15. GOE har sagt at den har til hensikt å eliminere drivstoffsubsidier innen fem år, og bringe prisene til full kostnadseffektivitetsnivå innen 2019. Informasjon amp Kommunikasjon: Det statseide telefonselskapet Telecom Egypt, mistet sitt juridiske monopol på lokal, langdistanse og internasjonale telekommunikasjonssektorer i 2005. Likevel fortsetter Telecom Egypt å ha et de facto monopol, først og fremst fordi National Telecommunications Regulatory Authority (NTRA) ikke har tilbudt ytterligere lisenser for å konkurrere i disse sektorene. NTRA har jobbet med et enhetlig lisensregime som vil tillate et selskap å tilby både fastnett og mobilnett, men en avtale er ikke ferdigstilt. Vedtak av et enhetlig lisensregime vil tillate Telecom Egypt, som for øyeblikket opererer i fastnettmarkedet, å gå inn i mobilmarkedet og de tre eksisterende mobilselskapene for å komme inn i det faste markedet. Mangelen på konkurranse mellom internettjeneste og faste fastnettleverandører gir høye priser, lave internetthastigheter (2-4 Mbits i sentrum av Kairo) og upålitelig servicekvalitet av selskaper som Telecom Egypt. I oktober 2014 rangerte Brand Finance Telecom Egypt og Egyptrsquos Mobinil blant de dyreste merkene i arabisk telekommunikasjon. En ytterligere barriere er at bare 3G-tjenester er tilgjengelige i Egypt. Kommunikasjons - og informasjonsdepartementet merker at 4G og bredbånd vil bli innført når den endelige lisensen er annonsert. Reise: Før januar 2011 var turismen Egyptens nest største kilde til utenlandsk valuta og en betydelig ansettelseskilde. I 2010 brakte sektoren inn USD 12,5 milliarder i omsetning, og ansatt 2,5 millioner egyptere - over 10 prosent av arbeidsstyrken. Politisk ustabilitet og sikkerhetsproblemer siden revolusjonen i 2011 har ført til en dramatisk nedgang i utenlandske turister, spesielt i høyere end kulturturisme. Beach resorts har gått bedre, men har kuttet prisene for å tiltrekke seg virksomheten. Fra og med 2015, ifølge turistministeriet, har turistbesøkene økt til 9,9 millioner i 2014, opp fra 9,5 millioner i 2013. Turistutbyttet på slutten av året nådde USD 2 milliarder, selv om de fortsatt er rundt 38 prosent lavere enn førrevolusjonenes nivåer og turismen har falt til sjette plass som en kilde til utenlandsk valuta i Egypt. I 2005 fjernet Egypt restriksjoner på utenlandsk eiendomsrett i en rekke turistområder, inkludert skianlegg på Rødehavet og langs Middelhavskysten vest for Alexandria. Imidlertid er eierskapspolitikken i mange tilfeller komplekse og uklare. Krav til å bygge på land for å opprettholde tidsbegrensning oppfordrer til rask, storskala utvikling over bevaring og mer bærekraftige prosjekter. Finans: Egyptrsquos forsikringsregulator, Den egyptiske finansinspektøren (EFSA), forplikter seg til å reformere sin lovramme for forsikring. Fra april 2015 vurderte EFSAs styre et utkast til forslag som ble utviklet med betydelig innspill fra privat sektor og andre relevante interessenter. Regjeringen utsteder ikke lisenser for nye forsikringsselskaper. Som i banksektoren kan utenlandske firmaer bare gå inn på det egyptiske forsikringsmarkedet gjennom kjøp av en eierandel i et eksisterende forsikringsselskap. Visse regulatoriske godkjenninger kreves for utenlandske og lokale investeringer i forsikringsselskaper (som med egyptiske banker) over 10 prosent av de utstedte aksjene. I 2006 begynte regjeringen å omstrukturere offentlige forsikringsselskaper som forberedelse til privatisering. I september 2007 ble selskapene fusjonert og plassert under et forsikringsholdingselskap, og eiendomsmegling ble fjernet fra selskapene og overført til en nyetablert tilknyttet. Bedriftene har fortsatt ikke blitt privatisert. Grenser for utenlandsk kontroll Landbruksvirksomhet: Landretteloven 15 av 1963 forbyr eksplisitt utenlandsk eller eierskap av landbruksareal (definert som tradisjonelt jordbruksland i Nilen, Delta og Oases). Finans: Forsikringsloven 156 av 1998 fjerner et tak på 49 prosent på utenlandsk eierskap av forsikringsselskaper, tillater privatisering av statseide forsikringsselskaper, og opphever et forbud mot utenlandske statsborgere som tjenestemenn. Energiminister Mining: Elektrisitetsloven 18 av 1998 gir regjeringen mulighet til å selge minoritetsandeler i elektrisitetsforetak til private aksjonærer, både innenlandske og utenlandske. Et utkast til elektrisitetslov som forventes gjennomført i 2015, vil videre åpne elproduksjon og distribusjon til privat sektor. Egyptens privatiseringsprogram løp under et økonomisk reformprogram som fant sted fra 1991 til 2008. Etter en periode på flere år hvor ingen privatiseringer fant sted, gjenopptok Egypt privatisering i 2015 med en kunngjøring fra investeringsministeren om at fire selskaper, inkludert to petroleumsselskaper , ville bli privatisert og notert på den egyptiske børsen. Egypts privatiseringsprogram er basert på offentlig næringslov 203 av 1991, som tillater salg av statlige foretak til utenlandske enheter. I 1991 begynte Egypt et privatiseringsprogram for salg av flere hundre helt eller delvis statseide foretak og alle offentlige aksjer på minst 660 joint venture-selskaper (joint venture definert som blandet stat og privat eierskap, utenlandsk eller innenlandsk). Budgivningskriterier for privatiseringer er generelt klare og gjennomsiktige. I 2014 inngikk presidenten en lov om begrensende appellrettigheter på statskontrakter for å redusere utfordringer fra tredjeparter til offentlige privatiseringsavtaler. Loven er ment å berolige og tiltrekke seg investorer som er berørt av juridiske utfordringer som er brakt mot privatiseringstilbud og landsalg som går tilbake til Mubarak-regjeringen. Løpende rettssaker har satt mange av disse nå-private firmaer, hvorav mange er utenlandsk eide, i lovlig limbo over bekymringer for at de kan bli returnert til statlig eierskap. Egypt opprettholder faktisk oversikt over bestemte kategorier av FDI basert på geografi og sektor. Selv om det ikke er noen formelle geografiske restriksjoner på investeringer i Egypt, regjerer regjeringen generelt for godkjenning av investeringer i produksjonsanlegg i Kairo på grunn av overbelastning. Godkjennelse av sikkerhetstjenestene er også vanligvis nødvendig for investeringer i Sinai-halvøya på grunn av pågående sikkerhetsproblemer. I tillegg er det nødvendig med visse regulatoriske godkjennelser i finanssektoren. Regjeringen utsteder ikke nye lisenser for banker eller forsikringsselskaper. Utenlandske firmaer kan bare gå inn i det egyptiske markedet ved å kjøpe en eierandel i en eksisterende bank eller et forsikringsselskap. Den egyptiske konkurransemyndigheten er organet som sikrer fri konkurranse i markedet, forbyder konkurransedyktig praksis, og tjener forbruker - og produsentinteresser. Myndigheten opererer i henhold til den egyptiske konkurranseloven, som ble vedtatt i 2005 og dekker tre kategorier av brudd: 1) karteller 2) misbruk av dominans og 3) vertikale begrensninger. I 2008 innførte lovnummer 1902008 og 1932008 endringer i konkurranseloven med sikte på å beskytte konkurranse, forby monopolistisk praksis og sikre fri konkurranse og fri inngang og utgang fra markedet basert på økonomisk effektivitet. The main challenges to implementing the Competition Law include the lack of competition policy at the country level, a significant informal sector, and the lack of availability of information and data. Some have questioned the independence and effectiveness of the Egyptian Competition Authority. The following table summarizes several well-regarded indices and rankings: Millennium Challenge Corporation Country Scorecard The Millennium Challenge Corporation, a U. S. Government entity charged with delivering development grants to countries that have demonstrated a commitment to reform, produced scorecards for countries with a per capita gross national income (GNI) or USD 4,125 or less. A list of countrieseconomies with MCC scorecards and links to those scorecards is available here: mcc. govpagesselectionscorecards. Details on each of the MCCrsquos indicators and a guide to reading the scorecards are available here: mcc. govpagesdocsdocreport-guide-to-the-indicators-and-the-selection-process-fy-2015. 2. Conversion and Transfer Policies Following the January 2011 revolution, the Central Bank issued restrictions on conversion and transfers of funds out of Egypt. Individuals were only permitted transfers up to a total maximum of USD 100,000. In January 2014, however, the Central Bank permitted individuals who had already reached that limit to transfer an additional USD 100,000. No specific guidelines from the Central Bank regarding fund transfer were issued in 2015. While businesses do not face these restrictions for transfers for legitimate business purposes, extensive documentation can be required. Foreign investors say that lack of availability of foreign exchange can result in delays of up to several months, although the situation is improving. Egyptian law allows individuals and businesses to conduct all normal foreign exchange transactions, including accepting deposits, and opening letters of credit. In an effort to divert U. S. dollars from the parallel market back into the official market, the Central Bank in February 2015 set a dollar deposit limit for households and companies at USD 50,000 a month and USD 10,000 a day. Firms such as tourism companies, which earn their revenues in dollars, appear to be exempt. By April 2015, the Central Bank had relaxed the implementation of these limits for certain transactions in an apparent effort to allow greater volumes of foreign exchange liquidity into the formal banking sector. The Central Bank issued these directives through verbal decree. While this allows for significant flexibility in implementation, some market participants have expressed frustration about a lack of long-term clarity in Egyptrsquos currency regime. The OECD Arrangement on Officially Supported Export Credits rates country transfer and convertibility risk on a scale of 0 to 7, with 7 being the most risky. For many years Egyptrsquos rating had been at 4, but dropped to 5 in January 2012 and then to 6 in June 2013, where it remains (oecd. orgtadxcredcre-crc-current-english. pdf). The 1992 U. S.-Egypt Bilateral Investment Treaty provides for free transfer of dividends, royalties, compensation for expropriation, payments arising out of an investment dispute, contract payments, and proceeds from sales. Transfers are to be made in a quotfreely convertible currency at the prevailing market rate of exchange on the date of transfer with respect to spot transactions in the currency to be transferred. quot A growing gap between the demand and supply of foreign exchange in the market emerged following the institution of a new currency regime in January 2013, whereby the Central Bank of Egypt began a series of currency auctions in order to conserve foreign exchange. The government also instituted new capital controls limiting the amount of money that could be physically carried in and out of the country to USD 10,000 and 5,000 LE per person per trip. A parallel foreign exchange market exists in Egypt outside of the official banking system in which US dollars trade at around a 2-7 percent premium over the official rate. In December 2014, CBE weekly auctions were increased by 25 percent to help clear backlogs in foreign exchange requests. In an attempt to control the parallel market, the Central Bank has recently put limits on the amount of foreign exchange that an individual or entity can deposit in banks (USD 10,000day with a maximum of USD 50,000month). This was combined with a devaluation of the official exchange rate to reach USD 1 LE 7.6. The Investment Incentives Law stipulates that non-Egyptian employees hired by projects established under the law are entitled to transfer their earnings abroad. Conversion and transfer of royalty payments are permitted when a patent, trademark, or other licensing agreement has been approved under the Investment Incentives Law. Banking Law 88 of 2003 regulates the repatriation of profits and capital. The government has repeatedly emphasized its commitment to maintaining the profit repatriation system to encourage foreign investment in Egypt. The current system for profit repatriation by foreign firms requires sub-custodian banks to open foreign and local currency accounts for foreign investors (global custodians), which are exclusively maintained for stock exchange transactions. The two accounts serve as a channel through which foreign investors process their sales, purchases, dividend collections, and profit repatriation transactions using the bankrsquos posted daily exchange rates. The system is designed to allow for settlement of transactions in fewer than two days, though in practice some firms have reported significant delays in repatriating profits due to ongoing currency controls. 3. Expropriation and Compensation The Investment Incentives Law provides guarantees against nationalization or confiscation of investment projects under the law39s domain (Law 8 Article 8). The law also provides guarantees against seizure, requisition, blocking, and placing of assets under custody or sequestration (Law 8 Article 9). It offers guarantees against full or partial expropriation of real estate and investment project property (Law 8 Articles 11 and 12). The U. S.-Egypt Bilateral Investment Treaty also provides protection against expropriation. Private firms are able to take cases of expropriation to court, but the judicial system is very slow and can take several years to resolve a case. Legal System, Specialized Courts, Judicial Independence, Judgments of Foreign Courts Egypt39s legal system is a civil codified law system. The judiciary is an independent branch of the government. To enforce judgments of foreign courts in Egypt, the party seeking to enforce the judgment must obtain an exequatur. To apply for an exequatur, the normal procedures for initiating a lawsuit in Egypt must be satisfied. Moreover, several other conditions must be satisfied, including ensuring reciprocity between the Egyptian and foreign country39s courts and verifying the competence of the court rendering the judgment. Egypt does not have a bankruptcy law per se, but Commercial Law 17 of 1999 includes a chapter on bankruptcy. The terms of the bankruptcy chapter are silent or ambiguous on several key issues that are crucial to the reduction of settlement risks. The Egyptian government has identified the lack of a functioning bankruptcy code as a significant weakness for investment. In 2015, in an attempt to help accelerate the bankruptcy process, the government amended Egyptrsquos 1997 Investment Law, stipulating that if a company under liquidation has not received a statement of liquidation from the relevant administrative authorities within 120 days of the liquidator submitting the application, the company will be discharged from its liabilities. While this has accelerated bankruptcy proceedings to some extent, the government continues to indicate in public statements that efforts are underway to initiate new bankruptcy legislation to more permanently address continuing concerns over the cost and paperwork involved in bankruptcy. U. S.-Egypt Bilateral Investment Treaty allows an investor to take a dispute directly to binding third-party arbitration. The Egyptian courts generally endorse international arbitration clauses in commercial contracts. For example, the Court of Cassation has, on a number of occasions, confirmed the validity of arbitration clauses included in contracts between Egyptian and foreign parties. Presidential Decree law No. 17 of 2015 added a new mechanism for simplified settlement of investment disputes aimed at avoiding the court system altogether. In particular, the law established a Ministerial Committee on Investment Contract Disputes, responsible for the settlement of disputes arising from investment contracts to which the State, or a public or private body affiliated therewith, is a party. The decree also established a Complaint Committee that will consider challenges connected to the implementation of Egypt39s amended 1997 Investment Law. Finally, the decree established a Committee for Resolution of Investment Disputes that will review complaints or disputes between investors and the government related to the implementation of the Investment Law. The effectiveness of these committee in resolving disputes remains to be tested. The U. S. Embassy recommends that U. S. companies put clauses specifying binding international arbitration of disputes in their commercial agreements. ICSID Convention and New York Convention Egypt acceded to the International Convention for the Settlement of Investment Disputes in 1971 and is a member of the International Center for the Settlement of Investment Disputes (ICSID), which provides a framework for arbitration of investment disputes between the government and foreign investors from another member state, provided that the parties agree to such arbitration. Without prejudice to Egyptian courts, the Investment Incentives Law recognizes the right of investors to settle disputes within the framework of bilateral agreements, the ICSID or through arbitration before the Regional Center for International Commercial Arbitration in Cairo, which applies the rules of the United Nations Commissions on International Trade Law. Egypt adheres to the 1958 New York Convention on the Enforcement of Arbitral Awards the 1965 Washington Convention on the Settlement of Investment Disputes between States and the Nationals of Other States and the 1974 Convention on the Settlement of Investment Disputes between the Arab States and Nationals of Other States. An award issued pursuant to arbitration that took place outside Egypt may be enforced in Egypt if it is either covered by one of the international conventions to which Egypt is party or it satisfies the conditions set out in Egypt39s Dispute Settlement Law 27 of 1994, which provides for the arbitration of domestic and international commercial disputes and limited challenges of arbitration awards in the Egyptian judicial system. The Dispute Settlement Law was amended in 1997 to include disputes between public enterprises and the private sector. Duration of Dispute Resolution The Egyptian judicial system functions extremely slowly, and cases can remain in the system for several years. Arbitral awards are made in the original currency of the transaction, via the competent court in Egypt, usually the Cairo Court of Appeals. A special order is required to challenge an arbitration award in an Egyptian court. 5. Performance Requirements and Investment Incentives Egypt is a member of the World Trade Organization (WTO). The most recent Trade Policy Review for Egypt prepared by the WTO was issued in 2005: wto. orgenglishtratopetpretp250e. htm There are no formal geographical restrictions on investments in Egypt. However, due to congestion in Cairo, the government generally denies approval for investments in manufacturing facilities in Cairo, unless a compelling economic rationale exists. The government offers incentives to move existing manufacturing facilities out of Cairo. Upon request, government officials assist investors in locating a site for a project, often in one of the new industrial sites located outside Cairo, and sometimes provide necessary infrastructure. The new amendments to the Investment Incentives Law (Article 20) stipulate that it is permissible based on a Cabinet decree to provide special non-tax incentives to projects that meet any of the following criteria: a) are labor intensive, b) maximize local content, c) invest in logistics, internal trade, energy, or transport, or d) invest in remote or disadvantaged areas. In addition to the new industrial sites outside Cairo, the government has targeted Upper Egypt for development by private investors. Land in industrial zones in Upper Egypt is offered free of charge. The government also provides hookups to infrastructure (water, sewer, electricity, and gas) and transfers land title to the developer three years after project startup. As noted above, approval by the security services is generally required for investments in the Sinai Peninsula. In July 2007, MOI finalized procedures for granting usufruct rights (use by an investor of a plot of land for a certain period of time to establish a project and profit from it, after which both project and land are given to public ownership) in the Sinai, with the aim of boosting investment levels in the region. The procedures include facilitation of real estate registration enabling use of usufruct rights as a guarantee for loans and enabling banks to register pledges on real estate and foreclose in cases of non-payment. Research and Development Research and Development (RampD): The new 2014 constitution includes article 23 which explicitly states that the country can spend ldquono less than 1 percent of Gross National Product on scientific research. rdquo When implemented, this would double the governmentrsquos current RampD budget. Large-scale RampD activities, however, are relatively modest. The majority of government-funded RampD programs are in agriculture, health, and, to a lesser extent, manufacturing. There are no reports of discrimination against U. S. or other foreign firms wishing to participate in RampD programs in Egypt. Most Egyptian RampD programs are established by government initiative. No performance requirements are specified in the Investment Incentives Law. The ability to fulfill local content requirements is no longer a prerequisite for approval to set up assembly projects, but in most cases, assembly industries still must meet a minimum local content requirement in order to benefit from customs tariff reductions on imported industrial inputs. Article 6 of Decree 1842013 allows for the reduction of customs tariffs on intermediate goods if the final product has a certain percentage of input from local manufacturers, beginning at 30 percent local content. As the percentage of local content rises, so does the tariff reduction, reaching up to 90 percent if the amount of local input is 60 percent or above. In certain cases, a Minister can grant tariff reductions of up to 40 percent in advance to certain companies without waiting to reach a corresponding percentage of local content. In 2010, Egypt revised its export rebate system to provide exporters with additional subsidies if they used a greater portion of local raw materials. See the section quotImport and Export Policiesquot for more details on the export rebate system. Manufacturers wishing to export under trade agreements between Egypt and other countries must complete certificates of origin and local content requirements contained therein. Oil and gas exploration concessions, which do not fall under the Investment Incentives Law, do have performance standards, which are specified in each individual agreement and which generally include the drilling of a specific number of wells in each phase of the exploration period stipulated in the agreement. Egypt does not impose localization barriers on IT firms. Egypt does not make local production a requirement for market access, does not have local content requirements, and does not impose forced technology or IP transfers as a condition of market access. 6. Right to Private Ownership and Establishment By law, foreign and domestic private firms have the right to establish and own business enterprises and engage in all forms of remunerative activity, except for the restrictions on foreign business noted previously. Private enterprises may freely establish, acquire and dispose of interests in business enterprises. In practice, private firms sometimes find themselves at a disadvantage when competing for resources with state-owned firms. For example, state-owned firms often have easier access to bank credit from the state-dominated banking system than do private firms, whether domestic or foreign. Despite sufficient bank capitalization and liquidity, access to credit is a particular issue for small and medium enterprises, which often do not sufficiently meet bank application requirements to assess their risk profiles. In addition, some market participants have experienced difficulties in dissolving companies. 7. Protection of Property Rights The Egyptian legal system provides protection for real and personal property, but laws on real estate ownership are complex and titles to real property may be difficult to establish and trace. Reforms in 2007 simplified the registration process for residential construction in new urban areas built on the outskirts of Cairo and Alexandria. According to the World Bankrsquos 2014 Doing Business Report, Egypt ranks 84 out of 189 for ease of registering property. (doingbusiness. orgdataexploreeconomiesegypt A National Title Registration Program was introduced by the Ministry of State for Administrative Development and implemented in nine areas within Cairo. This program was intended to simplify property registration and facilitate easier mortgage financing. Real estate registration fees, long considered a major impediment to development of the real estate sector, were capped in May 2006 at no more than LE 2000 (USD 263), irrespective of the property value. In November 2012, the government decided to postpone implementation of an enacted overhaul to the real estate tax system until 2014 but as of early 2015 no action has been taken. The Ministry of Finance plans to submit proposed amendments to the law to the new parliament once it is seated. There is an extensive rent control system for older residential and commercial real estate property resulting in some apartment rents as low as USD 10 per month. However, these rent controls do not apply to real estate put into service in recent years. Foreigners are limited to ownership of two residences in Egypt and specific procedures are required for purchasing real estate in certain geographical areas. The mortgage market is still undeveloped in Egypt. Real Estate Finance Law 148 of 2001 authorized both banks and non-bank mortgage companies to issue mortgages. The law provides procedures for foreclosure on property of defaulting debtors, and amendments passed in 2004 allow for the issuance of mortgage-backed securities. According to the regulations, banks can offer financing in foreign currency of up to 80 percent of the value of a property. Presidential Decree 172015 permitted the government to provide land, free of charge and in certain regions only, to investors meeting certain technical and financial requirements. This provision expires on April 1, 2020 and the company must provide cash collateral for five years following commencement of either production (for industrial projects) or operation (for all other projects). Intellectual Property Rights The lack of adequate protection of intellectual property rights (IPR) is a major hurdle to direct investment here. Egypt remains on the Special 301 Watch List as of 2015. Shortcomings in the IPR environment include infringements to copyrights and patents, particularly in the pharmaceuticals sector. Book, music, and entertainment software piracy is prevalent in Egypt. A significant portion of violations also take place online with music, movies, and software. American film studios represented by the Motion Pictures Association of America are concerned about the illegal distribution of American movies on regional satellite channels. Market access impediments, including ad valorem duties on imported CD-based goods, a tax on imported goods, censorship certificate fees for foreign films, and a 20 percent entertainment tax on foreign films (versus five percent for Arabic-language films) remain challenges for U. S. firms selling in Egypt. Law 822002 reflects the provisions of the TRIPs Agreement. Article 69 of Egyptrsquos new constitution, which came into effect in January 2014, reaffirms the statersquos commitment to the protection of IP rights. It also calls for the establishment of an administrative organ to ensure legal protections, but the interim government has not yet taken steps to establish such an institution. In the absence of that administrative entity, Egypt39s IP rights sector remains regulated by Law 822002. In multilateral negotiations and the WTO TRIPS Council, Egypt, together with other countries, presses demands for unlimited technology transfer that could lead to coercion of private rights holders, weakening their property rights. These outcomes could undermine innovation, trade, and investment in IP-intensive products and services that are critical parts of the response to climate change, sustainable economic development, and other challenges. By advancing such positions, the Egyptian government is creating uncertainty with respect to its commitment to create a domestic environment that will encourage innovation and investment in innovative industries. Per the 2014 intellectual property rights index (IPRI), Egyptrsquos IPRI score declined for the third continuous year. Egypt ranked 75 out of 97 globally and 6 out of 7 regionally. (internationalpropertyrightsindex. orgcountries ) Customs officers have the right to seize counterfeit or suspicious goods. However, customs officers lack authority to destroy counterfeit goods unless ordered by a court to do so following a claim by the rights holder. The cost of storage and destruction of counterfeit goods is incurred by the rights holder. Resources for Rights Holders For additional information about treaty obligations and points of contact at local IP offices, please see WIPOrsquos country profiles at wipo. intdirectoryen . IPR Contact at Embassy Cairo: 8. Transparency of the Regulatory System The Egyptian government has made efforts to improve the transparency of government policy. The process has proven difficult and has faced strong resistance from entrenched bureaucratic interests. Significant obstacles continue to hinder private sector investment, including the often-arbitrary imposition of bureaucratic impediments and the length of time needed to resolve them. Law 89 of 1998 amended the Tenders and Bidding Law 9 of 1983 to improve equality and transparency in government procurement. Key provisions of the law include: a prohibition on reopening negotiations after final bids have been received more transparency in the criteria for bid acceptance and rejection equality among bidders, contractors, and government agencies more weight given to the technical aspects of a tender or bid protection of contractor rights reduction of insurance fees and immediate return of deposits once the government announces bid or tender results. In 2005, parliament passed the Law on Protection of Competition and Prohibition of Monopolistic Practices. A new agency, the Egyptian Competition Authority, began operating in 2006 to implement the law. The MOI also issued corporate governance guidelines as Ministerial Decree No. 332 in 2005. The non-binding guidelines ndash formulated along the lines of OECD principles ndash apply to corporations and limited liability companies as well as brokerages. In 2006, MOI issued corporate governance guidelines for public sector companies. Accounting standards in government entities are still not fully consistent with international norms, although efforts are underway to bring standards into conformity with International Financial Reporting Standards (IFRS). The MOI issued a directive in 2006 with new accounting standards for all companies listed on the Egyptian stock exchange, including public entities. The new standards, which came into effect in 2007, are close, but not identical to IFRS. Egyptian law does not require that proposed legislation be published prior to ratification. In practice, recent draft legislation has been circulated among concerned parties, including business associations and labor unions. This is a welcome change from previous practice. Although Egypt does not currently have a seated parliament, historically, parliamentary committees have held lsquosocial dialoguersquo sessions with concerned parties and organizations to discuss proposed legislation however, responsiveness on the part of legislators to feedback received from concerned parties was limited. After approval by parliament, new laws were referred to the President for approval, after which they are published in the Official Gazette, similar to the Federal Register in the United States. In the absence of a seated Parliament, Legislative Committees within each ministry are tasked with introducing new legislation to their respective Ministers, who in turn present it to the Cabinet during the weekly Cabinet meetings. After the legislation is discussed and approved by the Cabinet it is referred to the President for approval and is afterwards published in the Official Gazette. Regulatory Reform: Over the past decade, the Egyptian Government, led by the Ministry of Finance and the Ministry of Investment, made some strides to enhance the regulatory framework, particularly for businesses, for the purpose of promoting investment and creating job opportunities. Such strides included tax and banking reform as well as facilitating start-up business registrations through one-stop shops where businesses could obtain start-up licenses without having to get approval from several different government offices. Historically, Egyptrsquos one-stop shops have not necessarily lived up to the name, with registration frequently requiring stops at many different government bureaus. However, in 2015, the government addressed this concern head on by introducing a series of amendments granting GAFI authority to consolidate the registration processes of many ministries into a true one-stop shop. As of April 2015 the government is working to implement these new measures, with the Minister of Investment stating that he expects full implementation to be completed in 18 months. 9. Efficient Capital Markets and Portfolio Investment The Egyptian Exchange (EGX) is Egyptrsquos registered securities exchange. In April 2015, 214 companies were listed on the EGX, with a market capitalization of about LE 500 billion. Stock ownership is open to foreign and domestic individuals and entities. The government of Egypt issues dollar-denominated and Egyptian pound-denominated debt instruments. Ownership is open to foreign and domestic individuals and entities. The Capital Market Law 95 of 1992, along with the Banking Law of 2003, constitute the primary regulatory frameworks for the financial sector. The law grants foreigners full access to capital markets, and authorizes establishment of Egyptian and foreign companies to provide underwriting of subscriptions, brokerage services, securities and mutual funds management, clearance and settlement of security transactions, and venture capital activities. Recently the Ministry of Finance increased taxes on income from capital gains to 10 percent. The law specifies mechanisms for arbitration and legal dispute resolution and prohibits unfair market practices. Law No. 102009 created the Egyptian Financial Supervisory Authority (EFSA) and brought the regulation of all non-banking financial services under its authority. The Central Securities Depository and Registration Law and its executive regulations, issued in 2000, eased registration and deposit of securities. Settlement of transactions takes one day for treasury bonds and two days for stocks. Although Egyptian law and regulations allow companies to adopt bylaws limiting or prohibiting foreign ownership of shares, virtually no listed stocks have such restrictions. A significant number of the companies listed on the exchange are family-owned or dominated conglomerates, and free trading of shares in many of these ventures, while increasing, remains limited. Companies are de-listed from the exchange if not traded for six months. In 2002, the then Minister of Foreign Trade added an additional chapter to the executive regulations of the Capital Market Law to allow margin trading to increase liquidity and trading in the market through brokerage firms and financially-solvent licensed companies. In April 2003, the U. S. Securities and Exchange Commission included the Egyptian Exchange in its list of accredited stock exchanges, allowing U. S. financial institutions to invest in the Egyptian stock market without undertaking the cumbersome procedures previously required. In May 2006, the Capital Market Authority (CMA) issued Decree No. 50 for 2006, organizing online trading. The decree allows brokerage companies to receive requests for buyingselling of shares by clients via the Internet. The decree also mandates infrastructure requirements, mainly web security provisions, which brokerage firms must meet in order to provide online services. To date, 114 companies have obtained online trading licenses. Leasing Law 95 of 1995 allows for the leasing of capital assets and real estate and was designed to reduce the high start-up costs faced by new investors. Notably, the law specifically allowed for the purchase of real estate assets through leasing mechanisms. The Leasing Law was amended in 2001 to make leasing more attractive for investors by exempting financial leasing activities from sales taxes and fees specifying financial standards to which leasing companies must adhere to increasing the control, organization and efficiency of the leasing activities and incorporating clear guarantees for the parties involved. Money and Banking System, Hostile Takeovers Banking: The Central Bank of Egypt has not issued a new commercial banking license since 1979. The only way for a new commercial bank, whether foreign or domestic, to enter the market (except as a representative office) is to purchase an existing bank. To this end, in 2013, QNB Group acquired National Socieacuteteacute Geacuteneacuterale Bank Egypt (NSGB). That same year, Emirates NBD, Dubai39s largest bank, bought the Egypt unit of BNP Paribas. In 2009, the Central Bank announced that it had no plans to privatize the three remaining state-owned banks (Banque Misr, Banque du Caire, National Bank of Egypt), citing poor market conditions. These three banks control at least 40 percent of banking sector assets. 10. Competition from State-Owned Enterprises State-owned enterprises compete directly with private companies in several sectors of the Egyptian economy. According to Public Sector Law 203 of 1991, state-owned enterprises should not receive preferential treatment from the government, nor should they be accorded any exemption from legal requirements applicable to private companies. In addition to the state-owned enterprises groups above, 40 percent of the banking sectorrsquos assets are controlled by three state-owned banks (Banque Misr, Banque du Caire, and National Bank of Egypt). In March 2014 the government announced that nine public holding companies will be placed under an independent sovereign fund. As of April 2015, this has not yet occurred. In an attempt to encourage growth of the private sector, privatization of state-owned enterprises and state-owned banks accelerated under an economic reform program that took place from 1991 to 2008. Following the 2011 revolution, third parties have brought cases in court to reverse privatization deals, and in a number of these cases, Egyptian courts have ruled to reverse the privatization of several former public companies. Most of these cases are still under appeal. OECD Guidelines on Corporate Governance of SOEs SOEs in Egypt are structured as individual companies controlled by boards of directors and grouped under government holding companies that are arranged by industry, including Spinning amp Weaving Metallurgical Industries Chemical Industries Pharmaceuticals Food Industries Building amp Construction Tourism, Hotels amp Cinema Maritime amp Inland Transport Aviation and Insurance. The holding companies are headed by boards of directors appointed by the Prime Minister with input from the relevant Minister. Sovereign Wealth Funds Egypt does not have a sovereign wealth fund. 11. Corporate Social Responsibility Corporate social responsibility (CSR) programs have grown in popularity in Egypt over the last ten years. Most programs are limited to multinational and larger domestic companies. Education is the most popular sector for CSR investment, but environmental and entrepreneurship programs are garnering greater participation. A number of organizations work to foster the development of CSR in Egypt. The American Chamber of Commerce has an active corporate social responsibility committee, and Apache Corporation was named a finalist in 2013 for the Secretaryrsquos Award for Corporate Excellence for its work building and maintaining village girls schools throughout the country. Microsoft was named a finalist in 2012. The Egyptian Corporate Responsibility Center, which is the UN Global Compact local network focal point in Egypt, aims to empower businesses to develop sustainable business models as well as improve the national capacity to design, apply, and monitor sustainable corporate social responsibility policies. In March 2010, Egypt launched an environmental, social, and governance (ESG) index, the second of its kind in the world after Indiarsquos, with training and technical assistance from Standard and Poorrsquos. OECD Guidelines for Multinational Enterprises Egypt became a signatory to the OECD Guidelines for Multinational Enterprises in 2007. During late 2014 and early 2015, there were numerous small-scale shootings and bombing attacks against both security and civilian targets in Cairo and elsewhere in the country. In the Sinai Peninsula, where militants have conducted major terrorist attacks against military installations and personnel, security remains a problem. One domestic terror group, Ansar Beit Al-Maqdis (ABM), which has operated in the Sinai Peninsula since 2011 and claimed responsibility for most of the deadliest attacks against Egyptian security targets, recently declared its allegiance to ISIL and changed its name to the State of Sinai. The United States designated the group as a Foreign Terrorist Organization in April 2014. Violent attacks have also taken place in areas in proximity to the border with Libya. Corruption occurs at all levels of Egyptian society. Giving and accepting bribes are criminal acts in Egypt, but corruption laws have not been consistently enforced. Companies might encounter corruption in the public sector in the form of bribery, embezzlement, and tampering with official documents. Corruption and bribery are reported in dealing with public services, customs (import license and import duties), public utilities (water and electrical connection), construction permits, and procurement, as well as in the private sector. The law provides criminal penalties for official corruption, but the government does not consistently enforce the law. A series of civil cases have been brought against private companies that concluded contracts with the Mubarak regime for the purchase of state-owned assets as part of the regimersquos privatization drive. Most of the first-instance decisions in these cases have annulled the original sales contract, calling for the renationalization of the company and mandating that the individuals laid off following privatization be re-hired. These cases have caused considerable concern among current and prospective investors in Egypt. Transparency Internationalrsquos Corruption Perceptions Index ranked Egypt 94 out of 175 in its 2014 survey ( cpi. transparency. orgcpi2014results) an improvement from the difficult 2011-2014 period and a return to the 2010 ranking which placed Egypt 98 out of 178. The World Bank Enterprise Survey reports that general corruption incidence and corruption depth in Egypt is lower than the overall MENA region, and even the world average. Recent ratings from a WB rapid survey, phone survey, and, the World Economic Forumrsquos Global Competitiveness Report 2013-14 identified corruption as the third to fifth most problematic factor to doing business in Egypt. The World Competitiveness Survey specifically cites policy instability, government instability, access to financing, and foreign currency regulations as four challenges more important than corruption (www3.weforum. orgdocsGCR2014-15EGY. pdf). The new 2014 constitution provides for the establishment of an Anti-Corruption Commission to focus on dealing with conflicts of interests, standards of integrity, and government transparency. It also addresses whistleblower protection. That same year, Egypt launched a four year national Anti-Corruption Strategy empowering the new National Coordinating Committee for Combating Corruption to develop a holistic government strategic for addressing corruption. The long-term effectiveness of this strategy remains to be seen. UN Anticorruption Convention, OECD Convention on Combatting Bribery Egypt ratified United Nations Convention against Corruption in February 2005. It has not acceded to the OECD Convention on Combating Bribery or any other regional anti-corruption conventions. Resources to Report Corruption Several agencies within the Egyptian government share responsibility for addressing corruption. Egyptrsquos primary anticorruption body is the independent and well-regarded Administrative Control Authority, which has jurisdiction over state administrative bodies, state-owned enterprises, public associations and institutions, private companies undertaking public work, and organizations to which the state contributes in any form. The Ministry of Justicersquos Illicit Gains Authority is charged with referring cases in which public officials have used their office for private gain. The Public Prosecution Officersquos Public Funds Prosecution Department and the Ministry of Interiorrsquos Public Funds Investigations Office likewise share responsibility for addressing corruption in public expenditures. General Contact Information: Ministry of Interior General Directorate of Investigation of Public Funds Telephone: 02-2792-1395 02-27921396 Fax: 02-2792-2389 14. Bilateral Investment Agreements Egypt has signed a number of international agreements covering investment, including bilateral investment agreements with Belgium, China, Finland, France, Germany, Greece, Italy, Japan, Libya, Luxembourg, Morocco, the Netherlands, Romania, Singapore, Sudan, Sweden, Switzerland, Thailand, Tunisia, the United Kingdom, and the United States. The U. S-Egypt Bilateral Investment Treaty provides for fair, equitable, and nondiscriminatory treatment for investors of both nations. The treaty includes provisions for international legal standards on expropriation and compensation free financial transfers and procedures for the settlement of investment disputes, including international arbitration. In addition to specific investment agreements, Egypt is also a signatory to a wide variety of agreements covering trade issues. Egypt joined the Common Market for Eastern and Southern Africa (COMESA) in June 1998. In July 1999, Egypt and the United States signed a Trade and Investment Framework Agreement (TIFA), a step toward creating freer trade and increasing investment flows between the U. S. and Egypt. In June 2001, Egypt signed an Association Agreement with the European Union (EU) which entered into force on June 1, 2004. The agreement provides for immediate duty free access of Egyptian products into EU markets, while duty free access for EU products will be phased in over a 12 year period. In 2010, Egypt and the EU completed an agricultural annex to their FTA, liberalizing trade in over 90 percent of agricultural goods. Egypt is also a member of the General Arab Free Trade Agreement (GAFTA), and a member of the Agadir Agreement with Jordan, Morocco, and Tunisia, which relaxes rules of origin requirements on products jointly manufactured by the countries for export to Europe. Egypt also has an FTA with Turkey, in force since March 2007, and an FTA with the Mercosur bloc of Latin American nations, which Egypt ratified in January 2013, but which is not yet in force. The Minister of Industry, Trade and SMEs announced during the Egypt Economic Development Conference (EEDC) that two new FTAs will be signed. The first will be in June with the three major African blocks: the Common Market for Eastern and Southern Africa (COMESA), the Southern African Development Community (SADC) and the East African Community (EAC). The second will be with the Eurasian Economic Union, which includes Russia, Armenia, Belarus, and Kazakhstan. In 2004, Egypt and Israel signed an agreement to take advantage of the U. S. Governmentrsquos Qualifying Industrial Zone (QIZ) program. The purpose of the QIZ program is to promote stronger ties between the region39s peace partners, as well as to generate employment and higher incomes, by granting duty-free access to goods produced in QIZs in Egypt using a specified percentage of Israeli and local input. Under Egyptrsquos QIZ agreement, U. S. imports from Egypt are eligible for duty-free treatment if the value includes not less than 35 percent U. S.EgyptianIsraeli content, with a minimum 10.5 percent Israeli content. The industrial areas currently included in the QIZ program are Alexandria, areas in Greater Cairo such as Sixth of October, Tenth of Ramadan, Fifteenth of May, South of Giza, Shobra El-Khema, Nasr City and Obour, areas in the Delta governorates such as Dakahleya, Damietta, Monofeya and Gharbeya, and areas in the Suez Canal such as Suez, Ismailia, Port Said, and other specified areas in Upper Egypt. Egyptian exports to the U. S. and ready-made garments in particular, have risen rapidly since the QIZ program was introduced in December 2004. The value of the Egyptian QIZ exports to the U. S. amounted to USD 920 million in 2014, approximately 55 percent of Egypt39s total exports to the United States (Data Source: USITC). Bilateral Taxation Treaties Egypt has a bilateral tax treaty with the United States. 15. OPIC and Other Investment Insurance Programs The Overseas Private Investment Corporation (OPIC) has approved USD 500 million in financing to support lending to small businesses in Egypt and Jordan, including the following: 1) USD 150 million commitment in partnership with Abraaj Capital, a leading private equity group, to enable growth of smaller companies 2) USD 150 million investment guaranty with Citibank for a loan to Citadel Capital, the leading private equity firm in the Middle East and Africa, aimed at expanding its subsidiaries working in critical sectors in the MENA region and including USD 125 million specifically for Egypt and 3) USD 250 million 10 year partnership with Egyptian banks working directly with SMEs. Egypt sees upwards of 700,000 new entrants into the labor market each year. Official statistics put the labor force at 27.6 million, with 4.3 million unemployed. Following the 2011 Revolution, Egyptrsquos unemployment rate has gradually increased. The 2014 unemployment rate stood at 15.6 percent, with unemployment significantly higher for women (29.3 percent) and for young people (71.1 percent for women between the ages of 15-24 and 25.8 percent for young men). Government statistics show that 69 percent of unemployed people were aged between 15 and 29 more than 82 percent hold diplomas and university degrees. Unemployment is at its highest among educated youth, particularly graduates of vocational secondary education. This issue was exacerbated by the 2011 Revolution and concomitant political and economic instability. Many consider the limited employment opportunities for youth as a serious challenge to Egyptrsquos social cohesion and democratic transition. Millions of Egyptians continue to seek employment abroad. The government bureaucracy and public sector enterprises are substantially over-staffed compared to the private sector. Businesses highlight a mismatch between labor skills and market demand, despite high numbers of university graduates in a variety of fields. Foreign companies frequently pay internationally competitive salaries to attract workers with valuable skills. The Unified Labor Law (Law 12 of 2003) provides certain guidelines on labor relations, including hiring, working hours, termination of employees, training, health, and safety. The law grants a qualified right for employees to strike, as well as rules and guidelines governing mediation, arbitration, and collective bargaining between employees and employers. Non-discrimination clauses are included, and the law complies with labor-related International Labor Organization (ILO) conventions regulating the employment and training of women and eligible children (Egypt ratified ILO Convention 182 on combating the Worst Forms of Child Labor in April 2002). The law also created a national committee to formulate general labor policies and the National Council of Wages, whose mandate is to discuss wage-related issues and national minimum-wage policy. The latter has rarely convened. Under the Unified Labor Law, workers may join trade unions, but are not required to do so. A trade union or workersrsquo committee may be formed if 50 employees in an entity express a desire to organize. All trade unions are required by law to belong to the Egyptian Trade Union Federation. In March 2011, the Minister of Manpower and Migration (MOMM) issued a decree recognizing complete freedom of association. The Minister decided that aspects of the Trade Union Law (Law 35 of 1976) violated, and were trumped by, Egyptrsquos ILO and UNHRC commitments. Subsequent ministers continued to recognize the 2011 decree, and since March 2011, the Ministry of Manpower and Migration has registered well over 1,600 independent trade unions without interference, while hundreds more have formed, but have not yet registered. The new 2014 Constitution stipulates in article 76 that ldquoestablishing unions and federations is a right that is guaranteed by the law. rdquo Only courts are allowed to dissolve unions. The 2014 constitution maintained past practice in stipulating that ldquoone syndicate is allowed per profession. rdquo The Egyptian constitutional legislation differentiates between white-collar syndicates (for professional workers e. g. doctors, lawyers, journalists) and blue-collar workers (e. g. transportation, food, mining workers). The government has drafted a quotright to be collectively organizedrdquo law, but as of April 2015 has not yet passed the legislation the ILO39s Committee of Experts recognized Egyptrsquos 2011 declaration on freedom of association as a positive step and emphasized that a law codifying these changes should be enacted as soon as possible. Employers complain that the incongruence between labor provisions in the 2014 Constitution, the 2011 Ministerial Decree, and the Trade Union Law of 1976 causes uncertainty when dealing with workersrsquo representatives. Workers in Egypt have the right to strike peacefully, but strikers by law must notify the employer and concerned administrative officials of the reasons and time frame of the strike ten days in advance. The law prohibits strikes in strategic or vital establishments in which the interruption of work could disturb national security or basic services provided to citizens. In practice, however, workers strike often in all sectors without following these procedures. The number of strikes increased significantly after January 2011. In 2014, labor actions spiked during the first quarter, but gradually tapered off over the course of the year. The ILO Committee of Experts has criticized the 1976 Trade Union Law for mandating that only the formerly government-controlled Trade Union Federation may organize strikes and that workers must notify employers in advance of strike actions. Collective negotiation is allowed between trade union organizations and private sector employers or their organizations. Agreements reached through negotiations are recorded in collective agreements regulated by the Unified Labor law and usually registered at the Ministry of Manpower and Migration. Collective bargaining is technically not permitted in the public sector, though it exists in practice. The government often intervenes to limit or manage collective bargaining negotiations in all sectors. The MOMM sets worker health and safety standards, which also apply in public and private free zones and the Special Economic Zones (see below). Enforcement and inspection, however, are uneven. The Unified Labor Law prohibits employers from maintaining hazardous working conditions, and workers have the right to remove themselves from hazardous conditions without risking loss of employment. Egyptian labor laws allow employers to close or downsize for economic reasons. The government, however, has taken steps to halt downsizing in specific cases. The unemployment insurance law, also known as the Emergency Subsidy Fund Law No. 156 of 2002, sets a fund to compensate employees whose wages are suspended due to partial or complete closure of their firm or due to its downsizing. The Fund allocates financial resources that will come from a one percent deduction from the base salaries of public and private sector employees. According to foreign investors, certain aspects of Egypt39s labor laws and policies are significant business impediments, particularly the difficulty of dismissing employees. Labor Law 12 of 2003 allows Ministers to set the maximum percentage of foreign workers that may work in companies in a given sector. There are no such sector-wide maximums for the oil and gas industry, but individual concession agreements may contain language establishing limits or procedures regarding the proportion of foreign and local employees. In 2011, the MOMM enacted regulations designed to restrict access for foreigners to Egyptian worker visas, though application of these provisions has been inconsistent. Visas for unskilled workers will be phased out. For most other jobs, employers may hire foreign workers on a temporary six-month basis, but must also hire two Egyptians to be trained to do the job during that period. Only jobs where it is not possible for Egyptians to acquire the requisite skills will remain open to foreign workers. In practice, it is not clear how diligently the government is enforcing these provisions. 17. Foreign Trade ZonesFree PortsTrade Facilitation Public and private free zones are authorized under the Investment Incentive Law and are established by a decree from GAFI. Free zones are located within the national territory, but are considered to be outside Egyptrsquos customs boundaries, granting firms doing business within them more freedom on transactions and exchanges. Companies producing largely for export (normally 80 percent or more of total production) may be established in free zones and operate in foreign currency. Free zones are open to investment by foreign or domestic investors. Companies operating in free zones are exempted from sales taxes or taxes and fees on capital assets and intermediate goods. In 2015, the Legislative Package for the Stimulation of Investment stipulated a 1 percent duty paid on the value of commodities upon entry for storage projects and a 1 percent duty upon exit for manufacturing and assembly projects. There are currently 10 public free zones in operation in the following locations: Alexandria, Damietta, East Port Said Port Zone, Ismalia, Koft, Media Production City, Nasr City, Port Said, Shebin el Kom, and Suez. Private free zones may also be established with a decree from GAFI but are usually limited to a single project. Export-oriented industrial projects are given priority. There is no restriction on foreign ownership of capital in private free zones. In 2015, limits were introduced on energy-related free zone investments, and licenses will not be granted in free zones for projects in the following sectors: fertilizers oil and steel petroleum natural gas production, liquefaction and transport or other energy intensive industries. The Special Economic Zones (SEZ) Law 83 of 2002 allows establishment of special zones for industrial, agricultural, or service activities designed specifically with the export market in mind. The law allows firms operating in these zones to import capital equipment, raw materials, and intermediate goods duty free. Companies established in the SEZs are also exempt from sales and indirect taxes and can operate under more flexible labor regulations. The first SEZ was established in the northwest Gulf of Suez. Law No. 19 of 2007 authorized creation of investment zones, which require Prime Ministerial approval for establishment. The government regulates these zones through a board of directors, but the zones are established, built, and operated by the private sector. The government does not provide any infrastructure or utilities in these zones. Investment zones enjoy the same benefits as free zones in terms of facilitation of license-issuance, ease of dealing with other agencies, etc. but are not granted the incentives and taxcustom exemptions enjoyed in free zones. Projects in investment zones pay the same taxcustoms duties applied throughout Egypt. The aim of the law is to assist the private sector in diversifying its economic activities. In 2014, the government announced its intention to begin work on the USD 15 billion Suez Canal Development Project, a major industrial and logistics services hub built along the Suez Canal. The project will be constructed by the Dar El Handsa Consortium, and is expected to include upgrades and renovations to ports located along the Suez Canal corridor, including West and East Port Said, Ismailia, Suez, Adabiya, and Ain Sokhna. The government has invited foreign investors to take part in the project, which is expected to be built in several stages, the first of which is scheduled to be completed by 2020. Reported areas for investment include maritime services like ship repair services, bunkering, vessel scrapping and recycling industrial projects, including pharmaceuticals, food processing, automotive production, consumer electronics, textiles, and petrochemicals IT services such as research and development and software development renewable energy and mixed use, residential, logistics, and commercial developments. 18. Foreign Direct Investment and Foreign Portfolio Investment Statistics Table 2: Key Macroeconomic Data, U. S. FDI in Host CountryEconomy Table 3: Sources and Destination of FDI Measurements of foreign direct investment (FDI) in Egypt vary according to the source and the definitions employed to calculate the figure. The Central Bank records figures on quarterly and annual investment flows based on financial records for Egypt39s balance of payments statistics. They are reported in the table below. The Ministry of Petroleum keeps statistics on investment in the oil and gas sector (which accounts for the bulk of FDI in Egypt), while GAFI keeps statistics on all other investments ndash including re-invested earnings and investment-in-kind. Statistics are not always current. GAFI39s figures are calculated in Egyptian Pounds at the historical value and rate of exchange, with no allowance for depreciation, and are cumulative starting from 1971. The U. S. has historically ranked first in terms of FDI in Egypt, but starting in 2007 was outpaced by the EU. U. S. firms are active in a wide range of manufacturing industries, producing goods for the domestic and export markets. Examples of U. S. investors include American Express, AIG, Ideal Standard, Apache Corporation, Bechtel, Bristol-Myers Squibb, Cargill, Citibank, Coca-Cola, Devon Energy, Dow Chemical, ExxonMobil, Eveready, General Motors, Guardian Industries, H. J. Heinz, Johnson amp Johnson, Kelloggrsquos, Mondelez, Microsoft, Proctor and Gamble, Pfizer, PepsiCo, Pioneer, and Xerox. Leading investors from other countries include BG, ENI-AGIP, BP, and Shell (in the oilgas sector), Unilever, the M. A. Kharafi Group (Kuwait), and the Kingdom Development Company (Saudi Arabia). Note that the IMFrsquos Coordinated Direct Investment Survey (CDIS) is unavailable for Egypt. Table 4: Sources of Portfolio Investment Figures below are from 2013. Note that political changes since 2013 will adversely affect Qatar39s investment in Egypt in future reports. Portfolio Investment Assets Top Five Partners (Millions, US Dollars) Total Debt Securities 19. Contact for More Information In This Section: Highlights Learn More The Office of Website Management, Bureau of Public Affairs, manages this site as a portal for information from the U. S. State Department. External links to other Internet sites should not be construed as an endorsement of the views or privacy policies contained therein. Note: documents in Portable Document Format (PDF) require Adobe Acrobat Reader 5.0 or higher to view, download Adobe Acrobat Reader. Javascript is disabled in your browser. For the best experience on this web site, please enable Javascript.