| Capital Market Law 95 of 1992:
Law 95 and its amendments and regulations govern Egypt’s capital markets. In 1998, the government made significant amendments and changes to Law 95 to strengthen stock market regulations against fraud, price manipulation, and insider trading.
Special Economic Zones Law 83 of 2002:
Law 83 allowed the establishment of special zones for industrial, agricultural, and service activities that are mainly export-oriented. Firms operating in these zones would enjoy incentives and facilities designed to encourage increased local and foreign investment in export-producing sectors. (See Section E below)
Banking Law 88 of 2003:
Banking Law 88 of 2003, adopted in June 2003, replaced a number of laws that regulated the Central Bank of Egypt and the banking sector, dealings in foreign exchange, accounts secrecy, and private ownership of public sector banks. The law strengthened banking prudential regulations, raised minimum capital requirements for banks and foreign exchange bureaus, and reiterated the government's authority to privatize public sector banks. The Government installed new management teams with foreign experience at the state owned banks in 2002 and in late 2004 announced that the Bank of Alexandria would be the first of the public banks to be privatized. The executive statutes of the Banking Law were passed in March 2004 (Presidential Decree 101 of 2004).
Insurance Law 156 of 1998:
Law 156, which amended Law 91 of 1995, removed the 49 percent ceiling on foreign ownership, permits privatization of state-owned insurance companies, and abolishes the ban on foreign nationals serving as corporate officers.
Maritime Law 1 of 1998:
Law 1 amended Law 12 of 1964, the General Egyptian Maritime Organization Law. Law 1 permits the private sector, including foreign investors, to conduct most maritime transport activities, including loading, supplying, and ship repair.
Electricity Law 18 of 1998:
Law 18 amended Law 12 of 1996 to allow the government to sell minority shares of electricity distribution companies to private shareholders.
Central Securities Depository and Registry Law 93 of 2000:
Law 93 allows bookkeepers and companies dealing in central depository instruments to dematerialize shares (i.e. replace physical entries for securities to book entries).
Tenders Law 89 of 1998:
Law 89 amended the Tenders and Bidding Law 9 of 1983 governing foreign companies' bids on public tenders. It requires the government to consider both price and best value and to issue an explanation for a bid's refusal. However, the new tender law retains preferences for Egyptian domestic contractors, who are accorded priority if their bids do not exceed the lowest foreign bid by more than 15 percent.
Commercial Law 17 of 1999:
Law 17 has more than 700 articles covering general commerce, commercial contracts, banking transactions, commercial papers (including checks), and bankruptcy. |
