Egx trading system

Clan Party 8211 Out Now It8217s Party Time Excellent Vår nya Clan Party Update har kommit fram till och med några av de största livskvalitetsförbättringar i Robocraft hittills. Alla frustrationer som du tidigare har känt när du fester med vänner har tagits upp och hela processen har blivit mycket jämnare There8217s också några fantastiska extras där också som några större förbättringar av Premium-systemet och till och med vår egen uppsättning Steam Trading Cards Så ta tag i dina kompisar och Party On 8212821282128212821282128211 NYHET 8212821282128212821282128211 NY PARTY SYSTEM Fancy new party widget ger dig all information du behöver om din fest Parti-widgeten visar dig när en inbjuden spelare ännu inte accepterar din inbjudan, har accepterat den och gått med och när de är i kö för en strid. Festevenemang som att vara inbjudna eller medlemmar kommer att delta visas nu i din chattpanel Du kan nu bjuda in spelare till en fest genom att högerklicka på deras namn i din kompislista eller klanlista ourth och femte partyspel är inte längre låst bakom premium Everyone, och vem som helst kan komma in i 5-personspartier när de vill. PREMIUMÄNDRINGAR Återvinningsräntorna ökas med 3x medan du har Premium. Den 6-månaders optionen för premie har ersatts med Life Time-alternativet och är prissatt till 49,99 (USD) 34,99 (GBP) 44,99 (EUR). That8217s rätt TV-försäljningsröst För det låga låga priset på 49,99 kan du få premie för alltid. STEAM TRADING CARDS Don8217t vet vad Steam Trading Cards är först klicka här för att lära dig mer om dem Robocraft8217s Steam Trading Cards-systemet kommer att innehålla: 8 Trading Cards 6 Backgrounds 10 Emoticons 6 Badges Eftersom Robocraft är ett F2P-spel, tjänar du Trading Cards genom att spendera pengar i spelet (ett märke per9 enligt Steam8217s officiella FAQ) Viktig anmärkning: Detta inkluderar endast pengar som spenderas genom ångplattan. Alla inköp som görs utan Steam plånboken hjälper dig inte att gå vidare mot ett Trading Card. 8212821282128211 FÖRÄNDRINGAR 8212821282128211 Du kan nu högerklicka på din egen avatar för att ändra den. Flera allmänna partoptimeringar Polerade och optimerade räddningslådan för räddningslåda Förbättrade Mech Leg LoDs Många spelare var omedvetna om att du kan redigera en clans beskrivning om du är tillräckligt hög, så ett visuellt element har lagts till för att göra det mer uppenbart Förbättringar har gjorts för att göra chatt lättare läsbar Handledningspilar är nu animerade Ny återvinningsgrad för episka komponenter har minskats från 40 till 25 för att matcha legendariska och sällsynta återvinningsgrader och för att undvika oändlig-Robits missbruk genom att sälja episka komponenter vid 120 återvinningsgrad med premium 8212821282128212821282128212 BUG FIXES 8212821282128212821282128211 Du kan nu högerklicka på din egen avatar för att ändra den. Fixat en bugg som dolde några räddningslådor när du använder 800215600 upplösning. Fixed a bug som orsakade chattpanelen i slutet av en kamp för att bli bleknad, tvinga dig att klicka igen för att skicka meddelanden Fixed en bugg som stoppade spelare i Pit från att bli borttagen från resultattavlan när de lämnade striden tidigt Fixed a bug som i sällsynta fall skulle få mechben att lossna från sig och falla ihop Fixed a bug som orsakade CRF-knappen att förbli vit efter köper en robot Fixat ett fel som orsakade felmeddelandet Du har ingen bot om du försökte gå med i en kamp när du visade en robot i CRF Fixed a bug som orsakade att spelare skulle flytta genom terräng som om det inte hade kollision om de dog medan de blinkade Fixade anslutningspunkterna för kedjedrivare, eftersom en av dem inte var en riktig anslutningspunkt. Fastgjorde Dwarf Spike Plates glödfärg. Fixade en bugg som orsakade att den blinkande chattmarkören skulle visas inom kanalnamnet när han gick med eller lämnade en kanal. Fixed a bug som lämnade Clan chat kanal tillgänglig efter att ha lämnat en klan Fast en bugg som misslyckades med att visa den röda. när du var inbjuden till en klan, om du var offline vid inbjudanstidpunkten Fixed a bug som orsakade Sprinterbenen att sjunka i marken när de används med Insect Legs, oavsett orsak du kanske gör det. Du fixar ett fel som orsakade robotar med båda versionerna av Sprinterbenet för att förlora sin förmåga att spridas framåt. Senaste inläggen Blogg KategorierXenoblade Chronicles X Xenoblade Chronicles X. känd i Japan som XenobladeX (Zenobureido Kurosu, bokstavligen Xenoblade Cross), är ett spel utvecklat av Monolith Soft och publicerat av Nintendo för Wii U-konsolen. Det tillkännagavs under den preliminära titeln X på en Nintendo Direct i januari 2013. Före 2014 E3-showen var lite känt om spelet annat än att det följde en liknande stil av Xenoblade Chronicles i sin kampstil och utforskningstema. Den släpptes den 29 april 2015 i Japan och den 4 december 2015 i Nordamerika och Europa. Under E3 2014 inkluderade en Nintendo Treehouse-demo av spelet kommentarer som föreslog att det var mer av en andlig efterföljare av Xenoblade Chronicles. som om den behåller namnet och kommer att innehålla Nopon och Telethia-arten från Xenoblade Chronicles samt en typ av robot som liknar Mechon. historien som ännu avslöjats tyder på några direkta förbindelser. The Treehouse demo föreslog också att Xenoblade Chronicles X kommer behålla några av de filosofiska idéerna från Xenoblade Chronicles. liksom de andra Xeno-spelen (Xenogears och Xenosaga). Kategorier Enligt Nintendos E3 2014 Xenoblade Chronicles X-sidspelets funktioner ingår: Anpassa allt om huvudpersonernas utseende, inklusive kön, former, höjd, hudfärg, röst och tatueringar. Flera valbara karaktärklasser Möjligheten att rida och styra jättevapen, kallad Skells. En massiv öppen värld, som alla är utforskande. Xenoblade Chronicles X har många liknande spelmekanik till Xenoblade Chronicles. som friheten att utforska världen, förmågan att springa till praktiskt taget var som helst du kan se i fjärran, och återkomsten av ett Arts-kampsystem som involverar både auto-attacker och en nedkylningstimer för varje konst. Spelet introducerar också jätte mechs under titeln Skells, ett namn som ges från ordet exo-skelleton, som både kan användas i kamp och för resorexploration. Skells har en begränsad mängd bränsle som kan återställas till ett pris eller sakta regenereras när Skell inte används. Snarare än att följa en förinställd grupp av tecken som i Xenoblade Chronicles. denna efterträdare introducerar möjligheten att anpassa din egen karaktär och namnge dem i början av spelet. Samlarna är utspridda i hela spelvärlden, vissa verkar som föremål och fiender slår rustning och vapen som karaktärer kan utrusta. Karaktären kan hoppa över hinder. Det visades att det inte finns någon höstskada i detta spel i Nintendo Treehouse-strömmen. Slaget involverar realtidsbekämpning där vapen för långvariga attacker kan bytas till knivar för att attackera nära varandra, och detta kan ske omedelbart och så ofta som nödvändigt. Teckenet kommer att attackera automatiskt när det är inom räckhåll, men Battle Arts, som har en nedkylningstid efter att ha använts och är kraftfullare angrepp eller har speciella förmågor, används. Det finns också en Soul Voice-förmåga, som liknar Xenoblade Chronicles Affinity boosts, ger karaktärsbonuser som en hälsohöjning om säkerligen kraven är uppfyllda i mitt slag. Ett TP-system är också inblandat i vilket en konst kräver en mängd TP, som erhålls från auto-attacker. Om ett tecken går ut ur HP kan en allierad återuppliva dem inom 30 sekunder om tillräckligt med TP är lagrad, eller spelaren kan omedelbart starta om från en närliggande kontrollpunkt. Om spelaren inte kan återupplivas inom de 30 sekunderna, kan slaget fortfarande vinner om de andra lagmedlemmarna kan besegra fienden innan 30 sekunder är uppe. En form av multiplayer var antydd i tidigt fotografi av spelet, men E3 2014 skulle inte ha avslöjat en sådan bekräftelse på spel. Den Monolith Soft Japanese Trailer släpptes den 6 februari 2015, avslöjade ett spel med fyra spelare på nätet för några speciella uppdrag och upp till 32 spelare för online-kommunikation (in-game chat), objekthandel och informationsdelningsfunktioner. Dessa löften upprätthölls vid utgåvan av spelet Teckenutveckling Det är för närvarande okänt när utvecklingen började för spelet. Det antas emellertid att spelet började utvecklas runt 2010, efter utgivandet av Xenoblade Chronicles i Japan, och före januari 2013 när spelet först avslöts. Koh Kojima som regissör och speldesigner Tetsuya Takahashi som verkställande direktör Hitoshi Yamagami som producent Shingo Kawabata som producent Kunihiko Tanaka som tecknare Hiroyuki Sawano som ljudspårskompositör Yuichiro Takeda som plotförfattare Kazuho Hyodo som manusförfattare Kouichi Mugitani som designer Takayuki Yanase som Skelldesigner Yasushi Suzuki som fiendens mechdesigner Raita Kazama som främling NPC och primitiv livsformgivare Yoko Tsukamoto som konstverk illustratör Takashi Kojo som fiendesigner Fumihiro Katagai som mechdesigner RARE MOTOR som illustratör Hideyuki Matsumoto som vapen och New Los Angeles gadget designer Kusanagi Company som bakgrundsdesigner Shojiro Nakaoka och Sound Racer som ljudeffektsproducenter Data Packs För inköpare av den fysiska skivan kan laddningstider förbättras genom att installera ett eller flera frivilliga datapaket på Wii Us internminne eller en USB-enhet, så att spelet kan kringgå den långsammare optiska enheten. Dessa datapaket lägger inte till något nytt innehåll och ger inga fördelar för köpare av eShop-utgåvan av spelet. Datapaketet finns gratis på Wii U eShop, och kan laddas ner efter köp av spelet. Installera alla fyra förpackningarna kräver 10 GB utrymme. I rekommenderad prioritetsordning är de: Basic pack (2.0 GB) Enemy pack (2,9 GB) Spelarpaket (3,8 GB) Skellpack (1,6 GB) Spelets eShop-upplaga kräver 22,8 GB lagringsutrymme. Spelet visas med en inbyggd upplösning på 1280x720 (720p) som är begränsad till 30fps. Spelet har ingen dynamisk belysning. Istället har den statiska skuggor som helt enkelt bleknar när natten kommer. Merchandise Flera tie-in produkter har eller kommer att släppas. Dessa inkluderar: Wii U-paketet Den europeiska begränsade utgåvan packar Den nordamerikanska specialutgåvan En specialutgåva kommer också att släppas i Nordamerika, bland annat: En artbook som innehåller större illustrationer än artbooken i Japan, samt fler illustrationer. Ett digitalt ljudspår, lagrat på en USB med en speciell Lifehold-design. Ett mattat konstkort Ett reversibelt spelomslag med konst som liknar dem i artbooken och konstkortet. Spelet kommer att ha en samlarutgåva Strategihandbok gjord av Prima-spel. Det finns en Formell Skell-modell tillgänglig. Pre-Release och oanvänd ContentU. S. Department of State Efter ett år med ekonomiska reformer vill Egypten att världen ska veta att den öppnar för affärer och redo för investeringar. Landet har rallied runt en vald president som med hjälp av en teknokratisk ekonomisk skåp har visat sig vilja att göra svåra ekonomiska beslut, bland annat minska bränsle subventioner med 30 procent och devalvera det egyptiska pundet. Kommande planerade investeringsreformer omfattar införandet av mervärdesskatt, förenklat konkursförfarande, bolagsrätt, ändringar av kapitalmarknadslagen, ny försäkringslagstiftning och en ram för markförvaltning. Dessutom organiserade landet i mars 2015 Egyptens ekonomiska utvecklingskonferens (EEDC), som sammanför stats - och multinationella chefer för att visa fram Egyptens reformdagsorden, belysa 36 miljarder dollar i utländska investeringar och erbjuda tal av ministrar som bekräftade Governmentrsquos engagemang för ekonomiska reformer. Konferensen mottogs väl och gav positiv feedback från många av de deltagande investerarna, vilket ger Egypten fart när det gäller att ta itu med allvarliga ekonomiska utmaningar som inkluderar hög ungdomsarbetslöshet, ett svagt utbildningssystem, skattemässiga obalanser och långvariga utmaningar i utländsk valuta. Regeringen har gjort framsteg i färdplanen som antogs i juli 2013, ratificerar en ny konstitution i januari 2014 och håller presidentval i maj 2014. Parlamentsvalet har skjutits upp flera gånger och förväntas för närvarande hösten 2015. Egypten är fortfarande beroende av miljarder dollar i bistånd från Gulf-länderna för att ge tillfällig ekonomisk lättnad och stärka valutareserver. Egypten hedrar sina lagar, fördrag och handelsavtal. Det är parti i 112 bilaterala investeringsavtal och är medlem i Världshandelsorganisationen (WTO), den gemensamma marknaden för östra och södra Afrika (COMESA) och det större arabiska frihandelsområdet (GAFTA). I många sektorer finns det ingen rättslig skillnad mellan utländska och inhemska investerare. Särskilda krav finns för utländska investeringar i vissa sektorer, till exempel uppströms olje - och gasutveckling, där joint ventures krävs. Det har också varit senaste rättsliga utmaningar för privatiseringen av tidigare statligt ägda företag (SOE). Egypten har flera program som syftar till att attrahera utländska direktinvesteringar till särskilda ekonomiska och handelszoner. Den allmänna myndigheten för investeringar och fria zoner (GAFI) genomför Egyptrsquos politik och förfaranden för att underlätta att göra affärer, inklusive att behålla Egyptrsquos ldquoone-stop shoprdquo för investerare. Den egyptiska skattekoden beskattar personlig inkomst och företagsvinster för både utlänningar och medborgare med en maximal marginalränta på 25 procent. Finansministern förklarade nyligen att denna ränta kommer att sänkas till 22,5 procent. År 2015 rankade World Bankrsquos Ease of Doing Business Index Egypten 112 av 185 ekonomier. Betydande hinder för investeringar finns. Investors rapport kan det finnas förseningar på upp till flera månader för legitima överföringar av utländsk valuta som ska utföras, även om tillgången till utländsk valuta förbättras. Arbetsregler hindrar företag från att anställa mer än 10 procent icke-egyptier (25 procent i frizoner), och utlänningar får inte driva enmansföretag eller enkla partnerskap. Bristen på skydd av immateriella rättigheter är ett betydande hinder i vissa sektorer för att rikta investeringar i Egypten, som finns kvar på US Trade Representativeiversquos Special 301 Watch List. Ett utländskt företag som vill importera för handelsändamål måste göra det genom en helt egyptisk ägd importör. Egypten är undertecknare av internationella skiljeförfaranden, men dess domstolar erkänner inte alltid utländska domar. Tvistlösning är långsam, med tiden att avgöra ett ärende till slutförandet i genomsnitt tre till fem år. Andra investeringshinder inkluderar överdriven byråkrati, komplicerad reglering, en bristande matchning mellan arbetsförmåga och efterfrågan på arbetsmarknaden, långsamma och besvärliga tullförfaranden och icke-tariffära handelshinder. Företagare klagar på att många statliga tjänstemän är ovilliga att fatta beslut, vilket har en negativ inverkan på affärsverksamheten. 1. Öppenhet mot och begränsningar vid utländsk investeringstillsyn mot utländska direktinvesteringar Egyptens regering har förklarat att investeringar, inklusive utländska investeringar, har högsta prioritet. Presidents Sisirsquos teknokratiska kabinett av ekonomiska ministrar har stött denna politik genom en rad nyligen genomförda reformer av företagen, däribland en tredjepartskontraktsrätt som förbjuder tredjepartsintrång i statsinvesteringsavtal en konkurrenslag och ett presidentdekret som reformerar Egyptens 1997 investeringslag genom att trimning av tullar, utökande av företagsskyddssäkerhet, inrättande av ytterligare forum för konflikter mellan investerare och stat, och grunden för en sann enstans affärsregistreringsaffär. Ytterligare kommande reformer som regeringen lovat, inkluderar momsskatt, förenklat konkursförfarande, bolagsrätt, ändringar av kapitalmarknadslagen, en ny försäkringslag och en ram för markförvaltning. I mars 2015 anordnade Egypten en stor investeringskonferens, Egyptens ekonomiska utvecklingskonferens (EEDC). Konferensen lyfte fram reformer och kommande investeringar och sågs av många som en bekräftelse av Countryrsquos nya pro investeringspolitik. Andra investeringspolitiska recensioner Varken organisationen för ekonomiskt samarbete och utveckling eller Världshandelsorganisationen eller FN: s konferens om handelsutveckling har genomfört en översyn av investeringspolitiken över Egypten under de senaste tre åren. Lagar Regler för utländska direktinvesteringar År 2015 utfärdade Egypten presidentdekret 172015, som reformerade många av Egypt39s investeringsrelaterade lagar, däribland bolagsrätten, generell säljskattelagstiftning, investeringsgarantier och incitament lag och inkomstskatt lag. Dekretet raffinerade Egyptrsquos one-stop-butikssystem och uppgav att ministeriet för investmentrsquos GAFI kommer att fungera som ett samband mellan investerare och myndigheter när de ansöker om affärstillstånd. One-stop-butiken återstår att genomföras och i april 2015 uppgav investeringsministern att fullt genomförande skulle kunna ta upp till ytterligare 18 månader. Dessutom erbjöd dekretet icke-skattemässiga incitament till investerare i vissa sektorer eller regioner. Den erbjöd också nya mekanismer för investeringstvister och förbättrade företagsledningsskyddskärmning av ledande befattningshavare från åtal. Slutligen begränsar dekretet utvidgningen av frizoner och ger skåpet en ensamrätt att välja investeringsfält i frizonerna som är beroende av statersquos ekonomiska strategi. Investeringsincitamentloven från 1997 syftar till att uppmuntra inhemska och utländska investeringar i riktade ekonomiska sektorer och att främja decentralisering av industrin bort från Nilen. Lagen tillåter 100 procent utländsk äganderätt till investeringsprojekt och garanterar rätten att betala inkomster som förvärvats i Egypten och att repatriera kapital. Andra viktiga bestämmelser inkluderar: garantier mot förverkande, sekretess och nationalisering rätten att äga rätt att bibehålla utländsk valuta bankkonton frihet från administrativ bilaga rätten att repatriera kapital och vinst och likabehandling oavsett nationalitet. Lag 94 av 2005 ändrade 1997 års incitament för investeringar och gjorde att företag som ingår i den omfattas av relativt enklare införlivande. Det beviljade även bolag som bildades enligt bolagsrätten eller handelslagen vissa incitament, inklusive skydd mot nationalisering, införande av obligatorisk prissättning och upphävande eller upphävande av licenser för användning av fast egendom. Det gav också företagen rätt att äga fastigheter som krävs för sin verksamhet och rätten att importera råvaror, maskiner, reservdelar och transportmetoder utan att behöva registrera sig hos importörsregistret. Företagen lag 159 av 1981 gäller för inhemska och utländska investeringar i sektorer som inte omfattas av lagen om investeringsincitament, vare sig aktieägare, aktiebolag eller aktiebolag, representativa kontor eller filialer. Lagen tillåter automatisk företagsregistrering vid presentationen av en ansökan till GAFI, med några undantag. Det tog också bort ett tidigare rättsligt krav att minst 49 procent av aktieägarna ska vara egyptiska, tillåter 100 procent utländsk representation i styrelsen och stärker redovisningsstandarden. Anbudsloven 89 av 1998 kräver att regeringen tar hänsyn till både pris och bästa värde vid tilldelning av kontrakt och att ge en förklaring till avslag på ett bud. Lagstiftningen innehåller emellertid preferenser för egyptiska inhemska entreprenörer, vilka prioriteras om deras bud inte överstiger det lägsta utländska budet med mer än 15 procent. Capital Markets Law 95 of 1992 och dess ändringar och förordningar styr Egyptss kapitalmarknader. Utländska investerare kan köpa aktier på den egyptiska börsen på samma sätt som lokala investerare. Mäklarfirmor har kapitalkrav på LE 5 miljoner (USD 656 200), och samma dag handel på den egyptiska aktiemarknaden är tillåten. Från och med januari 2011 hade 47 mäklarfirmor licenser för samma dag eller intradagsehandel. Lag 123 av 2008 ändrade kapitalmarknadslagen för att låta lokala och utländska institutioner emittera obligationer till ett paravärde av LE 0,10 (USD 0,0131). Dekret nr 719 för 2007 av ministeriet för industri och utrikeshandel och finansministeriet ger incitament för industriella projekt i Governorates of Upper Egypt (Övre Egypten hänvisar till guvernörerna i södra Egypten). Dekretet ger incitamentet för LE 15 000 (1 968 USD) för varje jobbmöjlighet som skapas av projektet, under förutsättning att projektets investeringskostnader överstiger LE 15 miljoner (1,97 miljoner USD). Dekretet kan genomföras på både nya och pågående projekt. Sjöfartslagen 1 av 1998 tillåter privata företag, inklusive utländska investerare, att bedriva de flesta sjötransporter, inklusive lastning, leverans och reparation av fartyg. Kommersiell lag 17 av 1999 har mer än 700 artiklar som täcker allmän handel, kommersiella kontrakt, banktransaktioner, kommersiella papper och konkurs. Den centrala förvaltningsrätten 93 av 2000 minskar riskerna för handel med värdepapper, ökar likviditeten på marknaden och försöker effektivisera processen för värdepappersutbyte genom att standardisera registrerings-, clearings - och avvecklingsförfaranden. Energiminister Mining: Oljebranschen är en av de viktigaste i Egypten, och kolväteproduktionen är överlägset den största enskilda industriella verksamheten. Även om petroleum, naturgas och petrokemikalier traditionellt har varit Egyptss topp export, har akuta energifeligheter de senaste åren gjort Egypten till en nettoimportör av olja, gas och raffinerade petroleumprodukter, och råvaror har också drabbats av den petrokemiska sektorn. Den egyptiska regeringen uppmuntrar investeringar av internationella olje - och gasföretag, och nu arbetar dussintals internationella tillverkare i Egypten. Kolväteindustrin förvaltas av ministeriet för olja och naturresurser, där fyra statligt ägda företag fungerar som myndigheter. En av dessa är Egyptiska Allmänna Petroleumskoncernen (EGPC), som slutar koncessionsavtal med utländska och inhemska investerare i form av avtal om produktionsdelning (PSA). Egypten beviljar medgivanden i specificerade geografiska områden genom att en särskild lag utfärdar för varje koncession, vilket utgör den rättsliga grunden för en PSA mellan investeraren och ett statligt bolag som EGPC. Att upprätta varje koncessionsavtal med lag ger avtalen överlägsenhet i ansökan om strid mot lagstiftning eller lagstiftning. Efter att avtalet ingåtts, avhjälps eventuella avtalsförändringar genom en lämplig anpassning av sina bestämmelser eller skiljeförfarande. Dessa skyddsåtgärder har utformats av Egyptens regering (GOE) för att hjälpa till att förverkliga förtroendet med utländska investerare och förbättra investeringarna inom kolväteområdet. I vissa fall måste den egyptiska militären ge tillstånd för företag att få tillgång till och driva sina koncessionsområden. Oljedepartementet söker aktivt investeringar från utländska investerare i nya olje - och gasbudsrundor. GOE har gjort framsteg när det gäller återbetalning av utestående skulder till utländska olje - och gasbolag, som toppade över 6 miljarder dollar i mitten av 2014 men föll till 3,1 miljarder dollar i slutet av 2014. GOE har offentligt förbundit sig att återbetala utestående efterskott i mitten av 2014, 2016. Bränslet är starkt subventionerat i Egypten, och till och med efter stora nedskärningar i 2014 kommer cirka 10 procent av de offentliga utgifterna sannolikt att spenderas på bränslebidrag under budgetåret 2014-15. GOOE har sagt att den avser att eliminera bränslebidrag inom fem år, vilket innebär att priserna ska uppnå full kostnadseffektivitet senast 2019. Information amp Kommunikation: Det statligt ägda telefonbolaget Telecom Egypt, förlorade sitt juridiska monopol på lokala, långdistans - och internationella telekommunikationssektorer 2005. Samtidigt fortsätter Telecom Egypten att hålla ett de facto monopol, främst på grund av att National Telecommunications Regulatory Authority (NTRA) inte har erbjudit ytterligare licenser för att konkurrera inom dessa sektorer. NTRA har arbetat med en enhetlig licensordning som skulle göra det möjligt för ett företag att erbjuda både fasta och mobila nät, men en överenskommelse har inte slutförts. Antagande av en enhetlig licensordning skulle göra det möjligt för Telecom Egypt, som för närvarande är verksamt på fastighetsmarknaden, att komma in på mobilmarknaden och de tre befintliga mobilbolagen att komma in i den fasta marknaden. Bristen på konkurrens mellan internet service och fasta fastighetsleverantörer innebär höga priser, låga internethastigheter (2-4 Mbit i centrala Kairo) och otillförlitlig servicekvalitet av företag som Telecom Egypt. I oktober 2014 rankade Brand Finance Telecom Egypt och Egyptrsquos Mobinil bland de dyraste varumärkena inom arabisk telekommunikation. En ytterligare barriär är att endast 3G-tjänster är tillgängliga i Egypten. Kommunikations - och informationsdepartementet konstaterar att 4G och bredband kommer att införas när den enhetliga licensen meddelas. Resor: Före januari 2011 var turismen Egyptss näst största källa till utländsk valuta och en betydande anställningskälla. Under 2010 tog sektorn in USD 12,5 miljarder i intäkter och sysselsatte 2,5 miljoner egypiter - över 10 procent av arbetskraften. Politiska instabilitets - och säkerhetshänsyn sedan revolutionen 2011 har lett till en dramatisk nedgång i utländska turister, särskilt i högre än kulturturismen. Beach resorts har gått bättre, men har sänkt priser för att locka affärer. Turistbesöken har enligt 2015, enligt turistministeriet, återhämtat sig till 9,9 miljoner 2014, en ökning från 9,5 miljoner 2013. Årets turismens vinst uppnådde 2 miljarder dollar, trots att de förblir cirka 38 procent lägre än före revolutionen och turismen har sjunkit till sjätte plats som en källa till utländsk valuta i Egypten. År 2005 tog Egypten bort restriktioner för utländsk äganderätt i flera turistområden, inklusive orter på Röda havet och längs Medelhavskusten väster om Alexandria. Landäganderätten är emellertid fortfarande komplex och oklart i många fall. Krav på att bygga på mark för att upprätthålla anställning stimulerar snabb, storskalig utveckling över bevarande och mer hållbara projekt. Finans: Egyptrsquos försäkringsregulator, den egyptiska finansinspektionen (EFSA), åtar sig att reformera sin lagstiftningsram för försäkring. Från och med april 2015 övervägde EFSA-styrelsen ett förslag till förslag som utvecklades med betydande input från den privata sektorn och andra relevanta intressenter. Regeringen utfärdar inte licenser för nya försäkringsbolag. Liksom i banksektorn kan utländska företag bara komma in på den egyptiska försäkringsmarknaden genom att köpa en andel i ett befintligt försäkringsbolag. Vissa regulatoriska godkännanden krävs för utländska och lokala investeringar i försäkringsbolag (som i egyptiska banker) över 10 procent av de emitterade aktierna. Under 2006 började regeringen omstrukturera offentliga försäkringsbolag för att förbereda privatiseringen. I september 2007 fusionerades företagen och placerades under ett försäkringsholdingsbolag och fastighetsfastigheter avtogs från företagen och överfördes till en nyetablerad filial. Företagen har fortfarande inte privatiserats. Gränser för utländsk kontroll Jordbruksverksamhet: Fastighetsrätt 15 av 1963 förbjuder uttryckligen utländska personer eller företagsägande av jordbruksmark (definierat som traditionell jordbruksmark i Nilen, Delta och Oases). Finans: Försäkringslag 156 av 1998 tar bort ett tak på 49 procent för utländsk äganderätt till försäkringsbolag, möjliggör privatisering av statligt ägda försäkringsbolag, och upphäver ett förbud mot utländska medborgare som tjänar som företagsledare. Energiminister Mining: Ellagar 18 av 1998 tillåter regeringen att sälja minoritetsaktier i eldistributionsföretag till privata aktieägare, både inhemska och utländska. Ett utkast till ellagstiftning som förväntas antas 2015 kommer vidare att öppna elproduktion och distribution till den privata sektorn. Egypts privatiseringsprogram gick under ett ekonomiskt reformprogram som ägde rum från 1991 till 2008. Efter en fleraårsperiod där inga privatiseringar ägde rum fortsatte Egypten privatiseringen 2015 med ett meddelande från investeringsministeren om att fyra företag, däribland två petroleumföretag , skulle privatiseras och noteras på den egyptiska börsen. Egypts privatiseringsprogram grundar sig på offentlig företagslag nr 203 av 1991, som tillåter försäljning av statliga företag till utländska enheter. 1991 inledde Egypten ett privatiseringsprogram för försäljning av flera hundra helt eller delvis statligt ägda företag och alla offentliga aktier av minst 660 joint venture-företag (joint venture definieras som blandat stat och privat ägande, oavsett om det är utländskt eller inhemskt). Budgivningskriterier för privatiseringar är generellt tydliga och transparenta. Under 2014 tecknade presidenten en lag som begränsar överklaganderätten på statligt ingåda avtal för att minska utmaningar från tredje part för regeringens privatiseringsavtal. Lagen är avsedd att lugna och locka till investerare som berörs av juridiska utmaningar som väckts mot privatiseringsavtal och markförsäljning som går tillbaka till Mubarak-regeringen. Löpande rättsfall har lagt många av dessa nu privata företag, varav många är utländskt ägda, i laglig limbo över oro för att de kan återlämnas till statligt ägande. Egypten upprätthåller de facto kontrollen över vissa kategorier av FDI baserat på geografi och sektor. Medan det inte finns några formella geografiska begränsningar för investeringar i Egypten, förnekar regeringen generellt godkännande för investeringar i tillverkningsanläggningar i Kairo på grund av trängsel. Godkännande av säkerhetstjänsten behövs vanligtvis för investeringar i Sinaihalvön på grund av pågående säkerhetshinder. Dessutom krävs vissa myndighetsgodkännanden inom finanssektorn. Regeringen utfärdar inte nya licenser för banker eller försäkringsbolag. Utländska företag kan bara komma in på den egyptiska marknaden genom att köpa en andel i en befintlig bank eller ett försäkringsbolag. Den egyptiska konkurrensmyndigheten är den organ som säkerställer fri konkurrens på marknaden, förbjuder konkurrensbegränsande metoder och tjänar konsument - och producentintressen. Myndigheten arbetar enligt den egyptiska konkurrenslagen som antogs 2005 och omfattar tre kategorier av överträdelser: 1) karteller 2) missbruk av dominans och 3) vertikala begränsningar. År 2008 införde lagar nummer 1902008 och 1932008 ändringar i konkurrenslagstiftningen som syftar till att skydda konkurrensen, förbjuda monopolistiska metoder och säkerställa fri konkurrens och fri tillträde och utträde från marknaden baserat på ekonomisk 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.