Clan Party 8211 Out Now It8217s Party Time Excelente Nossa nova atualização do Clan Party chegou, juntamente com algumas das maiores melhorias de qualidade de vida em Robocraft até agora. Todas as frustrações que você já sentiu quando festejando com amigos foram abordadas e Todo o processo tornou-se muito mais suave There8217s também alguns grandes extras lá também, como algumas grandes melhorias para o sistema Premium e até mesmo o nosso próprio conjunto de cartões de negociação de vapor Então pegue seus amigos e Party On 8212821282128212821282128211 NOVO 8212821282128212821282128211 NEW PARTY SYSTEM Fancy new party widget Dá-lhe toda a informação que você precisa sobre o seu partido O widget do partido mostra-lhe quando um jogador convidado ainda está para aceitar o seu convite, aceitou-o e se juntou, e quando eles estão na fila para uma batalha eventos do partido, Agora aparecem no seu painel de bate-papo Agora você pode convidar os jogadores para uma festa, clicando com o botão direito do seu nome na sua lista de amigos ou lista de clãs O f Ourth e slots do partido quinto já não estão trancados atrás premium Todos e qualquer um pode entrar em 5 partidos de pessoa sempre que eles querem. MUDANÇAS PREMIUM As taxas de reciclagem são aumentadas em 3x enquanto você tem Prêmio A opção de 6 meses para o prêmio foi substituída pela opção Vida útil e tem um preço de 49,99 (USD) 34,99 (GBP) 44,99 (EUR). That8217s direita TV Vendas Voz Para o baixo baixo preço de 49,99 você pode ter prêmio para sempre em frente CARTAS DE COMERCIALIZAÇÃO DE VAPOR Don8217t saber o que Trading Cards Steam são Primeiro clique aqui para saber mais sobre eles Robocraft8217s Steam Trading Cards sistema irá incluir: 8 Trading Cards 6 Fundos 10 Emoticons 6 Crachás Como Robocraft é um jogo F2P, você ganhará Trading Cards gastando dinheiro no jogo (um crachá per9 de acordo com as FAQ oficiais do Steam8217s) Nota importante: Isso incluirá apenas o dinheiro gasto com a carteira de vapor. Todas as compras feitas sem a carteira Steam não irá ajudá-lo a progredir para um Trading Card. 8212821282128211 CHANGES 8212821282128211 Agora você pode clicar com o botão direito do mouse no seu próprio avatar para alterá-lo Várias optimizações gerais do partido Polido e otimizado o salvamento crate drop screen Melhor Mech Leg LoDs Muitos jogadores não sabiam que você pode editar uma descrição de clãs, Um elemento visual foi adicionado para torná-lo mais aparente Melhorias foram feitas para tornar o bate-papo mais facilmente legível Tutorial setas são agora animado Nova taxa de reciclagem para componentes épicos foi reduzido de 40 para baixo para 25 para coincidir com as taxas de reciclar Legendary e Rare e evitar Infinito Robits abuso vendendo componentes épicos em 120 taxa de reciclagem com prêmio 8212821282128212821282128211 BUG FIXES 8212821282128212821282128211 Agora você pode clicar direito em seu próprio avatar para alterá-lo Corrigido um bug que obscureceu algumas caixas de salvamento quando usando resolução 800215600 Corrigido um bug que causou o painel de bate-papo No final de uma batalha para ficar desbotada, forçando você a voltar a clicar nele para enviar mensagens Fixed Um bug que impediu os jogadores no Pit de serem removidos do placar quando eles saíram da batalha no início Corrigido um bug que em raras ocasiões causaria mech pernas para separar de si mesmos e desmoronar Corrigido um bug que fez com que o botão CRF para permanecer branco depois Comprando um robô Corrigido um bug que causou a mensagem de erro Você não tem bot se você tentou se juntar a uma batalha enquanto visualiza um robô no CRF Corrigido um bug que fez com que os jogadores se movessem através do terreno como se não tivesse colisão se eles morressem enquanto piscavam Corrigido um bug que fez com que o cursor de bate-papo piscando aparecesse dentro do nome do canal ao entrar ou sair de um canal Corrigido um bug que saiu do Clan chat canal disponível depois de deixar um clã Corrigido um bug que não conseguiu exibir o vermelho. Quando convidado para um clã, se você estava off-line no momento do convite Corrigido um bug que causou Sprinter pernas para afundar no chão quando usado com inseto pernas por qualquer motivo que você pode estar fazendo isso. Você faz Você corrigiu um bug que fez com que os robôs com ambas as versões da perna Sprinter para perder a sua capacidade de avançar-salto Mensagens recentes Blog Categories Xenoblade Chronicles X Xenoblade Chronicles X. Conhecido no Japão como XenobladeX (, Zenobureido Kurosu, literalmente Xenoblade Cross), é um jogo desenvolvido pela Monolith Soft e publicado pela Nintendo para a consola Wii U. Foi anunciado sob o título provisório de X em um Nintendo Direct em janeiro de 2013. Antes do show de E3 2014, pouco se sabia sobre o jogo que não seguiu um estilo semelhante de Xenoblade Chronicles em seu estilo de batalha e temas de exploração. Foi lançado em 29 de abril de 2015 no Japão e em 4 de dezembro de 2015 na América do Norte e Europa. Durante a E3 de 2014, uma demo da Nintendo Treehouse do jogo incluiu comentário que sugeria que era mais um sucessor espiritual de Xenoblade Chronicles. Como se mantivesse o nome e conterá o Nopon ea espécie de Telethia das crónicas de Xenoblade assim como um tipo de robô similar a Mechon. A história ainda revelada sugere poucas conexões diretas. O demo Treehouse também sugeriu que Xenoblade Chronicles X irá reter algumas das idéias filosóficas de Xenoblade Chronicles. Bem como os outros jogos Xeno (Xenogears e Xenosaga). Categorias De acordo com Nintendos E3 2014 Xenoblade Chronicles características X gameplay página incluem: Personalizar tudo sobre a aparência dos personagens principais, incluindo sexo, formas, altura, cor da pele, voz e tatuagens. Múltiplas classes de caracteres selecionáveis A habilidade de montar e controlar mechs gigantes, conhecido como Skells. Um mundo aberto maciço, que é explorável. Xenoblade Chronicles X tem muitos mecanismos de jogabilidade semelhantes ao Xenoblade Chronicles. Tais como a liberdade de explorar o mundo, a capacidade de correr praticamente em qualquer lugar que você pode ver na distância, eo retorno de um sistema de batalha Artes que envolve tanto auto-ataques e um temporizador de cooldown para cada arte. O jogo também introduz mechs gigante sob o título de Skells, um nome dado a partir da palavra exo-skelleton, que pode ser usado tanto no combate e travelexploration. Skells tem uma quantidade limitada de combustível que pode ser restaurado a um preço, ou lentamente regenerado quando o Skell não está em uso. Em vez de seguir um grupo predefinido de personagens, como em Xenoblade Chronicles. Este sucessor introduz a capacidade de personalizar seu próprio personagem e nomeá-los no início do jogo. Colecionáveis estão espalhados por todo o mundo do jogo, alguns agindo como itens de missão, e inimigos queda armadura e armas que os personagens podem equipar. O personagem pode saltar sobre obstáculos. Foi mostrado que não há dano de queda neste jogo no fluxo de Nintendo Treehouse. A batalha envolve o combate em tempo real em que armas para ataques de longo alcance podem ser trocadas por facas para atacar de perto, e isso pode ser feito imediatamente e com a freqüência necessária. O personagem atacará automaticamente quando estiver no intervalo, mas as Artes de Batalha, que têm um tempo de cooldown depois de serem usadas e são ataques mais poderosos ou têm habilidades especiais, são usadas. Há também uma habilidade Soul Voice, semelhante ao Xenoblade Chronicles Affinity aumenta, concede bônus de personagens, como um aumento de saúde, se certamente os requisitos são atendidos no meio da batalha. Um sistema TP também está envolvido em que uma arte requer uma quantidade de TP, que é obtida a partir de auto-ataques. Se um personagem ficar sem HP um aliado pode reanimá-los dentro de 30 segundos se TP suficiente é armazenado, ou o jogador pode optar por reiniciar a partir de um posto de controle próximo imediatamente. Se o jogador não for capaz de ser revivido dentro desses 30 segundos, a batalha ainda pode ser ganha se os outros membros da equipe forem capazes de derrotar o inimigo antes dos 30 segundos. Uma forma de multiplayer foi sugerida em cenas iniciais do jogo, mas E3 2014 não era para ter revelado tal confirmação de jogabilidade. O Monolith Soft Japanese Trailer, lançado em 6 de fevereiro de 2015, revelou um modo de jogo online de quatro jogadores para algumas quests especiais e até 32 jogadores para comunicação on-line (bate-papo no jogo), negociação de itens e funcionalidades de compartilhamento de informações. Essas promessas foram confirmadas no lançamento do jogo Personagens de Desenvolvimento É atualmente desconhecido quando o desenvolvimento começou para o jogo. No entanto, presume-se que o jogo começou o desenvolvimento em torno de 2010, após o lançamento de Xenoblade Chronicles no Japão, e antes de janeiro de 2013, quando o jogo foi revelado pela primeira vez. Koh Kojima como diretor e game designer Tetsuya Takahashi como diretor executivo Hitoshi Yamagami como produtor Shingo Kawabata como produtor Kunihiko Tanaka como designer de caráter Hiroyuki Sawano como compositor de trilhas sonoras Yuichiro Takeda como guionista Kazuho Hyodo como roteirista Kouichi Mugitani como designer Takayuki Yanase como Skell designer Yasushi Suzuki Como inimigo designer mech Raita Kazama como NPC alienígena e criador de vida primitiva Yoko Tsukamoto como ilustrador de arte Takashi Kojo como designer inimigo Fumihiro Katagai como designer mech RARE ENGINE como ilustrador Hideyuki Matsumoto como arma e New Los Angeles gadget designer Kusanagi Company como designer de fundo Shojiro Nakaoka e Sound Racer como produtores de efeitos sonoros Pacotes de dados Para compradores do disco físico, os tempos de carregamento podem ser melhorados através da instalação de um ou mais pacotes de dados opcionais na memória Wii Us ou na unidade USB, permitindo que o jogo ignore a unidade óptica mais lenta. Esses pacotes de dados não adicionam nenhum novo conteúdo e não oferecem qualquer benefício para os compradores da edição do jogo do eShop. Os pacotes de dados estão disponíveis gratuitamente na Wii U eShop, e podem ser baixados após a compra do jogo. Instalar os quatro pacotes requer 10 GB de espaço. Em ordem de prioridade recomendada, eles são: Pacote básico (2,0 GB) Pacote de inimigos (2,9 GB) Pacote de jogadores (3,8 GB) Skell pack (1,6 GB) A edição do eShop requer 22,8 GB de armazenamento. O jogo é exibido em uma resolução nativa de 1280x720 (720p) com limite de 30fps. O jogo não tem iluminação dinâmica. Em vez disso, tem sombras estáticas que simplesmente desaparecem quando a noite chega. Mercadoria Vários produtos tie-in foi ou será lançado. Uma edição especial será também lançada na América do Norte, incluindo: Um artbook contendo ilustrações maiores do que o artbook no Japão, bem como mais ilustrações. Uma trilha sonora digital, armazenada em um USB com um design Lifehold especial. Um cartão de arte emaranhado Uma capa de jogo reversível com arte semelhante àqueles no artbook e cartão de arte O jogo terá uma edição de colecionadores Guia de Estratégia feita por jogos Prima. Existe um modelo de Fórmula Skell disponível. Pré-lançamento e conteúdo não utilizadoU. S. Departamento de Estado Após um ano de reformas econômicas, o Egito quer que o mundo saiba que está aberto para os negócios e pronto para o investimento. O país reuniu-se em torno de um presidente eleito que, com a ajuda de um gabinete econômico tecnocrático, demonstrou disposição para tomar decisões econômicas difíceis, incluindo cortar os subsídios de combustível em 30% e desvalorizar a libra egípcia. Entre as reformas planeadas para o investimento incluem-se a introdução de um imposto sobre o IVA, um processo de falência simplificado, uma lei das sociedades, uma alteração da lei dos mercados de capitais, uma nova lei de seguros e um quadro de gestão do território. Além disso, em março de 2015, o país organizou a Conferência de Desenvolvimento Econômico do Egito (EEDC), reunindo chefes de estado e executivos multinacionais para mostrar a agenda de reforma da Egyptrsquos, destacando US $ 36 bilhões em investimentos estrangeiros e discursos de ministros que afirmaram a Compromisso do governo com a reforma econômica. A conferência foi bem recebida e gerou feedback positivo de muitos dos investidores presentes, dando o ímpeto do Egito como ele trabalha para enfrentar sérios desafios econômicos que incluem alto desemprego juvenil, um sistema educacional fraco, desequilíbrios fiscais e persistentes preocupações cambiais. O governo fez progressos no roteiro adotado em julho de 2013, ratificando uma nova constituição em janeiro de 2014 e realizando eleições presidenciais em maio de 2014. As eleições parlamentares foram adiadas repetidamente e atualmente estão previstas para o outono de 2015. O Egito continua dependente de bilhões de dólares em Assistência dos países do Golfo para proporcionar alívio econômico temporário e reforçar as reservas externas. O Egito honra suas leis, tratados e acordos comerciais. Participa em 112 tratados bilaterais de investimento e é membro da Organização Mundial do Comércio (OMC), do Mercado Comum da África Oriental e Austral (COMESA) e da Grande Área árabe de Livre Comércio (GAFTA). Em muitos setores, não há diferença legal entre investidores estrangeiros e nacionais. Existem requisitos especiais para investimentos estrangeiros em setores específicos, como o desenvolvimento de petróleo e gás a montante, onde são necessárias joint ventures. Houve também recentes desafios legais à privatização de antigas empresas estatais (SOEs). O Egito tem vários programas destinados a atrair o investimento estrangeiro direto para zonas econômicas e comerciais especiais. A Autoridade Geral para o Investimento e as Zonas Francas (GAFI) implementa as políticas e procedimentos da Egyptrsquos para facilitar o negócio, incluindo a manutenção da dívida para os investidores da Egyptrsquos ldquoone-stop shoprdquo. O código tributário egípcio tributa a renda pessoal e os lucros das empresas, tanto para estrangeiros como para nacionais, a uma taxa marginal máxima de 25%. O ministro das Finanças declarou recentemente que esta taxa será reduzida para 22,5 por cento. Em 2015, o World Bankrsquos Facilidade de Doing Business Index classificado Egito 112 de 185 economias. Existem impedimentos significativos ao investimento. Investidores relatório pode haver atrasos de até vários meses para transferências legítimas de divisas a ser executado, embora a disponibilidade de divisas está melhorando. As regras trabalhistas impedem as empresas de contratar mais de 10% de não-egípcios (25% nas Zonas Francas), e os estrangeiros não têm permissão para operar empresas individuais ou parcerias simples. A falta de proteção dos direitos de propriedade intelectual (DPI) é um obstáculo significativo em certos setores ao investimento direto no Egito, que permanece na Lista de Vigilância Especial 301 dos Estados Unidos. Uma empresa estrangeira que pretenda importar para fins comerciais deve fazê-lo através de um importador de propriedade total egípcia. O Egito é signatário de acordos internacionais de arbitragem, mas seus tribunais nem sempre reconhecem os julgamentos estrangeiros. A resolução de disputas é lenta, com tempo para julgar um caso até a conclusão com média de três a cinco anos. Outros obstáculos ao investimento incluem burocracia excessiva, complexidade regulatória, incompatibilidade entre competências profissionais e procura do mercado de trabalho, procedimentos aduaneiros lentos e pesados e barreiras comerciais não tarifárias. Os empresários reclamam que muitos funcionários do governo estão relutantes em tomar decisões, o que tem um impacto negativo na atividade empresarial. 1. Abertura e restrições à atitude de investimento estrangeiro em relação ao investimento directo estrangeiro O Governo do Egipto declarou que o investimento, incluindo o investimento estrangeiro, constitui uma prioridade absoluta. O presidente Sisirsquos, gabinete tecnocrático de ministros econômicos, apoiou esta política através de uma série de recentes reformas pró-negócios, incluindo uma lei de apelação de contrato de terceiros que proíbe a interferência de terceiros em contratos de investidores estatais. Cortar os direitos aduaneiros, expandir a proteção corporativa do véu, estabelecer fóruns adicionais para disputas entre investidores e estado e estabelecer as bases para uma verdadeira loja de registro de negócios. Outras reformas prometidas pelo governo incluem um imposto sobre o IVA, procedimentos de falência simplificados, uma lei de sociedades, alterações à lei dos mercados de capitais, uma nova lei de seguros e uma estrutura de gestão de terras. Em março de 2015, o Egito organizou uma importante conferência de investimento, a Conferência de Desenvolvimento Econômico do Egito (EEDC). A conferência destacou as reformas e os próximos investimentos e foi vista por muitos como uma afirmação da nova política pró-investimento do país. Nem a Organização de Cooperação e Desenvolvimento Econômico nem a Organização Mundial do Comércio nem a Conferência das Nações Unidas sobre o Desenvolvimento do Comércio fizeram uma revisão da política de investimentos do Egito nos últimos três anos. Leis Regulamentos do Investimento Estrangeiro Direto Em 2015, o Egito emitiu o Decreto Presidencial 172015, reformando muitas das leis relacionadas ao investimento do Egito, incluindo a lei de sociedades, a lei geral de imposto de vendas, as garantias de investimento e a lei de incentivos ea lei do imposto de renda. O decreto refinado Egyptrsquos one-stop shop sistema, afirmando que o Ministério da Investmentrsquos GAFI servirá como ligação entre os investidores e agências governamentais ao solicitar licenças de negócios. O balcão único continua a ser implementado e, em Abril de 2015, o Ministro do Investimento afirmou que a implementação integral pode demorar até 18 meses. Além disso, o decreto oferece incentivos não tributários aos investidores em determinados setores ou regiões. Ele também ofereceu novos mecanismos para a solução de controvérsias de investimento e melhorou a proteção corporativa do véu, protegendo executivos seniores da acusação. Finalmente, o decreto limita a expansão das zonas francas e confere ao gabinete o direito exclusivo de escolher os campos de investimento nas zonas francas dependentes da estratégia econômica dos estatutos. A Lei de Incentivos ao Investimento de 1997 foi concebida para incentivar o investimento nacional e estrangeiro em sectores económicos específicos e para promover a descentralização da indústria fora do Vale do Nilo. A lei permite 100 por cento de propriedade estrangeira de projetos de investimento e garante o direito de remeter os rendimentos auferidos no Egito e repatriar capital. Outras disposições-chave incluem: garantias contra confisco, sequestro e nacionalização o direito de ter terra o direito de manter as contas bancárias em moeda estrangeira livre de apego administrativo o direito de repatriar capital e lucros e igualdade de tratamento independentemente da nacionalidade. A Lei 94 de 2005 alterou a Lei de Incentivos ao Investimento de 1997 e sujeitou as sociedades nela incorporadas a uma incorporação relativamente mais simples. Também concedeu incentivos a empresas estabelecidas pela Lei das Sociedades Comerciais ou pelo Direito Comercial, inclusive proteção contra nacionalização, imposição de preços obrigatórios e cancelamento ou suspensão de licenças de uso de imóveis. Além disso, concedeu às empresas o direito de possuir bens imobiliários necessários para suas atividades e o direito de importar matérias-primas, máquinas, peças sobressalentes e métodos de transporte sem ser obrigado a se registrar no Registro de Importadores. A Lei 159 de 1981 aplica-se a investimentos nacionais e estrangeiros em setores não abrangidos pela Lei de Incentivos ao Investimento, seja acionista, ações ordinárias ou sociedades de responsabilidade limitada, escritórios de representação ou filiais. A lei permite o registro automático da empresa mediante a apresentação de um pedido ao GAFI, com algumas exceções. Também removeu uma exigência legal anterior de que pelo menos 49% dos acionistas fossem egípcios, permitiria 100% de representação estrangeira no conselho de administração e reforçasse os padrões contábeis. Ofertas A Lei 89 de 1998 exige que o governo considere tanto o preço quanto o melhor valor na adjudicação de contratos e emitir uma explicação para a recusa de uma oferta. No entanto, a lei contém preferências para os contratantes domésticos egípcios, que são prioridade se suas ofertas não exceder a menor oferta estrangeira em mais de 15 por cento. Mercados de Capitais A Lei 95 de 1992 e suas emendas e regulamentos governam os mercados de capital da Egyptrsquos. Os investidores estrangeiros podem comprar ações na Bolsa Egípcia na mesma base que os investidores locais. As corretoras têm requisitos de capital de LE 5 milhões (USD 656.200), e negociação no mesmo dia no mercado de ações egípcio é permitida. A partir de janeiro de 2011, 47 corretoras tinham licenças para negociação no mesmo dia ou intra-dia. A Lei 123 de 2008 alterou a Lei de Mercado de Capitais para permitir que instituições locais e estrangeiras emitissem obrigações com valor nominal de LE 0,10 (USD 0,0131). O Decreto nº 719 de 2007 do Ministério da Indústria e Comércio Exterior e do Ministério da Fazenda prevê incentivos para projetos industriais nas províncias do Alto Egito (o Alto Egito se refere às governoratas no sul do Egito). O decreto prevê um incentivo de 15.000 LE (1.968 USD) para cada oportunidade de emprego criada pelo projecto, desde que os custos de investimento do projecto excedam 15 milhões de LE (USD 1,97 milhões). O decreto pode ser implementado em projetos novos e em curso. A Lei Marítima 1 de 1998 permite que empresas privadas, incluindo investidores estrangeiros, realizem a maior parte das actividades de transporte marítimo, incluindo o carregamento, o fornecimento e a reparação de navios. O Direito Comercial 17 de 1999 tem mais de 700 artigos que abrangem comércio geral, contratos comerciais, transações bancárias, papel comercial e falência. A Lei Central de Depósito 93 de 2000 reduz os riscos associados à negociação de valores mobiliários, aumenta a liquidez do mercado e procura simplificar o processo de troca de títulos, padronizando os procedimentos de registro, desembaraço e liquidação. Mineração de energia: A indústria de petróleo é uma das mais significativas no Egito, ea produção de hidrocarbonetos é de longe a maior atividade industrial. Embora o petróleo, o gás natural e a petroquímica tenham sido tradicionalmente as principais exportações da Egyptrsquos, a escassez aguda de energia nos últimos anos transformou o Egito em um importador líquido de petróleo, gás e produtos refinados de petróleo, e a escassez de matéria-prima também atingiu o setor petroquímico. O governo egípcio incentiva o investimento por companhias internacionais de petróleo e gás, e atualmente dezenas de produtores internacionais estão operando no Egito. A indústria de hidrocarbonetos é gerida pelo Ministério do Petróleo e Recursos Naturais, sob o qual quatro empresas estatais funcionam como agências governamentais. Uma delas é a Egyptian Petroleum Corporation (EGPC), que conclui acordos de concessão com investidores estrangeiros e nacionais sob a forma de acordos de compartilhamento de produção (PSAs). O Egipto concede concessões em determinadas áreas geográficas através da promulgação de uma lei especial para cada concessão, que constitui a base jurídica para um PSA entre o investidor e uma empresa estatal como a EGPC. Fundar cada contrato de concessão em lei dá a supremacia de acordos em aplicação sobre legislação ou regulação contrária. Após a celebração do contrato, todas as alterações contratuais são corrigidas através da adaptação amigável das suas disposições ou da arbitragem. Estas salvaguardas foram especificamente concebidas pelo Governo do Egipto (GOE) para ajudar a criar confiança com os investidores estrangeiros e melhorar o investimento no sector dos hidrocarbonetos. Em alguns casos, o exército egípcio precisa conceder permissão para que as empresas acessem e operem em suas áreas de concessão. O Ministério do Petróleo está buscando ativamente investimento de investidores estrangeiros em novas rodadas de licitação de petróleo e gás. O GOE tem feito progressos no pagamento de dívidas a empresas estrangeiras de petróleo e gás, que atingiram um pico de mais de USD 6 bilhões em meados de 2014, mas caiu para US $ 3,1 bilhões até o final de 2014. O GOE comprometeu-se publicamente, 2016. O combustível é subsidiado pesadamente em Egipto, e mesmo após cortes principais do subsídio em 2014, aproximadamente 10 por cento dos gastos do governo serão gastados provavelmente em subsídios do combustível no 2014-15 ano fiscal. O GOE disse que pretende eliminar subsídios de combustível dentro de cinco anos, trazendo os preços para os níveis de recuperação de custos totais até 2019. Informação e Comunicação: A companhia estatal de telecomunicações, a Telecom Egypt, perdeu seu monopólio legal no local, longa distância e No entanto, a Telecom Egypt continua a deter um monopólio de facto, principalmente porque a Autoridade Nacional de Regulamentação das Telecomunicações (NTRA) não ofereceu licenças adicionais para concorrer nestes sectores. A NTRA vem trabalhando em um regime de licenças unificado que permitiria a uma empresa oferecer redes fixas e móveis, mas um acordo não foi finalizado. A adoção de um regime unificado de licenças permitiria à Telecom Egypt, que atualmente opera no mercado de telefonia fixa, entrar no mercado móvel e as três empresas móveis existentes para entrar no mercado fixo. A falta de concorrência entre os prestadores de serviços de Internet e fixa fixa traduz-se em preços elevados, baixas velocidades na Internet (2-4 Mbits no centro do Cairo) e qualidade de serviço não confiável por empresas como a Telecom Egito. Em outubro de 2014, a Brand Finance classificou a Telecom Egypt e a Egyptrsquos Mobinil entre as marcas mais caras nas telecomunicações árabes. Uma barreira adicional é que apenas os serviços 3G estão disponíveis no Egito. O Ministério das Comunicações e Tecnologia da Informação observa que 4G e banda larga serão instituídos uma vez que a licença unificada seja anunciada. Viagens: Antes de janeiro de 2011, o turismo era a segunda maior fonte de divisas da Egyptrsquos e uma importante fonte de emprego. Em 2010, o setor trouxe US $ 12,5 bilhões em receita e empregou 2,5 milhões de egípcios - mais de 10% da força de trabalho. Inestabilidade política e preocupações de segurança desde a revolução de 2011 levaram a uma queda dramática nos turistas estrangeiros, particularmente no turismo cultural de alto nível. Resorts de praia têm saído melhor, mas cortaram os preços para atrair negócios. A partir de 2015, de acordo com o Ministério do Turismo, as visitas de turistas recuperaram para 9,9 milhões em 2014, ante 9,5 milhões em 2013. As receitas do turismo de fim de ano atingiram US $ 2 bilhões, embora permaneçam em torno de 38% E o turismo caiu para o sexto lugar como fonte de moeda estrangeira no Egito. Em 2005, o Egito removeu as restrições à propriedade estrangeira em várias áreas turísticas, incluindo resorts no Mar Vermelho e ao longo da costa mediterrânica a oeste de Alexandria. No entanto, as políticas de propriedade da terra permanecem complexas e pouco claras em muitos casos. Requisitos para construir em terra para manter a posse encorajar o desenvolvimento rápido e em larga escala sobre a conservação e projetos mais sustentáveis. Financiamento: O regulador de seguros egípcio, a Autoridade de Supervisão Financeira Egípcia (EFSA), está a empreender a reforma do seu quadro legislativo para os seguros. Até Abril de 2015, o Conselho da EFSA estava a analisar um projecto de proposta que foi desenvolvido com o contributo significativo do sector privado e de outras partes interessadas relevantes. O governo não emite licenças para novas companhias de seguros. Como no setor bancário, as empresas estrangeiras só podem entrar no mercado de seguros egípcio através da compra de uma participação em uma companhia de seguros existente. Certas aprovações regulatórias são necessárias para investimentos estrangeiros e locais em companhias de seguros (como em bancos egípcios) superiores a 10% das ações emitidas. Em 2006, o governo começou a reestruturar as companhias de seguros públicas em preparação para a privatização. Em setembro de 2007, as empresas foram incorporadas e colocadas sob uma holding de seguros, e os ativos imobiliários foram retirados das empresas e transferidos para uma nova filial. As empresas ainda não foram privatizadas. Limites do Controle Estrangeiro Agronegócio: A Lei Orgânica do LandReal 15 de 1963 proíbe explicitamente a propriedade de terras agrícolas (definidas como terras agrícolas tradicionais no Vale do Nilo, Delta e Oásis). Finanças: Lei de Seguros 156 de 1998 elimina um teto de 49 por cento sobre a propriedade estrangeira de companhias de seguros, permite a privatização de companhias de seguros estatais e abole a proibição de estrangeiros que atuam como funcionários corporativos. Energy amp Mineração: Eletricidade A Lei 18 de 1998 permite que o governo venda ações minoritárias de empresas de distribuição de energia elétrica a acionistas particulares, nacionais e estrangeiros. Um projeto de lei de eletricidade que deverá ser promulgada em 2015 abrirá ainda mais a geração e distribuição de eletricidade para o setor privado. O programa de privatização do Egito ocorreu no âmbito de um programa de reforma econômica que aconteceu de 1991 a 2008. Após um período de vários anos sem privatizações, o Egito retomou a privatização em 2015 com o anúncio do ministro do Investimento de que quatro empresas, , Seria privatizado e cotado na Bolsa Egípcia. O programa de privatização do Egito é baseado na Lei das Empresas Públicas 203 de 1991, que permite a venda de empresas estatais a entidades estrangeiras. Em 1991, o Egito iniciou um programa de privatização para a venda de várias centenas de empresas, total ou parcialmente estatais, e todas as ações públicas de pelo menos 660 empresas conjuntas (joint venture é definida como estado misto e propriedade privada, estrangeira ou doméstica). Os critérios de licitação para as privatizações são geralmente claros e transparentes. Em 2014 o presidente assinou uma lei que limita os direitos de apelação em contratos concluídos pelo estado para reduzir os desafios de terceiros para acordos de privatização do governo. A lei destina-se a tranquilizar e atrair investidores envolvidos com os desafios legais movidos contra negócios de privatização e venda de terras que remontam ao governo de Mubarak. Processos judiciais em andamento têm colocado muitas dessas empresas agora privadas, muitas das quais de propriedade estrangeira, em limbo legal sobre as preocupações de que elas podem ser devolvidas à propriedade estatal. O Egipto mantém a supervisão de facto de certas categorias de IDE com base na geografia e no sector. Embora não haja restrições geográficas formais sobre os investimentos no Egito, o governo geralmente nega a aprovação para o investimento em instalações industriais no Cairo devido ao congestionamento. A aprovação pelos serviços de segurança também é normalmente necessária para os investimentos na Península do Sinai devido a preocupações de segurança em curso. Além disso, são necessárias certas aprovações regulamentares no sector financeiro. O governo não emite novas licenças para bancos ou companhias de seguros. As empresas estrangeiras só podem entrar no mercado egípcio através da compra de uma participação em um banco existente ou companhia de seguros. A Autoridade da Concorrência egípcia é o organismo que garante a livre concorrência no mercado, proíbe as práticas anticoncorrenciais e serve os interesses dos consumidores e produtores. A Autoridade opera ao abrigo da Lei da Concorrência egípcia, que foi promulgada em 2005 e abrange três categorias de violações: 1) cartéis 2) abuso de posição dominante e 3) restrições verticais. Em 2008, as leis 1902008 e 1932008 introduziram alterações à Lei da Concorrência com o objectivo de proteger a concorrência, proibir as práticas monopolísticas e garantir a livre concorrência ea livre entrada e saída do mercado com base na eficiência económica. 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.
No comments:
Post a Comment