Category: News Updates

The Real Estate and Commercial Affairs Sector of the New Urban Communities Authority (“NUCA”) issued a notice to the Western North Coast Development Authority regarding land ownership and development within Egypt’s Western North Coast region, pursuant to Presidential Decree №. 361 of 2020. Key provisions:1. Acts of Disposal and Transfer of...

On 29 June 2024, the General Assembly for Advisory and Legislation Divisions at the State Council (the “General Assembly”) issued a landmark opinion (the “Opinion”) exempting hotels and touristic establishments from contributing to the Ministry of Manpower Vocational Training Fund(the “Vocational Training Fund”). The recent developments indicate that hotels and...

Cairo, Egypt We are pleased to announce that Matouk Bassiouny & Hennawy (“MBH”) Arbitration Group has successfully secured a favorable ad-hoc arbitral award in an arbitration hosted by CRCICA for one of the largest master developers in the Red Sea. The case consisted of a claim of nearly USD 11...

On 23rd November 2023, a new decree no. 23-429 was issued, establishing a public register of the Ultimate Beneficial Owner(s) ("UBO"). The register of beneficial owners shall be established at the national center of the commercial register containing information on the UBO through a public database in which data and...

We would like to announce that today, 8 April 2024, the Egyptian Gazette published the National Wage Council Decree number 27 for the year 2024 increasing the minimum monthly wage of private sector employees to EGP 6,000 (six thousand Egyptian Pounds) effective as of 1st of May 2024. Establishments encountering...

We would like to announce that the amendments of the executive regulation of the Egyptian Competition Law no. 3 of the year 2005 (“ECL”), which implement the Egyptian pre-closing merger control regime (“Merger Control Regime” or “MCR”) has been officially enacted on 4th of April 2024 by virtue of the...

Dubai, UAE Key Takeaways: The Dubai International Financial Centre (DIFC) Courts provide a unique system to settle disputes efficiently and quickly through their Small Claims Tribunal (SCT), encouraging individuals and businesses to represent themselves without a lawyer. SCT handles claims under a specific threshold (AED 500,000, or AED 1 million...

We are delighted to announce the launch of our Korea desk and the joining of Ms. Jiyoung Bae as Partner and Head of Korea Desk.Jiyoung – a widely known expert in Middle Eastern legal affairs - brings more than 15 years of experience to Matouk Bassiouny. She formerly worked at...

Dubai, UAE | 09 August 2023Key Takeaways: Dubai International Financial Centre (DIFC) stands out as a unique financial and legal hub in Dubai with its own distinct set of laws and rules.It is grounded in English legal principles, offering certainty and familiarity to those from common law backgrounds.DIFC courts hear...

Cairo, Egypt | 13 July 2023In July 2023, the Central Bank of Egypt (“CBE”) released new regulations and licensing requirements for digital banks (the “New Regulations”). This pivotal development in the banking sector is set to revolutionize the landscape of digital banking services in Egypt and the wider region.We will...