Skip to content Skip to Search
Skip navigation

Egypt to establish company to process VAT refunds to foreigners

By Pramod Kumar
Creative Commons
Core inflation climbed to an annual 18% in September from 16.7% the prior month, shows data from the country's statistics agency.

The Egyptian Cabinet has approved the proposal of the Ministry of Finance to establish an Egyptian joint stock company to set up a value-added tax (VAT) refund system, Egypt Today reported.

Global Blue Egypt Company will be a joint venture between Global Blue Public Limited and Global Blue Holland Private Limited.

The company will implement a VAT refund system for foreign visitors leaving the country.

The move is part of the government’s digital transformation strategy.

Last month, Egypt’s economy expanded by 6.6 percent in the fiscal year that ended on June 30, as activity recovered after the coronavirus pandemic, before slowing again due to the impact of the war in Ukraine.

Planning Minister Hala Al-Saeed said in a statement that the economy surged by 7.8 percent between July and March but that growth fell back to 3.2 percent in the period from April to June.

Latest articles

The SPA report highlighted a number of metrics as being on target, including home ownership of 53.7 percent

Third of Vision 2030 projects ‘completed’ government says

One third of 1,064 planned projects have been completed so far under the Vision 2030 economic transformation plan, the Saudi government said in its annual progress report on the reform programme.   The report also said 561 initiatives were on track, according to the state-owned Saudi Press Agency, publishing its major findings. It was not […]

Tawfik Alzaidi

Saudi director’s labour of love takes the kingdom to Cannes

For the first time a Saudi film has been selected to compete in the Cannes film festival, catapulting its little-known self-taught director into the limelight. Tawfik Alzaidi was so surprised that he’d managed to break through to the big time that he kept the news that his film Norah had been accepted for the ‘Un […]

Joby Aviation's CEO JoeBen Bevirt (2nd left) at the signing of a multilateral agreement with the three Abu Dhabi government departments

Abu Dhabi signs multiple deals to launch air taxi services in 2025

A commute from Abu Dhabi to Dubai could take only 30 minutes next year, with the introduction of air taxi services significantly slashing travel time between the emirates. The electric aircraft manufacturer Joby Aviation signed agreements this week with Abu Dhabi’s Department of Municipalities and Transport, Department of Economic Development and Department of Culture and […]

Traffic on Fourth Street, Abu Dhabi. The Yahsat and Bayanat merger could help bring self-driving cars to the emirate

UAE merger creates world’s most valuable listed space company

The world’s most valuable publicly listed space company has been created after shareholders of analytics provider Bayanat and “satellite solutions” company Al Yah Satellite Communications Company (Yahsat) agreed to a merger. The deal will help to further Abu Dhabi’s ambitions to be at the centre of the drive towards autonomous vehicles. The newly created Space42 […]