The First Assistant Minister to Supply and Internal Trade, Ibrahim Ashmawy, downplayed the impact of Russia’s withdrawal from a major grain agreement– that allowed Ukraine to export grain across the Black Sea – will have on Egypt’s local market. “In general, it is too early to judge this matter, because any disturbances that occur in the supply chains in a negative way will have an impact on prices, and there has been an increase already in wheat prices on global stock exchanges by 2.7 percent,” Ashmawy said. During a telephone interview with Lamis al-Hadidi on Egypt’s “Last Word” (Kalema Akhera) television show, Ashmawy noted that many countries concluded agreements to import wheat away from Russia and Ukraine in anticipation of Russia’s exit from the grain freeze agreement. Since the coronavirus pandemic, Egypt has absorbed the global changes that led to disruption of supply chains and even the Russia-Ukraine war, he noted, and has worked to increase the strategic stock of goods and increase absorptive capacities. “Egypt currently has safe reserves of a number of strategic commodities, on top of which is wheat, and we have reserves that cover a period of six months,” Ashmawy said.

Flash, a cashless payments app in Egypt, has successfully raised $6 million in a funding round led by Addition, with participation from Flourish Ventures and several strategic angel investors. The funding will be utilized to further develop the company’s products and attract new companies and customers in Egypt. This milestone further solidifies Flash’s commitment to fostering a cashless payments business environment, introducing new products, and diversifying their digital payment portfolio. By simplifying transactions for both consumers and businesses through a secure and user-friendly application, Flash is reshaping the payments landscape in Egypt. With the funding received, Flash aims to further enhance their products and expand their reach in order to drive growth and advance the digital economy in Egypt.

Flash, a cashless payments app in Egypt, has secured a $6 million funding round led by Addition, with participation from Flourish Ventures and a host of other strategic angel investors. Flash also obtained approval from the Central Bank of Egypt to act as a payment technology service provider in partnership with Banque Misr. Businesses can accept payments from consumers directly without the need for point-of-sale (POS) systems or the need for technical integration. Andrew Miskiewicz of Addition said Flash is changing the payments landscape in Egypt, simplifying transactions for consumers and businesses through a secure and easy-to-use application. This approval reinforces our commitment to developing the cashless payments business environment, introducing new products, and diversifying our digital payment portfolio.

CAIRO - 17 July 2023: Egypt has captured around 50 percent of the world's jasmine production, according to a report released on Monday by the Information and Decision Support Center of the Cabinet (IDSC). The global production of jasmine is approximately 14 tons, with Egypt producing about 7 tons. The report revealed that 75 percent of jasmine production comes from a single village. Jasmine flowers are used in the production of many perfumes, including well-known brands. "Shibra Belula Al-Sakhawia" is the most densely populated village in jasmine production in Egypt, and its residents mainly rely on it for their livelihoods.

CAIRO - 17 July 2023: The Egyptian Meteorological Authority (EMA) expects that temperature degrees will continue to rise on Monday, as the country is hit by an extreme heat wave. Citizens are advised to hydrate and remain cool as the country is witnessing increase in temperature degrees this week. As the Meteorological Authority expects, Monday will witness wind activity in some limited areas, with continued high levels of humidity, and mist in the morning on some roads leading to and from Greater Cairo, Lower Egypt, the northern coasts, the Canal cities, and central Sinai. As for the temperatures on Monday:Cairo will record highs of 38 degrees (felt 40 degrees) and lows of 26 degreesAlexandria will record highs of 33 and lows of 25 degreesMatrouh will record highs of 32 degrees and lows of 22 degreesSohag will record highs of 42 degrees and lows of 27 degreesQena will record highs of 44 degrees and lows of 28 degreesAswan will record highs of 44 degrees and lows of 30 degrees

CAIRO - 17July 2023: This week, Egypt will be hosting Egypt Mining Forum 2023, with the goal of establishing a sustainable and low-carbon future. The forum, organized by the Ministry of Petroleum and Mineral Resources, highlights 120 years of geological discoveries in the country. 2- The forum sheds the light on the roadmap for the future of mining in Egypt, investment and partnerships as a key factor for unlocking the potential of the mining sector. 5- It also sheds light on global developments in this industry, opportunities, challenges and efforts to reduce emissions and green transformation in the mining sector. 7- The Egypt Mining Forum also includes an exhibition hosting 50 exhibitors and 34 sponsors representing various sectors of the mining supply chain.

Egypt’s annual urban inflation increased to 35.7% in June 2023 from 32.7% in May 2023. Following its pick up in May 2023, annual core inflation increased to 41% in June 2023 from 40.3% during the previous month. On a monthly basis, core inflation recorded 1.7% in June 2023, compared to 1.2% in June 2022. Non-Food inflation increased due to a market increase in tobacco prices, in addition to higher retail items and services prices. Core food items, services, and retail items contributed by 0.97, 0.36, and 0.37% to monthly core inflation, respectively.

The Russian supervisory authority has tightened health measures on flights from Egypt following the emergence of a mysterious disease, the Tass news agency reported. Health control and quarantine measures on flights from Egypt have been strengthened due to the spread of an unknown disease in Upper Egypt, a statement from the Russian supervisory authority said. During his show on the “al-Hekaya” (The Story) show on MBC Masr, Adib said that the Ministry of Health and Population moved and took urgent measures into the matter. The Egyptian Ministry of Health issued a statement on Sunday, after 250 people from the village of al-Aleqat, Qena Governorate, came down with symptoms from a mysterious disease of unknown cause. The Egyptian Health Ministry in its statement explained that the symptoms that patients suffer from do not form a unified pattern, range from mild to moderate, and do not require hospitalization.

Ministry of Labor said Sunday that Thursday, July 20, will be an official holiday for the private sector, marking the occasion of the first day of the Hijri New Year. Also, Sunday, July 23, will be an official holiday on the occasion of the July 23 Revolution anniversary. The decision was issued in light of the Prime Minister’s decision, as part of the Ministry’s keenness to unify official holidays for all employees in the various sectors whenever possible, the statement read.

CAIRO – 17 July 2023: The Atomic Energy Authority began Sunday for the first time the summer internship programme targeted at public and private university students and that will last for three months with the aim of reaching 1,900 interns over the years. The authority's deputy chair, Ahmed Kamel, stated that the students had been divided into four groups according to specialization. He noted that the programme consists of both theoretical and practical parts. The first batch comprises 450 students from the universities of Ain Shams, Cairo, Helwan, Benha, Azhar, Beni Suef, Mansoura, South Valley, and Suez Canal. They were distributed as such: 160 at Anshass Nuclear Research Center; 100 at Anshass Hot Labs; 50 at Anshass Cyclotron Project; 15 at Anshass Second Research Reactor; 85 at the National Center for Radiology Research and Technology; and, 40 at the Nuclear and Radiation Safety Research Center.

Tunisian President Kais Saied has once again emphasized his determination to address the escalating problem of illegal migration in the country. The President’s remark underlines the government’s determination to tackle the issue of illegal migration effectively, while also preserving the nation’s integrity and security. The significant increase in illegal migration not only poses humanitarian challenges but also imposes a burden on Tunisia’s socio-economic fabric. Tackling the illegal migration crisis not only benefits the affected nations but also ensures the safety and security of migrants themselves. In summary, President Kais Saied‘s renewed commitment to combating illegal migration reflects Tunisia’s determination to address this issue proactively.

A recent report issued by Gold Bullion has revealed the reasons for the decrease in Egypt’s exports of jewelry and precious stones during the first five months of 2023 by 45%, to record $425m, compared to $766m during the same period of 2022. The main reason behind this decline is due to weak global demand for gold during the first half of the year due to depreciation of gold prices and investors directed to government bond markets, which were characterised during the last period by high returns on them. The Gold Bullion report stated that Egyptian exports of jewelry and precious stones are still focused on some traditional markets without opening new markets for exports, as Canada ranks first with about $309m, compared to about $320m during the same period of 2022. The report highlighted that high demand for bullion and gold pounds at this record level caused decline in domestic supply of gold due to the strength of demand, and therefore gold companies worked to fulfill domestic purchase orders instead of paying attention to export, which at the same time suffered from weak external demand. In addition, the continuation of global central banks in buying gold and increasing its reserves of the gold, which in turn will increase global demand for gold and thus will cause an increase in its prices and an increase in demand for it, and then an increase in exports.

Singapore’s ‘Dhaka2060’ team, which joined remotely came in first place, while the Kuwaiti team ‘K Tide’ came in second place. The Imagine the Future competition, which launched globally in 2016 and in Egypt in 2018, is part of Shell’s social investment activities, and aims to involve university students in exploring future scenarios incorporating economic, environmental, legal, political, social and technological driving forces. Back in May, Egypt’s ‘Earthwish’ team came in first place at the Local Finals for which 623 applicants from 39 universities signed up. Khaled Kacem, Vice President and Country Chair of Shell Egypt, said: “Shell Egypt’s social investment programmes are core to our capacity building activities within the country. ‘Imagine the Future’ is one of Shell Egypt’s wide-ranging social investment initiatives, spanning the Shell Intilaaqah Egypt Programme, Shell Eco-Marathon, and Shell Nxplorers, as well as supporting Al-Amal Programme.

CAIRO – 16 July 2023: A report by the Ministry of Transport released Sunday highlighted that Bashtil Train Station to be inaugurated in a few weeks had a daily capacity of 250,000 passengers. The station consists of a built-up area of 112,000 square meters, and train tracks extending on 166,000 square meters. The project also comprises shopping malls that span over 42,000 square meters, and provides 3,500 direct and indirect job opportunities. The chairman of the Egyptian Railway Authority (ERA) told press in 2020 that Bashtil Train Station was planned to serve citizens moving to and from Upper Egyptian governorates. He added that the goal of its establishing was alleviating the load on Ramses Train Station.

Egypt Kuwait Holding Company (EKH) said it opened and developed factories in Egypt at an investment cost of EGP 1.4bn ($46m), through its wholly owned unit Sprea Misr. The company, listed on the Kuwaiti and Egyptian stock exchanges, said Saturday that Sprea Misr opened a factory for sulfuric acid production and increased the production capacity of some existing factories and lines. Sherif El-Zayat, EKH CEO, said the new sulfuric acid plant operates at a capacity of 165,000 tons a year and 80% of the output will go to Alexandria Fertilizer Plant, which Egyptian Kuwaiti Holding owns 69% of. El-Zayat said that Sprea Misr opened six new production lines, including one that makes three million Formica boards a year for export, and boosted the capacity of some existing factories. Egypt Kuwait Holding was established on July 20, 1997, and listed on the Egyptian Exchange (EGX) in January 1999 and on the Kuwait exchange in December 2001.