The Sovereign Fund of Egypt (TSFE) has started receiving bids from competitors to acquire Wataniya Petroleum which is owned by the National Service Projects organization (NSPO), sources told Daily News Egypt. The fund showed strong flexibility in the process of issuing shares, as it replied that there is no maximum limit for selling shares in the company. The sources pointed out that there was a promotional tour of the assets carried out by the Sovereign Fund of Egypt with a number of financial and legal advisors during the past week to promote the Egyptian assets. Egypt announced its intention to offer 32 government companies within the government offering program. Wataniya, which was established in 1993, owns about 255 service stations and fuel for cars, and has 20 stations under construction, and 25 stations in the planning stage, according to the website of the National Service Projects Agency.

Through this partnership, customers can leverage valU's flexible and affordable payment plans for Partment's property management and maintenance services. Partment and valU aim to provide customers with an unrivaled investing experience by unlocking access to premier vacation homes without the hassle of property management and maintenance. Customers can finance Partment's services through valU's convenient and flexible tenors that range from 6 to 60 months and receive approvals within 15 minutes. ValU and Partment have come together to provide the public with inclusive financing solutions that enable them to serve on their investments in real estate and benefit from potential returns on their investment. Partment aims to continue breaking traditional barriers to allow more people to enjoy vacation homes in prime locations at a fraction of the price.

The Oman Investment Authority, the sovereign arm of the Sultanate of Oman, considers investing in Egypt following the visit of a high-ranking delegation from the Sultanate to Egypt headed by Sultan Haitham bin Tariq, on his first visit to Egypt since assuming power. The value of trade exchange between Egypt and the Sultanate of Oman increased to record $1.1bn in 2022, compared to $650.8m in 2021, an increase of 64.6%, according to statistics. The sources confirmed that the agency plans to inject $5bn investments in Egypt over the next three years, including $1bn that will be pumped this year into wind energy projects. The investments come in two categories: public market investments, including global stocks, fixed income bonds, and short-term assets, and the second category is private market investments. On Sunday, Egypt’s President Abdel Fattah Al-Sisi received the Sultan of Oman Haitham bin Tarik in a two-day official visit to Egypt.

The Housing and Development Bank (HDB) is offering triple savings certificates with a fixed return for three years, the bank announced. The certificates offer a 20% annual return and an 18.5% monthly return, making them some of the highest-return certificates in the banking sector. This has strengthened the bank’s competitive position, increased its market share, and attracted new customers, while promoting a culture of financial inclusion. As a culmination of the bank’s continuous efforts during the last period, the bank topped the list of banks listed on the Egyptian Exchange. Housing and Development Bank recorded the fastest-growing bank in customer deposits with a growth rate of 42.3%, the fastest-growing in assets with a growth rate of 35.9%, and the fastest-growing in corporate loans with a growth rate of 56%, and the fastest-growing in individual deposits, with a growth rate of 21.4%.

The Financial Regulatory Authority (FRA) has allowed brokerage and asset management companies to open customer accounts online. According to the statement addressed to brokerage firms and asset management companies, the decision is an activation of the digital transformation steps that the Egyptian state is currently following. Mohamed Maher, head of the Egyptian Capital Market Association (ECMA), said that the entity has the technological infrastructure required for the online process. Mohamed Lotfy, managing director of Ostoul Securities Brokerage, said that the FRA is working to facilitate the procedures for contracting with clients to increase the volume of trading. Mohamed Hassan, Managing Director of BLOM Asset Management, said that technological transformation is necessary to keep pace with the global economy, and that technological transformation will help increase trading volumes, but with slow growth at the beginning.

Cairo - 24 May 2023: The Health and Population Ministry announced that 1.7 million surgeries have been conducted as part of the presidential initiative to end waiting lists in Egypt that was launched in July 2018. In a statement on Wednesday, Spokesman for the Health Ministry Dr. Hossam Abdel Ghaffar said that the surgeries include cardiac catheterization, open heart operations, eye surgeries, neurological surgeries, orthopedic surgeries and oncology surgeries.

CAIRO - 24 May 2023: The Sultanate of Oman has identified a number of priority sectors for joint investment with the Sovereign Fund of Egypt in Egypt. The sectors include: the pharmaceutical industries, food industries, and renewable energy, which are among the top priorities of the Sultanate of Oman. Omani investments in Egypt amounted to about $80.5 million in 110 projects in the sectors of industry, agriculture, tourism, services, construction, finance, communications and information technology. Egyptian investments in Oman amounted to about $860 million in 142 projects in the fields of: road construction, infrastructure, sanitation, real estate investment and tourism. The volume of trade exchange between the Sultanate of Oman and Egypt increased, reaching $1.23 billion in 2022.

Al-Mashat welcomed Akinwumi Adesina, President of the African Development Bank, to Sharm El-Sheikh, the city of peace, during the annual meetings of the African Development Bank, explaining that the meetings take place at a vital time when the world and the African continent in particular are witnessing Multiple challenges affecting all aspects of development. The Minister of International Cooperation moved on to talk about the pharmaceutical market in Egypt, saying that the volume of the pharmaceutical market in Egypt records about $3bn and is expected to achieve a large annual growth rate during the coming period, referring to government efforts and measures taken by the state to restructure the pharmaceutical industry in Egypt. Al-Mashat reviewed the successful presidential initiatives to develop comprehensive health care services, including the 100 million health initiative, as well as the hepatitis C eradication initiative. She emphasized the government's endeavour, over recent years, to localize the pharmaceutical industry by attracting foreign investments and establishing investment projects with the aim of localizing the industry. In April 2021, the“Pharma City” was launched on an area of 180,000 square meters with a production capacity of 150 million packages annually, in light of the country's vision to transform into a regional centre for the pharmaceutical industry.

Tanmiya Capital Ventures was established in 2016 and owns stakes in five companies, including Abu Auf and Misr Foods. Shousha added that the total investment portfolio of the EAEF in the Egyptian market is about $500m. Shousha explained that the fund invests in various sectors, including financial services such as Contact and Fawry companies, healthcare, and education. The EAEF is a private investment fund established by the US Congress in 2011 to support the private sector in Egypt. The fund has so far invested in 129 companies with the support of five money managers for the first time, and its investment portfolio supports 40,000 jobs across Egypt.

The Egyptian mission operating in Saqqara, led by Dr. Mostafa Waziri, Secretary General of the Supreme Council of Antiquities will announce all the details pertaining to a new archaeological discovery in the area on Saturday, May 27. Waziri is expected to announce the discovery of the largest human and animal mummification workshop in the Boubasiton necropolis in the Saqqara area, next Saturday morning.

valU, a MENA-based fintech platform, has partnered with Partment, a digital platform that offers fractional shares (co-ownership) in fully-managed second homes across prime locations, the company announced on Monday. Through this partnership, customers can leverage valU’s flexible and affordable payment plans for Partment’s property management and maintenance services. Partment and valU aim to provide customers with an unrivaled investing experience by unlocking access to premier vacation homes without the hassle of property management and maintenance. Customers can finance Partment’s services through valU’s convenient and flexible tenors that range from 6 to 60 months and receive approvals within 15 minutes. Partment aims to continue breaking traditional barriers to allow more people to enjoy vacation homes in prime locations at a fraction of the price.

He added that this crisis was not the responsibility of the Egyptian state and it is unfair to accuse the government of negligence, but it is a global crisis that affected Egypt. He revealed that prices of poultry inputs hiked by 60% since the beginning of the crisis. The sector used to import 500,000 tonnes of corn monthly, but the imports decreased to 250,000 tonnes for a while, then it began to increase again due to all the factors mentioned previously. 70/2009, which prohibits live poultry trading, and obliges producers to slaughter in slaughterhouses, because it will prevent and reduce diseases in a very large way, and works to organize this industry. In addition, it enhances state control over poultry and slaughterhouses, and provides stocks of frozen poultry.

CAIRO - 23 May 2023: Ambassador Bassam Rady, the Egyptian ambassador to Rome, revealed that Egypt and Italy discussed cooperation in many fields such as: food security, illegal immigration, and combating terrorism. Ambassador Rady said there is an exchange of visits between Egypt and Italy during the coming period. This comes as part of Rady's statements about the details of the current visit of the Minister of Supply, Dr. Ali Al-Moselhy, Egyptian Minister of Supply and Internal Trade, to Italy. Radi said, during a telephone conversation on “Sada Al-Balad” channel, that food security is one of the most important issues raised globally, especially after the outbreak of the Ukrainian and Russian crises, and the spread of the Corona virus. Rady further stressed that the global crisis is hitting the countries of the world, as the price of a liter of gasoline reached 2 euros in Italy, unlike Egypt, which supports energy derivatives in a large way, noting that Italy views Egypt as a regional and African weight.

The Egyptian-American Enterprise Fund (EAEF) negotiates a new financing agreement with Tanmiya Capital Ventures (TCV). Tanmiya Capital Ventures was established in 2016 and owns stakes in five companies, including Abu Auf and Misr Foods. Shousha explained that the fund invests in various sectors, including financial services such as Contact and Fawry companies, healthcare, and education. The EAEF is a private investment fund established by the US Congress in 2011 to support the private sector in Egypt. The fund has so far invested in 129 companies with the support of five money managers for the first time, and its investment portfolio supports 40,000 jobs across Egypt.

The Egyptian Red Crescent, in cooperation with the EU and the UN Development Programme, has begun transporting 27 tons of relief supplies to Sudan. El-Kabbag said that presenting the grant to support the Egyptian Red Crescent’s efforts regarding the Sudanese crisis shows the international community’s appreciation and trust in the organization. Fracassetti stated that the Egyptian government is being supported in providing basic healthcare supplies to Sudanese refugees during these difficult circumstances. The relief supplies provided by the Egyptian Red Crescent, UNDP, and EU will play a crucial role in mitigating the impact of the crisis and supporting the Sudanese people during these challenging times. It also highlights the critical role played by organizations such as the Egyptian Red Crescent in providing assistance and support to those most in need.