Minister of State for Immigration and Egyptian Expatriates’ Affairs Soha El Gendi met with major Egyptian investors in the UAE, in the presence of Ambassador Ashraf El-Deeb, Consul General of Egypt in Dubai; Ambassador Amr Abbas, Assistant Minister of Immigration for Community Affairs; and a number of representatives of Egyptian state-run banks. Representatives of national banks also reviewed opportunities to support investors and facilitate the participation of investors in successful and already existing projects, in cooperation with the authorities. It is ready to be implemented with distinguished facilities in a variety of fields, and the Minister of Immigration presented all these ideas and projects to the Egyptian investors in the UAE. The Minister of Immigration reviewed the role of young researchers, linking scientific research with industry, and what they presented during the Cop27 Climate Summit. She also discussed the electronic application being implemented in cooperation with the Ministry of Communications, including an integrated link for Egyptians abroad and all the incentives, facilities and services provided to them.

Hamdi Sanad Loza — Deputy Foreign Minister for African Affairs — received on Tuesday Sofie From-Emmesberger — Director-General of the Department of Africa and the Middle East at the Finnish Foreign Ministry. The talks focused on regional issues of common interest, including the Middle East peace process, African peace and security issues, and ways to strengthen cooperation frameworks between the AU and the EU in light of the outcomes of the sixth summit between the two sides in February 2022. Earlier on Tuesday From-Emmesberger met with Assistant Secretary-General for International Political Affairs at the General Secretariat of the Arab League Khalid bin Mohammed Manzalawi. The two sides held consultations on the latest developments in the Arab and international arenas, as well as ways to enhance cooperation.

The Libyan Ministry of Health received the sixth shipment of liquid oxygen supplies from Egypt- press photoCAIRO - 13 December 2022: In a statement Tuesday, the Cabinet has denied groundless reports circulated on social media accounts that Egypt banned imports of some commodities. The Cabinet said it contacted the Ministry of Trade and Industry which denied such reports, saying that Egypt is committed to the rules of international trade. It added that different kinds of goods are allowed into Egypt after inspection operations to make sure they meet due international standards and classifications. It appealed to citizens to turn a deaf ear to such false news.

Minister of International Cooperation Rania Al-Mashat met Sunday with a World Bank Group delegation headed by Marina Wes, Country Director for Egypt, Yemen and Djibouti at the Bank, to discuss developments in the joint social housing financing programme. The meeting also included Robert Bogoda, Director of Operations in the Middle East and North Africa; Mai Abdel Hamid, CEO Social Housing and Mortgage Support Fund; and the World Bank and the Ministry of International Cooperation working teams. In addition to providing 25,000 social housing units in accordance with green building standards, as the first initiative of its kind in Egypt, the social housing financing programme has created job opportunities through the construction and development sector and provided 3 million direct and indirect job opportunities over the course of the programme. For their part, the World Bank Group mission praised the results achieved by Egypt in the social housing file, which is one of the largest programs of its kind in the world, which enhances efforts to provide adequate housing for citizens with lower incomes. They affirmed that this model prompted many member countries of the World Bank Group to start inquiring about these efforts and the possibility of repeating them with the World Bank in order to implement the same model in different countries, especially in Africa.

Egypt expressed its intention to raise the issue of supporting and activating the outputs of the Sharm El-Sheik Climate Change Conference (COP27), and the fulfillment of developed countries’ commitments and pledges regarding financing, during the next G20 Summit, next year in India. Al-Itribi stressed the need to mobilize private investment in priority development sectors in developing countries, especially energy, food, and infrastructure, including through the use of innovative and mixed funds. He pointed out the importance of having an active and constructive role for the G20 in light of the current international economic conditions, which are very complicated. © 2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

This is meant to facilitate the work of the survey teams. Dr. Hossam Abdel Ghaffar, spokesman for the Ministry of Health and Population, said that work has been resumed on the initiative of the President of the Republic for early detection of diseases (anemia, obesity and dwarfism) among primary school students. Dr. Hossam Abdel Ghaffar, the official spokesman for the Ministry of Health and Population, explained that the stages of detection in the initiative include: measurement of weight, height, anemia analysis, indicating that every student obtains a health follow-up card for the initiative. He added the importance of preserving the general health of children, so training programs are being developed for the medical teams working in the initiative, according to the latest methods and advanced approaches. Medical checks were conducted on 25 million students, over the course of 3 years from the launch of the initiative, whereby one million students were treated.

According to the fund, Contact Real Estate Finance topped the companies participating in the initiative with a volume of financing amounting to EGP 838.570m for about 6,166 clients. Al-Taameer Real Estate Finance also pumped financing amounting to EGP 814.022m to about 6,745 customers, while Al-Ahly Real Estate Finance provided financing amounting to EGP 284.757m to about 2,540 customers. Moreover, Amlak Real Estate Finance pumped financing amounting to EGP 252.940m to about 2,328 clients, while Tamweel Real Estate Finance provided EGP 68.666m to 602 clients. Additionally, Egyptian Real Estate Finance pumped EGP 43.042m to about 429 clients, while Al-Ahly United provided EGP 19.973m to about 200 clients, and the Arab African International pumped EGP 12.211m. According to this decision, the Ministry of Housing, Utilities, and Urban Communities will manage the real estate financing initiative for middle-income people with a decreasing return of 8% and a maximum of EGP 15bn, in addition to the real estate financing initiative for low- and middle-income people with a decreasing interest of 3% at a value of EGP 100bn for about 109 clients.

Egypt’s Minister of Trade and Industry Ahmed Samir met Sunday with Ambassador of the European Union (EU) in Cairo Christian Berger. The two parties discussed ways to enhance bilateral economic cooperation during the coming period. The minister said that Egypt and the EU have strong relations based on a long history of fruitful cooperation at the level of governments, economic circles and business communities, as the EU is the largest economic partner for Egypt. Samir disclosed that there are many great opportunities to develop and enhance this existing cooperation between the two sides. © 2022 Daily News Egypt.

Egypt to Aims to Reach 7.4 Billion in Tourism Sector Investments in FY 2022/23Egypt’s government has set new investment targets for the fiscal year (FY) of 2022/2023, aiming to reach 7.4 billion in investments for Egypt’s tourism sector. These new targets aim to fortify the tourism and antiquities sector, which serves as one of the most lucrative and vital for Egypt. As a result, approximately USD 9 million (EGP 222 million) was generated in touristic revenue for 2021. Ahead of the Qatar World Cup, Egypt announced that it would grant holders of the FIFA Hayya Card permission to enter Egypt sans visa. Similarly, the hospitality sector has been encouraged, for the tournament’s duration, to adjust pricing to accommodate potential tourists.

And their latest entry-level smartphone — Huawei nova Y90 — does not disappoint. Fortunately, Huawei has answered the demand for a high-quality entry-level smartphone with the Huawei nova Y90. Dubbed as the Super Powerful Star with Massive Display HUAWEI nova Y90 comes in Emerald Green, Midnight Black, and Crystal Blue. 6.7-inch HUAWEI Edgeless FullView Display for a wider field of viewFeaturing a 6.7-inch HUAWEI Edgeless FullView Display, HUAWEI nova Y90 lets you view your content on a larger scale. HUAWEI nova Y90 supports Continuous Front/Rear Recording for a seamless switch between the front and rear cameras.

AlBaraka Capital for financial investments, a subsidiary of AlBaraka Bank, announced the establishment of “Tanfeez” company for real estate investment and urban development. The company represents the investment and real estate development arm of the group, with the aim of making a quantum leap in the Egyptian real estate market. And provide investments and programs to provide liquidity for real estate projects that are compatible with the provisions of Islamic Sharia. Tanfeez adopts an ambitious expansion strategy that enables it to provide integrated investment services in the field of real estate development, in addition to providing project financing programs in cooperation with major real estate developers. For his part, Hazem Hegazy, Vice Chairperson and CEO of alBaraka Bank, expressed his happiness at the launch of the “Tanfeez” company specialized in real estate investment and urban development.

CAIRO - 12 December 2022: Egypt has embarked on multiple transportation projects, which has expanded its transport networks to serve the public. Since the new means of transportation run on electricity, Egypt Today thought to provide brief information, in the below lines, on each project to understand the different between the two prominent projects: the light electric train (LRT) and the electric express train. The most important difference between the light train and the express train is the distance between the stations in addition to the speeds; 1 km to 1.5 km. Express electric trainThe electric express train is being implemented to connect all the governorates of Egypt, to achieve the service of transporting passengers and goods. The financial cost of the express train is $25 million per kilometer, and the capacity is 15,000 passengers per hour in each direction, and the capacity is 250,000 passengers/day.

Vortex Energy, a renewable energy platform managed by the private equity arm of EFG Hermes, has invested €46m in Ignis Energy. Sources told Daily News Egypt that Vortex Energy will invest up to €476m through its newly launched Vortex Energy IV Fund and its co-investors into Ignis via a series of capital injections, which will be deployed over the coming few years subject to certain conditions. They added: This capital contribution from Vortex Energy IV and its co-investors will allow Ignis to own and operate a growing share of the projects that it develops. Advisory services to Vortex Energy were provided by Santander and Royal Bank of Canada as financial advisor and Watson Farley Williams as legal advisor, while Citi provided financial advisory services and Cuatrecasas provided advisory services. Ignis’ management has been actively negotiating more than 500 MW of bilateral PPAs with blue-chip and reputable off-takers.

Foreign Minister Sameh Shoukry stressed that Egypt has the political will to develop relations with North Macedonia, explaining that his talks with his Macedonian counterpart Boyar Osmani dealt with enhancing relations in various fields. He affirmed that Egypt continues in all its efforts for relations based on mutual respect with North Macedonia. Shoukry stressed that there is a political will to continue cooperation between Egypt and Macedonia, as well as cooperation with the group of Mediterranean partners of the Organization for Security and Co-operation in Europe (OSCE). He noted that it was agreed to continue the political dialogue between Egypt and North Macedonia to advance and upgrade relations. Osmani said that an agreement was reached with Foreign Minister Shoukry on strengthening economic relations.

Amr Abol-Enein, CEO and Managing Director of CI Asset Management (CIAM), the asset management arm of CI Capital, revealed that they aim to increase their asset management portfolio to EGP 50bn by the end of this year. The portfolio exceeded EGP 48.4bn last September. Abol-Enein told Daily News Egypt that the company aims to launch new funds during the next year, following the investment fund “Misr Equity” that tracks equities with cumulative return that was launched earlier this year. He emphasized that the fund is the first of its kind in the Egyptian market, and that is why it attracted investors wishing to achieve returns on a specific type of asset, which is stocks that follow one of the money market indexes. Abol-Enein said that the mergers between the asset management activities of CI Capital and Misr Capital, in a new entity, have reached the final stages.