CAIRO – 6 June 2024: "Decent Life" issued a statement Thursday indicating that the second phase – starting in July – will include 1,667 villages distributed upon 20 governorates and dwelled by 21.3 million citizens. The nine that were added to the initiative are Daqahliyah, Ghrabia, Sharqia, Kafr El Sheikh, Qalyoubiyah, Damietta, Ismailiyah, New Valley, and Matrouh. The second phase will be implemented with funds worth LE450 billion and completed in three years. The first phase – launched in 2018 - costed LE350 billion, and reached 17 percent of the Egyptian population residing a total of 1,500 rural villages. After the House of Representatives' approval in February, President Abdel Fatah El-Sisi endorsed Thursday an EU grant worth €50 million as a contribution in the initiative.

Since the inception of the lump-sum export subsidy dues payment initiative by the Export Development Fund in October 2019, the government has provided approximately EGP 55bn in support to exporting companies. With the completion of the seventh phase of the initiative, this support is expected to reach EGP 70bn. Starting Thursday, 360 exporting companies eligible for the seventh phase will receive EGP 5bn. Mansour clarified that the seventh phase adheres to the same previous controls. Export support is disbursed through the initiative of the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Egyptian Export Development Bank.

Minister of Communication and Information Technology Amr Talaat reviewed Sunday joint cooperation aspects with Hungary during a meeting with Hungary’s Minister of National Economy Márton Nagy and his accompanying delegation. Discussions covered a wide range of ICT domains, prominent among which are modern technologies, Artificial Intelligence (AI), digital capacity-building, outsourcing, and global digital infrastructure. The meeting also tackled the State’s efforts to support digital innovation and leverage AI for creating innovative solutions. It also addressed local and global digital infrastructure improvement plans, as well as the efforts under way to build more data hubs and extend submarine cables. Meanwhile, the Hungarian side highlighted Hungary’s efforts to embrace modern technologies at various state sectors, such as G5 technologies, financial technology (Fintech), blockchains, drone technology, and e-commerce.

The new executive action bars migrants who cross the border illegally from seeking asylum – a departure from decades-long protocol – once a daily threshold is met. Senior administration officials told reporters Tuesday it would be lifted when there’s a daily average of less than 1,500 encounters in between ports of entry. Gregory Bull/AP“The Trump administration attacked almost every facet of the immigration system, and did so in a shameful and inhumane way,” one official said Tuesday. Senior administration officials Tuesday cited the measure as a tool to help head off that potential increase. Officials declined to say Tuesday if any new agreement had been reached with Mexico around Tuesday’s executive action.

Prime Minister Narendra Modi’s right-wing, Hindu-nationalist alliance was expected to secure a supermajority – and with it the power to enact radical change unopposed. To Modi’s critics and opponents, India was on the fast track to becoming a de-facto one-party state. Going into this election, Modi had set a goal of winning 400 seats in the lower house of parliament, or Lok Sabha. The BJP’s inability to secure an outright majority “pricks the bubble of Modi’s authority,” wrote political scientist Pratap Bhanu Mehta Tuesday night. “But who many voters feel have crossed lines for what should otherwise be a very vibrant democracy.”

CAIRO – 5 June 2024: Extra News reported on Wednesday that Egypt had prepared 350 aid trucks that would enter Gaza Strip through Karam Abou Salem Border Crossing with Israel. The Rafah crossing has been closed since Israel escalated its operations in Gaza, deploying ground troops to Rafah city near the border with Egypt on May 7. Israeli forces took control of the Palestinian side of the crossing, triggering Egypt’s condemnation. Cairo has since refused to coordinate with Israel on aid delivery to Gaza through the crossing. Egypt has restated its unwavering position, emphasizing the requirement for Israeli withdrawal from the Palestinian side of the Rafah crossing as a crucial condition for reopening the crossing.

The year-long war has severely impacted the delivery of humanitarian supplies, leaving countless women and children without access to vital food and nutritional support. Acute malnutrition poses a life-threatening risk, as malnourished children are up to 11 times more likely to die compared to well-nourished children. UNICEF Executive Director Catherine Russell stated, "Children in Sudan are experiencing horrific violence, displacement, and trauma, and now face potential famine. Conflict parties must urgently allow humanitarian access so children can receive food, water, medical care, and shelter. Data gaps themselves indicate a lack of critical humanitarian access in the hardest-hit areas.

Minister of Trade and Industry, Ahmed Samir, announced that the ministry, represented by the Export Development Fund, has disbursed the first tranche of the seventh phase of lump-sum export subsidy payment to 478 companies. The total amount released is EGP 7bn, with a net disbursement of EGP 6.3bn. The minister highlighted that 20 companies had debts exceeding their dues, and they received a total support of EGP 70m. Amany El-Wassal, the executive director of the Export Development Fund, confirmed that the Fund is currently issuing certificates for the second tranche of the initiative. In early April, Minister of Finance Mohamed Maait emphasised the success of the lump-sum export subsidy payment.

CAIRO – 4 June 2024: During the 2018-2024 term, the government was diligent to complete alternative-housing projects providing former slum dwellers with fully-furnished residential units as it had finished before Al Khayala, Bashayer El Kheir, and Mahrousa. The projects accomplished include the third phase of Asmarat consisting of 7,298 units distributed upon 124 flat-buildings spanning over a surface area of 65 feddans. The second phase of Gheit El Enab consists of 1,869 units distributed upon 37 flat-buildings spanning over 15,000 square meters. And, Rawdet Al Sayeda consists of 816 units distributed upon 16 buildings. Further, 82,000 residential units that were at the risk of collapse have been rehabilitated in the capitals of 13 governorates.

CAIRO – 4 June 2024: President Abdel Fatah El-Sisi has been eager for turning Egypt into a trade and energy hub. PortsLogistics are an important element of turning Egypt into a trade hub so a number of projects are being accomplished in that field. The former stretches on 286 feddans and consists of roads having a total length of 400,000 square meters. With regard to wind energy, a farm was introduced in Gabal El Zeit with initial investments worth €526 million, LE643 million, and 50 million yens. It will consist of four reactors having a total capacity of 4,800 megawatts.

Mohamed Maait, the Minister of Finance, has confirmed that the 2023/2024 Tax Policy Document is currently under review and has not yet been made available for public discussion. In a statement on Monday, Maait explained that the version of the document circulating on social media was an initial draft prepared several months ago. The Ministry of Finance is meticulously examining the document to ensure it aligns with its objectives for the next six years. Maait emphasized that the high committee responsible for preparing the document is in the process of finalizing the details. The government remains committed to drawing insights from distinguished international experiences to establish stable tax policies, thereby enhancing the business climate and attracting more investments.

CAIRO - 3 June 2024: During Prime Minister Madbouly's term from June 2018 to June 2024, Egypt witnessed a surge in transformative projects aimed at bolstering infrastructure, healthcare, urban development, investment, transportation, port development, and economic growth. The Sokhna Port development project alone cost LE 60 billion, while the East Port Said Integrated Area Development Project amounted to LE 29 billion. Healthcare Infrastructure: Under Madbouly's term, Egypt saw unprecedented advancements in healthcare infrastructure, implementing 35 new hospitals and establishing medical complexes and centers nationwide. Ports Development: Tahya Misr Multi-purpose Station 62/55 in Alexandria Governorate stands as a testament to Egypt's commitment to port development. These endeavors signify Egypt's proactive approach to modernizing its port facilities, thereby enhancing its competitiveness in the global market and fostering sustainable economic development.

Egyptian President Abdel Fattah Al-Sisi has tasked outgoing Prime Minister Mostafa Madbouly with forming a new government, following Madbouly’s resignation earlier on Monday. President Al-Sisi has instructed Madbouly to assemble a government of individuals with exceptional competencies and expertise. The new government will focus on several key areas, including safeguarding National security, by addressing regional and international challenges to Egyptian national security. Prime Minister Madbouly expressed his gratitude to his colleagues, including ministers, governors, deputies, and all government members, for their dedicated service under challenging circumstances. Madbouly Cabinet sees multiple reshuffles since 2018 formationEgypt’s 124th Cabinet, formed by Prime Minister Madbouly and sworn in on June 14, 2018, has undergone several changes since its inception.

Mohamed Mahlab, CEO of Rowad Modern Engineering, recently revealed the company’s expansion plan for Egypt and the Gulf markets. Expansion in Saudi ArabiaRowad Modern Engineering has secured projects worth SAR 800m in the Saudi market. Pharmaceutical ProductionRowad Modern Engineering is currently implementing a pharmaceutical production plant in partnership with EIPICO. The cost of establishing these factories, as part of the contracting work carried out by Rowad Modern Engineering, exceeds approximately EGP 10bn. Building SectorRowad Modern Engineering has a significant track record and extensive experience in constructing administrative buildings, hospitals, and specialized structures that go beyond traditional frameworks.

CAIRO – 3 June 2024: Egypt’s Prime Minister Mostafa Madbouly thanked President Abdel Fattah al Sisi for assigning him to form a new government. The re-instated prime minister noted that specific presidential directives in several fields will be implemented after the new government is formed. Egypt's Prime Minister Mostafa Madbouly presented on Monday the government's resignation to President Abdel Fattah al Sisi. President Sisi assigned Madbouly to form a new government of ministers with distinguished competencies, experience, and capabilities. President Sisi also assigned the current government to continue performing its duties and tasks until the formation of the new government