CAIRO – 19 November 2024: In a meeting with Indian President Droupadi Murmu, Egyptian Ambassador Kamel Galal expressed Egypt's interest in exchange of experience in the fields of information technology, pharmaceuticals, agriculture, human development and capacity-building, infrastructure, waste management, new and renewable energy, transport, smart cities, rural development, and slum elimination. The ambassador also stressed the importance of boosting trade exchange and joint investments, shedding light on the incentives offered by the Suez Canal Economic Zone (SCzone). Further, he noted that the two countries enjoy the capabilities to push forward collaboration and coordination among countries of the south. The ambassador's statements were made while submitting his letter of credence on Monday. On her side, the Indian president affirmed her country's keenness on bolstering relations with Egypt, commending its role in establishing peace and security in the Middle East and Africa.

5 of 2022 regarding the regulation and development of the use of financial technology in non-banking financial activities. It aimed to regulate the use of financial technology in non-banking financial activities, followed by Resolution No. 141 of 2023, regarding the outsourcing registry in the areas of financial technology to practice non-banking financial activities. Farid stressed that financial technology and digitization of non-banking financial transactions enhance the capabilities of the non-banking financial sector. He added that financial technology is a major driver and incentive to facilitate access to and obtain non-banking financial services for all different segments of society.

The Egyptian Tax Authority (ETA) said that its automated tax systems, including databases and information related to taxpayers and obligors, have not been subjected to cyber threats. It added that the privacy and security of its taxpayers’ information is crucial, hence, the Authority’s commitment to the highest standards of data protection and confidentiality. For that, it cooperates with international companies specializing in information security and tax administration technology. Moreover, the Authority regularly updates the protection and security systems to address any hacking attempts or electronic threats that may target the digital infrastructure. It encourages everyone to interact digitally safely and confidently, stressing that any rumours about tax data hacking are completely false.

Beltone Holding (BTFH.CA) announced its consolidated financial and operational results for the nine months ending 30 September 2024. Beltone’s growth strategy continued to yield impressive results with the Company’s consolidated operating revenue increasing 405% year-on-year to reach EGP 4.8bn. In terms of profitability, Beltone achieved a net profit of more than EGP 1.13bn in 9M 2024, up significantly from EGP 86m in 9M 2023. Beltone’s NBFIs platform witnessed growth across all subsidiaries, with operating revenue rising 757% year-on-year to reach EGP 3.9bn in 9M 2024. Beltone Venture Capital executed six equity and follow-up investments in 9M 2024, and successfully increased its managed portfolio to more than EGP 1.5bn.

CNN —President-elect Donald Trump’s son-in-law Jared Kushner is seen as being pivotal to the incoming administration’s Middle East efforts, even though he is not likely to take a formal job within it, regional diplomats and Trump allies told CNN. Trump’s Middle East team has been taking shape this week after he selected a former Republican governor and a close friend and real-estate developer to take on key roles. Since Trump left office in 2021, Kushner and his wife, Ivanka Trump, have moved to Miami and largely exited politics. Kushner has also maintained relationships with key players in the Middle East, including Israeli officials and leaders in the Arab Gulf. That is the key question,” explained Aaron David Miller, a former Middle East negotiator at the State Department, referring to Trump’s longtime friend and real estate developer who will serve as his special envoy to the Middle East.

But price rises in Russia are eye-watering by comparison – and just one symptom of an economy that is overheating. “Prices are rising because of the war,” Alexandra Prokopenko at the Carnegie Russia Eurasia Center in Berlin told CNN. The military budget will rise by nearly a quarter in 2025, amounting to one-third of all state spending and 6.3 per cent of gross domestic product. Analysts don’t see the Russian economy as tumbling over a precipice but instead as a slowly gathering crisis. Russia has traditionally turned to central Asia for unskilled labor, and Putin recently suggested more foreign workers are needed.

Egypt and Brazil announced the launch of a strategic partnership between the two sides, marking the 100th anniversary of diplomatic relations between the two countries and affirming their desire to work together to establish peace, promote a more representative and just international system, renew and reform the multilateral system, and achieve sustainable development and inclusive growth. This came on the sidelines of President Abdel Fattah Al-Sisi’s participation in the G20 summit hosted by the Brazilian city of Rio de Janeiro and in a bilateral meeting between Al-Sisi and his Brazilian counterpart, Lula da Silva. In addition, the two parties agreed to intensify cooperation in the fields of politics and diplomacy, peace and security, defense, economy, trade, investment, environment, agriculture, science, education, developmental, cultural, sports, and tourism cooperation, and other areas to be determined later. They agreed to develop a work plan through diplomatic channels, outlining the necessary initiatives to implement the strategic partnership. The action plan may be updated regularly to reflect the dynamics of the bilateral relations.

CAIRO - 18 November 2024: The Egyptian state is making great efforts to reclaim and cultivate about 4 million acres in desert areas. The Ministry of Agriculture, represented by its scientific bodies such as the Agricultural Research Center and Desert Research Center and other bodies, is conducting studies to explore desert lands and implement field and laboratory studies to inventory and classify the soil and determine the areas suitable for agriculture. The ministry is also working to develop appropriate crop structures for each region in accordance with the properties and nature of the soil, climate and availability of irrigation water sources. He further added that these areas are part of the national projects for horizontal expansion currently being implemented, the most important of which are: the projects of the Future of Egypt Authority in the areas of "New Delta with an area of ​​2.2 million acres - North and Central Sinai with an area of ​​456 thousand acres - Sunbul Sono in Aswan with an area of ​​650 thousand acres" and the New Egyptian Countryside Development Project with an area of ​​1.5 million acres, and the Toshka Project with an area of ​​1.1 million acres, in addition to private sector projects in the New Valley, East Oweinat and Toshka. Farouk added that the Ministry of Agriculture is coordinating with the Future of Egypt for Sustainable Development Agency to support horizontal expansion projects by establishing research units in new reclamation areas and assigning specialized experts from the ministry's research centers to work in them, as well as providing seeds and production requirements for horizontal expansion projects.

CAIRO - 18 November 2024: A doctor who appeared in a viral Facebook live video calling on men to take DNA tests for themselves and their children had a "breakdown" after her detention was renewed for 15 days pending investigation. She claimed such pregnancies are a “phenomenon,” hence families should stop positive parenting, return to corporal punishment of girls, and men should take tests to make sure they are their fathers’ and their kids are biologically theirs. The syndicate received complaints that she violated patient privacy, refusing to aid a patient, and stirring public opinion for asking men to take DNA kids. In a later video, Shoaeb said that as long as she did not reveal the patients’ identities, she has not revealed medical secrets. She added that wage was only “raising awareness.”The prosecution did not, however, charge Shoaeb of the syndicate’s accusations.

The Industrial Modernization Center (IMC), represented by CEO Doaa Salima, has met with board members of the Egyptian Businessmen’s Association to explore the Local Manufacturing Empowerment Programme and review key outcomes achieved through promoting investment opportunities developed by the centre in recent months. During the meeting, Salima presented new technical services recently launched by the IMC, including global compliance certifications and competitiveness enhancement services. Salima underlined the importance of the “Proudly Made in Egypt” certification, a service aimed at boosting reliance on local Egyptian products, enhancing their competitiveness, and increasing Egyptian exports to global markets. Additionally, the discussion covered digital transformation initiatives, which have gained significant attention recently. The IMC collaborates with development partners, research institutions such as the Academy of Scientific Research, and universities to advance digital transformation efforts across multiple domains.

Egypt’s President Abdel Fattah Al-Sisi travelled to Rio de Janeiro, Brazil, on Sunday to partake in the G20 summit, which will take place on 18–19 November. This marks Egypt’s fourth participation in G20 summits, reflecting the growing appreciation for Egypt’s international weight and its pivotal role at the regional level. The summit, under the motto “Building a just world and a sustainable planet,” will feature three sessions focusing on social inclusion, global governance reform, and sustainable development. The first session will address social inclusion and the fight against hunger and poverty, focusing on issues such as inequality, social and financial inclusion, international tax cooperation, and food security. The remaining sessions will cover the Brazilian presidency’s priorities of reforming global governance institutions and promoting sustainable development and energy transition.

Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, has witnessed the launch of the locally produced Exeed car at the Egyptian-German Automotive (EGA) factory in 6th of October City, West Cairo. The minister added that the factory produces 1,200 Mercedes cars and 3,000 Exeed cars annually, providing numerous job opportunities for young people. These figures are expected to increase next year by leveraging the National Strategy for Automotive Industry Development. Yasser Saleh, CEO of EGA, highlighted that the partnership with Exeed holds a promising future in the Egyptian market. Saleh stressed the company’s commitment to advancing this industry, increasing the local component, and establishing Egypt as a prominent hub for high-quality automotive manufacturing.

Contact Financial Holding, Egypt’s leading non-bank financial services provider, announced consolidated financial results for the third quarter of 2024, showing a substantial year-on-year profit increase of 71%. In Q3 2024, Contact’s consolidated operating income rose to EGP 692 million, representing a 36% year-on-year increase, while the total financing portfolio expanded to EGP 20.8 billion. “ContactNow” offers a comprehensive suite of financial services, including bill payments and installment plans, enhancing user engagement and fulfilling customer needs seamlessly. In the automotive market, Contact’s “http://contactcars.com/” platform reported an 80% increase in user traffic, reaching 1.3 million monthly users. The recent opening of our Dubai branch is a milestone in our regional expansion strategy, aimed at delivering convenient financial services to Egyptians residing in the UAE.

Talaat Moustafa Group Holding (TMG) has achieved remarkable business results during the first nine months (9M) of 2024. Moreover, recurring income revenues, including hotels, recurring revenue and the service sector, have grown 2.4x to EGP 11.9bn in 9M 2024 from EGP 4.9bn in 9M 2023. The recurring revenue represented 43% of the total consolidated revenue in the period compared to 27% for the same period in 2023. Accordingly, the total sales soared to EGP 454bn in 9M 2024 compared to EGP 93.1bn booked in the same period of 2023 making year-over-year growth approximately 5 times. Moreover, the group booked some EGP 1.34bn of additional profits related to Legacy acquisition during 9M 2024.

Egypt’s leading telecommunications company, WE, has announced that it will be cutting off home internet services for customers who fail to pay their landline bills within the next 12 days. The company has emphasized the importance of paying November’s landline bill to avoid internet disconnection or additional penalties. Reason for Internet disconnectionWE has clarified that customers who do not settle their November landline bills by the specified date will have their internet service suspended. Electronic payment services: Services like Fawry, Vodafone Cash, Sadad, and Masary, as well as ATMs of banks such as the National Bank of Egypt and CIB, can be used for payments. Post offices: Egyptian post offices also offer bill payment services.