CAIRO – 14 March 2024: President Abdel Fatah al-Sisi received Thursday Spanish Foreign Minister Jose Manuel Albares. The focus of the meeting was regional developments, particularly Gaza War. The Egyptian president and the Spanish foreign minister equally underscored the importance of funding the UNRWA, and that the international community takes steps to make the Palestinian state a full member at the United Nations paving the way for the two-state solution. Minister Albares valued the role played by Egypt to consolidate regional stability, and efforts exerted to deliver humanitarian aid to Gaza in spite of obstacles. In turn, President Sisi commended the strength of Egyptian-Spanish relations, expressing keenness on reinforcing trade exchange, joint investments, and developmental cooperation.

Al Ansari Exchange, a leading provider of transfer and foreign currency exchange services in the UAE and part of the Al-Ansari Financial Services Group, has reported a significant increase in money transfers to Egypt following the liberalisation of the Egyptian pound. The company observed a marked rise in the volume of financial transfers to Egypt after the Central Bank of Egypt’s (CBE) announcement to float the pound and allow its exchange rate to be determined by market dynamics. This move has been particularly advantageous for Egyptians living in the UAE. Ali Al-Najjar, Chief Operating Officer of Al-Ansari Exchange, remarked that the Egyptian government’s recent policy to liberalize the pound’s exchange rate has had a markedly positive effect on the flow of financial transfers into Egypt. Egypt ranks as the fifth most popular destination for remittances from the UAE, trailing behind India, the Philippines, Pakistan, and Bangladesh in terms of the volume of transfers sent to individuals.

As the holy month of Ramadan begins, it brings with it a wave of nostalgia, stirring memories of childhood and youth. The essence of Ramadan nights lingers in our minds, including those of artists who share their unique experiences of this sacred time. I dedicate this month to reconnecting with family, friends, and my husband, director Khaled Selim. The arrival of Ramadan brings back fond memories of my childhood in the Bab al-Louq and Sayyida Zeinab neighborhoods. This tradition, along with preparing Ramadan decorations, like using old papers for handmade crafts and later electric lamps, brought the community together.

Ahmed Kouchouk, Deputy Minister of Finance for Fiscal Policies, emphasized the state’s reliance on the private sector to rejuvenate economic growth. This year marks the beginning of 40 economic entities, and within 5 years, it will encompass all state public entities, aiding in the enhancement of financial and economic performance metrics. He elaborated that among the 156 entities under the Comprehensive Health Insurance system, 47 are private sector entities, serving 4.4 million citizens, with current satisfaction rates surpassing 85%. This progressive system allows beneficiaries to select their service provider from either the private or public sector. These measures afford the private sector an enhanced role in amplifying its contributions to economic and developmental endeavors.

The study aimed to quantify female representation within these leading firms. This figure stands in contrast to the 263 men holding board positions, resulting in a female representation rate of 16.7%. The survey highlighted that the Eastern Company and Misr Fertilizers Production Company (MOPCO) lack any female board members. Additionally, six companies feature a single female board member: Abu Qir Fertilizers, Ezz Steel, Palm Hills Developments, Eipico, Telecom Egypt, and Sidi Kerir Petrochemicals. However, only Edita Food Industries and the New Urban Communities Authority exceed this benchmark, each with three female board members.

The “two sessions” offer the world an important window to observe China’s democracy. “Whole-process people’s democracy is the defining feature of socialist democracy,” said Chinese President Xi Jinping. “It is democracy in its broadest, most genuine, and most effective form.”The thoughts and aspirations of over 1.4 billion people have been incorporated into the top-level design of national development through China’s unique and distinctive whole-process people’s democracy. At no point has the “democracy for the few,” as seen in some countries — “democracy of the 1 percent, by the 1 percent, for the 1 percent” — been seen in China. The report to the 20th CPC National Congress emphasized that developing a whole-process people’s democracy is one of the essential requirements of Chinese modernization.

Collective burial of dead bodies of Palestinians killed due to continous Israel bombardement of the Gaza strip - fileCAIRO - 12 March 2024: The Palestinian Ministry of Health announced that the number of victims of the Israeli aggression on the Gaza Strip had risen to 31,184 martyrs and 72,889 injured since October 7, according to Al-Qahera News TV Channel. The Palestinian Ministry of Health added that the Israeli occupation committed 8 massacres against families in the Gaza Strip, killing 72 martyrs and 129 injured during the past 24 hours. Belgium called for an immediate and sustainable ceasefire in Gaza and stressed that the Strip is suffering a humanitarian catastrophe, stressing that the Gaza Strip faces the threat of famine and malnutrition.

CAIRO – 12 March 2024: President Abdel Fatah al-Sisi instructed the government to prioritize the sectors of education and healthcare in the 2024/2025 budget as well as identify the best investment opportunities in order to boost revenues. That was during a meeting held Tuesday with Prime Minister Mostafa Madbouli and Minister of Planning and Economic Development Hala al-Said, and that took place one day after a meeting with the minister of public enterprise to follow up on new projects implemented by state-owned companies. Those are in the sectors of pharmaceuticals, tourism, spinning and weaving, constructions, chemical industries and electric cars.

CAIRO – 12 March 2024: The Ministry of Health and Population indicated Tuesday in a press statement that 30 hospitals had been constructed and developed in 2023 and that the target for 2024 was 20 dispersed among 11 governorates. The budget allocated is LE10.9 billion as 2,747 beds will be added, including 459 in ICUs, 527 dialysis devices, 441 incubators, and 96 operation theaters. The new hospitals being introduced are Ain Al Sokhna Emergency Hospital, Kom Ombo Hospital and Al Sebaeya Hospital in Aswan; Al Dakhla Hospital in the New Valley; Tanta General Hospital and Central Santa Hospital in Gharbia; Central Badr Hospital in Beheira; Obour Hospital in Qalyoubiyah; Saqetla Central Hospital and General Girga Hospital in Sohag; Deshna Hospital, Abou Tesht Hospital and New Qena Hospital in Qena; Central Bani Mazar Hospital in Menya; Tor Specialized Hospital and Central Nueiba Hospital in South Sinai; and, East Qantara Hospital and Al Tal El Kebir Hospital in Ismailiyah. As for the establishments being developed, they are Al Adwa Central Hospital in Menya, and Manfalout Central Hospital and Central Dayrout Hospital in Asyut.

The Egyptian state spared no effort to stop the war on the people of Gaza from the first moment, and continued to provide humanitarian aid in various ways. After the Zionist occupation army obstructed the entry of humanitarian aid through the Rafah crossing, Egypt began air dropping the aid on Gaza in order to reach them faster and better. Egypt also received the wounded and injured, and provided them with treatment in addition to urgently performing required surgical operations to them. Hilal added in a special statement to Youm7 that the Egyptian state spared no effort to help our Palestinian brothers in various ways. He pointed out that there are ongoing attempts to reach a humanitarian truce in Gaza during the holy month of Ramadan, and to stop the brutal war against the people of Palestine.

The overnight lending rate at the CBE reached 28.25%, imposing significant burdens on borrowing companies with high debt levels. The higher the interest rates, the greater the impact, especially for those with debts in foreign currency. She advised the borrowing companies to work on providing liquidity, which may take some time, to try to overcome the negative impact of the interest rate hike. Qalaa Holdings, one of the largest borrowers on the Egyptian Exchange, faces a significant impact from the rise in interest rates. He expected that interest rates would drop gradually in the medium term.

The annual core inflation rate reached 35.1% in February 2024, compared to 29% in January 2024. The monthly inflation rate for the whole country surged to 11% in February 2024, compared to 1.7% in January 2024. CAPMAS said that the general Consumer Price Index for the whole country was 219.4 points in February 2024, indicating an annual inflation rate of 36%, compared to 31.2% in January 2024. The committee said in its statement that it was necessary to speed up the monetary tightening process to reduce inflation and ensure a decline in monthly inflation rates, stressing the importance of controlling inflation expectations. External factors arising from global inflationary pressures have continued to build up along with successive shocks to the global economy.

CAIRO – 11 March 2024: Egypt’s Coptic Orthodox Church begins Great Lent, Monday, March 11, for a period of 55 days. The Church placed Great Lent among the first-class fasts during which it is forbidden to eat seafood, and only vegetarian foods are limited. Holy Week concludes with the Holy Saturday and finally celebrating Easter on Monday. Dar Al-Iftaa sighted the Ramadan crescent moon, which means that, Sunday, is the last day of Shaaban month, the eighth month of the Islamic calendar. Arab countries, including Saudi Arabia and UAE, also announced Monday the starting date of the holy month.

They explored the solar power plants funded by the European Union in Sharm El-Sheikh. These solar power stations were implemented in collaboration with the Industrial Modernization Center, a key partner of the UNDP Egypt “Egypt PV” project. The project also supported the installation of a 1 MW solar power station on the rooftop of the Sharm Convention Center before COP27. The Autoclave has a capacity of 400 liters and can treat the medical waste generated by the city of Sharm El-Sheikh. This significant achievement is credited to the “Green Sharm” project, funded by the European Union and implemented by UNDP.

Monday 11 March 2024 12:08 PMRetal Developments has announced the full acquisition of Center Point Development, which owns the Harmony business complex in the New Administrative Capital (NAC). Saeed Hassan, the chairperson of Retal Developments, said: “This acquisition is part of our expansion plan to increase and diversify our business. Center Point is one of the active players in the Egyptian real estate market, which boosts the presence of Retal Developments in this promising sector.”Hassan added that Retal Developments has a land bank in the Egyptian real estate market worth more than EGP 3bn, with various residential and tourism projects, such as Retal View Resort in Ain Sokhna and Retal View Resort in North Coast. He stated: “Harmony Business Complex is a commercial administrative project that we are currently offering for sale. We will soon hold a press conference to announce our plans and vision for the Harmony Mall.”The Harmony Business Complex is located in the Downtown area of the NAC on a land area of 2,704 sqm.