Egyptian Minister of Communications and Information Technology Amr Talaat met with Hakan Jevrell, the Swedish Deputy Minister of Foreign Trade, to discuss how to attract more Swedish investments in the Egyptian IT sector and enhance cooperation in digital capacity building and cybersecurity. The meeting was held on the sidelines of the Mobile World Congress 2024 in Barcelona, Spain, where Talaat participated as a speaker and exhibitor. The two ministers acknowledged the presence of Swedish companies in the Egyptian IT market and explored the potential of utilizing young Egyptian digital talents in Swedish projects. The Mobile World Congress 2024 is the largest and most influential annual event for the mobile and technology industries worldwide, organized by the GSMA. It brings together decision-makers, senior government officials, experts, international organization representatives, major companies, and specialists in the mobile and technology fields from around the world.

A house destroyed by Israeli shelling on the Gaza Strip- Photo by Anas Al Sharif from GazaCAIRO - 28 February 2024: Egypt, Jordan, UAE, Qatar, and France collaborate to deliver much-needed assistance to Gaza, highlighting global solidarity in addressing humanitarian challenges. Egypt, Jordan, UAE, Qatar, and France contribute humanitarian aid to Gaza, emphasizing the importance of international cooperation in times of crisis.

Egypt establishes 1st factory for plasma derivatives in New Administrative CapitalCAIRO - 28 February 2024: Egypt's Health Ministry declares Egypt's pioneering status as the first African country to achieve plasma self-sufficiency, highlighting its advancements in healthcare and medical innovation. Revolutionizing Healthcare:Egypt's Journey to Plasma Self-Sufficiency Egypt's strides towards plasma self-sufficiency represent a breakthrough in medical capabilities, positioning the country at the forefront of healthcare innovation in Africa. Medical Independence:Egypt's Leadership in Plasma Production Egypt's achievement underscores its commitment to healthcare sovereignty and medical advancement, setting a precedent for other African nations to follow.

They presented their proposals for a joint-stock investment company that would work in various economic sectors, such as agriculture, tourism, and hospitality. Gendi said that the meeting was part of the Ministry’s role to enhance communication with Egyptian investors abroad and facilitate their entry into the Egyptian markets. She also said that the Prime Minister had approved the establishment of the investment company, which was one of the recommendations of the third conference of Egyptian entities abroad. She praised the contributions of Egyptians abroad in supporting the state’s development plan and the strength of the Egyptian economy. During the meeting, they discussed tourism projects in South Sinai and the great development it witnessed during the tenure of President Abdel Fattah Al-Sisi.

Wednesday 28 February 2024 10:00 AMEgypt’s Minister of Environment Yasmine Fouad met on Tuesday with the US Ambassador in Cairo Herro Mustafa Garg, and her delegation, to discuss how to strengthen the cooperation between the two countries in the areas of environment, climate, and biodiversity. Fouad highlighted the long-standing strategic relations between Egypt and the United States, particularly in the field of environment and climate. She expressed her hope to start a new phase of productive cooperation to tackle environmental issues and challenges, building on the cooperation that started more than 20 years ago in managing and reducing pollution. Fouad also shared her vision to implement more strategic climate change programs in collaboration with the United States, in line with the Egyptian state’s priorities, and to help it access the funding available for mitigation and adaptation, with an emphasis on adaptation as a priority for Egypt. They also discussed cooperation in the field of debt swaps for nature, with Fouad reaffirming Egypt’s commitment to the Convention on Biological Diversity and the post-2020 framework for action.

CAIRO – 27 February 2024: Egypt’s Prime Minister Mostafa Madbouli said the government keeps on implementing the Initial Public Offering (IPO) program, which aims to empower the private sector and increase its contribution to different economic activities. Madbouli made the remarks during a meeting that he held on Tuesday to consider Egyptian and global bids for acquiring the National Company for the Sale and Distribution of Petroleum Products (Watania), as part of Egypt's plan to offer a number of state-owned companies for sale. The meeting was attended by Petroleum and Mineral Resources Minister Tareq el Molla and Planning and Economic Development Minister Hala el Saeed, as well as officials from their ministries, The Sovereign Fund of Egypt (TSFE) and the consulting firm, said Cabinet Spokesman Mohamed el Hommosani. The prime minister explained that the State is serious about offering a number of companies affiliated to the Armed Forces

CAIRO - 27 February 2024: A report issued by the Ministry of Planning and Economic Development said that the economic growth rate targeted by the plan for the fiscal year 2023/2024 is about 4.1 percent, while the plan targets 11.84 trillion pounds of gross domestic product, achieving 15.2% as an investment rate, and 1.65 trillion pounds in total investment volume. The report explained that the target unemployment rate for the year of the plan is between 7.3 - 7.6 percent, while the target is to achieve an inflation rate of 16 percent. Regarding the structure of investments, the report indicated that the total public investments amounted to 63.6 percent, with a value of 1.05 trillion pounds, while private investments amounted to 36.4 percent, with a value of 600 billion pounds. Regarding foreign exchange sources, the report showed that net remittances from Egyptians working abroad amounted to $31 billion, while non-oil commodity exports amounted to about $32 billion, net foreign direct investment about $11 billion, in addition to $9 billion in Suez Canal revenues.

CAIRO - 27 February 2024: Egypt dropped 50 tons of aid on northern and central Gaza Tuesday, according to military spokesperson Gharib Abdel Hafez. UAE, Jordan, Qatar, and France also dropped aid over the strip. Meanwhile, Egypt has set up 400 tents that can accommodate up to 4,000 people in Khan Yunis of Gaza Strip, the high is the second refugee camp established by Egypt and has power supply and toilets. Another camp will be established north of Deir al-Balah, and an Egyptian field hospital will be established in Rafah, as well as two center for aid distribution.

CAIRO – 27 February 2024: Qatar Islamic Bank and Kuwait Finance House (KFH) have completed their due diligence on the United Bank, which is owned by the Central Bank of Egypt, according to sources cited by Asharq Bloomberg. This evaluation is in preparation for one of the banks to acquire it, with preference given to the bank offering the higher price. Another source explained that the sale of the United Bank to a strategic investor has become imminent, and the closest one to it is Qatar Islamic Bank, due to its desire to enter the Egyptian market. However, the inability of one of the competitors to finalize the agreement has posed challenges in determining the exchange rate between the Egyptian pound and the U.S. dollar. This acquisition is part of Egypt's initial public offering (IPO) strategy, which aims to attract foreign currency through the offering of shares from 35 state-owned companies.

Minister of Finance Mohamed Maait issued the executive regulations of the Unified Public Finance Law, which aims to ensure optimal utilization of the state’s resources. The regulations include the procedures and rules for preparing the medium-term budget framework, which was introduced by the unified public finance law. The regulations also set controls for the governance of funds and private accounts after the Unified Public Finance Law came into force. The law and the executive regulations also set controls and conditions for those who work in the budget, financial affairs, and accounts departments. The executive regulations clearly define the responsibilities and competencies of the representatives of the Ministry of Finance in the administrative bodies.

Tuesday 27 February 2024 10:00 AMA recent survey by inDrive City to City has shed light on the travel habits and preferences of Egyptians, offering valuable insights for those planning trips within the country. The survey reveals a strong emphasis on family ties, with 60% of respondents highlighting family visits as a primary reason for intercity travel. The survey also highlights Egyptians’ preference for spontaneity when planning trips. When choosing their mode of transport, safety (64%), comfort (55%), and price (55%) are equally important factors for Egyptians. “As Egyptians prepare to travel, ensuring a smooth and enjoyable journey, especially during family reunions, is crucial.

(Reuters) - Leaders Al-Hilal set the record for consecutive victories in the Saudi Pro League with a 2-0 win over hosts Al-Ettifaq on Monday. The Saudi giants are seven points clear at the top of the standings with 59 points from 21 matches, ahead of Cristiano Ronaldo's Al-Nassr, who beat Al-Shabab 3-2 on Sunday. Coach Jorge Jesus' team have achieved 14 consecutive victories in the league, ending Al-Nassr's previous record of winning 13 matches from November 2013 until February 2014. Sergej Milinkovic-Savic gave Al-Hilal the lead in the 40th minute with a header after a corner. Salem Al Dawsari added the second goal from close range in first half added time.

Ahmed El Sheikh, the Chairperson of the Egyptian Exchange (EGX), said that the stock exchange plays a vital role in supporting the national economy. The most important of these items are developing financial rules and promoting financial literacy, in coordination with the Financial Regulatory Authority (FRA). He stated that the main goal of EGX is to provide strong tradable securities that benefit the listed companies. He said that having a large number of listed companies is not enough, as they need to be actively traded. He noted that in the past, there were about two thousand listed companies, but only a small percentage of them were tradable.

He added that increasing competition among companies is one of GAFI’s tasks, as it ensures more attractiveness for large-scale foreign investments. Heiba said that a special unit has been established to grant the golden licence, which has already started its work. The golden licence is issued within a maximum period of 20 days, in addition to coordinating with all government agencies to grant the licence with the least effort and time for the investor. Heiba noted that GAFI has prioritized accelerating the digital transformation, and launched an integrated platform for investment in Egypt. He noted that these reforms have resulted in increased foreign investment flows in Egypt, as net foreign direct investment flows in Egypt rose to $10bn in the last fiscal year 2022-2023, with a growth rate of 12.3% compared to the previous fiscal year.

Furthermore, El Sheikh announced the launch of a new “Development Market” catering to companies seeking direct listing or facing compulsory delisting. He also emphasized the importance of investor relations training and collaboration with the FRA to enhance information transparency. Hossam Heiba, CEO of GAFI, emphasized the urgency of attracting new investments, both local and foreign, to fuel economic growth. Moreover, reforms include launching a digital platform for investment procedures, including the application for the “golden license,” which grants expedited approvals. The summit provided a platform for key stakeholders in the Egyptian financial sector to discuss critical issues and outline their strategies for promoting sustainable economic development through structural reforms and collaborative efforts.