CAIRO – 11 January 2024: President Abdel Fattah El-Sisi received Thursday a phone call from Prime Minister of the United Kingdom Rishi Sunak as they discussed regional developments, particularly the Gaza War. The two leaders tackled ongoing endeavors to push towards a ceasefire, protect civilians, and achieve an exchange of captives. President El-Sisi stressed the international community's responsibility to ensure the supply of relief aid to Palestinians in Gaza Strip and ending their long humanitarian suffering. The call also touched on the navigation security in the Red Sea region, as well as the importance of intensive work to avoid the expansion of the scope of conflict in the region.

The competition for attracting investors’ funds among various investment channels is intensifying, with conflicting opinions on the attractiveness of the stock market. Mahmoud Nagla, the CEO of Money Market and Fixed Income at Al Ahly Financial Investments, believes that the new CDs with a 27% return will affect the appetite of investors in money market and fixed income funds. Nagla emphasizes that the appeal of the 27% certificates might not be universal, as different investors have diverse preferences. He ranks the best investment options as follows: stock market, real estate, gold, and high-yield certificates. In conclusion, the impact of the new certificates on the stock market remains uncertain, and investors’ choices are influenced by various factors, including risk tolerance, financial goals, and market conditions.

The Egyptian government decided to include 61 new companies in its IPO programme, from which exiting could be faster than others. It concluded that four main sectors were prioritized in the government proposal programme. The sources also said that the inclusion results identified 61 new government companies, including several banks that the government would offer either for sale to strategic investors or whose stakes it would offer on EGX. The sources confirmed that the new companies listed would be different from the list of 32 companies previously announced by the Prime Minister to be included in the IPO programme. Last February, the government announced an IPO programme that included 32 companies to be offered.

The governments of the United States, Australia, Bahrain, Belgium, Canada, Denmark, Germany, Italy, Japan, the Netherlands, New Zealand and the United Kingdom stated on Wednesday calling on the Houthis to immediately cease what they described as unlawful attacks and to release ships with their crews illegally detained. In the statement, the signatories held the Houthis responsible for the consequences “if they continue to threaten lives, the global economy, and the free flow of trade in the region’s vital waterways.”In response, the spokesperson of the Houthi movement in Yemen, Yahia Sarea said that the naval forces, the missile force, and the drone force of the Yemeni armed forces carried out a joint military operation with a large number of ballistic and naval missiles and drones, targeting an “American ship that was providing support to the Zionist entity.”Sarea said in a tweet in X that the operation was a preliminary response to the malicious attack on the Yemeni naval forces “by American enemy forces” on Sunday. “The Yemeni Armed Forces affirm that they will not hesitate to respond appropriately to all hostile threats within the right of our legitimate defence of our country, people, and nation,” he stated. This is the 26th Houthi attack on commercial shipping lanes in the Red Sea since 19 November. There were no injuries or damage reported

CAIRO -10 January 2024: Egypt’s President Abdel Fattah El Sisi participated, Wednesday in an Egyptian-Jordanian-Palestinian Summit in the city of Al-ʿAqabah, Jordan. Spokesman for the Presidency, Ahmed Fahmy, said the summit convened at a crucial moment for the Arab region. During the summit, President El-Sisi highlighted Egypt’s tireless efforts to open dialogue with all parties to reach an immediate and urgent ceasefire in Gaza. The three leaders agreed on the unequivocal and categorical rejection of any endeavors, attempts or proposals that aim to liquidate the Palestinian issue or forcibly displace the Palestinian people outside their land. The summit also reaffirmed full and unshakable support for the Palestinian National Authority to enable it to assume its tasks and protect the Palestinian people against the violations they have been enduring across the Palestinian territories.

A high-level Egyptian delegation, led by Central Bank Governor Hassan Abdalla, Finance Minister Mohamed Maait, and International Cooperation Minister Rania Al-Mashat, held crucial meetings in Washington with International Monetary Fund (IMF) chief Kristalina Georgieva and US Treasury Secretary Janet Yellen. The visit aimed to strengthen bilateral cooperation and progress on expanding Egypt’s $3bn IMF loan program, currently stalled due to currency and asset sale reforms. They expressed eagerness to finalize the IMF program and deepen bilateral economic ties with the United States. Secretary Yellen reaffirmed strong US support for Egypt’s reform program, underscoring the goal of bolstering Egypt’s economy and supporting inclusive, sustainable growth. Disbursements of $700m of the IMF loan were delayed in 2023 due to lack of progress, but IMF talks to expand the loan amid regional risks offer a potential olive branch.

A consortium led by Saudi Arabia’s ACWA Power signed on Wednesday a monumental usufruct agreement for a 1.1-gigawatt wind energy project with $1.5bn of investment, according to a statement by the Egyptian cabinet. The New and Renewable Energy Authority (NREA) partnered with an alliance led by global leader ACWA Power, joined by Hassan Allam Utilities, to bring this ambitious project to life. Mohamed Al-Khayyat, Chairperson of NREA, inked the agreement alongside Mohamed Hamdouch, ACWA Power’s Vice President for business development. Thomas Brostrom, ACWA Power’s Chief Investment Officer, and Hassan Amin, Director of ACWA Power Egypt, were also present, along with Dalia Wahba, CEO of Hassan Allam Utilities. Furthermore, ACWA Power’s Chief Investment Officer, Thomas Brostrom, revealed the project’s cutting-edge design.

We’ve got you covered (pun intended) because we chose some of the best local brands that definitely keep us warm in style during winter, so let's check them out! This brand sells wearable blankets that are made of 100% cotton which are perfect for cold winter nights. BlankoutEstablished in 2020, this brand also has cute wearable blankets but with a creative touch as they have multiple cool prints to them like the starry night, marvel and harry potter blankets. Fleeky has a beautiful range of products that are of high-quality like the winter pajamas and onesies. The brand also sells some cute winter slippers.

CAIRO – 10 January 2024: President Abdel Fattah El-Sisi is heading to the Jordanian city of Aqaba to attend the three-way summit between Egypt, Jordan, and Palestine. The summit, which is set to bring together President Sisi, King Abdullah II of Jordan, and Palestinian President Mahmoud Abbas, will discuss the Israeli escalation in Gaza, the Egyptian Presidential spokesman said in a statement. The summit also aims to boost efforts aiming to achieve a ceasefire in the strip and save the people in Gaza from the ongoing humanitarian tragedy, the spokesman added. During the summit, President Sisi will highlight the ongoing Egyptian efforts to achieve ceasefire and ensure delivery of humanitarian aid. He will also underscore Egypt’s vision to achieve a comprehensive and fair solution to the Palestinian cause.

The Financial Regulatory Authority (FRA) is streamlining the path for fintech startups in Egypt with the issuance of Decision No. This decision outlines clear regulations and procedures for establishing and licensing startups involved in non-banking financial activities, fostering growth in the sector and boosting the national economy. 5 of 2022, which regulates and promotes the use of financial technology in non-banking financial activities. It is also in accordance with the FRA’s Decision No. 58 of 2022, which specifies the conditions and procedures for the establishment, licensing, and approval of companies engaging in non-banking financial activities through financial technology.

Egypt - Beltone Investment Management, a subsidiary of Beltone Financial Holding, has received initial approval from the Financial Regulatory Authority (FRA) to establish a gold investment fund, sources told Daily News Egypt. They added that the fund will be traded on the Egyptian Exchange after its establishment and that Beltone aims to diversify its managed assets and launch various funds to attract more investors shortly. Mohamed Farid, the head of the FRA, said that the regulation issued by the authority mainly aims to support the state’s efforts to enhance financial and investment inclusion by diversifying investment options for all citizens. He pointed out that the regulation also aims to protect the rights of all participants by regulating the operations of the investment fund in metals and the relationship between the fund and the document holders. He stressed that investment funds in metals, especially gold, offer investment and saving opportunities that suit the needs of different segments of society and help them hedge against price fluctuations by participating in organized and secure investments.

Egypt’s plastic products accounted for 27% of the total exports of the chemical and fertilizers sector, with a value of $1.75bn, the Chemical and Fertilizers Export Council (CEC) revealed. The CEC announced the opening of the PLASTEX 2024 and the Egypt Plast 2024 exhibitions, under the patronage of Prime Minister Mostafa Madbouly and Minister of Trade and Industry Ahmed Samir, on Tuesday at the Egypt Expo and Convention Authority. The exhibitions, which will run until 12 January, will cover 30,000 sqm in three halls, showcasing intermediate and final products of plastics, petrochemical raw materials, and equipment. The CEC said that 118 companies are participating in the Egypt Plast exhibition, and 242 companies in the PLASTEX exhibition, along with 12 countries, including China, Turkey, Taiwan, India, Saudi Arabia, UAE, Oman, Morocco, and Italy. The CEC added that, following the Ministry’s directives to promote the culture of participation in specialized exhibitions, it supports five small and micro Egyptian companies, and offers 15 training courses for the plastics industry on the sidelines of the exhibitions.

Sources close to the situation told DNE that initial negotiations are underway between the government and OIA to acquire the bank and that a delegation from the agency visited the bank earlier this week. The bank’s shares closed at a high point at the end of last Thursday’s trading, with a price level of EGP 24.98 per share, up by about 6%. The bank plans to achieve a net return from loans and similar income of about EGP 7.09bn this year, compared to EGP 5.42bn in 2023. The bank expects its customer deposits to grow by EGP 10.6bn this year, reaching EGP 102.6bn by the end of 2024, compared to EGP 92.1bn last year. The bank plans to pay EGP 652m of the value of the New Administrative Capital building this year, bringing the total amount paid for the construction of the building to EGP 1.8bn.

The Ministry of Health in Gaza said that the Israeli aggression had killed 23,084 people and wounded 58,926 people since 7 October. The ministry said on Monday that the Israeli occupation forces had committed 17 massacres in the Gaza Strip, killing 249 people and injuring 510 people within 24 hours. The ministry added that hospitals in the southern Gaza Strip had lost their ability to treat the wounded in all departments, including intensive care. The Israeli army said that 19 soldiers had been injured during the past 24 hours in the ongoing battles in the Gaza Strip. This came while violent battles were taking place between the resistance and the occupation forces, especially in the central and southern Gaza Strip.

A senior Hezbollah commander and another member of the Shiite military group were killed on Monday in an Israeli drone attack targeting their car in the southern Lebanese village of Khirbet Selm, Hezbollah said in a statement. Wissam Hassan Tawil, a high-level commander from Hezbollah’s elite Radwan force, was killed along with Adham Cherri, in the Israeli attack earlier in the morning, said the military group. Confrontations on the Lebanon-Israel border intensified on Monday, with Israel targeting several Lebanese villages include Marwahin and Aita al-Shaab. At the same time, Hezbollah announced that its fighters struck the Israeli Ya’ara Barracks. The confrontations between Hezbollah and Israel have killed 209 on the Lebanese side, including 154 Hezbollah members and 35 civilians, according to Lebanese security sources.