The minister confirmed that there is no going back from the decision to localize industry in Egypt. This came during a session on the localization of the transportation industry in Egypt, within the activities of the third day of the International Exhibition and Conference for Smart Transport, Infrastructure and Logistics for the Middle East and Africa TRANSMEA2023. He added that Egypt strongly focuses on the transportation industries and their localization, pointing out that President Sisi’s directives are clear in this regard, and that Egypt is announced that it will not import buses from abroad and will manufacture them with national companies in cooperation with international companies. He further explained that at the current stage, Egypt will not contract or import new vehicles. The minister pointed out that there are attempts to manufacture train spark plugs with international companies to manufacture them inside Egypt, and we are also waiting for the manufacture of wheels for wagons, so that we can nationalize all transportation industries in Egypt.

Standard Chartered has appointed Mohammed Gad as the Chief Executive Officer of its newly established branch in Egypt, effective immediately. Gad is the first CEO of the branch, which received its full banking license from the Central Bank of Egypt in November 2022. Before that, Standard Chartered operated a representative office in the country. Gad has over 22 years of banking experience and joined Standard Chartered in 2012. Boutros Klink, CEO of Standard Chartered Middle East (excluding UAE), said: “Mohammed has extensive expertise in the region and a strong track record.

Minister of Finance Mohamed Maait has confirmed the government’s commitment to maintaining a stable tax policy that would encourage local and foreign investment, create more jobs, and improve the living standards of citizens. He said that the government wants to enable the private sector to make the best use of the available resources and the promising investment opportunities, with the support of a strong political will and a modern infrastructure. Ahmed El-Wakil, the President of the Federation of Chambers of Commerce, expressed his appreciation for the Minister of Finance’s continuous keenness to listen to the business community in its various sectors, which leads to strengthening the relationship between the government and the private sector and contributes to achieving the national goals and strategic objectives. He noted that the stability of the tax policy contributes to stimulating local and foreign investment and creating a more conducive environment for growth, which helps in planning for future projects. The meeting was attended by Ehab Abu Aish, the Deputy Minister of Finance for General Treasury; Mona Nasser, the Assistant Minister of Finance for Follow-up and Management of Customs Development Projects; Rami Youssef, the Assistant Minister of Finance for Tax Policies and Development; Al-Shahat Ghaturi, the Head of Customs Authority; Fayez El-Debaany, the Head of Tax Authority; Sayed Saqr, the Deputy Head of Tax Authority; Nisreen Lashin, the General Manager of the General Investor Services Administration; and Alaa Ezz, the Secretary-General of the Federation of Chambers of Commerce.

CAIRO – 6 November 2023: Egypt’s President Abdel Fattah El Sisi received a phone call from President of the European Commission, Ursula von der Leyen to discuss developments in Gaza. Spokesperson for the Presidency, Ahmed Fahmy, said the phone call focused on developments in the Israeli military escalation in Gaza. President El-Sisi and President von der Leyen reviewed efforts underway to deliver the largest amount of humanitarian aid to the people of Gaza, given the deteriorating humanitarian situation in the Strip. President El-Sisi confirmed that Egypt’s unyielding and relentless efforts to coordinate international humanitarian relief are not substitute for the imperative need for an immediate ceasefire. President Sisi reiterated Egypt’s unequivocal rejection of liquidating the Palestinian issue without a just solution, by displacing the Palestinians from the Gaza Strip to Egypt.

The spokesperson for the Izz al-Din al-Qassam Brigades, the military wing of Hamas, Abu Ubaida, announced that the brigades’ fighters had destroyed 27 Israeli military vehicles, either completely or partially, in the last 48 hours. He said on Monday that the Israeli forces that had penetrated the northwest and south of Gaza City were also targeted with mortar shells and that direct confrontations occurred with the enemy forces. He mentioned that a group of Israeli soldiers near Erez was also hit with mortar shells. Gunfire and violent clashes were heard on the fronts of the incursion between the Palestinian factions and the Israeli forces. The Israeli aircraft, artillery, and warships carried out more than 100 raids on Gaza City and the northern Gaza Strip in the past hours, targeting residential buildings, roads, and agricultural lands in an unprecedented way.

The Israeli aggression on the Gaza Strip has claimed the lives of 10,022 Palestinians as of Monday, according to the Ministry of Health in Gaza. The spokesperson for the ministry, Ashraf Al-Qudra, said that the Israeli forces committed 19 massacres in the last hours, killing 292 people. He also called for the evacuation of thousands of wounded from the Gaza Strip to Egypt and other Arab countries. It said that the Israeli forces cut off telephone and internet services before the attack. The Israeli forces also raided the area near the Indonesian Hospital, north of the Gaza Strip.

(MENAFN- Daily News Egypt) The Central Bank of Egypt (CBE) reported on Sunday that its international reserves rose to $35 in October 2023, up from $34 in September, marking an increase of $131m. The reserves consist of a basket of major international currencies, gold, and special drawing rights (SDR). According to the CBE, the value of gold in the reserves increased by $454m to $8 in October, while the value of foreign exchange reserves decreased by $664m to $26. Egypt's foreign reserves are used to provide essential commodities, repay external debt obligations, and deal with economic crises in exceptional circumstances. The composition of the reserves is based on the exchange rates and stability of the currencies in the international markets, and it changes according to a plan set by the CBE officials.

Egypt - A delegation of Schneider Electric company, led by Oliver Blum, Executive Vice President of Energy Management Business Worldwide, visited the Administrative Capital for Urban Development (ACUD) company and met with its Chairperson and Managing Director Khaled Abbas. The meeting focused on the development progress of the New Administrative Capital (NAC) city and the potential cooperation and investment opportunities between the ACUD and Schneider Electric. Abbas showcased the achievements of the NAC project and expressed the ACUD’s readiness to partner with Schneider Electric by presenting the available investment opportunities that would benefit both parties. The visiting delegation praised the accomplishments of the NAC project in a short time and expressed their interest in exploring cooperation opportunities, as Schneider Electric plans to launch seven new projects in the period between 2023 and 2025. ACUD has increased its assets to EGP 255bn, thanks to the government’s support and the high construction rates in the project.

After meeting with the South Sudanese president in Cairo, Sisi said in a press conference with Kiir that they agreed on urging the various Sudanese parties to prioritize supreme national interests of Sudan over personal interests. Sisi added that such personal interests and foreign interference would deepen and extend the crisis and increase the suffering of the Sudanese people. “We have affirmed that Egypt and South Sudan have a pivotal role in the Sudanese crisis with the necessity of not ignoring any initiatives or endeavors made to settle the crisis,” Sisi said durig the presser. “We also emphasized the centrality of the path of neighboring countries and the results of its meetings in settling the crisis,” Sisi added. The Egyptian president stressed his country’s full support for the efforts of Kiir and all South Sudanese parties to achieve peace in the country.

Each of these stocks has attracted investors during the monitoring period due to fundamental events at the company level or the sector they belong to. Memphis Pharmaceuticals and Chemical Industries stocksMemphis Pharmaceuticals shares increased by 194.9% during the period from January to October 2023, rising to EGP 56.04 compared to EGP 19. Delta Sugar Company stocksDelta Sugar shares benefited from the global sugar crisis in 2023, as sugar prices rose by 60%. The stock price at the end of October reached EGP 64.18, compared to EGP 24.21 at the end of January. The company took advantage of the sugar crisis and the production pressures it faced in 2023 to increase its revenues through the price increase.

A Palestinian child killed, and his hand is seen among the rubble after Israeli airstrikes bombed hospitals in Gaza Strip - fileCAIRO - 6 November 2023: Al-Qahira News TV channel reported, in breaking news, that South Africa is summoning all its diplomats in Israel for consultations. This comes after the escalation by Israel, and its continous strikes on Gaza, leaving more than 9000 civilians killed. Earlier, the Chadian Foreign Ministry announced the summoning of the Chargé d'Affairs in Israel for consultations due to "the killing of innocent civilians in the Gaza Strip." A total of 9,425 Palestinians (including 3,900 children and 2,509 women) have been killed in the Gaza Strip by the ongoing Israeli airstrikes, while the number of the injured in the strip reached about 26,200 people, according to the Palestinian Ministry of Health said.

loading…The official spokesman for the Al-Qassam Brigades, Hamas’ military wing, Abu Ubaida. The official spokesman for the Al-Qassam Brigades, Hamas’ military wing, Abu Ubaida emphasized this as Israel’s genocide in Gaza continues. He added that their fighters destroyed 24 Israeli military vehicles and engaged in close combat with enemy forces northwest and south of Gaza City and Beit Hanoun. Meanwhile, Israeli Defense Minister Yoav Galant said on Saturday that the Israeli army was facing fierce and difficult fighting in Gaza and was expanding its ground invasion. He also said, “We face very difficult days ahead.”Galant claims Hamas suffered heavy losses from Israeli soldiers who were determined to eliminate Yahya Al-Sinwar, the leader of Hamas in Gaza.

The Chemical and Fertilizers Export Council (CFEC) and Tankoil Group have entered into a cooperation agreement to assist CFEC member companies in exporting their chemical products and fertilizers to various markets around the world. The agreement aims to provide inspection, testing, conformity, and certification services for the exported products, ensuring their quality and compliance with international standards. The Executive Director of CFEC, Mohamed Mageed, said that the agreement with Tankoil is a significant step to facilitate the access of Egyptian exports to global markets and to support the exporters with reliable and accurate services. He added that the agreement will also help in analyzing the chemical products and matching them with the demand and specifications of the importing countries. The CEO of Tankoil Group, Ayman El Tatawy, said that the agreement is in line with the state’s strategic direction to boost exports and increase the contribution of non-petroleum products to the GDP.

The death toll from the Israeli aggression on Gaza reached 9,770 on Sunday, the 30th day of the ongoing conflict. Among the victims, 4,800 were children and 2,550 were women, according to the Ministry of Health in Gaza. The ministry also reported that 24,808 people were wounded and 2,660 were missing, including 1,270 children. He added that the Israeli occupation forces committed 24 massacres in the past hours, killing 243 Palestinians. He said that the Israeli occupation was lying about allowing safe passages and was using them to attack the Palestinians.

Egypt’s Prime Minister Mostafa Madbouly announced that the government plans to offer the management and operation of airports to the private sector in the coming period. In his remarks, Madbouly emphasized the Egyptian government’s interest in partnering with the private sector in the transportation sector. He stressed that the government is keen to have the private sector manage and operate transportation projects after they are completed. “We are certain that the private sector is best suited to manage and operate various projects and facilities, whether sea ports or dry ports,” Madbouly said. “We intend to offer the management and operation of airports to the private sector in the coming period.”He added that the government is also keen to explore partnership opportunities with the private sector in managing and operating mass transit lines.