Parliamentary delegation headed by Speaker visits China

Speaker of the House of Representatives Ali Abdel Aal in a meeting with the head of the Shanghai Municipal Committee of the Communist Party of China (CPC). June 17, 2019. Press PhotoCAIRO - 18 June 2019: Speaker of the House of Representatives Ali Abdel Aal presided a parliamentary delegation in a visit to China and met on Tuesday Chairman of the 13th Chinese People’s Political Consultative Conference’s (CPPCC) National Committee Wang Yang.Speaker Abdel Aal presented the role of the House of Representatives in laws promulgation, and monitoring of the government. The Speaker highlighted that the state is currently experiencing a legislative revolution to cope with the economic reform program adopted by Egypt.Abdel Aal said that the visit came in time where the Egyptian and Chinese relations are witnessing momentum on all levels praising the cooperation between both countries in the field of counterterrorism.The Speaker expressed appreciation for the economic ties between China and Egypt, pointing out that the Belt and Road Initiative (BRI) mirror the shared views of both countries on the salience of reinforcing international trade.On his side, Yang welcomed the delegation and said that China perceives Egypt as a strategic partner and friend because of the proximity of visions on international and regional matters of mutual interest.The delegation had met on Monday the head of the Shanghai Municipal Committee of the Communist Party of China (CPC) as she presented the city’s economic experience, particularly in the sector of organizing international fairs where Egypt takes part regularly.

Source:Egypt Today

June 18, 2019 15:45 UTC


Naguib Mahfouz museum to be officially launched end of June

Halls within the Naguib Mahfouz Museum – Photo courtesy of Ministry of Culture press releaseHalls within the Naguib Mahfouz Museum – Photo courtesy of Ministry of Culture press releaseHalls within the Naguib Mahfouz Museum – Photo courtesy of Ministry of Culture press releaseCAIRO - 18 June 2019: Minister of Culture Inas Abdel Dayem inspected the Naguib Mahfouz Museum at the Tkeit Abu el-Dahab building in Al-Azhar district, in preparation for its opening at the end of June.The opening of the much anticipated museum comes in conjunction with Egypt’s celebrations of the June 30 revolution, in the presence of the veteran writer Yusuf Al-Qaid, head of the Cultural Development Fund Dr. Fathi Abdel Wahab and head of the Civil Coordination Authority Mohammed Abu Saada.Abdel Dayem stated that the Ministry of Culture faced many challenges until the completion of all the works and equipment of the Naguib Mahfouz Museum; stressing that what has been achieved is a pride for all Egyptians, as it also embodies the nation's belief in the need to preserve the historical vocabulary that formed its soft power through its prominent writers throughout history.The Minister of Culture also referred to re-shaping and beautification of the area facing the museum through a mural carried out by the National Authority for the coordination of civilization in cooperation with the province of Cairo.The Naguib Mahfouz Museum consists of two floors, the first hosts halls for seminars, a Visual/ sound library, a public library and a library of critical research including the most important researches and studies on the work of Naguib Mahfouz.The second floor includes a suite of decorations and certificates obtained by the late writer, and another for his personal belongings with some papers written in his own handwriting, in addition to the Hall of literature, which includes all the works of Naguib Mahfouz in their old and new prints, along with all the writer’s translated works next to a cinema hall and several other halls.

Source:Egypt Today

June 18, 2019 15:11 UTC


Orascom Development sells 87% of its stake in Tamweel for LE360M

FILE – Orascom DevelopmentCAIRO – 18 June 2019: Orascom Development Egypt (ODE) announced the conclusion of the sale its 87 percent equity stake in Tamweel Group for a total of LE 360 million to Ebtikar for Financial Investment S.A.E (“Ebtikar”), TCV1 and Acquire for Investment S.A.E.Orascom Development clarified Tuesday that Ebtikar is a joint venture between MM Group for Industry and International Trade S.A.E and B Investments Holding S.A.E.According to ODE’s statement, the share transfer has been executed after obtaining all necessary approvals and ODE will now start receiving the LE 313 million cash proceeds.“The cash proceeds resulted from the sale is geared towards the company’s earlier communicated debt reduction plan, which entails further reducing the outstanding debt balance in 2019 and thus enhancing the balance sheet,” the statement read.During the first quarter of 2019, Orascom Development recorded a 34 percent-increase in its consolidated profits, recording LE 111.33 million, compared to LE 83.08 million during the same quarter of 2018.As per standalone results, the company turned into profitability by LE 27.48 million during the first quarter of 2019, compared to a loss of LE 45.95 million during the first quarter of 2018.Orascom Development Egypt operates within the consumer services sector focusing on hotels, resorts and cruise lines with 52 subsidiaries operating across Northern Africa, Middle East and southern Europe.

Source:Egypt Today

June 18, 2019 15:00 UTC


Egypt, Mediterranean Union to implement more than 20 projects

FILE - Ministry of Industry and Trade LogoCAIRO – 18 June 2019: The Ministry of Industry and Trade revealed that the cooperation and development partnership between Egypt and the Union for the Mediterranean includes the implementation of more than 20 projects in the fields of business development and employment, higher education, scientific research, transport and urban development.Speaking at the EU-Mediterranean Business Forum to promote business and trade in the Euro-Mediterranean region, a ministry official said that these projects as regional projects aim at making a positive impact on a wide range of beneficiaries, with a focus on young people and women, such as projects of the Agadir Small and Medium Enterprises Program, Empowerment of Women and the Imbaba Urban Development Project.He stressed that Egypt is always ready for regional and international cooperation, enhancing the Union's active role through cooperation between the South-South countries and also through the tripartite cooperation formula. “The Union is a distinctive route for regional cooperation within the MENA region.”He pointed to the support of the German Agency for International Cooperation (GIZ) for the signatories to the Agadir Agreement through technical training and capacity building.In 2004, Egypt signed Agadir Agreement which is a free trade agreement between four Arab countries: Egypt, Jordan, Morocco and Tunisia. The agreement which came into force in 2007 helped enhance the trade exchange between the four countries.

Source:Egypt Today

June 18, 2019 15:00 UTC


Egyptian organization selling pushes EGX into red

FILE – EGXCAIRO - 18 June 2019: The Egyptian Exchange (EGX) ended Tuesday’s session in red, losing about LE 3.35 billion of market capitalization, amid Egyptian organization selling.The benchmark EGX 30 declined 0.27 percent, or 38.35 points, to close at 14,202.86 points.The equally weighted index EGX 50 decreased 0.81 percent, or 17.29 points, to close at 2,104.46 points.The small and mid-cap index EGX 70 decreased 0.29 percent, or 1.78 points, to close at 604.25 points, and the broader index EGX 100 inched down 0.32 percent, or 5.02 point, to 1,544.13 points.Market capitalization lost LE 3.35 billion, recording LE 757.03 billion, compared to LE 760.38 billion in Monday’s session.The trading volume reached 80.04 million shares, traded through 13,164 transactions, with a turnover of LE 569.21 million.Egyptian investors were net sellers at LE 140.99 million, while Arab and foreign investors were net buyers at LE 3.17 million, and LE 137.82 million, respectively.Egyptian and foreign individuals were net buyers at LE 22.65 million and LE 927,247, respectively, while Arab individuals were sellers at LE 739,446.Arab and foreign organizations bought at LE 3.91 million and LE 136.9 million, respectively, while Egyptian organizations sold at LE 163.64 million.Upper Flour Mills, El Nasr for Manufacturing Agricultural Crops and Misr Cement (Qena) were top gainers of the session by 5.72 percent, 3.20 percent and 3.14 percent, respectively.Meanwhile, Arabia Investments Holding, Delta Insurance, and Arab Real Estate Investment CO.-ALICO were top losers of the session by 8.15 percent, 5.39 percent, and 4.44 percent, respectively.EGX ended Monday’s session on mixed note, as EGX30 rose 0.22 percent, and EGX50 increased 0.04 percent, while EGX70 dr0pped 0.10 percent, and EGX100 inched down 0.04 percent.

Source:Egypt Today

June 18, 2019 15:00 UTC


El Dibany the 1st Egyptian to win the best opera singer from Paris Opera House

File - Soprano Farrah El Dibany. CAIRO – 18 June 2019: Soprano Farrah El Dibany is the first Egyptian to win the “Prix Lyrique de l’AROP”, the best opera singer award from the Paris Opera House, according to Opera de Paris.This important annual international award is tailor made to uprising opera singers and is granted to one female and one male soprano.El Dibany joined the Paris Opera House in 2016. She is the first Egyptian resident of the Paris Opera House.She sang a song from the show “Carmen” by Bizet at the awards ceremony in the presence of Egyptian and French officials.In 2017 El Dibany performed along with Opera singer Jean-Francois Marras in a concert to celebrate a partnership between the National Paris Opera House and Huawei.Shw went to different classical institutions to represent the venue including the Bolshoi Theater in Moscow, the Biennale dell’Arte at the French Pavilion in Venice, the Cairo Opera House and Alexandria Opera House.She was awarded the Wagner Prize for excellence in opera. El Dibany on her official facebook page expressed the deep honor she feels to appear in a trailer that celebrates her partnership with the National Paris Opera house. The trailer was directed by a team led by Audrey Mascina.The sopranos’s performance in Carmen in 2015 succeeded in snatching the title of “Best Upcoming Young Opera Singer”, decided by a survey generated by the “Opernwelt” magazine yearbook, Women of Egypt reported.El Dibany is among the juries of the German music competition Jugend Musiziert in the national round of the Eastern Mediterranean region.

Source:Egypt Today

June 18, 2019 15:00 UTC


Uganda national team arrives in Cairo

File- Uganda national teamCAIRO – 18 June 2019: Uganda national team delegation arrived on Monday night in Cairo ahead of their participation in 2019 African Cup of Nations.The team prepared for the competition in the UAE where they played two friendly games against Turkmenistan and Ivory coast.Mamelodi Sundowns veteran goalkeeper, Denis Onyango, leads the squad that will appear in the tournament for the seventh time in the history.Uganda’s best achievement at the tournament came in 1978 when they finished second after losing the final to Ghana.Desabre’s chosen squad for the tournament consists of:Goalkeepers: Denis Onyango (Mamelodi Sundowns, South Africa), Jamal Salim (Al Hilal-Sudan), Robert Odongkara (Adama City, Ethiopia)Defenders: Nico Wakiro Wadada (Azam, Tanzania), Brian Ronald Ddungu Mukiibi (Ostersunds, Sweden), Murushid Jjuuko (Simba, Tanzania), Bevis Mugabi (Yeovil Town, England), Isaac Muleme (FK Viktoria Zizkov, Czech Republic), Hassan Wasswa Mawanda (Un attached), Joseph Ochaya (TP Mazembe, DR Congo), Timothy Denis Awanyi (KCCA FC, Uganda), Godfrey Walusimbi (Un-attached)Midfielders: Mike Azira (Montreal Impact, Canada), Allan Kateregga (Maritzburg, South Africa), William Kizito Luwagga (Shakhter Karagandy, Kazakhstan), Khalid Aucho (Church Hill Brothers, India), Faruku Miya (HNK Gorica, Croatia), Abdul Lumala (Syrianska, Sweden), Tadeo Lwanga (Vipers SC-Uganda)Strikers: Patrick Henry Kaddu (KCCA FC, Uganda), Derrick Nsibambi (Smouha, Egypt), Allan Kyambadde (KCCA FC Uganda), Emmanuel Arnold Okwi (Simba, Tanzania)Uganda plays in Group A alongside Egypt, Democratic Republic of Congo and Zimbabwe.

Source:Egypt Today

June 18, 2019 13:18 UTC


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