Banque Misr arranges EGP 2.8bn worth of syndicated funding to Landmark Development
A banking alliance, led by Banque Misr, provided syndicated financing worth EGP 2.8bn to Landmark Developments Company, with the participation of EG Bank and Suez Canal Bank as lenders. He added that the bank is focusing on supporting real estate development companies and is keen on supporting and assisting real estate developers. He noted that the bank always seeks to provide multiple financing methods in the field of real estate financing, whether for individuals through financing residential units, or for real estate developers. Akif El Maghraby said that this partnership reflects the Suez Canal Bank’s keenness on supporting real estate development projects that add value to the national economy. She pointed out the bank’s pride in the strategic partnership with Landmark Group, resulting in many successesful real estate projects.
Source:Daily News Egypt
November 20, 2024 21:34 UTC
Nuclear power key to Egypt’s diversified energy strategy: Madbouly
Prime Minister Mostafa Madbouly reiterated Egypt’s interest in nuclear energy and its peaceful applications as key part of its diversified energy strategy. He highlighted the ongoing implementation of the El Dabaa Nuclear Power Plant project as part of achieving the state’s broader sustainable development goals. Madbouly chaired the weekly Cabinet meeting on Wednesday, during which several important topics and work files were discussed and reviewed. He noted that the meeting between President El-Sisi and Brazilian President Lula da Silva. Following their discussions, a joint statement was signed to elevate relations between the two countries to the level of strategic partnership.
Source:Daily News Egypt
November 20, 2024 21:13 UTC
Egypt's Ministry of Interior exposes LE 47 M money laundering cases
CAIRO - 20 November 2024: The Egyptian General Administration for Combating Economic Crimes has taken legal action against two individuals involved in separate money laundering schemes, with a combined value of approximately 47 million Egyptian pounds. In the first case, an employee of a company was found to have engaged in illicit activities, including embezzlement, and subsequently laundered the proceeds by purchasing real estate and vehicles. The estimated value of the illicit funds involved in this case is approximately 28 million Egyptian pounds. In a separate incident, another individual with a criminal record was accused of defrauding citizens through impersonation and then laundering the proceeds of these fraudulent activities. This individual allegedly laundered approximately 19 million Egyptian pounds by purchasing properties and establishing companies.
Source:Egypt Today
November 20, 2024 19:25 UTC
Egypt seeks to become regional, international hub for automotive industry: PM
The Prime Minister added in a press conference, that there is a great effort being made in the automotive manufacturing sector, stressing that Egypt aims at returning as a regional and international hub for the automotive industry. He explained that Egypt's participation in the G20 summit is the fourth participation, which reflects the extent of Egypt's appreciation and position within international blocs. He also noted that directions have been issued to all authorities to start converting government cars to operate on natural gas. Egypt’s Prime minister, said that Egypt's economy will be growing in 4 main sectors: "Agriculture - Industry - Tourism - Communications" during the coming period. Madbouly announced a new project for electrical interconnection between Egypt and Italy after finishing the electrical interconnection projects with Saudi Arabia and Greece.
Source:Egypt Today
November 20, 2024 17:33 UTC
Israel issues more than 1,000 arrest warrants for ultra-Orthodox draft avoiders
Israel’s military has issued 1,126 arrest warrants for ultra-Orthodox conscripts who have not responded to drafting orders, in a move likely to fuel discontent over a controversial decision to remove their decades-long exemption from service. The move is likely to fuel the discontent that has roiled the country since a Supreme Court ruling in June that ultra-Orthodox Jews could not be exempt from military service, as they have been since the founding of Israel. ‘Death rather than draft’Anger had been simmering among the ultra-Orthodox community even before the news of the arrest warrants. For many Haredis, the idea that they would be pulled from studying scripture and drafted into Israel’s military is simply out of the question. However, the community has since grown exponentially, allowing tens of thousands of ultra-Orthodox men to now avoid the draft.
Source:Egypt Independent
November 20, 2024 15:27 UTC
Trump’s turn to bask in Musk’s reflected glory
Musk, the Tesla and SpaceX visionary, has spent the last two weeks basking in Trump’s reflected glory at Mar-a-Lago. He’s around so much it’s almost like he’s family, and he even made it into a photo of Trump’s extended clan. Trump’s growing cultural cloutTrump’s visit to Musk’s launchpad was also the latest occasion since the election when he has inserted himself into high-profile photo-ops. The hit perhaps reflects Trump’s starry-eyed infatuation with Musk’s amazing array of spaceships and limitless ambition. With Musk, Trump might get more than he bargained for.
Source:Egypt Independent
November 20, 2024 15:27 UTC
Engineering exports surge 25.6% to $3.9bn in 9M 2024
Egypt’s engineering exports surged by 25.6% to $3.9bn in the first nine months of 2024, compared to $3.1bn during the same period in 2023. The monthly report from the Engineering Export Council of Egypt revealed a 15% increase in exports for September 2024 compared to the same month in 2023, amounting to $446.2m compared to $387.7m. Sherif El-Sayyad, the Chairperson of the Engineering Export Council of Egypt, announced that the council aims to achieve export levels of $5.25bn by the end of 2024 and is targeting $6bn in 2025. He noted that the council’s plan seeks an annual growth rate of no less than 20%, significantly contributing to the state’s goal of reaching $145bn in total exports. The main destinations for increased engineering exports during the same period include: Europe, with notable growth in the United Kingdom, Turkey, France, Germany, Georgia, Italy, the Czech Republic, Spain, Ireland, and Slovenia.
Source:Daily News Egypt
November 20, 2024 03:50 UTC
Era of Financial Power: Trump and Musk’s Alliance Signals a New Phase in American Politics
This success occurred against a backdrop of a lengthy list of financial, sexual, and political scandals in which he was allegedly involved. Trump, having thoroughly analyzed the pre-election landscape, understands the critical role of financial resources in reclaiming the vision of American power. In any case, the American political landscape is now poised for billionaire Elon Musk to exert his influence. There are ongoing discussions in Washington regarding the expected role of “MAGA” supporters, led by Trump and billionaire Elon Musk. This comes in the wake of Musk’s participation in a phone call between President-elect Trump and Ukrainian President Volodymyr Zelensky.
Source:Daily News Egypt
November 20, 2024 02:40 UTC
Rabid stray dog attacks 16 people in Assiut
A rabid dog bit 16 people, most of them children, aged between two and 12, in Manfalut Center, Assiut Governorate, on Saturday evening. They were transferred by ambulance to Manfalut General Hospital to receive the necessary treatment. The Director of Assiut Security Wael Nassar received a notification from Manfalut General Hospital police point on the incident, and that the victims were being provided with the necessary first aid. The Undersecretary of the Health Directorate for Preventive Affairs in Assiut, Ahmed Sayed Moussa, said that all of the victims had been received and given the rabies vaccine, with eight cases having been transferred to al-Quseyya Hospital to receive the serum.
Source:Egypt Independent
November 19, 2024 16:28 UTC
Ajna Developments launches Eastville with EGP 5bn investment in New Cairo
Ajna Developments has announced the launch of its latest project, Eastville, located in New Cairo’s Fifth Settlement. This reflects Ajna Developments’ commitment to delivering innovative, high-quality real estate products aimed at creating integrated urban communities that align with Egypt’s Vision 2030. Eastville features a range of facilities and comprehensive services, with modern designs that impart a unique urban character. It includes diverse residential units ranging from 190 to 290 sqm, located amid multiple lakes, with unit deliveries expected to begin in 2028. The company also highlighted the latest updates related to Carnelia project in Ain Sokhna, which spans 100 feddans and is located 160 meters above sea level.
Source:Daily News Egypt
November 19, 2024 14:58 UTC
Egypt eager for boosting cooperation with India on modern technology, human development
CAIRO – 19 November 2024: In a meeting with Indian President Droupadi Murmu, Egyptian Ambassador Kamel Galal expressed Egypt's interest in exchange of experience in the fields of information technology, pharmaceuticals, agriculture, human development and capacity-building, infrastructure, waste management, new and renewable energy, transport, smart cities, rural development, and slum elimination. The ambassador also stressed the importance of boosting trade exchange and joint investments, shedding light on the incentives offered by the Suez Canal Economic Zone (SCzone). Further, he noted that the two countries enjoy the capabilities to push forward collaboration and coordination among countries of the south. The ambassador's statements were made while submitting his letter of credence on Monday. On her side, the Indian president affirmed her country's keenness on bolstering relations with Egypt, commending its role in establishing peace and security in the Middle East and Africa.
Source:Egypt Today
November 19, 2024 12:30 UTC
Qualified entities for NBFC licences must have data protection systems: FRA
5 of 2022 regarding the regulation and development of the use of financial technology in non-banking financial activities. It aimed to regulate the use of financial technology in non-banking financial activities, followed by Resolution No. 141 of 2023, regarding the outsourcing registry in the areas of financial technology to practice non-banking financial activities. Farid stressed that financial technology and digitization of non-banking financial transactions enhance the capabilities of the non-banking financial sector. He added that financial technology is a major driver and incentive to facilitate access to and obtain non-banking financial services for all different segments of society.
Source:Daily News Egypt
November 19, 2024 08:40 UTC
Egypt’s automated tax systems fully secure against cyber threats: ETA
The Egyptian Tax Authority (ETA) said that its automated tax systems, including databases and information related to taxpayers and obligors, have not been subjected to cyber threats. It added that the privacy and security of its taxpayers’ information is crucial, hence, the Authority’s commitment to the highest standards of data protection and confidentiality. For that, it cooperates with international companies specializing in information security and tax administration technology. Moreover, the Authority regularly updates the protection and security systems to address any hacking attempts or electronic threats that may target the digital infrastructure. It encourages everyone to interact digitally safely and confidently, stressing that any rumours about tax data hacking are completely false.
Source:Daily News Egypt
November 19, 2024 02:30 UTC
Beltone Holding reports 405%, 1,218% surge in revenue, profit, respectively
Beltone Holding (BTFH.CA) announced its consolidated financial and operational results for the nine months ending 30 September 2024. Beltone’s growth strategy continued to yield impressive results with the Company’s consolidated operating revenue increasing 405% year-on-year to reach EGP 4.8bn. In terms of profitability, Beltone achieved a net profit of more than EGP 1.13bn in 9M 2024, up significantly from EGP 86m in 9M 2023. Beltone’s NBFIs platform witnessed growth across all subsidiaries, with operating revenue rising 757% year-on-year to reach EGP 3.9bn in 9M 2024. Beltone Venture Capital executed six equity and follow-up investments in 9M 2024, and successfully increased its managed portfolio to more than EGP 1.5bn.
Source:Daily News Egypt
November 18, 2024 22:09 UTC
Jared Kushner expected to be pivotal to Trump admin’s Middle East efforts without taking a formal job
CNN —President-elect Donald Trump’s son-in-law Jared Kushner is seen as being pivotal to the incoming administration’s Middle East efforts, even though he is not likely to take a formal job within it, regional diplomats and Trump allies told CNN. Trump’s Middle East team has been taking shape this week after he selected a former Republican governor and a close friend and real-estate developer to take on key roles. Since Trump left office in 2021, Kushner and his wife, Ivanka Trump, have moved to Miami and largely exited politics. Kushner has also maintained relationships with key players in the Middle East, including Israeli officials and leaders in the Arab Gulf. That is the key question,” explained Aaron David Miller, a former Middle East negotiator at the State Department, referring to Trump’s longtime friend and real estate developer who will serve as his special envoy to the Middle East.
Source:Egypt Independent
November 18, 2024 15:45 UTC