Common myths about privatization in Egypt
And above all, it pays the Ministry of Finance all the taxes that should be the primary source of government revenue, not private investment. Lastly, we need to address another myth promoted by those who advocate for privatization where management is transferred while ownership remains with the state. This notion has been the reason for the failure of many divestment projects and the expansion of private sector ownership for more than one reason. Perhaps the State Ownership Policy document could serve as a foundation for drawing clear lines between the activities in which the state should continue and those from which it should exit. He served as Deputy Minister of Supply and Internal Trade in Egypt and is currently the Chairman of Arab Alloys.
Source:Egypt Independent
November 16, 2024 15:17 UTC
Bad news mounts for Ukraine across the frontlines. But Russia is under pressure too
Russia is making gains at key spots along the frontlines of eastern and southeastern Ukraine, while unleashing wave after wave of aerial terror against Ukrainian cities. … You just get boxed into a corner and you have to choose from a buffet of bad options,” Barros added. Taking over Kupiansk would make it a lot easier for Russia to push further into the Kharkiv region. Ukraine has put up a fierce fight in the area in recent months, even though it has lost some ground. Pokrovsk has been a target of Russia for months as it seeks to capture eastern Ukraine.
Source:Egypt Independent
November 16, 2024 15:17 UTC
Return of Nasr Automotive Company is critical juncture for automotive industry: Min.
El Nasr Automotive Manufacturing Company is one of the important castles of industry and business sector in Egypt, he added. The Egyptian car market is preparing for the return of local production by El Nasr Automotive Company through the production of the first new bus with a high local component percentage. The minister said the step is deemed as a critical juncture in the automotive industry. It is worth noting that El Nasr Automotive Company was established in accordance with Presidential Decree No. El Nasr was founded in 1960 as the first automotive production firm in the Middle East.
Source:Egypt Today
November 16, 2024 11:08 UTC
Discussed: Egypt's law supports civil institutions with exemptions package
CAIRO - 16 November 2024: Egypt's Civil Work Regulation Law granted a set of advantages to civil associations and institutions. 2- Exemption from taxes and stamp duties currently imposed, and also those imposed in the future on all contracts, powers of attorney, documents, printed papers, records, etc., the burden of which falls on the association. 4- Donations made to associations shall be considered a tax on the donor's income not exceeding (10 percent) of his net income. It is prohibited to dispose of durable items, which are determined by a decision of the competent minister in agreement with the Minister of Finance, before five years have passed unless the taxes and customs duties due on them are paid. 6- Water, electricity and natural gas consumption shall be treated as household consumption, provided that a certificate is issued from the competent ministry stating that no commercial activity is being practiced.
Source:Egypt Today
November 16, 2024 09:30 UTC
Egypt’s Prime Minister denies rumors on increasing loan from IMF
Egyptian Prime Minister Mostafa Madbouly on Thursday denied claims that the government had asked the International Monetary Fund (IMF) to increase the fourth tranche of the loan supporting Egypt’s economic reform program. He warned that these are rumors meant to push the idea that Egypt has a foreign currency crisis, which he assured is not true. Madbouly pointed out that the IMF mission will complete the fourth review of Egypt’s economic reform program next week, stressing that things are going well, regularly and stable. “Things are going very well, we have never been late in paying installments, and we are moving strongly in this regard,” the Prime Minister added. He also noted the increase in remittances from Egyptians abroad, which reached US$2.6 billion in August compared to $1.6 billion in August 2023.
Source:Egypt Independent
November 15, 2024 21:50 UTC
Egyptian Doctors Syndicate discusses controlling social media presence of its members following controversy
The head of the Egyptian Doctors Syndicate, Osama Abdel-Hay, announced that the syndicate is contemplating regulating media appearance of its members, and setting rules for appearing on social media sites, especially live broadcasts. In statements to Al-Arabiya channel on Thursday, Abdel-Hay said that the syndicate cannot prevent its members from appearing on social media, but it is studying regulating the matter in a way that does not harm society. The Public Prosecution considered the video a disturbance to the public peace and security. A violation of patient privacyThe Public Prosecution Office in Kafr al-Dawar city in Beheira Governorate issued a decision on Tuesday to detain Shoaib for four days pending investigations. The prosecution charged the doctor with disturbing public security and peace, using social media to stir up confusion, insulting the masses and violating family principles and values.
Source:Egypt Independent
November 15, 2024 19:42 UTC
ESLSCA University Launches Executive Education Summit
ESLSCA University has announced the organization of the summit “Executive Education: Your Gateway to Leadership Excellence,” to be held over two days on November 23 and 24. In a statement, ESLSCA University emphasized that excelling in today’s fast-paced business world requires more than just technical skills; it necessitates visionary leadership, strategic thinking, and a deep understanding of emerging trends. The university added, “The Executive Education Summit, sponsored by ESLSCA University, provides you with a unique opportunity to gain valuable insights and connect with industry leaders.”The summit will feature ministers, deputy ministers, senior executives, and international speakers from around the world who will discuss several key themes. The university stated that the summit will feature dialogues, interviews, panel discussions, and workshops with experienced executives who have dealt with complex challenges and achieved notable successes. ESLSCA University also noted that the summit offers an opportunity to network with distinguished professionals, thought leaders, and innovators from various industries to enhance leadership skills, understand market dynamics, and improve corporate culture.
Source:Daily News Egypt
November 14, 2024 21:43 UTC
Pakistan Stock Exchange surpasses 93,000 points, signalling economic optimism
The Pakistan Stock Exchange (PSX) 100 Index has crossed the 93,000-point mark, marking a new milestone for the country’s economic prospects. The surge in the index reflects growing investor confidence and a positive outlook for Pakistan’s economic future. As Pakistan’s stock market booms, sectors such as technology, banking, and manufacturing are benefiting, creating opportunities and employment across the country. The record-breaking performance of the Pakistan Stock Exchange aligns with the government’s economic reforms, affirming that structural improvements are fostering a stable, investor-friendly environment. “By reaching this historic peak, Pakistan is proving itself as a promising frontier market, drawing interest from institutional investors worldwide,” said the Pakistan Stock Exchange.
Source:Daily News Egypt
November 14, 2024 20:30 UTC
PM: Egypt always supports establishment of Palestinian State, cessation of Israeli aggression against Lebanese people
Madbouly said that President Sisi affirmed Egypt’s complete rejection of the Israeli aggression on Palestine and Lebanon, and called on international community to avoid double standards. The president also in his speech called for a decisive international intervention to stop this unprecedented and unjustified aggression against the people of Egypt and Lebanon. The Prime Minister continued that meetings held by the President on the sideline of the summit are related to this matter. “Egypt will always support the establishment of the State of Palestine and the cessation of aggression against the Lebanese people,” he said. On the sidelines of the summit, President Sisi met with Lebanese Prime Minister Najib Mikati and affirmed Egypt’s support for the Lebanese people.
Source:Egypt Today
November 14, 2024 16:56 UTC
Egypt highlights LE118.3 B investment in human, social development
CAIRO - 14 November 2024: Egypt's Minister of Health, Khaled Abdel Ghaffar, announced that the Egyptian government has invested approximately LE118.3 billion in human and social development initiatives for 2024-2025. Among these, the newborn hearing screening covered over 6.8 million cases, while the Women’s Health Initiative has seen over 52 million visits since 2019. Egypt’s health initiatives also emphasize addressing population growth and promoting family planning. The Ministry's “A New Start for Building Human Potential” program, part of a broader initiative in human development, focuses on delivering integrated services in health, education, and employment. Vice Prime Minister Abdel Ghaffar emphasized that Egypt’s human development is not limited to healthcare.
Source:Egypt Today
November 14, 2024 10:56 UTC
Egypt affirms to Lebanon the need for ending presidential vacuum
CAIRO – 14 November 2024: Minister of Foreign Affairs Badr Abdelatty has affirmed the importance of resolving the presidential vacuum file in Lebanon through achieving national consensus without external interference. Abdelatty also emphasized support for Lebanese institutions as he met with Prime Minister of Lebanon Najib Mikati during his visit to Beirut on Wednesday. As he departs back to Egypt, Abdelatty accompanied 294 nationals from Beirut to return them to homeland amid Israeli war in Lebanon. Abdelatty also discussed the presidential vacuum crisis with Jumblatt, affirming the necessity of not excluding or marginalizing any Lebanese component. While Israeli Foreign Minister Gideon Saar indicated progress in ceasefire discussions on Monday, Israel's new Defense Minister, Israel Katz, stated on Tuesday that there would be no ceasefire in Lebanon until Israel achieves its objectives.
Source:Egypt Today
November 14, 2024 07:11 UTC
Hezbollah targets Israeli Defence Ministry in Tel Aviv
Lebanese militant group Hezbollah declared, on Wednesday, that it used new special drones to attack Israel’s Ministry of Defence and General Staff of the army headquarters in Tel Aviv for the first time. Earlier, Israeli sources reported that seven Israeli soldiers were killed in a building collapse in a southern Lebanon village. The Israeli army faced local accusations of concealing its human losses to preserve the morale of the Israelis. Meanwhile, Hezbollah targeted with rocket barrages a logistics base for the 146th Division in the Israeli army, east of Nahariya, and a gathering of soldiers in the Sa’sa settlement. US Secretary of State Anthony Blinken called on Israel to agree to a “real and long-term” humanitarian truce in the Gaza Strip.
Source:Daily News Egypt
November 14, 2024 01:35 UTC
Egyptian doctor’s controversial video lands her in detention
The decision came after Shoaib posted a video clip on her Facebook account in which she claimed to have dealt with girls and women who had become pregnant illegally, potentially violating doctor-patient confidentiality. The prosecution charged the doctor with disturbing public security and peace, using social media to stir up confusion, insulting the masses and violating family principles and values. The prosecution completed investigations with the doctor hours ago in the presence of her lawyers. Shoaib’s video goes trendingThe video clip, which went viral on social media, showed Shoaib claiming that she examined some cases of pregnancy from extramarital sex, including a 14-year-old minor who was eight months pregnant and whose family desired an abortion. I just want to say that I am not a trend person, nor am I looking for a trend.”The Doctors Syndicate announced that it had received complaints against the doctor.
Source:Egypt Independent
November 13, 2024 20:42 UTC
Egypt's Garment Export Council announces 18% increase in exports
CAIRO - 13 November 2024: Chairman of the Ready-Made Garments Export Council Eng. Fadel Marzouk announced that the exports of the ready-made garment sector during the period from January to September of this year achieved 2 billion and 43 million dollars, an increase of 18 percent compared to the same period last year. Marzouk added in press statements Wednesday that with regard to the export markets of the sector, the United States of America ranks first with 871 million dollars, accounting for 43 percent of the total garment exports, followed by the European Union countries with total exports of 482 million dollars, then the Arab countries markets in third place with total exports of 367 million dollars, achieving a growth rate of 21 percent compared to the same period last year. Fadel Marzouk, Chairman of the Ready-Made Garments Export Council, confirmed that "Destination Africa" aims to emphasize Egypt's pivotal position and its status as a major center in the African continent for supplying all products of the sector from ready-made garments, fibers, yarns, and accessories, pointing out that this strategic industry in Egypt is characterized by a long history and a strong reputation based on the uniqueness of Egyptian cotton with high quality over many years.
Source:Egypt Today
November 13, 2024 18:44 UTC
Egypt’s Foreign Minister visits Beirut, offers support amidst Israeli attacks
Egypt’s Foreign Minister Badr Abdelatty visited Beirut on Wednesday, expressing solidarity with Lebanon and offering support in the wake of recent Israeli airstrikes. During his meeting with Prime Minister Mikati, Abdelatty reiterated Egypt’s condemnation of the Israeli attacks, emphasising the country’s commitment to Lebanon’s sovereignty and territorial integrity. He also highlighted Egypt’s efforts to secure a ceasefire in both Lebanon and the Gaza Strip, calling it crucial for regional de-escalation. He outlined Egypt’s ongoing efforts to coordinate with international actors to increase aid to Lebanon. The Egyptian Foreign Ministry’s actions reflect a consistent effort to maintain diplomatic engagement with Lebanon, offering support and aid during a time of crisis.
Source:Daily News Egypt
November 13, 2024 18:00 UTC