Central Bank of Egypt eases banking access for illiterate, elderly customers
The Central Bank of Egypt (CBE) has introduced several new facilities for illiterate and elderly customers (65 years and older) to access banking services and products. The move is part of CBE’s plan to remove the obstacles and challenges faced by banking sector customers. CBE instructed banks to update their databases to include the elderly category, as well as the illiterate customers when their data is updated. CBE also allowed customers to seek the help of an assistant within a bank’s branch, to help them fill out forms and applications. CBE also permitted banks to conduct home visits for the elderly to provide banking services, with the need to establish controls and procedures for these visits.
Source:Daily News Egypt
September 05, 2023 13:01 UTC
Egypt, Iraq Discuss Boosting Urban Development Cooperation
El-Gazzar said that Egypt is keen to share its successful urban experience with Iraq and to transfer its expertise to the Iraqi people. He noted that many Egyptian companies are already working on urban development projects in Iraq and that the Ministry of Housing is following up on their progress. Al-Dulaimi expressed his appreciation for Egypt's support and said that Iraq is interested in benefiting from Egypt's urban expertise. He also stressed the importance of involving Egyptian companies in the development projects in Iraq and informed El-Gazzar of the existing projects and challenges. The two sides agreed to enhance cooperation and facilitate the participation of Egyptian companies in building urban development and infrastructure projects that meet the needs of the Iraqi people.
Source:Daily News Egypt
September 05, 2023 09:40 UTC
Two Emirati businessmen are now stakeholders in Eastern Company
Global Investments Holding Ltd, a company owned by Emirati businessmen Mohamed Alabbar and Abu Bakr Alhussaini, has acquired 30% of Eastern Company, Egypt’s largest cigarette maker, for $625m. According to the Dubai Financial Center, Global Investments Holding Ltd. is jointly owned by Alhussaini, a young Emirati businessman, and UK Egypt Investments Holding Limited, which is majority-owned by Alhussaini and minority-owned by Alabbar, the head of Emaar Properties, a leading real estate developer. The acquisition agreement was signed at the Cabinet headquarters on Monday, by Emad Eldeen Mostafa, Executive Managing Director of the Chemical Industries Holding Company, and Sheikha Lubna Al Qasimi, a representative of Global Investments Holding Ltd.Sources told Daily News Egypt that $150m of the deal will be used to purchase the necessary tobacco materials for manufacturing, and could be converted into shares after the approval of the company’s general assembly. Minister of Public Enterprises Sector Mahmoud Esmat said that the deal cost $625m, which is equivalent to EGP 19.4bn. He added that it reflects the government’s determination to expand the ownership base and encourage direct private investment in various sectors.
Source:Daily News Egypt
September 05, 2023 08:56 UTC
Egypt’s Finance Minister attends South Sudan’s 1st National Economic Conference
Mohamed Maait, Egypt’s Minister of Finance, participated as guest of honour in South Sudan’s 1st National Economic Conference in Juba on Monday. Maait was invited to the main platform with South Sudanese Vice President Riek Machar and South Sudanese Minister of Finance Bak Barnaba Chol, in recognition of Egypt’s leading position and support for stability and development efforts in South Sudan. The four-day event, which takes place in Juba from Sept. 4-7, 2023, is themed “Towards a Diversified Inclusive, Sustainable Economic Growth.”The conference was attended by a number of ministers and representatives of international economic institutions. Maait affirmed Egypt’s keenness to provide all support to South Sudan to achieve comprehensive and sustainable development, given Egypt’s successful development experience that contributes to meeting the needs of citizens, improving the level of services provided to them, and turning challenges into promising development opportunities. South Sudan’s Finance Minister expressed his country’s appreciation for Egypt’s leading role in supporting South Sudan, which is reflected in deepening cooperation in various sectors and consistent with the depth of relations between the two countries.
Source:Daily News Egypt
September 05, 2023 02:56 UTC
Emigration min. accompanies young expats for tour of NMEC
Minister of State for Emigration and Egyptians Abroad Affairs Soha Gendy accompanied Sunday the Egyptian children who live abroad for a tour of the National Museum of Egyptian Civilization (NMEC). During the tour, the minister accompanied several children of the Egyptian expatriates for a tour of the NMEC, in the presence of Vice President of the Museum Authority for Archaeological Affairs Maysara Abdullah, who provided an explanation to the visitors. The visit came as part of an Egyptian initiative dubbed Etkallem Arabi (Speak Arabic). Launched in 2020, Etkallem Arabi is a presidential initiative that aims to strengthen Arab-Egyptian identity among second and third-generation Egyptians living abroad. The initiative strives to improve the children’s Arabic language skills while introducing them to Egyptian heritage, customs, traditions, and values.
Source:Egypt Independent
September 04, 2023 21:13 UTC
Zahi Hawass to go on international tour promoting Egyptian tourism
Egyptian archaeologist and former Minister of Antiquities Zahi Hawass will go on a series of promotional tours internationally, the Ministry of Tourism and Antiquities announced. Organized by the Egyptian General Authority for Tourism Promotion, this aims to take advantage of Hawass’s world-renowned fame and encourage tourism to Egypt. Speaking on these tours, Hawass called them an excellent opportunity to promote cultural tourism in Egypt. An ambassador for tourismIn 2021, Secretary General of the World Tourism Organization (UNWTO), Zurab Pololikashvili appointed Hawass as an ambassador for world tourism – becoming the first Egyptian appointed to this position. He shared the prize with a Greek singer, an Italian writer, an Italian journalist, a Czech journalist and a French film director.
Source:Egypt Independent
September 04, 2023 20:21 UTC
Egypt to launch National Population Strategy Tuesday
CAIRO - 4 September 2023: Egypt is set to launch its National Population Strategy and the General Health Strategy on Tuesday during the World Conference on Population and Development that will be hosted in the country. The National Population Strategy and the General Health Strategy in Egypt will be launched during the conference activities, stressing the ability of the Ministry of Health and Population to take actual steps to implement the two strategies on the ground, in light of the political leadership’s interest in the health system in Egypt and the population issue. The Egyptian Ministry of Health and Population is organizing the World Conference on Population and Development, starting Tuesday, until next Friday, under the auspices of President Abdel Fattah El-Sisi, for 8,000 visitors. Abdel Ghaffar said that the National Population Strategy and the General Health Strategy in Egypt will be launched during the conference activities, stressing the ability of the Ministry of Health and Population to take actual steps to implement the two strategies on the ground, in light of the political leadership’s interest in the health system in Egypt and the population issue. Abdul Ghaffar continued: The conference agenda includes scientific programmes, dialogues and sessions, as the conference includes 65 dialogue sessions in which 270 Egyptian and foreign speakers will participate.
Source:Egypt Today
September 04, 2023 20:16 UTC
Egypt's hosting of World Conference on Population 'great opportunity' to show progress in health field
CAIRO - 4 September 2023: Egyptian Lawmakers praised the hosting of the World Conference on Population in Egypt on Tuesday as a great opportunity to show to the world Egypt's success in health field. Representative Amr Hendi, a member of the House of Representatives, said that hosting the World Conference on Population, Health and Development, which will be held Tuesday, under the auspices and presence of President Abdel Fattah El-Sisi, comes within the framework of the Egyptian state’s interest in population development. He further added that the conference will present the latest technologies in the fields of population, health and development, and discuss ways of overcoming any obstacles facing the achievement of justice among people. For his part, Dr. Mohamed Selim, a member of the House of Representatives and a member of the Parliament’s General Committee, considered Egypt’s hosting of the World Conference on Population, Health and Development "a great opportunity for the whole world to see through the delegations participating in the conference the extent of Egypt’s progress in the field of health." The conference agenda includes scientific programmes, dialogues and sessions, as the conference includes 65 dialogue sessions with the participation of 270 Egyptian and foreign speakers.
Source:Egypt Today
September 04, 2023 19:56 UTC
Touba: Madinet Masr’s innovative platform for flexible real estate ownership and investment in Egypt
Madinet Masr, one of Egypt’s leading urban community developers, has unveiled its latest innovative concept, Touba, a transformative solution that redefines and facilitates the process of owning and investing in real estate. Touba introduces a flexible payment plan that spans up to 10 years and is tailored to cater to various customer segments. Touba was launched to revolutionize the real estate sector in Egypt and introduce innovative flexible payment plans that accommodate the various needs of our customers based on their capabilities without the burden of fixed date commitments and bank cheques. Meanwhile, we aim to contribute to the growth of the sector through creating innovative solutions that encourage property investments and purchasing.”Madinet Masr aims to innovate and create diversified solutions for the real estate market, addressing customers’ needs and overcoming the obstacles of investment and real estate. Simultaneously, it is encouraging the provision of innovative solutions and advanced ideas, to revolutionize the concept of purchasing and investing in the Egyptian real estate market that is witnessing remarkable growth.
Source:Daily News Egypt
September 04, 2023 19:26 UTC
Africa Climate Summit: Mohieldin Says African Carbon Markets Important for Climate Financing
Mohieldin made the remarks during a panel discussion on “Carbon Markets for Global South, featuring ACMI” at the Africa Climate Summit (ACS) in Nairobi. African Carbon Markets InitiativeThe African Carbon Markets Initiative is a public-private partnership launched in November 2022 to accelerate the development of carbon markets in Africa. The African Carbon Markets Initiative will also support the development of standards and regulations for carbon markets in Africa and will work to promote the participation of local communities and businesses in the carbon market. The African Carbon Markets Initiative is a key part of Africa’s efforts to achieve its climate goals. The African Carbon Markets Initiative has the potential to play a significant role in mobilizing climate finance for Africa.
Source:Daily News Egypt
September 04, 2023 18:03 UTC
Egypt's Glass Products Exports Reach $100M In H1 2023: Cec
Mohamed Maged, the executive director of the CEC, said that the agreement aims to support the glass industry and promote its exports. He said that Egypt has a competitive advantage in the quality and diversity of its glass products, which are exported to many countries around the world. He added that Turkey was the top importer of Egyptian glass products in 2022, followed by the US, Morocco, Lebanon, Libya, Brazil, Sudan, Algeria, Kenya and Italy. These ten countries imported glass products worth $165m from Egypt in 2022, representing 67% of Egypt's total glass exports. He stressed the importance of participating in local and international glass exhibitions to showcase the latest innovations and technologies in the glass sector and to increase the demand and value of Egyptian glass products in the global market.
Source:Daily News Egypt
September 04, 2023 07:31 UTC
IFC to hire global consultant to develop investment strategy for Egypt
The Egyptian government plans to cooperate with the International Finance Corporation (IFC) to hire a global consulting firm to develop a clear strategy for investment in Egypt. The move aims to improve Egypt’s ranking in the Ease of Doing Business index and to increase investment rates by 25% to 30% in the coming years. The document stated that the IFC will prepare an integrated strategy for the IPO program, which will take about four months, starting from June 2023. The IFC is a member of the World Bank Group that provides financing and advisory services to private sector projects in developing countries. The IFC has been active in Egypt since 1956 and has invested over $8 billion in various sectors.
Source:Daily News Egypt
September 04, 2023 07:11 UTC
CBE opens door for establishment of green banks in Egypt
Egypt - The Central Bank of Egypt (CBE) has announced that it will allow the establishment of green banks in the country, as part of its efforts to support sustainable development and environmental protection. The CBE added that sustainable financing is a key factor in achieving the goals of sustainable development, which include creating balanced growth, reducing poverty, improving living conditions, and addressing climate change. These principles are in line with Egypt’s Vision 2030 and the global Sustainable Development Goals. The CBE also launched several initiatives to promote sustainable financing, by providing funds to banks at low interest rates to lend to their customers for various development projects. CBE also directed banks to measure the carbon footprint of their internal activities as a first step towards applying sustainability principles to the bank’s internal activities and work.
Source:Daily News Egypt
September 04, 2023 06:31 UTC
India launches first mission following its historic moon landing
CNN — India launched its first spacecraft dedicated to studying the sun, building on a month of historic successes for the country’s civil space efforts. The spacecraft, called Aditya-L1, launched from Sriharikota, an island off the Bay of Bengal, at 11:50 a.m. Saturday local time (2:20 am ET). This position “will provide a greater advantage of observing the solar activities and its effect on space weather in real time,” according to the space agency. The information gleaned from Aditya-L1’s experiments will provide a clearer picture of space weather, or the term used to describe the magnetic waves rippling through our solar system. India’s first dedicated solar mission adds to the country’s status as an emerging space superpower.
Source:Egypt Independent
September 04, 2023 03:03 UTC
Touba: Madinet Masr’s innovative platform for flexible real estate ownership and investment
Madinet Masr, one of Egypt’s leading urban community developers, has unveiled its latest innovative concept, Touba, a transformative solution that redefines and facilitates the process of owning and investing in real estate. Touba introduces a flexible payment plan that spans up to 10 years and is tailored to cater to various customer segments. Touba, which means “brick” in Arabic, is a revolutionary measurement unit that redefines property ownership. Meanwhile, we aim to contribute to the growth of the sector through creating innovative solutions that encourage property investments and purchasing.”Madinet Masr aims to innovate and create diversified solutions for the real estate market, addressing customers’ needs and overcoming the obstacles of investment and real estate. Simultaneously, it is encouraging the provision of innovative solutions and advanced ideas, to revolutionize the concept of purchasing and investing in the Egyptian real estate market that is witnessing remarkable growth.
Source:Daily News Egypt
September 04, 2023 00:01 UTC