Egypt signs 7 agreements worth $40bn for green hydrogen and renewable energy projects
Egypt signed 7 agreements with 7 international developers on Wednesday to implement projects in the fields of green hydrogen and renewable energy. The developers who signed the agreements were:Bash GlobalSmart EnergyGamma Construction and MeridiamSK E&C Plant-C&C North AfricaEl Tokkel GeelaAMM PowerUnited Energy GroupThe agreements cover a wide range of projects, including the production of green hydrogen, green ammonia, and renewable energy. Ayman Soliman, CEO of the TSFE, said that the fund has received continuous and growing interest from investors in green hydrogen projects. The signing of the agreements is a significant step forward for Egypt’s green hydrogen program. The program has the potential to make Egypt a major hub for green hydrogen production and export.
Source:Daily News Egypt
February 29, 2024 09:07 UTC
PM witnesses signing of handover, receving certificate for satellite assemble, integration, testing center
The certificate was signed by Dr. Rania Al-Mashat, Minister of International Cooperation, and Mr. Wang Wentao, Minister of Commerce of China. The implementation of the project began on January 16, 2016, and was completed on June 30, 2023. The Minister also stressed the keenness of the two countries to continuously coordinate and implement development projects in various areas of cooperation. She also indicated that the project contributes positively to transferring Chinese expertise to Egyptian technical personnel in the field of assembling And satellite testing. Madbouly affirmed the Egyptian government's keenness to propel cooperation with China and attract Chinese companies to Egypt, pointing out that many agreements have recently been signed between both sides.
Source:Egypt Today
February 29, 2024 04:24 UTC
Negotiators express mixed reactions to potential ceasefire in Gaza as Ramadan nears
CAIRO – 28 February 2024: With the holy month of Ramadan fast approaching, negotiators are expressing a range of opinions regarding the possibility of a ceasefire in Gaza. Egypt has been actively working towards achieving a permanent ceasefire in Gaza, emphasizing the disastrous consequences of the Israeli attacks. ‘Big gaps’ vs optimismPresident Joe Biden is also optimistic that a ceasefire in Gaza would be achieved as soon as next Monday. Qatar, which gears up for hosting negotiations between the four countries’ officials soon, has shown mixed reactions towards the prospects of a close agreement. Its foreign ministry denied on Tuesday the presence of any agreement between Israel and Hamas so far.
Source:Egypt Today
February 28, 2024 21:00 UTC
business : Trade Minister meets with WTO counterparts in Abu Dhabi
Wednesday 28 February 2024 10:00 AMMinister of Trade and Industry Ahmed Samir held a series of intensive meetings with trade ministers from member countries of the World Trade Organization (WTO) in Abu Dhabi. They also exchanged views on the global economic situation and other issues of common interest. He also said that the meeting addressed the future of global trade and how to strengthen the multilateral trading system. He also met with Tomislav Momirovic, the Minister of Internal and Foreign Trade of Serbia, to review ways to develop trade, industrial, and investment cooperation between the two countries. They also discussed the latest global economic developments and several topics and files of common interest.
Source:Daily News Egypt
February 28, 2024 16:09 UTC
Egypt looks forward to ceasefire in Gaza within few days: Egyptian president
FILE - Hand of a child killed in Gaza Strip by Israeli shelling in 2023CAIRO – 28 February 2024: President Abdel Fatah al-Sisi said Wednesday that Egypt looked forward to a ceasefire within a few days so that the real rescue of the Palestinian people begins. The president equally stressed Egypt’s keenness on a permanent truce and the implementation of the two-state solution consisting of the establishment of a Palestinian state on the borders of June 4, 1967 having as capital Eastern Jerusalem. On a related front, President Sisi reiterated that Egypt had never closed Rafah Border Crossing since the outbreak of war on October 7. He also urged the Egyptian people to back Palestinians in the Strip through humanitarian and medical aid. The president's statements came during the fifth edition of the "Differently Abled" ceremony held in New Cairo.
Source:Egypt Today
February 28, 2024 14:11 UTC
Egyptian Minister of Communications seeks to boost Swedish investments in IT sector
Egyptian Minister of Communications and Information Technology Amr Talaat met with Hakan Jevrell, the Swedish Deputy Minister of Foreign Trade, to discuss how to attract more Swedish investments in the Egyptian IT sector and enhance cooperation in digital capacity building and cybersecurity. The meeting was held on the sidelines of the Mobile World Congress 2024 in Barcelona, Spain, where Talaat participated as a speaker and exhibitor. The two ministers acknowledged the presence of Swedish companies in the Egyptian IT market and explored the potential of utilizing young Egyptian digital talents in Swedish projects. The Mobile World Congress 2024 is the largest and most influential annual event for the mobile and technology industries worldwide, organized by the GSMA. It brings together decision-makers, senior government officials, experts, international organization representatives, major companies, and specialists in the mobile and technology fields from around the world.
Source:Daily News Egypt
February 28, 2024 13:53 UTC
Egypt, Jordan, UAE, Qatar, and France drop aid in Gaza
A house destroyed by Israeli shelling on the Gaza Strip- Photo by Anas Al Sharif from GazaCAIRO - 28 February 2024: Egypt, Jordan, UAE, Qatar, and France collaborate to deliver much-needed assistance to Gaza, highlighting global solidarity in addressing humanitarian challenges. Egypt, Jordan, UAE, Qatar, and France contribute humanitarian aid to Gaza, emphasizing the importance of international cooperation in times of crisis.
Source:Egypt Today
February 28, 2024 11:03 UTC
Egypt to become first African country achieving Plasma Self-Sufficiency
Egypt establishes 1st factory for plasma derivatives in New Administrative CapitalCAIRO - 28 February 2024: Egypt's Health Ministry declares Egypt's pioneering status as the first African country to achieve plasma self-sufficiency, highlighting its advancements in healthcare and medical innovation. Revolutionizing Healthcare:Egypt's Journey to Plasma Self-Sufficiency Egypt's strides towards plasma self-sufficiency represent a breakthrough in medical capabilities, positioning the country at the forefront of healthcare innovation in Africa. Medical Independence:Egypt's Leadership in Plasma Production Egypt's achievement underscores its commitment to healthcare sovereignty and medical advancement, setting a precedent for other African nations to follow.
Source:Egypt Today
February 28, 2024 10:51 UTC
business : Egyptian government offers incentives to expatriate investors
They presented their proposals for a joint-stock investment company that would work in various economic sectors, such as agriculture, tourism, and hospitality. Gendi said that the meeting was part of the Ministry’s role to enhance communication with Egyptian investors abroad and facilitate their entry into the Egyptian markets. She also said that the Prime Minister had approved the establishment of the investment company, which was one of the recommendations of the third conference of Egyptian entities abroad. She praised the contributions of Egyptians abroad in supporting the state’s development plan and the strength of the Egyptian economy. During the meeting, they discussed tourism projects in South Sinai and the great development it witnessed during the tenure of President Abdel Fattah Al-Sisi.
Source:Daily News Egypt
February 28, 2024 08:01 UTC
business : Egypt, US explore ways to boost environmental cooperation
Wednesday 28 February 2024 10:00 AMEgypt’s Minister of Environment Yasmine Fouad met on Tuesday with the US Ambassador in Cairo Herro Mustafa Garg, and her delegation, to discuss how to strengthen the cooperation between the two countries in the areas of environment, climate, and biodiversity. Fouad highlighted the long-standing strategic relations between Egypt and the United States, particularly in the field of environment and climate. She expressed her hope to start a new phase of productive cooperation to tackle environmental issues and challenges, building on the cooperation that started more than 20 years ago in managing and reducing pollution. Fouad also shared her vision to implement more strategic climate change programs in collaboration with the United States, in line with the Egyptian state’s priorities, and to help it access the funding available for mitigation and adaptation, with an emphasis on adaptation as a priority for Egypt. They also discussed cooperation in the field of debt swaps for nature, with Fouad reaffirming Egypt’s commitment to the Convention on Biological Diversity and the post-2020 framework for action.
Source:Daily News Egypt
February 28, 2024 08:01 UTC
PM Madbouli says govt keeps on implementing IPO program
CAIRO – 27 February 2024: Egypt’s Prime Minister Mostafa Madbouli said the government keeps on implementing the Initial Public Offering (IPO) program, which aims to empower the private sector and increase its contribution to different economic activities. Madbouli made the remarks during a meeting that he held on Tuesday to consider Egyptian and global bids for acquiring the National Company for the Sale and Distribution of Petroleum Products (Watania), as part of Egypt's plan to offer a number of state-owned companies for sale. The meeting was attended by Petroleum and Mineral Resources Minister Tareq el Molla and Planning and Economic Development Minister Hala el Saeed, as well as officials from their ministries, The Sovereign Fund of Egypt (TSFE) and the consulting firm, said Cabinet Spokesman Mohamed el Hommosani. The prime minister explained that the State is serious about offering a number of companies affiliated to the Armed Forces
Source:Egypt Today
February 27, 2024 21:14 UTC
Report: Egypt aims to achieve 4.1% economic growth rate during 2023/2024
CAIRO - 27 February 2024: A report issued by the Ministry of Planning and Economic Development said that the economic growth rate targeted by the plan for the fiscal year 2023/2024 is about 4.1 percent, while the plan targets 11.84 trillion pounds of gross domestic product, achieving 15.2% as an investment rate, and 1.65 trillion pounds in total investment volume. The report explained that the target unemployment rate for the year of the plan is between 7.3 - 7.6 percent, while the target is to achieve an inflation rate of 16 percent. Regarding the structure of investments, the report indicated that the total public investments amounted to 63.6 percent, with a value of 1.05 trillion pounds, while private investments amounted to 36.4 percent, with a value of 600 billion pounds. Regarding foreign exchange sources, the report showed that net remittances from Egyptians working abroad amounted to $31 billion, while non-oil commodity exports amounted to about $32 billion, net foreign direct investment about $11 billion, in addition to $9 billion in Suez Canal revenues.
Source:Egypt Today
February 27, 2024 20:36 UTC
Egypt drops 50 tons of aid over northern Gaza, establishes camp, hospital in south
CAIRO - 27 February 2024: Egypt dropped 50 tons of aid on northern and central Gaza Tuesday, according to military spokesperson Gharib Abdel Hafez. UAE, Jordan, Qatar, and France also dropped aid over the strip. Meanwhile, Egypt has set up 400 tents that can accommodate up to 4,000 people in Khan Yunis of Gaza Strip, the high is the second refugee camp established by Egypt and has power supply and toilets. Another camp will be established north of Deir al-Balah, and an Egyptian field hospital will be established in Rafah, as well as two center for aid distribution.
Source:Egypt Today
February 27, 2024 16:21 UTC
QIB, KFH finalize due diligence to acquire Egypt's United Bank
CAIRO – 27 February 2024: Qatar Islamic Bank and Kuwait Finance House (KFH) have completed their due diligence on the United Bank, which is owned by the Central Bank of Egypt, according to sources cited by Asharq Bloomberg. This evaluation is in preparation for one of the banks to acquire it, with preference given to the bank offering the higher price. Another source explained that the sale of the United Bank to a strategic investor has become imminent, and the closest one to it is Qatar Islamic Bank, due to its desire to enter the Egyptian market. However, the inability of one of the competitors to finalize the agreement has posed challenges in determining the exchange rate between the Egyptian pound and the U.S. dollar. This acquisition is part of Egypt's initial public offering (IPO) strategy, which aims to attract foreign currency through the offering of shares from 35 state-owned companies.
Source:Egypt Today
February 27, 2024 15:57 UTC
business : Maait issues executive regulations of Unified Public Finance Law
Minister of Finance Mohamed Maait issued the executive regulations of the Unified Public Finance Law, which aims to ensure optimal utilization of the state’s resources. The regulations include the procedures and rules for preparing the medium-term budget framework, which was introduced by the unified public finance law. The regulations also set controls for the governance of funds and private accounts after the Unified Public Finance Law came into force. The law and the executive regulations also set controls and conditions for those who work in the budget, financial affairs, and accounts departments. The executive regulations clearly define the responsibilities and competencies of the representatives of the Ministry of Finance in the administrative bodies.
Source:Daily News Egypt
February 27, 2024 08:04 UTC