Egypt to reoffer lands of non-serious investors: Al-Wazir
The meeting reviewed the progress of Fayoum Governorate’s four industrial zones, totalling 11,700 feddans, including the North Fayoum and New Fayoum zones, along with two industrial complexes for small and medium industries. The Minister directed the addition of loading ramps or dry ports at high-speed rail stations near industrial zones to facilitate goods transport. He also emphasized that industrial land allocation will be done via the Egypt Digital Industrial Platform, with land reclaimed from non-serious investors to be reoffered in December 2024. He noted that these measures will create opportunities for serious investors and ensure the proper functioning of industrial zones, preventing them from becoming informal areas over time. He added that undeveloped or inactive land and factories will be reclaimed and reoffered to serious investors via the Egypt Digital Industrial Platform to promote job creation.
Source:Daily News Egypt
October 20, 2024 23:08 UTC
Egypt’s PM highlights focus on export growth, unveils localisation incentives
Egypt’s Prime Minister Mostafa Madbouly has stressed the importance of the Export Reimbursement Programme in driving Egypt’s economic growth, highlighting plans to offer unprecedented incentives for localising industries and streamlining payment procedures for exporters. This move aims to localize these industries and ultimately reduce Egypt’s reliance on imports. The meeting reviewed the progress of the Export Reimbursement Program from 1 July 2023, to 29 February 2024. The meeting also reviewed the progress of automating the Export Reimbursement Programme. The first phase of automation, launched on 15 August 2024, includes registering exporting companies and electronically submitting support disbursement requests.
Source:Daily News Egypt
October 20, 2024 18:01 UTC
El-Sisi Highlights Economic Challenges and Achievements at Global Conference
CAIRO – 20 October 2024: During his speech at the World Conference on Population, Health, and Human Development, President Abdel Fattah El-Sisi confirmed that Egypt lost approximately $6 to $7 billion over just 10 months due to regional circumstances, underscoring the challenges posed by the global and regional economic environment. El-Sisi outlined the significant progress Egypt has made since the turbulent events of 2011, which left the country grappling with severe economic conditions and widespread security instability. El-Sisi noted that the Egyptian government adopted a strategic approach based on balanced, integrated, and interconnected solutions. One of the key achievements highlighted by the president was the successful implementation of the economic reform program, which played a crucial role in reviving Egypt’s economy and restoring investor confidence. The president's speech served as both a reflection on Egypt's resilience and a call to action for further collaboration and support to navigate the ongoing economic challenges.
Source:Egypt Today
October 20, 2024 13:09 UTC
Video: In a two-day trip to the top, stray dog scales the Khafre Pyramid
In an unexpected adventure, American pilot Marshall Mosher, during a paraglider flight over Giza Pyramids, monitored a local dog’s journey to the top of the Pyramid of Khafre. Then we found a dog that appeared to be chasing some birds at the top of the pyramid, which is about 448 feet (136 meters) high. This morning, I decided to go back over the pyramid to see if the dog was still there, in an attempt to rescue it and bring it back to Earth. The video clip spread widely among social media users, garnering millions of views on Instagram within hours. Some have even compared the dog to Anubis, the god of the dead in ancient Egypt, who is often depicted as a man with the head of a jackal.
Source:Egypt Independent
October 20, 2024 13:02 UTC
Fuel prices to remain stable until 2025 if global oil prices stabilize: Prime Minister
Prime Minister Mostafa Madbouly revealed on Saturday that there will be no additional fuel price hikes until the end of 2025, provided global oil prices stabilize at an average of $73 per barrel. Madbouly confirmed that fuel prices will remain unchanged for the next six months, as the government strives to reduce the impact on citizens. Diesel prices, crucial for transporting goods and passengers, rose from LE 11.5 to LE 13.5 per liter, marking a 17.3 percent hike. These adjustments reflect significant increases since the beginning of the year, with diesel prices rising by 63 percent and octane prices by over 30 percent. Brent crude oil prices peaked at over $80 per barrel in early October before dropping to around $74 by mid-month.
Source:Egypt Today
October 20, 2024 11:52 UTC
Leaked documents show US intelligence on Israel’s plans to attack Iran, sources say
The US is investigating a leak of highly classified US intelligence about Israel’s plans for retaliation against Iran, according to three people familiar with the matter. One of the documents, which says it was compiled by the National Geospatial-Intelligence Agency, says the plans involve Israel moving munitions around. Any such leak would automatically trigger an investigation by the FBI alongside the Pentagon and US intelligence agencies. The document says the US has not seen any indications that Israel plans to use a nuclear weapon against Iran. Axios first reported on the leaked documents Saturday.
Source:Egypt Independent
October 20, 2024 07:41 UTC
Kane bags hat-trick in leaders Bayern's 4-0 demolition of Stuttgart
MUNICH, Germany, Oct 19 (Reuters) - Bayern Munich striker Harry Kane scored a hat-trick to steer his team to a 4-0 victory over visiting VfB Stuttgart on Saturday, snapping their three-game winless run across all competitions and keeping them top of the Bundesliga. Kane, who had missed a golden chance in front of goal in the 51st minute, broke the deadlock six minutes later, rifling in from outside the box. He secured his hat-trick in the 80th minute with his eighth league goal of the season after Joao Palhinha's shot was blocked with substitute Kingsley Coman curling in Bayern's fourth goal in the 89th. The Bavarians are top of the standings on 17 points, ahead on goal difference of RB Leipzig, winners 2-0 at Mainz 05. But they still had control of the game but could not make their dominance count in the first half.
Source:Egypt Today
October 20, 2024 07:11 UTC
Egypt’s agricultural exports record $4.04bn within 9 months
Minister of Agriculture and Land Reclamation, Alaa Farouk, has received a report from the Head of the Egyptian Agricultural Quarantine Mohamed El Mansy regarding Egypt’s agricultural exports from 1 January to 16 October 2024. According to the report, Egypt’s agricultural exports exceeded 6.9 million tonnes of agricultural products, valued at approximately $4.04bn, marking an increase of $980m and over 574,000 tonnes compared to the same period last year. The report highlighted that the top agricultural exports included citrus fruits, potatoes, onions, grapes, beans, sweet potatoes, mangoes, tomatoes, garlic, strawberries, guava, and pomegranates. The total agricultural exports of citrus fruits reached 2,274,295 tonnes, along with 973,130 tonnes of fresh potatoes, making them the second largest agricultural export after citrus. Potatoes were sixth among agricultural exports with a total of 153,736 tonnes.
Source:Daily News Egypt
October 20, 2024 06:00 UTC
Why CBE maintains interest rates for fourth consecutive time?
The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) decided last Thursday to maintain the overnight deposit and lending rates and CBE’s main operation at 27.25%, 28.25% and 27.75% respectively. The committee also decided to maintain the credit and discount rate at 27.75%. This decision reflects the latest developments and expectations at the global and local levels since the previous MPC meeting. It explained that globally, tight monetary policies in advanced and emerging market economies contributed to the decline in inflation, as some central banks continued to cut interest rates as inflation approached its target levels. The Committee also indicated upward risks around inflation, in light of the volatility in the global prices of major commodities, especially energy.
Source:Daily News Egypt
October 20, 2024 03:25 UTC
Al-Sisi calls for enhanced economic cooperation at BRICS Business Forum
Egyptian President Abdel Fattah Al-Sisi delivered a recorded address to the BRICS Business Forum on Friday, emphasizing the importance of economic cooperation and investment among member countries. This is in addition to intensifying work to advance the path of sustainable development,” President Al-Sisi said. “The meetings hosted in various ancient Russian cities have contributed to deepening the ties and cooperation frameworks among our countries,” President El-Sisi said. President Al-Sisi also commended the BRICS Business Forum, stating that it demonstrates a commitment to enhancing relations among member countries and contributing to increased investments, inter-trade, and joint projects. In conclusion, President Al-Sisi expressed his hope that the forum will yield tangible results that contribute to enhancing investments and economic cooperation among BRICS countries.
Source:Daily News Egypt
October 19, 2024 22:26 UTC
Egypt reaffirms unwavering position regarding Sudanese crisis
CAIRO – 19 October 2024: Foreign, Emigration and Expatriates Affairs Minister Badr Abdelatty has reaffirmed Egypt's unshakeable position as regards the crisis in Sudan. During a meeting with the ministry's department concerned with the Sudanese crisis on Saturday, Abdelatty emphasized the importance of preserving Sudan's state institutions, respecting Sudan's sovereignty and territorial integrity, facilitating humanitarian work, and providing humanitarian assistance as well as all forms of support to alleviate the impact of the crisis on the people of Sudan. The meeting tackled the latest developments in Sudan, as well as Egypt's efforts to restore security and stability in the sisterly Arab country. The minister was given a situation assessment about the developments in Sudan and a brief on Cairo's efforts to support the Sudanese people during the delicate moment they are going through.
Source:Egypt Today
October 19, 2024 21:23 UTC
Photos: Egypt, UAE conduct airdrop of tens of tons of humanitarian aid in northern Gaza
Egyptian and Emirati military transport aircraft have airdropped “tens of tons” of urgent assistance in northern Gaza - Egyptian army spoxCAIRO – 19 October 2024: Egyptian and Emirati military transport aircraft have airdropped “tens of tons” of urgent assistance in northern Gaza to address the pressing shortage of humanitarian supplies, Gharib Abdel Hafez, the spokesperson for Egypt's Armed Forces, said in a statement on Saturday. The aid delivery was carried out in accordance with the directives of President Abdel Fattah El-Sisi, the Supreme Commander of the Armed Forces, to continue the provision of urgent humanitarian aid via the designated airbridge to support the Palestinian brethren in Gaza, the statement added. The airdrop comes amidst the crisis faced by the fraternal Palestinian people in Gaza due to the shortage in various humanitarian needs, the statement read. This initiative is part of Egypt's ongoing efforts, in collaboration with sisterly and friendly nations, to mitigate the challenging living conditions experienced by the Palestinian brethren as a consequence of the military operations in Gaza, the statement affirmed.
Source:Egypt Today
October 19, 2024 18:56 UTC
Israel continues killing civilians in Gaza, Lebanon
In addition, the Israeli military has intensified its air and ground operations in the northern Gaza Strip, particularly in the Jabalia camp. On Saturday, the Ministry of Health in Gaza announced that the Israeli occupation committed 3 massacres in the Strip, of which 19 dead and 91 wounded arrived at hospitals during the past 24 hours. In this context, the American and French presidents, the German Chancellor and the British Prime Minister called for an end to the Gaza war after a meeting in Berlin. In Lebanon, the Israeli occupation army said that it intercepted two drones launched from Lebanon towards northern Israel on Saturday morning. In an unprecedented event, the office of Israeli Prime Minister Benjamin Netanyahu acknowledged that a drone was launched towards the Prime Minister’s house in Caesarea, noting that the Prime Minister and his wife were not present at the site.
Source:Daily News Egypt
October 19, 2024 17:57 UTC
Putin: Russian-Egyptian relations strengthened thanks to President Sisi
File- President Abdel Fatah al-Sisi met with his Russian Counterpart Vladimir Putin on the sidelines of the G20 summit in Osaka - Press photoCAIRO – 19 October 2024: Russian President Vladimir Putin described Russian-Egyptian relations as "distinguished," stating that his country has maintained strong ties with Egypt for decades. In recent years, thanks to President Abdel Fattah El-Sisi, these relations have been further strengthened. Putin noted, "We have specific plans for the construction of machinery and equipment, which are both long-term and promising." Russia and Egypt signed in November 2015 an agreement to build a nuclear power plant worth $26 billion in Dabaa town located in Matrouh governorate western the country. The project is estimated to generate net revenues worth $264 billion over 60 years, which is the lifespan of the reactors at the plant.
Source:Egypt Today
October 19, 2024 16:24 UTC
e& Business Egypt showcases cutting-edge digital solutions at GITEX Global 2024
e& Business Egypt, the enterprise arm of e& Egypt, made a significant impact at GITEX Global 2024, one of the world’s largest tech exhibitions, held from 14 to 18 October. The unveiling of its bold new identity at GITEX Global 2024 underscores e& Business Egypt’s evolution and commitment to delivering innovative digital solutions that drive performance and accelerate clients’ digital transformation journeys. At GITEX Global, e& Business Egypt showcased solutions designed to meet the evolving needs of businesses, emphasizing its relentless focus on innovation, service excellence, and digital readiness. During the exhibition, e& Business Egypt signed several strategic partnership agreements with prominent local and international companies. Sherif El-Khouly, Chief Business Officer at e& Egypt, expressed his enthusiasm about the company’s participation at GITEX Global, stating: “GITEX Global is a world-leading platform that brings together the most innovative technology under one roof.
Source:Daily News Egypt
October 19, 2024 13:06 UTC