The National Organization for Social Insurance decided to raise the minimum subscription wage for social insurance
The National Organization for Social Insurance (NOSI) decided to raise the minimum subscription wage for social insurance to EGP 1,700 from EGP 1,400 as of January 1st, 2023 NOSI changed the maximum subscription wage to EGP 10,900 from EGP 9,400 to be effective as of January 1st, Awad added.Accordingly, the minimum pension will increase to EGP 1,105, while the maximum pension will grow to EGP 8,720, he noted. The Chairman of NOSI explained that there was no contradiction between the minimum wage subscription and the decision to raise the minimum wage to EGP 3,000, as the former serves as the basis for the calculation of insurance subscription for irregular labor. (Arab Finance)
- Turkey, Egypt delegations held meetings after leaders' handshake in Doha, Qatar last week
After years of tension, a handshake between Turkish President Tayyip Erdogan and Egypt's President Abdel Fattah al-Sisi last week opened the door to a flurry of back-door diplomacy between intelligence officials, two sources told Reuters. Intelligence delegations from the two sides met in Egypt at the weekend, said a regional source with knowledge of the matter who spoke on condition of anonymity. The second source, a senior Turkish official, said "significant" discussions had begun between them, and Turkey and Egypt are set to begin talks on military, political and commercial issues including energy projects. Turkish government officials did not comment when asked about the Egypt meeting. Egypt's foreign ministry did not immediately respond to a request for comment. Turkish Foreign Minister Mevlut Cavusoglu separately told reporters on Monday that Ankara and Cairo may restore full diplomatic ties and re-appoint ambassadors "in coming months". Diplomatic ties have been strained since Sisi, then Egypt's army chief, led the 2013 ouster of Mohamed Mursi of the Muslim Brotherhood, who was strongly supported by Erdogan. (Reuters)
- British Petroleum has been awarded two exploration blocks in the Mediterranean Sea, offshore Egypt by the Egyptian Natural Gas Holding Company
The Northwest Abu Qir Offshore Area - in which bp, the operator, holds 82.75% and Wintershall-Dea holds 17.25% - is located west of the recently awarded North King Mariout block (bp 100%) and north of the Raven field. It covers an area of approximately 1038 square kilometres with water depths ranging between 600 metres and 1600 metres. The Bellatrix-Seti East block - in which bp and Eni, the operator, each hold a 50% share - is located west of the Atoll field and North Tabya blocks. It covers an area of approximately 3440 square kilometres with water depths ranging between 100 metres and 1200 metres. Anja-Isabel Dotzenrath, bp’s executive vice president for gas & low carbon energy said: “Egypt has long been important for bp with almost 60 years of successful partnership and more than $35 billion invested. We now look forward to an even more successful future, continuing to help meet Egypt’s growing energy needs by providing cost-competitive supplies of gas and supporting Egypt through the energy transition by exploring growth opportunities in hydrogen for example.” (British Petroleum)
- Egypt to launch 4-day vaccination campaign against polio to maintain its disease-free status
The campaign will run from 11-14 December and aims to vaccinate both Egyptian and non-Egyptian children residing in the country free of charge, said Hossam Abdel-Gaffar, a spokesperson for the ministry. He further stressed the importance of the periodic campaign to keep children safe from the disease and maintain the country’s polio-free status. Egypt has been declared polio free since 2006 in accordance with the standards set by the World Health Organisation, with the last case recorded in 2004. (Al Ahram)
- The Cabinet and the CBE coordinate to secure needed USD reserves
Prime Minister Mostafa Madbouly held a meeting with Governor of the Central Bank of Egypt (CBE) Hassan Abdallah to follow up on a group of matters, at the top of which was securing USD reserves, according to an official statement on November 28th. The meeting discussed coordination between the government and the CBE to secure basic commodities and maintain safe reserve levels thereof. The spokesperson of the Prime Minister, Nader Saad, revealed that the meeting also included coordination between the cabinet and the CBE for the provision of USD resources to purchase basic commodities and production inputs for the industrial sector. Saad added that the meeting highlighted that increasing foreign currency reserves was a top priority for the government and the CBE. (Al Ahram)
- The number of banked Egyptians soared by 131% between 2016 and mid-2022, according to a survey conducted by the Central Bank of Egypt (CBE)
The survey is part of the CBE's financial inclusion strategy for 2022-2025, which was launched on November 27th, with the aim to set key objectives and priorities for creating financial inclusion in the country. The survey showed that around 60.6% of Egyptians above the age of 16, which amount to 65.4 million citizens, have bank accounts. Fifty-two percent of consumers above 16 years use cash in transfers, while 34% receive digital transfers, the survey added. Moreover, the survey also showed that 11% of adult consumers make payments using digital financial services. However, data discovers an 8.2% gender gap in transactional account ownership. (Arab Finance)
- The Financial Regulatory Authority (FRA) has granted Orange Egypt a license to practice consumer finance activity
The activity of consumer finance includes providing financing for purchases of consumer goods and services and payment thereof within at least six months. Founded in 1998, Orange Egypt, formerly Mobinil, is the oldest mobile network operator in Egypt. The company provides voice and data exchange services and 4G, 3G, ADSL, and broadband internet. (Amwal Al Ghad)
- Banque Misr signed a long-term loan agreement with a value of EGP 500 million for 6.5 years with Arabian Company for Touristic Projects to finance the development of its Sheraton Cairo Hotel
The loan will finance 60% of the total investment costs of upgrading the hotel’s Nefertiti building, which amounts to EGP 839 million. General Manager of the company Ibrahim Shaybani noted that the 5-star hotel bears the Sheraton brand, one of the brands affiliated with Marriott International. (Mubasher)
- The Egyptian Holding Company for Silos and Storage (EHCSS), General Company for Silos and Storage (GCSS), and the Agricultural Bank of Egypt (ABE) signed an agreement to establish the company Egypt Land “Ard Masr” for Silos and Storage
The new company specializes in the building, managing, operating, utilizating, and leasing of silos, hangers, bunkers, warehouses, and custom logistics areas, in addition to other relevant activities, Minister of Supply and Internal Trade Ali El-Moselhi stated. The new company’s authorized capital amounts to EGP 500 million, while the issued capital is EGP 50 million, EHCSS’ Chairman Sharif Adel Bassily revealed. He added that the EHCSS, ABE, and GCSS hold 45%, 40%, and 15% of the company’s shares, respectively. (Mubasher)
- Egypt Aluminum Company (Egyptalum) (EGAL) has appointed Premiere Advisory as financial advisor to conduct the fair value (FV) study on the company’s stock
The financial advisor will perform the FV study on Egyptalum’s stock as it plans to raise the company’s capital to support the rehabilitation of its current factory and maintain its production capacity at 320,000 tons. Once the FV study is complete, the capital increase documents will be submitted to the Financial Regulatory Authority (FRA) for approval. This disclosure came as a response to the recently published news in newspapers reporting the appointment of Premiere Advisory to conduct the FV on the company’s stock. Egyptalum is the largest aluminum producer in Egypt and is one of the leading companies in Africa. (Mubasher)
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