The fifth edition of the World Youth Forum in Egypt, this year has been canceled due to economic burdens and financial hardship
The fifth edition of the World Youth Forum in Egypt, this year has been canceled due to economic burdens and financial hardship The Egyptian Government decided that the usual funds used for the initiatives will be redirected to other entrepreneurship and development programs for farmers to achieve food security. This is through alternative initiatives. Alternative initiatives also aims to launch the largest youth volunteer platform in the world to help poor countries and those affected by wars, conflicts or climate change, as well as providing support to refugees and immigrants. At the beginning of this year, the Egyptian government approved a package of decisions to rationalize public spending, which included postponing the implementation of any new projects funded in US dollars, rationalizing all travel of officials abroad, banning spending on social and sports services, as well as banning spending on advertising expenses and parties. (Egypt Independent)
EGX chairman says state IPO programme will spur capital inflows
Egypt’s plan to sell shares in at least 20 state-owned companies this year will help solve the country’s foreign currency crunch and spur inflows into the stock market, said the chairman of the Egyptian Exchange. “This is a cash flow situation,” Rami El Dokany told The National in an interview. "Once the cash flow has been resolved, we’re going to see more interest and more inflows happening. “I think the IPO [initial public offering] programme will play a big role in making things happen.” Egypt had initially identified 23 state-owned enterprises in 2018 that could be listed on the stock exchange or have additional stakes offered to investors, but the Covid-19 pandemic and the economic fallout from the Russia-Ukraine war have contributed to delays. Prime Minister Mostafa Madbouly last week announced the government would be pressing ahead with the programme in an effort to attract foreign investors and revive the economy. (The National News)
Egypt to host first-of-its-kind Cybersecurity & Defence Intelligence Systems (CDIS-EGYPT) in May
It will be hosted by Tritech Advanced Solutions and a coalition of private sector entities in support of the government’s strategic vision towards digital transformation. The 3-day cybersecurity and defence intelligence systems exhibition and conference will shed light on the status quo and future of cybersecurity in Egypt, MENA and worldwide over the course of 3 days from 16-18 May 2023 where local, regional, and international companies will showcase their state-of-the-art technology and capabilities. A conference will take place on the sidelines of the exhibition where international, regional and local speakers will discuss and share their knowledge and expertise with attendees. The announcement came in a press conference in the presence of high-level representatives from the relevant ministries, as well as decision-makers and executives from local and international tech companies. Egypt Cyber Security & Defense Intelligence Systems (CDIS-EGYPT) is held under the auspices of the Ministry of Communications and Information Technology and is officially supported by the Ministry of Higher Education and Scientific Research, Ministry of Finance, The Egyptian Supreme Cybersecurity Council (ESCC), National Telecom Regulatory Authority (NTRA), National Authority for Management and Investment, Egyptian Computer Emergency Readiness Team (EG-CERT), and Helwan University. (Daily News Egypt)
Egypt’s President Abdel Fattah Al-Sisi received on Monday at the Ittihadiya Palace Zoran Milanović, the President of the Republic of Croatia. Milanović is visiting Cairo for official consultations and discussions on bilateral and international affairs
The meeting witnessed the holding of bilateral discussions, followed by extensive discussions including the delegations of the two countries, according to Ahmed Fahmy, the official spokesperson for the Presidency. During the discussions, the two presidents expressed mutual appreciation for the extended historical relations between Egypt and Croatia. Al-Sisi emphasised that the visit of the Croatian president to Egypt reflects the importance that the two parties attach to these relations. He stressed the joint keenness to move these relations to broader horizons and a more distinguished level, especially in light of what Egypt represents as a basic pillar of stability in the Middle East and Mediterranean regions, as well as the important role of Croatia within the institutions of the European Union. (Al Ahram)
Egypt’s Foreign Minister, Sameh Shoukry, has declared that Egypt will be sending urgent relief aid to both Turkey and Syria in response to the devastating 7.8 magnitude earthquake that struck both nations
According to the Egyptian Ministry of Foreign Affairs, Egypt extended its profound condolences to the families of those killed in this tragic incident. Suleyman Soylu, Turkey’s Interior Minister, said that ten Turkish cities including Gaziantep, Hatay, Kahramanmaras, Osmaniye, Adiyaman, Malatya, Adana, Sanliurfa, Diyarbakir, and Kilis, were all heavily impacted by the earthquake. On the other hand, the earthquake in Syria severely affected the cities of Aleppo and Hama. Numerous international charity organizations, including British Red Cross, Islamic Relief, and Unicef, have all given Turkey and Syria emergency assistance following yesterday’s tragic earthquake, which claimed around 5,000 lives and destroyed thousands of buildings. (Al Ahram)
EFG Hermes projects Egypt’s current account deficit to hit 3.7% of gross domestic product (GDP) during the current fiscal year (FY), before rising to 4.1% of GDP in the upcoming FY2023/2024 and FY2024/2025
"On February 2nd, the Central Bank of Egypt (CBE) announced that Egypt’s current account deficit fell by 20.2% year-on-year (YoY) in the first quarter (Q1) of FY 2022/2023 to $3.2 billion from $4 billion in the same quarter a FY earlier. On January 30th, EFG Hermes revealed in a previous economic note that Egypt’s real GDP growth is expected to hit 4.5% during FY 2022/2023, before rising to 5% in the next FY 2023/2024 and to 5.2% in the FY 2024/2025. The investment bank said that Egypt’s inflation is expected to near 23% in January from 21.3% in December. (Arab Finance)
Arab African International Bank (AAIB) is seeking to sell its stake in Palm Hills Development Company (PHDC) to Abu Dhabi-based Al Ain Holding
The Mansour family owns more than 46% of Palm Hills’ shares, while Al Ain Holding holds a 12.7% stake in the company. Regarding the majority shareholder’s position, a board member in Palm Hills denied that the Mansour family would sell their stake in Palm Hills, saying that they would buy an additional stake instead. (Bloomberg Elsharq)
UN envoy visits Egypt to discuss a solution to the crisis in Libya
The Egyptian Ministry of Foreign Affairs announced, in a statement on Monday evening, that Foreign Minister Sameh Shoukry will receive the UN envoy to Libya, Abdoulaye Bathily, on Tuesday afternoon, at the ministry’s headquarters. According to the Egyptian Foreign Ministry, Bathily’s visit to Cairo comes to discuss the crisis in Libya and ways to resolve it in a way that allows for consensus between the various parties in the country, with the aim of holding comprehensive parliamentary and presidential elections. (Libya News)
Egypt VC Investing Grows for 5th Year in a Row, Leading MENA Region by Deals Closed and All-Time High of 17 Exits
MAGNiTT, the largest verified data platform tracking venture capital investments across emerging markets, released the 2023 edition of its annual Egypt Venture Investment Report today, in partnership with Egypt’s IT Industry Development Agency (ITIDA). The report provides an in-depth analysis of the Venture Capital investment landscape in Egypt’s homegrown technology startups, revealing a 3.2% increase in funding to a record of $517 million in 2022. This all-time high was achieved despite the lack of any mega deals ($100 million or more) in 2022, and with slightly fewer deals (160) than in 2021 (165), placing Egypt ahead of all MENA countries in the number of VC deals in 2022 and second to Nigeria in the African continent. Ahmed Elzaher, the Acting Chief Executive Officer of ITIDA and Assistant Minister for Ecosystem Development at Egypt’s Ministry of Communications and Information Technology, commented: “Egyptian startups once again returned to the leading position in the MENA region in the number of venture investment deals. This undoubtedly demonstrates the core strength of our ecosystem, and the unmatched talents of our gifted tech-savvy entrepreneurs who could discover and leverage the opportunities in various industries. (Egypt Independent)
Romania’s direct investments in Egypt hit $104M in April 2022
Direct Romanian investments in Egypt reached $104 million by April 2022, Egyptian Prime Minister Mostafa Madbouly said in a speech during the opening of the Egyptian-Romanian business forum on February 5th. The number of Romanian companies operating in the North African country stood at 101 firms, Madbouly highlighted, adding that the firms work in various sectors, including tourism, finance, industry, and services. In the same vein, he called Romanian investors to explore current investment opportunities in the fields of healthcare, renewable energy, and industry. He also noted that the trade exchange between Egypt and Romania hit $1.1 billion.(Arab Finance)
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