Egypt is reformulating the higher education system, by adopting advanced academic policies

Newsletter

05 Sep 2021

For our top talks today, Egypt is reformulating the higher education system, by adopting advanced academic policies, establishing advanced educational institutions and expanding international partnerships, stressing that 232 new colleges have been established, bringing the total to 756 colleges, including 100 government colleges, 132 private colleges. While, 271 new study programs have been introduced in public universities for a total of 289 programs, most notably nuclear engineering, biophysics, cybernetics, modeling, nanotechnology, and artificial intelligence. It is worthy to mention that Egypt maintained first place in North Africa and second in Africa in the share of scientific research in the Nature Index, for the sixth year in a row, from 2015 to April 2021.

Second, Egypt succeeded in obtaining the approval of the Board of Governors of the Islamic Development Bank to organize the annual meetings of the Bank's governors next year.
We believe this reflects the value of Egypt in the Islamic Bank group and the member states' respect for the Egyptian role, and the depth of their desire to increase the Egyptian role. It also reflects the positive view of the Egyptian situation and the confidence of member states in Egypt's capabilities.
In the same fashion, the Ministry of Agriculture and Land Reclamation announced that the volume of Egyptian agricultural exports had reached more than 4.5 million tons in 8 months, during the period from January 1, 2021 to August 31, 2021.
Noting that exports amounted to 4,553 thousand and 168 tons of agricultural products, and the list of the most important agricultural exports for this period included citrus, potatoes, onions, strawberries, pomegranates, potatoes, beans, beets, guavas, peppers, mangoes, garlic, grapes, watermelon.
In addition, Agriculture signs two cooperation documents with FAO: Cooperation between the Ministry of Agriculture and the FAO in the field of pest control. One of them is within the program to expand the scope of climate ambition on land use and agriculture,
which aims to support about 12 countries in Africa, including Egypt and countries from Asia and Latin America, and the second to implement the global action plan to combat FAW under the title Scaling up the sustainable management of FAW in Africa, the Near East and Asia. Between the Ministry and FAO, in projects aimed at achieving food security and combating poverty, in areas most in need, and projects that it provides to rural women.
Moving to our energy sector, El Sewedy Electric Company in cooperation with the Japanese Toyota Tsusho Corporation, has completed the implementation of 4 gas-insulated transformer stations (GIS) in southern Iraq for the Iraqi Ministry of Electricity at a value of 546.72 million USD.
El Sewedy Electric relied on 1200 Iraqi engineers to implement the project, supported by 180 of their Egyptian counterparts, with a focus on the company’s business model in all its projects in Iraq, which focuses on making the most of the Iraqi workforce while providing development and training programs for them.
Equally important, Delta Insurance is preparing to increase its paid-in capital from 126 million EGP to 350 million EGP, during the next few period, with an increase of up to 224 million EGP, and a growth rate of 177.8%.
The paid-in capital is divided into 56 million shares, at a rate of 1.77 shares for each share. According to the consolidated financial position list, the net working capital of Delta Insurance Company amounted to 777.2 million EGP, at the end of last June 2021, compared to 578.9 million EGP in the corresponding June of last year 2020, with a growth rate of 34.3%.
By the same token, for our companies talks, first Abu Ghali Finance aims to be the leader in car financing solutions within 3 years in partnership with "Contect Finance”.
It is noteworthy that the total sales of “Al-Malaki” cars increased by 63% to record 101 thousand and 46 vehicles during the first half of this year, compared to 62 thousand and 171 cars in the corresponding period of the previous year.
Second, Integrated Diagnostics Holdings (IDH) achieved revenues worth 2.29 billion EGP during the first half of 2021, up 141% when compared to 950 million in H1-2020. Net profits surged 283% to 668 million EGP in H1-2021 compared to 175 million EGP in H1-2020.
It is particularly important to highlight that the group’s conventional test volumes in H1-2021 surpassed pre-Covid-19 levels, coming in 4% higher than test volumes recorded in the same six months of 2019 after adjusting for the impact of the 100 Million Healthy Lives Campaign.
And for our global talks, we need to mention that Bank of America Securities raised its forecast for euro zone growth and inflation, predicting that the euro zone economy will grow 4.8% this year, up from a previous forecast of 4.2% thanks to a larger-than-expected recovery to reopen activities.
We believe that the eurozone will grow 3.7% in 2022, compared to the 3.5% previously forecasted adding that the inflation is expected to rise by 2.2% this year from a previous forecast of 2%. And, it is expected to reach 1.7% in 2022 and 1.3% in 2023. That with the possibility of further hikes.
Finally, oil prices fell 7.5% in August for the second month of this year. Global oil prices tumbled more than 7.5% in August for the second month of this year, dropping to just over 71 USD per barrel of the global Brent mix,
and more than 68.5 USD per barrel of West Texas Intermediate, to record the largest monthly decline since October 2020, due to expectations Demand is down after six refineries closed in Louisiana after Hurricane Ida hit it. Bloomberg agency reported that the oil price rally stopped for the first time in August since it fell 3.8% last March. We strongly believe that the OPEC + policy of gradual increases in crude production will help stabilize global oil prices.