Egypt and the UAE are hosting a three-day gathering to mark 50 years of bilateral ties

Newsletter

27 Oct 2022

Egypt and the UAE are hosting a three-day gathering starting yesterday to mark 50 years of bilateral ties. Yesterday featured an economic forum with attendees including ministers, senior officials and business leaders from the two countries. UAE government-backed investment platform Investopia and the International Finance Corporation hosted a business forum to discuss bilateral investment in the private sector. (Hapi Journal)

Egypt’s top climate diplomat has urged newly-elected British Prime Minister Rishi Sunak to stick to the country’s climate pledges despite an incoming recession
Ambassador Mohamed Nasr said developed nations don’t have a lack of funds to address climate change, but that the challenge is finding the “political will and the commitment” to deliver on climate finance pledges. Egypt is still hoping that the British monarch, who has long campaigned for environmental causes, could show up in Sharm El Sheikh. King Charles had reportedly been advised by former PM Liz Truss not to attend the summit. (Sky News)
New Administrative Capital generates 2 trillion EGP: El-Sisi
The New Administrative Capital (NAC) has generated 2 trillion EGP in revenue so far, President Abdel Fattah El-Sisi stated. Only 40,000 feddans of NAC’s 175,000 feddans have been developed, El-Sisi noted, adding that the project could generate around 7.5 trillion EGP if lands were sold at 10,000 EGP per square meter (sqm). El-Sisi said that the exchange rate of the EGP against the USD should not be considered an indicator of the strength of the economy and that the increase in the dollar's value resulted from the tightening monetary policy of the Federal Reserves System. (Arab Finance)
The president also highlighted that reducing imports and boosting exports are necessary, adding that it is not an easy task
El-Sisi maintained that the development of the education system requires up to 250 billion EGP in financing, noting that even half of this amount is not available. A total of 60,000 school classes needs to be added annually, which will cost the state 60 billion EGP, he remarked. (Arab Finance)
Egypt seeks to attract UAE investments in several sectors
Minister of Trade and Industry Ahmed Samir expressed that Egypt is looking forward to attracting more investments from Emirati companies through a group of incentives and facilities offered in various production and services sectors. The UAE is Egypt’s second biggest trade partner in the Arab World with investments of $7.8 billion until May 2022 in different areas including real estate, tourism, and industry, Samir added on the sidelines of the Egyptian Emirati Business Council meeting. (Hapi Journal)
EGAS likely to finalize agreements on Gaza Marine field by Q1 2023: El-Molla
The Egyptian Natural Gas Holding Company (EGAS) is expected to sign final agreements with the Palestinian government for the development of the Gaza Marine natural gas field before the end of the first quarter (Q1) of 2023. An EGAS-led consortium of companies will be formed to develop the gas field. The Palestinian-Israeli agreement would not have been realized if not for the dialogue through East Mediterranean Gas Forum. (Asharq Business)
Egypt, Algeria ink MoU for cooperation in natural gas
Egypt and Algeria signed a memorandum of understanding (MoU) for cooperation in natural gas, oil, and mines. The MoU provides for the exploration of cooperation in the marketing of petroleum products, especially butane, along with research, exploration, and production of oil and natural gas. The protocol also provides for cooperation in studying the establishment of a joint company specialized in the implementation of studies and engineering works. The MoU also includes cooperation in converting cars to use natural gas as fuel. (Arab Finance)
House of Representatives approves 83 million EUR loan agreement with AFDB
The Egyptian House of Representatives approved an 83 million EUR loan agreement between the Ministry of International Cooperation and the African Development Bank (AfDB). The loan finances the second phase in a program for cooperation in electricity and green growth. The House also approved a 1.5 million EUR grant agreement between the international cooperation ministry and the French Development Agency (AFD) for the Transforming Financial Systems for Climate (TFSC) project. (Youm7)
The board of Egyptian International Pharma Industries Company (EIPICO) could abandon its bid to acquire Upper Egypt Pharma (UP Pharma) after months of waiting on the company to allow it to conduct due diligence
EIPICO’s board had approved the start of procedures to potentially acquire 99.9% of UP Pharma in late May. Both firms are owned by the Arab Company for Drug Industries and Medical Appliances (ACDIMA). The transaction would see EIPICO snag ACDIMA’s stake in UP Pharma to bring its sibling firm under its umbrella. (EGX)
Tanmeyah seals cooperation deal with Masary, Bee
Tanmeyah for Microenterprise Services, a subsidiary of EFG Hermes Holding (HRHO), has signed a cooperation agreement with e-payment solutions providers Masary and Bee. This partnership aims to facilitate the e-collection process for Tanmeyah;s customers. Under the signed agreement, Masary and Bee will handle the e-collection process for Tanmeyah’s customers and enable them to pay their installments any time. This cooperation comes in line with Tanmeyah’s strategy in regards to automation and digital transformation to keep up with the state’s efforts and directives in supporting financial inclusion. (Mubasher)