Egypt Forms National Council for Green Hydrogen to Drive Green Hydrogen Investment
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Egypt Forms National Council for Green Hydrogen to Drive Green Hydrogen Investment. Egypt’s newly established National Council for Green Hydrogen, led by Prime Minister Mostafa Madbouly, aims to promote green investments for sustainable development. Comprising key ministers and officials, the council will oversee the execution of Egypt’s National Strategy for Green Hydrogen, focusing on overcoming investment obstacles and ensuring global competitiveness. The council will also review regulations to facilitate the growth of the green hydrogen sector, aligned with Egypt’s ambition to lead in global green hydrogen production, targeting a cost of $1.7 per kg by 2050 and capturing 8 percent of the worldwide hydrogen market. Recent partnerships, like the $4 billion deal with Ocior, underscore Egypt’s commitment to advancing green hydrogen initiatives. (Al Ahram)
- Egypt’s auto sales drop 68% YoY in 7 months.
Egypt’s auto sales fell 68% year on year (YoY) in the first seven months of 2023 to 43,140 vehicles from 135,860 vehicles, Al Mal News reported, citing the Automotive Market Information Council (AMIC). Sales of passenger cars saw a 69% YoY drop to 31,801 units during the seven-month period from 101,514 units, while sales of buses went down 56% YoY to 4,548 units from 10,317 units. Meanwhile, sales of trucks were down by 71% YoY, registering 6,791 units from 23,201 units.(Reuters)
- BBC Egypt Staff Ends 10-Day Strike Amidst Ongoing Dispute.
Following a 10-day strike, the BBC Egypt office staff has returned to work after negotiations failed to meet minimum expectations for resolution, revealed Khaled El-Balshy, the head of Egypt’s Journalists Syndicate. The conclusion of the strike was marked by a news conference in front of the organization's Agouza office, where El-Balshy spoke on behalf of the striking journalists, outlining their continued efforts to challenge the management's stance on fair compensation distribution. The journalists remain committed to finding an agreeable solution backed by the journalists' syndicate. Notably, this marked the third in a series of strikes, with previous actions taking place in June and July. Simultaneously, the UK's National Union of Journalists (NUJ) expressed solidarity and protest in support of the BBC Cairo employees, urging the organization's management to address the ongoing salary dispute. The NUJ's statement highlights the mounting pressure on the BBC to address the concerns raised by its Cairo office staff, emphasizing the need for a resolution to the ongoing issue. (Al Ahram)
- Egypt's Finance Ministry to Issue EGP 340bn in Treasury Bills and Bonds.
Egypt's Finance Ministry has unveiled plans to issue EGP 340 billion worth of treasury bills (T-bills) and bonds in September 2023. This strategy is aimed at managing prior debts, financing the budget deficit, and utilizing local market resources. The issuance comprises 16 T-bills valued at EGP 330 billion with maturities ranging from 91 days to 364 days. Additionally, eight bonds worth EGP 10 billion will be offered, with durations spanning three, five, and seven years, including both variable and zero coupon rates. Banks in Egypt, particularly those operating as "main dealers," play a significant role in the primary market, purchasing these T-bills and bonds. Subsequently, they resell them in the secondary market to a variety of investors, both local and foreign. This issuance comes as Egypt's Finance Ministry continues its efforts to diversify borrowing sources and manage interest payments, as seen through the introduction of new debt instruments like variable-return bonds and zero-coupon bonds. As of July 2023, the total outstanding balance of local T-bills and bonds reached around EGP 4.604 trillion.(Mubasher)
- Egypt Tightens Visa Rules for Canadian Travelers.
As of Sunday, Canadian travelers heading to Egypt will be required to apply for visas before leaving the country, marking a departure from the previous option of obtaining visas upon arrival in Cairo or via an online portal. The new rules also impact Canadians with Egyptian citizenship, who previously could enter Egypt without visas using Egyptian passports, national ID cards, or birth certificates. Starting October 1, even Egyptian citizens will need visas. The move is said to be a response to Canadian visa measures that were perceived as disrespectful to Egypt's dignity, according to an email from the Egyptian embassy in Ottawa. Adel Boulos, president of the Egyptian Canadian Business Network, expressed concerns over the increased difficulty for Egyptians to come to Canada due to these changes. He suggested that diplomatic dialogue might have been a preferable route. Around 300,000 Egyptians living in Canada, who often travel on Canadian passports, might be affected by the changes as well. Egypt, in recent years, has aimed to boost its tourism sector, and this new rule could impact its efforts to attract tourists. While some Egyptian media outlets disputed the stricter visa rules, Canadian officials confirmed the changes will be in effect from September 3. (CBC Canada)
- Egypt sets up cabinet unit to coordinate with BRICS.
Egypt has achieved permanent membership in the BRICS group, solidifying its position among the major emerging economies, which includes Brazil, Russia, India, China, and South Africa. Effective from January 1, 2024, Egypt will formally become part of the bloc alongside Saudi Arabia, Iran, UAE, Ethiopia, and Argentina. In a significant move, Egypt's cabinet has sanctioned the creation of a dedicated BRICS unit within its structure, aimed at enhancing cooperation with the BRICS bloc. Comprising relevant ministers and officials, this unit will work towards strengthening Egypt's ties with other members of the group. Originally established in 2009, BRICS serves as an informal platform to promote economic stability and advocate for a new currency system that challenges the dominance of the US dollar in global trade. Over the years, the bloc has gained increasing influence as its (A members have emerged as significant players in the global economy. (Arab Finance)
- Egypt Aims to Collect $5 bln from State IPO Program by 2024.
Egypt's government is seeking to attract $5 billion from the offering of power plants and state-owned companies from October 2023 until the end of June 2024, according to a report on the Government IPO Programme issued by the Cabinet's Information and Decision Support Center (IDSC). The IDSC's latest report showed that the Egyptian government tends to offer stakes in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant, and Zafarana wind farm, in addition to Safi and Watanya, companies owned by the military. The State Ownership Policy Document outlines the government's intention to provide shares in 35 state-owned companies to strategic investors by June 2024 In February 2023, a list of 32 companies was announced, and this year, three additional companies were included: Eastern Company, Al Ezz Dekhila, and Telecom Egypt. (Al Ahram, IDSC)
- Lafarge Egypt aims to increase its sustainable contributions
Lafarge Egypt, one of the largest cement manufacturers in the Middle East and Africa, is committed to reducing carbon emissions and achieving the group's Net Zero goal. The company has taken several steps to achieve this, including increasing the use of alternative fuels and reducing the clinker factor in cement production [1]. Lafarge Egypt CEO, Jimmy Khan, stated that the company has successfully increased the use of alternative fuels, resulting in a reduction of up to 150,000 tonnes of carbon dioxide emissions annually. They have also reduced carbon emissions by using environmentally friendly raw materials in cement production. Lafarge Egypt aims to reduce carbon emissions by 50 to 60% and has introduced environmentally friendly cement products that reduce carbon emissions by 40% compared to ordinary cement. The company faces challenges such as the lack of accreditations for green cement products in Egyptian building codes and insufficient support for green cement manufacturers. (France24)
- Egypt's Salah agrees to join Ittihad Jeddah, Liverpool await significant offer
In an intriguing development, reports suggest that the highly sought-after 31-year-old football star, Mohamed Salah, has attracted significant interest from Ittihad Jeddah. The Saudi club is rumored to be prepared to offer Salah a groundbreaking salary that could potentially make him the highest-paid player in the world. This potential move would see Salah, who still has two years remaining on his contract with Liverpool, join forces with former Real Madrid star Karim Benzema, who recently joined Ittihad Jeddah. Salah's remarkable contributions to Liverpool since his arrival in 2017 have been widely acknowledged. With numerous individual accolades and a pivotal role in Liverpool's recent successes, Salah's departure would be a significant loss for the English Premier League club. Meanwhile, Ittihad Jeddah, currently sitting at the top of the Saudi Pro League, seems determined to strengthen their squad and cement their position as champions. (Alarabia)
- Irrigation and Transport Ministers coordinate on joint projects.
The meeting reviewed the status of clearing waterways that have roads on their bridges, and agreed to continue using barges in disinfection work in the main canals with large bottom widths The Ministers of Water Resources and Irrigation and Transport met on Wednesday to discuss the progress and challenges of their joint projects, which aim to serve the development goals of the country. The meeting focused on the issues of clearing waterways, maintaining bridges, and paving roads above water facilities. Hani Sweilam, the Minister of Water Resources and Irrigation, stressed the vital role of both ministries and the importance of overcoming any obstacles to complete the projects on time. He also emphasized the necessity of preserving the water sector and ensuring the passage of water drainages while maintaining the bridges. Kamel Al-Wazir, the Minister of Transport, expressed his keenness to enhance joint cooperation with regard to the construction and maintenance of new roads and axes across the country, within the framework of the state’s plan to achieve comprehensive development. The meeting reviewed the status of clearing waterways that have roads on their bridges, and agreed to continue using barges in disinfection work in the main canals with large bottom widths. Sweilam said that his ministry is studying the benefits of using the products of canal disinfection mixed with natural materials to reshape and stabilize canal bridges. (Al Ahram)
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