Egyptian Irrigation Minister visits Sudan to discuss bilateral water cooperation
Egyptian Irrigation Minister visits Sudan to discuss bilateral water cooperation. Egypt’s Minister of Water Resources and Irrigation Hani Sweilam arrived in Sudan on Saturday on an official two-day visit to discuss bilateral relations with his Sudanese counterpart Daw Al-Bayt Abdel Rahman. It’s Sweilam’s first visit to Sudan since he assumed his position in August 2022. Sweilam stressed the strength and depth of the eternal, historical and fraternal relations that bind the two brotherly countries, referring to the long and joint history of cooperation between the two countries in all fields, especially in the field of water resources, which is one of the most important areas of cooperation, as the two countries are linked by one artery, the Nile River. For his part, Abdel Rahman welcomed Sweilam and the members of the Joint Permanent Technical Authority for Nile Water and expressed his hope to discuss all issues of common interest, stressing the need for sincere cooperation with countries in The Nile Basin, giving importance to the State of South Sudan, which should be the focus of the two states attention, especially in dealing with floods. (Al Ahram Online)
Trading EGP on Moscow Exchange will have positive impact on Egyptian economy
The Embassy of Russia in Cairo has said that the Egyptian pound (EGP) started trading on the Moscow Exchange last Wednesday, among several other currencies including the Emirati dirham and Azerbaijani manat. The Embassy added that the Egyptian pound recorded 2.33 Russian rubles. Matta Beshay, head of the Internal Trade Committee of the Importers Division at the Federation of Egyptian Chambers of Commerce (FEDCOC), said that the decision means that Egypt can import from Russia in Egyptian pound, pointing out that Egyptian imports from Russia are way higher than Russian imports from the North African country. However, the decision will have a positive impact on the Egyptian economy, as it will relieve pressure on the US dollar reserves. Beshay explained that this move will be in favour of Russian tourists and vice versa.He pointed out that Egypt imports oils, seeds, alloys, and railway cars, and wheat from Russia. Additionally, the decision will contribute to relieving pressure on the dollar reserves in light of the current economic crisis. (Daily News Egypt)
Magnom Properties And Forbes Announce Partnership To Build ‘Forbes International Tower’ At World Economic Forum Annual Meeting
ligned with the Sustainable Development Goals, Magnom and Forbes plan new zero-carbon commercial tower in Cairo, Egypt, which will elevate standards of green design and push boundaries of modern construction. Solidifying a commitment to long-term sustainability, Magnom Properties and Forbes, joined hands at the 53rd Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, to announce their plans to build an innovative, environmentally responsive tower set in the heart of the rising New Administrative Capital in Cairo, Egypt. Envisioned by Adrian Smith + Gordon Gill Architecture (AS+GG Architecture), the planned ‘Forbes International Tower’ marks the start of a new era of building design as Magnom Properties, a subsidiary of Rawabi Holding, pushes the boundaries of modern construction to pursue a zero-carbon strategy in collaboration with Forbes. The partnership, which marks the first time that Forbes has branded a commercial tower, was announced on the concluding day of WEF 2023 where world leaders and experts discussed, amongst other important topics, the need for mainstreaming smart and sustainable climate solutions in urban development to enhance the livability, efficiency, and productivity of cities. A Memorandum of Understanding to develop the project was signed at the Dome at WEF by Abdulaziz Al Turki, Group Chairman of Rawabi Holding and Chairman of Magnom Properties, and Mike Federle, CEO, Forbes, in the presence of Othman A. Ibrahim, CEO of Rawabi Holding, Vice Chairman of its Board of Directors and Vice Chairman of Magnom Properties; Maged Marie, CEO, Magnom Properties; architects Adrian Smith and Gordon Gill; and Hala Elsaid, Egypt's Minister of Planning and Economic Development. (Forbes)
1st Chinese tourist group arrives in Egypt since COVID-19 outbreak
Ahead of the upcoming Chinese New Year, Egypt received the first Chinese tourist group on Friday since the outbreak of COVID-19 three years ago. During a welcoming ceremony for the Chinese tourist group at Cairo International Airport, Egyptian Vice Minister for Tourism and Antiquities Ghada Shalaby welcomed the Chinese tourists, expressing aspiration to see more Chinese tourist groups. Highlighting the attention Egypt pays to the health and safety of tourists, Shalaby said all workers in all Egyptian hotels and tourist facilities have been vaccinated and trained on the highest health and safety standards. Chinese tourists will find many Chinese products in Egypt that will make them feel at home, she added. Yehia Zakaria, chairman of the EgyptAir Holding Company, also welcomed the arrival of the Chinese tourist group, noting both Egypt and China boast of ancient civilizations steeped in history. According to Zakaria, the number of weekly flights between Egypt and China will be increased to 13 starting March: seven to the southern city of Guangzhou, three to the eastern city of Hangzhou, and three to Beijing. (Global Times)
Egypt, Germany and Norway latest teams to seal quarter-final spots at World Men’s Handball Championship
Egypt, Germany and Norway booked their places in the quarter-finals at the World Men’s Handball Championship as main round action continued in Poland and Sweden. In Group IV, played at the Malmo Arena in Sweden, Egypt secured their place in the last eight after a 26-22 triumph over Bahrain. Egypt keeper Karim Hendawy proved the difference between the sides, making ten saves in the opening period. In attack for Egypt, Ali Merza Ali scored six goals from nine shots, with Egypt finishing top of the group on six points. Defending champions Denmark sit in second place in Group IV, following a 33-24 triumph against the United States. The Danes, who have now won 25 consecutive games in the competition, shared the goals around the team during the contest, with Samuel Hoddersen scoring five goals from six attempts Denmark, who rested key players and rotated their team, have five points in the group, with Bahrain in third on four points. In the other game in the group Croatia claimed a crucial 34-26 victory over Belgium, to keep their quarter-final hopes alive. Croatia keeper Mate Sunjic was named player of the match after an impressive display in goal, making a total of 20 saves in the contest. (Al Ahram Online)
The credit cards portfolio of Banque du Caire (BDC) (BQDC) increased by 48% to EGP 1 billion at the end of 2022
This marks one of the largest growth rates in the banking sector compared to the bank’s portfolio. The volume of the bank’s credit cards portfolio has doubled 5 times, while the issuances volume grew 3 times over the past four years, Ahmed Effat, Deputy CEO, stated. Banque du Caire offers its customers a distinguished package of banking services and products that suit the needs and aspirations of various segments, Effat added. This came during a celebration organized at the bank's headquarters in recognition of the success achieved by the employees in the retail banking and microfinance division. (Arab Finance)
Jumia has collaborated with Contact creditech, the consumer financing arm of Contact Financial Holding (CNFN), to launch a new set of financial services in Egypt
This partnership will allow Jumia to provide a variety of payment options for its customers, which will simplify the purchasing process and offer a number of financial solutions for customers of both businesses. Contact Creditech plans to enter into further strategic partnerships in different fields to enable the use of digital credit assessment based on artificial intelligence (AI) technology to provide the best customer experience. “Through this partnership, we will provide all Jumia customers with financial solutions aimed at enabling customers to complete the purchase process with ease using the latest technological solutions in the field of consumer financing, which will help increase purchasing power,” Ahmed Samir Kamel, Managing Director of Contact Creditech, stated.(Arab Finance)
Faisal Islamic Bank of Egypt’s (FAIT) standalone net profit rose 66.8% year-on-year (YoY) for the period ended December 30th 2022
The company reported a standalone net profit after tax of EGP 4.475 billion in 2022, compared to EGP 2.682 billion in 2021. Faisal Islamic Bank of Egypt is a financial institution that offers banking and investment services in accordance with Islamic Sharia principles through its head office and 27 branches located across the Egypt. (Mubasher)
Egyptian Ambassador to Sudan Hany Salah has asserted cooperation between Cairo and Khartoum is witnessing a big and important development.
In statements on the sidelines of meeting Sudanese Minister of Communications and Digital Transformation, Adel Hassan Mohamed Hussein, Salah said the IT sector is seeing an important development. The Sudanese minister expressed pleasure over meeting the Egyptian diplomat, noting that the meeting discussed several files related to the development of relations between Egypt and Sudan in the field of communications, referring to his visit to Egypt in the coming days, stressing importance of exchanging and transfer of experiences among Arab countries. (Egypt Independent)
Egypt’s Parliament Discussed banning Tiktok
Egyptian Senate is preparing to discuss banning TikTok in Egypt and other similar applications that fail to meet the nation’s safety policies and standards. The Egyptian Senate’s move to ban the application came after many lawsuits were filed before the Egyptian courts calling to ban TikTok from the Internet inside Egypt, alongside urging Google and Apple to delete the application from their stores in Egypt. A lawsuit previously filed in Egypt claimed that TikTok promotes clips of nudity, pornography, bullying, and violence in society, and has even become an outlet for drug trafficking and illegal currency trade, which negatively affects society, especially youth. (Egypt Independent)
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