Egypt’s current account deficit dropped to $3.2 billion in the first quarter of fiscal year 2022-23 from $4.0 billion in the same quarter in the year prior
Egypt’s current account deficit dropped to $3.2 billion in the first quarter of fiscal year 2022-23 from $4.0 billion in the same quarter in the year prior Tourism revenues rose by 43.5% YoY to record $4.1 billion in the July-September period of 2022, up from $2.8 billion, due to a 47.1% increase in the number of tourist nights to 43.6 million, and the rise in the number of tourist arrivals to Egypt by 52.2% to 3.4 million. Remittances from Egyptian abroad declined by 20.9% YoY, hitting $6.4 billion, compared to $8.1 billion during the Q1 of the elapsed FY 2021/2022. The balance of payments report also revealed the capital and financial account recorded a net inflow of $4.4 billion, while the foreign direct investments (FDI) in Egypt doubled to $3.3 billion from $1.6 billion. “On the other hand, the period witnessed withdrawal of portfolio investments in Egypt by non-residents to register an outflow of $2.2 billion,” the CBE said. (Al Arabia)
The United Nations Development Programme (UNDP) has provided several cash grants worth about $3 million in 2022, out of total investments of over $13 million, as part of the photovoltaic cells project Egypt-PV
The project is affiliated with the Industrial Modernization Centre (IMC), and generates approximately 30 gigawatt-hour, contributing to reducing Co2 equivalent emissions by 16,700 tons, the report showed. The report mentioned that the hydroelectricity production reached around 15,000 gigawatt-hour in 2022, while generated energy from wind farms hit nearly 6,100 gigawatt-hour. The generated energy from the photovoltaic cells linked to the national grid amounted to over 4,400 gigawatt-hour last year, and power produced from biofuel projects stood at about 90 gigawatt-hour, the report added. Moreover, the report highlighted the major role played by the private sector in achieving the national strategic goals for renewable energy. (Arab Finance)
The General Authority for Supply Commodities (GASC) has reportedly cancelled a tender for corn purchase that was closed on Wednesday with no purchase made
Earlier on February 1st, the US-origin corn had been offered at the lowest price in the tender. On January 29th, GASC announced the launch of a tender to book corn shipments, under which bids had been received on February 1st. (Arab Finance)
The Egyptian government introduced a new bundle of facilitations for real estate developers of new cities
It includes a 20% deadline extension of the original period granted for the already under-construction projects. As for the projects that have been or are being granted a grace period in exchange for fees, they will be also granted the 20% deadline extension, in addition to the possibility of scheduling all due installments. Moreover, the government will consider projects finished when they are 85% complete, down from a previous 90%, a decision that will allow developers to finish the rest of the projects at their own pace without being fined for late delivery. (Al Ahram)
The Egyptian Cabinet has endorsed 13 draft agreements for oil exploration in the Western Desert, Gulf of Suez, and the Mediterranean
The exploration rights will be for the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), and a number of international companies. The Cabinet also approved a presidential draft law on the allocation of a number of state-owned land plots in Sohag for the establishment of several services and development projects within the framework of the “Hayah Karima” initiative. Moreover, the Cabinet approved in principle four strategic projects submitted by some companies, granting them Golden Licenses. (Al Ahram)
Egypt, Russia plan to increase share of settlements in national currencies
"We have long been working on building proper arrangements that will allow us, in the spirit of greater sovereignty, to use them [national currencies] in our trading activities," he said, adding "We plan to expand the volume of transactions in these currencies." The minister also added that the parties still have a series of consultations on this issue and both states are aimed at further work in this direction. He also said that the Egyptian authorities expect supplies of Russian grain to continue and be increased. "Russia is one of the key grain suppliers to the global market. This is one of our staple food products, and we expect its supplies to continue," he said. "We aim not only to maintain the current pace and volume of supplies, but also to further increase them, as well as to expand the nomenclature of trade turnover in other directions," the minister noted. (Azer News)
Beko Egypt for Home Appliance, a subsidiary of Arcelik, has signed a deal with Hassan Allam Construction to build its cutting-edge plant in Egypt
The plant will strengthen Beko Egypt’s presence in the local market, offering it a variety of high-quality and innovative home appliances. The establishment of the plant marks the company’s commitment to bolster industry localization in Egypt. The deal was signed by General Manager of Beko Egypt Umit Günel, Executive Director of Egypt Project, Product Strategy and Portfolio Management Cemil Inan, and CEO of Hassan Allam Construction Mohamed El Dahshoury. As per the deal, Hassan Allam Construction will be in charge of all civil, architectural, electrical, and mechanical works of the project. The project is set to span over 114,000 square meters, with a total construction area of 56,000 meters, encompassing the main production area, admin buildings, and other various structures, with delivery set to be in a 10-month period. (Zawya)
The board of directors of Remco for Tourism Villages Construction (RTVC) approved the appointment of FinBi Finance and Banking Consultants to conduct an evaluation study for its investments in subsidiaries
Remco is an Egypt-based company that operates in tourism and entertainment projects development and construction. The company acquires plots of land, designs the development, sells individual units, and retains ownership of public areas such as hotels, landscaped areas, housing complexes, beaches, and water and sewage treatment plants. (Arab Finance)
Egypt and Tunisia discuss joint cooperation in Immigration Policies
Minister of Emigration Soha Gendy discussed with Tunisian Minister of Employment and Vocational Training Nasreddine Nsibi means to boost cooperation in the fields of coordinating the immigration policies in North Africa and the relation between immigration and development in addition to linking the migrants with their countries. In a statement on Thursday 2/2/2023, the Ministry of Emigration said that the meeting tackled ways of exchanging expertise in the field of combating illegal immigration and securing safe alternatives to youths. Gendy lauded the distinguished bilateral ties and the strength of the Egyptian-Tunisian historic ties. Gendy reviewed Egypt’s experience in combating illegal migration, tackling a number of initiatives launched by the ministry to provide safe alternatives. She pointed out to the cooperation efforts between the ministries, international institutions, NGOs and international institutions of qualifying youth, asserting the success of the strategy of sustainable contact with the Egyptian expats in addition to supporting the national economy and pumping more investments. Meanwhile, Nsibi asserted his keenness on meeting the minister of Emigration during his first visit to Egypt to discuss means to boost cooperation and open new horizons for youth to gain more expertise and migrate in a systematic way, adding that the Arab youth need cooperation of the institutions to provide alternatives for illegal migration. (Egypt Independent)
Egypt, UAE probe means to cement healthcare cooperation
Ahmed El-Sobky, head of the Egyptian General Authority of Healthcare (GAH), had talks on Thursday with Awad Sagheer Al-Katbi, general director of the Dubai Health Authority (DHA), on means to enhance bilateral cooperation and exchange expertise. The meeting was held on the sidelines of El-Sobky’s participation at the Arab Health Exhibition and Congress 2023, held at the Dubai World Trade Centre from Jan. 30 to Feb. 2. El-Sobky stressed that the GAH is keen to exchange expertise, develop healthcare systems and boost cooperation with different health institutions, lauding deeply-rooted ties between Egypt and the UAE. (Al Ahram)
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