Eng. Mohamed Abdelkerim was appointed as Acting President of Industrial Development Authority
Mohamed Abdelkerim was appointed as Acting President of Industrial Development Authority. Eng.Ahmed Samir, Egyptian Minister of Trade and Industry, announced today that Egypt’s Prime Minister Dr. Mostafa Madbouli announced appointing Eng. Mohamed Abdelkerim as an acting President of the Industrial Development Authority for one year starting today. Eng. Mohamed Abdelkerim served as the Exective Director of the Industrial Modernization Centre. In this context, the Minister held a meeting with General Mohamed Al-Zalat, the former President of the Authority, and Eng. Mohamed Abdel Karim, the new president, where they reviewed the progress and timeline of all the Authority’s projects especially industrial complexes, land allocation and granting licenses, as well as the projects being implemented in various regions and industrial clusters. The current period will witness enhancing the Industrial Development Authority’s role and position it as one of the main pillars for implementing Egypt’s Vision 2030. (Hapi Journal)
- Egyptian Prime Minister Mostafa Madbouly considered potential investments with the representatives from Qatar Investment Authority (QIA) and French hospitality company Accor.
During the meeting, Madbouly discussed plans to establish a global tourism zone in the west of Alamein city on a coastal area extending over 6 kilometers. This project would help Egypt to attract about 2 to 3 million tourists a year, Madbouly added. Moreover, the Prime Minister showcased investment opportunities in hotels where the state seeks to attract Egyptian and foreign private sectors to participate in their management. (Arab Finance)
- Egypt has endorsed the country program with the United Nations International Children's Emergency Fund (UNICEF) for the period from 2023 to 2027 with an allocated budget of $117 billion.
The program comes within the strategic framework between Egypt and UNICEF to cooperate in sustainable development for the coming five years. The country program focuses on social inclusion and active participation, aiming to back the Egyptian government in creating a suitable atmosphere that helps to empower and protect children, support education, and empower youth. In a speech, Minister of International Cooperation Rania Al-Mashat said that Egypt works on strengthening its role in combating climate change and shedding the light on Africa as one of the most affected continents by climate change. (Arab Finance)
- Al Baraka Bank Egypt (SAUD) denied submitting any offer for the acquisition of First Investment Company and Real Estate Development (FIRE).
The bank also denied sending any letter to First Investment regarding the acquisition. It is worth noting that Al Baraka Bank Egypt recorded a consolidated net profit attributable to the bank of EGP 783.11 million in the first half (H1) of 2022, rising by 27.9% from EGP 611.88 million in H1 2021. Al Baraka Bank is an Egypt-based commercial bank and part of Al Baraka Banking Group, a Bahraini joint-stock company. (Mubasher)
- The Sovereign Fund of Egypt (TSFE) is studying 44 projects with EGP 140 billion in investments, CEO of TSFE Ayman Soliman said during the fund’s general assembly on September 17th.
The projects will be carried out in the sectors of facilities and infrastructure, telecommunication, tourism, real estate, restoration of monuments, healthcare and pharmaceuticals, agriculture, food industries, and education, Soliman highlighted. Moreover, the fund has been successful in implementing or signing binding agreements of 10 projects in 2021, with EGP 25.5 billion in investments, he said. These 10 projects are in the sectors of facilities and infrastructure, tourism, real estate, restoration of monuments, financial services and digital transformation, education, and industry, Soliman added. The TSFE is expected to achieve further success in light of the various projects it considers for the coming five years, he remarked. Furthermore, the CEO of TSFE noted that the fund joined several global consortiums, which reflects the solid position of Egypt economically and politically, and paves the way for new investment opportunities and partnerships. (Arab Finance)
- Egypt’s finance ministry receives 1,428 applicants for 5th phase of immediate cash payment initiative.
The total number of applicants for the fifth phase of the immediate cash payment initiative to support exporters has reached 1,428 companies so far, according to a statement issued by the Egyptian Ministry of Finance. This comes as per the Presidential directives to boost the volume of Egyptian exports to $100 billion a year, reinforce the competitiveness of the Egyptian products in global markets, and push the national economy forward, Maait highlighted. Moreover, he added that this would also contribute to raising growth rates, attracting new investments, and bolstering the country’s revenues to achieve integrated and sustainable development across all sectors. (Mubasher)
- The Suez Canal Authority (SCA) will raise transit fees for all vessels passing through the Suez Canal by 15% in 2023.
However, transit fees for dry bulk carriers and tourism cruise ships will be increased by 10%, Rabie added. The increase will be effective from January 1st, 2023, he pointed out. He also noted that the value of leasing crude oil tankers and liquified natural gas (LNG) jumped by 88% and 11%, respectively, as compared to the 2021 averages. Moreover, Rabie revealed that raising the transit fees for vessels is necessary amid the current increase in global inflation rates, which lead to higher costs of operation and maintenance. (Arab Finance)
- Egypt is targeting investments worth about $7.7 to $8 billion in the oil and gas sector, said Minister of Petroleum and Mineral Resources Tarek El-Molla.
This announcement came as a confirmation of the recently published comment by an official at the petroleum ministry, claiming that Egypt seeks to boost investments from foreign oil companies operating in the country to around $7.750 billion in fiscal year (FY) 2022/2023. The government is cooperating with Qatar’s QatarEnergy in the field of exploration across a number of concessions in the Mediterranean and the Red Sea, El-Molla said, noting that Egypt is looking forward to reinforcing cooperation through new partnerships. Moreover, the minister mentioned that the expansion works for Cooperative Society Company’s (COOP) storage capacity and digitalization of filling tank trucks have been completed. (Bloomberg Alsharq)
- The Egyptian Ministry of Transport, represented in the National Authority of Tunnels (NAT), has cut the ticket prices of the light rail transit (LRT) by 30% to 40% as of September 17th until the government moves to the New Administrative Capital (NAC).
Moreover, the ministry issued new subscriptions with lower prices by 50% for all users of the LRT. These decisions came ahead of the beginning of the academic year and the ministries’ preparations to move to the NAC. The lines of the 105-km LRT, some of which are still under construction, link Greater Cairo with Egypt’s new capital, east of Cairo. The 105-kilometer LRT features 19 stations; its first and second phases were opened in July with 12 stations, with the third phase being executed with four stations and the fourth phase with three stations. (Arab Finance)
- Misr Capital, the investment arm of Banque Misr, has been among Forbes Middle East’s Top 30 Asset Management Companies 2022 for the second year in a row, coming at 25th place in the list.
The company is the only in the list that exclusively operates in the Egyptian market. Moreover, the company’s asset management division manages assets worth about EGP 39 billion, which is EGP 9 billion higher than last year. Misr Capital has been able to achieve rapid growth, since the current management took over, through the launch of various investment funds, whether as a fund manager or institutional entity, Chairman of Misr Capital and Vice President of Banque Misr Akef El-Maghraby said. (Arab Finance)
- MNHD signs MOU with El Hazek Construction to start implementing construction works in Shalya Taj City for over EGP 1.5 bn .
Aballah Sallam, CEO and Executive Director of Madinet Nasr for Housing and Development Company, signed a Memorandum of Understanding (MOU) today with Mahmoud El Hazek, Executive Chairman of El Hazek Construction to build 34 residential buildings consisting of 941 Units over 34 Feddans of land. The Project’s duration is expected to be 18 months and the Total sales of Shalya Taj City is expected to be EGP 30 bn. (Hapi Journal)
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