Erdogan and El Sisi hold historic meeting, pledge improved Egypt-Turkey relations
Erdogan and El Sisi hold historic meeting, pledge improved Egypt-Turkey relations. Turkish President Tayyip Erdogan and Egypt’s President Abdel Fattah El Sisi met during the G20 summit, signaling a new era in their diplomatic ties, which were restored in July after a decade of tensions. Both leaders expressed their commitment to strengthening bilateral relations and exploring opportunities for cooperation, particularly in areas like energy, LNG, nuclear energy, culture, and education. (Enterprise)
- Ethiopia completes GERD reservoir filling, sparking concerns amidst ongoing talks.
Ethiopia has announced the completion of the final phase of filling the Grand Ethiopian Renaissance Dam (GERD), a move that has raised tensions with downstream neighbors Egypt and Sudan. Egypt has accused Ethiopia of breaching international law and jeopardizing their water security. While recent talks between Egypt and Ethiopia aimed to resolve the issue, no breakthrough has occurred, and the filling process may complicate negotiations moving forward. (Enterprise)
- Egypt and Switzerland strengthen cooperation.
Egypt's Minister of International Cooperation, Rania Al-Mashat, and Swiss Ambassador Yvonne Baumann discussed ongoing projects and plans for 2025-2028 cooperation. They reviewed the USD 94 million 2021-2024 program covering various sectors. Future cooperation will focus on governance, human rights, youth skills, protection, and migration. (Arab Finance)
- Egypt's FRA launches benchmark index for MSME financing costs.
The Financial Regulatory Authority (FRA) has introduced the first benchmark index for responsible pricing of financing for micro, small, and medium-sized enterprises (MSMEs). This index offers transparency by providing data on interest rates and administrative expenses from licensed entities involved in MSME financing. It aims to empower customers by helping them compare financing costs and select suitable options. FRA Chairman Mohamed Farid noted that MSME financing reached 3.9 million beneficiaries by July 2023, with a total value of EGP 45.5 billion in financing balances. (Arab Finance)
- Investors eyeing stake in Egypt's Sinai Manganese as state plans asset sales.
Local and international investors are expressing interest in acquiring a stake in Sinai Manganese, a state-owned manganese producer. The Sovereign Fund of Egypt is overseeing the sale, and authorities are currently evaluating the offers. Sinai Manganese is among the 35 state-owned firms slated for stake sales, with the government aiming to generate USD 5 billion from asset sales between October 2023 and June 2024. (Enterprise)
- Egypt to expand wheat cultivation by 25% in upcoming season.
Egypt plans to increase its wheat cultivation area by 25%, targeting 4 million feddan in the upcoming season compared to 3.2 million feddan in the previous season. Despite this expansion, wheat supplied by farmers in the last season decreased by approximately 10%. The wheat planting season typically spans from mid-November to January, with harvesting occurring from mid-April to mid-July. (Arab Finance)
- Obeikan and Nahdet Misr forge educational transformation partnership in MEA.
Obeikan Group and Nahdet Misr Group have partnered to transform education in the Middle East and Africa, focusing on digitalization, entrepreneurship support, and advancing the education sector in Arab and African markets. This collaboration aims to enhance educational institutions and promote sustainable development. (Arab Finance)
- Etisalat in Egypt to launch electronic payments company by Q4 2024.
Etisalat & E in Egypt is planning to introduce an electronic payments company in the last quarter of 2024. This initiative aligns with their strategy to offer digital solutions and products as part of their transformation into a leading global technology investment group. Ahmed Yehia, Chief Consumer Officer of Etisalat & E in Egypt, stated that the company is currently evaluating the framework and potential partners for this payments venture. (Economy Plus)
- Egypt's ICT Minister visits U.S. to boost tech cooperation.
Egypt's Minister of Communications and Information Technology, Amr Talaat, is on a four-day visit to the United States to strengthen cooperation with major international tech companies, discuss investment opportunities in Egypt's ICT sector, and engage with U.S. Congress members. He will also meet Egyptian tech experts and businessmen in the U.S. and explore partnerships in telecommunications, electronics, cybersecurity, and more. (Al Mal)
- Egypt plans National Investment Forum for economic reforms.
Egypt's Prime Minister, Mostafa Madbouly, led a meeting to discuss the upcoming National Investment Forum, scheduled for the first half of the next year. The forum aims to attract investment, showcase economic reforms, and promote key sectors such as industry and green energy. It also aims to support entrepreneurship and the private sector while presenting mega projects and incentives to potential investors. Key government officials attended the meeting, underscoring Egypt's commitment to economic reform and private sector growth. (Hapi)
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