President Sisi seeks 100 billion USD in investments over five years amid global challenges and economic goals
President Sisi seeks 100 billion USD in investments over five years amid global challenges and economic goals. President Sisi emphasizes Egypt’s stability amid regional and global challenges. He calls for understanding Egypt’s conditions and the impact of COVID-19 and the Ukrainian conflict on the country’s economic success. The country seeks 100 billion USD in investments over five years to bridge its dollar gap. Notably, Egypt raised 1.9 billion USD from asset sales, with plans for further deals to attract over a billion dollars. The government targets 4.1% to 4.2% economic growth this year. (Al Mal)
- Transport Ministry refutes selling high-speed and light electric trains assets to repay implementation loans.
Transport Ministry denies selling assets of high-speed and light electric trains to repay loans. The high-speed electric train network comprises 4 lines totaling 2,250 kilometers, with the first phase currently under construction for 2,000 kilometers. The completion of all phases is expected to generate profits sufficient to recover investment costs over 20 years. (Hapi)
- Egypt's Electricity Ministry seeks 135 million cubic meters of gas daily to end power outages.
Egypt's Electricity Ministry requires 135 million cubic meters of gas and 10,000 tons of diesel daily to end power outages and meet the consumption demand exceeding 35,000 megawatts. The extreme heatwave has led to increased local gas consumption, affecting exports. Egypt aims to become a regional energy hub with its current gas production between 6.5 to 6.8 billion cubic feet per day. (Asharq)
- Electricity Holding Company takes a bold move on load mitigation program.
Egyptian Electricity Holding Company announces an innovative load reduction program, with brief 10-minute power disconnections before and after the hour, ensuring no interruption exceeding an hour. The program takes effect from midnight on Saturday, July 22. (Hapi)
- 7,305 tax evaders settle 8.8 billion EGP among 22,000 suspects.
The Ministry of Finance revealed that its electronic examination system detected 22,000 cases of tax evasion, with 7,305 cases settling for around 8.8 billion EGP. Efforts to combat tax evasion continue, ensuring compliance with tax registration rules for fairness among taxpayers. The implementation of electronic invoicing and receipt systems has seen significant success, with millions of documents processed each month and thousands of registered users on the platform. (Al Mal)
- Suez Canal Economic Council explores investment opportunities with Japanese Parliament delegation.
Japanese Parliament delegation meets with Suez Canal Economic Zone to explore cooperation in transport, tourism, and infrastructure development. They learned about the zone's strategic location and its efforts to create integrated industrial communities with a 3 billion USD investment in infrastructure projects. Successful Japanese companies' contributions were highlighted, fostering stronger ties between Japan and the economic zone. (Al Mal)
- Automation boosts tax revenues by 23.1% in last fiscal year.
Egypt's Finance Minister, Dr. Mohamed Maait, credits digitized tax systems for a 23.1% increase in tax revenues. Integration of electronic receipts and invoices enhances economic monitoring and improves financial performance. Efforts continue to optimize VAT collection in e-commerce transactions, with over 49,000 companies being closely monitored since June 2021. (Al Mal)
- Housing Minister monitors progress in handing over units to state employees in administrative capital relocation.
Housing Minister Dr. Assem Al-Gazzar monitors the swift delivery of 9,024 housing units to state employees relocating to the New Administrative Capital. The "Zahrat Al-Asima" project includes various services like schools, nurseries, medical centers, and commercial markets, ensuring a smooth transition for the employees. The focus is on facilitating procedures and providing excellent customer service for the relocation process. (Hapi)
- President Sisi stresses the need for new paths in Egypt due to demographic and economic realities.
President Sisi emphasizes the need for accelerated and sustainable development in Egypt amid economic challenges. He calls for creating new job opportunities and enhancing citizens' income while prioritizing human development in education, health, and culture. Sisi urges international financial institutions to understand Egypt's situation amid the ongoing economic crisis and the country's negotiations with the IMF. (Asharq)
- Commercial International Bank records a remarkable 127% surge in profits driven by increased interest.
CIB's second-quarter profits surged by an impressive 127%, reaching 8 billion EGP (258 million USD). The remarkable growth was bolstered by a significant increase in interest income from 7 billion EGP to 13 billion EGP, as reported in the bank's latest financial statements. (Asharq)
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