The Egyptian Prime Minister held a meeting to follow up on the progress of Egypt’s Tourism Promotion Campaign
Firstly, Dr. Mostafa Madbouly, The Egyptian Prime Minister, held a meeting to follow up on the progress of Egypt’s Tourism Promotion Campaign in Sharm Elsheikh, Hurgada and Marsa Allam. The Prime Minister pointed out that Egypt has an exceptional opportunity during the upcoming winter to attract a large number of tourists in light of the current global crisis, stressing in this regard on speeding up the promotional campaign and targeting untapped markets, in an effort to increase inbound tourism to several main Egyptian cities, especially Sharm el-Sheikh, Hurghada, and Marsa Allam. During the meeting the prime minister also discussed the importance of enhancing certing types of tourisim such as Medical Tourisim in Sinai, Siwa and Ain El Sokhna. During the meeting, the Minister of Tourism also discussed some of the steps taken by the Egyptian Tourism Promotion Authority, which was to relaunch the “Follow the Sun” campaign, which focuses on the warm winter in Egypt. The campaign achieved more than 130 million views in Germany, Italy, the United Kingdom and the United States, in addition to publishing news and media reports about the winter season in Egypt in sevral international media platforms (Hapi Journal)
- The second edition of Egypt — International Cooperation Forum (ICF) will be held during 7-9 September 2022 at the New Administrative Capital (NAC),
Held under the patronage of Egypt’s President, Abdel Fattah El-Sisi, the ICF forum is jointly organized by the ministries of international cooperation, foreign affairs, finance, and environment. Meanwhile, the United Nations Economic Commission for Africa (UNECA) is the co-convener for Egypt-ICF 2022. Rania El-Mashat, Egypt’s Minister of International Cooperation said that the second edition of Egypt-ICF will address the Nexus of Water, Food, and Energy (NWFE) Programme, which aligns with the framework of the National Climate Change Strategy 2050. African ministers of finance, economy, and environment will participate in the event to discuss unifying messages and visions to boost efforts in preparation of “Finance Day”. (Mubasher)
- President Abdel-Fattah El-Sisi has named Major General Amr Adel as acting head of the Administrative Control Authority (ACA), the state's leading anti-corruption body.
According to a statement posted on the ACA official Facebook page on Wednesday, Adel, who holds a Bachelor’s degree of Law and Police Sciences from the Police Academy, joined the ACA in 1994, moving up in the ranks to the post of Vice President of the Authority in 2019. Adel held all executive and leading positions at the central, regional, and specialized units of the authority during his 28-year-old career at the ACA, according to the statement. Adel succeeds Major General Hassan Abdel-Shafy who led the ACA from 2020 to 2022, and was appointed on Tuesday, as a Presidential Advisor (Al Ahram)
- Egyptian President Abdel-Fattah El-Sisi has ordered tripling the monthly exceptional bonus that will be disbursed staring 1 September via ration cards to EGP 300 for 9 million families.
The 6-month exceptional bonus was initially announced in July at EGP 100 – per month starting September – in the form of rationed commodities for neediest families of around 37 million citizens to cope with the repercussions of the global economic crisis. In addition to neediest families, the six-month programme will cover the pensioners who make less than EGP 2,500 per month, and state employees whose monthly salaries are less than EGP 2,700, will cost the state EGP 1 billion per month, the government announced in July. (Al Ahram)
- Central Bank of Egypt stated that Domestic liquidity hits EGP 6.416 trillion by end of April.
In its report released on Thursday, the CBE stated that the increase in domestic liquidity was reflected in the growth of quasi-money that went up by EGP 836.3 billion at a rate of 20.4% and the rise in money supply by EGP 223.3 billion at a rate of 17.8%. Related. Egypt’s annual headline inflation increases by 1% in July: CBE. The surge in quasi-money came as a result of the rise in non-current deposits in local currency by EGP 659.5 billion at an average rate of 19.1% and the deposits in foreign currency by EGP 176.8 billion at a rate of 27.2%, the report added. The report attributed the increase in money supply to the rise in current deposits in local currency by EGP 121.4 billion, at an average rate of 20.9% and the increase of cash in circulation outside the banking system to EGP 101.9 billion by a rate of 15.1 percent. (Al Mal News)
- Tanker refloated after breakdown in Egypt's Suez Canal after to a technical fault with the Tanker’s rudder.
The 252 metre (827-foot) vessel, Affinity V, had drifted to obstruct the southern section of the canal while travelling in a southbound convoy of ships around 1700 GMT, shipping and canal sources said. SCA sources said shortly after 2200GMT that traffic had returned to normal. (Reuters)
- Now to EGX and Companies talk,National Real Estate Bank for Development (NRPD) has seen a block-trading transaction valued at EGP 10.199 million on the Egyptian Exchange (EGX).
The transaction was executed on 466,795 shares of the company’s total shares. Cairo-based National Real Estate Bank for Development undertakes all real estate-related activities, such as contracting, technical and engineering supervision, as well as conducting feasibility studies and engineering designs for itself, and third parties. (Arab Finance,EGX)
- North Cairo Mills Company (MILS) reported a 1121.28% year-on-year (YoY) hike in net profit after tax during the fiscal year (FY) 2021/2022, according to an unaudited financial statement filed to the Egyptian Exchange (EGX).
The company’s net profit after tax surged to EGP 17.904 million in the period ended June 30th from EGP 1.466 million the year before. Revenues reached EGP 633.026 million from July 2021 until the end of June 2022, up from EGP 552.163 million during the same period a year earlier. North Cairo Flour Mills, a subsidiary of the Holding Company for Food Industries, is an Egypt-based public shareholding company engaged in the food processing industry sector. (Arab Finance,EGX)
- International Company for Agricultural Products (IFAP) recorded a 1040.25% year-on-year (YoY) hike in standalone net profit after tax during the fiscal year (FY) 2021/2022, according to a financial statement filed to the Egyptian Exchange (EGX).
The company’s standalone net profit after tax surged to EGP 20 million in FY 2021/2022 from EGP 1.754 million in FY 2020/2021. Net sales edged higher to EGP 542.987 million in the FY that ended June 30th, 2022, compared to EGP 542.011 million in the same period a year earlier. IFAP announced that it injected investments on Ebdaa for Project Development with an amount equivalent to 59% of the company’s capital . (Arab Finance,EGX)
- The ordinary general meeting (OGM) of Egypt Free Shops Company (EFSC) (MFSC) has endorsed the cash dividends proposal to distribute EGP 1.518 per share for fiscal year (FY) 2021/2022.
As per the proposal, the company will pay cash dividends worth EGP 142.365 million to shareholders. In FY 2021/2022, the company recorded a consolidated profit excluding minority interest of EGP 166.531 million, compared to EGP 131.931 million in FY 2020/2021. EFSC is an Egypt-based company listed on the Egyptian Exchange (EGX) that is engaged in the import and sale of duty-free goods and consumer products. (Arab Finance,EGX)
- The board of directors of Misr Chemical Industries Company (MICH) approved the distribution of cash dividends worth EGP 1.40 per share for fiscal year (FY) 2021/2022, according to a statement filed to the Egyptian Exchange (EGX).
The board endorsed the financial statements for the period from July 1st to 31st, the company announced in another statement. The financial statement showed that the company achieved a net profit of 22.274 million in July 2022, versus EGP 14.389 million in July 2021. in FY 2021/2022, the company recorded a net profit after tax of EGP 211.045 million, compared to EGP 133.108 million in FY 2020/2021.
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