Category: Finance

Minister of Planning and Economic Development Hala El Said said the state has spent dlrs 400 billion on infrastructure to lure in large investments and improve the quality of life for the Egyptians.

The minister’s remarks were made during her meeting with a delegation of the Qatar Businessmen Association (QBA), chaired by Sheikh Faisal bin Qassim Al Thani in the presence of Head of the Federation of Egyptian Industries (FEI) Mohamed El Sweidi.

During the meeting, El Said briefed the Qatari side on the special law of the Sovereign Fund of Egypt which allows it to unlock unique assets for investors and engage the government to help implement structural reforms, adding that such law also maintains the rights of future generations and in the meantime enjoys resilience that is much needed by the investment sector.

The Fund is considered an important investment arm of the Egyptian government and seeks to explore available investment opportunities in cooperation with the private sector, she explained.

The two sides addressed means of beefing up cooperation and luring in Qatari investments to Egypt.

They reviewed a number of projects which are currently underway by the Fund and in partnership with investment consortiums including the development of the Tahrir Complex, the production of electric vehicles in the Exclusive Economic Zone of Suez Canal (SCZone) as well as other water and energy projects.

 

 

 

Source: State Information Service Egypt

Petroleum Minister Tarek el Molla lauded the keenness of the UAE Company “Mubadala Energy” to boost its investments in Egypt in the coming period especially in the fields of gas and low-emission energies as important options to secure energy supply and maximize the economic benefit of resources.

This came during Molla’s meeting with Executive Director of Mubadala Musabbeh Al Kaabi on the sidelines of Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) to discuss horizons of increasing fields of cooperation and investment opportunities and projects where the UAE Company can partake in light of its interest to pump new investments in the field of energy in Egypt.

Meanwhile, Kaabi asserted the keenness of the company to pump more investments to Egypt especially by implementing projects in the field of liquefied natural gas in addition to renewable energy.

The new strategy of Mubadala Company for energy aims at playing a main and effective role in the field of energy transition, pointing out to launching a new trademark for the company “Mubadala Energy” which reflects the tendency of the company to promote its contributions in the field of low-emission energy.

 

 

 

Source: State Information Service Egypt

Minister of Finance, Mohamed Maait, confirmed that the Egyptian economy has become more attractive to foreign investments, as a result of perfect implementation of the economic reform program, which was praised by international financial and rating institutions.

 

Maait affirmed, during his meeting with Dominic Goh, the Singaporean ambassador in Cairo, that Egypt is keen to enhance joint cooperation and exchange experiences in port management and the development of the customs system, and to benefit from the Singaporean experience after Singapore has become a global center for logistics services, especially in light of the efforts made by the government in implementing the national project to develop and digitize the customs system.

 

 

 

Source: State Information Service Egypt

Petroleum and Mineral Resources Minister Tarek el Molla said on Monday the UN climate conference, COP27, will designate a day for reducing carbon emissions, noting that the event will be an opportunity for oil and gas companies to showcase their vision on how to develop new resources with lower emissions.

 

Delivering a speech during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2022), Molla pointed out that Egypt cooperates with global partners to reduce carbon emissions of gas and oil projects.

 

The minister reviewed Egypt’s strategy to secure energy supplies, clarifying that Egypt works on using all energy sources, traditional or renewable.

 

He also pointed to the cooperation with the member states of the East Mediterranean Gas Forum to maximize the efficient use of gas resources.

 

 

 

Source: State Information Service Egypt

Minister of Public Business Sector Mahmoud Esmat said his ministry is keen to encourage investors in all domains in order to support and develop the industrial sector.

 

The ministry’s policy is also meant to strengthen several industries locally and transfer advanced technologies to reduce imports and increase exports, he added.

 

During a meeting Monday with a delegation of the Qatari Businessmen Association, led by Sheikh Faisal bin Qassim Al Thani, Esmat said this aims as well to tap new markets for Egyptian products.

 

The minister stressed keenness to maintain direct channels of communication with investors and businessmen communities to support the state’s efforts to achieve comprehensive economic development.

 

For their part, the Qatari delegation members affirmed desire to promote cooperation with Egypt to achieve the best interest of the two countries. 

 

 

 

Source: State Information Service Egypt

Minister of Trade and Industry Ahmed Samir discussed on Monday with British Ambassador in Cairo Gareth Bayley means to cement economic cooperation between the two countries in the coming stage.

 

In a statement released by the Ministry of Trade and Industry, the minister expressed Egypt’s keenness on promoting the strategic partnership to maintain economic, trade and investment cooperation between Egypt and Britain, hailing the distinguished ties binding the two countries.

 

He said the two sides signed in 2020 the Egyptian-British partnership agreement which went into effect in 2021 a matter that reflected the importance of cooperation between the two sides.

 

The minister said his talks with the British envoy dealt with means to lure British investments into Egypt’s markets in light of the incentives provided by the government to investors.

 

Minister Samir pointed out that the volume of trade exchange between the two countries reached in 2021 about dlrs 2.917 billion against dlrs 2.163 billion in the previous year.

 

For his part, the British Ambassador expressed his country’s keenness on boosting economic and investment partnerships between the two countries in light of the desire of British companies to invest in Egypt.

 

 

Source: State Information Service Egypt

Minister of Environment Yasmine Fouad said Sunday that serious steps are taken to expand the use of biofuel technology in various Egyptian villages, within the integration of all national efforts to address the climate change impact by providing a renewable, safe and sustainable energy source for home consumption.

The minister was addressing the Egyptian Energy Exhibition and Conference, held under the auspices of the Ministry of Environment, Ministry of Electricity and Renewable Energy and Ministry of Trade and Industry.

Egypt-hosted COP 27 will take into account achieving energy efficiency, relying on renewable energy and sustainable transportation, and implementing an innovative and modern waste management system based on the concept of recycling, preventing the use of plastic, and reliance on recycled materials, Fouad said.

Efforts have been exerted to transform Sharm El Sheikh into a green city by increasing reliance on solar energy, and converting transportation to run on electricity or natural gas, she added.

 

Source: State Information Service Egypt

Finance Minister Mohamed Maait on Thursday 27/10/2022 said that around EGP 67.3 billion has been allocated for disbursing an additional social protection package as of next month.

He added the package comes as part of directives issued by President Abdel Fattah El Sisi at the closing session of Egypt’s Economic Conference that concluded on Tuesday.

The finance minister noted the package includes EGP 300 monthly exceptional bonus for employees at the State administrative apparatus and affiliated companies, as well as pensioners, to help them cope with the high cost of living under the growing inflationary pressures the world is witnessing.

He stated the package also involves raising the minimum wage for public employees from EGP 2,700 to EGP 3,000.

The minister asserted the government prepares a draft law on raising the tax exemption limit from EGP 24,000 to EGP 30,000 annually, explaining that a citizen whose income reaches EGP 2,500 will no longer be required to pay taxes.

Maait pointed out that financial compensation would be allotted till June 2023 to workers at financially-distressed private sector companies affected by the fallout of the ongoing global economic crisis. 

Source: State Information Service Egypt