Madbouly tours northwestern coast to open AOI Expo, promote desalination-driven agriculture
Madbouly explained that the tour aims to follow up on strategic projects designed to enhance the region's investment value and economic potential. He noted that the area's rich tourism, agricultural, and industrial resources are being leveraged through the establishment of new urban communities and greater private sector involvement.
As part of his visit, the Prime Minister inaugurated the Arab Organization for Industrialization (AOI) exhibition at North Square Mall in New Alamein, featuring products from ATICO Wood Industries and AOI's electronics factory.
Accompanied by AOI Chairperson Mokhtar Abdel Latif, Madbouly toured the 650 sqm showroom, which presents Egyptian-made products under the theme 'Made in Egypt,' including electronic and household appliances, security systems, and modern wooden furnishings.
Abdel Latif explained that the exhibition is part of AOI's broader marketing strategy to deliver high-quality, environmentally friendly, locally manufactured products aligned with the latest digital transformation trends.
During the visit to AOI's wood products section (ATICO), Madbouly was briefed by Sherif Raafat, Executive Director of ATICO Wood Industries. Raafat showcased the variety of furniture on display and announced a partnership agreement with Romanian company Antares to manufacture office chairs and sofas locally in Egypt.
He also highlighted the availability of attractive installment plans in AOI showrooms and a special public lottery for attendees of the opening event to win valuable prizes.
While inspecting the exhibition, Madbouly examined several pieces of home and office furniture to check their quality and durability. The exhibition includes televisions, air conditioners, vacuum cleaners, fans, microwaves, receivers, LED lighting systems, surveillance cameras, computers, tablets, laptops, and mobile phones. Abdel Latif noted that, to mark the exhibition's launch, all products will be available at discounts of up to 50% for one week.
As part of his visit to the Northwestern Coast, the Prime Minister also inspected the Research Pilot Plant for Seawater Desalination in New Alamein City.
Madbouly reaffirmed the state's commitment to seawater desalination as a central pillar of sustainable development, emphasizing the importance of applying advanced technologies to boost efficiency and production.
He highlighted the significance of ongoing research using desalinated seawater to cultivate various fruits and vegetables, describing it as a step toward maximizing the agricultural potential of coastal areas and expanding arable land to enhance food security.
During his tour, Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny presented details of the research desalination plant's capabilities. He also explained ongoing coordination with the Ministry of Agriculture and Land Reclamation to conduct agricultural trials using desalinated water.
El-Sherbiny noted that the Agricultural Research Center and the Desert Research Center are conducting studies on soil and water, and developing crop patterns for low-water-demand, short-cycle crops—particularly fruits and vegetables suited to the region's climate—as well as some strategic field crops.
He added that the success of these experiments could open new avenues for agricultural investment in the North Coast, transforming parts of New Alamein into modern agricultural hubs using water-efficient irrigation and farming technologies based on desalinated seawater.
Hossam Shawky, Head of the Desert Research Center, also presented several proposed crop combinations suitable for cultivation with desalinated seawater, along with their estimated water consumption rates.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al-Ahram Weekly
9 hours ago
- Al-Ahram Weekly
Egypt PM says recent economic crisis over, calls for price cuts - Society
Prime Minister Mostafa Madbouly said on Tuesday that Egypt has overcome its recent economic crisis, calling for a tangible drop in commodity prices. 'All indicators of Egypt's economic performance are positive, but the current prices of goods do not align at all with this improvement,' Madbouly said at a meeting with merchants and manufacturers in New Alamein City. He urged identifying causes that will lead to a downward trajectory in prices. 'Just as prices rose in previous periods due to the challenges we faced, they must now decline,' a cabinet statement quoted Madbouly as saying. He underlined the government's efforts to ensure the availability of various goods and production inputs for factories. 'We have succeeded in achieving this through full stability and a commitment from the banking system to provide all the foreign currency requirements for imports over the recent period,' he said. Madbouly stressed that citizens now need to see a genuine drop in commodity prices, particularly given the recent strengthening of the Egyptian pound against the US dollar. The Egyptian pound has seen a modest appreciation against the US dollar, with the official exchange rate falling below EGP 49 for the first time since late October 2024, nearly nine months ago. Since early 2022, Egypt has faced prolonged economic pressures, including a foreign currency shortage that drove up prices of most goods, particularly food. In response, the government began implementing measures to boost US dollar liquidity in the domestic market, aiming to release goods stockpiled at ports and restore market stability amid soaring inflation. Madbouly instructed the President of the Federation of Egyptian Chambers of Commerce to convene the heads of all commercial chambers and agree on genuine price reductions across a range of goods. Follow us on: Facebook Instagram Whatsapp Short link:
Daily News Egypt
9 hours ago
- Daily News Egypt
CBE governor hosts Nigerian counterpart, showcases new banknote production facility
Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), hosted Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), and his delegation for a series of strategic discussions aimed at expanding bilateral cooperation between the two central banks. The meeting, which took place at the CBE's headquarters, focused on enhancing collaboration in key areas of banking and finance. Following the discussions, Abdalla escorted Cardoso on a tour of the New Administrative Capital's Printing House, where the Nigerian delegation was introduced to the full process of banknote production—from design to final delivery. The tour showcased the facility's advanced technology, anti-counterfeiting security measures, and quality control protocols, ensuring precision at every stage of banknote production. In addition to the tour, the visit provided an opportunity for the CBE and CBN delegations to exchange technical expertise on a variety of subjects. The Egyptian side shared insights into its progress in fields such as Supervisory Regulations, Basel Frameworks, Monetary Policy, and Macroprudential Policy, in addition to its work in IT, FinTech, cybersecurity, and data science. The meeting also included a session with the Egyptian Banking Institute (EBI), the CBE's training arm, to explore its capacity-building programs for banking sector professionals. On the occasion, Abdalla reaffirmed Egypt's commitment to strengthening relations with African countries and praised Nigeria's growing role in regional economic and financial affairs. He also congratulated Cardoso on Nigeria's successful hosting of the African Export-Import Bank (Afreximbank) meetings the previous month, thanking Nigeria for its hospitality. In his remarks, Olayemi Cardoso highlighted the importance of the visit as an opportunity to deepen financial cooperation between Egypt and Nigeria. He expressed admiration for the Printing House's advanced technologies and robust security measures, noting that the CBN looks forward to leveraging Egypt's expertise in the banking sector. This visit follows Abdalla's official trip to Nigeria at the end of last month, where he participated in the 32nd Annual Meetings of Afreximbank under the theme 'Building the Future on Decades of Resilience,' attended by African leaders and heads of state.
Daily News Egypt
10 hours ago
- Daily News Egypt
Egypt launches initiative with traders, manufacturers to reduce prices of essential goods
Prime Minister Mostafa Madbouly chaired a critical meeting on Tuesday at the government headquarters in New Alamein to discuss strategies for reducing the prices of essential goods. The meeting brought together key stakeholders, including traders, manufacturers, and the Federation of Egyptian Chambers of Commerce, to outline concrete actions aimed at easing the financial burden on citizens. At the beginning of the session, Prime Minister Madbouly reaffirmed the government's commitment to ensuring the availability of essential commodities and production inputs for factories. He acknowledged that Egypt has successfully navigated through recent economic challenges, with the banking sector playing a key role in securing the necessary foreign currency requirements. However, Madbouly stressed that while the economic outlook is improving, these positive trends have yet to be reflected in commodity prices. He highlighted the recent decline in the dollar exchange rate against the Egyptian pound and called on the President of the Federation of Chambers of Commerce to convene local chamber heads and reach a consensus on significant price reductions across various goods. 'The economic crisis we faced has been overcome, and all indicators of the Egyptian economy are positive, but prices remain high,' Madbouly said. 'We need to ensure that, just as prices rose during challenging times, they now fall as the situation improves.' During the meeting, Ahmed El-Wakil, President of the Federation of Egyptian Chambers of Commerce, provided a briefing on the availability of goods and the price trends observed in recent months. He noted that despite challenges in the global market, local chambers are committed to cooperating with the government to achieve sustainable price reductions. Ayman El-Ashry, Chairperson of the Cairo Chamber of Commerce, discussed the issue of steel prices, announcing that the sector is ready to reduce prices to the lowest possible profit margins, with new prices for steel expected next week. Similarly, Osama El-Shahed, Chairperson of the Giza Chamber of Commerce, presented data showing a drop in the prices of key commodities like sugar, rice, and flour between January 2025 and June 2025, emphasizing that any price stability amidst rising fuel costs represents positive progress. El-Shahed also called for greater support for the industrial sector, particularly through facilitation measures that would help lower the final cost of products for consumers. Other business leaders joined the call for collaborative action. Gamal El-Garhy, Chairperson of the Chamber of Metallurgical Industries, pledged full participation in the price-reduction initiative. Mohamed Khattab, Vice Chairperson of the Chamber of Building Materials, echoed this commitment, stating that all stakeholders share the common goal of ensuring affordable prices for citizens. Ashraf El-Gazairly, Chairperson of the Chamber of Food Industries, affirmed that his members are ready to align with government targets aimed at reducing prices. Alaa Ezz, Secretary-General of the Federation of Chambers of Commerce, announced the expansion of seasonal sales (clearance offers) to cover a wider range of products beyond clothing, including food and household items. Ezz emphasized that retail chains will play a crucial role in achieving sustainable price reductions. In addition to the price reduction initiative, Prime Minister Madbouly also led a separate meeting to review the 2025–2030 National Strategy for Handicrafts. The strategy aims to revive traditional crafts, bolster Egypt's presence in international markets, and create new jobs within the sector. Madbouly highlighted the importance of a unified national approach to ensure the sector's sustainability, with the Ministry of Social Solidarity and the MSMEDA taking the lead in coordinating efforts. Cabinet spokesperson Mohamed El-Homsany explained that the strategy outlines a roadmap for Egypt to become a global hub for handmade crafts. The strategy focuses on developing competitive value chains, expanding craft exports to $600 million by 2030, creating 120,000 new jobs, and increasing the formalization of businesses in the sector. The government also plans to develop 15 natural craft clusters across Egypt. This long-term strategy is designed to strengthen the economic and social contributions of Egypt's handicrafts industry while fostering sustainable growth and reducing production costs.
