Egypt attracts $8bln in Chinese investment from 2,800 companies
Heiba's remarks came during his meeting with Wang Weizhong, Governor of Guangdong Province, along with a number of officials from Chinese companies seeking to invest in the Egyptian market.
The government is devoting special attention to Chinese investments, as they aim to transfer Chinese technology to Egypt and provide labor-intensive employment, Heiba noted.
He revealed that the GAFI plans to establish a complete Chinese textile city in Minya Governorate, adding that three Chinese companies were granted golden licenses to operate in Egypt.
The two sides discussed the investment cooperation agenda for the second half (H2) of 2025, which includes the Ministry of Investment and Foreign Trade's participation in the World Economic Forum, which will be held in Tianjin from June 24th to 26th.
Furthermore, the Egyptian-Chinese Investment Forum will be held in Cairo next July, with the participation of Chinese Vice Minister of Commerce and International Trade Wang Shouwen.
On his part, Feng Xingya, Chairman of Guangzhou Automobile Group (CAG), unveiled the company's plans to invest $300 million for establishing an automotive factory in Egypt to meet local market needs and export.
Xu Ziyang, CEO of ZTE, rolled out plans to expand the company's business in the Egyptian market and localize Chinese technology in the country. This comes amid high demand from Egyptian telecom firms for developing the telecommunications infrastructure.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
12 hours ago
- The National
Egyptian village remains tied to tradition of carpet weaving as industry frays
In the small village of Saqiyat Abu Sharah, in the Menoufia province of Egypt, the rhythmic clatter of looms once defined daily life. Known for its intricate handmade carpets, the village was a hub of artistry, its rugs coveted around the world. But today that work has slowed, replaced by the hum of machines and the whispers of an uncertain future. Atef Salah Abdel Razek, 42, owns one of the few remaining factories for handmade-carpet in Saqiyat Abu Sharah. The village, he recalls, was once synonymous with exquisite silk carpets. 'Ten or 15 years ago, every carpet produced here was made of pure silk,' Mr Abdel Razek says. 'Now, due to economic changes, particularly the currency devaluations, we've had to turn to alternative materials like cotton and synthetic blends.' Egypt, alongside Iran and Turkey, has long been a major player in the global handmade carpet market. But a series of economic upheavals, including the devaluation of the Egyptian pound, has profoundly altered the industry. Since 2016, when Egypt floated its currency as part of a deal with the International Monetary Fund, the pound has plummeted through five separate devaluations, the latest in 2024. The cost of raw materials has rocketed, pricing out many craftsmen and buyers. Pure silk, once the hallmark of carpets from Saqiyat Abu Sharah, is now a rare luxury, Mr Abdel Razek explains. 'A square metre of pure animal-fibre carpet today can cost up to 30,000 Egyptian pounds [$600],' he says. In contrast, synthetic alternatives cost as little as 180 pounds a metre. In 2010, a square metre of a high-quality handmade rug was sold for 2,000 Egyptian pounds. That was about $500 given the exchange rate at the time. 'The kind of customer we need is someone who values things in US dollars,' he says. 'For them, 5,000 Egyptian pounds is $100, so it doesn't feel as expensive.' This pricing disparity has shifted the industry's focus. Mr Abdel Razek says that up to 90 per cent of the village's carpets are now exported to international markets, where customers can afford such luxuries. The remaining 10 per cent are sold locally, primarily to wealthier Egyptians or tourists, at bazaars in cities such as Cairo, Luxor and Sharm El Sheikh. Mr Abdel Razek's factory, like many in the village, relies heavily on international exhibitions to showcase its wares. 'The state organises regular fairs and so does the private sector,' he adds. 'These channels are essential for us. Selling directly to international buyers is rare.' But even as exports sustain the industry, the craft is in decline. In the 1970s and 1980s, Saqiyat Abu Sharah thrived as a hub for handmade carpets, a legacy that dates back centuries. The origins o the craft in Egypt can be traced to pharaonic times, with evidence of weaving techniques evolving under the Fatimid dynasty, from 969 to 1171, when silk was introduced as a primary material. During the Mamluk period, from 1250 to 1517, complex geometric patterns elevated Egyptian carpets to works of art, a tradition that persisted through Ottoman rule, which brought its own augmentations. By the mid-20th century, Egypt's post-revolutionary government, under Gamal Abdel Nasser, sought to revive and industrialise traditional crafts, turning villages such as Saqiyat Abu Sharah into production centres. But today, that legacy is fraying. Rashed Areeda, 49, has been weaving carpets since he was six years old. 'It is a laborious craft and it has worsened my eyesight over the years,' he says. 'But I love it. It is an art form and an important heritage.' In Mr Areeda's youth, nearly every household in the village had someone trained in carpet weaving. 'When I was growing up, there was a palpable sense of community,' he recalls. 'Workshops were everywhere and the craft was our main source of income.' But today rising costs and dwindling demand have driven many craftsmen out of the industry. 'In order to make money, you have to be taught as a child,' Mr Abdel Razek says. 'When you're young and dependent on your parents, you learn. Then, as an adult, you are proficient enough to earn.' But with the craft no longer considered a viable career, many young people in the village are turning to other jobs, moving to cities to work as security guards, cleaners and labourers. Mr Abdel Razek has cut his factory's operations in half because of a lack of skilled workers. For those who remain, it is not a lucrative job. 'Day workers' wages haven't increased nearly enough to offset their rising cost of living,' he admits. But the village's carpets remain highly regarded abroad, a testament to their quality and craftsmanship. In 2023, Egypt 's handmade carpet exports accounted for more than 6 per cent of the global total, with sales reaching $360 million, the Observatory of Economic Complexity has said. Turkey led global exports that year, contributing 41 per cent, followed by India and China. Iran, once the uncontested leader in handmade rugs, has seen its industry falter under international sanctions, accounting for 0.3 per cent of global exports in 2023. This has given Egypt an opportunity to capture a larger share of the market, Mr Abdel Razek says. But the future of the craft remains uncertain. Today, carpets are often made using synthetic fibres, which are cheaper but lack the richness of natural silk or wool. This shift has also affected design trends. Until 2020, many of the village's weavers copied classical Iranian styles, such as those of Isfahan or Kashan. But with the advent of social media, modern designs now dominate the industry. 'The upside of modern designs is that they don't follow specific rules,' Mr Abdel Razek says. 'There's less symmetry and more chaos is acceptable, which makes them less tiring for workers. There really isn't a wrong way to do them.' Still, the industry faces stiff competition from machine-made rugs, which cost far less. 'It is understandable that a customer would buy a machine-made carpet that costs a fraction of the price,' Mr Abdel Razek says. 'After all, what we're selling is first and foremost a luxury item.' This is why many producers, including Mr Abdel Razek, have begun selling machine-made carpets alongside handmade designs. But he remains committed to preserving the traditional craft. 'It is undoubtedly an art form,' he says. 'Matching colours, creating intricate details – it requires the same skills as oil painting.' For Mr Areeda, the craft is a livelihood and a passion, but he acknowledges its challenges. 'The hardest part of this job is selling the carpets,' he says. 'You're at the mercy of the market and demand can drop suddenly and you could be left with unsold wares for months on end, or are forced to sell them cheap.' As Saqiyat Abu Sharah faces these challenges, its future seems tied to its ability to adapt. For now, its carpets remain a symbol of a heritage that spans millennia, a tradition that its craftsmen hope will endure, even amid the relentless hum of modern machines.
Zawya
12 hours ago
- Zawya
Egypt: Minister of Planning, Economic Development, and International Cooperation Discusses Developments in Joint Economic Relations with Norwegian Minister of International Development and Dutch Deputy Minister of Development
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with H.E. Mr. Åsmund Aukrust, Minister of International Development of the Kingdom of Norway. The two sides reviewed ways to strengthen cooperation opportunities between the two countries and discussed a number of joint issues. This meeting took place during her representation of the Arab Republic of Egypt at the Fourth G20 Development Working Group (DWG) Meeting and the G20 Ministerial Meeting on Development. These meetings are being held under South Africa's G20 presidency from July 20 to 25, 2025, under the theme "Solidarity, Sustainability and Equality" in South Africa. During the meeting, H.E. Dr. Rania Al-Mashat lauded the Egyptian-Norwegian relations, and noted that the two countries have strengthened and deepened bilateral ties across various sectors, including renewable energy and regional stability efforts. H.E. Dr. Al-Mashat highlighted that the extended partnership between the governments of Egypt and Norway has been essential in boosting the economy, developing the renewable energy sector, and creating better opportunities for the Egyptian economy. H.E. Dr. Rania Al-Mashat emphasized Egypt's commitment, with its expanding economy and attractive investment climate, to attracting new foreign partnerships and investments that can drive innovation, economic growth, and sustainable development. H.E. Dr. Al-Mashat pointed to the most prominent areas of cooperation with the Norwegian side, which include the oil, energy, gas, maritime transport, shipping, and shipbuilding sectors, in addition to fisheries and aquaculture. She noted that Egypt is keen to expand these areas of cooperation, and highlighted that the Egyptian-Norwegian partnership in promoting investments in the renewable energy sector was a central focus of H.E. President Abdel Fattah El-Sisi's historic visit to the Kingdom of Norway in December 2024. H.E. Minister Al-Mashat added that the shared goals and mutual respect characterizing the bilateral relations between Egypt and Norway represent a model for international cooperation that will be built upon in the coming years. She further stated that Norway's commitment to sustainability and international cooperation aligns with Egypt's Vision 2030 and green transformation goals. H.E. Dr. Al-Mashat pointed out that the cooperation between the two countries in green hydrogen and renewable energy, which includes several prominent projects. These include a green ammonia production project from green hydrogen, a green methanol production project in the Suez Canal Economic Zone, in addition to a number of funded projects in various fields. These contribute to creating decent job opportunities for youth in cooperation with the International Labour Organization and the Norwegian Ministry of Foreign Affairs, and promoting health and combating violence against women in Egypt in cooperation with the United Nations Population Fund. H.E. Minister Al-Mashat affirmed Egypt's keenness to involve the private sector, especially in strategic sectors such as renewable energy, green hydrogen, maritime industries, and technology. She noted that the country provides a stable investment climate, competitive incentives, and access to key regional markets, making it an ideal gateway for Norwegian and other international companies seeking to expand into the Middle East and Africa. She also referred to the cooperation between Egypt and Scatec, and mentioned that Egypt and Norway have historically strong economic ties, which have translated into tangible projects benefiting both economies. H.E. Dr. Al-Mashat outlined that the new partnerships with Scatec enhance active cooperation between the public and private sectors and development partners, aiming to promote green transformation. She noted Scatec's contribution to the implementation of the Benban Solar Park, one of the largest solar parks in the world, and the first green hydrogen plant in the Suez Canal Economic Zone, in cooperation with the European Bank for Reconstruction and Development and other partners. H.E. Dr. Al-Mashat also pointed to the efforts of the Ministry of Planning, Economic Development, and International Cooperation in continuing to support international partnerships and mobilize local and international financing to promote green transformation in Egypt and increase the number of environmentally friendly projects. She pointed out that the cooperation portfolio with Scatec includes a number of projects under the energy sector of the "NWFE" program, including the green hydrogen project in Egypt, the green ammonia production project in Damietta, the 1 GW solar power project with battery energy storage solutions (BESS), and a 1 GW solar power plant for the aluminum complex in Naga Hammadi. Egyptian-Dutch Relations On another note, H.E. Dr. Rania Al-Mashat met with H.E. Ms. Pascalle Grotenhuis, Netherlands' Vice Minister for International Development, to discuss strengthening Egyptian-Dutch relations and developments in the partnership between the two countries. During the meeting, Dr. Rania Al-Mashat affirmed that Egypt and the Netherlands have deep-rooted political, cultural, and economic relations spanning several decades. These relations have witnessed significant momentum and growing cooperation at various levels in recent years. H.E. Dr. Al-Mashat noted that the economic cooperation between the two countries has been an important axis in bilateral relations, with the Netherlands providing over 407 million Euros in development financing to Egypt since 1975. This assistance has contributed to supporting many vital sectors, including agriculture and irrigation, health and social affairs, transport, electricity, housing, tourism, education, and local development. She stated that the Netherlands is one of Egypt's main trading partners within the European continent, with bilateral trade amounting to approximately one billion Euros annually. Both sides aim to expand this cooperation and diversify its areas, especially given the available opportunities for economic integration between the two countries. H.E. Dr. Al-Mashat highlighted the "Orange Corners" program, implemented in cooperation with the Dutch side and the private sector, to support entrepreneurs in the Nile Delta and Upper Egypt governorates. After the success of the first three-year phase, the program is now in a new cycle extending from 2024 to 2028, reflecting the shared interest of both countries in achieving inclusive economic growth and providing job opportunities for youth. The two sides also reviewed developments in cooperation in the fields of water and climate following the Memorandum of Understanding signed between the Egyptian and Dutch governments in October 2024, to enhance cooperation in coastal resource management and adaptation to climate change. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Gulf Business
2 days ago
- Gulf Business
Uber launches Senior Accounts in MENA to support older adults' mobility
Uber has introduced a new feature across the Middle East and North Africa (MENA) region designed to make transportation easier and more accessible for older adults. The launch of Senior Accounts and Simple Mode aims to help older people travel independently while giving their families peace of mind. Now available in the UAE, Saudi Arabia, Egypt, Qatar, Bahrain, Jordan, and Lebanon, the feature allows family members to set up and manage rides for older relatives, even if they live in different cities or countries. Senior Accounts are part of Uber's Family Profiles and provide a streamlined version of the app with larger text, simplified navigation, and the ability for trusted family members to provide remote assistance. For users who prefer to ride on their own, Simple Mode can be activated through the app's accessibility settings, offering a user-friendly interface with fewer steps and clearer prompts. 'These features reflect the company's ongoing efforts to make the Uber app a platform that works for the entire family, from teens to seniors,' the company said. Building on the success of Teen Accounts, Uber is bridging another important gap in the mobility space. 'In the MENA region, where strong family ties and intergenerational support are a way of life, this offering will help older adults stay independent and connected, with the reassurance that loved ones are always just a tap away.' Read: The features come as mobility challenges for seniors in the region—such as limited public transport access, long distances, or extreme heat—can pose significant barriers. Senior Accounts bridge these gaps by allowing older riders to save favourite destinations, choose flexible payment options, and share trip details in real time with loved ones. Family members can also book or monitor rides remotely through the app. How it works: A family organiser creates a Family Profile and invites an older adult to join as a senior. The senior receives a text message with a link to download the app and register. Once set up, they can request rides themselves or allow a family member to manage trips on their behalf. For those not added to a Family Profile, Simple Mode remains available as an independent feature through the app's accessibility settings. Following successful launches in the US, Brazil, Chile, and Mexico, Uber's rollout in the MENA region underscores its broader strategy of building inclusive technology that meets the needs of all age groups. The company developed these features in collaboration with older riders and accessibility experts to ensure the platform works for every stage of life.
