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Daily News Egypt
14 minutes ago
- Daily News Egypt
Egyptians vote in two-day Senate election with key list unopposed
Polling stations opened across Egypt on Monday for a two-day election for the country's Senate, a vote in which a major political coalition is running uncontested for the 100 seats allocated to party lists. President Abdel Fattah Al-Sisi cast his ballot on Monday morning at the Martyr Moustafa Yosri Omira school in the Heliopolis district of Cairo. Prime Minister Mostafa Madbouly also voted in Sheikh Zayed City, west of the capital, and called on all voters to participate in what he described as a 'constitutional right and a national duty'. Madbouly said the state had taken all necessary measures to ensure the electoral process proceeds in a secure and orderly manner across the country's 8,825 polling stations. Voting for Egyptians inside the country continues until polls close on Tuesday, 5 August. Egyptians living abroad cast their ballots on Friday and Saturday at embassies and consulates. The election is for 200 of the Senate's 300 seats. A total of 424 candidates are competing for 100 seats allocated to individuals after four candidates withdrew their nominations. The other 100 elected seats are allocated to party lists. A single coalition, the 'National List for Egypt,' which is led by the pro-government Mostaqbal Watan (Nation's Future) party and includes 12 other parties, is running for the 100 list-based seats across the four designated constituencies. This list is considered to have won by default, provided it secures at least 5% of the total valid votes. The remaining 100 members of the chamber will be appointed by the president after the election. The Senate, formerly known as the Shura Council, was abolished under constitutional amendments in 2014 but reinstated following further amendments in 2019. It functions as a semi-advisory body, tasked with studying and proposing ways to strengthen democracy and social peace. It also provides opinions on constitutional amendments and draft laws before they are referred to the House of Representatives for final approval. Results and timeline According to the schedule set by the National Election Authority (NEA), the initial results of the first round will be announced on 12 August. Appeals will be heard by the Supreme Administrative Court between 15 and 24 August. Should any of the individual seats require a run-off election, a second round of voting will take place for Egyptians abroad on 25-26 August and inside Egypt on 27-28 August. The final results of the election are scheduled to be announced and published in the official gazette on 4 September. The NEA said it had made preparations to facilitate voting, particularly for the elderly and people with disabilities. For the first time, instructions on the ballot paper will be written in sign language to assist hearing-impaired voters. The election is being held under the supervision of 9,500 members of judicial bodies. It is the first national election to take place after the end of a 10-year transitional period mandated by the 2014 constitution, which required full supervision of elections by members of the judiciary. That period ended in January 2024. The last major election in Egypt was the presidential vote in December 2023, which saw a turnout of 66.8%, with 44.7 million people casting ballots from a total of 67 million registered voters. Elections for the House of Representatives, the primary chamber of parliament, are expected to be held in November.
Daily News Egypt
17 minutes ago
- Daily News Egypt
Egyptian Exchange chief highlights investment opportunities for diaspora
The chairperson of the Egyptian Exchange (EGX), Ahmed El-Sheikh, has highlighted the pivotal role of the stock market in supporting the national economy and outlined investment opportunities available to Egyptians living abroad. Speaking at the 6th 'Egyptians Abroad' conference in Cairo, El-Sheikh emphasised the exchange's importance as an effective tool for channelling savings into productive investments, thereby financing development projects and achieving sustainable growth. He pointed to recent incentives and facilities aimed at attracting Egyptian expatriates, such as allowing investor registration with a valid passport and offering comprehensive digital solutions for opening accounts and executing trades through advanced fintech applications. 'These facilities are part of a broader strategy to encourage the participation of Egyptians abroad in the financial markets and enhance their contribution to the sustainable growth of the national economy,' El-Sheikh said. The EGX chairperson detailed efforts to diversify financial instruments to meet the demands of various investor categories. He noted the launch of the EGX33 Shariah index for investors seeking Sharia-compliant investments, and the EGX35-LV index for low-volatility stocks, aimed at those seeking stable investments and portfolio diversification. El-Sheikh also stressed the market's commitment to transparency, governance, and investor protection. He announced the upcoming launch this month of the 'EGX Gate' application, a digital platform designed to enable investors to follow market developments and communicate directly with the exchange. He pointed to the positive performance of the Egyptian stock market, which is the second-largest Arab exchange by the number of listed companies. On July 27, 2025, the four main market indices (EGX30, EGX70, EGX100, EGX33), as well as the market capitalisation, reached unprecedented historic levels, reflecting rising investor confidence, he said. El-Sheikh also highlighted the exchange's efforts to enhance financial inclusion and expand its investor base. The number of new individual investors in the first six months of the current year reached about 123,000, compared to approximately 100,000 in the same period last year. He concluded by affirming that the coming period will see more initiatives aimed at expanding the base of Egyptian investors abroad, in cooperation with various capital market entities and commercial representative offices, to support the state's efforts to increase foreign currency inflows and maximise investments.
Daily News Egypt
17 minutes ago
- Daily News Egypt
MSMEDA offers exceptional opportunities to encourage Egyptian expats to invest at home: CEO
Bassel Rahmy, CEO of the Micro, Small and Medium Enterprise Development Agency (MSMEDA), affirmed that the agency is fully committed to supporting Egyptian entrepreneurs living abroad—particularly those with professional expertise and a desire to return and invest in Egypt. This support aims to help them establish medium and small enterprises, especially in productive and industrial sectors with high market demand. The goal, Rahmy noted, is to enable them to channel their savings and capital into economically viable projects that generate strong returns compared to similar markets, while also contributing meaningfully to the national economy. He added that this backing is offered within a robust legislative framework, complemented by an extensive array of financial, technical, and technological services. These collectively help create a more flexible and effective business environment, providing diverse enterprises with secure opportunities for sustainable short- and long-term growth. Rahmy made these remarks during his participation in the sixth edition of the 'Egyptians Abroad Conference,' organised by the Ministry of Foreign Affairs and the Ministry of Emigration and Egyptian Expatriates' Affairs under the theme 'From Everywhere… Egypt is the Destination.' In his presentation, Rahmy outlined the wide range of services MSMEDA offers to support entrepreneurs. These include financial and non-financial services, marketing support, specialised training programmes, and community and human development initiatives. He also presented the agency's broader strategy to foster an enabling environment for new projects and to encourage Egyptian entrepreneurs abroad to transfer their expertise and invest in Egypt. Rahmy stressed that MSMEDA is implementing integrated and effective plans to highlight investment opportunities and partnerships with entrepreneurs from the Egyptian diaspora. This aligns with the state's vision to attract and localise investments from Egyptians abroad. The agency is tapping into the entrepreneurial experience of Egyptians working overseas by providing comprehensive support and adopting innovative financing mechanisms. These include venture capital financing—successfully launched in partnership with the World Bank—as well as lease financing, Islamic finance, and offering a portfolio of franchise brands to returning Egyptians to ensure stable and successful investments. He noted that the government's broader strategy focuses on building a competitive domestic market to attract diverse investments, thereby strengthening the national economy through increased project establishment, supporting local industries, conserving foreign currency reserves, and creating decent and sustainable employment opportunities. Rahmy also highlighted MSMEDA's active cooperation with the private sector, as well as its partnerships with local and international institutions to share expertise and enhance the sector's contribution to the local economy. This includes joint programmes in infrastructure development. Additionally, the agency is keen on signing cooperation agreements and establishing partnerships with banks and financing companies to diversify financial products and expand its client base. Rahmy praised the role of the Ministry of Foreign Affairs in coordinating efforts across government entities to implement plans that attract Egyptians abroad and encourage them to invest their expertise and capital in Egypt. He reaffirmed MSMEDA's commitment to working closely with the Ministries of Foreign Affairs and Emigration to launch initiatives tailored to the needs and aspirations of Egyptians living overseas.
