Latest news with #FederationofEgyptianChambersofCommerce
Libya Review
2 days ago
- Business
- Libya Review
Egyptian Investments in Libya Surpass $2.5 Billion
Egyptian companies are currently executing infrastructure and development projects in Libya worth over $5 billion, according to Ahmed El-Wakil, President of the Federation of Egyptian Chambers of Commerce. Speaking at the 4th Egypt-Libya Business Forum held in Alexandria under the slogan 'Egypt and Libya Towards Integrated Sustainable Development,' El-Wakil noted that these ventures span key sectors such as road construction, including the ring road, power stations, and housing developments. Egyptian Investment in Libya Surges El-Wakil revealed that Egypt's direct investments in Libya have surpassed $2.5 billion for the first time, now exceeding Libyan investments in Egypt—signaling a significant shift in the bilateral economic landscape. However, he also noted a 25% decline in the number of Libyan companies operating in Egypt, with the figure falling to 511 firms. These companies have a declared capital of $4 billion and effective contributions of $2.4 billion. El-Wakil urged the reactivation of the Shidda Libya Investment Authority, citing its past pivotal role in supporting economic cooperation. New Joint Ventures Targeting Africa Calling for a move beyond traditional bilateral ties, El-Wakil advocated for a new phase of joint economic action aimed at penetrating African markets, aligning with the mutual interests of both nations. He emphasized the strategic benefits of the African Continental Free Trade Area (AfCFTA), which opens access to a market bloc valued at over $1.4 trillion. Logistics Hub at Salloum Border and Regional Infrastructure Plans On the logistics front, Egypt has completed technical studies to establish a global logistics hub near the Salloum border crossing, which would boost trade with Libya and improve access to West African markets. He also highlighted the strategic importance of the Mediterranean coastal highway stretching from Port Said to Casablanca, and proposed accelerating the construction of a transcontinental trade route connecting southern Egypt, southern Libya, Chad, and Dakar, enhancing links between the Mediterranean Sea and Atlantic Ocean. Private Sector Role in Libya's Reconstruction El-Wakil called for aligning Egyptian technical capabilities with Libyan capital to take advantage of business opportunities across the African continent, especially for young entrepreneurs. He affirmed that the private sector—supported by both governments—is well-positioned to lead Libya's post-conflict reconstruction, especially in transportation, logistics, ports, infrastructure, and energy. Highlighting Egypt's success in national power development and regional interconnection, El-Wakil stressed its potential as a foundation for future cooperation. He also pointed to promising joint ventures in manufacturing, particularly in building materials, metallurgy, and food industries—where Egypt holds strong technological and industrial advantages. The forum reflects ongoing efforts to expand economic cooperation between Cairo and Tripoli, with the private sector playing a key role in driving sustainable development and rebuilding efforts. Tags: AfCFTAEgyptlibyaNorth AfricaTrade
See - Sada Elbalad
24-03-2025
- Business
- See - Sada Elbalad
General Gold Division: Citizens' fears of a sharp decline in gold prices have affected sales.
Waleed Farouk Engineer Lotfy Mounib, Vice President of the Gold and Jewelry Division at the Federation of Egyptian Chambers of Commerce, said that the economic uncertainty in global markets, resulting from the US administration's imposition of tariffs at the beginning of April, has kept gold prices on the global stock exchange above $3,000 per ounce. He added that fears of a global trade war between the United States on the one hand and China, Brazil, and the European Union countries on the other, along with geopolitical tensions, have boosted gold purchases for hedging purposes. He noted that rising prices on the global stock exchange have consequently led to higher gold prices in local markets, negatively impacting purchasing activity. This has also increased citizens' fears of a sudden price collapse, as happened in March 2024, when prices suddenly fell from 4,200 to 2,600 Egyptian pounds, affected by the exchange rate. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) News Ireland Replaces Former Israeli Embassy with Palestinian Museum News Israeli PM Diagnosed with Stage 3 Prostate Cancer Lifestyle Maguy Farah Reveals 2025 Expectations for Pisces News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Mada
17-03-2025
- Business
- Mada
Ration card holders still waiting for Ramadan grant
Halfway through Ramadan, ration card holders across Egypt are still waiting for the exceptional grant announced by Finance Minister Ahmed Kouchouk in February. The grant — set at LE125 per card for households with one child and LE250 for those with two children — was meant to be distributed for two months starting in Ramadan, benefiting around 10 million families nationwide. But so far there is no sign of the funds. Two sources in the Federation of Egyptian Chambers of Commerce's General Grocery Divisions in Cairo and Luxor confirmed that the grant is yet to be released, telling Mada Masr they have not received any instructions on its disbursement. Earlier this month, MP Samira al-Gazzar asked Prime Minister Mostafa Madbuly and Supply Minister Sherif Farouk to explain the delay in the grant's disbursal, after receiving numerous complaints from her constituents. 'First, how can the prime minister announce increases without implementing them?' she asked. 'Second, failing to act on his statement is both an insult to his authority and a disregard for the public. Third, why didn't the government secure the necessary funds before making the announcement? And fourth, who will compensate these vulnerable families for the disappointment and embarrassment caused by the absence of the promised increase?' the MP concluded. The Supply Ministry previously denied responsibility for the grant's delay, telling Mada Masr that it was not the issuing authority. Meanwhile, Finance Ministry spokesperson Ibtisam Saad only said: 'The ministry has nothing to announce at this time.' The head of the Grocery Division in Giza told Mada Masr earlier this month that a ministry official had said they were working on adjusting the distribution system to facilitate the grant's payment 'without causing issues.' 'People accuse us [retailers] of stealing the funds,' the source added. 'The Finance Ministry should have coordinated with the Supply Ministry before announcing the grant to avoid fueling public frustration.'
Zawya
17-02-2025
- Business
- Zawya
Turkey prioritizes Egypt as key hub for textile manufacturing, investment: Ambassador
Egypt - Turkish Ambassador to Cairo, Salih Mutlu Şen, highlighted Türkiye's continued interest in Egypt's textile sector, emphasizing the vital role of spinning, weaving, and garment manufacturing in bolstering trade and economic cooperation between the two nations. The ambassador's remarks came at the opening of the 76th Cairo Fashion & Tex Exhibition that took place from 13 to 15 February 2025, at the Cairo International Convention Center, bringing together 90 leading textile and fashion companies, including 15 from Türkiye. Organized by Pyramids International Group, the event served as a key platform for industry promotion, attracting prominent officials such as Essam Ahmed El-Naggar, Chairperson of the Egyptian General Authority for Exhibitions and Conferences, and Alaa Ezz, Secretary-General of the Federation of Egyptian Chambers of Commerce. During the event, Alaa Ezz announced plans to establish a 5-million-square-meter industrial zone in collaboration with the Union of Chambers and Commodity Exchanges of Türkiye—a move set to further strengthen bilateral trade and investment ties. Ambassador Şen toured the pavilions of the 15 participating Turkish companies, representing the fabric, cotton, apparel, and spinning sectors. He engaged in discussions with company representatives about expanding production capacity and exploring new investment opportunities in Egypt. Turkish exhibitors at the event commended the Egyptian government's efforts in creating a favourable investment climate, which they said has paved the way for new business opportunities. Additionally, Ambassador Şen met with officials from the Turkish Textile Machinery Association, who outlined their plans to collaborate with Egyptian business leaders in supplying textile and apparel machinery to support Egypt's expanding textile industry. He affirmed that the association would maintain communication with Egypt's General Authority for Investment and the Ministry of Trade and Industry through its member machinery manufacturers. Among global markets for Turkish textile manufacturing machinery, Egypt ranks third, driven by its rapidly growing textile production. Concluding his remarks, Ambassador Şen reaffirmed that the textile sector—including yarns, fabrics, garments, equipment, and machinery—serves as the backbone of the shared growth strategy between Türkiye and Egypt, reinforcing their long-standing trade partnership. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
