Latest news with #Madbouli
Middle East
8 hours ago
- Business
- Middle East
OPEN// PM affirms no plans to sell state assets
NEW ALAMEIN, July 23 (MENA) - Prime Minister Mostafa Madbouli said the government does not plan to sell state-owned real estate or assets but aims to maximize returns through improved management. During a press conference after the weekly cabinet meeting in New Alamein city on Wednesday, Madbouli noted that partnerships with the private sector or foreign investors will help run and expand these assets, affirming that some properties cannot be sold due to legal and historic protections. The premier also added that the government is focusing on boosting tourism in New Alamein by expanding hotel capacity and year-round attractions. He noted that international tourist numbers visiting the city are on the rise, and the city is no longer seasonal. With new industrial zones, New Alamein is expected to become a permanent residence and job center. Additionally, Madbouli confirmed that work at El Dabaa nuclear project is progressing, with minor delays being addressed. He revealed that the site now employs around 24,000 workers, 80% of them are Egyptians. The plant, once complete, will include four reactors and is expected to produce more than double the electricity generated by the Aswan High Dam. Madbouli stated that despite the high initial cost, the plant will reduce the need for imported fuel and generate long-term savings. (MENA) H A T/S R E
Middle East
8 hours ago
- Business
- Middle East
OPEN// PM follows up efforts to reduce public debt to GDP ratio
NEW ALAMEIN, July 22 (MENA) - Prime Minister Mostafa Madbouli said the government continues its efforts to maintain a sustainable downward trend in external debt, while focusing on attracting more new foreign investments to exploit promising investment opportunities in various sectors. Madbouli made the comments during a cabinet meeting that he held on Tuesday to review the measures aimed at reducing public debt to the Gross Domestic Product (GDP) ratio. The meeting was attended by Governor of the Central Bank of Egypt (CBE) Hassan Abdullah, Minister of Finance Ahmed Kouchouk and Deputy Minister of Finance Yasser Sobhi, said Cabinet Spokesman Mohamed El Homsani. The spokesman stated that the meeting addressed several topics, including managing and regulating external debt, as well as the measures to cut public debt and diversify the investor base, currencies and markets. The meeting also underlined the importance of achieving the required balance between maintaining the set ceiling for investment spending and reducing reliance on foreign loans, in addition to strengthening partnerships with the private sector, according to the spokesman. (MENA) A I E/M R E
Middle East
8 hours ago
- Politics
- Middle East
OPEN// PM says Rafah border crossing has never been closed from the Egyptian side
NEW ALAMEIN, July 23 (MENA) - Prime Minister Mostafa Madbouli stressed that the Rafah border crossing has never been closed from the Egyptian side. During the times when the Palestinian side maintained control over the crossing, all humanitarian and relief aid continued to flow into the Gaza Strip, Madbouli said at a press conference following the Cabinet's weekly meeting in New Alamein city. In fact, 80% of the humanitarian aid delivered to Gaza from the start of the conflict until now has come from the Egyptian government and Egyptian civil society, he noted. Despite efforts exerted by countries that have with far greater resources than Egypt, Egypt remains the largest contributor of aid to Gaza, the premier said. Egypt, he added, has not stopped receiving and sheltering wounded Palestinians and their families, who have been welcomed as honored guests and brothers on Egyptian soil. Since the outbreak of the conflict on October 7, 2023, President Abdel Fattah El Sisi clearly stated that Egypt completely rejects any attempt to liquidate the Palestinian cause or forcibly displace Palestinians from Gaza. He stressed that Egypt was the first country to make such a stand, highlighting the bilateral meetings held by President Sisi with European leaders and officials from around the world during which he reaffirmed Egypt's consistent and principled stance in this regard. Madbouli said Egypt has been engaged from day one in mediation efforts to achieve a ceasefire. "We succeeded in brokering the first ceasefire agreement in partnership with Qatar and the United States. Egypt has never stopped its mediation efforts and continues to push for de-escalation in hopes of ending the conflict.' He added that Egypt has also taken the lead in efforts to reconstruct Gaza, recalling the summit held in Egypt in March this year, where Cairo presented its comprehensive Gaza reconstruction plan. 'That plan was adopted by Arab and Islamic countries and has become a joint Arab-Islamic initiative,' he said, noting that Germany also reiterated its full support for Egypt in implementing the plan. At the end, Madbouli stressed that Egypt is exerting relentless efforts to deliver as much aid as possible to the Palestinians in Gaza. (MENA) S R E
Middle East
8 hours ago
- Politics
- Middle East
OPEN// PM affirms strength of Egypt-Saudi Arabia relations
NEW ALAMEIN, July 23 (MENA) - Prime Minister Mostafa Madbouli reiterated the strength of relations between Egypt and Saudi Arabia, noting that this strength is among the core pillars of Egyptian foreign policy and reflects the shared vision of the political leaderships in both countries. The relationship between Egypt and Saudi Arabia is strategic, fraternal and based on unity, Madbouli told a press conference following the weekly Cabinet meeting on Wednesday. The prime minister noted that Egypt and Saudi Arabia have many common issues and face similar challenges, highlighting the importance of maintaining both countries' shared perspective on how to deal with challenges confronting the Arab and Islamic worlds. He also underscored the exceptional relationship between the two countries' political leaderships, which reflects communication between the two governments. Egyptian citizens are well aware of this strong bond, Madbouli said, stressing that any attempt to stir tensions between the two countries will not be tolerated. In this regard, the prime minister made clear that some social media platforms operating from outside both Egypt and Saudi Arabia are trying to falsely portray a state of tension between the two countries, stressing that Egypt will not allow these brotherly relations to be negatively affected. He warned that "certain parties may have an interest in stirring tensions between the two countries but we will not permit that'. (MENA) I S N/S R E
Egypt Independent
7 days ago
- Business
- Egypt Independent
PM Confirms Growing Gobal Confidence in Egypt's Economy
Prime Minister Mostafa Madbouly said many international institutions have praised Egypt's economic resilience, noting that recent regional tensions, including the Israel-Iran conflict, caused only temporary effects. He added that Egypt's commitment to a flexible exchange rate has improved investor confidence. Following a cabinet meeting in New Alamein, Madbouly said that global interest in building factories in Egypt is increasing. He confirmed that inflation fell to 14.4 percent in June, down from 16.5 percent in May, and said the government is monitoring prices and supply daily to ensure market stability. The Premier added that President Abdel Fattah al-Sisi's participation in the recent African Union summit proves that Egypt has an active role across the continent, noting that Egypt leads two AU mechanisms: one for strategic coordination, the other for regional security in North Africa. President al-Sisi also held several meetings with African leaders, who expressed interest in involving Egyptian companies in infrastructure projects, Madbouli added. He noted that African leaders have asked Egyptian companies to take part in major development projects, citing their reputation for quality and delivery. The Prime Minister added that three regasification ships are now connected to Egypt's national gas network via Ain Sokhna Port, with a capacity of 2.25 billion cubic feet per day. Two more ships, one in Alexandria and one in Aqaba, will enter service soon as part of the state's summer contingency plan. Additionally, Madbouli affirmed that Egypt has paid over $1 billion in overdue payments to foreign energy partners and plans to pay an additional $1.4 billion before the end of 2024. He concluded with remarks confirming that the government is committed to regular payments and is working to increase local gas production to reduce reliance on expensive imports.
