Latest news with #MohamedShimi
Zawya
18-07-2025
- Business
- Zawya
Egypt: Public Business Sector Minister, holding companies' heads discuss operations, investment prospects
Arab Finance: Minister of the Public Business Sector Mohamed Shimi met with the chairmen and executive managing directors of the holding companies to discuss the latest developments of the companies' operations, according to a statement. Within the framework of the State Ownership Policy Document, Shimi underlined the importance of strengthening partnerships with the private sector and attracting investment in promising opportunities within affiliated companies. The meeting touched upon the projects' expansion, modernizing institutional performance, and boosting management efficiency. Shimi highlighted the importance of leveraging assets and maximizing their returns in line with the ministry's strategy to reinforce companies' financial positions and achieve sustainable returns that support development plans. He also emphasized that enhancing occupational health and safety procedures is essential to protecting workers, preserving facilities, and increasing operational efficiency. The ministry is currently working to motivate employees and develop their skills through modern training programs, as they are the key driver of the development process, added Shimi. He said the ministry is fully open to enhancing cooperation with local and international investors to establish joint projects that improve productivity and competitiveness. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
09-07-2025
- Business
- Zawya
Egypt: Egyptalum, Scatec's arm to build $650mln solar plant for Nagaa Hammadi Complex
Arab Finance: Egypt Aluminum Company (Egyptalum) has signed an agreement with a project company affiliated with Norway's Scatec to establish a 1,000-megawatt solar power plant dedicated to supplying the Nagaa Hammadi aluminum complex with clean energy, as per a statement. The project will be carried out over 24 months with a total investment estimated at $650 million. The agreement was signed in the presence of Minister of Public Business Sector Mohamed Shimi and Norwegian Ambassador to Cairo Hilde Klemetsdal. The solar plant will be built in two consecutive phases, each with a 500-megawatt capacity, along with storage batteries totaling up to 200 megawatts. The project will be fully financed and operated by Scatec under a power purchase agreement (PPA), providing a substantial portion of Egypt Aluminum's energy needs. Shimi said the project marks a milestone for Egypt's aluminum industry and aligns with the government's broader strategy to transition to renewable energy. The minister also described the partnership as a successful model for public-private cooperation with international investors and reaffirmed the ministry's support for such ventures. For her part, Klemetsdal welcomed the agreement as a testament to the strong and growing relationship between Egypt and Norway. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
08-07-2025
- Business
- Zawya
Egyptalum signs agreement with Scatec to develop solar power plant in Nagaa Hammadi
Egypt - Minister of Public Enterprises Sector Mohamed Shimi met with Norway's Ambassador to Egypt and Libya, Hilde Klemetsdal, and her accompanying delegation at the ministry's headquarters in the New Administrative Capital, as part of efforts to strengthen bilateral cooperation in renewable energy. During the meeting, the minister and ambassador witnessed the signing of an agreement between Egyptalum — a subsidiary of the Metallurgical Industries Holding Company — and a newly established project company affiliated with Norwegian renewable energy firm Scatec. The agreement marks the official launch of a solar power project to supply clean electricity to Egyptalum's aluminum complex in Nagaa Hammadi. The solar power plant, with a total capacity of 1,000 megawatt-hours, will be implemented over 24 months in two consecutive phases, each generating 500 megawatt-hours. The project will also include the installation of battery storage systems with a total capacity of up to 200 megawatts. With an estimated total investment of approximately $650 million, the project will be fully financed, built, and operated by Scatec under a Power Purchase Agreement (PPA). The plant will supply a significant share of Egyptalum's energy needs, reducing dependence on conventional power sources. Minister Shimi welcomed Ambassador Klemetsdal at the outset of the meeting and emphasized the importance of the strategic partnership between Egypt and Norway, particularly in the fields of green transition and clean energy. He expressed his hope for further cooperation with leading Norwegian companies, given Norway's global expertise in renewable energy and environmental technologies. He described the project as a major milestone for Egypt's aluminum industry, aligning with the state's strategy to expand renewable energy use and the political leadership's directives to promote environmental sustainability and improve resource efficiency. Shimi noted that the project exemplifies successful cooperation between the public and private sectors and international investors. Key objectives include reducing operational costs at the aluminum complex, boosting production efficiency, enhancing the competitiveness of Egyptian exports, cutting traditional energy use and carbon emissions, and meeting international sustainability standards. He added that these goals will enable Egyptalum to strengthen its position in global markets, where it already exports more than 50% of its production—primarily to the European Union. The minister also highlighted that the partnership with Scatec reflects international investors' growing confidence in the Egyptian market and their willingness to contribute to major national projects that deliver both environmental and economic value. He reaffirmed the Ministry's full support for partnerships with both domestic and international private sector players. Ambassador Klemetsdal praised the strength of Egyptian-Norwegian relations and described the solar project as a model of productive cooperation between the two nations. She stressed that the initiative supports Egypt's clean energy transition and reflects the growing interest of Norwegian companies in the Egyptian market, especially in key sectors such as renewable energy.
Egypt Today
28-05-2025
- Business
- Egypt Today
Egypt & U.S. Form Joint Venture to Boost Global Pharmaceutical Exports
CAIRO - 28 May 2025: The Holding Company for Pharmaceuticals, Chemicals, and Medical Supplies has entered into a strategic joint venture with American pharmaceutical firm Dawah Pharma. This partnership marks a significant step in Egypt's push to expand its pharmaceutical footprint globally, with plans to manufacture and export a broad range of pharmaceutical products and dietary supplements to international markets. Minister of Public Business Sector Mohamed Shimi announced that the new venture will produce a diverse portfolio of products, including ampoules, sterile injections, ophthalmic solutions, over-the-counter (OTC) medications, and dietary supplements. The joint venture structure grants the Egyptian side a 40 percent share, while Dawah Pharma holds a 60% majority stake. The newly formed company will focus primarily on exporting its products and opening new channels in global markets. In a milestone move, the partnership's first phase will see the manufacture and export of six specific dietary supplements to the United States—marking the first time in the Holding Company's history to achieve such a feat after meeting rigorous international standards and requirements. The agreement also leverages advanced pharmaceutical manufacturing technologies, including the production of syrups, tablets, ampoules, pre-filled syringes, and transdermal patches. These innovations are expected to significantly accelerate product deployment and support long-term growth for the Holding Company and its subsidiaries. Shimi stressed that the new company will strictly follow international regulatory standards, particularly those enforced by the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). Adhering to these benchmarks will boost the global competitiveness of Egyptian pharmaceuticals—not only in the high-demand markets of Europe and North America but also in emerging markets across Africa and Asia.
Zawya
14-05-2025
- Business
- Zawya
Egypt explores investment cooperation with Chinese investors in textile sector
Egypt - Minister of Public Business Sector Mohamed Shimi has received a high-level Chinese delegation comprising 37 investors and representatives from around 25 major textile companies, according to a statement. The meeting aims to strengthen economic and investment cooperation between Egypt and China while promoting partnership opportunities in the spinning and weaving industry. It also outlined the Egyptian textile industry and the Holding Company for Cotton Spinning and Weaving's achievements in the sector. Shimi also reviewed the company's strategy in light of the national project to boost the spinning and weaving industry. This project currently includes 10 subsidiaries, all implementing a comprehensive development and restructuring plan across financial, technical, administrative, and marketing aspects. The minister explained that the national project aims to restore Egypt's global leadership in the spinning and weaving industry by offering world-class products, deploying the latest industrial technologies, and maximizing production capacity. It also seeks to increase market share and profitability and strengthen customer confidence both locally and globally. Moreover, Shimi reflected on Egypt's attractive investment components, including the geographical location, the availability of advanced industrial infrastructure, and free trade agreements with several countries. He also affirmed the availability of high-quality raw materials, particularly Egyptian cotton, and the advanced technology utilized in new factories. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
