Latest news with #MoustafaMadbouly
Zawya
15 hours ago
- Business
- Zawya
Egypt: President El-Sisi Meets the Prime Minister and the Minister of Petroleum
Today, President Abdel Fattah El-Sisi met with Prime Minister, Dr. Moustafa Madbouly, and Minister of Petroleum and Mineral Resources, Eng. Karim Badawi. Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the Minister of Petroleum and Mineral Resources offered an overview of the ministry's key pillars for current operations and activities. Those include focusing on production and exploration activities; leveraging petroleum resources through refineries and petrochemical plants to create added value; achieving a breakthrough in the mining sector and boosting its added value; and strengthening regional cooperation to attract investments to Egypt in the oil and gas sectors, while maintaining safety, energy efficiency, and reducing emissions. He confirmed that the ministry seeks to collaborate with the Ministry of Electricity and Renewable Energy as one team in order to provide an energy mix to drive the growth of the Egyptian economy and leverage Egypt's strategic location for the production of hydrogen and energy trade. The meeting also discussed the state's efforts to secure citizens' needs for petroleum products and to supply various state sectors, primarily the electricity sector, with natural gas. It also focused on the latest developments in exploration activities and added petroleum reserves. Minister Badawi reviewed the main achievements from July 2024 to June 2025, including an increase in added domestic oil and gas production, and the petroleum sector's success in overcoming the natural decline in natural gas production. Moreover, the discussion covered research and exploration activities and their remarkable expansion. The Ministry of Petroleum and Mineral Resources' efforts, in cooperation with other relevant state authorities, to reduce outstanding dues to foreign partners were also tackled during the meeting. This included commitment to monthly invoice payments and encouraging partners to accelerate the pace of production and exploration. Furthermore, the President was updated on ongoing efforts to develop the gas sector's infrastructure through the acquisition of floating regasification units. These units have increased regasification capacity from 1,000 to 2,250 million cubic feet per day, ensuring the flexibility and continuity of gas supplies to all sectors and addressing any emergency disruptions in the supply mix. Other issues discussed in the meeting included cooperation with Cyprus to diversify gas supplies and activate the strategy for the regional gas trading hub as well as efforts to achieve a breakthrough in the mining sector through transforming the Mineral Resources Authority into an effective economic entity; signing mineral exploitation agreements with international companies; launching mineral value-added industries; and attracting national capital into investments for mineral processing and extraction. President El-Sisi underscored the need to further strengthen the State's efforts to create a conducive investment environment for both foreign and national capital to boost domestic oil and gas production in order to meet development needs, reduce the import bill, and alleviate burdens on citizens. The President stressed the crucial need to focus on developing new discoveries, accelerating their integration into production, expanding research and exploration programs, and offering additional incentives to achieve further growth in the petroleum and mineral resources sectors. Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.
Zawya
17-06-2025
- Business
- Zawya
Egyptian government reviews ICON's development plan for 7 state-owned hotels
Egypt's Prime Minister Moustafa Madbouly has reviewed development plans by the Arab Company for Hotel and Tourism Investments (ICON) for seven historic hotels, following the finalisation of a deal valued at up to $800m for a controlling stake in the portfolio. The Prime Minister held a meeting to follow up on the plans for the hotels, describing them as having significant cultural value and promising market potential. He affirmed the meeting's purpose was to track the implementation of development strategies in partnership with the private sector. 'We are following up on the development plans for these historic hotels to raise their operational efficiency and maximise the return from these tourism assets in partnership with the private sector,' Madbouly stated. The meeting was attended by Minister of Tourism and Antiquities Sherif Fathy, Minister of Public Business Sector Mohamed Shimy, Minister of Investment and Foreign Trade Hassan El-Khatib, and Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group Holding (TMG). ICON, a subsidiary of TMG, has signed final agreements to acquire a 39% stake and full management rights in Legasi Hotels, a new company that owns the portfolio of seven hotels. The stake is set to increase to 51% within a specified contractual period, at which point the deal value will reach $800m. The acquisition will be financed through ICON's internal resources and a capital increase of $882.5m from an international strategic investor, who will acquire a minority stake in ICON. TMG will retain its majority stake in the company. TMG Holding has previously stated it expects revenues from the seven-hotel portfolio to double and exceed $250m by 2024. The hotels included in the portfolio are Marriott Mena House Cairo, Marriott Omar Khayyam Zamalek, Mövenpick Resort Aswan, Sofitel Legend Old Cataract Aswan, Sofitel Winter Palace Luxor, Steigenberger Hotel Tahrir, and Steigenberger Cecil Hotel Alexandria. Cabinet spokesperson Mohamed El-Homsany said the meeting reviewed ICON's plans for the hotels, which were part of the state's public offering programme. The initiative aligns with the government's 'State Ownership Policy Document' to maximise the value of state-owned tourism assets. The spokesperson added that the ongoing development and modernisation work was discussed, which is part of a plan aimed at restoring the hotels while preserving their unique architectural and historic character. The efforts seek to enhance the properties' tourism value and attract a wider segment of tourists, supported by strong regional and global promotion. El-Homsany added that the presented plans reflected significant investments being channelled into the hotels. He noted that the current phase represents a major step in renovating the properties and improving services to meet international hospitality standards, with significant returns expected for the state and investors. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Daily News Egypt
16-06-2025
- Business
- Daily News Egypt
Egyptian government reviews ICON's development plan for 7 state-owned hotels
Egypt's Prime Minister Moustafa Madbouly has reviewed development plans by the Arab Company for Hotel and Tourism Investments (ICON) for seven historic hotels, following the finalisation of a deal valued at up to $800m for a controlling stake in the portfolio. The Prime Minister held a meeting to follow up on the plans for the hotels, describing them as having significant cultural value and promising market potential. He affirmed the meeting's purpose was to track the implementation of development strategies in partnership with the private sector. 'We are following up on the development plans for these historic hotels to raise their operational efficiency and maximise the return from these tourism assets in partnership with the private sector,' Madbouly stated. The meeting was attended by Minister of Tourism and Antiquities Sherif Fathy, Minister of Public Business Sector Mohamed Shimy, Minister of Investment and Foreign Trade Hassan El-Khatib, and Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group Holding (TMG). ICON, a subsidiary of TMG, has signed final agreements to acquire a 39% stake and full management rights in Legasi Hotels, a new company that owns the portfolio of seven hotels. The stake is set to increase to 51% within a specified contractual period, at which point the deal value will reach $800m. The acquisition will be financed through ICON's internal resources and a capital increase of $882.5m from an international strategic investor, who will acquire a minority stake in ICON. TMG will retain its majority stake in the company. TMG Holding has previously stated it expects revenues from the seven-hotel portfolio to double and exceed $250m by 2024. The hotels included in the portfolio are Marriott Mena House Cairo, Marriott Omar Khayyam Zamalek, Mövenpick Resort Aswan, Sofitel Legend Old Cataract Aswan, Sofitel Winter Palace Luxor, Steigenberger Hotel Tahrir, and Steigenberger Cecil Hotel Alexandria. Cabinet spokesperson Mohamed El-Homsany said the meeting reviewed ICON's plans for the hotels, which were part of the state's public offering programme. The initiative aligns with the government's 'State Ownership Policy Document' to maximise the value of state-owned tourism assets. The spokesperson added that the ongoing development and modernisation work was discussed, which is part of a plan aimed at restoring the hotels while preserving their unique architectural and historic character. The efforts seek to enhance the properties' tourism value and attract a wider segment of tourists, supported by strong regional and global promotion. El-Homsany added that the presented plans reflected significant investments being channelled into the hotels. He noted that the current phase represents a major step in renovating the properties and improving services to meet international hospitality standards, with significant returns expected for the state and investors.
Zawya
06-06-2025
- Politics
- Zawya
President El-Sisi Performs Eid Prayer at Egypt's Islamic Cultural Center in New Administrative Capital (NAC)
This morning, President Abdel Fattah El-Sisi performed Eid prayer at Egypt's Islamic Cultural Center (Masjid Misr) in the New Administrative Capital. Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the President was received at the mosque by Prime Minister, Dr. Moustafa Madbouly; Grand Imam of Al-Azhar, His Eminence Sheikh Ahmed Al-Tayeb; Commander-in-Chief of the Armed Forces, Minister of Defense and Military Production General Abdel Mageed Saqr; Minister of Endowments, Dr. Osama al- Azhary, as well as ministers. The Eid prayer was attended by a large number of state officials, with whom President El-Sisi exchanged greetings on this blessed occasion. Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.
Zawya
21-05-2025
- Business
- Zawya
Madbouly inaugurates SE Wiring Systems Egypt's factory in 10th of Ramadan City
Arab Finance: Prime Minister Moustafa Madbouly has inaugurated SE Wiring Systems Egypt's factory, one of the largest wiring harness manufacturing plants globally, according to a statement. SE Wiring Systems Egypt is a subsidiary of Sumitomo Electric Wiring Systems Europe Ltd. Located on an area of 150,000 square meters in 10th of Ramadan City, the factory employs more than 12,000 Egyptian workers, with annual exports exceeding €300 million. Madbouly stated that the project received a gold license in September 2023, while the implementation process began in December. Actual production from the factory started by the end of 2024. He added that this factory includes a training center that qualifies Egyptian youth to work in the wiring harness production, which opens the door to significant job opportunities for young men and women. The prime minister noted that women currently represent over 40% of ithis factory's total workforce. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
