Latest news with #StateOwnershipPolicy
See - Sada Elbalad
2 days ago
- Business
- See - Sada Elbalad
Egypt's Petroleum Min. Affirms Full Support for Exploration Plans in Nile Delta
Taarek Refaat Egypt's Minister of Petroleum and Mineral Resources Karim Badawi has reiterated the government's full support for Dana Gas and its exploration efforts in the onshore Nile Delta, during a high-level meeting with the company's CEO, Richard Hall, on Wednesday. The meeting, described as extensive and strategic, reviewed Dana Gas's current activities in Egypt and discussed its future development plans in its concession areas. Minister Badawi commended the company's performance and technical achievements, expressing appreciation for the efforts of its operational teams. He emphasized that the Ministry of Petroleum remains committed to supporting international partners through a coordinated and integrated framework, aimed at overcoming challenges and accelerating the production timeline for new discoveries. 'Supporting exploration and fast-tracking discoveries into production aligns with our national strategy to increase domestic output and meet market needs for gas and petroleum products,' Badawi said. On his part, Dana Gas CEO Richard Hall hailed Egypt as a strategic partner and a central pillar of the company's regional investment portfolio, citing the promising geological potential of the Nile Delta and other Egyptian basins. He confirmed the company's desire to intensify exploration and expedite development operations to bring newly discovered wells online more quickly. Hall also expressed appreciation for Minister Badawi's recent visit to the Begonia-2 well site in the New Mansoura onshore concession, operated by Wasco Petroleum in partnership with Dana Gas. He described the visit as a strong message of encouragement and motivation to the technical teams working on the ground. 'Minister Badawi's field visit was a significant morale boost that reaffirmed our joint commitment to sustainable growth in Egypt's upstream sector,' Hall said. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Sports Get to Know 2025 WWE Evolution Results
See - Sada Elbalad
4 days ago
- Business
- See - Sada Elbalad
Finance Min. Rings Opening Bell at London Stock Exchange for "Egypt Day" Celebration
Taarek Refaat Finance Minister Ahmed Kouchouk rang the opening bell at the London Stock Exchange today, marking the launch of "Egypt Day" and reaffirming the country's dedication to fostering deeper economic ties with both local and international investors. During the ceremony, Kouchouk, representing the Egyptian government, made a lighthearted remark: 'The markets never sleep, and neither do finance ministers!' signaling both the vibrancy and the constant activity of global markets, particularly in the ever-evolving financial world. In his address, Kouchouk emphasized that Egypt, through the prestigious London Stock Exchange, is signaling a new era of 'trust, partnership, and certainty' with investors, marking the beginning of a series of engagements aimed at forging stronger relationships with the international business community. The Finance Minister reiterated Egypt's commitment to improving the investment climate, stating that the government is dedicated to maintaining open and productive dialogue with the business sector to explore new investment opportunities in the country. "We are committed to fostering a partnership where mutual growth and prosperity are at the forefront," Kouchouk said. Kouchouk assured attendees that the investment environment in Egypt is steadily improving, highlighting that the private sector is increasingly driving the country's economic activity. He also pointed to Egypt's strong economic performance in the past year, which saw a notable surplus and significant growth in exports. 'We have made remarkable strides in recent years, with the Egyptian economy achieving substantial growth,' Kouchouk noted, referencing the impressive fiscal surplus and improved growth metrics that have positioned Egypt as an emerging investment hub in the region. Turning to international investors, Kouchouk stated, 'Together, we begin this day with a promising horizon to build more stimulating international partnerships for Egypt's economy.' His remarks were aimed at encouraging deeper collaboration with foreign investors to boost Egypt's market presence and attract further international capital. The ringing of the opening bell is not just a ceremonial gesture but a statement of Egypt's evolving economic landscape. By marking "Egypt Day" at such a prestigious global financial hub, the government seeks to showcase the opportunities available in Egypt's burgeoning sectors, including energy, infrastructure, and technology. This gesture comes at a time when Egypt is focused on enhancing its international standing as a gateway for investment, positioning itself as a competitive player in the global economy. By addressing both local and international investors, Kouchouk aims to strengthen Egypt's economic narrative and further its role as a leader in the MENA region. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
See - Sada Elbalad
11-07-2025
- Business
- See - Sada Elbalad
Despite Slowing Inflation CBE Holds Interest Rates Steady
Taarek Refaat In a widely anticipated decision, the Central Bank of Egypt (CBE) chose to leave key interest rates unchanged during its fourth policy meeting of the year on Thursday, citing the need for caution amid persistent inflationary risks and ongoing tax policy adjustments. The CBE maintained the overnight deposit rate at 24% and the lending rate at 25%, marking a pause after two consecutive cuts earlier this year that signaled a shift toward a more flexible monetary stance. The decision comes despite a notable easing in inflation. Egypt's annual urban inflation rate slowed to 14.8% in June, down from 16.9% in May, according to data released Wednesday by the Central Agency for Public Mobilization and Statistics (CAPMAS). The moderation was driven largely by a decline in food and energy price pressures. Still, the central bank emphasized in its post-meeting statement that it prefers to "remain cautious in adjusting rates further" until the full impact of recent economic changes — particularly amendments to the Value Added Tax (VAT) law — is assessed. 'While inflation is on a declining path, underlying risks and tax-related adjustments necessitate a measured approach,' a senior CBE official told Masrawy. 'Stability is essential at this stage to anchor expectations and support medium-term growth.' In April and May, the central bank had slashed rates by a cumulative 325 basis points, its first rate cuts in over four years. Those moves were seen as part of a broader pivot to stimulate private sector activity and revitalize economic growth amid currency volatility and external debt challenges. The pause suggests policymakers are now balancing between supporting recovery and guarding against premature easing that could reignite price pressures or undermine investor confidence. Analysts say the CBE's current strategy reflects a broader goal of anchoring macroeconomic stability while preparing for further monetary easing later in 2025, provided inflation continues to decline and fiscal reforms stay on track. Meanwhile, Egypt's foreign currency reserves rose by $174 million in June, reaching their highest level since early 2021 — a signal of growing confidence in the country's external position. The next interest rate decision is expected in September, and market observers will closely monitor inflation data, tax implementation outcomes, and global monetary trends to gauge the CBE's next move. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
11-07-2025
- Business
- See - Sada Elbalad
Renewed Fire at Ramses Central in Cairo Quickly Contained, Officials Say
Taarek Refaat A limited fire broke out Friday at the Ramses Central exchange building in downtown Cairo, reigniting concerns just days after a major blaze paralyzed one of Egypt's primary telecommunications hubs. Authorities confirmed the renewed fire was quickly extinguished and was a residual effect of Monday's catastrophic incident. Firefighters responded promptly to the scene and brought the situation under control before the flames could cause further structural damage or disrupt newly restored services. No injuries have been reported. According to officials, the fresh flare-up was sparked by smoldering debris left behind from the earlier fire, which burned for nearly 18 hours earlier this week. That initial blaze knocked the Ramses Central completely offline, disrupting fixed-line internet, landline, and mobile services, as well as financial transactions including ATMs and e-payments. Air travel and banking services also experienced temporary interruptions. Following the shutdown, authorities redirected some telecom operations to the nearby Rod El Farag Central. While several services have resumed, the government said full network normalization is expected within hours. The Ramses Central remains one of Egypt's most vital telecom infrastructures, and the recurrence of fire—however limited—has triggered fresh calls for comprehensive inspections and improved safety protocols. A formal investigation into the cause of the initial fire and the delayed extinguishment is ongoing. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
06-07-2025
- Business
- See - Sada Elbalad
Egypt's Trade with BRICS Countries Surges to $50.8 Billion in 2024, Led by Strong Ties with China, Gulf States
Ahmed Emam Trade between Egypt and the BRICS bloc reached $50.8 billion in 2024, up from $42.5 billion the previous year, reflecting a robust 19.5% growth, according to figures released on Sunday by Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS). Egypt's exports to BRICS nations climbed 10.6% to \$9.4 billion. The Gulf region emerged as a major market for Egyptian goods, with Saudi Arabia and the United Arab Emirates together accounting for over 70% of Egypt's total exports to the group. Non-traditional partners such as Brazil and Russia also showed increasing demand for Egyptian products, particularly in agricultural and mineral sectors. Key drivers of Egypt's export growth included higher shipments of precious stones and jewelry, which alone brought in $2.1 billion, as well as a surge in fruit and vegetable exports that reached $1.4 billion amid rising global food demand. Egypt's imports from BRICS countries grew at an even faster pace, rising 21.8% to $41.4 billion in 2024. China maintained its position as Egypt's dominant trade partner, supplying goods worth $15.5 billion, nearly three times the value of imports from Saudi Arabia, the next biggest source. Energy products, industrial machinery, and agricultural commodities were among Egypt's most significant imports from BRICS nations, underlining the diverse nature of trade flows. Russia and Brazil continued to be critical suppliers of grains and food commodities to the Egyptian market. The figures underscore the growing economic integration between Egypt and the BRICS economies, particularly as Cairo looks to deepen its participation in global trade networks and diversify its economic partnerships. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
