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Egypt Independent
01-06-2025
- Business
- Egypt Independent
Marine ambulance service inauguration among PM's key activities this week
CAIRO, May 30 (MENA) – The cabinet's media center published Friday infographics on social media, highlighting the key activities of Prime Minister Mostafa Madbouly during the current week. The premier's busy agenda included meetings, visits, tours, and inaugurations of national projects. The infographics showcased the prime minister's participation in the celebration of the 123rd anniversary of the launch of ambulance service in Egypt, during which he announced the inauguration of maritime ambulance service for the first time. It was noted that there has been significant recent attention given to the ambulance system, culminating in the signing of the largest deal for ambulance vehicles with 1,000 units in a single batch. He also conducted an inspection tour to follow up on the implementation status of several housing and utilities projects in the cities of 6th of October, Sheikh Zayed, and New October and handed over housing contracts as part of the presidential initiative 'Housing for All Egyptians' in New October. The prime minister participated in the opening session of the 2025 US-Egypt Policy Leaders Forum, noting that more than 1,800 American companies operate in Egypt, with total investments exceeding $47 billion over the past two decades. Madbouly also met with the Vice President of ExxonMobil for Exploration Affairs to review the status of the 'Cairo' and 'Masry' natural gas concession areas in the Mediterranean, directing that procedures be facilitated to accelerate drilling operations. In a meeting with the Awqaf minister, several work files were reviewed. The premier directed a comprehensive, digitized inventory of the Awqaf Authority's properties. The meeting also addressed the results of the 'Return of the Kuttab' initiative, the launch of the 'Electronic Endowments Platform,' and the progress of the 'Correct Your Concepts' initiative. The prime minister also reviewed the progress of the subsidy system and its governance measures, including the issuance of a unified card to around 42,000 beneficiaries out of 171,000 subsidy cardholders in Port Said. He met with the head of the Suez Canal Economic Zone (SCZone) to review recently contracted projects. These included a $17 million investment by China's Hightex Company and a $60 million investment by China's Kinlead Innovative Materials Company, in addition to the signing of four commercial contracts to export ductile pipes for major international projects in several Arab countries, totaling $47 million. The prime minister also received a delegation from Samsung, headed by the CFO of the company's Middle East regional headquarters. It was noted that Samsung's factory in Beni Suef is its first in the Middle East and Africa, with an annual production capacity of 6 million units and $700 million in investments. He attended the 120th anniversary celebration of the founding of the Heliopolis Company for Housing and Development and inaugurated the renovation and development works at the Granada Palace. He also witnessed the signing of a partnership between the Holding Company for Pharmaceuticals and the American company 'Dawah Pharma' to manufacture and export pharmaceuticals and dietary supplements to global markets. The partnership includes plans to expand the holding company's exports and enter the US market for the first time. The infographics also included a meeting to review proposals aimed at reducing debt as a percentage of the gross domestic product. The premier emphasized continued efforts to boost the country's foreign currency reserves from various sources. Finally, the prime minister inaugurated the new headquarters of the Consumer Protection Agency in New Cairo. His activities also included an inspection tour of several ongoing projects in the Capital Gardens City. (MENA)
Middle East
01-06-2025
- Business
- Middle East
OPEN// Marine ambulance service inauguration among PM's key activities this week
CAIRO, May 30 (MENA) - The cabinet's media center published Friday infographics on social media, highlighting the key activities of Prime Minister Dr. Mostafa Madbouly during the current week. The premier's busy agenda included meetings, visits, tours, and inaugurations of national projects. The infographics showcased the prime minister's participation in the celebration of the 123rd anniversary of the launch of ambulance service in Egypt, during which he announced the inauguration of maritime ambulance service for the first time. It was noted that there has been significant recent attention given to the ambulance system, culminating in the signing of the largest deal for ambulance vehicles with 1,000 units in a single batch. He also conducted an inspection tour to follow up on the implementation status of several housing and utilities projects in the cities of 6th of October, Sheikh Zayed, and New October and handed over housing contracts as part of the presidential initiative "Housing for All Egyptians" in New October. The prime minister participated in the opening session of the 2025 US-Egypt Policy Leaders Forum, noting that more than 1,800 American companies operate in Egypt, with total investments exceeding $47 billion over the past two decades. Madbouly also met with the Vice President of ExxonMobil for Exploration Affairs to review the status of the "Cairo" and "Masry" natural gas concession areas in the Mediterranean, directing that procedures be facilitated to accelerate drilling operations. In a meeting with the Awqaf minister, several work files were reviewed. The premier directed a comprehensive, digitized inventory of the Awqaf Authority's properties. The meeting also addressed the results of the 'Return of the Kuttab' initiative, the launch of the 'Electronic Endowments Platform,' and the progress of the 'Correct Your Concepts' initiative. The prime minister also reviewed the progress of the subsidy system and its governance measures, including the issuance of a unified card to around 42,000 beneficiaries out of 171,000 subsidy cardholders in Port Said. He met with the head of the Suez Canal Economic Zone (SCZone) to review recently contracted projects. These included a $17 million investment by China's Hightex Company and a $60 million investment by China's Kinlead Innovative Materials Company, in addition to the signing of four commercial contracts to export ductile pipes for major international projects in several Arab countries, totaling $47 million. The prime minister also received a delegation from Samsung, headed by the CFO of the company's Middle East regional headquarters. It was noted that Samsung's factory in Beni Suef is its first in the Middle East and Africa, with an annual production capacity of 6 million units and $700 million in investments. He attended the 120th anniversary celebration of the founding of the Heliopolis Company for Housing and Development and inaugurated the renovation and development works at the Granada Palace. He also witnessed the signing of a partnership between the Holding Company for Pharmaceuticals and the American company "Dawah Pharma" to manufacture and export pharmaceuticals and dietary supplements to global markets. The partnership includes plans to expand the holding company's exports and enter the US market for the first time. The infographics also included a meeting to review proposals aimed at reducing debt as a percentage of the gross domestic product. The premier emphasized continued efforts to boost the country's foreign currency reserves from various sources. Finally, the prime minister inaugurated the new headquarters of the Consumer Protection Agency in New Cairo. His activities also included an inspection tour of several ongoing projects in the Capital Gardens City. (MENA) Y R E/R G E
Middle East
30-05-2025
- Business
- Middle East
OPEN// Marine ambulance service inaugration among key Cabinet activites this weekhe Prime Minister this week."
CAIRO, May 30 (MENA) - The cabinet's media center published Friday infographics on social media, highlighting the key activities of Prime Minister Dr. Mostafa Madbouly during the current week. The premier's busy agenda included meetings, visits, tours, and inaugurations of national projects. The infographics showcased the prime minister's participation in the celebration of the 123rd anniversary of the launch of ambulance service in Egypt, during which he announced the inauguration of maritime ambulance service for the first time. It was noted that there has been significant recent attention given to the ambulance system, culminating in the signing of the largest deal for ambulance vehicles with 1,000 units in a single batch. He also conducted an inspection tour to follow up on the implementation status of several housing and utilities projects in the cities of 6th of October, Sheikh Zayed, and New October and handed over housing contracts as part of the presidential initiative "Housing for All Egyptians" in New October. The prime minister participated in the opening session of the 2025 US-Egypt Policy Leaders Forum, noting that more than 1,800 American companies operate in Egypt, with total investments exceeding $47 billion over the past two decades. Madbouly also met with the Vice President of ExxonMobil for Exploration Affairs to review the status of the "Cairo" and "Masry" natural gas concession areas in the Mediterranean, directing that procedures be facilitated to accelerate drilling operations. In a meeting with the Awqaf minister, several work files were reviewed. The premier directed a comprehensive, digitized inventory of the Awqaf Authority's properties. The meeting also addressed the results of the 'Return of the Kuttab' initiative, the launch of the 'Electronic Endowments Platform,' and the progress of the 'Correct Your Concepts' initiative. The prime minister also reviewed the progress of the subsidy system and its governance measures, including the issuance of a unified card to around 42,000 beneficiaries out of 171,000 subsidy cardholders in Port Said. He met with the head of the Suez Canal Economic Zone (SCZone) to review recently contracted projects. These included a $17 million investment by China's Hightex Company and a $60 million investment by China's Kinlead Innovative Materials Company, in addition to the signing of four commercial contracts to export ductile pipes for major international projects in several Arab countries, totaling $47 million. The prime minister also received a delegation from Samsung, headed by the CFO of the company's Middle East regional headquarters. It was noted that Samsung's factory in Beni Suef is its first in the Middle East and Africa, with an annual production capacity of 6 million units and $700 million in investments. He attended the 120th anniversary celebration of the founding of the Heliopolis Company for Housing and Development and inaugurated the renovation and development works at the Granada Palace. He also witnessed the signing of a partnership between the Holding Company for Pharmaceuticals and the American company "Dawah Pharma" to manufacture and export pharmaceuticals and dietary supplements to global markets. The partnership includes plans to expand the holding company's exports and enter the US market for the first time. The infographics also included a meeting to review proposals aimed at reducing debt as a percentage of the gross domestic product. The premier emphasized continued efforts to boost the country's foreign currency reserves from various sources. Finally, the prime minister inaugurated the new headquarters of the Consumer Protection Agency in New Cairo. His activities also included an inspection tour of several ongoing projects in the Capital Gardens City. (MENA) Y R E/R G E
Egypt Independent
27-05-2025
- Business
- Egypt Independent
Egypt warns of regional escalations over Grand Ethiopian Renaissance Dam
Egyptian Foreign Minister Badr Abdelatty revealed that the current stalemate on the Grand Ethiopian Renaissance Dam (GERD) crisis could lead to renewed tensions in the region, given the escalating dispute between Egypt and Ethiopia and the failure to reach an agreement. During his participation in the US-Egypt Policy Leaders Forum held by the American Chamber of Commerce in Cairo, the Egyptian Foreign Minister assured that Egypt is working to maintain stability, and referred to several points of tension in the region, including incidents in Sudan and the situation in the Gaza Strip. Egypt suspended talks with Ethiopia over the GERD more than a year ago due to Addis Ababa's intransigence in the negotiations and its attempts to buy time to complete the dam. Rising water tensions The GERD is one of the most controversial issues in the Horn of Africa, a source of ongoing tension between Egypt, Ethiopia, and Sudan since Ethiopia began its construction on the Blue Nile in 2011. The Ethiopian dam, the largest hydropower project in Africa, aims to generate more than 5,000 megawatts of electricity, doubling Ethiopia's energy production and providing electricity to nearly 60 percent of its population, which suffers from energy shortages. The dam raises concerns for Egypt and Sudan, which rely heavily on the Nile's waters, as the Blue Nile provides approximately 85 percent of the Nile's total flow. Egypt, which relies on the Nile for over 98 percent of its water needs, considers the dam an existential threat to its water security. Cairo fears that filling and operating the dam without a binding agreement will reduce its water share, potentially impacting agriculture, drinking water supplies, and the economy as a whole. Stagnant talks In September 2023, Ethiopia announced the completion of the fourth and final phase of filling the dam's reservoir, sparking fierce Egyptian protests describing the move as 'illegal.' Egypt also expressed concern that Ethiopia could use the dam for political purposes, such as controlling water flow as a leverage. Ethiopia views the dam as a vital development project to eradicate poverty and provide electricity to its population of more than 123 million, nearly half of whom lack access to electricity. The Ethiopian government has asserted that the dam will not cause significant harm to the riparian states and that it is committed to the principles of equitable utilization of the Nile's waters, in accordance with the 2015 Declaration of Principles. However, Ethiopia has refused to sign legally binding agreements specifying how the dam will be managed during droughts. Negotiations between Egypt, Ethiopia, and Sudan stalled in late 2023 due to what Egypt described as 'Ethiopia's intransigence' and its refusal to accept compromises that safeguard the interests of the three countries.
Daily News Egypt
27-05-2025
- Business
- Daily News Egypt
Egypt's Al-Sisi meets US business leaders, promotes investment opportunities
Egyptian President Abdel Fattah Al-Sisi met with a US business delegation in Cairo on Monday, discussing enhanced economic cooperation and investment opportunities, the Egyptian presidency said. The delegation, participating in the US-Egypt Policy Leaders Forum, was headed by Suzanne Clark, President of the US Chamber of Commerce, and John Christmann, Chairperson of the US-Egypt Business Council and CEO of Apache Corporation. Egyptian officials present included Prime Minister Mostafa Madbouly, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat, Minister of Foreign Affairs, Emigration and Egyptian Expatriates' Affairs Badr Abdelatty, and Minister of Investment and Foreign Trade Hassan El-Khatib. The Egyptian Presidency spokesperson stated that before an expanded session, Al-Sisi held a meeting with Clark and Christmann, attended by Madbouly, El-Wazir, and Abdelatty. During this, Al-Sisi expressed 'Egypt's readiness to cooperate with the US business community and investors in all economic fields of common interest, especially with the Trump administration's directives supporting enhanced cooperation between Egyptian and US companies.' Al-Sisi stressed 'Egypt's aspiration to be a major industrial hub for American industries, being a large market and a gateway to the Arab region and the African continent, especially given Egypt's strong ties with African nations.' He also 'emphasised Egypt's aspiration to establish an American industrial zone in the Suez Canal Economic Zone, stressing that the Egyptian side is ready to provide all necessary facilities for American investors.' He noted that 'investment in Egypt is an opportunity for any investor, especially with Egypt's political stability and societal awareness 'based on citizens' consciousness and resilience in enduring harsh economic reforms implemented for the public good,' amidst the difficult regional political circumstances and their repercussions.' Clark indicated that the US business delegation's visit 'confirms the strength and solidity of the strategic alliance between Egypt and the United States.' She explained that 'American companies operating in Egypt are achieving tangible successes, contributing to Egypt's development process, and are considered a model for successful bilateral cooperation, similar to Apache Corporation.' Sisi valued this, expressing appreciation for Apache's operations in Egypt. Presidential spokesperson Mohamed El-Shennawy added that an expanded meeting with representatives of US companies followed. Al-Sisi 'welcomed them, emphasising the depth and solidity of Egyptian-US strategic relations and Egypt's keenness to enhance them in all fields serving mutual interests, especially in economic, commercial, and investment areas.' Al-Sisi pointed out that 'Egypt is a large market with ready and advanced infrastructure to receive investments, and legislative reforms have been undertaken to support efforts to attract foreign investment.' He highlighted areas like the Suez Canal Economic Zone offering facilities for foreign companies and reviewed 'the significant efforts by the Egyptian government within the economic reform programme, which has contributed to a noticeable improvement in macroeconomic indicators, enhanced productivity, and job creation.' The spokesperson mentioned Al-Sisi 'highlighted the significant opportunities available to foreign investors in Egypt, especially given Egypt's distinctive geographical location, through which it plays the role of a gateway to Arab and African markets, as well as to Europe.' Al-Sisi 'expressed a welcome for US investments, both existing and new, and stated that the state is ready to provide all necessary facilities and overcome any obstacles to ensure the success of US companies and investors in Egypt.' He also noted the state's keenness to enhance the private sector's role in development. The meeting addressed priority investment areas for Egypt, including telecommunications and information technology, artificial intelligence, medical devices and pharmaceuticals, the automotive industry, renewable energy, construction, infrastructure, and food industries, the spokesperson said. Al-Sisi 'emphasised the priority Egypt gives to localising industry.' Al-Sisi listened to interventions from US delegation members, who 'expressed their appreciation for the attention the Egyptian government pays to supporting investment and economic development,' and 'affirmed their keenness to benefit from the promising opportunities offered by the Egyptian market and economy, in a way that achieves mutual interests for both sides,' the spokesperson clarified.
