Latest news with #EGP
See - Sada Elbalad
2 hours ago
- Politics
- See - Sada Elbalad
Egypt, UAE Coordinate to Supply 2 Million Gallons of Water Daily to Gaza Residents
Taarek Refaat The United Arab Emirates and Egypt are intensifying their humanitarian coordination to deliver 2 million gallons of potable water daily to residents of the Gaza Strip, as part of a broader joint relief effort, UAE Deputy Minister of Foreign Affairs for International Organizations Sultan Al Shamsi announced on Wednesday. Speaking during a live phone interview with Egypt's Sada El-Balad TV, Al Shamsi highlighted the ongoing water desalination efforts aimed at serving over one million Gazans. Plans are underway to expand the water supply line deeper into central Gaza. Al Shamsi revealed that 5,000 tons of Emirati aid are currently staged in El Arish, Egypt, awaiting entry into Gaza. Additionally, 143 trucks loaded with food supplies, medical equipment, and water are part of the relief convoy. 'Providing safe drinking water is our top priority in Gaza right now,' said Al Shamsi, underlining that access to clean water remains one of the most critical challenges in the besieged enclave. He also confirmed the presence of a floating Emirati hospital stationed in El Arish, as well as a field hospital inside Gaza, which have together supported the treatment of over 2,600 patients and companions from Gaza in the UAE. Al Shamsi addressed circulating reports about the closure of the Rafah border crossing, categorically denying them: 'I have seen with my own eyes that the crossing is open on the Egyptian side,' he stated. He also dismissed what he described as "rumors" intended to undermine relief operations, affirming that no misinformation campaign would halt the humanitarian support being provided by both Egypt and the UAE. 'Whatever is being said, we will continue our mission. Egypt and the UAE are committed to helping the Palestinian people,' he said. The Gaza Strip has been grappling with acute shortages in water, electricity, fuel, and medical supplies due to ongoing conflict and restricted access points. The UAE and Egypt's joint efforts are seen as a vital humanitarian lifeline, offering both immediate relief and infrastructure-based solutions. 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 Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs 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 Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
See - Sada Elbalad
3 hours ago
- Business
- See - Sada Elbalad
Fire Aboard Container Ship "PUMBA" Near Gulf of Suez Successfully Extinguished: Petroleum Min.
Taarek Refaat Egypt's Ministry of Petroleum and Mineral Resources confirmed on Wednesday that a coordinated emergency response had successfully extinguished a fire aboard a container ship near Ras Gharib, averting a potential maritime disaster in the Gulf of Suez. The incident began late Tuesday evening when the container vessel 'PUMBA,' operated by global shipping giant MSC, sent out a distress signal after a fire broke out in its engine room while navigating the busy maritime corridor, approximately 3 nautical miles from the Southeast El-Hamra oil platform, operated by the General Petroleum Company. Upon receiving the distress alert from the Ras Gharib Marine Surveillance Room, the Petroleum Ministry swiftly coordinated with relevant authorities and dispatched specialized marine units from the oil sector to assist in firefighting and rescue operations. The vessels involved in the response included: Ocean Dahab tugboat, PMS-4 tugboat, and Misr-Gulf 15 tugboat. Thanks to the rapid joint efforts, the fire was fully contained without any loss of life. The vessel was then towed to a designated safe anchorage area, well clear of critical operations and maritime routes. Though the vessel is not affiliated with Egypt's petroleum sector, the ministry emphasized that its intervention was part of its national and professional commitment to maritime emergency response, offering logistical and technical support to safeguard lives, maritime infrastructure, and the marine environment. "The response reflects our sector's readiness and responsibility to act promptly in the face of maritime hazards," a ministry spokesperson said. The incident underscores the strategic importance of Egypt's petroleum sector not just in energy production, but also in ensuring safety and resilience in the Red Sea and Suez maritime zones, among the busiest in the world. 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 Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs 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 Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
Daily News Egypt
4 hours ago
- Business
- Daily News Egypt
35% rise in tax revenues for FY2024/2025 with no new burdens: ETA chief
Rasha Abdel Aal, Head of the Egyptian Tax Authority (ETA), announced that Egypt has emerged as a leading regional model for the digital transformation of tax administration. Within just a few years, the authority has successfully shifted from a paper-based system to a fully integrated digital ecosystem, now covering all aspects of tax operations. This transition, driven by comprehensive databases and advanced digital platforms, has significantly improved collection efficiency and voluntary compliance. Abdel Aal made these remarks at the African Tax Administration Forum (ATAF) held in Rabat, Morocco, attended by 22 heads of tax authorities from across the continent. The annual event is one of Africa's largest tax gatherings. Her speech received widespread praise from ATAF's chair and other participants, who commended Egypt's achievements in digitalisation and capacity building. She noted that in February 2025, the ETA introduced the first package of tax facilitation measures aimed at supporting the business community and fostering trust with taxpayers. This package focused on removing administrative obstacles and resolving tax disputes swiftly and transparently, reinforcing tax fairness. A central component of the reforms was Law No. 6 of 2025, which established a simplified tax system for businesses with annual turnover below EGP 20m. The law applies a tiered tax system based on turnover, helping to integrate informal economic activities into the formal economy. Abdel Aal outlined the ETA's digital transformation strategy, built around key pillars: the mandatory e-filing system launched in January 2021; the rollout of e-invoicing and e-receipt platforms, which have collectively processed over 1.5 billion digital documents; and the establishment of a dedicated e-commerce unit, which has registered over 225,000 business activities, including major international platforms. She also highlighted the adoption of a unified payroll tax system, which contributed to a 36% year-on-year increase in tax revenues. Meanwhile, the electronic tax risk management system enabled the recovery of more than EGP 12bn in previously unpaid taxes, supported by expanded data-sharing with other government entities. Abdel Aal confirmed that total tax revenues for fiscal year 2024/2025 rose by 35% without imposing any additional tax burdens on citizens or businesses. 'We aspire to work together based on shared goals to strengthen policies that combat tax evasion and avoidance, prevent profit shifting, and stop base erosion, ensuring sustainable development across all countries of our continent,' Abdel Aal concluded.
See - Sada Elbalad
5 hours ago
- Business
- See - Sada Elbalad
Fed Holds Interest Rates Steady Despite Trump's Push for Deep Cuts
Taarek Refaat The U.S. Federal Reserve opted on Wednesday to keep interest rates unchanged, maintaining its benchmark rate in the range of 4.25% to 4.50%. The decision by the Federal Open Market Committee (FOMC), following a two-day meeting, contrasts sharply with Trump's repeated demands for aggressive rate cuts, calls that have intensified in recent weeks despite strong economic data. Earlier in the day, Trump took to Truth Social, his social media platform, to urge the Fed to slash interest rates by 3 percentage points, arguing that the move was necessary to stimulate the housing market and capitalize on unexpectedly strong GDP growth. 'Second-quarter GDP just came in at 3%, much better than expected. Now the Fed must cut rates. No inflation! Let people buy homes and pay them off,' Trump posted. According to new figures released by the U.S. Department of Commerce, the American economy expanded by 3.0% in Q2 2025, outpacing economists' expectations of 2.3%. The surge was driven largely by a rebound in consumer spending and a more favorable trade balance. This comes after a mild contraction of 0.5% in Q1, the first negative quarter in three years, primarily attributed to a slowdown in household consumption. The Q2 rebound signals renewed momentum, but the Fed remains cautious. Despite the positive economic data and political pressure, the Fed reiterated its commitment to data-driven policy decisions, suggesting that current rates strike the right balance between supporting growth and containing potential inflation risks. Fed Chair Jerome Powell, speaking at a post-meeting press conference, said: 'We welcome signs of economic resilience, but remain vigilant. Our stance reflects both progress and caution, we're not seeing clear evidence yet that rate cuts are warranted.' 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 Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs 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 Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
See - Sada Elbalad
6 hours ago
- Business
- See - Sada Elbalad
Euro Slips Against Egyptian Pound to 56.25
Taarek Refaat The euro weakened slightly against the Egyptian pound on Wednesday, following several consecutive sessions of strength in the local market. This comes amid ongoing volatility in global currency markets and cautious sentiment surrounding Egypt's economic trajectory in the second half of the year. According to official data released by the Central Bank of Egypt (CBE), the euro was trading at EGP 56.61 for buying and EGP 56.25 for selling, a modest drop from earlier levels this week when the European currency had climbed in response to international economic developments. At the retail level, leading public banks in Egypt echoed the downward shift. Both the National Bank of Egypt (NBE) and Banque Misr quoted the euro at EGP 57.17 to buy and EGP 57.41 to sell, reflecting a slight easing from earlier highs. Foreign exchange dealers noted that demand for the euro had slowed following a surge earlier in July, driven by tourism season inflows and expectations of a rate hike by the European Central Bank (ECB), which ultimately fell short of market expectations, in addition to remittances from Egyptian expats. 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 Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs 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 Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
