CAIRO - 1 June 2023: Transitioning into a green economy is one of the main development issues adopted by the Egyptian government, where the country is moving forward to address different environmental issues as part of its agenda. One of the most important steps is that the Egyptian state is adhering to strict application of environmental sustainability standards in all its projects and sectors. In this regard, the economic and social development plan reflects the keenness to monitor all projects and initiatives of the various awarding bodies that have an environmental impact and support sustainable green growth, with the aim of raising the percentage of investments directed to the green economy from its current level, from 30% to about 40% of the total public investment in 2023/2024, and up to 50% by 2024/2025. The plan also includes - according to Al-Saeed - the launch of initiatives aimed at promoting environmental awareness, including "Beautiful Egypt" and "Get Ready for Green", and the tendency to plant 1.5 million trees in light of the presidential initiative. Water desalination projects in the coasts of Egypt, South Sinai and the Red Sea with capacities ranging between 30,000 and 130,000 cubic meters per day, triple sewage treatment plants in Matrouh and other projects carried out by the Ministry of Housing, Utilities and New Urban Communities.

An Egyptian team consisting of several jurists and archaeologists demanded financial compensation worth two billion dollars from Netflix for distorting the image of Queen Cleopatra and ancient Egyptian civilization. Netflix aired a controversial documentary film about Queen Cleopatra VII where the ancient Egyptian queen was represented as black, backing Afrocentric claims that the ancient Egyptian civilization was of black origin. Egyptian lawyer Mahmoud al-Semary previously filed a case with the Public Prosecutor to shut down the Netflix platform in Egypt, following the trailer release of “Queen Cleopatra. Critically pannedNetflix’s “Queen Cleopatra” documentary has received the worst audience rating ever in TV show history on Rotten Tomatoes, according to a Forbes report. The Netflix film about the story of Cleopatra made her appear dark-skinned as if her origins were African and not Macedonian.

CAIRO - 31 May 2023: President Abdel Fattah el-Sisi ratified on Wednesday an amendment to the Egyptian nationality law, granting naturalized women the right to pass the nationality down to their minor children. 28 of 2023 amended some provisions of Law No. 26 of 1975 on the Egyptian nationality to be more in line with the constitution, international law, and women’s rights. A mother who was naturalized after being born in Egypt or who originally comes from an Arab speaking country or one with a Muslim majority may now give the Egyptian nationality to her minor kids. In the early 2000s, Egypt allowed the children of Egyptian women and foreign men to carry the nationality.

The non-banking financial activities sector is facing major challenges, however; it is gaining momentum, but the effects on activities and growth expectations vary in light of the continuing economic repercussions. He added that the aim of the new license is to provide financing for the largest customers, whose financing needs exceed more than EGP 500m. He revealed that the non-bank financing activity contributes a large part to the total revenues of EFG Hermes, and it is expected that the activity will maintain its contribution despite the current challenges in the market. The company now deals with each financing case separately, and studies them separately, and determines the extent of the financing need. Mortgage financingEFG Finance provides real estate financing activity through the Foundation’s Bedaya Mortgage Finance, in partnership with Talaat Moustafa Group and GB Capital, with equal shares.

Ahmed Samir, Minister of Trade and Industry, has held a meeting with a delegation from the Turkish company Eskafi. The meeting reviewed the company’s plan to inject new investments into the Egyptian market in the field of leather and gelatin production. Samir stressed the ministry’s keenness on providing support for local and foreign investments operating in the Egyptian market, in cooperation with various ministries and concerned authorities in the country. Samir highlighted the state’s keenness on upgrading the leather industry, with the aim of making Egypt a strategic center for the leather industry at the local, regional and international levels, by achieving integration between value chains in the Egyptian leather industry. It acquired 40% of the Turkish market, as it relies on the application of modern technology in production to reduce waste and maximize the benefit of raw materials.

CAIRO - 31 May 2023: The financial statement of the FY 2023/2024 that was submitted by the Egyptian government to the Parliament highlighted the volume of work set to be implemented by nation-wide 'Haya Karima' developmental Initiative in its second phase. The initiative covers, in its second phase, 52 centers comprising 1,600 villages with a population of approximately 21 million. In the field of developing local development services in the governorates and enhancing their ability to meet the requirements of implementing development programs related to road services, lighting, environmental improvement, security and traffic, and supporting the needs of local units. The government's financial statement indicated that about 25 billion pounds have been allocated for this goal, in addition to (5) billion pounds for life projects. pounds, an increase of 11.0%.

The Global Firepower website, which specializes in military affairs, published the annual ranking of the most powerful armies globally for the year 2023, with Egypt leading the ranking of the most powerful Arab armies. Iraq ranked 45th globally and fourth in the Arab world, and the UAE ranked 56th globally and fifth in the Arab world, followed by Morocco which ranked 61st globally and sixth in the Arab world. Syria ranked 64th globally and seventh in the Arab world, Tunisia ranked 73rd globally and eighth in the Arab world, and Yemen ranked 74th globally and ninth in the Arab world. Sudan ranked 75th globally and tenth in the Arab world, the Sultanate of Oman ranked 76th globally and 11th in the Arab world, and then Kuwait ranked 78th globally and 12th in the Arab world. Bahrain ranked 79th globally and 13th in the Arab world, Libya ranked 80th globally and 14th in the Arab world, Jordan 81st globally and 15th in the Arab world, and finally Lebanon ranked 111th globally and 16th in the Arab world.

President Sisi speak at an Iftar party on the occasion of the 10th of Ramadan Victory in Suez hSinai- press photoCAIRO - 31 May 2023: President Abdel Fattah El Sisi sent Wednesday a cable of greetings to Georgian President Salome Zourabichvili on the occasion of the country's celebration of its Independence Day. The president dispatched presidential secretary Mohamed Atef Abdel Hamid to the Georgian Embassy in Cairo to offer greetings on the occasion.

After that, the US complained about the rise of China, and considered China its number one competitor in the world. The difference between me and my friend, and perhaps by virtue of my profession, is that I have a large record of writings and recordings related to the importance of the private sector and capitalism in the progress of societies. Under Egypt’s Vision 2030, Egypt is supposed to be among the top thirty countries in the world by the beginning of 2030. The solution to this knot is to achieve growth rate of eight percent annually during the coming years. The opening of the administrative capital will constitute a new chapter in the digital administration of the state.

Over 50 workers were injured in a fire at a clothing factory in the free zone in Shebin el-Koum, Menoufia Governorate in Tuesday. Security forces, Civil Defense forces, and ambulances immediately moved to the scene of the accident. The Civil Defense in Menoufia sent four fire engines to the city and eight ambulances to transport the injured to Shebin el-Koum Teaching Hospital. The criminal laboratory was assigned to inspect and find out the causes of the fire. A case was filed on the incident and the Public Prosecution was notified for further investigation.

Egypt’s Minister of Health and Population Khaled Abdel Ghaffar witnessed on Tuesday the signing of a cooperation protocol between the United Nations Population Fund (UNFPA) and the Pharco Pharmaceutical Corporation, for supporting the Ministry of Health in implementing family planning programmes and enhancing reproductive health services. The protocol was signed by Frederica Meyer, the representative of the United Nations Population Fund, and Sherine Helmy, the Managing Director and Vice Chairman of the Pharco Pharmaceutical Group. According to the protocol, it is planned to train 2,000 family planning service providers, according to the latest scientific methods, to ensure support for family planning services and support the health of Egyptian women. Under the partnership, it is also planned to launch a number of mobile medical clinics for remote and disadvantaged areas to expand the scope of providing services and spreading awareness and culture among its citizens. Frederica Meyer said that the UNFPA is working to end the unmet need for family planning, pointing out that this partnership is an important step towards achieving this goal, and that the fund adopts a multi-sectoral and multi-partnership approach to provide the best reproductive health services.

Egypt’s Foreign Minister Sameh Shoukry held extensive political talks on Tuesday with his Hungarian counterpart Peter Siarto, during his visit to the Hungarian capital of Budapest. Minister Shoukry was keen to address the efforts and the great burdens that Egypt is shouldering as a result of hosting millions of refugees and migrants. For his part, the Hungarian Minister of Foreign Affairs and Trade welcomed the Minister’s visit, which coincides with the 95th anniversary of diplomatic relations between Egypt and Hungary. The Hungarian Minister also highly appreciated Egypt’s position in dealing with the issue of illegal migration, especially with the current crisis in Sudan, calling on the European Union to increase Egypt’s support to deal with the consequences of this crisis. The Hungarian Minister also discussed the steady cooperation between Egypt and Hungary in many areas.

Al-Bahi family, which owns the majority stake in Fancy Foods Company, has sold all its shares in the company, sources told Daily News Egypt on Tuesday. The sources indicated that the family is considering investing the proceeds of the sale in establishing a new company for snacks, and several other investment alternatives, but it is waiting for the economic situation to stabilize in order to make the investment decision. Edita Company completed its acquisition of Fancy Foods on Monday at a value of EGP 380m, which was confirmed by sources to Daily News Egypt last week. Al-Darini and Partners played the role of the legal advisor to the selling party, while the office of Maatouk Bassiouni and Al-Hinnawi acted as an advisor to the buying party. Zila Capital acted as the financial advisor to Edita.

Taaleem Management Services has completed the acquisition of 32% of SB Investment which owns an under-construction university in Fifth Settlement, New Cairo. The sources added that the aim of increasing the company’s capital is to accelerate the university’s construction operations. The sources also stated that SB Investment is owned by a number of businessmen working in the paints sector in Egypt, refusing to disclose their names. The company’s revenues increased during the three months to EGP 229.8m, compared to EGP 171.65m during the same period of the previous fiscal year. The company explained that the decision came after reviewing the report of the independent financial advisor on the fair evaluation of the shares of SB Investment.

This came in the company’s consolidated financial results for the three-month period ending March 2023. The company cited Contact’s Consumer Finance, Auto, Commercial Trucks, and Working Capital products, as the main driver behind the strong year-on-year growth. This was supported by the solid expansion in new financing, the division’s operating income expanded 28% year-on-year to reach EGP 462m in 1Q-2023. The results showed that financing net income fell by 14% while insurance net income rose by 35%, with consolidated normalized net income recording EGP 178m, representing a 3% year-on-year expansion. Accordingly, insurance operating income was up 43% year-on-year to EGP 81m, with the segment’s net income recording EGP 25m in 1Q-2023, up 35% year-on-year.