In a grand celebration, Ain Shams University awarded honorary doctorate to Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, for his great contributions to the field of economy. The honoring was held during the eleventh conference of the university, in the presence of Dr. Mahmoud El-Metini, President of Ain Shams University, Dr. Mohamed Awad Tag Al-Din, Presidential Advisor for Health and Prevention Affairs, and a group of scientists, academics and researchers from inside and outside Egypt. Dr. Mahmoud El-Metini, President of the University, said that the University’s Board of Directors decided to grant the honorary doctorate to Dr. Mahmoud Mohieldin in recognition of his local and international contributions for more than 30 years, as the fifth international Egyptian personality granted this honor by Ain Shams University in its history. El-Metini expressed the pride of Ain Shams University in honoring Dr. Mohieldin, who is a great economic expert at the global level, and a man who honorably represented Egypt at the international level with more than thirty years of experience. For his part, Mohieldin thanked Dr. El-Metini and all the faculty members of the inveterate Ain Shams University, which since its establishment has been rich with great personaliyies at the scientific and academic level, pointing out that Ain Shams University has been and continues to be building edifices of science since its establishment in the fifties of the last century.

The Arab Federation of Capital Markets (AFCM) announced yesterday that EFG Hermes has won the “Best Broker in Egypt” and “Best Broker in Dubai” awards for 2022 during the awards ceremony held by AFCM on the 9th of May 2023 in Muscat, Oman. During 2022, the EFG Hermes brokerage division saw an increase in total executions by 31% Q-o-Q to in Q4 2022 on the back of strong executions in Egypt, the UAE, Saudi Arabia, and Kuwait markets. On an annual basis, total executions increased by 11% Y-o-Y, largely due to the increase in executions in Egypt and Saudi Arabia. Meanwhile, the brokerage division acquired a share of 40.2% of the Egyptian market in 2022, ranking first place in the market. Respectively, EFG Hermes’ Brokerage division focuses on three key goals: creating innovative products, effectively contributing to financial literacy, and extending unrivaled client support.

The Egyptian government is expected to sell an additional 10 percent stake in state-run Telecom Egypt through a share sale this month, aiming to raise cash and reassure investors, according to anonymous sources familiar with the matter. As early as this week, the company will begin a book-building process for institutional investors, with shares expected to be listed on the Egyptian stock exchange. This figure is discounted at 3.8% to Telecom Egypt's last close of LE 23.14 per share. The sale of a portion of Telecom Egypt is part of the government's plan to promote private sector growth while attracting international investors by exiting certain sectors. The company also holds a 45 percent stake in Vodafone Egypt.

Daily News Egypt surveyed the market about the impact of all these changes on the banking sector shares listed on the Egyptian Exchange. Therefore, it is natural for the banking sector to be affected by the rating. He explained that it is a natural sequence of events and will not affect the stock market, but it may affect the transactions of foreigners in the Egyptian market. She explained that the banking sector represents about 25% of the total market capital in the Egyptian Exchange, and the banking sector is still one of the promising sectors in the Egyptian Exchange. According to the Egyptian Exchange data, the Egyptian banking sector is trading at a profitability multiple of 4.78 times, while the market is trading at a profitability multiple of seven times.

Morgan Stanley indicated that it will not implement any adjustments in the framework of the upcoming index review for any securities in Egypt classified for listing on the MSCI indices and related composite, derivative and special indices. MSCI indices criteriaEntering the MSCI indices requires meeting several criteria, on top of which are the daily trading volume and the percentage of free trading, in addition to the market value of the listed companies, and there are 3 companies already. He explained that this is the main reason behind expectations that the revision of the Stanley index will not affect trading in the Egyptian market. Alfy explained that if the economic situation improves and effective measures are put in place, foreign investments will be pumped to revive the Egyptian market. He pointed out that the lack of clarity of vision regarding the exchange rate made investors think of backing away from the decision to move the exchange rate of the pound against the dollar.

The Palace Tent, which was set this year at the historic Baron Palace in Cairo, has charmed its way into everyone’s heart and has been crowned as the trendiest and most luxurious Ramadan tent in Cairo in 2023. The Palace Tent offered its guests an elevated and refined live entertainment program throughout the Holy Month ranging from live music performances to cultural shows. The stunning backdrop of the renowned Baron Palace was the perfect setting for our tent, offering a unique and unforgettable experience for those enjoying Ramadan in style. With its exquisite decor, delicious cuisine, and exceptional vibes, the Palace Tent became the talk of town during Ramadan. This takes me to Meraki and Beyond, which is the organizing arm & critical contributor to the success of our venue.

During his speech at the Future Data Centers Conference (FDC), he added that Egypt has many advantages in this field, including energy resources. This is an opportunity for the Egyptian market to attract these industries, in addition to re-exploiting those resources in a different way through the internal export of energy. El-Gamal explained that electrical energy can be converted into information energy by providing energy to data centres and exporting it abroad in the form of information energy, after it is reinforced with a set of added values. These values tend to have a great impact on reshaping economic and operational concepts to maximize digital exports and reduce the need for digital imports for the Egyptian market. Global reports indicate that by the end of 2023, spending on data center systems is expected to reach $222bn, while data center market revenues will reach $342bn.

This has led to an inflationary wave in most countries of the world, and these repercussions strongly affected global banks, as four banks declared bankruptcy in only three months. Daily News Egypt surveyed the market about the impact of all these changes on the banking sector shares listed on the Egyptian Exchange. He explained that it is a natural sequence of events and will not affect the stock market, but it may affect the transactions of foreigners in the Egyptian market. She explained that the banking sector represents about 25% of the total market capital in the Egyptian Exchange, and the banking sector is still one of the promising sectors in the Egyptian Exchange. According to the Egyptian Exchange data, the Egyptian banking sector is trading at a profitability multiple of 4.78 times, while the market is trading at a profitability multiple of seven times.

Morgan Stanley, the global stock index company, has revealed an unusual review of the Egyptian economy in its MSCI indices recently as investors in the Egyptian market suffer from the shortage of foreign liquidity. Morgan Stanley indicated that it will not implement any adjustments in the framework of the upcoming index review for any securities in Egypt classified for listing on the MSCI indices and related composite, derivative and special indices. MSCI indices criteriaEntering the MSCI indices requires meeting several criteria, on top of which are the daily trading volume and the percentage of free trading, in addition to the market value of the listed companies, and there are 3 companies already. He explained that this is the main reason behind expectations that the revision of the Stanley index will not affect trading in the Egyptian market. Problems of foreign investors in EgyptAmr El Alfy, head of the research department at Prime Holding, said that the MSCI report is just an expression of the problems of foreign investors in Egypt, such as the difficulty of exiting and making remittances, adding that although it is negative news that will lead to a decrease in foreign investments in the short term.

The Chamber of Tourism will start implementing e-payment services at the ticket counter of museums and archaeological sites, using bank cards or Meeza cards, starting May 15. According to the Tourism Chamber, all tickets for archaeological sites and museums in Egypt will be available for booking through the ministry’s website. The new service aims to improve the experience of Egyptian and foreign visitors prevent fake tickets, and implement the Ministry of Tourism and Antiquity’s digital transformation strategy.

Rania Al-Mashat, Egypt’s Minister of International Cooperation, said that the new financing scheme with Alexbank boosts SMEs financing to enhance the efficiency and investments of renewable energy in industrial, commercial, and agricultural sectors. “The EIB works with leading banks around the world to accelerate investment that cuts carbon emissions and harnesses renewable energy. This new partnership with Alexbank will enable Egyptian businesses to embrace green energy, cut energy bills and contribute to climate action. The new $15m EIB framework loan agreed with Alexbank is part of the broader GEFF that provides financing for business investment through local financial partners. In Egypt, the GEFF initiative provides both finance and best-practice advice to help private sector business to improve competitiveness.

The two sides discussed the latest developments in the agreement on the executive programme 2023-2025 of the memorandum of understanding signed between the two countries in 2015, for cooperation in a number of fields, including environmental monitoring, environmental assessment of projects, integrated coastal zone management, climate change, air quality, training, capacity building, nature protection, and environmental education. For her part, Al-Makhzoumi affirmed her aspiration to consolidate bilateral cooperation with Egypt in the field of environment, to benefit from Egyptian expertise in environmental and climate files, to build Somali national capacities in the field of environment and to exchange experiences and expertise, as the new Ministry of Environment and Climate Change is currently being restructured, institutional systems and necessary cadres are being developed, and a strategy is being prepared for the next ten years. Fouad expressed her desire to provide all the expertise required to support the Somali Ministry of Environment and train Somali cadres in the various priority environmental fields, especially air, water and soil quality. The two parties also discussed cooperation in the field of waste management, where Fouad pointed out the possibility of benefiting from Egypt's experience in establishing the Waste Management Regulatory Authority affiliated with the Ministry of Environment as an entity responsible for planning the waste management system of all kinds at the level of the republic and regulating the relations between the actors in the implementation of the system and the private sector, in addition to monitoring the implementation of the system and building on it in developing the Somali national strategy for waste management,In the climate change file, Fouad expressed her willingness to support the Somali side in the process of preparing the national strategy for climate change, based on Egypt's experience in issuing the National Strategy for Climate Change 2050, and the updated national contribution plan for Egypt. The Somali Minister of Environment confirmed that her ministry is currently working to update the national contribution plan to present it before the upcoming climate conference COP28, expressing her aspiration to benefit from the Egyptian experience in its preparation.

It indicated, in its monthly report issued on Wednesday, that the monthly urban inflation rate also declined to 1.7% in April, compared to 2.7% in March. The agency indicated that the annual inflation rate for the entire republic was 31.5% in April 2023, compared to 33.9% in the previous March, 14.9% in April 2022. Moreover, the monthly core inflation, computed by the Central Bank of Egypt, recorded 1.7% in April 2023 compared to 2.4% in the same month of the previous year and 2.5% in March 2023. Accordingly, the annual core inflation rate recorded 38.6% in April 2023, compared to 39.5% in March 2023. Abdullah stressed that the central bank did not and will not hesitate to use monetary policy to confront inflation.

More doctors and nursing teams providing psychological services to Egyptian returnees and displaced Sudanese citizens coming to Egypt have been dispatched at the hospitals of the General Secretariat for Mental Health and Addiction Treatment, the Ministry of Health and Population announced. Since the Sudanese crisis, a clinic has been equipped to provide psychological support for children, women and all those coming from Sudan, according to the official spokesperson for the Ministry of Health Hossam Abdel Ghaffar. He added that services of the emergency psychological support teams have been improved at the al-Sadaqa Hospital, Abu Simbel International Hospital, and Aswan Hospital for Mental Health, to better receive Sudanese and Egyptians who arrived at the borders of of Egypt. Abdel Ghaffar said that hotline 16328 of the General Secretariat for Mental Health and Addiction Treatment provides psychological support services, in addition to the services at the national e-platform for mental health. In every ordeal that befalls Sudan, they are closer to the Sudanese.”

FILE PHOTO: An employee sorts gold bars in the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna, Austria, December 15, 2017. REUTERS/Leonhard FoegerCAIRO – 10 May 2023: The Cabinet approved on Wednesday a draft decision to exempt semi-wrought gold carried by Egyptians coming from abroad from custom duties and other applicable fees, except Value Added Tax (VAT), for six months. The Cabinet said its decision comes “within the framework of the ongoing efforts to stabilize gold prices inside markets and curb the attempts of evasion of customs duties on wrought and semi-wrought gold via different customs outlets”. Last week, the prices of gold reached around L3,200 per gram for 24 carat gold, and LE 2,800 and LE 2,400 for the 21 carat and 18 carat gold respectively, which are the most populous among Egyptians. Nagui Farag, advisor to the Minister of Supply for gold affairs, said in TV remarks on Tuesday that the decision mainly targets gold bars and coins, noting that gold prices per gram abroad are around LE 600 less than the gold prices in Egypt.