Egypt’s Armed Forces announced on Saturday the details of the Bright Star 2023, a joint military exercise that involves 8,000 troops from 34 countries, to be held at the Mohammed Najib Military Base. Bright Star is one of the largest and oldest joint military exercises in the world, dating back to October 1980. The Bright Star exercise reflects Egypt’s strategic and security relations with the US and other countries. The US and NATO countries consider Bright Star an essential exercise for them, as it gives them experience in fighting in desert areas. Egypt and many other countries also benefit from gaining new knowledge of Western weapons and tactics.

Egypt’s President Abdel Fattah Al-Sisi has directed continued efforts to provide a supportive environment for the country’s heavy industries, foremost among them the iron and steel industry. Ahmed Fahmy, the Egyptian Presidency spokesperson, said the meeting addressed follow-up projects related to the iron and steel industry in Egypt, as part of the state’s plan to develop the heavy and strategic industrial manufacturing system. The meeting also witnessed a review of efforts to deepen local manufacturing in this regard, enhance competitiveness and export capacities, and overcome related logistical constraints. The president stressed the vital role that heavy industries play in the development process taking place in all sectors throughout the country, as well as their contribution to reducing the pressure on foreign currency by benefiting from local raw materials. He also directed the relevant authorities to take all necessary measures to support the development of heavy industries in Egypt, including providing them with the necessary financing and infrastructure.

Egyptian Prime Minister Mostafa Madbouli (photo) has affirmed Egypt’s aspiration to promote cooperation and proceed with joint work with member states of the BRICS bloc in various fields at the bilateral and multilateral levels. The prime minister is taking part in the summit on behalf of President Abdel Fattah El Sisi. Madbouli said Egypt welcomes all initiatives and projects that aim to achieve mutual interests and build a sustainable partnership. Madbouli reviewed Egypt’s vision as regards areas to focus on within the framework of cooperation between the BRICS bloc and developing countries in the current stage. This can be achieved by coordinating and intensifying efforts as part of regional and international multilateral action to meet the needs of developing countries, the prime minister added.

The yearlong celebrations include several joint events and programs aimed at highlighting the history, specificity and diversity of Egyptian-sian relations. The activities scheduled to be launched includeordination andoperation between the foreign ministries of the twountries in the production and preparation of joint documentary and television programs, as well asoperation projects specialized in several fields. On this occasion, Foreign Ministermeh Shoukry and hisunterpart Sergei Lavrov exchangedngratulatory speeches, which stressed the depth and specificity of Egyptian-sian relations. They also pointed out that the two sides are determined to work together tonsolidate the existingoperation frameworks in vari fields and tonsolidate the friendship between the Egyptian and sian peoples. For its part, the sian embassy in Cairo, in a statement issued onturday,ngratulating the sian and Egyptian peoples, who share a long tradition of friendship, on the joint annivery.

CAIRO – 26 August 2023: Egypt’s President Abdel Fattah El-Sisi ordered on Saturday providing a supporting environment for the heavy industries sector, especially the iron and steel industry. During the meeting, Sisi reviewed the iron and steel industry projects across Egypt within the framework of the state’s plan to develop the heavy and strategic industries, the Egyptian Presidential spokesman, Ahmed Fahmi, said in a statement. Sisi ordered continue efforts aiming at providing a supportive environment for the heavy national industries sector taking into account the vital role played by this sector in the ongoing development process in all sectors across Egypt. Heavy industries also reduce pressure on hard currency by making use of local raw materials, the Presidency said. Moreover, Sisi and the officials also reviewed efforts to deepen local industrialization in the heavy industries sector, enhance competitive and export capabilities, and overcome related logistical obstacles, the Presidency added.

The step represents a success for the founding members of the bloc: Brazil, Russia, And India, China, and South Africa, in a way that enhances economic cooperation and influence on the global economy. - Egypt's membership in the New Development Bank:Egypt's accession to the group enhances Egypt's ability to support its sustainable development and address liquidity issues through its membership in the New Development Bank. - Strengthening Egypt's role in the world and Africa:Egypt's accession will strengthen its important and influential role in Africa, to become a center linking Africa, Asia and South America. - Increasing trade exchange between Egypt and the group:In 2022, Egypt's exports to BRICS countries increased by 5.3 percent, to reach $4.9 billion, compared to $4.6 billion. - New investment channels:Expectations indicate more intra-investment and the placement of countries such as India, for example, on the Egyptian investment map.

Egypt and Russia on Saturday marked the 80th anniversary of the establishment of diplomatic relations between the two countries. The yearlong celebrations include several joint events and programs aimed at highlighting the history, specificity and diversity of Egyptian-Russian relations. The Egyptian and Russian foreign ministries are also holding joint exhibitions to display archival and documentary materials on the history of relations between the two countries, in addition to joint training programs between young diplomats and university students on both sides. On this occasion, Foreign Minister Sameh Shoukry and his counterpart Sergei Lavrov exchanged congratulatory speeches, which stressed the depth and specificity of Egyptian-Russian relations. For its part, the Russian embassy in Cairo, in a statement issued on Saturday, congratulating the Russian and Egyptian peoples, who share a long tradition of friendship, on the joint anniversary.

Ostankino TV tower in Moscow was lit up in the colors of the flags of Russia and EgyptCAIRO - 26 August 2023: The Ostankino TV tower in Moscow was lit up in the colors of the flags of Russia and Egypt as both countries celebrate on Saturday the 80th anniversary of the establishment of diplomatic relations. In a statement today, the Russian embassy congratulated the Russian and Egyptian peoples, who share longterm friendship, stressing that bilateral cooperation, which has reached the level of a comprehensive strategic partnership, will continue to strengthen over the coming years in accordance with mutual interests. For its part, the Egyptian Ministry of Foreign Affairs had announced, earlier on Saturday, that as an expression of the speciality of this occasion, the Ministry of Foreign Affairs building in Maspero in Cairo was lit with the slogan "Egypt 80 Russia". The celebrations to mark the 80th anniversary, which will last for one year, will witness holding a number of events and joint programs that aim to shed light on the history of the distinguished and diversified Egyptian-Russian relations. Egypt's Foreign Ministry lit up on Friday night its premises to display the word "Egypt, Russia 80" to celebrate the 80th anniversary of the establishment of diplomatic relations between Egypt and Russia.

The BRICS countries have written a wonderful story of the joint development of countries with different systems, cultures and regions, which has become a flagship of South-South cooperation. Experts believe the expansion will represent a historic and new starting point for BRICS cooperation. With the historic expansion, the BRICS mechanism will have a greater voice in driving global governance reforms toward a more just and equitable direction, infusing the world with greater certainty and stability, said experts. For emerging markets and developing countries, joining the group enables them to jointly pursue development while safeguarding national sovereignty and economic independence. This allows them to engage in global development with equality and dignity, said former Bolivian Foreign Minister Fernando Huanacuni.

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as investors reacted to Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium in the US state of Wyoming. The most active gold contract for December delivery fell $7.20, or 0.37%, to close at $1,939.90 per ounce. The comments increased the likelihood of a rate hike at the next Federal Open Market Committee (FOMC) meeting in September, dampening gold. Silver for September delivery rose 0.40 cents, or 0.02%, to close at $24.234 per ounce. Platinum for October delivery rose $5.20, or 0.55%, to close at 948.20 dollars per ounce.

Egypt - The monthly report of the Engineering Export Council of Egypt (EEC) revealed that engineering exports increased in the first 7 months of 2023 compared to the same period in 2022 by 10%, reaching $2.492bn in 2023 until July, compared to $2.271bn in the same period a year earlier. Egyptian Engineering exports witnessed an increase in July 2023 compared to the same month in 2022, by 14%, reaching $331m in July 2023, compared to $290m in July 2022, the EEC indicated. Moreover, the most important countries to which Egyptian engineering exports increased in the same period are Europe namely Turkey, France, Netherlands, Hungary, Germany and the Czech Republic. In Africa, exports increased to Algeria, Libya, Sudan Côte d’Ivoire, Tanzania and Mauritius. In other continents, Egyptian engineering exports to Brazil also witnessed a boost.

The monthly report of the Engineering Export Council of Egypt (EEC) revealed that engineering exports increased in the first 7 months of 2023 compared to the same period in 2022 by 10%, reaching $2.492bn in 2023 until July, compared to $2.271bn in the same period a year earlier. Egyptian Engineering exports witnessed an increase in July 2023 compared to the same month in 2022, by 14%, reaching $331m in July 2023, compared to $290m in July 2022, the EEC indicated. Moreover, the most important countries to which Egyptian engineering exports increased in the same period are Europe namely Turkey, France, Netherlands, Hungary, Germany and the Czech Republic. In Africa, exports increased to Algeria, Libya, Sudan Côte d’Ivoire, Tanzania and Mauritius. In other continents, Egyptian engineering exports to Brazil also witnessed a boost.

Therefore, it believes that Friday’s meeting may lead to a military alliance that will harm Beijing. Japan and South Korea will bring themselves a great crisis if they form a military alliance, and China may take punitive measures against them. Establishing an Asian military alliance similar to the North Atlantic Treaty Organization (NATO) is still within the framework of strategic discussion and analysis. On the positive side, an Asian NATO may help enhance security cooperation among Asian countries and unite efforts to confront China on security, economic, and political issues. These are just some of the security challenges facing Asian countries, and they indicate that the challenges are diverse and complex.

Egypt - Two international cigarette companies are competing to buy a stake in Eastern Company, the largest cigarette manufacturer in Egypt. The Holding Company for Chemical Industries, which owns 50.95% stake in Eastern Company, said in a disclosure on Tuesday that it had received several offers from foreign investors to buy a stake not exceeding 30% of its share in Eastern Company, and negotiations are underway to choose the best offer. According to sources who spoke to Daily News Egypt, Japan Tobacco International (JTI) and United Tobacco Company, in which Philip Morris International controls the majority of its shares, submitted offers to obtain a stake in Eastern Company. Eastern Company owns about 24% of United Tobacco Company, and is represented on its board of directors. The sources indicated that the share that United Tobacco Company aims to acquire in Eastern Company amounts to about 33%, but after deducting the share of Eastern Company, it will be less than 30%.

Egypt’s non-oil trade deficit decreased by 10.7% to $7.5bn during the second quarter (2Q) of 2023, compared to about $8.4bn during 2Q 2022, due to a decrease in non-oil imports. According to the Information and Decision Support Center of the Cabinet, the value of non-oil exports declined to $8.4bn during 2Q 2023, compared to about $9.2bn during 2Q 2022, a decline of 8.7%, while the value of non-oil imports amounted to $15.9bn, compared to about $17.6bn, a decrease of about 9.7%. According to the report, the value of the non-oil trade exchange between Egypt and the COMESA countries reached $390.7m during 2Q 2023, compared to $306.8m during 2Q 2022, an increase of 27.3%. Libya came at the forefront of the COMESA countries importing non-oil Egyptian commodities by $312.7m during 2Q 2023, followed by Sudan by $137.4m, then Kenya by $78.1m, while Eritrea came as the least importing COMESA country from Egypt by $0.3m. With regard to Egyptian non-oil imports from COMESA countries during 2Q 2023, the Democratic Republic of Congo (DRC) came at the forefront, as Egypt imports non-oil goods of $130.3m from DRC, then Kenya by $70.8m, while Burundi came as the least of the COMESA countries from which Egypt imports non-oil goods during 2Q 2023.