The Sovereign Fund of Egypt (TSFE) has entered the top 50 global wealth list, according to the latest rankings released by the public asset tracking agency Sovereign Wealth Fund Institute (SWFI). TSFE, which has holdings worth $12bn, joins 13 Middle East funds in the top 50. The US-based institute ranked the Egyptian fund 12th in the Middle East region and 47th globally. El-Said said that the Sovereign Fund of Egypt has ambitious plans to expand its assets and partnerships in the coming years. She said that the fund is committed to contributing to Egypt’s Vision 2030, a plan to achieve sustainable economic development.

Egypt’s Prime Minister met with a group of tourism investors on Tuesday to discuss ways to increase the number of hotel rooms in the country. Madbouly said that the government is committed to supporting the tourism sector and that it is working to provide the necessary facilities to attract more tourists to Egypt. The investors also highlighted the challenges facing the tourism sector, such as the need for more financing and the need to unify fees imposed by government agencies. Madbouly said that the government is committed to addressing these challenges and that it is working to create a more favorable investment climate for the tourism sector. Madbouly indicated that the government is committed to supporting the tourism sector and is working to provide the necessary facilities to attract more tourists to Egypt.

e-finance for financial investments has said that it is examining the requirements and conditions for obtaining a digital bank licence. Mahmoud Hosny, head of the investment and strategic planning sector at e-finance, stated that the company is currently studying the conditions and requirements issued by the Central Bank of Egypt (CBE) for obtaining this licence. Last week, CBE issued the digital banks licensing rules. Last April, E-finance signed a memorandum of understanding (MoU) with the Saudi company “Thiqa”, which specializes in providing innovative digital transformation solutions and digital services for the public and private sectors in Saudi Arabia. It will also serve as a starting point for the E-finance group’s expansion to a number of other markets, either directly or with the help of the Public Investment Fund.

CAIRO – 19 July 2023: Egypt and Qatar held Sunday the second meeting of the Political Consultation Committee formed on the level of the foreign ministries of both states, according to a statement released Tuesday by the Egyptian side. The meeting held in Doha consisted of extensive dialogue on a number of international and regional affairs, primarily the Sudanese crisis, and the Egyptian-Qatari cooperation on providing humanitarian support to the Sudanese people. The diplomats also tackled the Palestinian Cause, and efforts to achieve pacification on the Israeli-occupied Palestinian territories, as well as other issues of priority, such as the situations in Libya, Syria, and Ukraine. The visions of both countries with regard to many matters were aligned, "which reflects the continuous and serious pursuit of both sides to develop bilateral relations and accomplish stability in the region." The Egyptian and Qatari delegations stressed during the meeting the importance of joint Arab work to ensure stability and sustainable development in the region, agreeing on persistent coordination bilaterally and regional on that front.

The Independent newspaper said that Egypt, the Caribbean and the United States are the three main foreign destinations that travel agencies consider most in demand this summer. Egypt continues to be a destination on the rise, with 36 percent of agencies listing it as one of the most requested regions over the coming months. Around 52 percent of travel agencies consulted consider the Caribbean as one of the most sought after destinations. Egypt successfully reached the list of the ten most popular tourist destinations for 2023, taking seventh place according to a MasterCard Economics Institute report, the first time Egypt has made the ranking since the report began. According to the report, consumers are benefiting from the return of the traditional travel system in 2023, with priority for leisure travel as they wish to travel to new destinations around the world.

Prime Minister Mostafa Madbouly said the State has a clear plan to boost the tourism industry, through strengthening integration between the sectors of tourism and aviation, especially as the country enjoys unique tourism and cultural potentials. Madbouly’s comments came during his meeting here on Sunday with Minister of Tourism and Antiquities Ahmed Issa, said Cabinet Spokesman Nader Saad. The tourism minister said his ministry is set to introduce new incentives as part of a national strategy to enhance the tourism investment climate and increase the number of hotels to attract nearly 30 million tourists by 2028. The meeting took up the ongoing development work at the Greco-Roman Museum, the Ben Ezra Synagogue, the Babylon Fortress, and the Magra al-Oyoun Wall and its surrounding area, as well as the progress made in the construction work of the Grand Egyptian Museum (GEM).

During the meeting, Dr. Hala El-Said affirmed that the political and economic relations between Egypt and the sisterly Kingdom of Bahrain are rooted in history and continuously growing. Furthermore, the Minister of Planning and Economic Development referred to Egypt's experience in social housing and the potential for Bahrain to benefit from this experience. For her part, the Minister of Sustainable Development of the Kingdom of Bahrain expressed her anticipation for visiting Egypt and discussing areas of mutual cooperation. The meeting between the Egyptian and Bahraini ministers signifies the strong historical and growing relations between the two countries. It demonstrates their shared commitment to sustainable development and collaboration.

The sources said that ADQ acquired about 27% of Ethydco for about $280m. The acquired stake belonged to the National Investment Bank and Egyptian Natural Gas Company (GASCO). The acquired stake belonged to the Egyptian General Petroleum Corporation (10.5%) and the Ministry of Finance (13.11%). The Sovereign Fund of Egypt is currently working on transferring the targeted shares to the Pre-IPO Fund in order to complete the transaction. Egypt’s Sovereign Fund launched the Pre-IPO Fund with the aim of warehousing state-run companies to partly or fully sell them to strategic investors and maximize their values.

CAIRO - 18 July 2023: The Egyptian Ministry of Health and Population said that 8.787 million medical services have been provided as part of the 100 Days of Healthy Lives campaign to date, and all medical services are free of charge. Dr. Hossam Abdel Ghaffar, spokesman for the Ministry of Health and Population, revealed the details of the 100 Days Of Healthy Lives initiative, explaining that it relies on a huge fleet of medical clinics and treatment convoys that visit population centers. He stressed that the initiative aims to reduce the burdens on citizens, and added that 94,000 treatment decisions were issued at the expense of the state during the past 15 days of the 100 Days of Healthy Lives initiative. He further pointed out that attention is being paid to Health initiatives in order to reach citizens in places where they cannot receive services, through mobile clinics. In the event of a need to install a valve, an open heart, or a kidney transplant, the Minister of Health said, the case is transferred to the hospital, a treatment decision is issued at the state’s expense, and the surgery is performed without the patient incurring any additional costs.

Egypt’s Minister of International Cooperation Rania Al-Mashat and Japanese Ambassador to Egypt OKA Hiroshi held the second meeting of the Egypt-Japan High-Level Policy Dialogue for development cooperation on Sunday. The two sides discussed the important achievements made in 2022/23, including the signing of the Exchange of Notes on the Greater Cairo Metro Line No.4 and E/N on the Development Policy Loan to support Universal Health Coverage. Ambassador Oka also highlighted the importance of private sector mobilization with Japan’s strength in technology and finance for the development of Egypt. SHIOKAWA Yuko, Director of JETRO Cairo, introduced JETRO’s activities to promote Japanese investment in strategic industries in Egypt, including renewable energy, healthcare, and startups. They also stressed the continuation of efforts to strengthen joint cooperation relations and work together to prepare a strategy for joint cooperation between the two countries.

He captained the English club to the Premier League, FA Cup and Champions League treble last season, ending a successful seven-year stint in England where he won 12 major trophies in total. When asked about Barcelona's youth and talent in midfield especially, Gundogan said he had a lot to offer the team with his experience. I come with more experience because my life and my career have not been easy and I think my experience can help a lot," Gundogan told a press conference. Having worked under former Barca manager Pep Guardiola at City, Gundogan expected an easy transition to life at the LaLiga champions with manager Xavi Hernandez. "We will try to fight for the Champions League title.

The First Assistant Minister of Supply and Internal Trade, Ibrahim Ashmawy, announced on Monday that a unified card for salaries, pensions, health insurance and public transport will replace various cards currently used by citizens. During a phone interview with TV host Amr Adib on his show “al-Hekaya” (The Story), on MBC Masr channel, Ashmawy added that the unified card will be issued by the Egypt Post. This unified card is not a substitute for ration cards, he said, but is still suitable for disbursing rations and subsidized bread if necessary. He added that the unified card system will be implemented gradually, starting in Port Said Governorate. Ashmawy denied any additional costs incurred by citizens because of this new card system.

The First Assistant Minister to Supply and Internal Trade, Ibrahim Ashmawy, downplayed the impact of Russia’s withdrawal from a major grain agreement– that allowed Ukraine to export grain across the Black Sea – will have on Egypt’s local market. “In general, it is too early to judge this matter, because any disturbances that occur in the supply chains in a negative way will have an impact on prices, and there has been an increase already in wheat prices on global stock exchanges by 2.7 percent,” Ashmawy said. During a telephone interview with Lamis al-Hadidi on Egypt’s “Last Word” (Kalema Akhera) television show, Ashmawy noted that many countries concluded agreements to import wheat away from Russia and Ukraine in anticipation of Russia’s exit from the grain freeze agreement. Since the coronavirus pandemic, Egypt has absorbed the global changes that led to disruption of supply chains and even the Russia-Ukraine war, he noted, and has worked to increase the strategic stock of goods and increase absorptive capacities. “Egypt currently has safe reserves of a number of strategic commodities, on top of which is wheat, and we have reserves that cover a period of six months,” Ashmawy said.

Flash, a cashless payments app in Egypt, has successfully raised $6 million in a funding round led by Addition, with participation from Flourish Ventures and several strategic angel investors. The funding will be utilized to further develop the company’s products and attract new companies and customers in Egypt. This milestone further solidifies Flash’s commitment to fostering a cashless payments business environment, introducing new products, and diversifying their digital payment portfolio. By simplifying transactions for both consumers and businesses through a secure and user-friendly application, Flash is reshaping the payments landscape in Egypt. With the funding received, Flash aims to further enhance their products and expand their reach in order to drive growth and advance the digital economy in Egypt.

Flash, a cashless payments app in Egypt, has secured a $6 million funding round led by Addition, with participation from Flourish Ventures and a host of other strategic angel investors. Flash also obtained approval from the Central Bank of Egypt to act as a payment technology service provider in partnership with Banque Misr. Businesses can accept payments from consumers directly without the need for point-of-sale (POS) systems or the need for technical integration. Andrew Miskiewicz of Addition said Flash is changing the payments landscape in Egypt, simplifying transactions for consumers and businesses through a secure and easy-to-use application. This approval reinforces our commitment to developing the cashless payments business environment, introducing new products, and diversifying our digital payment portfolio.