Electricity prices climb at start of 2024
CAIRO - 2 January 2024: The Egyptian Electricity Holding Company has announced an increase in electricity prices for the first time since 2021, effective January 1st, 2024. Residential homes consuming between 201-350 kWh will pay LE 1.25, while those using between 315-650 kWh will pay LE 1.40. Commercial consumption prices were increased as well, with commercial electricity users consuming between 0-100 kWh will pay LE 0.65 per kWh, 0-250 kWh will pay LE 1.36, while users of 0-600 kWh will pay LE 1.50. Those in the fourth consumption bracket (601-1000 kWh) will pay LE 1.65, with those using more than 1000 kWh will pay LE 1.8 per kilowatt. With the new electricity prices, businesses should expect an increase in the cost of industrial production, which will lead to a predictable increase in goods and services.
Source:Egypt Today
January 02, 2024 15:33 UTC
Israel kills more civilians in Gaza, suffers more casualties, economic losses
Israeli Army Radio reported that a large number of rockets were launched from the Gaza Strip towards the south and centre of India. Warning sirens also went off in the city of Sderot and other areas around the Gaza Strip. He continued that there was no change in the open-fire orders in the Strip, adding that there was still no decision for the residents of the northern Gaza Strip to return to their homes. He stressed that the Israeli government’s current priority was to return the citizens of the Gaza Strip to their homes. The Al-Qassam Brigades also announced that they targeted an Israeli Merkava tank with an Al-Yassin 105 shell in Al-Qarara in Khan Yunis, south of the Gaza Strip.
Source:Daily News Egypt
January 02, 2024 15:17 UTC
To save power: Egypt to cut electricity for 2 hours daily
CAIRO – 2 January 2024: The Cabinet announced Tuesday that the power load reduction would ressume Wednesday as the electricity will be cut for two hours between 11:00 a.m. and 5:00 p.m. daily so as the timings will be declared for each neighborhood. In tandem, the Egyptian Electricity Holding Company announced an increase in electricity prices for the first time since 2021, effective on January 1st, 2024. Egypt’s Cabinet announced in August keeping electricity prices unchanged, postponing a planned increase for another six months. The decision to keep prices unchanged took into consideration the current economic challenges and circumstances. The decision came in implementation of President Abdel Fattah El-Sisi’s directives to take into account the social dimensions through exceptional social protection packages to relieve the burden on citizens amid the current economic circumstances.
Source:Egypt Today
January 02, 2024 15:13 UTC
Russia supports Egypt's efforts in Gaza, rejects forced displacement of Palestinians: Amb.
CAIRO - 2 January 2024: Russia's ambassador to Cairo, Georgy Borisenko, stressed the importance of Egypt's pivotal role in the current conflict in Gaza, as it plays the role of mediation between Palestine and Israel, as well as its important role in delivering humanitarian aid to the residents of the Gaza Strip. He pointed out that Egypt is making great efforts to overcome the current problems and find a political and diplomatic solution for it. In a statement to the Middle East News Agency on Tuesday, the Russian ambassador expressed Moscow’s understanding and support for the Egyptian position, which rejects the forced displacement of Palestinians from Gaza to Sinai or from the West Bank to Jordan. He explained that Russia believes that the Palestinians have the right to preserve their lands and that the only solution to this problem is the establishment of a sovereign Palestinian state with East Jerusalem as its capital, in accordance with the United Nations resolution, stressing the need to stop the settlement policy that violates the rights of the Palestinian people.
Source:Egypt Today
January 02, 2024 12:32 UTC
Salah scores twice as league-leading Liverpool beat Newcastle 4-2
Villa have 42 points while Manchester City, who have played one fewer game, are third on 40. The 31-year-old Salah, who has 151 Premier League goals for Liverpool, changed his boots at halftime and the switch paid off handsomely. Liverpool were on the front foot against Newcastle virtually from kickoff, and a superb display by keeper Dubravka kept the visitors in the game. The hosts had 18 shots in the first half to Newcastle's one, their most in the first half of a Premier League game since April 2016 against Everton. We need to stay calm and win every game," Salah told Sky Sports.
Source:Egypt Today
January 02, 2024 11:52 UTC
Egypt, Iran, Saudi Arabia, UAE, Ethiopia formally join BRICS
The BRICS group, a key platform for emerging markets and developing countries, has officially welcomed five new members: Egypt, Iran, Saudi Arabia, the United Arab Emirates, and Ethiopia. This expansion comes after numerous membership requests in recent years, reflecting the growing importance and influence of the BRICS group. The Johannesburg Summit in August 2023 formally invited the five new members to join, recognising their economic potential and strategic positions within their respective regions. These goals were reiterated by Putin at his year-end press conference, where he pledged to effectively implement the decisions made at the Johannesburg Summit, including those related to expanding BRICS membership. It remains to be seen how this expanded BRICS will shape global economic and political dynamics in the years to come.
Source:Daily News Egypt
January 01, 2024 22:42 UTC
Egypt's membership in BRICS activated, welcomed by Russia
CAIRO – 1 January 2024: Egypt's membership in the BRICS activated on Monday, which was welcomed by Russia, current chair of the group, and that expressed desire to continue cooperation for deepening partnership and accomplishing many achievements. In August, South Africa, BRICS' former chair, invited Egypt, Argentine, Saudi Arabia, UAE, Iran, and Ethiopia to be full members during the group's 15th summit. President Abdel Fattah El-Sisi appreciated the confidence of BRICS member states after South African President Cyril Ramaphosa announced that the BRICS Club of Emerging Nations would welcome six new members, including Egypt, at the start of 2024. “I value the declaration by the BRICS group to invite Egypt to join its membership as of January 2024. We appreciate the confidence of all BRICS member states with whom we share robust relations,” said President El-Sisi on Thursday.
Source:Egypt Today
January 01, 2024 21:50 UTC
Navigating depths: Israel’s ongoing struggle against Hamas’ underground tunnel network
Despite successive wars and concerted efforts to dismantle the tunnel network, Hamas has displayed remarkable resilience, utilizing these subterranean passages for various strategic purposes. Tunnel weaponThe Al-Qassam Brigades, Hamas’ military wing, initiated the use of tunnels for specific operations targeting military sites inside and outside Gaza. The Al-Qassam Brigades extensively utilized the tunnels for targeting military sites and deploying defence mechanisms against occupation convoys. Strategic Considerations and Ongoing ChallengesThe Gaza tunnels have become a new battleground, reminiscent of historical challenges faced by forces in Vietnam’s tunnels. The subterranean struggle between Hamas and Israel in the Gaza Strip continues to unfold as a complex and dynamic conflict.
Source:Daily News Egypt
January 01, 2024 20:16 UTC
Libyan Parliament criminalizes travel of Israeli aircraft, ships through its territory
CAIRO – 1 January 2024: The Libyan House of Representatives amended some provisions of the 1957 law regarding the boycott of Israel. The new amendments criminalize the travel to and from the Palestinian territories occupied by the Israeli entity or establish any contacts or relations with persons affiliated with the Israeli entity. They also prohibit empowering holders of Israeli nationality from entering Libyan territory or the headquarters and branches of Libyan diplomatic, consular and administrative missions. The Parliament also prevented civilian and military aircraft belonging to the Israeli entity from passing through Libyan airspace,Additionally, ships and all marine vessels registered in the Israeli name or bearing its flag, or registered in the name affiliated with Israel or holding its nationality, from entering Libyan territorial waters or economic zones. The Libyan Parliament prohibited any Libyan person from participating in any activity organized by the Israeli entity politically, economically, culturally, artistically, or sporting.
Source:Egypt Today
January 01, 2024 19:02 UTC
Kyiv observes day of mourning as Ukraine sees deadly start to 2024
On Monday, Ukraine’s Air Force Command said Russia launched a record 90 drone attacks on New Year’s Eve. “A year ago, on New Year’s Eve, the defenders of the sky destroyed 45 ‘Shaheds.’ Today 87 Shaheds were destroyed,” Ukraine Air Force Commander Mykola Oleshchuk said in a Telegram post. Russian shelling hours into the new year on Monday killed at least five people and wounded 22. The shelling killed four people and wounded 13, according to Denis Pushilin, the Russian-installed head of the self-declared Donetsk People’s Republic. And remember: without each and every one of you, Ukraine will be incomplete.”
Source:Egypt Independent
January 01, 2024 17:14 UTC
Cairo 3A plans to expand, invest in 2024
Cairo 3A for Agricultural and Animal Production, a subsidiary of Cairo 3A, is an Egyptian company that specializes in agricultural business. Ali El Gamil, CEO of Cairo 3A, told Daily News Egypt that 90-95% of the company’s frozen fruits and vegetables production is exported, with a value of $70m this year, compared to $50m last year, to about 68 countries. Cairo 3A Poultry, a market leader in the poultry industry in Egypt, plans to invest EGP 800m in building a factory for processed poultry products on an area of 30,000 sqm, in Sharkia Governorate. It also plans to establish fattening poultry farms to meet the Egyptian market demand with investments of EGP 200m, according to CEO Ibrahim Wagdy. Despite the drop in sales of the local market by 30-40%, Cairo 3A Poultry aims to increase its sales by 20-25% in the next year, Wagdy said.
Source:Daily News Egypt
January 01, 2024 14:12 UTC
Record-breaking year for Egypt's stock market as capitalization surpasses LE1.7T in 2023
CAIRO - 31 December 2023: The Egyptian Exchange (EGX) witnessed record-breaking gains during 2023 as the market capitalization exceeded LE 1.7 trillion. At the end of the year, the market capitalization rose to LE 1.7196 trillion, compared to LE 961.2 billion at the end of 2022, gaining LE 758.47 billion, with a 79 percent increase. Meanwhile, the small and mid-cap index EGX 70 rose during the year to 5,473.42 points, compared to 2,801.93 points, an increase of 95.34 percent. The broader index EGX 100 also rose to 7,880.35 points, compared to 4,145.5 points at the end of the previous year, an increase of 90.1 percent. Forecasts by international institutions indicate the exchange rate reaching LE 45 in the first quarter of the current year.
Source:Egypt Today
December 31, 2023 23:33 UTC
Egyptian government approves new facilities for industrial licences
493/2023 to amend the requirements for granting licences to industrial establishments, as stated in Ministerial Resolution No. The Saturday decree increased the construction ratios for industrial projects from 40% to 65-70% of the total land area, according to the list of construction percentages for industrial fields in the decree. The Chairperson of the Industrial Development Authority, Nahed Youssef, said that the amendments were in response to the investors’ demands and the sector’s needs. The amendments aimed to optimize the use of industrial project land area by expanding industrial fields horizontally and increasing productivity, in line with the industrial development plans. Youssef indicated that the decision granted a grace period of 5 years for establishments that had an operating licence to manufacture prosthetic limbs, devices, and mobility aids, and a grace period of one year for those that manufactured medical supplies, devices, and diagnostic reagents, to reconcile their situation.
Source:Daily News Egypt
December 31, 2023 23:08 UTC
Upper Egypt car crash kills 3 people, injures 17
Three workers were killed and 17 others were injured during traffic accident on Upper Egypt Desert Road, northern Minya governorate, on Saturday. The accident was caused by excessive speeding as the driver lost control over the vehicle. The road security team and ambulances moved to the accident site. The accident caused the death of three people between the ages of 27-34, residing in the village of Hamada, Beni Mazar center. Police filed a case with the incident, and the car was seized at the disposal of the Public Prosecution.
Source:Egypt Independent
December 31, 2023 22:35 UTC
Movies coming out in 2024
2023 Gave us many entertaining blockbusters, with movies like Barbie sweeping the nation and bringing new life to the film industry. After 2020, there was a decline in the production of movies creating an annoyance among fans of the theater. Another classic movie is being revived after twenty years. Though it was a Disney cartoon, the movie left its audience in awe and connected with them in many ways. The sci-fi fantasy movie that left fans amazed is due for a sequel.
Source:Egypt Today
December 31, 2023 21:37 UTC