FRA Allows Brokerage, Asset Management Companies To Open Accounts Online - Dailynewsegypt
Mohamed Maher, head of the Egyptian Capital Market Association (ECMA), said that the entity has the technological infrastructure required for the online process. Ehab Rashad, Vice President of Mubasher Capital Holding, said that the company has the technological infrastructure required for the online process immediately. Mohamed Mostafa, Managing Director of the Arab African International Securities (AAIS), said that right now is the most proper time for the step announced by the FRA. Mohamed Lotfy, managing director of Ostoul Securities Brokerage, said that the FRA is working to facilitate the procedures for contracting with clients to increase the volume of trading. Mohamed Hassan, Managing Director of BLOM Asset Management, said that technological transformation is necessary to keep pace with the global economy, and that technological transformation will help increase trading volumes, but with slow growth at the beginning.
Source:Daily News Egypt
May 25, 2023 10:22 UTC
Egypt's Suez Canal refloats aground bulk carrier 'Xi Hai Tong 23' in 1h 16 min.
CAIRO – 25 May 2023: Egypt’s Suez Canal Authority (SCA) successfully refloated on Thursday the bulk carrier "Xi Hai Tong 23," sailing under the flag of Hong Kong, that had run aground on the eastern side of the waterway, precisely at Km 157 Canal marking. The salvage took place over one hour and 16 minutes through three tugboats which towed the vessel to the Suez Anchorage Area in Ismailia. Xi Hai Tong 23 was among the northbound convoy as it had departed from the United Kingdom having as destination Saudi Arabia. The three tugs were “Ezzat Adel of 160 tons’ bollard pull capacity,” “Suez 1” and “Suez 2,” each of 75 tons’ bollard pull capacity. Once the winch was repaired, the anchor was lifted, the towlines were connected, and the vessel was towed successfully.
Source:Egypt Today
May 25, 2023 10:14 UTC
Egypt, Mongolia talk boosting tourism cooperation
CAIRO - 25 May 2023: Deputy Minister of Tourism and Antiquities for Tourism Affairs, Ghada Shalaby, met at the ministry's headquarters in Abbasiya with Ambassador of the Republic of Mongolia to Cairo, Bulgan Enkhtuvshin, to discuss strengthening tourism cooperation between the two sides and pushing more incoming tourism to Egypt. At the beginning of the meeting, the Deputy Minister welcomed the ambassador, stressing the distinguished relations between Egypt and Mongolia, reviewing the ministry's strategy to push more incoming tourism movement and the ministry's efforts to open new tourism markets as well as encourage the private sector to work to increase this movement. For his part, the Ambassador of the Republic of Mongolia in Cairo indicated that the current year marks the 60th anniversary of diplomatic relations between Egypt and Mongolia, expressing the Mongolian side's desire to benefit from the Egyptian tourism experience. The ambassador also praised the facilities provided by the Egyptian government to tourists from a number of countries with regard to obtaining entry visas to Egypt at the various entry points. At the end of the meeting, it was agreed to coordinate to hold a meeting between the Egyptian private tourism sector and its counterpart in Mongolia via video conference technology to present the capabilities and exchange visions and proposals, in a way that contributes to pushing more tourist movement from Mongolia to Egypt.
Source:Egypt Today
May 25, 2023 06:42 UTC
Sovereign Fund Of Egypt Begins Receiving Acquisition Bids For Wataniya Petroleum - Dailynewsegypt
The fund showed strong flexibility in the process of issuing shares, as it replied that there is no maximum limit for selling shares in the company. The sources pointed out that there was a promotional tour of the assets carried out by the Sovereign Fund of Egypt with a number of financial and legal advisors during the past week to promote the Egyptian assets. Egypt announced its intention to offer 32 government companies within the government offering program. The National Petroleum Products Company and Safi Water Bottling Company came within the program, in addition to 3 banks and a number of oil, petroleum and insurance companies, covering 18 different economic sectors. The Egyptian government expects to collect $2bn from the proceeds of the program before the end of next June, according to Prime Minister Mostafa Madbouly.
Source:Daily News Egypt
May 25, 2023 04:23 UTC
Full house screenings for Egyptian short I PROMISE YOU PARADISE at Cannes Film Festival
File: The cast of “I Promise You Paradise” movie after the screening of the short in Cannes Film Festival . Full house screenings accompanied with applause and positive reviews for Morad Mostafa’s I PROMISE YOU PARADISE after its world premiere within the Critics’ Week section at the Cannes Film Festival. Meanwhile, Cairo International Film Festival announced the selection of I PROMISE YOU PARADISE to participate in the short film competition within the festival’s 45th edition (November 15 to 24). I PROMISE YOU PARADISE is set to have its third Cannes Screening on Friday, May 26, at 8:30 p.m. in Valbonne theater. The film is written by Morad Mostafa and Sawsan Yusuf, and directed by Morad Mostafa.
Source:Egypt Today
May 25, 2023 01:24 UTC
Film Composer Mina Samy becomes the 1st Egyptian in top 5 list of 'Call for Score' competition
Egyptian Film Composer and music producer Mina Samy was ranked as one of the top five composers at the “Call for Score” 2023 competition, organized by the Film Scoring Academy of Europe and the European Recording Orchestra. He pursued his master’s degree in Film Scoring at London’s Royal College of Music, where he was appointed as the President of the Film Scoring Society for the 2022/2023 term. Throughout his studies, Samy kept himself busy in the industry, working alongside top professionals and organizing master-classes in collaboration with award-winning film composers and specialists to share their knowledge. He also collaborated with filmmakers from prestigious institutions including the Royal College of Arts and London Film School. Samy’s upcoming projects include working collaborations with Egyptian singers Nesma Mahgoub and Hana Ghoneim, a musical short film with Egyptian director and writer Abdelaziz al-Naggar, and his latest UK collrabotaion “The Tipping Point” produced by the London Film School.
Source:Egypt Today
May 24, 2023 23:12 UTC
Inspiring Stories: Performative Optimism or Actual Motivational Tales
Life isn’t always easy and the road to success is filled with many bumps and hurdles that we constantly need to overcome. Cynicism has increased in the past few years, and people have started to shrug off life coaches, ignore positive affirmations, and not pay attention to many motivational speakers. What are the reasons that made people ignore the advice of life coaches? Optimism in the Era of CynicismThe target audience for life coaches, entrepreneurs, and motivational speakers are young adults and millennials who are willing to learn new skills and improve themselves. Success isn’t born overnight.
Source:Egypt Today
May 24, 2023 21:52 UTC
Sovereign Fund of Egypt begins receiving acquisition bids for Wataniya Petroleum
The Sovereign Fund of Egypt (TSFE) has started receiving bids from competitors to acquire Wataniya Petroleum which is owned by the National Service Projects organization (NSPO), sources told Daily News Egypt. The fund showed strong flexibility in the process of issuing shares, as it replied that there is no maximum limit for selling shares in the company. The sources pointed out that there was a promotional tour of the assets carried out by the Sovereign Fund of Egypt with a number of financial and legal advisors during the past week to promote the Egyptian assets. Egypt announced its intention to offer 32 government companies within the government offering program. Wataniya, which was established in 1993, owns about 255 service stations and fuel for cars, and has 20 stations under construction, and 25 stations in the planning stage, according to the website of the National Service Projects Agency.
Source:Daily News Egypt
May 24, 2023 19:11 UTC
Valu Partners With Digital Real Estate Co-Ownership Platform Partment To Offer Financing Solutions - Dailynewsegypt
Through this partnership, customers can leverage valU's flexible and affordable payment plans for Partment's property management and maintenance services. Partment and valU aim to provide customers with an unrivaled investing experience by unlocking access to premier vacation homes without the hassle of property management and maintenance. Customers can finance Partment's services through valU's convenient and flexible tenors that range from 6 to 60 months and receive approvals within 15 minutes. ValU and Partment have come together to provide the public with inclusive financing solutions that enable them to serve on their investments in real estate and benefit from potential returns on their investment. Partment aims to continue breaking traditional barriers to allow more people to enjoy vacation homes in prime locations at a fraction of the price.
Source:Daily News Egypt
May 24, 2023 18:17 UTC
Oman plans to inject $5bln investments in Egypt
The Oman Investment Authority, the sovereign arm of the Sultanate of Oman, considers investing in Egypt following the visit of a high-ranking delegation from the Sultanate to Egypt headed by Sultan Haitham bin Tariq, on his first visit to Egypt since assuming power. The value of trade exchange between Egypt and the Sultanate of Oman increased to record $1.1bn in 2022, compared to $650.8m in 2021, an increase of 64.6%, according to statistics. The sources confirmed that the agency plans to inject $5bn investments in Egypt over the next three years, including $1bn that will be pumped this year into wind energy projects. The investments come in two categories: public market investments, including global stocks, fixed income bonds, and short-term assets, and the second category is private market investments. On Sunday, Egypt’s President Abdel Fattah Al-Sisi received the Sultan of Oman Haitham bin Tarik in a two-day official visit to Egypt.
Source:Daily News Egypt
May 24, 2023 15:33 UTC
HDB offers a triple savings certificate with 20% annual return, 18.5% monthly return
The Housing and Development Bank (HDB) is offering triple savings certificates with a fixed return for three years, the bank announced. The certificates offer a 20% annual return and an 18.5% monthly return, making them some of the highest-return certificates in the banking sector. This has strengthened the bank’s competitive position, increased its market share, and attracted new customers, while promoting a culture of financial inclusion. As a culmination of the bank’s continuous efforts during the last period, the bank topped the list of banks listed on the Egyptian Exchange. Housing and Development Bank recorded the fastest-growing bank in customer deposits with a growth rate of 42.3%, the fastest-growing in assets with a growth rate of 35.9%, and the fastest-growing in corporate loans with a growth rate of 56%, and the fastest-growing in individual deposits, with a growth rate of 21.4%.
Source:Daily News Egypt
May 24, 2023 13:13 UTC
FRA allows brokerage, asset management companies to open accounts online
The Financial Regulatory Authority (FRA) has allowed brokerage and asset management companies to open customer accounts online. According to the statement addressed to brokerage firms and asset management companies, the decision is an activation of the digital transformation steps that the Egyptian state is currently following. Mohamed Maher, head of the Egyptian Capital Market Association (ECMA), said that the entity has the technological infrastructure required for the online process. Mohamed Lotfy, managing director of Ostoul Securities Brokerage, said that the FRA is working to facilitate the procedures for contracting with clients to increase the volume of trading. Mohamed Hassan, Managing Director of BLOM Asset Management, said that technological transformation is necessary to keep pace with the global economy, and that technological transformation will help increase trading volumes, but with slow growth at the beginning.
Source:Daily News Egypt
May 24, 2023 10:53 UTC
1.7M surgeries performed as part of presidential initiative to end waiting list
Cairo - 24 May 2023: The Health and Population Ministry announced that 1.7 million surgeries have been conducted as part of the presidential initiative to end waiting lists in Egypt that was launched in July 2018. In a statement on Wednesday, Spokesman for the Health Ministry Dr. Hossam Abdel Ghaffar said that the surgeries include cardiac catheterization, open heart operations, eye surgeries, neurological surgeries, orthopedic surgeries and oncology surgeries.
Source:Egypt Today
May 24, 2023 09:49 UTC
Oman identifies priority sectors for joint investment with Sovereign Fund of Egypt
CAIRO - 24 May 2023: The Sultanate of Oman has identified a number of priority sectors for joint investment with the Sovereign Fund of Egypt in Egypt. The sectors include: the pharmaceutical industries, food industries, and renewable energy, which are among the top priorities of the Sultanate of Oman. Omani investments in Egypt amounted to about $80.5 million in 110 projects in the sectors of industry, agriculture, tourism, services, construction, finance, communications and information technology. Egyptian investments in Oman amounted to about $860 million in 142 projects in the fields of: road construction, infrastructure, sanitation, real estate investment and tourism. The volume of trade exchange between the Sultanate of Oman and Egypt increased, reaching $1.23 billion in 2022.
Source:Egypt Today
May 24, 2023 07:33 UTC
Egypt Supports Afdb's Efforts To Develop Health Care, Pharmaceutical Industries: Al-Mashat - Dailynewsegypt
Al-Mashat welcomed Akinwumi Adesina, President of the African Development Bank, to Sharm El-Sheikh, the city of peace, during the annual meetings of the African Development Bank, explaining that the meetings take place at a vital time when the world and the African continent in particular are witnessing Multiple challenges affecting all aspects of development. The Minister of International Cooperation moved on to talk about the pharmaceutical market in Egypt, saying that the volume of the pharmaceutical market in Egypt records about $3bn and is expected to achieve a large annual growth rate during the coming period, referring to government efforts and measures taken by the state to restructure the pharmaceutical industry in Egypt. Al-Mashat reviewed the successful presidential initiatives to develop comprehensive health care services, including the 100 million health initiative, as well as the hepatitis C eradication initiative. She emphasized the government's endeavour, over recent years, to localize the pharmaceutical industry by attracting foreign investments and establishing investment projects with the aim of localizing the industry. In April 2021, the“Pharma City” was launched on an area of 180,000 square meters with a production capacity of 150 million packages annually, in light of the country's vision to transform into a regional centre for the pharmaceutical industry.
Source:Daily News Egypt
May 24, 2023 06:42 UTC