UK investments in Egypt hit $20 billion - British ambassador
Bailey was speaking to journalists on the margins of a conference organized Sunday by the International Cooperation Ministry to launch the World Bank Group's Country Partnership Framework (CPF) with Egypt for FY2023-2027,Thanks of its strategic location, the Suez Canal, green hydrogen potential, as well as wind energy and solar energy productions, Egypt has promising opportunities for British companies to pump investments, added the senior British diplomat. As for the impacts of the devaluation of the Egyptian pound and inflation on British investments, Bailey urged the Egyptian government to move forward with its IMF-backed economic reform program by setting clear economic policies and laws that enable them to make profits without worrying about inflation and exchange rate.
Source:Egypt Today
May 08, 2023 06:01 UTC
Orascom Development begins handover of 1st phase of O West
O West, one of the towns of Orascom Development in West Cairo has announced the start of its first deliveries of residential units in Whyt and Tulwa phases this month. Plans for 2023 are on track for the town to deliver more than 350 villas in the Whyt, which vary between standalone villas, twin houses, and townhouses, with areas spanning between 195 square meters to 610 sqm. As for Tulwa, about 1,650 fully finished apartments will be delivered this year, ranging from 100 square meters to 455 sqm. Samih Sawiris, the founder of Orascom Development, stated: “O West is the first Orascom Development town in Cairo, characterized by integration between all project elements and supported by global expertise spanning more than 33 years.”Omar El Hamamsy, Group CEO of Orascom Development Holding, stated: “At Orascom Development, we deliver more than just results; we’re building a bridge of trust with our customers by creating vibrant integrated towns. We continually strive to raise the bar by adhering to high standards while following through on our commitments to deliver projects on schedule as a global developer of integrated towns in Europe, Middle East and Africa.
Source:Daily News Egypt
May 07, 2023 23:15 UTC
6th of October City vaccinate and sterilize stray dogs
The Sixth of October City Authority organized a campaign to eliminate stray dogs through vaccination and sterilization. The authority said in a statement that the move also aims to preserve the health and lives of citizens from the spread of diseases as a result of the widespread number of street dogs in the city. Authority head Adel al-Nagar explained that a cooperation protocol was signed between the city’s authority, and the Animal Welfare Association in Cairo to control the spread of street dogs through sterilization and vaccination. The aim of this campaign is to sterilize stray dogs, which will reduce their population and the ferocity of the dogs in general. The dogs are also being vaccinated against rabies, which is one of the most dangerous diseases that can affect humans through a dog bite.
Source:Egypt Independent
May 07, 2023 22:40 UTC
Over 50 dead, hundreds hospitalized and 23,000 displaced by ethnic violence in India’s Manipur
New Delhi CNN — Ethnic violence in the Ethnic violence in the Indian state of Manipur has killed more than 50 people, left hundreds hospitalized, and displaced 23,000, according to hospital officials and the Indian army. The two ethnic groups have been clashing in the streets of Imphal in India’s east and elsewhere. Indian army troops have been deployed to the streets and a five-day mobile internet blackout is in force. The mother was trying to protect the son, she was killed too.”A vehicle set on fire during an outbreak of ethnic violence in Imphal, the capital of India’s Manipur state, on May 4. Stringer/AFP/Getty ImagesCNN reached out to the state government of Manipur and the Indian army for comment on Sunday.
Source:Egypt Independent
May 07, 2023 19:38 UTC
Hollywood Writers Strike Over Pay And AI - Dailynewsegypt
Opponents of the strike cite the last strike of writers in 2007, which lasted 100 days and cost the Hollywood entertainment industry and Los Angeles economy an estimated $2bn. US media and Hollywood insiders noted the most immediate effects of the strike. The Los Angeles Times pointed out that a long strike could have a ripple effect on not only film and television production but also the Southern California economy. Without writers, scripted television shows will struggle to continue filming and live late-night shows will stop immediately,” the biggest newspaper on US West Coast noted. “Far fewer feature film scripts are being bought now and the trend is for smaller TV 'writers rooms' with fewer writers per series and very low residuals.
Source:Daily News Egypt
May 07, 2023 18:21 UTC
Developers call for digitising property registration, sale process in Egypt
Egypt’s real estate developers discussed new technologies to boost sales, namely the digitalisation of the local property market as a means of regulating the market, in a press conference last week. He added that there must be online information and specific and accurate data about New Urban Communities Authority’s controls for real estate development companies. Mohamed El-Taher, CEO of the Saudi Egyptian Company for Development, highlighted the need to digitise procedures for registering real estate units and lands, as well as primary contracts to facilitate the export and sale of real estate units. He stressed the importance of facilitating real estate registration procedures for foreigners, starting with new cities and New Administrative Capital, and contributing to the legalisation of conditions. Mahmoud called on the Ministry of Housing to establish a window for real estate developer companies that provides a database that includes all projects and lands available for the advancement of the real estate sector.
Source:Daily News Egypt
May 07, 2023 17:16 UTC
Egypt welcomes launching of preliminary talks between Sudanese warring parties in Saudi Arabia
CAIRO – 7 May 2023: Egypt welcomed the preliminary talks between the representatives of the Sudanese Armed Forces and the Rapid Support Forces that kicked off Saturday in Saudi Arabia's Jeddah. The statement released by the Ministry of Foreign Affairs expressed hope that the meetings would produce a comprehensive permanent ceasefire, which is necessary to preserve the lives and wealth of the Sudanese people, and facilitate the delivery of humanitarian aid to those affected by the armed conflict. The ministry also hailed the efforts deployed by Saudi Arabia as well as other regional and international parties, as they resulted in encouraging warring sides in Sudan to engage in dialogue.
Source:Egypt Today
May 07, 2023 15:25 UTC
49% Increase In Phishing Attacks In Egypt During 1Q 2023: Kaspersky - Dailynewsegypt
Hasbini shared some Kaspersky statistics on the most common phishing attacks in the Middle East, Turkey and Africa. The statistics showed an increase of 49% in phishing attacks in Egypt during the first quarter of this year compared to the same period last year. On the other hand, phishing attacks in Saudi Arabia recorded a slight decrease of 1% in the first quarter of 2023 compared to the same period in 2022. Turkey recorded an increase of (53%) in the first quarter of 2023 compared to the first quarter of 2022. The decrease was observed in the Middle East, where the number of detections of corporate ransomware decreased by 61 %.
Source:Daily News Egypt
May 07, 2023 08:46 UTC
Aibank Records EGP 1.7Bn Revenues In 2022 - Dailynewsegypt
The bank reported EGP 525.6m in net profits and EGP 1.79bn in net interest income in 2022, compared to EGP1. In terms of operating performance, the bank has achieved remarkable growth in net returns and commissions, reflecting the development of its primary business activities. This was complemented by a 71% increase in net operating profits compared to the same period last year. Moreover, the bank's customer deposits increased by 24% to reach EGP 48.2bn, compared to about EGP 38.7bn recorded in December 2021. The bank's total assets increased by 22%, to reach EGP 55.4bn, compared to EGP 45.5bn in December 2021.
Source:Daily News Egypt
May 07, 2023 07:37 UTC
Egypt: aiBANK records $56.1mln revenues in 2022
The general assembly of aiBANK approved the bank’s financial statements on 26 March for the fiscal year ending on 31 December 2022. The bank reported EGP 525.6m in net profits and EGP 1.79bn in net interest income in 2022, compared to EGP1. This was complemented by a 71% increase in net operating profits compared to the same period last year. Moreover, the bank’s customer deposits increased by 24% to reach EGP 48.2bn, compared to about EGP 38.7bn recorded in December 2021. The bank’s total assets increased by 22%, to reach EGP 55.4bn, compared to EGP 45.5bn in December 2021.
Source:Daily News Egypt
May 07, 2023 07:21 UTC
Urawa coach Skorza sacrifices principals to claim Asian title
"Keeping compact, with good organisation in defence was our target," Skorza said of his tactical approach. The title win was Skorza's first with Urawa and comes less than five months after he was appointed the club's coach. But that approach was put to one side across both legs of the Asian Champions League final and Skorza felt the result justified his more restrained approach. "We have started our work in a good way and now we have to develop our style, trying to play more offensive. "But the question is: are we ready today to play open football against such a good team like Al Hilal?"
Source:Egypt Today
May 07, 2023 07:12 UTC
Egypt, Angola Discuss Strengthening Bilateral Cooperation In Housing Projects - Dailynewsegypt
According to a statement issued by the Embassy of Angola in Cairo, the visit comes upon the invitation of the Egyptian authorities, and will focus essentially on the new political-administrative centers, construction of highways and new urban centers. The four-day visit reserves, among other aspects, a guided tour of the New Administrative Capital, which will be followed by the exhibition of a video of some Cities and Infrastructure Projects, and bilateral meeting with the Egyptian Minister of Housing, Public Services and Urban Development, Assem El-Gazzar. For the second day, the program reserves a visit to theMuseumofCivilization, a continuation of bilateral meetings, namely with the largest Egyptian companies in the sector. The Embassy of Angola inCairoalso organized Egypt-Angola 23rd economic investment meetings for the private sector, with the participation of 15 Angolan companies and more than 40 large Egyptian companies of Public Works, Construction and infrastructure, basic sanitation, roads and housing. “These meetings provide a platform for dialogue for reflection and the establishment of partnerships between entrepreneurs from the two countries, and the strengthening of intra-African cooperation,” the statement concluded.
Source:Daily News Egypt
May 07, 2023 07:02 UTC
FRA Looks Into CIB's Stock Auction Transactions - Dailynewsegypt
The auction witnessed a strong demand for the bank's shares before the start of the trading session on Thursday, 26 April. Egyptian buyers requested to acquire about two million shares at EGP 61 per share, while the closing price of CIB share reached EGP 51.20 the previous day. At the end of the session, the CIB stock closed at EGP 58.8 per share that day. He pointed out that the Egyptian Exchange made adjustments in the methodology for calculating the closing price, which leads to avoiding sudden and sharp changes in the closing price. In a related context, El Dokani revealed that the Egyptian Exchange will announce gold prices on its screens daily during the coming period.
Source:Daily News Egypt
May 07, 2023 06:23 UTC
1.3 million trees planted in 1st phase of ‘100 Million Trees’ initiative
Minister of Agriculture and Land Reclamation Elsayed Elkosayer has announced that the ministry planted 1.3 million trees in several governorates during the first phase of 100 Million Trees initiative launched by President Abdel Fattah Al-Sisi. The governorates included Qalyubeya, Gharbeya, Fayoum, Beni Suef, Minya, Assiut, and New Valley. Alaa Azouz, Head of the Agricultural Extension Sector at the ministry, said that the participants during the regional workshop organized by the Food and Agriculture Organization of the United Nations “FAO” on planning for forest management in the Near East region, praised the efforts of the Ministry of Agriculture in implementing the “100 million trees” initiative. He pointed out that it can be used to be a useful investment that contributes to reducing climate change. Azouz indicated that several types of woody and ornamental trees, as well as fruit and nectar, were planted.
Source:Daily News Egypt
May 07, 2023 04:06 UTC
Al-Sisi receives a delegation of US House of Representatives members
Egypt’s President Abdel Fattah Al-Sisi received on Saturday, Mike Turner, the Chairman of the Permanent Committee on Intelligence Affairs in the US House of Representatives, accompanied by a large delegation of committee members from the Republican and Democratic parties. The meeting was held in the presence of Major General Abbas Kamel, the Chief of the General Intelligence, and John Desrocher, Acting US Ambassador to Cairo. The meeting witnessed the confirmation of the strength and durability of the strategic partnership between Egypt and the United States, as the American side stressed in this regard the centrality of the role played by Egypt as a pillar of stability and peace in the region, according to a statement from Ahmed Fahmy, the official spokesperson for the Presidency of the Republic. Fahmy added that the meeting also stressed Egypt’s pioneering role in combating terrorism, which requires continuing and strengthening cooperation and consultation between Egypt and the US at all levels, in order to fend off escalating risks and challenges at the international and regional levels. The spokesperson noted that the meeting witnessed an open discussion between President Al-Sisi and members of the US Congress, in which the crises that many countries in the region suffer from were addressed, and that threaten the basic foundations of the states.
Source:Daily News Egypt
May 06, 2023 23:03 UTC