Egyptian Museums: Featured artefacts in July
Egyptian archaeological museums have announced the featured artefacts for July. As a monthly tradition, Egyptian archaeological museums nationwide have chosen featured pieces for July. Islamic Art MuseumIt displays an inlaid ivory and bone backgammon box, from the Ottoman era. Coptic MuseumIt displays a mashrabiya that was used to cover window openings or to separate the haramlek and the selamlik. Farouk Corner MuseumIt displays a backgammon game from the 20th century, made of wood inlaid with mother-of-pearl and ivory, with scenes inspired by ancient Egyptian art.
Source:Daily News Egypt
August 14, 2023 20:03 UTC
EFG Hermes managed 4 IPOs on Tadawul in 2023: Co-Head of Investment Banking
EFG Hermes has managed several successful initial public offerings (IPOs) in the Gulf markets, particularly in Saudi Arabia, the UAE, Kuwait, and Oman. Saudi MarketMohamed Fahmi, EFG Hermes’ Co-Head of Investment Banking, revealed that the company is managing about 4 multi-billion dollar IPOs in the Saudi Stock Exchange (Tadawul) during the current time. The Saudi market had a positive performance in the first quarter of this year. According to EFG Hermes’ Co-Head of Investment Banking, the Saudi government has worked directly to overcome obstacles to foreign direct investment. Fahmi believes that the strength of the Saudi market lies in the availability of multiple financing opportunities at all levels.
Source:Daily News Egypt
August 14, 2023 19:50 UTC
Egypt: Parliament’s economic committee prepares proposal to amend Capital Market Law
Egypt - MP Ghada Ali, a member of the economic committee in the House of Representatives, said that they prepared an integrated study for amending the Capital Market Law, in cooperation with the Financial Regulatory Authority. Last February, the committee approved, in principle, a bill submitted to amend the Capital Market Law for the trading of carbon certificates. The deputy stressed that Egypt will become the first country to have legislative support in that part to attract foreign investors, explaining that the amendments motivate investors to reduce the carbon footprint. She expected that the first voluntary carbon market would be launched within the next six months, stressing Egypt’s readiness in light of the existence of a legislative document that would attract foreign investments. © 2022 Daily News Egypt.
Source:Daily News Egypt
August 14, 2023 19:50 UTC
Arab youth see religion, family as key to identity
A new survey of Arab youth found that religion and family are the most important factors in their personal identity. The survey, conducted by ASDA’A BCW, the Middle East and North Africa’s leading communications consultancy, polled over 200 million Arab youth. The survey also found that Arab youth are concerned about the loss of traditional values and culture. Fewer Arab youth than in previous years feel the region needs to reform its religious institutions, down to 58% this year from 77% last year. ‘My Identity’ is the fourth sub-theme of the 2023 ASDA’A BCW Arab Youth Survey, whose overarching theme is ‘Living a New Reality’.
Source:Daily News Egypt
August 14, 2023 16:08 UTC
Egypt explores strategies to boost real estate exporting, trading on stock exchange
These mechanisms also involve evaluating the economic impact of the idea of establishing a real estate exchange, which will serve as a platform enabling investors and real estate companies to buy and sell stakes in real estate assets and invest in them. This exchange would complement traditional real estate markets, offering opportunities for real-time trading and more liquid investments in the real estate sector. It is planned that the proposed draft laws will be presented to the Cabinet soon, contributing to facilitating foreign ownership of real estate, Saad added. The meeting also discussed notable international experiences related to real estate trading, as well as models of real estate stock exchanges in different countries that could be applied practically to the Egyptian real estate market. The meeting also addressed the proposal to hold meetings with Egyptian experts abroad specializing in real estate investment, to exchange insights on all matters related to this issue.
Source:Egypt Today
August 14, 2023 15:23 UTC
Egypt authorities say committed to pay deposits of Egyptians abroad
Ghatouri continued that those who want to withdraw the money transferred from their account to the Finance Ministry, and exit from the initiative after a year from the date of import approval, can apply on the electronic platform. They will then obtain it at the exchange rate at the time of recovery within three months, he added. This is in order to obtain import approval, and complete the rest of the necessary procedures to import their cars. The validity of the “import approval” for shipping and importing cars extends to five years, he explained, and that the reduced customs tax is valid throughout the period of validity of the “import approval”. The first owner has the right to import the car without being bound by the year of manufacture, he added.
Source:Egypt Independent
August 14, 2023 14:21 UTC
Egypt launches website to settle expat conscription status
Egypt on Sunday launched a website to receive requests from Egyptian expatriates who want to settle their conscription situation. The Foreign Ministry set thirty days for Egyptian expatriates to settle their statuses and called on them to meet the conditions and quickly register on the initiative’s website within the specified period. The Ministry of Immigration is coordinating with the Ministry of Solidarity to launch an umbrella for social and insurance protection to include all aspects of care for Egyptian expatriates in emergency situations, Minister of State for Immigration and Egyptian Expatriates Affairs Soha Gendy announced earlier in August. The Ministry of Immigration received more than 7,000 complaints and requests from expatriates last year through its pages on social media platforms, e-mail, the hotline, the unified government complaints portal and at the ministry’s headquarters, Gendy said. This came during her speech at the fourth session of the Egyptians Expatriates Conference, organized by the ministry and attended by more than 1,000 Egyptian expatriates from 56 Egyptian communities around the world.
Source:Egypt Independent
August 14, 2023 12:08 UTC
Heavy rains bring deadly flash flood and landslide to northwest China
CNN — At least 21 people are dead and six others missing after a flash flood and landslide following torrential rains in the outskirts of northwestern China’s Xi’an city, local authorities said Sunday. Nearly 1,000 rescue workers were deployed to Xi’an’s Weiziping village following the landslide and flash flood, with 186 people evacuated and relief efforts ongoing as of Sunday evening, authorities said. Restaurants were run out of the two destroyed homes, Cover News reported. Flooding killed at least 29 people in Hebei province and 33 in the capital Beijing, according to local authorities. Seven people were taking shelter from heavy rains at the house when it collapsed, according to China National Radio.
Source:Egypt Independent
August 14, 2023 12:08 UTC
We will stand by the people until reaching free, fair elections, Sudan’s Al Burhan
CAIRO – 14 August 2023: President of Sudan's Sovereignty Council Lieutenant General Abdel Fattah Al Burhan said, Monday that his country is facing ‘the largest conspiracy in its modern history’, explaining that all what Sudan needs in the main time is a ‘single, united army free from any distortions that threaten Sudanese national security in the future.’In televised statements, Al Burhan stressed that Sudanese Armed Forces will stand by the people until reaching ‘free and fair elections’ for the people to choose who will rule them.’Lieutenant General Al-Burhan stressed that the Sudanese Armed Forces support the rule of law and will remain in its covenant and seek to restore security and stability to Sudan, and will continue the process of building. Earlier in August, Egypt’s Foreign Minister Sameh Shoukry said that Sudan's Neighboring Countries initiative is a testimony to the unity of purpose, firm intentions and serious political will to help Sudan to get out of its ordeal by putting an end to such a devastating war. Speaking at the first meeting of the ministerial mechanism, currently taking place in Chad, Shoukry said: "Today's meeting aims to develop the resolutions of Cairo Summit on Sudan's seven neighboring countries - which took place on July 13 - into an executive vision and harmonized steps contributing to handling the causes of the current crisis, stopping the bloodshed of the Sudanese people, upholding the unity of the State and its institutions, along with cushioning the negative impacts of the crisis on the neighboring countries." The meeting of the ministerial mechanism is anticipated by million of Sudanese people, who are intimidated daily by the unabated fighting nationwide, Shoukry said. He added that: "Millions of hopeful Sudanese people; those who are remaining in their homeland, the ones who are abroad and those who fled the scourge of war to the neighboring countries, deem the initiative as the last resort".
Source:Egypt Today
August 14, 2023 11:29 UTC
100-Day Health initiative offered 518,943 services nationwide
CAIRO - 14 August 2023: As many as 518,943 services were provided throughout Egypt's governorates under the new presidential healthcare campaign dubbed "100-Day Health, as part of the 100-Million Health initiative", a report received by Health and Population Minister Khaled Abdel Ghaffar read. Health and Population Ministry Spokesman Hossam Abdel Ghaffar said Monday that the presidential initiative to support women's health achieved highest rates in the first and periodical visits on the 17th day. The 100-day campaign aims to intensify preventive care services (including immunizations and vaccines), as well as environmental health and food safety services while raising citizens' awareness concerning health-related misconceptions, the minister had pointed out. These clinics cover various specilalizations, such as internal medicine, paediatrics, surgery, ophthalmology, teeth, ear and nose, obstetrics and gynaecology, and dermatology, Abdel Ghaffar added. The 100 Million Health Initiative was launched in July 2019 under the auspices of President Abdel Fattah El Sisi.
Source:Egypt Today
August 14, 2023 11:13 UTC
Offices: how bad will the property crunch be?
Charlie Munger, Warren Buffett’s right-hand man, has warned of a major pullback in lending to commercial property. Around a third is offices, while a fifth is retail, with most of the remainder for industrial purposes. Ever since it became easier to invest in commercial property in the 1960s, the market was landlord-led. SpotifyOffices: Where we’re headingThe number of tenants looking for large stores, shopping centres and big uninviting offices is likely to keep falling. While some property valuations will inevitably depreciate, others will either hold their value or even increase.
Source:Daily News Egypt
August 14, 2023 08:15 UTC
Defense minister honors retired army commanders
Minister of Defense and Military Production Mohamed Zaki attended Saturday a ceremony held to honor retired army commanders who ended their tenures on July 1, 2023. Army Chief of Staff Osama Askar and commanders of top military branches also took part in the ceremony. The minister granted the retired commanders the state’s awards of the second class after President Abdel Fattah al-Sisi approved the awards in appreciation of their sincere national efforts during their service in the Armed Forces. Addressing the ceremony, the oldest commander extended his thanks to the Armed Forces for providing officers with all potentials to be well qualified at all levels. Meanwhile, the minister conveyed the greetings and appreciation of President Sisi to the retired commanders who have performed their duties with efficiency and dedication to serve and defend the homeland.
Source:Egypt Independent
August 13, 2023 22:23 UTC
BRICS 2023 summit to challenge Western dominance, US dollar, says South Centre chief
The 15th BRICS summit, to be held in South Africa this month, is expected to make the global governance system fairer and counterbalance the dominance of Western countries, Carlos Maria Correa, executive director of the South Centre, told Xinhua on Wednesday. The BRICS group of major emerging economies — Brazil, Russia, India, China and South Africa — will hold its 15th heads of state and government summit in Johannesburg between Aug. 22 and Aug. 24. The summit will be the first in-person BRICS gathering since the COVID-19 pandemic. Altogether, the BRICS nations account for more than 40% of the world population and about 26% of the global economy. “Among my hopes is that the current BRICS group considers the incorporation of other countries,” Correa said.
Source:Daily News Egypt
August 13, 2023 15:24 UTC
IDA launches plots of land, 152 investment opportunities to bridge $3B import gap
CAIRO - 13 August 2023: Industrial Development Authority (IDA) announced the launch of the fifth phase of the electronic map for industrial investment, with an area of 1.7 million meters distributed over 14 governorates. The IDA also announced 152 investment opportunities in the industrial sector today. The authority said in a statement Sunday that these investment opportunities could contribute to bridging a trade gap estimated at about $30 billion. Abdel Karim added these investment opportunities have been shared with relevant stakeholders, such as commerce chambers, and investment and business associations, in order to promote these opportunities and start implementing them. The investment opportunities are now available online on IDA’s website.
Source:Egypt Today
August 13, 2023 14:57 UTC
Sisi stands on flow of investment plans for transport projects nationwide
President Abdel Fattah al-Sisi, on Saturday, conferred with Prime Minister Mostafa Madbouly on the executive status of the investment plan of transportation projects. The meeting was attended by Minister of Planning and Economic Development Hala al-Said, Finance Minister Mohamed Maait, alongside Transport Minister Kamel al-Wazir. The president was, also, briefed on the underway efforts to renovate the railways sector, along with the work flow for upgrading both Metro Lines 1 and 2 in the Greater Cairo and establishing Metro line 4. He, meanwhile, listened to the updates of the underway renovation of ports nationwide. At a meeting with Madbouly and Wazir, the president was briefed on the efforts aimed at localization of the transport industry and railways through cooperation with the private sector and mega international companies.
Source:Egypt Independent
August 13, 2023 14:44 UTC