GAFI registers first company through its digital platform
CAIRO - 9 August 2023: Damietta Green Ammonia Production Company completed its establishment within the first phase of the service of establishing companies through GAFI’s electronic portal. Prime Minister Mostafa Madbouly, witnessed the establishment of the first company electronically through the digital platform of the General Authority for Investment and Free Zones (GAFI). GAFI will handle the remaining incorporation procedures with external parties involved in the company establishment process, and subsequently send the relevant company documents to the investor via mail. Mr. Hossam Heiba, GAFI CEO, has announced that GAFI has taken a significant step towards enhancing convenience for investors and promoting transparency. The authority has successfully implemented a fully electronic company establishment service.
Source:Egypt Today
August 09, 2023 14:57 UTC
inDrive unveils new Safety Pact to empower users and protect riders
inDrive, the global mobility and urban services platform, today launched a Safety Pact to empower its users and drive safety in ride-hailing. The pact includes a number of initiatives aimed at improving safety for all road users. We know that to maximize safety, all three parties – inDrive, passengers and drivers – must play their part, and so our Safety Pact invites all our users to help make every ride a safe one. The Safety Pact educates drivers and passengers about the app’s safety features, such as the Emergency button and the Share the Ride Route button. The Share the Ride Route button allows users to share their ride route in real-time with a trusted contact.
Source:Daily News Egypt
August 09, 2023 09:16 UTC
Central Bank of Egypt Governor receives delegation from Central Bank of South Sudan
A high-level delegation headed by the Deputy Governor of the Central Bank of South Sudan visited the Central Bank of Egypt (CBE) in Cairo, within the framework of the memorandum of understanding (MoU) previously signed between the two banks in 2021. Hassan Abdallah, CBE Governor, welcomed the delegation, which was accompanied by a group of World Bank experts. During the visit, the delegation toured many institutions and entities of the banking sector, including the Egyptian Banking Institute (EBI), where they discussed means of cooperation in the areas of training, capacity development and qualification of banking professionals in the State of South Sudan. The delegation visited the Egyptian Anti-Money Laundering and Combating Terrorist Financing System (AML/CTF), where it was received and welcomed by the Chairperson of its Board of Trustees. Additionally, the delegation visited the Financial Regulatory Authority’s (FRA) headquarters in the Smart Village, where it was received by the Chairperson of the Authority, who explained the important role FRA plays in monitoring the non-banking financial sector.
Source:Daily News Egypt
August 09, 2023 08:23 UTC
Al-Sisi receives Serbia’s Prime Minister to discuss bilateral relations
Egypt’s President Abdel Fattah Al-Sisi met on Tuesday with Deputy Prime Minister and Minister of Defence of Serbia Miloš Vučević. The meeting was also attended by Egypt’s Minister of Defence and Military Production Mohamed Zaki. Ahmad Fahmy, the spokesperson for the presidency, said that Al-Sisi conveyed his greetings and appreciation to President of Serbia Aleksandar Vučić. Al-Sisi confirmed that Egypt values the firm historical bonds the two countries share, and is committed to further advancing bilateral cooperation in all fields, including defence. The president emphasized that Egypt seeks to invigorate the two countries’ partnership, to be commensurate with their potential across all levels.
Source:Daily News Egypt
August 09, 2023 00:26 UTC
Niger coup: Why an Ecowas-led military intervention is unlikely
Ecowas leaders gave the Nigerien military junta an ultimatum to cede power within seven days of 30 July or face a military intervention. However, hopes of a Nigeria-led Ecowas military intervention in Niger now appears dim. Why military intervention is unlikelyThere are three main reasons why the use of force is becoming more unlikely. A military intervention in Niger which could result in a full blown war would embolden terrorist groups. Way forward for NigerSince military intervention to restore democracy is unlikely, diplomacy remains the only solution.
Source:Daily News Egypt
August 08, 2023 21:21 UTC
Egypt's Top 10 Developers Revealed With 88% Sales Increase In 1H 2023
Mountain View also recently launched its North Coast project (LVLS) and is expected to have high sales growth in Q3. Emaar was not in the top 10 for the first time, achieving total sales of EGP 8.85bn. However, in July, Emaar generated EGP 10bn following the launch of its latest project,“Soul” in the North Coast. Saudi Egyptian Developers (SED) achieved EGP 8.8bn in sales, driven by its“Marina M8” project with sales of EGP 4bn. Al-Ahly Sabour generated total sales of EGP 6.7bn, doubling its sales in comparison to the same period last year.
Source:Daily News Egypt
August 08, 2023 15:40 UTC
First shipment of Egypt pharmaceutical products sent to Zimbabwe
CAIRO – 8 August 2023: The Egyptian Medicines Authority dispatched the first shipment of pharmaceutical products from a group of Egyptian companies to Zimbabwe, on Monday, according to a statement from the Egyptian Authority,The shipment was sent in light of a tripartite partnership between Egypt, Zimbabwe and the UAE, the statement added. A memorandum of understanding was signed between the two Egypt and Zimbabwe in May 2023; it contributes to the entry of high-quality Egyptian pharmaceutical products into the state of Zimbabwe. Head of the Egyptian Medicines Authority Tamer Essam voiced Egypt's aspiration to deepen the joint relations between the two countries, stressing the strategic importance of the state of Zimbabwe, which is the main gateway for the entry of Egyptian pharmaceuticals into South African countries.
Source:Egypt Today
August 08, 2023 14:44 UTC
Central banks go on gold buying spree in first half of 2023: Saxo Bank
China’s central bank was the biggest buyer, adding 195 tons of gold to its reserves, followed by Singapore’s central bank, which added 75 tons. Saxo Bank said that the record gold buying by central banks comes as inflation is rising around the world, and as geopolitical tensions are increasing. Maersk warns of global trade downturnDanish shipping and logistics group Maersk warned on Monday that it expects global trade to contract in the coming months. The FAO said that the increase in food prices was driven by higher prices for cereals, sugar, and vegetable oils. The FAO warned that the increase in food prices could have a negative impact on food security in developing countries.
Source:Daily News Egypt
August 08, 2023 12:30 UTC
Saudi EdTech startup YaSchools raises $600,000 seed round
YaSchools, a Saudi startup specializing in educational management solutions, has successfully closed a $600,000 Seed round of funding from a group of angel investors. YaSchools offer the region’s first-of-its-kind platform to manage the educational ecosystem, acting as the facilitator between all stakeholders—such as schools, teachers, and students—involved in the educational process. The platform utilizes big data, artificial intelligence, and financial technologies that can assist in processing tasks in an autonomous and fast-paced manner. Since the launch of micro-lending services in early 2023, YaSchools has received financing requests worth more than $40m. Currently, YaSchools has 1,750 registered schools and serves 2,500 teachers and more than 92,000 parents.
Source:Daily News Egypt
August 08, 2023 12:24 UTC
Chinese CSCEC to boost business, expand urban development across Egypt
Beijing – China State Construction Engineering Corporation (CSCEC) stated that it cares about developing all Egypt’s areas and to keep cooperation and coordination with Egypt due to long relations between Egypt and China. During a meeting with Egyptian journalists in CSCEC headquarter in Beijing, the company said that it has enjoyed a strong friendship with Egypt for a long time for more than 20 years of cooperation. The company added that this cooperation stems from the strong relations between Cairo and Beijing, not only in the field of construction but in all other infrastructure fields. CSCEC has a responsibility to strengthen cooperation with Egypt in the future going beyond the development of the Central Business District at New Administrative Capital and its Iconic Tower and New Alamein skyscrapers. The company said: “We are very interested in the great development that Egypt is witnessing, especially in recent times.”© 2022 Daily News Egypt.
Source:Daily News Egypt
August 08, 2023 04:50 UTC
Egypt’s top 10 developers revealed with 88% sales increase in 1H 2023
The top 10 real estate developers in Egypt reported total sales of EGP 168bn in the first half of 2023 (1H 2023), an increase of 88% from the same period last year, according to a report by The Board Consulting. Mountain View also recently launched its North Coast project (LVLS) and is expected to have high sales growth in Q3. Runners-up outside the ‘Top 10 list’• Emaar was not in the top 10 for the first time, achieving total sales of EGP 8.85bn. • Saudi Egyptian Developers (SED) achieved EGP 8.8bn in sales, driven by its “Marina M8” project with sales of EGP 4bn. • Al-Ahly Sabour generated total sales of EGP 6.7bn, doubling its sales in comparison to the same period last year.
Source:Daily News Egypt
August 08, 2023 01:04 UTC
Egypt’s President grants Order of the Nile to Bohra Sultan
Egypt’s President Abdel Fattah Al-Sisi received on Monday Sultan Mofaddal Seif El-Din, the Sultan of the Bohra sect in India, and granted him the Order of the Nile, in appreciation of his continuous efforts in Egypt on the cultural, charitable and societal levels. The Dawoodi Bohras are a religious denomination within the Ismā’īlī branch of Shia. The meeting was attended by Abbas Kamel, the Head of the Egyptian General Intelligence Service, and Mufaddal Muhammad Hassan Ali, the representative of the Bohra Sultan in Cairo, in addition to his sons, Jaafar Al-Sadiq Imad Al-Din, Taha Najm Al-Din, and Hussein Burhan Al-Din. Ahmed Fahmy, the official spokesperson for the Presidency of the Republic, stated that the president welcomed Mofaddal Saif Al-Din as a dear guest of Egypt, praising the historical relations between Egypt and the Bohra sect. Bohra’s Sultan expressed his deep appreciation for Egypt.
Source:Daily News Egypt
August 08, 2023 00:31 UTC
President Sisi meets Sultan of Indian Bohra community, awards him Nile Sash
CAIRO – 7 August 2023: Egypt’s President Abdel Fattah al Sisi met with the Sultan of Bohra Community in India, Mufaddal Saifuddin, who was accompanied by his sons Prince Ja’far El-Sadiq Imadduddin, Prince Taha Najmuddin, and Prince Husain Burhanuddin. According to Presidency Spokesperson, Ahmed Fahmy, the meeting was also attended by Chief of the General Intelligence Service, Major General Abbas Kamel, as well as the Sultan’s representative in Egypt, Mufaddal Mohammad. President Sisi welcomed Sultan Mufaddal Saifuddin as a dear guest of Egypt, and lauded the historical relations between Egypt and the Bohra community. Sultan Mufaddal Saifuddin commended the ongoing progress realized under the President's leadership as well as the development achievements realized across various fields in Egypt. President Sisi awarded Sultan Mufaddal Saifuddin, Sultan of the Bohra community, the Nile Sash, in recognition of his ongoing efforts in Egypt at the cultural, charitable and community levels.
Source:Egypt Today
August 07, 2023 17:11 UTC
Grinta Bolsters Egyptian Presence With Acquisition Of Auto-Cure
Auto-Cure is a B2B e-commerce platform founded in 2022 serving independent pharmacists in Alexandria, Egypt. The Company was founded by Mohamed Rezk and his cofounder Amr Kamel, Mohamed Rezk will be joining as a partner at Grinta and leading the Commercial Team. Mohamed Rezk, Founder and CEO of Auto-Cure shares,“Joining hands with Grinta is incredibly exciting for us, our commitment to digitizing the market and delivering customer satisfaction has led us to joining Grinta's brilliant team. Auto Cure has dispatched 5,000 orders and served 450 pharmacies over the past 18 months. Auto cure is a startup digitizing the pharmaceutical market through a multivendor B2B platform.
Source:Daily News Egypt
August 07, 2023 15:40 UTC
Sudanese Foreign Ministry spokesperson thanks Egypt for supporting Sudanese people
CAIRO – 7 August 2023: Sudanese Foreign Ministry spokesperson Khaled Ibrahim described the Sudanese-Egyptian relations as ‘firm’ on Monday. He expressed his thanks in televised statements to Egypt and President Abdel Fattah al Sisi for supporting the Sudanese people. He pointed out that the Sudanese Foreign Ministry is open to all initiatives, and that there is communication between Sudan and all of its 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 07, 2023 15:19 UTC