business : Tax Authority aims to resolve disputes by June 2024
Monday 26 February 2024 01:00 AMRasha Abdel Aal, the head of the Egyptian Tax Authority, has announced that the Tax Authority is working hard to follow the instructions of the Minister of Finance and resolve all tax disputes by June 2024. Abdel Aal spoke at a seminar with the Egyptian Businessmen’s Association and the Tax Authority today. The Tax Authority also emphasized its commitment to continuous and constructive communication with the tax community. The goal of digitizing the tax system is to achieve tax justice and increase revenue by expanding the tax base and including the informal economy in the official system. Sayed Saqr, the Deputy Head of the Egyptian Tax Authority, answered some questions about tax amendments and industry support.
Source:Daily News Egypt
February 26, 2024 00:10 UTC
Cairo pressure Israeli government to implement humanitarian ceasefire: Palestinian Independence Movement
File- Destructions caused by Israeli shelling on the Gaza Strip after the end of the 7-day truce- the photo by Photojournlist Hani El Shaer from GazaCAIRO – 25 February 2024: Cairo is making tremendous efforts to pressure the Israeli occupation government to implement a humanitarian ceasefire, said Mohammed Abu Samra, the head of the Palestinian Independence Movement, on Sunday. During an interview on the Al Hayat Al Youm talk show on Al Hayat channel, he highlighted that they currently possess the initial Paris draft and modifications in the second draft. Additionally, they are negotiating the release of prisoners in exchange for the release of Palestinians and a 45-day ceasefire. Representatives from Egypt, Qatar, the United States, and Israel who met in Paris have agreed on the “basic contour” of a prisoner swap deal, said Jake Sullivan, the US National Security Advisor in a comment to CNN on Sunday. Following the meeting in Doha, the negotiators will proceed to hold discussions in Cairo, with expectations of Hamas delegation participation in both meetings.
Source:Egypt Today
February 25, 2024 22:26 UTC
business : Arab-Turkish-European integration: A project proposal by commerce chambers presidents
Sunday 25 February 2024 10:00 AMAhmed El-Wakil and Rafat Hissar, the presidents of the Egyptian and African Chamber of Commerce and the Turkish Chamber of Commerce, respectively, have proposed a project to study the feasibility and benefits of Arab-Turkish-European integration. The project aims to link European and Turkish companies with their counterparts in Egypt, Tunisia, and Palestine, and foster trilateral cooperation in various sectors. The proposal was presented at the fifth meeting of Arab-Turkish chambers on Saturday, 24 February 2024. El-Wakil stressed the importance of this project, which is inspired by the EU Global Bridges initiative, as a way to enhance the economic and social development of the participating countries. He mentioned some examples of successful Egyptian companies, such as Orascom, Hassan Allam, Petrojet, Eni, Ezz Steel, and Arab Contractors.
Source:Daily News Egypt
February 25, 2024 18:32 UTC
Communications Ministry aims to create supportive environment for AI: Assistant Minister
Khaled El-Attar, Deputy Minister of Communications and Information Technology for Administrative Development and Digital Transformation, said that the Ministry of Communications is working on regulating and developing a supportive environment for artificial intelligence while ensuring the protection of stakeholders and achieving governance. She said that IBM launched the IBM WatsonX platform last May, representing the company’s technological expertise to maximize the benefits of artificial intelligence. He said that it consists of three platforms: WatsonX.ai, WatsonX.data, and WatsonX.governance, all geared towards commercial use and empowering innovators in the field of artificial intelligence. He noted that the current challenge lies in developing artificial intelligence languages to minimize errors and achieve reliable applications. According to a study conducted by IBM with its clients, approximately 42% of the surveyed institutions effectively utilize artificial intelligence in their operations.
Source:Daily News Egypt
February 25, 2024 14:20 UTC
Egypt, Equatorial Guinea in talks to sign cooperation agreements
CAIRO – 25 February 2024: Egyptian Ambassador to Malabo Hadad al-Gohary met with President of Equatorial Guinea Obiang Nguema Mbasogo to follow up on bilateral cooperation. President Obiang commended the current collaboration in the medical sector as Egyptian doctors have begun flowing into the hospitals of Equatorial Guinea. The two sides also conferred over prospective agreements that would be signed by both countries in various sectors. The president valued the winning of Egyptian researchers in one of the categories of the UNESCO-Equatorial Guinea International Prize for Research in the Life Sciences in 2023 and 2024.
Source:Egypt Today
February 25, 2024 12:27 UTC
Egypt to unveil two major projects similar to Ras El-Hekma within two months
Egypt is poised to announce two additional large-scale projects, mirroring the recently unveiled $35bn Ras El-Hekma development deal with the UAE, sources close to the matter told Daily News Egypt. Details remain scarce, but they are expected to be similar in scope and ambition to the Ras El-Hekma project. The Ras El-Hekma development will be done through a private consortium led by Abu Dhabi-based investment and holding company ADQ. The sources explained that the Ras El-Hekma Development Company has been established, and support work will commence within two months. The Egyptian government will retain a 35% stake in the Ras El-Hekma development.
Source:Daily News Egypt
February 25, 2024 12:01 UTC
Egypt seeks manufacturing, trade cooperation with Arab, Turkish partners
Minister of Trade and Industry Ahmed Samir called on the business community in Arab and Turkish countries to use their strong political ties to boost economic cooperation in various sectors, such as joint manufacturing, integration of inputs, bilateral trade, transportation and logistics, agriculture and food production, and energy networks. Samir made these remarks at the opening session of the Fifth Joint Meeting of Arab and Turkish Chambers, hosted by the General Union of Egyptian Chambers of Commerce in Cairo under the theme “Together for Joint Manufacturing and Tripartite Cooperation.” The meeting aimed to discuss ways to promote development for the peoples of Arab and Turkish nations in this critical stage of the global economy. Samir praised the growth of economic relations between Egypt and Türkiye, despite the diplomatic estrangement that lasted for a decade. Samir urged the Arab and Turkish chambers of commerce to take advantage of the opportunities offered by the New Suez Canal Axis, the Golden License, and the state property policy. He noted that Türkiye is one of the world’s leading countries in contracting, and Arab countries have many giant companies in this field.
Source:Daily News Egypt
February 25, 2024 10:47 UTC
Photos: Egypt sets up second camp for 4,000 displaced Palestinians in southern Gaza
CAIRO – 24 February 2024: Egypt is establishing a second camp in Khan Younis, southern Gaza, to accommodate around 4,000 displaced Palestinians amidst the dire humanitarian situation in the war-ravaged strip. Additionally, Egypt will establish a field hospital and two relief aid distribution centers in Rafah city, along with another camp for displaced Palestinians in the central Gaza city of Deir Al Balah. The population in Gaza is suffering from severe food shortages, as Israeli authorities impose heavy restrictions on aid delivery, including prolonged inspection procedures. Israeli forces have denied over 50% of aid delivery and assessment missions to areas in desperate need, such as north of Wadi Gaza, according to the UN. Ceasing hostilitiesMeanwhile, Egypt has warned against Israeli plans to launch a military operation in Rafah, a refuge for over 1 million Palestinians displaced by the war, as well as its 200,000 resident population.
Source:Egypt Today
February 24, 2024 20:40 UTC
Egypt denies alleged breach of its airspace by Israeli military aircraft
Egypt on Saturday denied reports alleging Israeli aircraft breached its airspace, according to an unnamed Egyptian security source. Egypt categorically denied media reports that Israeli military aircraft penetrated Egyptian airspace, the security source was quoted as saying by Egypt’s Al-Qahera News TV. An investigation conducted by the “Arabic Post” news website, claimed that an Israeli military aircraft entered the Egyptian territory about 100 times since the start of the war on Gaza on Oct 7, 2023, until Feb. 23, 2024. During one of its flights, this aircraft entered a depth of 172 kilometres inside Egypt from the side of the border with Gaza, claimed the Arabic Post. Egypt, which signed a peace treaty with Israel in 1979, has for years been a key regional peacemaker in the decades-long Palestinian-Israeli conflict.
Source:Daily News Egypt
February 24, 2024 17:34 UTC
Egypt's Sisi, Eritrean President talk enhancing presence of Egyptian companies in Eritrean market
CAIRO - 24 February 2024: Egyptian President Abdel Fattah El-Sisi received Eritrean President Isaias Afwerki at the Etihadiya Palace in Cairo. Ahmed Fahmy, the official spokesman for the Presidency of the Republic, said that the discussions between the two presidents included the president welcoming the visit of the Eritrean president to Egypt. The discussions focused on activating trade exchange between the two countries and enhancing investment flow by supporting the presence of Egyptian companies in the Eritrean market in sectors of interest and priority to both sides, and in which Egyptian companies have comparative advantages and accumulated experience. President Abdel Fattah El Sisi on Saturday posed for a photo op with Eritrean President Isaias Afwerki at the Ittihadiya Presidential Palace. An official reception ceremony was held to welcome the Eritrean president and the national anthems of both countries were played.
Source:Egypt Today
February 24, 2024 13:20 UTC
Egyptian and Eritrean Presidents discuss boosting relations
CAIRO - 24 February 2024: The spokesperson for the presidency, Dr. Ahmed Fahmy, stated that the discussions between the two presidents included the Egyptian President's welcoming of the Eritrean President's visit to Egypt and the confirmation of both sides' interest in continuing to develop bilateral relations to achieve a leap in the level and depth of cooperation between them in various economic, trade, and security fields. The talks focused on stimulating trade exchange between the two countries and enhancing investment flow through supporting the presence of Egyptian companies in the Eritrean market in sectors of mutual interest and priority, where Egyptian companies have relative advantages and accumulated expertise. The spokesperson added that the talks also covered regional situations, particularly developments in the Red Sea, where the presidents discussed the serious security developments in the region and emphasized the importance of de-escalation and containment of the situation. They stressed the need for an immediate ceasefire in the Gaza Strip to pave the way for full and sustainable humanitarian access to the sector and to initiate the two-state solution process for the establishment of an independent Palestinian state according to internationally recognized references. Furthermore, the presidents discussed developments in the Horn of Africa, agreeing on the necessity of respecting Somalia's sovereignty and supporting it in rejecting all measures that diminish this sovereignty.
Source:Egypt Today
February 24, 2024 12:35 UTC
Egypt, Qatar, US, Israel officials conclude Paris talks on Gaza ceasefire: Official
CAIRO – 23 February 2024: The meeting between officials from Egypt, Paris, the United States and Qatar taking place in Paris today to secure a ceasefire and a prisoner swap deal in Gaza has come to an end, according to an Egyptian official source. A “positive atmosphere” has prevailed in the talks, sources told Al Qahera News with disclosing further details. Israel is threatening to implement its Rafah offensive by Ramadan, brushing aside global condemnations. While the United States participate in the ceasefire talks, it blocked an Arab-backed resolution demanding an immediate humanitarian ceasefire in Gaza during a vote at the Security Council on Tuesday. Over 140 days, the Israeli forces have killed almost 30,000 people and injured almost 70,000 others in Gaza, according to the health ministry in Gaza.
Source:Egypt Today
February 23, 2024 20:44 UTC
UAE invests $35bn to develop Ras Al Hekma City in Egypt
Egypt and the United Arab Emirates (UAE) signed a real estate investment deal on Friday, granting Abu Dhabi Developmental Holding Company (ADQ) the rights to develop the Ras Al Hekma project for $24bn. Ras Al Hekma DevelopmentRas Al Hekma is a coastal area located approximately 350 kilometres northwest of Cairo. This investment marks a pivotal step towards establishing Ras Al Hekma as a premier Mediterranean vacation destination, a financial hub, and a free zone equipped with infrastructure to boost Egypt’s economic and tourism growth potential. The Egyptian government will retain a 35% stake in the Ras Al Hekma development project. Statements from Key FiguresMohamed Hassan Al Suwaidi, Managing Director and CEO of ADQ, said in a statement: “The investment in Ras Al Hekma aligns with our commitment to transforming the area into one of the most prominent coastal destinations by enabling key development and infrastructure projects.
Source:Daily News Egypt
February 23, 2024 19:28 UTC
Egypt to receive $35bn down payment for Ras Al Hekma deal within 2 months
Prime Minister Mostafa Madbouly announced that Egypt will receive $35bn as a down payment for the Ras Al Hekma development deal. The total investment in the development of Ras Al Hekma City is $150bn, and Egypt’s share of the project’s profits is 35%. “Foreign direct investment through Ras Al Hekma development deal contributes to eliminating the parallel market for foreign currency in Egypt.”Madbouly said that the New Urban Communities Authority represents Egypt in the Ras Al Hekma City development deal, while Abu Dhabi Developmental Holding Company (ADQ) represents the UAE. The Prime Minister added that ADQ will establish Ras Al Hekma Company as an Egyptian joint stock company to develop Ras Al Hekma City on an area of 170.8 million square meters. The Prime Minister stated that these agreements will help to stabilize the Egyptian economy and improve the country’s credit rating.
Source:Daily News Egypt
February 23, 2024 19:07 UTC
Things to know about "Ras El Hikma" Deal
The government expects the project to attract investments of up to $150 billion during its development, helping to provide millions of job opportunities and inject liquidity into the Egyptian economy. Under the deal, Cairo will receive $35 billion within two months, including an $11 billion Emirati deposit in the Egyptian Central Bank, in addition to $24 billion to be injected by the United Arab Emirates. Egypt will receive 35 percent of the profits from the Ras Al-Hikma project, and the state will be committed to cash and in-kind compensation for the residents located on the city's lands. Egypt's external debt will decrease by $11 billion as a result of converting the Emirati deposit in the central bank into an investment in the project. As part of this investment, ADQ will transfer $11 billion from the deposits to be used for investment in key projects throughout Egypt to support its economic growth and prosperity.
Source:Egypt Today
February 23, 2024 17:38 UTC