After winning 2024 Presidential Election: Egyptian president meets with other candidates
CAIRO – 19 December 2023: President Abdel Fatah al-Sisi received Tuesday the three other candidates who were running in the 2024 Presidential Election against him, commending their political performance during the electoral process and their enrichment of diversity on the Egyptian democratic scene. Egypt’s President Abdel Fattah al Sisi secured another presidency term for additional six years after winning the 2024 Presidential Elections with 39.702.541 votes or 89.6% of total valid votes, according to the National Elections Authority. Candidate Farid Zahran won third place in the 2024 presidential elections with a total number of 1,776,952 votes, or 4% of total valid votes. Candidate Abdul-Sanad Yamama got the fourth place with a total number of votes of 822,606 votes, or 1.9% of total valid votes, according to the National Elections Authority. The number of valid votes in the elections reached 44,288,361, while the number of invalid votes is 489,307.
Source:Egypt Today
December 19, 2023 18:45 UTC
Egyptians' participation in 2024 presidential elections 'exceeded expectations': Study
CAIRO - 19 December 2023: A study by the Egyptian Center for Thought and Strategic Studies confirmed that the voting rates in the presidential election, announced by authorities, indicate that participation and voting rates this year exceeded those in previous constitutional elections. The study added that the participation rate in the current elections "exceeded all expectations," reaching 45-50 percent, according to the counting records were submitted to the National Elections AuthorityThe study stated that among the reasons that led to the current state of momentum are the pluralism of the current elections and the ability of different political parties to participate effectively in the electoral scene:The elections included 3 candidates with different party backgrounds, and other parties supported the candidacy of President Abdel Fattah El-Sisi, who does not belong to a political party and decided to run in the elections in his independent capacity. As for the candidate Abdel-Sanad Yamama, he enjoyed the support of the popular base of the Wafd Party, which is considered the oldest political party in Egypt, and his electoral campaign worked to mobilize and vote in his favor. Candidate Farid Zahran was able to present himself as a representative of the opposition parties, as he heads the Egyptian Social Democratic Party, and a number of opposition parties supported him in his campaign and supported his electoral program. The study indicated that the largest share of the crowd was the share of the parties supporting the political leadership, the most prominent of which were the Nation's Future Party and the Homeland Defenders Party, which continued to hold mass meetings throughout the period of preparation for the electoral race.
Source:Egypt Today
December 19, 2023 17:23 UTC
Banks in Egypt post $6.89bln net profits 9M 2023: CBE
The Central Bank of Egypt (CBE) announced that banks operating in the Egyptian market achieved net profits of approximately EGP 212.582bn in the first 9 months of 2023 (9M 2023). According to the CBE’s report released on Monday, banks’ net revenue reached EGP 411.905bn at the end of September 2023, while net activity revenue amounted to EGP 486.126bn. These leading banks include the National Bank of Egypt (NBE), Commercial International Bank (CIB), Banque du Caire, QNB Al Ahly, Credit Agricole – Egypt, Faisal Islamic Bank of Egypt, and Housing and Development Bank. The report further reveals that the net revenue of the top ten banks during Q3 2023 reached EGP 315.620bn, with net activity revenue at EGP 369.144bn and total expenses at EGP 209.661bn. Similarly, the five largest banks reported net revenue of EGP 265.926bn and net activity revenue of EGP 308.590bn at the end of September, while their total expenses amounted to EGP 178.898bn.
Source:Daily News Egypt
December 19, 2023 14:15 UTC
All Russians evacuated from Gaza Strip, relief mission concludes
Russia has wrapped up its mission to evacuate its citizens from the conflict-stricken Gaza Strip, with the final group of 73 people, including 45 children, now awaiting departure from Cairo, Emergencies Minister Alexander Kurenkov said on Monday. “All requests for evacuation have been fulfilled,” Kurenkov declared during a conference call. Kurenkov elaborated on the team’s efforts, highlighting their role in assisting evacuees upon arrival at the Rafah border crossing and facilitating their onward journey to Moscow. “Our personnel provided comprehensive support throughout the process, including medical and psychological care,” he added. Beyond ensuring the safety of Russian citizens, the ministry also delivered a total of 350 tons of humanitarian aid to residents of the Gaza Strip, demonstrating Russia’s commitment to alleviating the plight of civilians caught in the ongoing conflict.
Source:Daily News Egypt
December 19, 2023 13:27 UTC
Communications Ministry signs MoUs with 30 companies to build digital skills for youth
The Ministry of Communications and Information Technology and 30 international and local companies in the field of communications and information technology have signed several memoranda of understanding. The MoUs are part of the “Digital Generations of Egypt” initiatives launched by the ministry. The “Digital Generations of Egypt” initiatives are implemented with several major international universities and local and international companies in the field of communications and information technology. Moreover, the initiatives integrate skills, aiming to refine not only technical skills but also personal skills required by the job market. The signing ceremony was attended by Ghada Labib, Deputy Minister of Communications and Information Technology for Institutional Development, Ahmed Zaher, CEO of the Information Technology Industry Development Agency, and Ahmed Khatib, Director of the National Institute of Communications.
Source:Daily News Egypt
December 19, 2023 12:21 UTC
Gulf Countries top global rankings for residential property investment in 2024
The inaugural “Housearch Investment Index” has propelled Gulf nations to the forefront of global residential property investment for 2024. Dubai, within the United Arab Emirates, has long been a magnet for international property investors, renowned for its luxurious offerings, investor-friendly business environment, and near-zero tax regime. Beyond Dubai, the Index highlights Oman and Qatar’s growing traction, drawing global investors seeking reliable and stable cash flows. Mark Wilson, Adviser to CEO and Head of Research at Housearch, stated: “Oman and Qatar’s strong showing in our 2024 Index signifies a growing investor confidence in the Gulf region as a whole. Its 2024 findings reflect a shifting landscape in global real estate investment, with the Gulf countries emerging as key players.
Source:Daily News Egypt
December 19, 2023 08:04 UTC
Man City looking to 'close the circle' with Club World Cup win, Guardiola says
City, who won their first Champions League title this year, are yet to win the Club World Cup, a trophy Guardiola won twice with Barcelona and once with Bayern Munich. The last 10 editions of the Club World Cup have been won by European sides and City will be firm favourites when they take on Asian Champions League holders Urawa at King Abdullah Sports City Stadium in Jeddah on Tuesday. However, Guardiola urged caution, pointing to the strength of Japanese football, with Japan's national team, the 'Samurai Blue', having recorded wins over Spain and Germany in last year's World Cup. "When you play the Club World Cup there is no tiredness. "Almost all of us never won - and as a club we never won - and we want to do it.
Source:Egypt Today
December 19, 2023 07:13 UTC
Banks In Egypt Post EGP 212.58Bn Net Profits 9M 2023: CBE
(MENAFN- Daily News Egypt) The Central Bank of Egypt (CBE) announced that banks operating in the Egyptian market achieved net profits of approximately EGP 212 in the first 9 months of 2023 (9M 2023). According to the CBE's report released on Monday, banks' net revenue reached EGP 411 at the end of September 2023, while net activity revenue amounted to EGP 486. These leading banks include the National Bank of Egypt (NBE), Commercial International Bank (CIB), Banque du Caire, QNB Al Ahly, Credit Agricole – Egypt, Faisal Islamic Bank of Egypt, and Housing and Development Bank. The report further reveals that the net revenue of the top ten banks during Q3 2023 reached EGP 315, with net activity revenue at EGP 369 and total expenses at EGP 209. Similarly, the five largest banks reported net revenue of EGP 265 and net activity revenue of EGP 308 at the end of September, while their total expenses amounted to EGP 178.
Source:Daily News Egypt
December 19, 2023 01:50 UTC
Talks resume in Cairo over Ethiopia’s disputed dam
Egypt, Ethiopia, and Sudan resumed negotiations over the Grand Ethiopian Renaissance Dam (GERD) on Monday in Cairo, with the ministers of water and irrigation from the three parties present. He noted that filling and operating the dam without an agreement is a violation of the Declaration of Principles signed in 2015. On 13 July, Egypt’s President Abdel Fattah Al-Sisi and Ethiopia’s Prime Minister Abiy Ahmed met in Cairo to discuss the GERD issue and end the deadlock in the talks. The two leaders agreed to start urgent negotiations to finalize the agreement on the filling and operation of the dam. Ethiopia also reiterated its commitment not to harm Egypt’s and Sudan’s shares of water during the filling of the dam.
Source:Daily News Egypt
December 18, 2023 20:47 UTC
Egypt’s property prices soar in 2023
The current year has seen a remarkable surge in real estate prices in Egypt, especially in new cities. According to real estate developers, consultants, and marketers, prices have risen by more than 100%. The increase has affected not only the purchase prices but also the rental prices of real estate. North Coast leads the marketThe North Coast has been the most sought-after location in the current year, as it is one of the most attractive coastal tourist destinations with promising investment opportunities. Fekry attributed the increase in real estate prices this year to two reasons.
Source:Daily News Egypt
December 18, 2023 14:06 UTC
Opinion: Brace yourself. The elections of 2024 could shock the world
David A. Andelman CNNNext year, countries with more than half the world’s population will hold elections, as The Economist noted. As I’ve seen over the past two years chronicling the world’s elections, patterns, at times chilling, have emerged. In February, the world’s two most populous Muslim nations — Pakistan and Indonesia – have elections within a week of each other. Pakistan will hold its first general election since popular but divisive former Prime Minister Imran Khan was removed on corruption charges. Prime Minister Narendra Modi devoted his first term to cementing an unyielding Hindu nationalism.
Source:Egypt Independent
December 18, 2023 13:01 UTC
ZARA apologizes for advertising campaign following global boycott campaigns
International fashion brand ZARA has apologized and withdrawn its latest advertising campaign featuring models with missing limbs and white-wrapped statues, following intensive boycott campaigns around the world that believed the advertisement was distastefully mocking the victims of Gaza. ZARA in the crosshairs of public outrageIn one of the campaign images, a model appears carrying another model wrapped in white. Inditex, the company that owns the ZARA brand, said that the change came a regular procedures for updating content. Instead, its latest campaign sparked anger on social media with tens of thousands of angry comments, many of which carried Palestinian flags. The “#BoycottZara” or “Boycott ZARA” hashtag trended on the “X” platform (formerly Twitter), as many activists around the world organized peaceful protests in front of and inside ZARA-brand stores.
Source:Egypt Independent
December 18, 2023 11:07 UTC
Three companies vie for Telecom Egypt’s tower portfolio in $250mln deal
Telecom Egypt is in talks with three local and foreign companies for the potential sale and lease-back of a portion of its tower portfolio, with bids ranging from $150m to $250m. Selling and leasing back towers has become a popular strategy for telecom companies worldwide, offering a cost-effective alternative to outright ownership. Adding to the positive financial outlook for Telecom Egypt, Naeem Securities Research recently raised the company’s fair share value. Telecom Egypt’s financial performance remains strong, despite a 3.7-fold increase in financing costs during the first nine months of 2023. This growth was driven primarily by a 22% rise in data services revenue, which now accounts for 74% of the company’s total revenue growth.
Source:Daily News Egypt
December 18, 2023 07:03 UTC
Driving Sustainable Development: Insights from the Ministry of International Cooperation's 2023 Annual Report
According to the report, these funds were directed to several priority sectors in support of the efforts undertaken by the state to implement major development projects, in implementation of the sustainable development goals. While the social housing sector and water and sanitation networks received financing worth $1.77 billion, from the Swedish International Fund, the French Development Agency, Germany, the International Islamic Trade Finance Corporation, and the World Bank Group. In the health sector, the Ministry concluded development financing worth $136 million from the United States of America, Germany, and the European Union. Financing in the local development sectors amounted to $90 million, from the World Bank, the United States of America, Canada, and China, and trade and industry financing amounted to $53 million, from the European Bank for Reconstruction and Development and the Islamic Development Bank. For more details about the annual report of the Ministry of International Cooperation:https://moic.gov.eg/ar/page/annual-report-2023
Source:Egypt Today
December 18, 2023 06:44 UTC
FRA amends resolutions to allow more entities to set up investment funds
This amendment enables closed investment fund companies to issue multiple batches of documents, streamlining the establishment and operational processes associated with investment funds. 223 introduces amendments with the objective of expanding the range of entities eligible to engage in investment fund activities. These entities are now able to participate in investment fund activities alongside banks, insurance companies, and investment banks. 224 implements amendments that simplify the requirements for conducting investment fund activities. It allows for the issuance of multiple batches of fund documents, eliminating the need to establish and license separate independent investment fund companies for each fund.
Source:Egypt Today
December 18, 2023 00:03 UTC