EFG Holding aims to raise $300mln in Vortex 4’s second funding round
Egypt - EFG Holding Group’s Vortex Energy has opened subscriptions for the second funding round of its Vortex 4 fund, aiming to raise $300m. Vortex Energy has committed to investing €625m in Ignis over time and is considering a new acquisition of a significant player in the renewable energy sector. To date, Vortex’s investment in Ignis Energy totals around €398m. The Spanish company’s portfolio now includes solar energy projects exceeding 1 gigawatt capacity, having secured the necessary construction approvals. Established in 2014, Vortex Energy is a renewable energy investment platform backed by EFG Hermes’ direct investment arm.
Source:Daily News Egypt
December 14, 2023 18:35 UTC
Egypt increases fuel shipments to Gaza
In addition to increasing fuel shipments, Egypt has also agreed to open two border crossings with Gaza, Karam Abu Salem and the Rafah crossing. This will allow for the faster and easier delivery of humanitarian aid to Gaza. Egypt has also delivered 5,073 tons of other humanitarian aid, including 48 ambulances. Egypt has also taken in 773 wounded Palestinians from Gaza for treatment in Egyptian hospitals. The Egyptian government has said that it will continue to work to provide humanitarian aid to Gaza and to help end the conflict.
Source:Egypt Today
December 14, 2023 17:53 UTC
PM issues decision to enforce printing prices on commodities
CAIRO – 14 December 2023: During a meeting held by Prime Minister Mostafa Madbouly to regulate markets and commodity prices, a decision was made to enforce the printing of prices on all manufactured commodities. This came as part of a set of governance procedures aimed at curbing price hikes resulting from intermediaries between producers and consumers. The meeting was attended by Minister of Supply and Internal Trade Ali Al-Moselhi, Minister of Planning and Economic Development Hala El-Said, Minister of Trade and Industry Ahmed Samir, and other ministry officials. Furthermore, the plan includes boosting market measures through intensified monitoring campaigns. Additionally, a permanent committee under the Council of Ministers will be established to regularly monitor the prices of crucial food commodities.
Source:Egypt Today
December 14, 2023 17:09 UTC
Al-Sisi Reiterates Egypt's Support For DRC's Development Initiatives
(MENAFN- Daily News Egypt) President Abdel Fattah Al-Sisi has reiterated Egypt's commitment to aiding the Democratic Republic of the Congo (DRC) with its development initiatives, reflecting the longstanding and unique ties between the two nations. The affirmation came during a phone conversation on Wednesday with DRC President Felix Tshisekedi. Presidential spokesperson Ahmed Fahmy reported that the discussion covered bilateral relations, with both leaders reviewing key cooperation areas and expressing a mutual eagerness to broaden these ties. “The dialogue also addressed the African continent's situation, where both presidents underscored their dedication to enhancing collective African efforts to foster stability, peace, and security, and to intertwine these efforts with developmental pursuits, aligning with the African peoples' hopes,” stated the spokesperson.
Source:Daily News Egypt
December 14, 2023 11:00 UTC
Gaza humanitarian crisis escalates amid ongoing Israeli offensive
The Gaza-based Health Ministry reports that medical teams in refugee camps have dealt with 325,000 cases of infectious diseases, raising concerns of an impending health catastrophe. The Ministry of Health in Gaza has disclosed that the toll of the Israeli offensive on Gaza has reached 18,608 dead and 50,594 injured. In the West Bank, Israeli occupation forces continued for the second day to storm the city of Jenin and its camp, resulting in the death of eight Palestinians, including a child. The occupation forces expanded their aggression against Jenin, including most of the city’s neighbourhoods. The Palestinian Ministry of Health announced that the number of martyrs in the occupation forces’ storming of the Jenin camp had risen to seven.
Source:Daily News Egypt
December 14, 2023 05:31 UTC
Cybersecurity in AI era: Evolution of threat landscape in 2023
Kaspersky’s experts have unveiled the significant impact of AI on the cybersecurity landscape of 2023 in their latest report. Kaspersky’s researchers demonstrate how AI tools have aided cybercriminals in their nefarious activities in 2023 and also present the defensive capabilities of this technology. In the upcoming year, scammers might enhance their schemes by employing neural networks and using AI tools to generate more authentic-looking fraudulent content. The ease of creating convincing images and videos raises the risk of intensified cyber threats associated with fraud and scams. Despite these developments, Kaspersky’s experts maintain a cautious stance regarding AI’s immediate impact on the threat landscape.
Source:Daily News Egypt
December 14, 2023 03:41 UTC
Al-Sisi poised to win big in Egyptian presidential election
Egyptian President Abdel Fattah Al-Sisi secured a resounding victory in the 2024 presidential elections, according to preliminary results released on Wednesday. Public committees across the country reported Al-Sisi leading by a considerable margin, with his vote share ranging from 85% to 95%. This process involves verifying the number of ballot papers matches the number of voters and registered voters in each district. This marks the fifth multi-party presidential election held in Egypt since 2005, and the third since the 2013 revolution. With these preliminary results, President Al-Sisi appears poised to secure a third six-year term in office, solidifying his leadership in Egypt.
Source:Daily News Egypt
December 13, 2023 22:30 UTC
Egypt commends UAE for successful COP28, welcomes conference outcomes
Egypt’s Ministry of Foreign Affairs on Wednesday expressed its appreciation for the successful conclusion of the Climate Conference in Dubai, which resulted in several historic decisions. The United Arab Emirates (UAE) was lauded for its exemplary organization of the 28th session of the Conference of the Parties (COP28) to the Framework Convention on Climate Change. The Ministry’s statement also recognized the landmark achievement of releasing the first global assessment of climate action efforts since the Paris Agreement, along with establishing a framework for the global adaptation goal. Egypt views the UAE’s success as a notable addition to Arab accomplishments in the climate arena, building on the progress made at COP27 in Sharm El-Sheik. Foreign Minister Sameh Shoukry, who presided over COP27, extended his congratulations to COP28 President Sultan Al Jaber for his leadership during the extensive negotiations held in Dubai over the past two weeks.
Source:Daily News Egypt
December 13, 2023 22:30 UTC
Egypt: Six banks collaborate on $64mln financing for Abd El Salam El Feky & Partners
Egypt - Led by the Export Development Bank of Egypt (EBank), a consortium of six banks has orchestrated a joint financing package worth EGP 2bn for Abd El Salam El Feky & Partners, a firm specializing in contracting and engineering consultations. This financial collaboration, which includes the Housing and Development Bank (HDB), United Bank, Suez Canal Bank, MID Bank, and National Kuwait Bank (NBK), aims to fund the renovation of Alexandria Port’s main breakwater and other initiatives designed to enhance Egypt’s port infrastructure. Ahmed Galal, EBank’s Chairperson, emphasized the bank’s commitment to national projects, noting that upgrading the Grand Port of Alexandria is fundamental to improving the maritime transport sector’s efficiency. He expressed confidence that such projects would inspire further investment in port development. © 2022 Daily News Egypt.
Source:Daily News Egypt
December 13, 2023 18:58 UTC
Egypt strongly condemns terrorist attack in Pakistan’s Khyber Pakhtunkhwa
The Egyptian Foreign Ministry has issued a statement vehemently condemning the recent terrorist attack in northwestern Pakistan’s Khyber Pakhtunkhwa province, which resulted in casualties and injuries. Responsibility for the attack was claimed by the Pakistan Jihad Movement, an emergent militant group linked to the Pakistani Taliban. Interim Prime Minister of Pakistan, Anwar Al-Haq Kakar, has denounced the attack and reaffirmed his administration’s commitment to combating terrorism and extremism. He asserts that such attacks will not undermine the resolve of Pakistan’s security forces. The incident marks a concerning uptick in terrorism-related activities within the country, particularly in Khyber Pakhtunkhwa, where over 470 security personnel and civilians have been killed.
Source:Daily News Egypt
December 13, 2023 17:07 UTC
Al-Sisi Affirms Nile Basin Cooperation As Pillar Of Egyptian-African Relations
(MENAFN- Daily News Egypt) President Abdel Fattah Al-Sisi has reiterated the significance of collaboration with Nile Basin countries as a cornerstone of Egypt's engagement with Africa. This cooperation leverages Egypt's human capital and expertise in water resources and other sectors, fostering numerous development initiatives that serve the African continent. The President's comments came during a Tuesday meeting with Prime Minister Mostafa Madbouly, General Intelligence Service Chief Abbas Kamel, and Water Resources and Irrigation Minister Hani Sweilam. According to Presidential Spokesperson Ahmed Fahmy, the meeting addressed recent progress in joint irrigation and water resource projects with Nile Basin nations. Discussions focused on enhancing rainwater storage, securing drinking water sources, purifying waterways, mitigating flood risks, and constructing river ports.
Source:Daily News Egypt
December 13, 2023 16:47 UTC
Space Tank sets sights on new developments, expansion in Egypt by 2024
Space Tank, a firm specializing in the management of commercial establishments and service centres, has launched operations in Egypt. The company’s expertise lies in providing consultations, developing commercial units, and attracting top international agencies. Space Tank is actively developing two ongoing projects and plans to broaden its reach across all Egyptian governorates and the northern coast by 2024. Space Tank is recognized for its capability to lease and sell commercial units and for drawing renowned international brands. Shady Selim, CEO of Space Tank, announced plans to introduce more commercial and entertainment projects, capitalizing on the company’s ability to attract premier international partners.
Source:Daily News Egypt
December 13, 2023 16:12 UTC
Man United out of Europe after 1-0 home loss to Bayern Munich
Bayern, who beat United 4-3 in their previous meeting in Munich, had already secured top spot in the group. That is the ambition, to go and win the Champions League." Asked if he would look back on the team's Champions League campaign with regret Ten Hag said: "Not with regret. United had just one shot on target, but several scoring chances, including a couple from Bruno Fernandes early in the second half. United also lost central defender Harry Maguire to a groin injury in the 40th minute on a miserable night.
Source:Egypt Today
December 13, 2023 07:32 UTC
Game Of Thrones star Liam Cunningham criticizes US stance after the UN Security Council meeting
Game Of Thrones star Liam Cunningham criticized US stance after the UN Security Council meeting on Friday. US vetoes resolution on Gaza which called for immediate humanitarian ceasefire. “Utterly utterly disgusting. Moral bankruptcy” Cunningham wrote on his official account on X formerly known as Twitter. Palestinians in Gaza suffered from ongoing Israeli aggression since October 7, resulting in the tragic loss of over 15,000 lives, including 6,150 children, over 4,000 women, and more than 36,000 injuries—a toll that continues to rise.
Source:Egypt Today
December 13, 2023 05:23 UTC
UNCTAD forecasts 5% decline in global trade for 2023
The United Nations Conference on Trade and Development (UNCTAD) has projected a 5% contraction in global trade for the year 2023. According to UNCTAD’s latest world trade report, merchandise trade is poised to decline by 8%, amounting to a $2trn reduction. Consequently, the aggregate global trade is predicted to fall to $30.7trn, marking a 5% dip compared to the previous year. The report notes that multiple factors contributed to the downturn in global trade during 2023, including reduced demand in developed economies, sluggish growth in East Asian countries, and falling commodity prices. Looking ahead to 2024, the outlook for global trade remains uncertain and predominantly negative.
Source:Daily News Egypt
December 12, 2023 20:12 UTC