Egypt: Gold Era to open jewellery factory with $32mln investment in 2024
Egypt - Gold Era, a company that trades in gold and silver, plans to open a new factory in Cairo for producing gold bullion and jewellery, with an investment of about EGP 1bn, as part of its expansion plan in 2024. Luca added that Gold Era has several branches in Egypt, as well as two branches in the UAE and one branch in Saudi Arabia. Luca explained that Gold Era produced gold bullion and pounds in different weights and sizes, suitable for all investment portfolios, ranging from a quarter of a gram to a kilo. The director of Gold Era Egypt branches, Osama Zaraay, said that the company plans to open two new branches in Tanta and Mansoura next month, bringing the total number of its branches in Egypt to 10. The company works in the field of manufacturing, importing, and exporting gold bullion, gold coins, and gold jewellery.
Source:Daily News Egypt
November 29, 2023 19:40 UTC
Israel violates Gaza’s truce, Hamas responds
The Israeli occupation army also reported that two of its soldiers were injured in an explosive device explosion in northern Gaza. “The failure of fuel to enter Gaza City and the northern Gaza Strip threatens a major disaster. Al-Thawabta added that the truce revealed the massive extent of destruction, especially in Gaza City and the northern Gaza Strip. For his part, the spokesperson for the Ministry of Health in Gaza, Ashraf Al-Qudra, said that only 3 hospitals are operating in the northern Gaza Strip, indicating that hospitals in the northern Gaza Strip are unable to deal with urgent needs. We demand pressure on the occupation to bring medical aid into the northern Gaza Strip.
Source:Daily News Egypt
November 28, 2023 20:18 UTC
Manufacturing, extractive industries index drops by 3.86% in September 2023
The manufacturing and extractive industries index (excluding crude oil and petroleum products) declined by 3.86% in September 2023, compared to the previous month, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). The manufacture of basic pharmaceutical products and pharmaceutical preparations increased by 3.07%, reaching 118.28 in September 2023, up from 114.76 in August 2023. The manufacture of electrical equipment decreased by 12.16%, reaching 112.51 in September 2023, down from 128.09 in August 2023. The manufacture of transport equipment decreased by 25.63%, reaching 87.68 in September 2023, down from 117.90 in August 2023. The report also updated the index methodology using the base year 2012/2013, and applied the monthly index since January 2020.
Source:Daily News Egypt
November 28, 2023 19:40 UTC
Arab Finance launches “GuROW” to invest in gold, stocks using AI technologies
Egypt - Arab Finance Information Technology, in collaboration with Dahab Masr, AF Securities, and the Opetagolio artificial intelligence platform, today launched its electronic application, GuROW, which specializes in investing through artificial intelligence technologies. The goal of the GuROW application is to empower a new generation of young investors by providing them with access to a wide range of investment tools and developing the Egyptian investment market using the latest technological advancements. Fady Kamel, CEO of Dahab Masr, highlighted the significance of this partnership, calling it a crucial step in a long-standing path of cooperation between the two companies. Shehab Marzban, a member of the Board of Directors and an investor in Opetagolio, emphasized that Arab Finance, through the “GuROW” application, provides a distinguished platform to leverage the power of Opetagolio’s services. This enables a broad segment of individuals to access various savings and investment options through FRA-licensed companies.
Source:Daily News Egypt
November 28, 2023 18:02 UTC
Imports not charged new FX VAT, finance minister
Cairo – November 28, 2023: Minister of Finance, Mohamed Maait, shared that the new value-added tax (VAT) in foreign currency does not apply to imports, mitigating some importers’ concerns over the latest amendments to the tax law. Last week, the Ministry of Finance announced new amendments to the Unified Tax Law, introducing a new foreign currency VAT to be collected for goods and services purchased/invoiced using currencies other than the Egyptian pound. Businesses have the opportunity to settle their VAT payments in the local currency. The new amendment is part of the government’s efforts to curb the foreign currency shortage. The Egyptian government has implemented several initiatives and incentives to combat the shortage by attracting foreign investments and hard currency.
Source:Egypt Today
November 28, 2023 17:55 UTC
Egyptian president sends handwritten message to Emir of Qatar
CAIRO – 28 November 2023: Emir of Qatar Sheikh Tamim Bin Hamad al-Thani received Tuesday a handwritten message from President Abdel Fatah al-Sisi and that was delivered by the Egyptian ambassador to Doha to the Qatari foreign minister. A well-informed source told Al Qahera News that officials from Egypt, Qatar, the United States, and Israel would meet Tuesday in Doha to discuss the extension of the current temporary ceasefire in Gaza. The channel later reported that the chief of Egypt's General Intelligence Directorate had arrived in the Qatari capital to meet with the chiefs of CIA and Mossad. It is noted that the captives released by both sides are women and children aged below 19. On the other hand, Israel has been detaining around 5,000 Palestinians.
Source:Egypt Today
November 28, 2023 16:46 UTC
Intelligence chiefs of Egypt, Israel, U.S. meet in Doha to discuss ceasefire extension in Gaza
CAIRO – 28 November 2023: A well-informed source told Al Qahera News that officials from Egypt, Qatar, the United States, and Israel would meet Tuesday in Doha to discuss the extension of the current temporary ceasefire in Gaza. The channel later reported that the chief of Egypt's General Intelligence Directorate had arrived in the Qatari capital to meet with the chiefs of CIA and Mossad. The ceasefire began on Friday and was due to last for four days. It is noted that the captives released by both sides are women and children aged below 19. On the other hand, Israel has been detaining around 5,000 Palestinians.
Source:Egypt Today
November 28, 2023 14:37 UTC
How Egyptians abroad prepare for presidential elections
CAIRO - 28 November 2023: Egyptians abroad are preparing to participate in the presidential elections, which are now only a few days away as they are scheduled to be held next December 1, 2, and 3. The presidential elections represent one of the most important constitutional entitlements that Egyptians around the world are preparing for. In this report, et sheds light on how Egyptians around the world prepare for the presidential elections:5 conferences in Europe, America to support President SisiAt the beginning, Nasr Matar, coordinator of "Citizens Supporting Egypt abroad", said that the first preparations for the presidential elections are taking place in the European continent and the United States of America, where five conferences are being organized to support President Abdel Fattah El-Sisi. The coordinator of the campaign added that the Austrian city of Leoben, as well as the Italian capital Rome, the Dutch international capital Amsterdam, the Italian city of Milan, and the American capital New York are witnessing massive conferences in support of President Abdel Fattah El-Sisi.
Source:Egypt Today
November 28, 2023 10:51 UTC
Creation of Palestinian State is only way to end conflict with Israel: Egypt FM
“The Creation of a Palestinian state is the only viable manner in which to end the conflict, a state on the borders of 1967 with Jerusalem as its capital living in peace and security side by side with the state of Israel. Egypt’s Foreign Minister Sameh Shoukry held on Monday several bilateral meetings on Monday. According to Ambassador Ahmed Abu Zeid Spokesperson for the Ministry of Foreign Affairs, Shoukry met with his Spanish counterpart José Manuel Albares. Shoukry also held ‘Important side meetings and discussions with the Foreign Ministers of France, Italy, Germany and Mauritania’ according to Abu Zeid. Foreign Minister Sameh Shoukry attended Monday the eighth ministerial forum of the Union for the Mediterranean (UfM), currently held in Barcelona, Spain, with the aim of discussing the latest developments in Gaza.
Source:Egypt Today
November 28, 2023 04:36 UTC
What to know on promoting social investment in Egypt
CAIRO – 27 November 2023: The Ministry of Social Solidarity held Monday a conference on social investment to raise awareness on the concept of the sustainability of social services. Leveraging AssetsMinister Nevine al-Qabaj underscored the necessity of not just counting on donations but also the investment of resources to ensure sustainable revenues. " "We work on privatizing parts of the services offered at the ministry's facilities such as the dorms of university students, and various centers," Minister Qabbaj stated. The role EGX can play in regard of social investment is directing those companies to invest in projects of priority. Othman showcased that Egypt has the largest rehab in the Middle East, and it is located in Imbaba comprising 250 beds.
Source:Egypt Today
November 28, 2023 02:52 UTC
Israel’s policies push towards displacement of Palestinians, blocking aid from entering Gaza: Shoukry
Egypt’s Foreign Minister Sameh Shoukry said Monday that Israel obstructed the entry of humanitarian aid to the Gaza Strip, even during the temporary truce period, and that its policies are pushing towards the forced displacement of Palestinians from their lands. Shoukry made these remarks during a meeting with the Spanish Foreign Minister Jose Manuel Albares on Monday, on the sidelines of the Union for the Mediterranean (UfM) regional forum hosted by Spain. He emphasized the urgency of building on the humanitarian truce to reach a lasting and comprehensive ceasefire as soon as possible. He also said that his country has been urging all parties to stop the violence and ensure the delivery of humanitarian aid to the Gaza Strip in its various contacts. “Spain reaffirmed its commitment to international law and international humanitarian law and condemned the unprecedented violations against civilians.
Source:Daily News Egypt
November 27, 2023 21:28 UTC
Egyptian, Hungarian leaders condemn attacks on civilians, forced displacement in Gaza
Egypt’s President Abdel Fattah Al-Sisi met with his Hungarian counterpart Katalin Novak at the Ittihadiya Palace on Monday. They discussed the regional situation, especially the Gaza Strip and the West Bank, where Al-Sisi briefed Novak on the Egyptian efforts to end the Israeli aggression on Gaza and reach a humanitarian truce. The two sides agreed on the need to work for calm and condemned the targeting of civilians and the forced displacement of Palestinians. The meeting addressed the priorities of cooperation in different economic fields, such as industry, transportation, tourism, communications, and information technology. The two sides agreed to intensify efforts to increase the trade exchange and promote joint investments.
Source:Daily News Egypt
November 27, 2023 21:27 UTC
Israeli, Palestinian tendency to extend truce agreement
CAIRO – 17 November 2023: Israeli media reports said, Monday that the prevailing opinions in Israel are leaning towards extending the truce agreement. The channel quoted Israeli sources saying that there is a tendency to accept an extension of the truce, after consulting with regional and international parties. The "humanitarian truce", which was reached between Hamas and Israel through Egyptian-Qatari mediation, is scheduled to end on Tuesday morning. Hence, the truce deal provided the release of 50 civilian Israelis in exchange for 150 Palestinians. On the first day of the truce, Hamas released 24 in exchange for 39.
Source:Egypt Today
November 27, 2023 18:50 UTC
Hamas-Israel truce likely to be extended additional two days: Egypt
CAIRO- 27 November 2023: Diaa Rashwan, the head of the State Information Service, announced that the Egyptian-Qatari brokered truce between Hamas and Israel is likely to be extended for additional two days. The extended truce includes a daily release of 10 detainees in Gaza, women and children, in exchange for 30 Palestinian prisoners in Israeli prisons, making the total of those released in the two days of the extended truce, 20 Israelis versus 60 Palestinians. Rashwan added that it is expected today to exchange 11 Israeli detainees in the Gaza Strip, and negotiations are underway to release 33 Palestinians from the Israeli side. Israeli media reports said, Monday that the prevailing opinions in Israel are leaning towards extending the truce agreement. The "humanitarian truce", which was reached between Hamas and Israel through Egyptian-Qatari mediation, is scheduled to end on Tuesday morning.
Source:Egypt Today
November 27, 2023 16:53 UTC
Beltone reports 271% growth in revenue in 9M 2023
According to a statement issued by the company on Sunday, the NBFI revenue reached EGP 478m in the same period, a growth of 680% year-on-year. The main contributors to this growth were Leasing, Consumer Finance, Microfinance, and Venture Capital. The Investment Bank revenue amounted to EGP 198m in the same period. The assets under management reached EGP 23bn, a growth of 16% year-on-year. The statement also said that the company underwent a major transformation and restructuring process, following the acquisition by Orascom Investment Holding.
Source:Daily News Egypt
November 27, 2023 16:02 UTC