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Daily New Egypt
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[l] at 6/5/23 8:45am
Elsewedy intends to establish a novel educational institution entitled “ELSEWEDY UNIVERSITY OF TECHNOLOGY (SUT) – POLYTECHNIC OF EGYPT in partnership with Amity University, Dubai (AUD). This initiative is part of the companys commitment to enhance the quality of education and cultivate a local workforce that aligns with Egypts vision for advancing various industries. To this end, the university will offer more than 19 specialized programs prioritizing practical applications over theoretical concepts, introducing “Engineering Technologists” to the market. The institution is meant to modernize and advance the industrial sector with cutting-edge knowledge, while emulating the best practices of international institutions in the realm of education and professional development. This partnership will be forged in collaboration with the prestigious Amity University in Dubai, which is known for its remarkable technological advancements and diverse array of academic majors fitting the students’ interests. Engineer Ahmed El Sewedy, Chairman of Elsewedy ED Tech said: The expansion of technological Higher Education is vital in keeping up with the needs of modern industries. In this vein, El Sewedy Education of Technology aspires to introduce new specializations that strengthen the competencies of young cadres, thereby reducing the need for foreign expertise and enabling us to export these skilled professionals to global markets. That is why we have taken the lead in adopting the polytechnic system, a proven model that adheres to international standards and empowers Egypt to play a pivotal role in the global technological revolution”. “The polytechnic framework offers an integrated educational model that enables students to collaborate with private sector partners in various industrial fields, providing them with a comprehensive educational experience that equips them with both theoretical and practical knowledge, thus preparing them for their professional journey, he added. The polytechnic model represents one of the most pragmatic and adaptable educational frameworks in response to the ever-evolving demands of industries. By prioritizing innovation and implementing educational strategies geared towards resolving real-world challenges in the job market, this model produces graduates who possess practical experience and training in state-of-the-art technologies relevant to their respective fields. Through active involvement in applied research, polytechnic students acquire a proficient and adaptable skill set that enables them to stay abreast of the challenges of modern industry. Elsewdy ED Tech works to support the professional journey by offering innovative and inventive educational resources that remain abreast of technological shifts and the needs of the industry sector. The company seeks to establish universities that adopt a pioneering educational approach” Polytechnic”, qualifying students with the requisite skills and knowledge imperative for succeeding in todays job market.

[Category: Business, Elsewedy]

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[l] at 6/5/23 8:42am
Crédit Agricole Egypt Foundation has joined forces with Schneider Electric and Gebal for Agriculture, Sustainability, and Livelihoods to launch sustainable development projects in Menoufeya governorate’s Shubra Qubala and Mit El Qasri villages.  The planned projects address water, food, and energy needs in these villages by installing greenhouses, fishponds, chicken incubators, irrigation pumps, and a compost unit for recycling agricultural waste all powered by solar energy. In the presence of Marc Baréty, French Ambassador to Egypt, and Lamis Negm, CSR Advisor to the Governor at Central Bank of Egypt, the MOU was signed by Sebastien Riez, Cluster President of Schneider Electric Northeast Africa & Levant; Jean-Pierre Trinelle, Chairperson of Crédit Agricole Egypt Foundation and Managing Director, Crédit Agricole Egypt; and Mohsen Nawara, Co-founder and Chairperson of Gebal for Agriculture, Sustainability, and Livelihoods. Under the agreement, the three parties agreed to plan, design and execute sustainable community development projects in Shubra Qubala and Mit El Qasri villages in line with Egypt’s vision to preserve the environment, develop society, and empower women. These projects include greenhouses, fishponds, chicken incubators, and a compost unit for recycling agricultural waste, all powered by solar energy in Mit El Qasri village. Additionally, a women-operated greenhouse will be established, ensuring 50% female representation in these projects.  In Shubra Qubala village, three solar-powered irrigation pumps shall be provided to be used in farming around 700 feddan. This innovative technology will not only reduce the expenses incurred on diesel but also enhance the overall quality of agriculture. These projects are expected to benefit approximately 26,000 local residents and 700 farmers. Moreover, they will significantly contribute to boosting crop productivity, resulting in the cultivation of approximately 1,600 different plant varieties, yielding 40 tonnes of crops, producing 12,000/year hatched eggs through chicken incubators, and generating an annual fish output of 3,000 fish. This adoption of solar-powered irrigation pumps shall also have a positive impact on the environment, reducing carbon emissions by approximately 68 tons annually and saving up to 70% of water consumption. Trinelle said: “Were thrilled to collaborate with Schneider Electric in an alliance that allows us to truly embody our ambition to empower unprivileged areas and contribute to combating climate change. This partnership is a testament to our commitment to leverage the expertise and resources of the two organizations to create sustainable solutions to benefit the largest number of beneficiaries.”

[Category: Business, Crédit Agricole, Schneider Electric]

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[l] at 6/5/23 8:39am
Al Baraka Bank has launched a new financing programme under the name Ezdihar to support and develop small and medium enterprises (SMEs), within the framework of the bank’s strategy to restructure the SMEs sector and provide a variety of products that suit different segments of customers. The programme offers financing opportunities of up to EGP 10m, at a competitive rate of return with the fastest and simplest procedures, which expire within 14 days of fulfilling the conditions and completing the documents. The program also provides banking and financing solutions for all customers’ needs for all local activities of SMEs and entrepreneurs. Ahmed Soliman, head of the SMEs sector, said that the bank pays great attention to these projects. He noted that the current portfolio of financing SMEs witnessed a noticeable increase at the end of 2022, recording EGP 4.6bn, with an increase of EGP 1.6bn, equivalent to 51% compared to 2021, especially after the launch of “Ezdihar”, with the portfolio’s targets of EGP 1.5bn this year. He also explained that the bank provides short, medium and long-term financing to SMEs operating in the industrial, medical, and renewable energy sectors, in addition to contracting and agricultural manufacturing activities. He also pointed out that Al Baraka Banks plan to restructure SMEs aims to attract new segments. He explained that Ezdihar comes within the programs offered by the bank, which provides quick banking solutions for all SMEs, and includes financing all activity needs from the purchase of local production requirements.  Al Baraka Bank has provided a distinguished service to the clients of the SMEs sector through the presence of 10 dedicated centers in Cairo, Giza, Alexandria, and the Nile Delta region.

[Category: Egypt]

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[l] at 6/5/23 8:37am
The trade exchange between Egypt and Mauritania increased to $42.9m in 2022, compared to $38.5m in 2021, a growth of 11.3%, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). The value of Egyptian exports to Mauritania recorded $41.1m in 2022, compared to $38.3m million in 2021, an increase of 7.3%, while the value of Egyptian imports from Mauritania amounted to $1.8m, compared to $241,000, an increase of 644.4%. Regarding the most important commodity groups that Egypt exported to Mauritania during the year 2022, fertilizers came in first place with a value of $11m, then milk and dairy products with a value of $8.9m, then salt and sulfur with a value of $7.2m, then vegetable preparations with a value of $4.3m, then carpets, floor coverings, worth $4.1m. CAPMAS stated that the most important commodity groups that Egypt imported from Mauritania in 2022 are food prepared for animals at a value of $1.1m, fish at a value of $678,600, clothes at $3,400, furniture at $612, then machines, appliances and electrical equipment at a value of $269. The value of Mauritanian investments in Egypt amounted to 512,000 in FY 2021/2022, compared to 10,000 during the fiscal year 2020/2021, an increase of 5020%. The value of remittances of Egyptians working in Mauritania amounted to $985,000 during the fiscal year 2021/2022 compared to $233,000 during the fiscal year 2020/2021, an increase of 322.7%, while the value of remittances of Mauritanians working in Egypt amounted to $139,000 during the fiscal year 2021/2022 compared to $141,000 in fiscal year 2020/2021, a decrease of 1.4%.

[Category: Business, Mauritania]

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[l] at 6/5/23 8:31am
Egypt’s Minister of Trade and Industry Ahmed Samir received Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and his accompanying delegation at the Ministry’s headquarters in the New Administrative Capital. The two ministers held a bilateral meeting that dealt with all aspects of economic cooperation between Egypt and the Saudi Kingdom, and discussed ways to enhance cooperation between the two countries in fields of trade, industry and investment. The meeting also dealt with developments in the global economic situation and negative repercussions resulting from the global economic crisis, as well as a number of issues of common interest. Samir said that the trade exchange rates between the two countries amounted to $5.66bn in 2022, compared to $4.57bn in 2021, achieving an increase of 23.9%. The minister added that Saudi investments in Egypt exceed $6bn in the sectors of industry and construction, tourism, agriculture, services, finance, communications and information technology. Meanwhile, Egyptian investments in Saudi Arabia amount to about $1.4bn in the sectors of industry, energy, water, health, retail trade, e-commerce, petrochemicals, oil and gas, tourism, communications, information technology, transportation, logistics, mining and engineering services. Samir explained that the meeting tackled opportunities and elements of industrial integration between the two countries, developments in the national strategy for industry, defining cooperation targets and implementation mechanisms, and identifying industrial projects to start industrial cooperation in these projects. The minister pointed out that the recent period witnessed intensive visits between Cairo and Riyadh between the Egyptian and Saudi sides with the aim of coordination and consultation on achieving joint industrial integration based on the industrial strategies of both countries. He further explained that the meeting highlighted the importance of finding a joint working mechanism for cooperation in the field of mineral wealth, especially minerals, heavy metals and sands of economic value, and activating the system of accumulating rules of origin between the two countries and access to regional and global markets. Additionally, the meeting dealt with opportunities for cooperation in the petrochemical industry to meet needs of the local market and export to foreign markets. For his part, Alkhorayef affirmed his countrys keenness to strengthen bonds of joint cooperation with Egypt in various fields and at all levels, pointing out that the two countries have great economic opportunities that qualify them to be an active player in the global economy system. He highlighted the Kingdoms keenness to benefit from Egyptian expertise and experiences in many industrial sectors, especially automobile and pharmaceutical industries. The two ministers witnessed the signing of a memorandum of understanding (MoU) between the Egyptian Export Development Authority and the Saudi Export Development Authority regarding enhancing cooperation between the two sides in field of developing non-oil exports, and a memorandum of understanding between Value Egypt and the National Center for Industrial Development in field of developing automotive industry.

[Category: Business, trade exchange]

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[l] at 6/5/23 8:28am
Minister of Communications and Information Technology Amr Talaat has met with Jun Su Jung, President of Samsung Electronics Egypt in Cairo. The meeting witnessed an agreement to establish a new mobile phones factory on 6,000 square metres in Beni Suef governorate. The new factory, which construction began in the last quarter of this year, creates 1,400 direct and indirect job opportunities for the Egyptian workers, especially in Upper Egypt. The factory will produce the latest versions of mobile devices to fulfill the local market’s demand, with Egyptian hands and advanced technologies. “Egypt has become an attractive destination for many major companies operating in electronics design and manufacturing. Businesses choose to manufacture in Egypt to serve the local market and export to regional markets, thanks to the efforts made to encourage investment in the electronics industry in Egypt and localize this important industry, in line with the Egypt Makes Electronics strategy,” said Minister Talaat. Such investment supports the knowledge transfer to Egypt as well as localizing the mobile manufacturing industry. “We are committed to enacting new incentives and policies for investors in addition to providing highly skilled professionals in the supporting sectors of the electronics industry. The establishment of the new Samsung factory in Beni Suef is a continuation of the successful cooperation with Samsung, which has already resulted in the manufacturing of educational tablets in Egypt.” CEO of the Information Technology Industry Development Agency (ITIDA), Ahmed Elzaher, and Assistant Minister for Strategy and Implementation, Sherine El-Guindy, along with Samsung Egypt officials, attended the meeting.

[Category: Business, Samsung]

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[l] at 6/5/23 8:26am
Beta Egypt for Urban Development announced the handover of the 1st and 2nd phases of its project Beta Greens New Cairo in Mostakbal City. This announcement came during the press conference held by Beta Egypt, inside the headquarters of Beta Greens New Cairo project in Mostakbal City. Beta Egypt Chairperson and Managing Director Alaa Fikry stated that the company has so far directed investments worth EGP 2bn in the Beta Greens New Cairo project, and that 100% of the construction works for the 1st and 2nd phases have been completed and the projects 3rd phase is currently constructed. He expected that the projects investments would exceed EGP 3bn, with the development of the commercial zone and services, due to the recent changes in building materials prices. He indicated that the company has obtained conformity from the Urban Communities Authority for the units being delivered, and is keen to finish and deliver the units to the clients on time and with specifications that exceed the contracted ones. Fikry noted that the company was keen to accelerate the construction rates of the Beta Greens New Cairo project and to apply precautionary policies in marketing the project in order to avoid disturbances and price increases in raw materials. He further explained that the company has completed marketing 75% of the total of the 1st and 2nd phases, and about 80% of the 3rd phase. Fikry explained that the company offered the 1st and 3rd phases units, semi-finished, but the 2nd phase, fully finished, within the framework of the companys keenness to meet all customers needs. The Beta Greens New Cairo development, which started in September 2019, is located in Mostakbal City, New Cairo on 25 feddan, and includes 672 housing units as well as a villa district that includes 62 villas. In addition to, a commercial area, a sports club on an area of 9000 meters, a social club, and a mosque, as well as a swimming pool. Fikry disclosed that Mostakbal City is one of the smart cities that comply with the countrys trends towards technology and sustainability, as facilities are managed and services are provided with the latest technologies, to offer a smart and sustainable life. About financing, Beta Egypt Chairperson affirmed that self-financing accounts for the largest percentage of the total sources of projects funding, and there are strong relationships and trust from banks and banking institutions as a result of Beta Egypt credibility and commitment that the company has obtained soft loans facilities worth EGP 200m from the Housing and Development Bank, MIDBANK Egypt, and QNB Alahli, and they have not been fully used. Beta Egypt has been working in the real estate sector for 30 years and owns a diverse portfolio of residential, commercial, administrative and sports projects, including in West Cairo, Beta Gardens, Beta Greens, and Golf Corner Mall as well as Beta Sports Club. In East Cairo, the company has developed Golf Palace and Golf House projects, in addition to Beta Greens New Cairo. The company’s current investment portfolio exceeds EGP 4bn, its authorized capital is EGP 500m, and the paid-up capital is EGP 115m.

[Category: Business, Beta Egypt, Mostakbal]

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[l] at 6/5/23 8:25am
Redcon Properties – the newly established developer arm of Redcon Group, has signed a memorandum of understanding (MoU) with Honeywell that outlines plans to incorporate advanced smart community and sustainability solutions at the Golden Gate project in New Cairo. The MoU provides a framework for collaboration between the companies to provide smart city and sustainability solutions along with consultation services for Golden Gate; Redcon Properties first mixed-use development. Vice Chairperson of Redcon Properties Ahmed Abdallah said that the Golden Gate community covers an area of 160,000 sqm in New Cairo and includes five districts of mixed-use buildings, standalone offices, retail and a luxury-shopping zone. “Demonstrating capabilities to drive sustainability initiatives for buildings, Honeywell and Egypt’s Ministry of Communications and Information Technology signed an MoU late last year to advance the energy efficiency of government buildings across Egypt,” said Ahmed Saleh, business director, Honeywell Building Technologies, North Africa. “Honeywell is committed to strategically expanding its presence in Egypt and North Africa, enabling more sustainable cities and communities.“ Operating from Cairo, Honeywell works with some of Egypt’s key government and private sector entities in the fields of smart cities, building automation, oil, and gas, refining and petrochemicals, defense, aviation, infrastructure development, logistics, security and fire safety. The company has been present in Egypt for more than 50 years and is committed to providing the best talent and technologies to support development across Egypt’s major industries.

[Category: Real Estate, Redcon]

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[l] at 6/5/23 8:23am
The trial operation of Egypt MLS technology has already started this month. Egypt MLS represents a real shift for Egyptian real estate towards the era of digitisation and puts it on the map of real estate trading in its global concept. It will realise the dream of issuing a birth certificate and a unified number for the Egyptian property, as this platform will work with the international MLS technologies, which is an acronym for the multiple listing service that completely controls real estate trading operations within the United States, Canada and several European countries professionally. Recently, Ahmed Elbatrawy, an Egyptian-American businessman has obtained the rights for the Middle East region, and the whole Arab world to this technology from CoreLogic California, the most intelligent and powerful software company in America, to start the first steps of its implementation in the Egyptian market. Daily News Egypt sat down with Ahmed Elbatrawy CEO of E-Systematic Egypt and the founder of the Egyptian MLS to learn more about the new digital database system the company plans to launch in the local real estate market. What is the new MLS platform? The idea is simply that you transfer all transactions related to the real estate market to one online platform, which includes a huge collection of data from all parties to the market. The idea of collecting data is what made the US real estate market the most widespread and largest selling. The MLS is a platform used by real estate developers, agents, and brokers in the USA to share information about properties for sale and find available listings for prospective buyers and is being updated periodically. MLS technologies is an acronym for the multiple listing service that completely controls real estate trading operations online gathering real estate developers, marketers, and governments in one platform. The platform is developed by only one company in the world, CoreLogic, based in California, from the United States, Canada, Mexico, and several European countries, with a turnover of about $1tr annually. E-Systematic was established and obtained exclusive rights from CoreLogic, in the Middle East region in markets of 6 countries including Egypt, Saudi Arabia, the UAE, Qatar, Bahrain and Kuwait, and I am the chairperson of its board and own these rights in Egypt. The E-Systematic will be responsible for managing and operating MLS technology inside Egypt. Two years ago, we started the executive steps to establish the platform, which will be launched experimentally in Egypt in the coming days. The volume of investments increased from EGP 200m to EGP 1bn within a few months, and this digital database system will make a major shift in the real estate market, and it is Egypts dream to enter the era of digital real estate and real estate export. Additionally, it will be a centre for issuing the first birth certificate for Egyptian property. Could you explain the mechanism of your new platform? The new digital database will be inaugurated in the name of Egypt MLS, www.egymls.com and it will open registration for real estate development companies, marketing companies and government agencies for control and supervision. The right of entry will be for registered companies that have a tax card and a commercial registry. Each member will have a name and an identification number that is secured at the highest level and is difficult to penetrate. As for the responsibility for listing projects on the database, it will be for real estate development companies that own the project, provided that the project obtained ministerial approval, and fulfilled all requirements, approvals, and licences. Detailed information is attached to the required legal documents. For example, data pertaining to property, such as the project and its location in detail with a map from Google showing its location and services adjacent to it, the type of property whether residential, commercial, or administrative, completion position, exact size, number of rooms, space of each room. In addition, prices, different payment methods, commission of marketing company, finishing specifications and expected delivery dates. Through our platform, real estate marketing companies know client needs and review properties available in various projects. Moreover, the situation of each unit will be cleared whether it is reserved or has already been sold out so that no other transactions will be done on it. Here, I would like to note that each property would carry an identification number. It is more like an ID or birth certificate for this property, on which all transactions that take place on it are recorded. This was an Egyptian dream and a government goal, as it is a first step to document real estate wealth in Egypt which can help us extremely and improve our economy to a very high-level. In the case that the contract is completed, this will be documented directly on the system, and trading will be closed on that unit, with all the data related to value, name of the project in which it was purchased, and all data related to the transaction clarified. What are conditions that must be met in property posted on your database? We deal in modern or white real estate that has not been traded on before, that all documents are complete and only developers will be allowed to list properties, and no client or consumers is allowed to enter on that platform or place a real estate on it. At a later stage, which may be after 6 months, we will launch the second phase of the project, IDX which will be for market transactions. Is it allowed to post a property under construction? The work system in the Egyptian market requires dealing with real estate under construction, but on condition that developer submits governmental approvals as I explained previously, and that he specify in his data the proposed dates for delivery, but in the case of delay in delivery, contract between the two parties to be legally enforceable. How can we benefit from all this data that will be available on your platform? There are reports of information that will be obtained by developers registered on the system, related to the volume of sales in real time, as well as reports on customers such as the most interested in buying at the present time, areas that are more popular than others, and type of projects that are popular, whether for housing or investment. Furthermore, our new technology provides data related to the classifications of real estate companies and the best sellers, and one of the most important reports that will be issued is related to setting price averages for each unit, whether residential or non-residential within a specific area. This is based on the average selling price of similar properties within a distance of 2.5 square kilometres. I would like to highlight that Egypt will not be able to sell properties to foreigners except through that platform, because it is the language that foreign customers understand and enjoys great credibility with. We have strong marketable products in the Red Sea, North Coast, New Administrative Capital, and other areas that receive great interest from foreigners but we do not know how to reach them, nevertheless, this platform is the only way to do that. Have you already signed contracts? What are the most targeted areas? We are interested in fourth generation cities projects in areas of the North Coast, the New Administrative Capital, the Red Sea, New Cairo, 6th of October, and other projects of all kinds, whether residential, commercial, administrative, etc. We currently have discussions with the government to set up many of its projects. Moreover, agreements have been signed with some real estate development and marketing companies. There are ongoing negotiations with 15 other companies. We believe that within 3 months of the launch, we will have covered a large share of the market, and we aim for the EGYPT MLS real estate platform to be the main gateway for buying and selling real estate in Egypt within a very short period of time. Is MLS worth it? Real estate investors from all over the world with access to the EGYPT MLS are awarded one of the greatest benefits in the industry. As the largest database of homes for sale, it is an invaluable tool for anyone looking for a home. Or commercial or investment property, and businesses for sale If for nothing else, the MLS places the odds in investors’ favour. In addition to having thousands of listings at their disposal, investors may also benefit from the following: Easier To Find: Not surprisingly, those properties listed on EGYPT MLS are much more accessible to anyone looking for a property in a specific region. Accurate Information: Homes listed on the MLS are curated by licensed Developers,brokers and agents, so there is a better chance that the information provided is accurate.

[Category: Real Estate, E-Systematic]

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[l] at 6/5/23 8:21am
Egypts government spending in the health sector increased by 20% in the fiscal year 2019/2020, according to the National Health Accounts report, compared to the previous report for the fiscal year 2014/15, in addition to an increase in per capita public health spending at the regional level. According to the report, the percentage of personal expenditure on health decreased to less than 59.3%, and Port Said governorate witnessed the lowest personal expenditure on health by 47.9%, as a result of the implementation of the comprehensive health insurance system there. Ahmed El-Sobki, the Chairman of the Healthcare Authority, said that Egypt has witnessed remarkable progress in improving financial indicators related to health, which reflects the success of the Egyptian state in comprehensive health reform processes, which is the basis for the success of development in any country in the world. This came on Sunday, during the launching of the National Health Accounts report for the fiscal year 2019/2020, in the presence of Mohamed Awad Taj El-Din, the Advisor to the President of the Republic for Health and Prevention Affairs, Khaled Abdel Ghaffar, the Minister of Health and Population, Mohamed Maait, the Minister of Finance, and Rania Al-Mashat, the Minister of International Cooperation, and Naima Al-Qaseer, the representative of the World Health Organization in Egypt. El-Sobki pointed out that comprehensive health insurance has been implemented in 6 governorates so far, Port Said, Ismailia, Luxor, South Sinai, Suez and Aswan, and in the near future the system will extend to all parts of Egypt in less than 10 years. He continued, “The Egyptian state has an ambitious plan to reduce the percentage of personal out-of-pocket spending on health to less than (20-22) per cent, according to Egypt’s vision for sustainable health development 2030.” The national health accounts aim to support the sustainability, competitiveness, and governance of the healthcare sector in the country, and to establish an integrated national platform with a sustainable vision to collect health spending data and improve planning and resource allocation, with a special focus on distributing expenditures according to diseases and linking them to budgets and health outcomes in a sustainable way to enhance drawing up national health plans and policies and evidence-based decision-making. The new report was distinguished by taking into account for the first time all health sectors providing services, whether from the governmental, private or civil sectors and was grounded on several levels of medical interventions and at the governorate level. The report also took into account the implementation of the current health insurance system, in addition to the comprehensive health insurance system.

[Category: Business, health]

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[l] at 6/4/23 12:07pm
The Central Bank of Egypt (CBE) will launch a tender for one-year treasury bills denominated in the American currency, at a value of $540m, on Monday. The proceeds of this tender will be used to pay off a previous tender that was offered on 7 June 2022, through which the Central Bank obtained $565.1m. The Central Bank had received 23 bids worth $1.076bn to cover a similar tender that it put out on 1 May at a value of $1bn. According to Central Bank data, on its website, the bank accepted 20 bids at a value of $1.0076bn, with interest ranging between 4.899% as the lowest price, 4.9% as the highest price, and 4.9% as the average. The Central Bank allows local and foreign institutions to subscribe to those bills, with a minimum subscription of $100,000 and its multiples. Investors subscribe to bills in dollars, in the same manner, followed in issuances of bills in local currency, whereby each bank of the “main dealers” submits a subscription application to the Central Bank, indicating in it the amount that will be subscribed to in the bills and the interest rate that it requests, and the applications are collected at the Central Bank for study and appropriate acceptance of which. The return of those dollar bills is determined according to several indicators, the most important of which are interest rates on the dollar in global markets, alternative investment opportunities available to local and foreign banks and financial institutions, and the countrys credit rating.

[Category: Business, T-bills]

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[l] at 6/4/23 11:53am
Egypt’s President Abdel Fattah Al-Sisi received his Mauritanian counterpart Mohamed Ould Ghazouani, on Sunday in Cairo during the latters three-day visit to Egypt. The two presidents held individual discussions, followed by an expanded session of talks that included the delegations of the two countries, where the two presidents appreciated the continuous development in Egyptian-Mauritanian relations and the steady progress witnessed by the historical ties between the two countries in recent years, especially with regard to the military and security aspect and the fight against terrorism in the Sahel region. Both leaders also discussed ways to enhance economic cooperation and trade exchange and increase inter-investment between the two brotherly countries during the coming period, according to the spokesperson of the Egyptian presidency.  During the meeting, it was agreed to convene the joint higher committee at the level of the two foreign ministers next July, during which a number of cooperation agreements in various fields will be signed, in a way that enhances the frameworks of Egyptian-Mauritanian cooperation and partnership and achieves the interests of the two peoples. The spokesperson added that the meeting witnessed an exchange of views on mechanisms for advancing joint Arab and African action, with a discussion of developments on a number of regional issues, especially Sudan, Libya, Syria and the Grand Ethiopian Renaissance Dam (GERD). In a press conference following the meetings, Al-Sisi expressed Egypts deep appreciation for the deep historical ties it has with Mauritania, in light of the brotherly relations between the two brotherly peoples and countries. He confirmed that he held intensive and constructive discussions with President Ghazouani, during which we dealt with various bilateral, regional and international issues. The two leaders agreed to develop cooperation in the economic, investment and trade fields, as well as speed up preparations for holding the next session of the Egyptian-Mauritanian Joint Higher Committee during the current year, in a way that serves efforts to support relations, deepen the bilateral partnership between the two countries and strengthen cooperation and coordination frameworks regarding all issues of common concern.  The two presidents also agreed to strengthen cooperation in the African arena. We discussed the latest developments on the Arab scene, where we agreed on the importance of advancing the mechanisms of joint Arab action, with the aim of preserving Arab national security and protecting the unity, sovereignty, and capabilities of Arab countries, Al-Sisi said.  He added: We also discussed the latest developments in the Palestinian cause and the efforts exerted to preserve the rights of the Palestinian people and achieve their aspirations for an independent state, on the lines of June 4, 1967, with East Jerusalem as its capital. Al-Sisi referred to the developments in the Libyan crisis, stressing the consensus in visions, on the need to hold presidential and parliamentary elections simultaneously, and the evacuation of all foreign forces, mercenaries and foreign fighters, without exception and within a specific time frame, in implementation of the relevant international decisions. He pointed out that they discussed developments in the situation in Sudan, and we stressed the importance of an immediate and sustainable cessation of fire, preserving Sudanese national institutions, preventing them from collapsing and intensifying efforts to provide urgent humanitarian and relief aid to alleviate the suffering of those affected. Regarding the GERD issue, the two leaders affirmed that Egyptian water security is an integral part of Arab water security, and stressed the importance of urging Ethiopia to show the political will to adopt any of the compromise solutions that were put on the negotiating table and that meet its interests without trampling on rights and interests downstream countries, in order to conclude a binding legal agreement regarding the filling and operation of the disputed Ethiopian dam. .

[Category: Politics, Egypt, Al-sisi, GERD, libya, Sudan]

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[l] at 6/3/23 5:55pm
Hassan Ghanem, the CEO of the Housing and Development Bank (HDB), has said that the bank aims to achieve a growth of 25% in profits and various activities by the end of this year. HDB achieved profits of EGP 1.3bn in the first quarter of (1Q) this year, with a growth rate of 107% compared to 1Q 2022. Ghanem said that 96% of those profits resulted from normal operations, as they came as a result of an increase in operating revenues of about EGP 2.3bn. The banks CEO expressed his pride in the strong performance achieved during 1Q the current year, stressing that it reflects commitment to the highest standards of operational efficiency and the development strategy adopted by the bank. Ghanem also stressed that this growth in the bank’s profits and its various activities is thanks to the bank’s success in implementing its ambitious plans for expansion and growth, through achieving customer satisfaction and meeting their needs in various fields, expanding innovative banking services and products based on in-depth studies and analyzes of the banking market, with the aim of strengthening its competitive position and meeting the needs of all segments of current and potential customers. According to Ghanem, the volume of the bank’s assets increased by 12% during 1Q 2023 compared to 1Q last year, to reach EGP 116bn. He explained that this increase in the volume of assets was driven by the growth in the volume of deposits and loans at the bank, pointing out that the volume of the deposit portfolio reached EGP 97bn, while the volume of the loan portfolio reached EGP 39bn. Ghanem indicated that the growth rate in individual deposits with the bank reached 15% during 1Q this year, while the growth rate in corporate deposits reached 5%, which reflects the confidence of individual and corporate customers in the products and services provided by the bank. Large, small and medium enterprises acquired the largest share of the bank’s loan portfolio, amounting to nearly EGP 17bn, compared to about EGP 10bn in retail bank loans, and similar real estate financing. Regarding the banks efforts to support the small and medium enterprises (SMEs) sector, Ghanem stressed that the Bank was able to achieve the goals of CBE by directing 25% of its credit portfolio to SMEs, including 11% directed to support small enterprises. He explained that the rate of employment of loans to deposits is currently about 41%, and the bank aims to increase it to 45 to 50% within a period of one and a half to two years. With regard to the banks expansion plan, the CEO of HDB said that there is a plan to add three new branches to the banks network before the end of this year, taking the number up to 102 branches. Ghanem explained that the bank currently has 98 branches spread across Egypt. He pointed out that about 50% of these branches are located outside Greater Cairo, which helps achieve the banks plan to enhance financial inclusion and attract more customers. He explained that the bank has expanded the number of ATMs, which have reached 440 machines in various governorates. With regard to digital transformation, Ghanem said that the bank adopts an ambitious expansion strategy in this field, and is keen to implement all developments in the field of financial technology, while developing and modernizing the technological infrastructure and providing it with the latest digital systems. He pointed out that the bank has initiated large investments to develop, update and provide these applications. He indicated that these efforts resulted in an increase in the number of subscribers to the internet and mobile banking application by 124% YoY during 1Q 2023, and the number of users of the mobile wallet application increased by 63%. In the same context, Ghanem said that HDB is keen on providing support and training to workers at all job levels, to increase their skills and develop their professional capabilities. Ghanem expressed his confidence in the banks ability to continue achieving growth during the next stage, based on its experience gained in dealing and crisis management during previous periods, expressing his aspiration to expand and strengthen the banks banking activities and services, in a way that supports its position as one of the largest banking entities in the Egyptian market. Ghanem revealed that the bank intends to launch a new strategy 2023/2025 based on five main axes to further expand the banks business as a comprehensive bank. He went on to explain that the new strategy is an extension of its successful previous plan. Through the previous plan HDB sought to become one of the largest comprehensive commercial banks in the Egyptian banking market, by adopting a unique business model, and transforming the bank from a one focused on real estate financing to a comprehensive commercial bank that provides all banking services to all customers. According to Ghanem, the five axes of the banks new strategy include introducing new banking products and services, with the aim of increasing its customer base and attracting new segments, and achieving geographical expansion after a careful study to select places that serve its goals. The plan also includes increasing the bank’s expansion in digital transformation in accordance with the strategy and vision of the state and the Central Bank, as well as enhancing financial inclusion, which comes at the forefront of the bank’s interests, in addition to allocating a budget for developing and training employees to improve their skills. Ghanem added that the banks strategy also aims to consolidate the principle of sustainability in the various activities and businesses of the bank through the optimal use of natural resources and the implementation of effective steps to promote the transition towards a green economy. He added that the bank is always interested in implementing environmentally friendly solutions, by participating in many initiatives and projects that support the countrys orientation towards a green economy and sustainable development. He explained that the bank allocated EGP 1.3bn from its credit portfolio to target sustainable financing projects, which achieved growth in this type of financing by 12% during 1Q 2023. The CEO of HDB stressed the banks keenness on achieving comprehensive development in all sectors of society, through a targeted strategy of social responsibility, as one of the most important values and basic principles of the Bank. Ghanem also added that the health and education sectors are at the top of HDB’s priorities in its sustainable development activities.

[Category: Banking, HDB]

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[l] at 6/3/23 5:51pm
Bank ABC Egypt’s business results has shown a remarkable growth in the first quarter (1Q) of 2023, as the bank achieved net profits amounting to EGP 324.3m, a growth of 158% compared to 1Q 2022. The bank’s net activity revenues amounted to EGP 917.3m. According to a bank statement, the total assets amounted to EGP 68.6bn, while the total portfolio of loans granted to clients and banks amounted to EGP 22bn, and the total customer deposits amounted to EGP 59.8bn. The bank indicated that the necessary measures are currently being taken to increase the issued and paid-up capital of the bank by EGP 1.3bn, to EGP 5bn instead of EGP 3.7bn. Amr Tharwat, Managing Director and CEO of Bank ABC Egypt, said: “The business results for the first quarter of 2023, which showed remarkable growth in all performance indicators, are a true reflection of the success of the bank’s strategy, which is centered on three objectives. The first is a strong financial performance through diversifying the bank’s portfolio. The second is to enhance its efforts to expand in the Egyptian market, which in turn provides a variety of promising opportunities to establish a modern bank with a strong international network. The third is to focus on providing the latest digital banking services that suit various segments of customers. He added: “We are moving steadily towards providing a global banking experience to the Egyptian market with financial expertise and administrative competencies that operate according to the highest quality standards, based on the ambitious vision of Bank ABC Group, the second largest financial group in Bahrain.” The success of the merger between Bank ABC Egypt and BLOM Bank, at the beginning of this year, is solid evidence of the confidence of shareholders in the Egyptian banking sector, as it contributed to increasing the market share of ABC Bank Egypt threefold, raising the total assets to EGP 67bn. It has also led to better collection services, supported by a larger network of branches and ATMs of the bank to provide more innovative digital services and pioneering payment solutions provided by the Arab Financial Services (AFS), the leading provider of electronic payments outsourcing services in the MENA region.

[Category: Banking, ABC, Blom Bank]

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[l] at 6/3/23 5:49pm
Attijariwafa bank Egypt achieved a net profit of EGP 434.5m during the first quarter (1Q) of 2023, compared to EGP 176.3m in 1Q 2022, an increase of EGP 258.2m, a growth rate of 146%. In a statement, the bank said that the net income from the return amounted to EGP 914m in 1Q 2023, compared to EGP 520m in 1Q 2022, with a growth rate of 75.8%, while the net income from fees and commissions amounted to EGP 165m, compared to EGP 106m, an increase of 56.3%. Net trading income amounted to EGP 65m, compared to EGP 52m, an increase of 25%. According to the bank, this exceptional performance was driven by the fundamentals of the bank’s financial position and flexible solvency, along with an increase in total assets to EGP 64.4bn in March 2023, compared to EGP 61.7bn in December 2022, an increase of EGP 2.7bn, with a growth rate of 4.3%. Attijariwafa achieved a breakthrough in increasing the size of its loan portfolio during 1Q 2023, as total loans reached EGP 33bn, compared to EGP 32.1bn in 2022, recording an increase of EGP 900m, with a growth rate of 2.85%, which led to a boost in income, supported by an increase in fees and commissions. The statement indicated that this growth in facilities occurred without imposing pressure on the banks credit risk requirements, thanks to the wise management of risks and health coverage from the bank. The bank pointed out that the customer deposits portfolio also continued to grow, with total deposits reaching EGP 54.9bn in March 2023, an increase of EGP 2.4bn, a growth rate of 4.5% compared to 2022.

[Category: Banking, Attijariwafa]

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[l] at 6/3/23 5:47pm
Al Ahly Pharos Securities Brokerage took the lead in the transactions of the Egyptian Exchange brokers during May, acquiring 13.4%, with a trading value of EGP 14.9bn. The company conducted 65,700 transactions on 889 million securities last month. The corporate sector witnessed the most tradings during May, recording net purchases by Arabs of EGP 2.4bn, while Egyptians and foreigners recorded net sales of EGP 99m and EGP 344m, respectively. CI Capital Securities Brokerage settled in second place during the past month, capturing transactions worth EGP 9.9bn, a market share of 8.9%, and a trading volume of 1.3 billion shares executed through 135,500 transactions. Meanwhile, Hermes Securities Brokerage fell two places to settle in third place, and the company acquired 8.3% market share, with transactions estimated at EGP 9.3bn, executed on 2.5 billion shares.  Mubasher International for Securities ranked fourth place, seizing 4.8% market share, and trading values up to EGP 5.3bn, through a trading volume of 2 billion securities. Arqaam Securities Brokerage jumped to fifth place in May compared to 10th place in April, with a market share of 4.9%, trading values amounted to EGP 5.3bn, and executions amounted to 419.6 million shares.  EFG Hermes dropped two spots in May to sixth place with trading values of EGP 4.4bn, with a trading volume of 250 million shares, with a market share of 4%. Ostoul Trading settled in seventh place during May, advancing one position from the previous month, with 3.6% market share, and turnover values of EGP 4bn, and Pioneers Trading occupied the eighth place, seizing 3.5% market share, and trading values amounted to EGP 4bn through executions amounting to 1.8 billion shares. Arabeya Online Brokerage came in ninth place, recording about EGP 3.9bn in transactions executed through 1.7 billion securities, with a market share of 3.5%. Finally, Thunder Trading ranked tenth, with a trading volume of EGP 3.6bn, excuted on 1.4 billion shares, gaining a market share of 3.2%.

[Category: Business, Al Ahly Pharos]

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[l] at 6/3/23 5:45pm
Beltone Leasing, a subsidiary of Beltone Financial Holding, announced Saturday that it has signed a EGP 500m sale-and-leaseback agreement with Hassan Allam Properties (HAP) to finance assets for two subsidiaries: International Company for Tourism and Development and Katameya for Development, Tourism, and Real Estate. Under the terms of the agreement, the EGP 500m financing will be used to finance commercial and hospitality assets and will be equally split between the subsidiaries. The agreement has a seven-year lease tenor, unlocking an attractive and alternative capital raising solution that enables HAP to deliver on its growth plans.  Amir Ghannam, CEO of Beltone Leasing, commented: “We are proud to collaborate with Hassan Allam Properties, one of Egypt’s largest real estate groups, and to provide it with a tailored financing solution to facilitate its ambitious expansion plans. The agreement showcases our ability to provide comprehensive, tailored financial solutions that meet the growing needs of our clients across a diverse range of critical sectors including real estate and hospitality. This strategic partnership marks the beginning of a series of valuable collaborations and deals for Beltone Leasing. We remain committed to delivering exceptional service and customized financing solutions to support our clients’ growth objectives.” Mohamed Allam, CEO of Hassan Allam Properties, commented: “We are delighted to partner with Beltone Leasing on a seven-year sale-and-leaseback agreement valued at EGP 500 million. This agreement aligns with our robust growth plans and strategic vision at Hassan Allam Properties Group, which in part entail expanding our landbank and geographic reach. Furthermore, it attests to our nationwide presence and accentuates our expansion aspirations across a diverse range of real estate asset classes and mixed-use developments, extending beyond residential properties to encompass commercial, retail and hospitality ventures. We highly value our partnership with Beltone Leasing, recognizing their extensive expertise in the field and are confident that it will yield promising results.” Established in 1998, HAP is one of Egypt’s leading boutique real estate developers. The company holds a c.6.5 million sqm diversified landbank of developed and underdeveloped land plots for residential and mixed-use developments as well as holiday resorts in prime locations throughout Egypt. The agreement with Beltone Leasing is set to expedite the pace of construction and delivery on a number of HAP projects. The deal is part of a series of successful partnerships Beltone Leasing has lined up in the months to come as it works to fulfill Beltone Financial Holding’s growth strategy to widen its non-bank financial institution platform. Today, Beltone Leasing has a solid footing in the Egyptian leasing space, with financial leasing products and services and diverse clients operating in a range of key industries.

[Category: Business, Beltone, Hassan Allam Properties]

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[l] at 6/3/23 5:41pm
EFG Hermes, the investment bank franchise in Frontier and Emerging Markets, announced Saturday that its investment banking division successfully completed advisory on the $769m initial public offering (IPO) of ADNOC Logistics & Services Plc — the UAE’s leading integrated energy player Abu Dhabi National Oil Company’s (ADNOC) maritime logistics unit — on the Abu Dhabi Securities Exchange (ADX). EFG Hermes acted as joint bookrunner on the transaction. The listing saw ADNOC offer a total of 19% of its share capital, equivalent to 1,405,714,765 shares, at a nominal value of AED 2.01/share, implying a market capitalization of $4.05bn. The offering generated the largest investor demand for an IPO this year, with demand raised hitting $125bn, implying an oversubscription of 163x — a record-high oversubscription level for a UAE bookbuild IPO. The company began trading today under the ticker ADNOCLS.   Mohamed Fahmi, EFG Hermes’ Co-Head of Investment Banking, commented: “We are delighted to be building on our longstanding partnership with ADNOC and to be advising on the IPO of its maritime logistics arm, ADNOC L&S, which marks ADNOC’s second IPO and the second-largest listing in the Middle East so far this year. Investor appetite remains strong for GCC listings, with the region’s markets raising over $3.5bn in proceeds through a series of IPOs in the first quarter of 2023 — of which 91% were generated by the UAE. EFG Hermes was successful in advising on three of the GCC’s most prominent listings this year, having advised on ADNOC Gas Plc’s IPO on the ADX, Abraj Energy Services’ IPO on the Muscat Stock Exchange (MSX), and Al Ansari Financial Services PJSC’s IPO on the Dubai Financial Market (DFM), underscoring our unrivaled ability to continue tapping into the region’s robust pipeline of state-owned and private company offerings that unlock compelling prospects for global and regional investors.”  ADNOC L&S is a global energy maritime logistics leader and the dedicated and vital logistics arm for ADNOC, providing critical and highly specialized services across ADNOC’s entire value chain. It is one of the largest end-to-end, fully integrated energy logistics service providers for the energy sector, offering critical services through three key business units: Integrated Logistics, Shipping, and Marine Services to ADNOC’s companies and over 100 global clients in more than 50 countries. The company currently operates five logistics bases and warehouses in Mussafah, Ruwais, Riash, and Fujairah.  The shipping business unit operates one of the largest diversified shipping fleets in the GCC region, comprising more than 500 modern and technologically advanced vessels. ADNOC L&S’s business strategy moving forward is underpinned by ADNOC’s global growth strategy, with plans to accelerate its targets relating to production and processing capacity growth, international expansion, and low-carbon solutions.  This listing marks the Firm’s fourth IPO this year and is the latest of several back-to-back transactions EFG Hermes has advised on in the GCC region. In 2022, the division advised on the first dual listing between the ADX and Saudi Exchange in a deal worth $1.8bn for Americana Restaurants International, as well as Taaleem’s $204m IPO on the DFM. It also advised on Salik’s $1.0bn listing on the DFM, the $2.0bn listing of Borouge plc on the ADX, and Riyadh Cables’ $400m IPO on the Saudi Exchange. Additionally, during the year, the division advised on Ali Alghanim and Sons Automotive Company’s $323m private placement ahead of its IPO on Boursa Kuwait. 

[Category: Business, ADNOC, EFG Hermes]

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[l] at 6/3/23 5:35pm
Hossam El-Gamal, the Executive Director of the National Telecom Regulatory Authority of Egypt (NTRA), received Saturday a high-ranking delegation from the National Communications Entity of Argentina headed by Mr. Claudio Ambrosini, the President of Argentina’s Communications Entity, in presence of Gonzalo Urriolabeitia, the Ambassador of Argentina to Egypt.  Both parties had an extensive meeting where mutual cooperation and expertise-exchange mechanisms in terms of telecom regulation, as well as telecom service governance across the market, were discussed. Moreover, both sides reviewed joint cooperation opportunities in addition to mutual collaboration programs pertaining to training courses and leveraging human capacities.    Multiple topics of mutual interest were also tackled during the meeting, such as the mechanisms to disseminate and provide telecom services via the Universal Service Fund (USF), and how to embark on Egypt’s leading experience in such field.  The role of USF within the Presidential Initiative “Decent Life” to leverage and improve telecom networks’ quality all over Egypt’s countryside was further discussed. Moreover, both sides discussed topics of radio spectrum, technical resources and how to ideally utilize such resources, as well as cooperation methods with respect to user-right protection and reinforcing communicationwith users. In addition, the interactive services of My NTRA App. were also reviewed, especially after it was selected among the top 5 projects worldwide in terms of digital government, at the World Summit on the Information Society Forum (WSIS) subordinate to the International Telecommunication Union (ITU). Both sides also explored cooperation, expertise-exchange and training opportunities in digital services and how to ideally benefit from the experts of NTRA’s Training Center, which has been recently accredited by the ITU Academy as an authorized international center.

[Category: Business, NTRA]

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[l] at 6/3/23 5:33pm
Egypt’s Minister of Water Resources and Irrigation Hani Sweilam and Minister of Petroleum and Mineral Resources Tarek El-Molla discussed joint cooperation and the procedures for implementing the articles of the Water Resources and Irrigation Law No. 147 of 2021 regarding water licensing for petroleum facilities. During the meeting on Saturday, the two ministers addressed the coordination between the two ministries regarding licensing the provision of water needs for two of the projects of the Ministry of Petroleum that are being implemented to increase fuel production capacities and maximize added value. Talks concentrated on the new diesel production complex in Assiut affiliated with ANOPC and the methanol production plant in Damietta, one of the petrochemical production projects. Both ministers expressed interest in cooperation with all state agencies to achieve sustainable management of state projects. Sweilam, for his part, confirmed that his ministry is working continuously to raise the efficiency of water use in Egypt, improve the process of water management and implement projects that contribute to meeting water needs for all uses, whether for agriculture and drinking or for industry and petroleum activities. He appreciated the efforts of the Ministry of Petroleum and its initiative to provide data on water wells and sources to the Ministry of Water Resources and Irrigation, pointing to the importance of this cooperation in studying the potential of groundwater reservoirs in Egypt, within the framework of working to achieve rational management of deep groundwater. For his part, El-Molla affirmed that the petroleum sector attaches special importance to the preservation of water resources based on its comprehensive vision, in which the preservation of various natural resources is an essential pillar, pointing out that the technology of industrial drainage without waste, known as “ ZLD” has been circulated in all sector projects to preserve the environment, recycle water and use it in a closed circuit system in projects. El-Molla also confirmed that his ministry is constantly working to provide all necessary studies and data to the Ministry of Water Resources and Irrigation regarding wells and water sources, which are monitored during the seismic survey carried out by the petroleum sector, stressing work to expand the scope of cooperation in this regard. During the meeting, the two ministers directed the work teams from the two sides to quickly finalize the preparation of the joint protocol regarding the licensing of the uses of water resources for the projects of the Diesel Production Complex in Assiut and the Production of Methanol in Damietta to be signed as soon as possible.

[Category: Business, irrigation, petroleum, water]

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[l] at 6/3/23 5:27pm
Mohamed Maait, Minister of Finance, issued a decision allowing importers to take pre-clearance procedures for goods imported from abroad, and to pay 1% instead of only 30% of the initially estimated taxes and fees, before the goods reach the Egyptian territory, and to conduct final settlement and full payment of taxes and duties due after the arrival of the goods, according to the customs tariff in force at the time of release. Maait clarified that in the event of re-export of goods for which prior customs clearance procedures have already been taken or destroyed in accordance with the legally prescribed procedures, the customs authority is obligated to return the amounts previously collected for them immediately upon re-export or destruction, without making a set-off between these amounts and any amounts related to other goods or obligations, including It contributes to the facilitation of those dealing with the customs system, and the expansion of the pre-customs release of goods before their arrival at the ports. He affirmed the Ministrys keenness to provide all possible facilities to those dealing with the Customs Authority, including importers, owners of goods, or their agents from customs brokers, and to overcome any obstacles they may face, in a way that helps reduce customs release time, and thus contribute to reducing the cost of goods and services.

[Category: Business, importers]

As of 6/5/23 9:42am. Last new 6/5/23 9:42am.

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