[*] [+] [-] [x] [A+] [a-]  
[l] at 6/17/24 5:52am
Riyadh is an astounding city steeped in history. It is teeming with awe-inspiring gems concealed within its historical sites. If you are a history buff and intend to delve deep into some of the major landmarks in this country may consider booking air tickets via Flynas as they render impeccable services including dedicated flight attendants and lavish luggage allowance. This country takes pride in being one of the prominent cultural hubs comprising ancient fortresses, contemporary high-rise buildings and houses an ancient tourist spot featuring entertaining highlights. Therefore, those who are yearning to explore Riyadh, then they should include the below-mentioned archeological spots in their bucket list. Al-Masmak fortress Al-Masmak fortress is a renowned national monument that displays a plethora of ancient artifacts, maps, weapons, and artworks. This spot was previously utilized as a military base camp. However, King Abdul Aziz later annexed it when his army invaded Riyadh in the year 1902 and integrated the kingdom. Murabba Palace Murabba Palace, which was designed in a conventional Najdene style, was once governed by King Abdul Aziz. It features extensive palm frond layered walls and rooms that are aligned beside a blustery central courtyard. The ideal time to visit this spot is during the onset of spring or winter season when the tourists can saunter into the rolling green garden spanning over several hectares. Dira Dira is a quaint little town located in the western part of Riyadh. It has played a pivotal role in the history of Saudi Arabia. It is yet another top tourist place to explore where visitors can unravel some of the exciting stories. Besides, it is home to numerous mosques, souks, and palaces that are worth visiting in Riyadh. This town is home to the popular Najd mud architecture where you can marvel from various corners of the city. King Abdulaziz Historical Center This historical center is situated in the capital of Saudi Arabia. It is located at a distance of approximately 10.5km away from Riyadh. This magnificent historical hub houses a library, extended green fields, a conference hall, an old courtyard, and a water theme park that entices local tourists and foreigners alike. It is home to a cluster of conventional homes which was initially outlined as a part of the historical center. Wadi Hanifah Situated amidst the Najd plateau of Saudi Arabia, Wadi Hanifah encompassed by stunning rock formations is a huge valley. It is a natural watershed for rainwater spanning across an area of 4000 square kilometers. The tourists could bask in the lap of nature as it houses a park and other amenities surrounded by lush green surroundings. Al Thumairi Souk Famed for local handicrafts and antique auctions, Al Thumairi Souk is a bustling marketplace situated adjacent to Masmek fortress in the region of Al Diraiyah. It is best suited for shopaholics as numerous shops are dealing with a diverse range of antique collectibles including coffee pots, carpets, and silver jewelry. This is one of the major historical sites where you could take souvenirs back home. The ideal time to visit this spot is during the evening to thwart blistering heat. Ushaiger Heritage Village It would take nearly two and a half hours to drive from Riyadh to reach Ushaiger Heritage Village. With the advent of contemporary transport, Ushaiqer had lost its significance. This medieval village which was previously an educational and trading hub is currently engulfed in a bunch of mud houses, twenty-five mosques, and abandoned narrow alleys. It comprises a museum, restaurant, and lodging to accommodate guests. Edge of the world Edge of the World is one of the breathtaking places in Riyadh which guides the visitors to the eye-catching geological wonders of Jebel Fihrayn. This spot earned its nickname from the unceasing views of the horizon. It is an ideal destination for an adventure enthusiast to indulge in activities like hiking and mountain climbing. Tourists could immerse themselves in the spectacular views of the surrounding plain and catch a glimpse of dried rivers interlacing the land. People often neglect the flourishing art scene of Riyadh. There are countless art galleries that portray the creative skills of accomplished artists within the city and across the globe. These galleries render a distinctive outlook of modern art in this country. Some of the popular galleries in Riyadh are mentioned below: Naila Art Gallery Dive into the realm where artistry takes the limelight at the Naila Art Gallery. It is a noteworthy art venue in Riyadh and a popular venue for hosting three hundred art events and displaying more than ten thousand artworks designed by various artists from various corners of the world. Athr Gallery Ever since its inception in the year 2009, the Athr Gallery has played a crucial role in augmenting the thriving art culture of Saudi Arabia. They had laid special emphasis on promulgating the role of artists amidst the creative process and its impact on society. This modern art gallery is also organizing fascinating shows exclusively for the public seven days a week. It is indeed a must-visit spot. Even though contemporary shopping malls are rampant in Riyadh, do not forget to check out the conventional souks that offer a sneak peek into the cultural heritage of this vibrant city. Souq Zal is a traditional marketplace and a treasure trove of vintage Eastern artifacts. Apart from that, the food scene of Riyadh has burgeoned over the last few decades. Ex: Al Orjouan which serves traditional Saudi cuisine. Conclusion So gear up and be prepared to experience a memorable vacation featuring numerous enriching wonders in Riyadh. The above-mentioned historical sites coupled with conventional architecture are some of the must-visit places where you could gain a deep insight into the history and marvel at the vibrant art that transforms Riyadh into a dynamic cultural hub. Before planning a trip to this astounding country, you may navigate through the official website of Flynas and book flight tickets at an affordable rate.

[Category: Tourism, riyadh]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/13/24 8:28am
Anyone following the quarrels and disputes within the Israeli Cabinet can clearly see the extent of the acrobatic tricks each party performs to achieve its goals. The main scene confirms that Prime Minister Benjamin Netanyahu is exerting all his efforts to maintain his mini-government despite not achieving significant gains in the war against Hamas. He is under tremendous pressure from the extremist wing, represented by Finance Minister Bezalel Smotrich, head of the Religious Zionism party, and National Security Minister Itamar Ben Gvir, head of the Otzma Yehudit party, who have pledged to topple the government if it adopts the hostage release agreement and ceasefire proposed by US President Joe Biden. In fact, the proposal was initially an initiative by Netanyahu to resolve the tense situation, but he preferred it to be issued by Biden to avoid embarrassment in front of the extremists in his government who are demanding the eradication of Hamas from Gaza, regardless of the release of the Israeli hostages. This is exactly what Smotrich and Ben Gvir do not find in the proposal. In contrast to the far-right reaction, National Unity Party leader and War Cabinet Minister Benny Gantz called for a war cabinet session to be held as soon as possible to formulate steps forward to implement the proposal given that the war cannot continue forever. Netanyahus recent actions indicate his intention to manipulate the two far-right leaders by deliberately withholding crucial details of the proposal. This tactic was evident when Ben Gvir expressed his dissatisfaction during a press conference, stating that he would not remain in a government that supports Hamas. He further mentioned that he couldnt form an opinion on the proposal due to the Prime Ministers deliberate omission of key information, particularly regarding the resolution of the Gaza conflict and the future of Hamas. Netanyahus strategic move serves to solidify his government and mitigate the influence of extremist elements within the cabinet. His actions suggest efforts to appease Ben Gvir and Smotrich by allowing them to reject the proposal during the vote without risking the stability of the fragile coalition. Netanyahu is currently experiencing his worst fear as his conservative allies within the government hold 14 seats on a single list in the upcoming 2022 elections. These right-wing partners play a crucial role in maintaining the ruling majority within the fundamental coalition, which comprises 64 members. Any defection from this coalition would not only result in a significant blow to the government but also pave the way for Netanyahus political and criminal trial. The deception of Israeli politicians continues unabated. Recently, Yair Lapid, the opposition leader, reiterated his commitment to providing a political safety net for Netanyahus government, ensuring it doesnt collapse due to the American proposal. However, Lapids party, Yesh Atid, will not offer support to the coalition on other matters. Lapid emphasised the urgency of concluding a deal to prevent further harm to hostages in Gaza, but it seems that nobody is willing to listen. Lapid criticised Ben Gvir and Smotrich for their threats to withdraw from the government, viewing it as a betrayal of Israeli national security, the hostages, and the residents of the north and south. He went on to describe the current government as the worst and most reckless in the countrys history, accusing them of evading responsibility, lacking effective management, and experiencing complete failure. Lapid believes that Netanyahus downfall will not lead to his own success in early elections. Instead, it will empower extremists in future elections. Therefore, Lapid suggests that it is better for Netanyahu to remain on the political scene, rather than become an easy target for the extreme right. The Shas party, the largest partner in Israeli Prime Minister Benjamin Netanyahus coalition government, with 11 seats in the Knesset, has announced its full support for a potential agreement to release hostages held by Hamas, even if it involves taking drastic measures in the Gaza war. This stance deals a significant blow to Netanyahus partners, Ben Gvir and Smotrich. Benny Gantzs party, which joined the coalition shortly after the Hamas attack on October 7, shares a similar perspective and has threatened to withdraw unless Netanyahu makes key strategic decisions regarding the conflict by June 8. With only eight seats, Gantzs partys departure would not immediately topple Netanyahus government, but the absence of the two far-right parties could pose a challenge in the long run. Netanyahu faces the looming possibility of his government collapsing at any moment, especially if he faces criminal charges in ongoing corruption cases or backlash following the events of October 7. However, the intricate political manoeuvres of Israeli politicians will ultimately determine whether he can hold onto power. Dr Hatem Sadek is a Professor at Helwan University  

[Category: Opinion, Politics, Region, Biden, Israel, Netanyahu]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/13/24 8:27am
Throughout the rich tapestry of American history and the diverse array of its 46 presidents, each commander-in-chief has been associated with a moniker reflecting their unique characteristics. This tradition has become so deeply rooted that it is now customary to bestow a title upon every leader of the United States. George Washington, the first president, was dubbed American Fabius for his strategic prowess during the Revolutionary War, drawing parallels to the tactics of Roman dictator Fabius Maximus. Theodore Roosevelt earned the nickname Telescope Teddy for his innovative use of telescopes on his rifles to aid his long-distance shooting due to his thick spectacles. John Calvin was affectionately known as Silent Cal for his reserved nature, with rumours suggesting that he spoke so rarely that a butterfly would fly out every time he did. Franklin Delano Roosevelt was called “The Sphinx” for his enigmatic silence regarding a potential third term in 1940. Ronald Reagan was famously dubbed the Teflon President for his ability to shrug off criticism. George W. Bush was humorously referred to as a bush by a former classmate, Molly Ivins. Barack Obama was affectionately called Barry OBomber by his high school basketball team for his impressive jump shot. Lastly, President Trump was playfully given the moniker “Orange Man” in jest of his unique complexion.   Numerous nicknames have been bestowed upon American presidents by the local American press or members of the American Congress. However, President Joe Biden stands out as he has garnered global attention, earning himself a nickname that reflects the gravity of his actions in Gaza due to his opposition to a ceasefire. On January 16, Clare Daly, an Irish politician and member of the European Parliament, criticised President Bidens involvement in the Gaza massacres, labelling him as “Butcher Biden.” In a tweet, she expressed, As Israel loses in the court of public opinion, we see desperate attempts to widen the conflict. All with the blessing and material support of the #ButcherBiden, a US President who claims Irish descent. Keep our country out of your mouth, @JoeBiden. Your ancestors disown you.   President Bidens actions have been nothing short of alarming, but the nickname Butcher Biden fails to truly convey the gravity of his involvement in both domestic and international atrocities. A more fitting moniker would be Baby Butcher Biden. It is a stark reminder that the majority of those affected by his disgraceful choices and policies are innocent children. This fact is not limited to the Middle East; it extends to the very heart of the United States. The statistics speak for themselves, highlighting the tragic loss of innocent lives under his watch.   In Gaza, in a shocking revelation, the Commissioner-General of UNRWA, Philippe Lazzarini, has confirmed that the number of children killed during the Gaza war surpasses the number of children killed in conflicts worldwide over a span of four years. Lazzarini presented a compelling graph, comparing the figures of child casualties between 2019 and 2022 globally, and the devastating toll between October 2023 and February 2024 in Gaza. The data, sourced from the United Nations and the Gaza Ministry of Health, paints a grim picture. Astonishingly, a staggering 12,300 children lost their lives in Gaza during that short period, while the global count stood at 12,193 over four years. However, it is important to note that Palestinian health officials reported even higher numbers than those shared by Lazzarini. The Ministry of Health in Gaza revealed that a heart-wrenching 72% of the total deaths, totalling 31,272 cases, were innocent women and children. These statistics were last reported in March, leaving us to ponder the unimaginable toll that has since unfolded.   Undoubtedly, Israel cannot be solely held accountable for these alarming figures. The primary factors contributing to the perpetuation of this tragic situation, without any dispute, are Bidens biased support for Israel and his reluctance to call for a ceasefire. It is truly perplexing to witness the leader of the Democratic Party being responsible for what can be considered the most devastating massacre of children in recent history. The echoes of peaceful American citizens protesting against Bidens discriminatory policies towards Palestine, chanting Hey Biden, What Do You Say, How Many Children You Killed Today, will forever resonate in the annals of American history.   Bidens blatant disregard for the lives of children is not limited to international affairs; it is also evident within the United States. Right from the beginning of his term, Biden has shown a disdain for the well-being of children in his own country. The Biden-Harris administration wasted no time in pushing forward a radical abortion agenda that allows for unlimited abortions, even up until the moment of birth. This extreme stance has been met with strong opposition from pro-life activists who have called out Bidens numerous lies about abortion. It is important to set the record straight—Biden is not advocating for the right to abortion, but rather the right to unrestricted and unlimited abortion for any reason whatsoever.   One of the most egregious lies propagated by Biden is his false claim that pro-life states deny pregnant women access to necessary healthcare and life-saving medical treatments. In reality, every pro-life law in America ensures that pregnant women have access to the medical care they need, including in cases of ectopic pregnancies and miscarriages. It is disheartening to see such misinformation being spread by the President himself.   Up until now, President Joe Biden has been emphasising the importance of abortion in his electoral agenda for the 2024 presidential elections. Quentin Foulkes, the deputy campaign director, highlighted Bidens commitment to prioritising abortion rights if he secures a second term. During the first campaign rally in 2024, President Biden, along with his wife and Vice President Kamala Harris and her husband, gathered in Mensa, Virginia, to advocate for abortion rights. Bidens focus on this issue is not about genuine concern for abortion rights, but rather a strategic move to rally support against the potential return of former President Donald Trump and the Republicans to power.   However, surprisingly, despite his active support for abortion rights, Biden chose to avoid uttering the word abortion in his pro-abortion speeches, opting instead for the more elusive term reproductive freedom. This paradoxical behaviour suggests that Biden is well aware of the controversial nature of his stance. During one of his strongly pro-abortion speeches, Biden veered off script to express his support for abortion, but deliberately refrained from using the word itself. In his prepared remarks, he was supposed to say, Because Texas state law prohibits abortion, Kate and her husband had to leave the state to get the care she needs. My God, what freedoms will she have then? However, Biden altered his statement to say, Because Texas law prohibits her ability to act, Kate and her husband had to leave the state to get what she need. Sadly, this tragic deviation from his prepared remarks implies that Biden believes the solution to Kates situation lies in the termination of her unborn child.   Its evident that Bidens priorities lie elsewhere, as he seems to disregard the welfare of children and human lives in general. His focus solely revolves around personal interests, neglecting even the concerns of fellow Americans. Its disheartening to witness his support for the termination of unborn children, merely as a strategic move to gain an advantage over Trump in the elections. Furthermore, his recent imposition of restrictions on Netanyahu appears to be a calculated attempt to enhance his image among the American electorate. It seems that all Biden desires is a second term as president, regardless of the consequences, even if it means the sacrifice of innocent lives, whether in Gaza or within the United States. Will the courageous American people, who fought for the right to life for Palestinians, grant their vote to “Baby Butcher Biden,” the alleged perpetrator of such atrocities against children? Dr Marwa El-Shinawy is Academic and writer

[Category: Opinion, Politics, World, Baby Butcher Biden, Biden, US]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/13/24 6:08am
HSBC has earned the prestigious title of Best Bank for Diversity and Inclusion in Egypt at the Euromoney Awards for Excellence 2024. This accolade is a testament to HSBC’s commitment to diversity and inclusion, further complemented by a slew of significant regional recognitions, including ‘Best Investment Bank in the Middle East’, ‘Best Bank for Sustainable Finance’, and ‘Best Bank for Financing’. Todd Wilcox, CEO and Deputy Chairperson of HSBC Egypt, remarked: “The diverse backgrounds and perspectives of our team are invaluable to HSBC. They drive innovation and unlock opportunities for our customers, colleagues, and the broader society. This award is a reflection of our dedication to fostering an inclusive environment that supports diversity across our operations and community.” A highlight of HSBC Egypt’s award-winning initiatives is its collaboration with the Global Fund for Widows, empowering 1,000 widows to establish their enterprises. This initiative marked HSBC’s 40th anniversary in Egypt, showcasing its commitment to societal support by aiding widows in their entrepreneurial journey. Additionally, the award recognised HSBC’s Students with Disabilities Development Programme, designed to equip youth with essential skills for a prosperous post-graduation future. Wilcox added: “This recognition goes beyond honouring HSBC Egypt’s efforts; it underscores the significant, collective progress achievable when we unite for a more inclusive and just society.” The Euromoney Awards for Excellence, with a legacy spanning over three decades, celebrate the accomplishments of more than 600 banks across over 100 countries.

[Category: Banking, hsbc]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/13/24 5:52am
Uptown October has secured 24 land plots from the New Urban Communities Authority for a new commercial venture in the New 6th of October City. The company is set to develop 16 commercial and administrative plots, covering a total area of 70,000 square meters in the Uptown district. This initiative is a part of Uptown Octobers broader expansion and development strategy, which has recently received the green light from the authority.   Ahmed Abozaid, the Chairperson of Uptown October Group of Companies, remarked that the acquisition of these plots marks a significant step in enhancing the services and urban landscape of the Uptown district. The move is expected to catalyze the urban development of New 6th of October City.   The new commercial and administrative hub will be prominently located on North 90th Street, boasting a 320-meter frontage and situated merely 2 kilometers from the main monorail station. This strategic positioning underscores the centers potential as a pivotal element in the citys infrastructure.   Abozaid is optimistic about the centers capacity to bolster Uptown Octobers existing projects and contribute to the burgeoning growth of New October City, which encompasses an expanse of 70,000 feddans.   In terms of employment, the mall project is anticipated to generate a total of 8,000 job opportunities during its construction and operational phases. This figure includes 3,000 permanent jobs across various direct and indirect roles, supplemented by 5,000 construction jobs.

[Category: Business, Uptown]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/13/24 5:41am
Egyptian Minister of Trade and Industry Ahmed Samir met with Mustafa Denizli, head of the Turkish side of the Joint Business Council, and members of the Turkish Foreign Economic Relations Board (DEİK) in Istanbul to discuss expanding investment opportunities in Egypt. Samir highlighted the improving Egyptian economy and the significant opportunities it offers Turkish companies in various sectors, including textiles, ready-made garments, leather, glass industries, home appliances, packaging, and plastics. He also outlined the advantages of Egypts trade agreements with various countries and economic blocs. Joint negotiations regarding the launch of a Ro-Ro shipping line between Egypt and Turkey are progressing rapidly, Samir stated. Denizli emphasized the sustainability and continuous growth of Turkish investments in Egypt, which have exceeded $3 billion. Turkish investors expressed their desire to resume the Ro-Ro line to facilitate trade between the two countries. During his visit to Istanbul, Samir also met with Doris Uzoka, Nigerian Minister of Trade, Industry, and Investment, to discuss ways to enhance economic relations, global economic developments, and other topics of mutual interest. Both sides emphasized the importance of the African Continental Free Trade Area (AfCFTA) in promoting intra-African trade and achieving continental economic integration. They also stressed the need to increase intra-Islamic trade and investments within the D8 group. Samir outlined the development of logistical zones being established by Egypt in several African capitals and cities, which would increase Egyptian exports to African markets. He also discussed the possibility of increasing trade between Egypt and Nigeria through barter deals to alleviate pressure on hard currencies.  

[Category: Egypt, Türkiye]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/12/24 9:18pm
The Egyptian Ministry of Health and Population has provided medical examinations and treatments to 12,741 pilgrims through its 24 clinics in Mecca and Medina as part of the Egyptian Medical Mission for Hajj.   Hossam Abdel Ghaffar, the Ministrys spokesperson, reported that 871 patients were transferred to Saudi hospitals for further care—834 in Mecca and 37 in Medina. All but 24 have been discharged after receiving necessary treatments.   Amr Rashid, leader of the Egyptian Ambulance Authority and the medical delegation, assured that all Egyptian pilgrims are free from contagious diseases. He highlighted the ongoing collaboration with Saudi health authorities and mentioned patient visits to Al Nour and Saudi German Hospitals in Mecca for health checks.   Rashid also noted that medical teams are making regular visits to pilgrim accommodations in Mecca and Medina. They conduct daily educational seminars to inform pilgrims about disease prevention measures, ensuring their well-being throughout the Hajj rituals and until their return to Egypt. He emphasized that no children are included in the group of visa-holding Egyptian pilgrims.   Furthermore, the mission has held 1,289 awareness seminars at pilgrim hotels in both cities, benefiting 35,391 individuals. These sessions cover environmental engagement, room cleanliness, food safety, hand hygiene, personal care, and the importance of not sharing personal items.  

[Category: Egypt, Politics, pilgrims]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/12/24 9:14pm
Egypts strategic location, infrastructure development, and economic reforms are propelling its transformation into a global logistics hub, a theme that dominated discussions at the third panel of the first New Development Bank seminar held in the country. The panel highlighted Egypts role as a vital link in global trade, with its proximity to major shipping lanes, the Suez Canal, and significant ports like Alexandria, Damietta, and Port Said. Alaa Ezz, Secretary General of the Federation of Egyptian Chambers of Commerce, emphasised the impact of infrastructure projects implemented over the past decade. Egypt is currently reaping the benefits of what has been implemented, as evidenced by the volume of containers passing through Egypt and the products being exported from or through Egypt, he stated. Walid Gamaleldien, Chairperson of the Suez Canal Economic Zone, outlined the zones 2020-2025 strategy, highlighting its success in attracting international investments in green energy, ship refuelling, and textile projects. He stressed the zones role in supporting global supply chains and its potential for enhanced cooperation with BRICS countries through the New Development Bank. Stephane Guimbert, World Bank Group Country Director for Egypt, Yemen, and Djibouti, praised Egypts strategic location and economic reforms. He noted that 40% of global trade and 30% of containers pass through Egypt, highlighting the countrys potential as a regional hub for transportation and trade, particularly in green energy. Fengnian Zhao, CFO of COSCO SHIPPING Ports, underscored Egypts attractiveness for investment by revealing a new container terminal project in Sokhna, with a total investment of approximately $375m and a capacity of 1.7 million TEU upon completion. He described the port as a gateway for trade between the East and the West. Richad Soundardjee, Head of the Gulf & Africa Region at China International Capital Corporation, emphasised the strong desire among Chinese companies to increase investments in Egypt, particularly in localising industries and increasing foreign direct investment from China in the region. The panel underlined Egypts growing prominence in global trade, fueled by its strategic location, infrastructure investments, and commitment to economic reforms. With strong support from international institutions like the World Bank and growing interest from Chinese investors, Egypt is poised to solidify its position as a global logistics powerhouse.  

[Category: Business, New Development]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/12/24 9:11pm
The Financial Regulatory Authority (FRA) has released figures for non-banking finance at the close of the first quarter of 2024. The FRA’s recent report indicates a significant increase in the balances of loans provided by non-banking entities. In March 2024, the total balance of loans for micro, small, and medium enterprises (MSMEs) surged to EGP 62.8bn, a notable rise from EGP 40.9bn in March 2023. Microfinance companies and associations saw their balance sheets grow to approximately EGP 54.8bn from EGP 38.4bn. Despite this financial growth, the number of beneficiaries slightly decreased to 3.8 million from the previous year’s 3.9 million. SME Financing and Real Estate Development The FRA’s report further details that the balance of financing for small and medium enterprises (SMEs) reached EGP 7.9bn by March 2024, climbing from EGP 2.4bn in March 2023. The beneficiary count for this financing category rose to roughly 7,200, up from 2,800. In the realm of real estate, the total financing provided by companies amounted to EGP 5.318bn in Q1 2024, a substantial increase of 140.4% from EGP 2.212bn in Q1 2023. The number of real estate financing contracts also increased, reaching 3,019, up from 1,319. Financing Distribution and Consumer Finance Trends The distribution of financing was categorized as follows: 125 contracts valued at EGP 1.147bn for regular clients, 193 contracts worth EGP 50m for fund clients, and 2,701 contracts totalling EGP 4.120bn for purchased portfolios. Contracts exceeding a value of EGP 3,500 represented EGP 5.29bn across 2,934 contracts. Consumer finance companies reported providing EGP 12.072bn in financing during Q1 2024, marking an 18.9% increase from EGP 10.155bn in the same period of 2023. However, the total number of clients saw a 5.8% decrease to 804,800 from 853,900. The consumer financing was predominantly for the purchase of cars and vehicles (35.80%), electrical appliances (15.70%), electronics (9.70%), single-invoice purchases from various stores and chains (8.30%), and clothing, shoes, watches, and jewellery (6%). Leasing Contracts and Sector Breakdown The value of leasing contracts experienced a downturn, decreasing to EGP 23.420bn in Q1 2024 from EGP 28.08bn in Q1 2023, a 16.6% decline. The number of contracts also reduced to 400 from 507. Sector-wise, the majority of leasing was allocated to real estate and land (71.94%), followed by machinery and equipment (6.27%), transport vehicles (5.77%), heavy equipment (4.55%), production lines (3.40%), and private cars (3.17%). Factoring Activities Regarding factoring activities, the FRA observed an increase in the volume of factored papers to EGP 12.449bn in Q1 2024, up from EGP 10.729bn in Q1 2023, representing a 16% rise. The volume of recourse factoring reached EGP 8.225bn, an increase from EGP 6.509bn, while non-recourse factoring amounted to EGP 4.224bn, slightly up from EGP 4.219bn.

[Category: Business]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/12/24 7:36pm
Basel Rahmi, CEO of the Micro, Small and Medium Enterprises Development Agency (MSMEDA), has reaffirmed the agency’s dedication to fostering partnerships throughout Africa. This initiative is in line with the government’s vision to broaden trade and fortify economic ties with African countries. The commitment was highlighted during the signing of a Memorandum of Understanding (MoU) with the Egyptian African Businessmen’s Association (EABA), witnessed by Rahmi and the Association’s President, Yousry El Sharkawy. Rahmi outlined MSMEDA’s proactive strategy to promote small and medium-sized enterprises (SMEs) products and facilitate their entry into international, especially African, markets through export contracts. Following the guidance of Prime Minister Mostafa Madbouly and MSMEDA Chairperson, the agency is actively supporting the SME sector. This includes aiding entrepreneurs in enhancing their operations and expanding production to satisfy domestic demands and explore new export avenues. Such efforts are instrumental in the growth of Egypt’s SME sector and its economic integration with African nations. El Sharkawy expressed that the MoU will empower SMEs to venture into the African market via a comprehensive program and detailed action plan. The Association, with its 20 offices and representatives across the continent and 22 committees spanning various sectors, is poised to leverage MSMEDA’s resources to benefit its 300 members. He also emphasized the Association’s role in strengthening economic collaboration with African businesses, highlighting Egyptian-African economic prospects, and providing advisory and support services. The Association is committed to nurturing economic and trade expertise through diverse activities across Africa.  

[Category: Business, EABA, MSMEDA, SMEs]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/12/24 7:31pm
Prime Minister Mostafa Madbouly convened a meeting to assess the current progress in establishing a local electronic chip and semiconductor industry. The meeting saw the participation of key figures, including Mohamed Shaker, Minister of Electricity and Renewable Energy; Tarek El-Molla, Minister of Petroleum and Mineral Resources; Amr Talaat, Minister of Communications and Information Technology; and other senior officials from relevant ministries and agencies. Highlighting the significance of leveraging Egypts mineral wealth, the Prime Minister emphasized President Abdel Fattah Al-Sisis directive to foster industries based on these resources, particularly e-chips and semiconductors.   The Prime Minister also spotlighted comprehensive studies aimed at optimizing Egypts white and black sand resources and bolstering overall manufacturing capabilities in response to global demand.   Cabinet spokesperson Mohamed El-Homsani reported that the meeting reviewed a summary from the technical secretariat of the e-chip localization committee. Discussions with leading industry companies focused on state support mechanisms, including specialized training, incentives, and facilitations.   Furthermore, the meeting outlined a roadmap for e-chip production localisation and the subsequent engagement of an international consultant to formulate an industry vision and strategy.   The session concluded with approval to commence the tender process for selecting a global consultant. The Ministries of Finance, Planning, and Economic Development were tasked with ensuring necessary budgetary provisions for the next fiscal year.  

[Category: Business, e-chip, semiconductor]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/12/24 9:04am
Egypt signed a series of agreements with UAEs AD Ports Group on Wednesday to develop and manage cruise terminals in Safaga, Hurghada, and Sharm El Sheikh, marking a significant step in expanding Egypts cruise tourism sector. AD Ports Group plans to invest $4.7m over the next 15 years in the three terminals, expected to be operational by 2025. The investment will cover the management and operation of the terminals, improve services, and accessibility for cruise operators, and add new itineraries within the Red Sea cruise terminal network. The definitive agreement was signed in Cairo in the presence of Egypts Prime Minister, Mostafa Madbouly, and the Minister of Transport, Kamel El Wazir, along with other dignitaries from both countries. In a separate development, AD Ports Group also initiated two 30-year concession agreements with the General Authority of the Suez Canal Economic Zone (SCZONE) for the development and management of a Ro-Ro terminal and a cruise terminal at Sokhna Port. Minister El Wazir highlighted the governments ongoing efforts to promote yacht tourism in Egypt, emphasizing that the agreements represent partnerships and not the sale of port assets. He also stressed that nearly all the workforce at these terminals would be Egyptian. Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, expressed satisfaction with the expansion of the groups presence in Egypt, stating, Today’s signings reaffirm our commitment to bolstering the cruise tourism sector in the Red Sea, through providing world-class facilities and services to passengers, while further strengthening bilateral ties between the UAE and Egypt. The agreements follow a previous deal signed in December 2023 for the development of a multi-purpose terminal at Safaga Port, with an investment of $200m over three years. During the signing ceremony, the Minister of Transport outlined ambitious targets for the cruise tourism sector, aiming to increase capacity to accommodate 7.5 million cruise passengers annually across all terminals. He also highlighted the substantial projected revenue from both direct ship fees and indirect spending from transit passengers using Egyptian airports. The expansion of Egypts cruise terminals is part of a broader development plan for the countrys transport sector, encompassing various modes of transportation and infrastructure projects. Ahmed Al Mutawa, Regional CEO of AD Ports Group, emphasized the companys commitment to providing top-tier facilities and services, aligning with the strategic goals of both the UAE and Egypt. He also highlighted the strategic location of Sokhna Port and the companys eagerness to collaborate with SCZONE to meet the regions needs for cruise and Ro-Ro services.  

[Category: Business, AD Ports]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/12/24 9:01am
  The bond between Russia and Egypt is a cornerstone of international diplomacy, rooted in a shared history and cultural heritage. Celebrating Russia’s National Day, Daily News Egypt engaged in a profound dialogue with Ambassador Georgiy Borisenko. The conversation spanned the latest updates in the free zone and the concerted efforts to strengthen the ties between the two countries. We also explored the evolving challenges and prospects within the global context. These dialogues highlighted the robust and diverse nature of the Russia-Egypt relationship, underscoring the alliance’s depth and importance.   What is your perspective on the current state of Egyptian-Russian relations? Egypt is a significant partner for Russia, acting as our gateway to Africa. Our partnership has historical roots that date back to the sixteenth century, and it saw remarkable growth in the twentieth century. We celebrated the 80th anniversary of our diplomatic ties last August. Under President Gamal Abdel Nasser’s leadership, our relationship developed rapidly. Russia, especially during the Soviet era, was instrumental in helping Egypt construct major industrial projects, such as the Aswan High Dam. With President Abdel Fattah Al-Sisi, we’ve entered a new era of prosperity. In 2018, our presidents signed a strategic partnership and cooperation agreement, which came into force in 2021, affirming our status as strategic partners. A prime example of our partnership is Russia’s support in constructing Egypt’s first nuclear plant at El-Dabaa. Our defence ministries maintain strong ties and collaborate on military production. Internationally, we cooperate closely within the United Nations, with efforts like the Cybercrime Treaty and combating international terrorism. Egypt’s significant influence in the Arab world and Africa makes it a key regional player for us. We aspire for our relationship to continue to flourish and highly appreciate the current state of our relations.   You mentioned that Egypt serves as a crucial entry point for Russia into Africa. Can you elaborate on the economic advantages of this? Egypt is a pivotal gateway for Russia into the African market. Our trade with Egypt accounts for over a third of our total trade with Africa, making Egypt our top trading partner on the continent. Last year, our trade volume reached $7.1bn. Post-COVID-19, our trade has seen a resurgence, particularly in wheat exports to Egypt, which constitute about 8 billion tonnes or 80% of Egypt’s total wheat imports.   What developments have occurred regarding the Russian Industrial Zone along the Suez Canal? A: The initial agreement for the Russian Industrial Zone was signed in 2018. Last March, we signed an additional protocol with amendments to the agreement, which awaits approval by the Egyptian parliament. This zone will enable Russian-manufactured products to be sold in Egypt and other African markets. Egypt’s market size makes it especially attractive to Russian companies. The project, set to be implemented in Ain Sokhna and Port Said, is backed by allocated Russian funds, and we’re encouraged by the commitment of our Egyptian partners.   Despite various cooperative projects and sectors, Russian tourism in Egypt hasn’t fully recovered since the 2015 aeroplane incident. What are the reasons? The tragic event in 2015 was a setback. In 2014, we saw 3.3 million Russian tourists in Egypt. Flights resumed in August 2021, with 55 Russian airports authorised to operate flights to Egypt, resulting in 50 daily flights to Cairo, Sharm El-Sheikh, and Hurghada throughout 2021. After the Russian military operation began in February 2022, our aircraft fleet faced challenges due to Western sanctions, reducing the number of available aircraft. Despite this, up to 1.5 million Russian tourists visited Egypt last year, which puts them in second place among all visitors, who came to the country. From January till April this year, more than 300 thousand Russians crossed the border with Egypt. The primary challenge lies in air transportation. Allowing more Russian planes to enter Egypt would significantly boost the influx of Russian tourists. Presently, certain big Russian Boeings due to the possibility of the US secondary sanctions are prohibited from flying to Egypt. If these planes could be utilised, it would lead to a great surplus in Russian tourism to Egypt.   Is BRICS a lifeline for emerging economies or specifically for the Russian economy? We do not view BRICS as a means to counteract sanctions against Russia. Our objective as a collective is to establish a new framework for global economic, political, and social relations. Russia firmly believes that the world is transitioning towards a multipolar reality, which is evident in our daily lives. Over the past three decades, we have witnessed the rapid development of China and India, and now we are witnessing the progress of Brazil and several other nations. And Russia itself has become the fourth-largest economy in the world by purchasing power parity. We are confident that the Arab world has the potential to become an influential pole in this new multipolar world, with Egypt at its core. Arab countries possess significant financial, agricultural, and industrial resources. Moreover, they boast a rich history, a large population, and a youthful workforce eager to contribute. And the recent meeting of BRICS foreign ministers in Russian Nizhniy Novgorod on June 10-11 clearly showed the growing importance of the bloc. Therefore, we consider BRICS to be a reflection of the emerging global trend and an integral part of establishing a new world order that is no longer unipolar and not solely dominated by the United States and Western nations. This like-minded group would undoubtedly bring economic and political benefits to its members. We are not opposed to the West; in fact, we are ready to cooperate with them. Unfortunately, the West seems reluctant to cooperate and instead imposes sanctions on Russia and some other countries. Our intention is not to exclude the West, but rather, it is the West that isolates itself from the rest of the world. Western policies consistently lead to self-isolation. Nevertheless, we remain open to fostering positive relations with Western countries, provided they are based on equality, similar to the collaborative decision-making process within the BRICS group.   Does Russia still describe its activities in Ukraine as a “military operation,” especially in light of recent Ukrainian strikes on Russian territory? Currently, it remains a military operation with particular goals aimed at protecting Russians from the “Nazi Kyiv” regime. We are dissatisfied that the unwillingness of Ukraine under Western pressure to find a peaceful solution causes so many casualties, especially for the Ukrainian Army. However, from our perspective, the majority of military operations take place within Russian territory, because back in 2022 as a result of a legitimate referendum the regions of Donetsk, Lugansk, Zaporizhzhia, and Kherson voted in favour of joining the Russian Federation. We must defend and reclaim these lands, as they are partially occupied by Ukrainian forces. Therefore, we will continue our special military operation until these areas are liberated. We have repeatedly stated that due to the constant attacks on Russian territory, we must push Ukrainian missiles and artillery further away to prevent them from targeting our land, especially the Belgorod region, that is why our Army is pushing Ukrainians back in the Kharkiv area. With the increasing influx of equipment and long-range missiles from Western countries, we must push Ukrainian forces as far as possible from our territory, because securing our borders is one of the main goals of the operation. The decision of Ukrainian leaders to attack our lands appears irrational, as their losses far surpass ours. Their casualties could be up to 10 times higher than ours. We are deeply saddened by the situation, as it might be considered a civil war in some way because soldiers from both sides are of Russian origin. The Ukrainians are essentially Russians, differing only in dialect, and they have been influenced by Western media and their leaders, which led them towards an impending disaster due to their reliance on the West. In March 2022, Zelensky showed a willingness to negotiate with Russia, but influenced by the West, he eventually refused to end the negotiations, despite initial agreement on a peace solution. The United States and Great Britain instructed Zelensky not to negotiate. It is evident that the West desires to prolong the war. In fact, Josep Borrell, the High Representative of the European Union for Foreign Affairs and Security Policy, acknowledged that the war could cease within weeks or even days if the West ceases to send weapons. However, he added that the West does not desire this outcome.

[Category: Business, Interviews, russia, trade]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/12/24 8:19am
Forbes Middle East has announced its Top 50 Public Companies in Egypt list for 2024, and for the third year in a row, Contact Financial Holding has been recognized among this prestigious group. This significant achievement reflects the companys unwavering commitment to excellence and the success of its strategic direction. Being on this list for three consecutive years clearly indicates that Contact is on the right path, following a successful strategy that strengthens its position in the Egyptian financial market. Despite the countrys economic challenges, the company has maintained its growth and stability, thanks to its wise management and dedicated team.   Operating in the Egyptian market since 2001, Contact is the leading provider of non-banking financial services in Egypt. The company has successfully developed its digital platforms, such as ContactCars, which serves over a million users monthly, the ContactNow app with 643,000 registered users, and the Wasla super app, which has been downloaded two million times by March 2024. Contact continues to engage with its customers through nearly 80 branches across Egypt, having recently opened its latest branch at City Stars Mall last Thursday. The company is also set to expand internationally, with plans to open its first branch outside Egypt in the United Arab Emirates this year, enhancing its ability to reach a broader customer base and provide exceptional services that meet diverse needs. Said Zater, CEO of Contact Financial Holding, commented, We are extremely proud to be selected once again among the top 50 public companies in Egypt. This ranking reflects our ongoing efforts to provide the best financial services to our customers and partners and confirms that we are on the right track to achieve our strategic goals. Zater concluded by saying, We thank all our customers and partners for their continued trust and support, and we look forward to achieving more successes and accomplishments in the future.

[Category: Business, Contact Financial Holding]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/12/24 7:20am
Egyptian President Abdel Fattah Al-Sisi met with Teodoro Nguema Obiang Mangue, Vice President of Equatorial Guinea, and his accompanying delegation in Cairo on Wednesday. The delegation included the Ministers of Foreign Affairs, Security, Health, and Agriculture. Vice President Mangue conveyed a letter from President Obiang Nguema Mbasogo expressing deep appreciation for Egypt and extending an invitation to President Al-Sisi to visit Equatorial Guinea. President Al-Sisi welcomed the invitation, with the date to be determined through diplomatic channels. During his visit, Vice President Mangue met with the Egyptian Prime Minister and several ministers to discuss ways to enhance economic cooperation and trade between the two countries. He praised Egypts development progress, highlighting its contribution to the African continent. President Al-Sisi affirmed Egypts commitment to strengthening cooperation with African nations and highlighted potential opportunities for joint investments between the private sectors of both countries. He emphasized priority areas for Equatorial Guinea, including infrastructure, urban development, energy, transportation, health, and medicine. Vice President Mangue expressed interest in leveraging Egypts expertise in eliminating hepatitis C. The meeting also addressed continental and regional issues, with President Al-Sisi commending Equatorial Guineas support for the Palestinian cause and outlining Egyptian efforts to achieve a ceasefire in the Gaza Strip. Additionally, the leaders exchanged views on the situation in Africa and efforts to promote peace and security to support comprehensive development across the continent. The Egyptian Minister of Foreign Affairs, Sameh Shoukry, also attended the meeting.

[Category: Egypt, Politics, africa, Equatorial Guinea]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/12/24 5:58am
  Egypts Finance Minister, Mohamed Maait, announced that the government aims to reduce the debt service bill to 30% of public expenditures in the medium term. This is part of a broader strategy to lower the countrys debt-to-GDP ratio to 80% by June 2027, he said in a Tuesday press statement. Maait also revealed that the financial performance of the states general budget for the 11-month period from July 2023 to May 2024 exceeded targets, despite global and regional challenges, including the ongoing conflict in Ukraine and the recent tensions in Gaza and the Red Sea region. The initial surplus for the 11-month period reached EGP 822bn, representing 5.87% of GDP, significantly higher than the EGP 116bn (1.15% of GDP) recorded in the same period of the previous fiscal year. The total deficit declined to 3.6% of GDP, down from 6.1% in the previous fiscal year, despite high inflation, rising interest rates, exchange rate fluctuations, and substantial spending on subsidies and debt service. Public revenues during this period grew by 73.7% to EGP 2.2trn, driven by a 36% increase in tax revenues, reaching EGP 1.4trn. This growth was attributed to the implementation of digital systems, expansion of the tax base, and improved tax administration efficiency. Additionally, non-tax revenues surged by 258% to EGP 778bn, largely due to the Ras El-Hekma deal. Public expenditures also increased by 43.2% to EGP 2.7trn, primarily due to the higher debt service bill resulting from rising interest rates and increased spending on social protection programs, wages, healthcare, and education. Spending on education rose by 20% to EGP 226bn, while healthcare spending increased by 31.9% to EGP 156bn. To alleviate the burden of inflation on lower-income groups, the government increased spending on support, grants, and social benefits by 26% to EGP 467bn. Spending on wages also grew by 27% to EGP 467bn, following recent salary increases for state employees. Subsidies for food commodities reached EGP 119bn, and spending on Takaful and Karama programs increased by 52% to EGP 32bn. Additionally, EGP 185bn was allocated to repay the dues of the Insurance and Pensions Fund. Maait concluded by noting that the volume of investments financed by the state treasury decreased by 8% to EGP 179bn during the July-May period, allowing for greater private sector participation in the economy.  

[Category: Business, debt-to-GDP]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/12/24 5:51am
Egypt has disbursed EGP 60bn in export support to companies since October 2019, Finance Minister Mohamed Maait said on Tuesday. In the latest round of disbursements, 360 companies received EGP 5bn under the seventh phase of the immediate cash payment initiative. This phase is expected to be completed by August, with payments made in instalments. The government is committed to securing the necessary funding for programmes that stimulate economic activity, particularly those supporting the industrial sector and export activities, Maait said. He added that EGP 40.5bn has been allocated in the next fiscal years budget for these purposes, including EGP 23bn specifically for export support. Nevine Mansour, advisor to the Deputy Minister for Financial Policies and Institutional Development, explained that financial settlements would be made between exporters support dues and the dues of state agencies, such as taxes, customs, electricity, and natural gas. Mansour highlighted the successful collaboration with the banking sector, the Ministry of Trade and Industry, and the Export Development Fund in implementing the immediate cash payment initiative. The seventh phase of the initiative will follow the same controls as previous phases, with a 15% discount on the accelerated payment rate for shipments before June 30, 2021, and an 8% discount for shipments between July 1, 2021, and June 30, 2022. No discount will be applied for shipments after July 1, 2022. The export support is being disbursed through the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Export Development Bank of Egypt (EBank).  

[Category: Business, exporters]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/12/24 5:43am
The New Development Bank (NDB) held its inaugural seminar in Egypt, outlining ambitious plans to expand financing and support sustainable development projects in the country. The bank aims to reach $5bn in financings by 2025, with $1bn allocated to new members Egypt and Bangladesh. During the seminar, Vladimir Kazbekov, NDB Vice President & Chief Operating Officer, announced that the banks total portfolio currently stands at $45bn across more than 100 projects, with over half of the funds already disbursed. This year, the NDB targets 12 financing agreements worth $4.7bn, focusing on sovereign projects and increasing approvals. A key priority for the NDB is to increase local currency financings, which currently account for 23% of its portfolio. The bank is exploring a wider basket of currencies and new tools to finance projects in various countries, aiming to better meet the needs of member states. The NDBs 2022-2026 strategy, detailed by Anil Kishora, Vice President & Chief Risk Officer, and Xiheng Jiang, Director General of the Strategy, Policies and Partnerships Department, aims to mobilize resources for infrastructure and sustainable development. The strategy prioritizes renewable and green energy, transport and infrastructure, digital and financial inclusion, and social infrastructure and climate issues. By 2026, the NDB aims to be recognized as a leading development bank providing quality financial solutions for infrastructure. This includes mobilizing $30bn in approved financing, co-financing 20% of projects with partner banks, and extending 30% of total financing in local currencies. The bank also plans to accelerate support for non-sovereign operations, such as public-private partnerships and foreign investment projects. Bin Han, Director General of the Private Sector and Non-Sovereign Guaranteed Transactions Department, highlighted promising opportunities in Egypt in this regard. Egypts economic recovery and future challenges were discussed by Atter Hannoura, Director, PPP Central Unit Egypt.He emphasized the importance of increased local currency financings, which could significantly transform the financing landscape. Other speakers at the seminar included Yury Surkov, Director General of, the Public Sector Department, who elaborated on the NDBs project financing priorities and the Project Preparation Fund. Zhongxia Jin, Director General of, theTreasury and Portfolio Management Department, discussed the banks strong credit rating and programs focused on local currency financing. The seminar provided valuable insights into the NDBs innovative financial tools and mechanisms to support Egypts sustainable development strategies, underscoring the banks commitment to fostering economic growth and cooperation among member states.  

[Category: Business, bangladesh, Egypt, New Development Bank]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/12/24 5:37am
Egypts Minister of Higher Education and Scientific Research, Ayman Ashour, outlined the countrys ambitious plans for enhanced cooperation with BRICS nations in higher education and scientific research at the 11th meeting of BRICS Higher Education Ministers held in Kazan, Russia. The meeting, attended by Valery Falkov, Minister of Higher Education and Science of the Russian Federation, and Mostafa Refat, Secretary-General of the Supreme Council of Universities, provided a platform for Ashour to emphasize Egypts commitment to educational excellence and regional integration. Ashour underscored the importance of BRICS, originally formed in 2001 as an economic bloc of Brazil, Russia, India, and China, as a platform for emerging economies to reshape the global financial landscape. He expressed Egypts pride in joining this alliance and contributing to a shared future of educational cooperation. Highlighting Egypts unique position as a demographically young nation with a rich history of scientific innovation, Ashour emphasized the countrys eagerness to share its expertise in areas such as ancient civilizations and desert agriculture. He also outlined Egypts interest in collaborating with BRICS countries on STEM education, early childhood development, and other critical fields. The establishment of a BRICS Universities Network was identified as a key initiative to foster knowledge exchange and collaboration. This network would serve as a platform for joint research projects, cultural understanding, and preparing youth for a globalized world. Ashour also stressed the importance of mutual recognition of academic qualifications among BRICS nations, allowing for greater academic mobility, research collaboration, and professional exchange. He advocated for a comprehensive evaluation system for universities that goes beyond international rankings and considers factors like innovation, social impact, and community engagement. Egypts commitment to leveraging technology for quality and equitable education was another key focus. Ashour expressed interest in collaborating with BRICS countries on digital teacher training, drawing on Indias experience in engineering and Chinas expertise in e-learning platforms. Empowering talented youth through scholarships, research exchange, and mentorship initiatives was also highlighted as a priority. Additionally, Ashour emphasized the need to integrate climate change education into curricula and shared Egypts experience in crop cultivation in desert areas and renewable energy research. Recognizing the importance of technical and vocational education, Ashour noted that Egyptian technical institutes could benefit from Brazils experience in vocational training and South Africas focus on workforce development. In conclusion, Ashour proposed expanding cooperation between Egypt and BRICS countries in key areas such as student and researcher exchange, joint academic programs, joint research projects, and knowledge exchange. He also stressed the need to enhance academic infrastructure, support international students, and improve curricula and educational techniques.  

[Category: Business, BRICS]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/12/24 5:31am
EFG Hermes, a leading investment bank in the Middle East and North Africa (MENA), announced Wednesday its successful advisory role in the $11bn secondary public offering of Saudi Aramco, the worlds largest integrated energy and chemicals company, on the Saudi Exchange. This marks the largest secondary offering in the EMEA region since 2000 and the largest equity capital markets (ECM) offering in the Middle East since Aramcos IPO in 2019. The offering involved the sale of 1.545 billion existing shares at SAR 27.25 per share, representing 0.64% of Saudi Aramcos total issued shares. EFG Hermes acted as a Joint Bookrunner on the transaction, which was fully marketed and garnered significant interest from investors. This landmark transaction underscores our enduring legacy of strategic partnerships and transformative deals, said Ali Khalpey, Head of Equity Capital Markets at EFG Hermess Investment Banking division. Our pivotal role in this transaction not only reaffirms our prominent position in the regional equity capital markets but also marks our 10th successful ECM deal this year, solidifying our position as the leading investment bank in the region. Khalpey emphasized the significance of this transaction in demonstrating the evolving maturity of the regional ECM landscape, showcasing diverse transactions beyond traditional IPOs. He also highlighted the recent success of the ADNOC Drilling accelerated equity offering, underscoring EFG Hermes commitment to driving innovation and excellence in the financial sector. This transaction adds to EFG Hermes impressive track record of advising on significant deals in the GCC region, including 10 ECM deals in 2024 alone. Notable recent transactions include roles as Joint Global Coordinator on the ALEF Education IPO on the ADX and the private placement of Beyout Investment Group (BIG) on Boursa Kuwait, as well as Joint Financial Advisor, Bookrunner, and Underwriter on Miahonas IPO and a Joint Bookrunner on the IPO of healthcare provider Fakeeh Care Group on the Saudi Exchange. Saudi Aramco, as the worlds largest integrated energy and chemicals company, aims to enhance its upstream and downstream operations, strengthen the resilience of its refining and chemicals portfolios, and grow its business sustainably through technological innovation and low-carbon initiatives.  

[Category: Business, EFG Hermes, Saudi Aramco]

[*] [+] [-] [x] [A+] [a-]  
[l] at 6/12/24 5:24am
  EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), announced Wednesday the successful completion of its advisory role on the $515m initial public offering (IPO) of Alef Education Holding (Alef Education) on the Abu Dhabi Securities Exchange (ADX). This marks the first-ever listing of an education technology company in the UAE. EFG Hermes acted as Joint Global Coordinator and Joint Bookrunner on the transaction, which saw Alef Education offer 20% of its total issued share capital through the sale of 1.4 billion existing shares. The offering was priced at AED 1.35 per share, implying a market capitalization of AED 9.45bn ($2.6bn). The IPO attracted substantial demand from local, regional, and international investors, with the total book covers approximately 39 times. The companys shares began trading today under the ticker [AlefEdT]. Mostafa Gad, Global Head of Investment Banking at EFG Hermes, emphasized the significance of the IPO, stating, The IPO of Alef Education on the ADX is a landmark achievement, marking our first Joint Global Coordinator role on an IPO on the ADX and representing the first tech listing in the UAE with a public offering. The overwhelming demand for Alef Educations shares underscores the companys compelling equity story and significant growth potential, as recognized by a diverse group of investors. Alef Education is an award-winning provider of AI-powered personalized learning solutions and digital education resources for students, teachers, and schools across grades K-12. The company has a proven track record of enhancing student performance and serves 1.1 million students, 50,000 teachers, and 7,000 schools as of 2023. With consistent profitability, a strong balance sheet, and long-term contracts, Alef Education is well-positioned for future growth. The company operates in the UAE, Indonesia, and the US, employing both organic and inorganic growth strategies to capitalize on the expanding EdTech sector. This IPO is the latest in a series of landmark transactions advised by EFG Hermes in the GCC region. The investment banking division has been involved in 10 ECM deals in 2024 so far, including the private placement of Beyout Investment Group (BIG) on Boursa Kuwait and the secondary public offering of Saudi Aramco on the Saudi Exchange. The team also recently acted as a joint financial advisor, bookrunner, and Underwriter on Miahonas IPO, and as a joint bookrunner and underwriter on the IPO of healthcare provider Fakeeh Care Group on the Saudi Exchange. Additionally, EFG Hermes played a role in the Accelerated Equity Offering for ADNOC Drilling and served as a joint bookrunner on the IPOs of Spinneys and Parkins on the Dubai Financial Market (DFM).  

[Category: Business, Alef Education, EFG Hermes]

As of 6/22/24 8:47am. Last new 6/17/24 8:05am.

Next feed in category: Egyptian Streets