6,000 Projects Completed in Upper Egypt With EGP 32 Billion Investment
May 30, 2025
The Ministry of Local Development has announced the completion of more than 6,000 development projects in Upper Egypt, with total investments exceeding EGP 32 billion. These initiatives, part of the Upper Egypt Local Development Programme launched in 2018, have enhanced infrastructure and public services for approximately 8.2 million citizens in the governorates of Sohag, Qena, Minya, and Assiut.
The projects have focused on key sectors such as roads, sanitation, and electricity. Notably, 40% of the investments have been allocated to economic development and institutional capacity-building at local and technological levels.
The programme has also advanced Egypt's decentralisation agenda and increased private sector participation, benefiting over 72,000 companies. Surveys indicate that around 85% of business owners reported satisfaction with the support provided, reflecting positively on the government's broader 2024–2027 national reform plan.
The World Bank reaffirmed its commitment to supporting Egypt's efforts to enhance the business climate, digitise local services, and replicate successful models, particularly the economic cluster approach, in other governorates. Twelve economic clusters have already been implemented, with most nearing completion and full rollout anticipated by October 2025.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
6 hours ago
- Daily News Egypt
State-owned Holdipharma targets EGP 18bn in revenues for FY2025/2026
Mohamed El-Shimy, Minister of Public Enterprises, affirmed that the pharmaceutical industry is a vital pillar of health security and a key driver of the national economy, stressing that its development within the ministry's affiliated companies is a strategic priority. His remarks came while chairing the General Assembly meeting of the Holding Company for Pharmaceuticals (Holdipharma) to approve the budget plan for the 2025/2026 fiscal year. During the meeting, Ashraf El-Khouly, CEO and Managing Director of Holdipharma, presented the board's report, which included the draft budget for the coming fiscal year. The plan targets consolidated revenues of EGP 18bn, a 131% increase compared to 2023/2024, and net profits of EGP 3.4bn—up 343%. The report also noted the growth in the market value of the group's listed companies. The meeting, attended by Board Chair Ahmed Hegazy, members of the General Assembly, and representatives of the Central Auditing Organisation, marked the final approval of all holding companies' and subsidiaries' budgets for the new fiscal year. Minister El-Shimy explained that the ministry is working to localise and deepen pharmaceutical manufacturing, transfer and apply the latest global production technologies, and enhance product quality to strengthen competitiveness in local, regional, and international markets. Development plans include upgrading production lines, increasing manufacturing capacity, adhering to the highest standards of sustainability, quality, and Good Manufacturing Practice (GMP), ensuring occupational health and safety, and optimising the use of assets, capacities, and resources. He added that human capital development is central to achieving these targets, through specialised training and qualification programmes that encourage innovation and advance scientific research, alongside fostering partnerships with the private sector both domestically and internationally. These measures aim to increase production and export capacity, and open new markets to bolster the competitiveness of the national industry. El-Shimy stressed that reforming the financial structures of subsidiary companies is a top priority to ensure sustainable profitability and secure the resources needed for production expansion. He underscored the importance of updating organisational structures and management systems to meet current needs, while accelerating the implementation of the Enterprise Resource Planning (ERP) system to improve operational efficiency and ensure precise oversight of resources and production. The presentation also highlighted major projects and investment opportunities, including the production of biological drugs, insulin and biosimilars, dry powder inhalation tablets, active pharmaceutical ingredients (APIs), and hormones. It outlined partnerships with leading international companies, such as US-based Dawah, to produce and export products including ampoules, nutritional supplements, sterile injections, and sterile ophthalmic preparations. El-Shimy concluded by stressing the integration of economic, social, and environmental dimensions to ensure comprehensive sustainability in the company's activities. He called for promoting professional conduct, improving the work environment, and raising performance standards across all administrative and executive levels. He affirmed that the Ministry of Public Enterprises Sector is moving decisively towards modernising and restructuring its subsidiaries, striking a balance between profitability and sustainability, and enhancing Egypt's competitiveness regionally and globally. Holdipharma, he added, aims to achieve regional leadership in the sector, positioning Egypt as an advanced hub for pharmaceutical production and exports, meeting domestic needs while expanding into international markets.
See - Sada Elbalad
7 hours ago
- See - Sada Elbalad
Rising U.S. Inflation Puts the Fed in a Tight Spot… Gold Recovers from Losses
Waleed Farouk Gold prices held steady in mid-day trading on Tuesday following the release of U.S. inflation data. In both local and global markets, gold erased the losses it had recorded earlier in the day, with 21-karat gold trading at EGP 4,580 per gram, while the global ounce stood at $3,350. The price of 24-karat gold reached EGP 5,229, 18-karat gold was at EGP 3,921, and a gold pound coin was priced at EGP 36,600. On Monday, the precious metal had fallen by about EGP 40, with the global ounce declining by roughly $46 from $3,397 to $3,351 before partially recovering on the back of the inflation reading. Gold prices recovered from their lows to trade in nearly neutral territory as consumer price pressures continued to entrench themselves within the broader U.S. economy. According to data from the U.S. Bureau of Labor Statistics released on Tuesday, the Consumer Price Index (CPI) rose 0.2% in July after a 0.3% increase in June, in line with market expectations. Annual headline inflation increased 2.7%, slightly below forecasts of 2.8%. Core inflation—which excludes food and energy—rose 0.3% in July, matching June's pace, and climbed 3.1% annually, slightly above expectations of 3.0%. Some economists view the annual core inflation increase as an early sign that higher prices are becoming embedded in the economy, potentially pressuring consumption. The report noted broad gains in categories including healthcare, airline fares, recreation, household furnishings, and used cars and trucks. Rising shelter costs—up 0.2% last month—were the largest contributor to headline inflation. On a positive note, energy prices fell 1.1% in July, driven by a 2.2% drop in gasoline prices, leaving the energy index down 1.6% over the past year. Meanwhile, food prices rose 2.9% year-on-year. Spot gold saw some positive momentum in its initial reaction to the inflation data, last trading at $3,344.10 per ounce, little changed on the day. While higher inflation is typically seen as negative for gold because it may prompt the Federal Reserve to maintain restrictive monetary policy, markets still widely expect a rate cut in September, as weak labor market data continues to outweigh concerns over higher prices. Analysts note that the combination of high inflation and lower interest rates reduces real yields, lowering the opportunity cost of holding non-yielding assets like gold. Gold had seen a slight drop at the start of the day on hopes for peace talks between Russia and Ukraine, as well as President Trump's announcement that gold imports would be exempt from tariffs, easing concerns about Swiss gold bars, which account for a significant share of U.S. gold imports. Trump made the announcement on his Truth Social platform, writing: 'Gold will not be tariffed,' at a time when markets were awaiting an official clarification from the White House following reports of a 39% tariff on one-kilogram gold bars. Those reports had pushed gold futures to record highs on Friday amid fears of the impact on Switzerland—the world's largest gold refining hub—which exported about $36 billion worth of gold to the U.S. in the first quarter of the year, more than two-thirds of its trade surplus with Washington. The 39% tariffs affected all Swiss imports to the U.S., including luxury watches, chocolate, and cheese, but Trump's latest remarks eased concerns over bullion exports. The Swiss Association of Precious Metals Producers and Traders welcomed the statement but stressed the need for a formal, binding decision. Its president, Christoph Wild, said: 'President Trump's statement is an encouraging signal for trade stability, but only a formal decision will provide the certainty the sector and its partners require.' A White House official told Reuters that the administration is preparing an executive order 'clarifying misinformation' regarding tariffs on gold bars and other products. The U.S. Customs and Border Protection had stirred controversy last week when it announced that one-kilogram and 100-ounce gold bars would not be exempt from tariffs, prompting financiers and metals companies to seek urgent clarification and resulting in shipments being held in bonded warehouses. Gold, sold in the U.S. even in major retailers such as Costco, is often used as a hedge against inflation. A one-kilogram bar is priced at around £89,000, while a one-ounce gold coin sells for about £2,500. On the trade front, Trump signed an order extending the U.S.-China tariff truce by another 90 days, moving the next review date to November 9. This eased pressure on global supply chains in the short term but was seen by traders as a temporary pause rather than significant progress toward resolving the trade dispute. Despite ongoing inflationary pressures, markets still price in strong odds of a September rate cut, though expectations for a 25-basis-point reduction have eased to around 84% from 90% a week ago, according to the CME FedWatch Tool, reflecting caution ahead of further inflation data. Markets now await comments from Fed officials Thomas Barkin and Jeffrey Schmid for fresh policy signals, along with upcoming economic data including Thursday's Producer Price Index (PPI), and Friday's Retail Sales and preliminary August Michigan Consumer Sentiment Index—releases that could play a decisive role in shaping expectations for next month's rate decision. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani
See - Sada Elbalad
9 hours ago
- See - Sada Elbalad
Abu Dhabi Accelerates as MENA's Fastest-Growing AI Hub
By Ahmad El-Assasy Abu Dhabi is rapidly emerging as a leading artificial intelligence (AI) powerhouse in the Middle East and North Africa (MENA), according to recent data from the Abu Dhabi Chamber of Commerce and Industry (ADCCI), featured by TV BRICS. Between June 2023 and June 2024, the emirate's AI sector grew by 61%, now boasting 673 AI companies—a significant share of the nearly 90,904 AI firms worldwide. Over the first half of 2025 alone, 150 new AI companies were launched, driven by strategic investments, advanced infrastructure, and growing demand across diverse sectors. Shamis Ali Khalfan Al Dhaheri, Second Vice Chairman and Managing Director of ADCCI, stated that Abu Dhabi is transitioning 'from early adoption of AI to real-world transformation' by fostering an ecosystem grounded in research, consultancy, and enterprise solutions. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani
