
Mobile phone subscriptions in Egypt hit 120mln in 2024
Arab Finance: Mobile phone subscriptions in Egypt reached nearly 120 million in 2024, accompanied by more than 10% growth in mobile internet usage compared to the previous year, according to official figures.
The year also saw the launch of several new services, including embedded SIM cards (eSIM) and Wi-Fi Calling, designed to ensure continuous connectivity, even in remote areas, without imposing additional costs on users.
Egypt granted the first 5G network license at the start of 2024.
By year-end, all mobile network operators secured licenses as part of a broader strategy to accelerate digital infrastructure and improve national competitiveness.
In collaboration with mobile operators, the government has laid out a phased plan for 5G deployment, with initial coverage focusing on major cities, key transportation corridors, and strategic economic zones.
Such cooperation guarantees benefiting from the capabilities of these technologies in achieving development and national competitiveness.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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The National
31 minutes ago
- The National
Egypt scrambles to secure energy sector as Israeli gas cut-offs disrupt power grid
Israeli gas supply to Egypt was cut off again on Sunday night as the war with Iran continues to intensify, two government sources overseeing the matter confirmed to The National on Monday. Supplies had resumed on Thursday following a six-day halt since June 13 when Tel Aviv launched an attack on Iranian nuclear sites and killed top Iranian military officials and nuclear scientists. Israel shut down two of its three gasfields on the day it attacked Iran. Israeli officials said this was a precautionary measure taken in anticipation of an Iranian retaliation, which came later the same day. The enemies have been exchanging missile and drone strikes since then with large-scale infrastructure destruction and casualties reported on both sides. Gas supplies to Egypt and Jordan were halted and prioritised for local use in Israel, and on June 13 the Egyptian government forced fertiliser factories to halt production nationwide given the large amounts of natural gas they use. The government said it was prioritising the energy requirements of power stations, especially because of the heavy use of fans and air conditioning units in Egypt in summer. Israeli gas supply to Egypt resumed on Thursday, though in much lower quantities, the two sources said. This was because only gas coming from the Tamar field resumed. The larger Leviathan field was ordered shut by the Israeli energy ministry – Chevron, which runs the field, has ceased all production there since. However, supplies to Egypt were halted again four days after resuming, the officials said, underscoring that the halt came after the US's contentious intervention in the Israel-Iran war on Saturday, when it launched a series of air strikes on Iranian nuclear enrichment sites. The move has stoked fears of an intense Iranian response and a long, drawn out war in the region. Before supplies were halted, Egypt was importing around 1 billion cubic feet per day from Israel, accounting for around 13 per cent of Cairo's total daily consumption of around 7.5 billion cfd, of which around 3.8 billion is produced locally. To counter the unexpected drop in supplies, Egypt made arrangements to use three floating regasification units, two in the Red Sea and one in the Mediterranean, according to one of the sources. These will receive shipments of liquefied natural gas, regasify it and then pump it through the national power grid. The vessels were acquired late last year to help mitigate power cuts this summer by diversifying the country's sources of energy, according to a speech on Saturday by Prime Minister Mostafa Madbouly in the Red Sea port city of Ain Sokhna. Mr Madbouly was there to witness the first of the three additional regasification units being connected to the power grid. It is the second such unit operating in Egypt after one was put into service last year to help with energy shortages at the time. The other two are expected to enter service by next month, he said. Each of the ships has the capacity to produce between 600 million and 750 million cfd, which would easily cover the drop in natural gas supplies from Israel, according to multiple officials, including the Prime Minister. One of the units was previously stationed in Aqaba, Jordan, under a 2024 agreement between Egypt and Jordan to optimise gas supply. The agreement allowed Jordan to access Egypt's floating storage and regasification units via the existing pipeline network between the two countries. The relocation of the unit to Ain Sokhna at Egypt's request earlier this month means that Jordan will get its share of gas through pipelines from Egypt rather than through its own grid at Aqaba. Jordan's share of LNG under the deal is 350 million cubic feet per day, but it is now receiving about a third of that due to shortages, the officials said. Shipments of LNG have continued to arrive in Egypt, according to Mr Madbouly, and several are waiting to be unloaded on the floating regasification units. A stopgap supply of LNG was provided to Egypt on short notice from Saudi Arabia's national energy company Aramco. Additionally, some shipments were provided by commodity trader Trafigura, according to data collected by Mohammed Ragab, a financial analyst. He praised the government's handling of the energy crisis this summer. Cost-saving measures In addition to the diversification of its sources of fuel, the Egyptian government has also introduced a number of cost-saving measures including shutting off street lights in residential neighbourhoods and closing government buildings by 8pm. Mosques and churches have been instructed to turn off their lights when prayers are finished and billboard lighting was also turned off, among other measures. Despite these measures, power cuts have been reported in various rural provinces over the past week, according to one of the government officials who spoke to The National on the condition of anonymity. Mr Madbouly addressed the matter during a speech last week and said that this was due to maintenance work in preparation for the summer season. However, the official said that 'while the outages were not directly caused by natural gas shortages, the whole mechanism has been deeply disrupted by Israel cutting off gas so abruptly'. He added that 'switching to different sources of fuel will require structural changes to the existing mechanism that might cause more power cuts down the line'. As power cuts in Egypt look more likely amid the recent escalation between Iran, Israel and the US, there are growing fears in Cairo that a prolonged war might cause much deeper damage to its already vulnerable economy, particularly because of its heavy reliance on imports and investment. 'Interbank data shows that large amounts of hot cash were withdrawn from Egyptian markets in the days following Israel's attack on Iran,' Mr Ragab told The National. 'Though these numbers have started to rebound slightly, a prolonged war could very well result in the exit of larger amounts of cash invested in Egypt's short debt markets which would cause a similarly disastrous inflationary wave as the one that took place in the wake of Russia's invasion of Ukraine.' As the region braces for the next phase of the Israel-Iran war, Egypt faces mounting challenges in safeguarding its energy security and economic stability. While government efforts to diversify energy sources and introduce cost-saving measures have provided some relief, the abrupt disruptions in Israeli gas supplies have exposed the fragility of its energy infrastructure.


Arabian Business
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Americana Restaurants International, the largest out-of-home dining and quick service restaurant operator in the Middle East & North Africa and Kazakhstan, has confirmed it is in talks to acquire Cravia Inc. The development was reported last week, but wasn't confirmed by any involved parties at the time. Cravia Inc. has been owned by Fajr Capital, a private equity company, since 2016. It has 78 outlets and more than 2,000 employees. In addition to Five Guys and Cinnabon, it operates or manages brands like Zaatar W Zeit, Seattle's Best Coffee and Carvel. In a notification with Abu Dhabi Securities Exchange (ADX), where American Restaurants is listed alongside Saudi Tadawul, the company said: 'This is to notify you that the Company is holding preliminary discussions with Cravia (food and beverage franchise operators in the Middle East) for the purpose of acquiring stake(s) in the said target company. 'In compliance with the regulations pertaining to disclosure and transparency, the Company confirms disclosure of all substantive news and developments to the market immediately when available and without delay.' Americana Restaurants has a portfolio that includes brands like KFC, Pizza Hut, Hardee's, Krispy Kreme, Wimpy and Costa Coffee. Bloomberg reported last Friday, quoting sources close to the negotiations, that talks were at an early stage, and there was no certainty that a deal would be reached.


Gulf Business
3 hours ago
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Sheikh Mohammed's Executive Office turns 25: What you need to know
Image credit: Dubai Media Office/Website Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, attended a ceremony marking the 25th anniversary of The Executive Office of Sheikh Mohammed. Sheikh Mohammed praised the work of The Executive Office in setting a benchmark for leadership and innovation over the past quarter century. He highlighted its pivotal role in realizing his vision of Dubai as a global pioneer committed to excellence and future readiness. Read- 'For 25 years, The Executive Office has fostered teamwork and effectively implemented our development vision,' Sheikh Mohammed said. 'Today, we witness the outcomes of an integrated government work ecosystem led by The Executive Office, which has contributed significantly to Dubai's global prominence. 'The Executive Office is a wellspring of exceptional ideas, a catalyst for change, and a launchpad for forward-looking projects and initiatives that have underpinned our economic and social progress.' Image credit: Dubai Media Office/Website Sheikh Mohammed added: 'The Executive Office will remain central to advancing Dubai's strategic vision for global leadership. These 25 years of achievements inspire our continued drive toward transformation and progress.' The Executive Office represents a distinctive model of governance, rooted in a forward-thinking vision and a proactive leadership approach. Tasked with translating the vision of Dubai's ruler into actionable strategies, the office plays a central role in shaping the emirate's future. Established by decree, the Executive Office acts as the strategic arm of Sheikh Mohammed, leading initiatives that drive economic, social, and developmental progress across Dubai. With a foundation built on meticulous analysis and long-term planning, the Office supports decision-making processes that align with Dubai's aspirations for global leadership. Image credit: Dubai Media Office/Website A strategic think tank Functioning as a specialised think tank, the Executive Office conducts comprehensive analytical studies across economic, political, cultural, and developmental sectors. These insights directly inform key directives and decisions issued by Sheikh Mohammed. The office not only advises government entities but also monitors the execution of projects initiated under the leadership's guidance. It tracks performance across sectors, producing regular reports to ensure alignment with Dubai's strategic goals. By integrating scenario planning and forecasting, the office prepares for global challenges, ensuring the emirate remains resilient and adaptive. Development proposals, strategic blueprints, and reforms are all filtered through this rigorous process. Nurturing innovation and creativity With the close involvement of Sheikh Mohammed, the Executive Office has evolved into a center of innovation and strategic thought. Over the past 25 years, its commitment to creative problem-solving and bold ambition has underpinned transformative achievements that continue to define Dubai's rapid ascent. The Office has spearheaded numerous landmark initiatives that have reshaped the city's global profile, enhanced competitiveness, and strengthened its economy and social fabric. Dubai International Financial Centre (DIFC) One of the most significant milestones driven by the Executive Office is the establishment of the Dubai International Financial Centre (DIFC) in 2004. The DIFC marked a turning point, positioning Dubai as a global financial hub. In 2024, DIFC reached new heights. The number of active companies rose to 6,920, with 1,823 new firms joining—a 25 per cent year-on-year increase. The workforce exceeded 46,000, and assets under management surpassed $700bn. Notably, the centre now hosts family offices managing over $1.2tn in assets, further cementing its influence in global finance. The Dubai Council Launched in 2020 under the direction of the Executive Office, the Dubai Council was formed to implement transformational projects across the emirate. So far, it has initiated 25 strategic projects and established four high-level committees to drive development in critical sectors. The council has played a key role in restructuring public institutions and enhancing the efficiency of services, which in turn has catalyzed growth across Dubai's economy. Mohammed Bin Rashid Al Maktoum Global Initiatives (MBRGI) Also operating under the Executive Office is the Mohammed Bin Rashid Al Maktoum Global Initiatives (MBRGI), founded in 2015. As the region's largest humanitarian and development organization, MBRGI encompasses 30 programs focused on alleviating poverty, promoting education, and advancing innovation. In 2024, MBRGI invested Dhs2.2bn in humanitarian work, impacting 149 million people in 118 countries. Digital transformation through Smart Dubai In 2013, the Executive Office launched Smart Dubai, later evolving into Digital Dubai in 2021. The initiative has propelled the emirate's digital transformation and ranked Dubai first in the Arab world and Asia, and fourth globally in the IMD 2025 Smart City Index. Digital Dubai continues to streamline government operations, enhance public services, and integrate emerging technologies across sectors. Dubai Future Foundation The Dubai Future Foundation (DFF), launched in 2016, is another key entity housed within the Executive Office. DFF is responsible for future-focused programs including the Museum of the Future—an architectural landmark that has welcomed more than 3 million visitors and 40 heads of state since opening. Additionally, DFF launched the Dubai Future District Fund, which has invested Dhs3bn, directly contributing to the city's GDP and bolstering its innovation ecosystem. Hatta Development Plan The Hatta Development Plan, introduced by the Executive Office in 2016, comprises over 40 initiatives aimed at revitalizing the mountainous enclave. Annual tourism has soared to 1.5 million visitors, with improved infrastructure, eco-tourism, and employment opportunities enhancing quality of life for local residents. The Executive Council of Dubai Established in 2003, the Executive Council of Dubai also operates within the Executive Office and oversees more than 60 government departments. The council ensures alignment between sector strategies and Dubai's overarching vision, while focusing on governance, service improvement, and institutional efficiency. It plays a critical role in translating policy into action and continuously refining government operations to deliver measurable improvements in citizen wellbeing. Dubai Holding Dubai Holding, another major entity launched by the Executive Office in 2004, manages Dhs280bn in assets and operates in 34 countries. The conglomerate employs over 45,000 people and plays a significant role in driving economic diversification and international investment. Leadership development The Mohammed Bin Rashid Center for Leadership Development (MBRCLD), founded in 2003 and supported by the Executive Office, has trained more than 1,000 leaders, including 9 ministers, 10 deputy ministers, 15 director generals, and nearly 100 executive directors. The center continues to identify and mentor emerging talent, preparing the next generation of leaders to navigate global change and complexity. Continuing the vision As Dubai positions itself at the forefront of global development, the Executive Office remains at the core of the city's transformation. Through strategic foresight, data-driven planning, and alignment with global trends, the Office is executing Sheikh Mohammed's vision to ensure Dubai's continued leadership on the world stage. With a focus on inclusive growth, innovation, and sustainability, the Executive Office is not only shaping policy—but also securing Dubai's role as a model for visionary governance in the 21st century.