
President Sisi, France's Alstom CEO discuss Cairo Metro line 6 project
Prime Minister Mostafa Madbouly and Minister of Transport Kamel El-Wazir attended the meeting.
The meeting in Cairo discussed the project as part of the expansion of sustainable green mass transit options and also addressed the completion of the overall metro network to provide high-quality services to citizens.
Additionally, they discussed the latest developments regarding ongoing talks about the management, operation, and maintenance of the monorail project on the East and West of Nile.
The meeting included a review of the current status of several projects being implemented by the French company in various transport sectors in Egypt, as well as efforts to localize railway industries in the country.
They also discussed the latest developments regarding the establishment of the Alstom industrial complex in Borg El Arab, which will include two factories: one for producing electrical systems and railway components, and the other for the production of various types of mobile units.
The project helps meet local market needs and facilitate exports to countries in the Middle East and Africa.
Sisi stressed the importance of completing all mentioned projects according to the specified timelines to achieve the state's vision for developing the transport sector and localizing industry.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Daily News Egypt
an hour ago
- Daily News Egypt
Egypt's Al-Sisi meets central bank chief, calls for continued efforts to increase dollar inflows
Egyptian President Abdel Fattah Al-Sisi on Monday stressed the need to continue efforts to increase the country's foreign currency reserves, particularly from local sources, and to maintain a flexible and unified exchange rate, the presidency said. Al-Sisi's comments came during a meeting with Central Bank of Egypt (CBE) Governor Hassan Abdalla to discuss the performance of the Egyptian economy. According to a presidential spokesperson, the meeting covered efforts to continue reducing inflation rates and indicators related to boosting the state's foreign exchange reserves. They also reviewed the global economic situation and the impact of international challenges on the macroeconomy. 'The president emphasized that the sufficient availability of dollar resources positively reflects on providing a reassuring stock of various commodities, petroleum products, as well as production inputs for factories,' the spokesperson, Mohamed El-Shennawy, said in a statement. Egypt's net international reserves climbed to $49.036bn in July 2025, up from $48.700bn in June—an increase of approximately $336m. This marks the highest level of foreign currency reserves ever recorded in Egypt, supported by stronger inflows from export earnings, tourism revenues, remittances from Egyptians abroad, and foreign direct investment. Al-Sisi also called for continued coordination between the government and the central bank to ensure the maintenance of a flexible and unified exchange rate for foreign currency. The meeting also addressed providing opportunities and financing for the private sector to drive economic growth, attract more investment flows, and maximize the private sector's role in economic activity. In this context, the president directed that incentives be enhanced to take advantage of available economic opportunities and that the private sector be empowered to drive growth. He stressed the need for 'intensive work to provide favourable conditions for attracting more foreign investment and empowering the private sector,' the spokesperson said.


Daily News Egypt
an hour ago
- Daily News Egypt
Al-Sisi extends Hassan Abdalla's term as CBE acting governor
President Abdel Fattah Al-Sisi has issued a presidential decree extending the mandate of Hassan Abdalla as acting governor of the Central Bank of Egypt (CBE) for another year, starting from 18 August 2025. Abdalla first assumed the role on 17 August 2022. Abdalla, who brings more than four decades of experience in banking and finance, has held numerous senior leadership positions and was part of the team that spearheaded the banking sector reform programme in the early 2000s. Before becoming CBE governor, Abdalla was chairperson of United Media Services in 2021. Prior to that, he had a long and distinguished career at the Arab African International Bank (AAIB), where he began his professional journey in 1982. He later rose to the position of CEO and vice-chairman of the bank. Born in August 1960, Abdalla earned a bachelor's degree in Business Administration from the American University in Cairo (AUC) in 1982, followed by a master's degree in the same field from AUC in 1992. At AAIB, he gained wide-ranging experience across operations, the dealing room, foreign exchange and money markets, as well as futures trading. In 1988, he moved to the bank's New York branch, where he was responsible for managing the treasury portfolio and hedging strategies. After a year in the US, he returned to Cairo, continuing his steady progression through the ranks. He was promoted to assistant general manager in 1994, then general manager in 1999, and finally vice-chairman and managing director in 2002. This period coincided with a critical time for Egypt's banking sector, which was weighed down by non-performing loans and weak infrastructure. In response, the banking reform programme was launched in 2003, in which Abdalla played a key role. In May 2005, he oversaw AAIB's acquisition of Misr America International Bank in a deal worth around EGP 240m. The transaction, which marked Egypt's first private sector bank merger, significantly enhanced AAIB's domestic market position. A decade later, in 2015, Abdalla led AAIB's acquisition of the Egypt portfolio of Canada's Scotiabank, another milestone in consolidating the bank's market presence. Beyond his executive roles, Abdalla has served on the boards of several high-profile organisations, including the Institute of International Finance, the Emerging Markets Advisory Council (EMAC), the CBE, the Egyptian Exchange, GB Auto, Coca-Cola, Endeavor Egypt, Telecom Egypt, Orascom Construction, and the National Competitiveness Council. He has also contributed to academia, serving as a faculty member at AUC and sitting on its Business School Strategic Advisory Board. Banking expert Mohamed Abdel Aal praised Abdalla's ability to manage both domestic and international economic challenges with flexibility and precision. He credited Abdalla with adopting practical policies to curb inflation and stabilise the exchange rate, restoring confidence among investors and market participants. 'In my view, his policies in tackling inflation and stabilising the foreign exchange market stand among his greatest achievements, reflecting the efficiency of his leadership and his capacity to meet the expectations of the banking sector and the wider economy,' Abdel Aal said. He emphasised the magnitude of the challenges Abdalla has faced over the past three years, particularly with exchange rate volatility. 'Look at how decisively he addressed this challenge,' Abdel Aal said. 'The exchange rate has been a decisive factor in assessing the effectiveness of the central bank's policy and its governor in recent years.' Abdel Aal pointed to the flexible exchange rate mechanism introduced in March 2024 as a turning point: 'The so-called parallel market disappeared permanently afterwards. And today, for the first time, we see one of the world's largest banks, Goldman Sachs, affirming that the Egyptian pound is trading at nearly 30% below its real value.' He further highlighted Abdalla's innovative use of monetary policy tools in the fight against inflation. 'Consider how Governor Hassan Abdalla and his team tackled Egypt's stubborn inflation, using every available instrument. A key approach was the strategic adjustment of interest rates—increasing them at times to rein in inflationary pressures, and at other times keeping them steady or lowering them to support growth, encourage investment and boost employment.' Other measures included managing the money supply through open market operations and reserve requirements. According to Abdel Aal, these policies succeeded in gradually steering inflation towards the CBE's target range. 'In final assessment, despite the scale of the challenges, one of his standout achievements has been his pioneering role in developing banking performance and strengthening oversight of financial institutions,' Abdel Aal noted. 'This includes bolstering supervisory, auditing and governance mechanisms to ensure the soundness of the banking system.' Overall, Abdel Aal believes the CBE's performance in the coming period will reflect a consistent orientation towards market stability and sustainable growth. 'This attests to Governor Hassan Abdalla's effectiveness and ability to manage monetary policy and drive long-term growth efficiently, even amid the economic challenges posed by ongoing global and regional geopolitical and trade tensions. It demonstrates the professionalism and flexibility required to steer monetary policy in the years ahead,' he concluded.


Daily News Egypt
an hour ago
- Daily News Egypt
Zelenskyy seeks US security guarantees as Trump says he can ‘end war now'
Ukrainian President Volodymyr Zelenskyy arrived in Washington on Monday expressing confidence that Ukraine would secure US 'security guarantees' with European support, ahead of critical talks with US President Donald Trump, who insisted Zelenskyy could 'end the war now… if he wants to.' 'I am grateful to the President of the United States for the invitation. We all equally want to end this war quickly and reliably,' Zelenskyy wrote on Telegram after arriving in Washington. Zelenskyy is scheduled to meet Trump for bilateral talks in the Oval Office before they are joined by European leaders.'We all share a strong desire to end this war quickly and reliably. The peace must be lasting,' Zelenskyy added. The US president has already ruled out Ukraine regaining the Russian-controlled Crimean peninsula. Trump said there was 'no going back' on the issue, accusing former US President Barack Obama of having 'given it to Russia about 12 years ago without a single shot being fired.' Multinational peacekeeping force Ahead of the Washington meeting, a 'coalition of the willing' of European leaders said in a statement on Sunday that they would play a role in security guarantees for Kyiv through a 'multinational force' as part of efforts to secure a lasting peace deal. The leaders affirmed their continued support for Ukraine and praised Zelenskyy's desire for a just and lasting peace. The statement noted the coalition's readiness to deploy a 'peacekeeping force' as soon as fighting stops to help secure Ukraine's airspace and maritime borders. French President Emmanuel Macron said after the meeting that the goal of Monday's talks in Washington was to 'show a united front between Ukraine and its European allies.' He added: 'If we show weakness today in the face of Russia, we are paving the way for future conflicts.' According to a report in the Washington Post, European officials want to ensure that 'Trump does not lean too far to the Russian side' and 'does not try to pressure Zelenskyy into a deal that will ultimately sow the seeds of Ukraine's disintegration.' They also seek to prevent the United States from 'undermining European security,' of which Washington has been the pillar since NATO's founding in 1949. European fears 'There is a sense of panic among European allies,' a senior European diplomat told the Washington Post, noting he had not seen a meeting come together so quickly since the lead-up to the Iraq war. The primary concern, according to the diplomat, was to avoid a scene similar to one last February when, in front of cameras at the White House, Trump rebuked Zelenskyy, saying: 'You don't have the cards' in the war. The US President repeated those sentiments on Friday evening, telling Fox News that Ukraine must recognise Russia is a 'much more powerful' country, and that this power means Zelenskyy must make concessions. US Secretary of State Antony Blinken stressed on Sunday that the European leaders were coming to Washington at the invitation of the Trump administration. 'They are not coming here to stop Zelenskyy from being bullied,' he told CBS's 'Face The Nation'. 'They are coming because we have been working with the Europeans.' European officials said Trump had given Zelenskyy 'the freedom' to bring any guests to the meeting, after which the White House extended invitations to several European leaders. 'Article 5-like' security guarantees In a shift from his previous position that Europe should bear the burden of protecting Ukraine, Trump on Saturday offered support for US security guarantees for the country after the war, though details remain unclear. On Sunday, US Special Envoy Steve Witkoff said Trump and Russian President Vladimir Putin had agreed on 'strong security guarantees' during their summit in Alaska last week. 'The United States is prepared in principle to provide Article 5-like security guarantees, but not through NATO, but directly from the United States and other European countries,' Witkoff said in an interview with Fox News, referencing the collective defence clause of the NATO treaty. Under Article 5, an attack on one member is considered an attack on all. Ukraine is not a NATO member but has sought allied support since Russia's full-scale invasion in 2022. Witkoff said the security deal would be discussed further between the US, Zelenskyy and European allies during Monday's meeting in Washington. In London on Sunday, after a virtual meeting of the 'coalition of the willing,' British Prime Minister Keir Starmer issued a statement praising Trump's commitment to 'providing security guarantees for Ukraine.' The statement reaffirmed that Britain and other European nations were prepared to 'deploy a reassurance force as soon as hostilities cease, and to help secure Ukraine's skies and seas and rebuild its armed forces.' Separately, the United States hopes a trilateral meeting between Trump, Putin and Zelenskyy could be held this week, a White House official confirmed to The New York Times, but cautioned that Monday's meeting was not necessarily expected to result in that outcome. Speaking alongside European Commission President Ursula von der Leyen in Brussels on Sunday, Zelenskyy said it was impossible to enter negotiations with Moscow 'under the barrel of a gun,' reiterating that a full ceasefire must be in place before any talks.