OPEN// PM arrives at venue of Egypt-Japan Business Council forum in Tokyo
The forum brings together a number of leading Egyptian and Japanese companies to explore opportunities for enhancing cooperation between the Egyptian and Japanese markets.
Madbouli is also scheduled to participate, on behalf of President Abdel Fattah El Sisi, in the ninth Tokyo International Conference on African Development (TICAD 9), set to take place in the Japanese city of Yokohama between August 20-22. (MENA)
A A E/
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al-Ahram Weekly
7 minutes ago
- Al-Ahram Weekly
Egypt backs Saudi initiatives supporting Palestinian cause: El-Sisi to bin Salman
President Abdel Fattah El-Sisi affirmed Egypt's support for Saudi initiatives to achieve a just resolution of the Palestinian cause, including the outcomes of the Two-State Solution conference co-hosted by the Kingdom in late July. This came during a meeting between the Egyptian president and Saudi Crown Prince and Prime Minister Mohammed bin Salman in Neom, Saudi Arabia on Thursday. Earlier on Thursday, the Saudi Crown Prince received President El-Sisi at NEOM Bay Airport at the start of his official visit to the Kingdom. According to the Egyptian presidency, both leaders agreed during their talks on rejecting any attempts to displace Palestinian people from their land or to reimpose Israeli military occupation on the Gaza Strip. They also reviewed Egypt's efforts to achieve a ceasefire in Gaza in coordination with various parties, stressing the need to accelerate the unhindered delivery of humanitarian aid to the strip, and secure the exchange of captives and detainees. El-Sisi and bin Salman further emphasised the necessity of halting Israeli violations against the Palestinians in the occupied West Bank. The meeting between the two leaders comes amid intensive Egyptian and Qatari efforts to secure a ceasefire in the 22-month-old Gaza war between Israel and Hamas. It also comes as Tel Aviv pounds north Gaza, as it gears up to launch a major assault on Gaza City amid plans to reoccupy the entire strip. Cairo and Doha have intensified their mediation with various international partners to halt the war in Gaza, deliver urgent humanitarian aid to the strip, and prevent further deterioration of the catastrophic situation as famine grips 2.3 million Palestinians in the strip. On Tuesday, Cairo and Doha confirmed that Hamas has agreed to a 60-day truce proposal that was previously agreed to by Israel. Tel Aviv has not responded yet. In late July, Saudi Arabia and France co-chaired a high-level UN conference in New York in an attempt to revive stalled talks on a two-state solution between Israel and Palestine. Egyptian-Saudi ties According to the Egyptian presidency, both sides addressed bilateral cooperation, where they affirmed the importance of strengthening joint investments and expediting the launch of the Egyptian-Saudi Higher Coordination Council as a comprehensive framework for advancing ties at all levels. El-Sisi and bin Salman also agreed to initiate further partnerships in the fields of industrial integration, localisation of technological industries, transportation, new and renewable energy, and urban development. During the meeting, the Egyptian president expressed profound appreciation and deep gratitude for the warm welcome and generous hospitality he received during his visit, praising the close historical bonds linking Cairo and Riyadh. He also expressed keenness to continue building on the qualitative leap achieved in bilateral relations, in a way that contributes to strengthening economic and trade partnership and aligns with the aspirations of both peoples. In turn, the Saudi Crown Prince expressed the Kingdom's pride in its deep-rooted fraternal ties with Egypt, reaffirming his keenness to enhance frameworks of bilateral cooperation across various fields, and elevate them towards broader and more sustainable horizons that serve the interests of both nations. In 2024, trade between Egypt and Saudi Arabia grew by 18.8 percent to $6.5 billion, up from $5.5 billion in 2023, according to Head of the Egyptian Commercial Office in Saudi Arabia Osama Basha . He also noted that Saudi investments in Egypt reached $37 billion across more than 6,830 companies, while Egyptian investments in Saudi Arabia totalled $5 billion through 805 companies. Egypt now ranks seventh among Saudi Arabia's largest trading partners, Basha said. Both leaders also discussed the latest regional and international developments. According to the Egyptian presidency, El-Sisi and bin Salman stressed the importance of supporting the stability of the region's states, preserving their territorial integrity, and safeguarding their national institutions. The Egyptian president and Saudi Crown Prince affirmed their determination to continue coordination and consultations amid the rapid developments in the Middle East. For his part, bin Salman praised Egypt's pivotal role in consolidating regional security, stability, and development, based on its historical influence and strategic position. Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
38 minutes ago
- See - Sada Elbalad
Egypt's Dollar Exchange Rate Falls to 48.4–48.5
Waleed Farouk Over recent weeks, the U.S. dollar has retreated in Egypt's official market to around EGP 48.4–48.5, a level confirmed by the Central Bank of Egypt's screen on August 19, 2025. This movement reflects two dynamics: a genuine improvement in foreign currency inflows, alongside monetary management that has bolstered liquidity through high-yield instruments attracting portfolio investment—or 'hot money.' In other words, the decline is not artificial, but its sustainability depends on continued structural growth in dollar revenues. Why is the decline genuine? Net foreign assets in the banking system improved significantly this spring, following the completion of an IMF review. They surged in March and stabilized near those levels in May at $14.7bn, before rising further to $14.94bn in June, according to central bank data. This marks a sharp turnaround after years of deficits. Remittances from Egyptians abroad also rebounded strongly after the exchange rate stabilized and the gap with the parallel market narrowed. The central bank reported a record $3.4bn in May, with cumulative inflows rising to $32.8bn between July and May of FY2024/25. These are 'real dollars' entering official channels and boosting supply. Tourism revenues are also recovering. Recent estimates put earnings at $14.1bn in 2024, with further growth expected in 2025—supporting Egypt's external balance despite lingering safety and environmental challenges in the Red Sea. Where does the 'managed support' appear? Following the major float in March 2024 and aggressive rate hikes, foreign portfolio investors returned strongly to Egyptian treasury bills. For instance, one-year T-bills achieved an average yield of 32.3% in the March 7, 2024 auction, with high coverage—a trend that continued into 2025. Such inflows are highly sensitive to interest rates and global risk sentiment: they push the dollar lower when entering, but can reverse direction upon exit, according to Reuters. Monetary policy remains tight, with the overnight lending rate at 25% in July, per a Reuters poll. This sustains the pound's attractiveness in the short term but leaves the currency vulnerable if global yields shift or risk appetite changes. Macro headwinds and tailwinds The Suez Canal continues to weigh on FX earnings after shipping routes were diverted in late 2023. Revenues in FY2023/24 dropped to $7.2bn from $9.4bn a year earlier, with monthly losses estimated at $800mn in early 2025 due to Red Sea disruptions. This drag may ease gradually but has not ended. Meanwhile, the IMF has stressed that reducing the state's role and ensuring fair competition in Egypt's economy will take more time. The government expects to complete both the fifth and sixth IMF reviews by October. Any delay could shift portfolio flows and pressure the exchange rate. Is the decline 'genuine' or 'managed'? It is a mix: a real improvement in FX sources—remittances, tourism, and stronger net foreign assets—backed by high-yield inflows of hot money. Could reliance on hot money trigger a 'crisis' and push the dollar above 50? The risk exists if portfolio outflows coincide with delays in IMF reviews or fresh shocks to the Suez Canal/global trade. However, the baseline scenario—assuming continued improvement in remittances, tourism, and IMF sign-offs in the fall—points to a fluctuating range around current levels, followed by gradual weakening, rather than a sharp surge, according to recent economic surveys. 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 News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated
Al-Ahram Weekly
2 hours ago
- Al-Ahram Weekly
Tokyo conference brings Africa and world leaders together at TICAD 9 - Africa
The ninth edition of the Tokyo International Conference on African Development (TICAD), held from 20 to 22 August in Yokohama, Japan, brought together 53 African countries, the United Nations, the World Bank, and international organizations. Egyptian Prime Minister Mostafa Madbouly represented Egypt at the conference to strengthen ties between Japan and Africa The conference's theme, "Toward a Future Built by African and Japanese Youth Together," fostered dialogue and cooperation for the Youth Agenda 2055. Dr. Sally Farid, a renowned economist and head of the Department of Politics and Economics at Cairo University's Faculty of African Studies, emphasized that TICAD's goal was to promote commercial investment and economic cooperation, rather than just providing developmental aid. According to Dr. Farid, Japan had pledged $32 billion in aid to Africa, with Kenya receiving $4.5 billion. The logo for the 9th Tokyo International Conference on African Development (TICAD 9) features a blue-green colour palette, symbolizing lush growth and the connection between Yokohama and Africa. Designed by student Natsumi Watanabe, the logo incorporates the continent's shape into the letter "9," creating a memorable and impactful design. The emerald green colour is a combination of Yokohama's sea blue and the green found in some African national flags, representing majestic growth. Despite the challenges posed by the COVID-19 pandemic, Japan remained committed to its investment goals in Africa. Japanese Prime Minister Fumio Kishida has recently pledged $30 billion for investment in Africa over three years. The conference highlighted several key areas of cooperation between Japan and Africa, including infrastructure development, agriculture, healthcare, renewable energy, and manufacturing. Japanese companies had a competitive edge in digital investment and innovation, making them an attractive model for African startups. Farid said. As the conference progressed, it became clear that the relationship between Japan and Africa was poised for growth. With its soft power and lack of colonial history on the continent, Japan was well-positioned to strengthen its ties with Africa. The future looked bright for Africa-Japan cooperation, and TICAD would continue to play a vital role in promoting this partnership. As the conference came to a close, participants left with a renewed sense of purpose and a commitment to building a brighter future for Africa and Japan. Follow us on: Facebook Instagram Whatsapp Short link:
