
Egypt, Rwanda discuss regional stability, bilateral coop.
During the talks, the Egyptian top diplomat offered condolences ahead of Rwanda's genocide memorial and praised the country's national progress since 1994.
The two ministers agreed to strengthen economic ties and maintain political coordination at regional and international levels.
The conversation also tackled the conflict in eastern Congo. Abdelatty reaffirmed Egypt's support for peaceful solutions and welcomed the outcomes of recent SADC–EAC meetings, including plans for a ceasefire and the appointment of facilitators to lead political dialogue.
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Daily News Egypt
10 minutes ago
- Daily News Egypt
Egypt PM defends plan to offer state-owned lands for private investment
Egyptian Prime Minister Mostafa Madbouly on Wednesday defended the government's plan to offer unused state-owned lands for investment in partnership with the private sector, pushing back against criticism that the state was selling off its assets. Speaking at the weekly cabinet meeting, Madbouly addressed accusations that followed recent meetings on the development of Khedivial Cairo, Azbakeya, the Fustat Hills, and the Nile Corniche. 'We were surprised by those who said, 'You are also going to sell state assets!'' Madbouly said. 'The talk began as if the state was squandering its unused assets… I'd like to talk to the citizens about these points. We have assets that are abandoned or not optimally utilised, meaning land on the Nile is used as a warehouse or a public transport garage!' Madbouly explained that the government has directed a complete inventory and valuation of these lands and assets to identify investment alternatives. 'These lands could be worth tens of billions of pounds, and therefore, offering them as investment opportunities in partnership with the private sector, certainly for tourist, hotel, or real estate use,' he said. 'Here, I'd like to pause,' he continued. 'The state used to be criticised for intervening instead of providing opportunities for the private sector. Today, when we offer the matter to the private sector, we are surprised by 'we are squandering the assets!'… We all agree, we can't leave assets without benefiting from them.' He stressed that developing land for a project creates an operating system, job opportunities, added value, and tax revenues, making it a complex issue beyond just a simple partnership or sale. The prime minister's comments came after he chaired a meeting on Monday to review investment opportunities for vacant lands along the Nile Corniche in several Cairo districts. During that meeting, he instructed officials to expedite a comprehensive and accurate inventory and valuation of these lands to offer them as ready investment opportunities. Madbouly emphasised that the government is working to maximise the return from all unused state assets to add value to the Egyptian economy through effective management and partnerships with the private sector. He added that the vision for developing areas like Khedivial Cairo is integrated, involving complete replanning while preserving historical constants. 'It is not permissible to demolish them or change their identity,' he said of the historic buildings. 'We are looking at international experiences on how they are re-purposed and put back to work… many streets can become pedestrian-only and serve as promenades for citizens. These are the ideas we are talking about.'


Al-Ahram Weekly
38 minutes ago
- Al-Ahram Weekly
Egypt's foreign reserves growth not driven by hot money: Madbouly - Economy
Egyptian Prime Minister Mostafa Madbouly stated on Wednesday that the recent growth in the country's foreign reserves is the result of economic reforms, not an influx of hot money. Speaking at a press conference following a weekly cabinet meeting, Madbouly asserted that genuine economic activities are driving this growth. In 2022, Egypt faced a significant outflow of an estimated $20 billion in hot money, driven by the Russian-Ukrainian war. This outflow exacerbated the country's foreign currency shortage at the time and contributed to economic instability. Madbouly pointed to a 22 percent rise in exports, increased tourism revenue, and higher remittances from Egyptians abroad as key factors. According to the Central Bank of Egypt (CBE), the country's net international foreign reserves (NIRs) increased by $174 million in June, reaching $48.7 billion (the highest level in decades), up from $48.526 billion in May. Remittances from Egyptians working abroad surged by 69.6 percent year-on-year from July 2024 to May 2025, reaching approximately $32.8 billion. Madbouly noted that these factors have provided sustainable sources of foreign currency, even amid geopolitical challenges affecting the Suez Canal, Egypt's primary source of foreign currency. He also pointed to the decline in inflation rates as a positive indicator of the government's economic strategy. Furthermore, Madbouly explained that lower inflation rates support government and private sector efforts to reduce profit margins on essential goods, which ultimately benefits consumers. The country's inflation rate for July was 13.1 percent, down from 14.4 percent in June. Moreover, the average inflation rate for the second quarter of 2025 was 15.3 percent, roughly half the 29.4 percent recorded during the same period last year. This reduction, Madbouly said, demonstrates the success of economic policies aimed at controlling prices and enhancing financial stability. Politics unaffected by Israel gas deal Madoulby also addressed the recent controversy surrounding a gas deal with Israel, reiterating that the deal announced by Israeli firm NewMed Energy is an extension of an existing agreement from 2019. The premier affirmed that the agreement, in place six years ago, "did not and will never" influence Egypt's political decisions or positions on the Palestinian cause. Madbouly's remarks are the first official cabinet-level response since the Israeli firm announced what it called a "landmark deal" on Thursday. The firm said that according to the agreement, 130 billion cubic metres of gas, valued at about $35 billion, will be exported to Egypt through 2040. Madbouly explained that as part of the deal, Egypt's two liquefaction plants, Edco and Damietta, will be used to process the gas for resale on international markets at a profit, solidifying Egypt's position as a regional hub for energy. He further noted that the agreement secures gas for Egypt at a price below the global market rate. This strategy, he said, would not only generate additional revenue but also support the growth of gas-based industries within the country. The extension was signed with Blue Ocean Energy, which buys the gas from Israel's Leviathan reservoir for Egypt. Gas from Leviathan began flowing to Egypt shortly after production started in January 2020. Under the new terms, it is expected to continue until 2040 or until contracted volumes are met. Follow us on: Facebook Instagram Whatsapp Short link:


Al-Ahram Weekly
an hour ago
- Al-Ahram Weekly
Egypt intelligence chief discusses Gaza ceasefire efforts with Hamas delegation - Foreign Affairs
Head of Egyptian General Intelligence Service (GIS) Hassan Rashad met on Wednesday with a Hamas delegation led by Khalil al-Hayya in Cairo to discuss efforts to secure a ceasefire in the Gaza Strip, an informed Egyptian source told Al Qahera News. According to the source, Hamas expressed its willingness to resume ceasefire negotiations and its appreciation for Egypt's efforts in facilitating humanitarian aid to Gaza. The source added that Egypt is "intensifying its contacts with all parties" to secure a truce and ultimately end the war. The Hamas delegation had arrived in Cairo on Tuesday. The meeting took place as a new round of Gaza ceasefire talks kicked off in Cairo following the collapse of the latest negotiations in Doha last week. A source told the channel on Tuesday that these discussions are focusing on a 60-day temporary truce and that Egypt is making intensive efforts with all concerned parties to resume negotiations. Israel's two-year genocidal war in Gaza has killed at least 61,599 Palestinians and destroyed most of the city's infrastructure, with famine unfolding in the strip as a result of severe restrictions on humanitarian aid. Despite ongoing diplomatic efforts to de-escalate the situation in Gaza, Israel is planning to expand its offensive into Gaza to occupy the entire territory. Follow us on: Facebook Instagram Whatsapp Short link: