FM affirms full support for development projects in Chad
Abdelatty made the remarks during a short visit to the Chadian capital, N'Djamena, on Monday ahead of beginning of his West Africa tour, where he met with Chad's Minister of Foreign Affairs Mahamat Saleh Annadif.
During the meeting, both sides exchanged views on key regional issues of mutual concern, a top of which is the situation in the Sahel and the Horn of Africa and their implications for the stability of the continent.
Abdelatty praised the recent advancement of Egyptian-Chadian relations, highlighting top priority attached by Egypt to finalizing the land road project linking Egypt and Chad.
He emphasized the importance of the project for boosting trade exchange and facilitating the movement of people and goods between the two countries.
Abdelatty expressed readiness of Egyptian companies to support Chad's efforts in constructing dams and rainwater harvesting wells.
Furthermore, he emphasized Egypt's commitment to supporting the establishment of a diplomatic studies institute in Chad to train Chadian cadres. He also voiced support for the prompt finalization and inauguration of the Alexandria University campus in N'Djamena.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al-Ahram Weekly
27 minutes ago
- Al-Ahram Weekly
Egypt, Saudi Arabia, Qatar, Jordan reaffirm strong alignment to end regional crises
Foreign Minister Badr Abdelatty held a meeting with his Qatari, Saudi, and Jordanian counterparts, during which they expressed a strong alignment in their visions and a unified position to pursue political and diplomatic solutions to the ongoing regional crises. The meeting on Monday took place on the sidelines of the "High-Level International Conference on Peaceful Resolution of the Question of Palestine and Implementation of the Two-State Solution," held at the United Nations headquarters in New York. A Foreign Ministry statement said Abdelatty exchanged views with his Arab counterparts on the latest developments in the Gaza Strip, as well as joint Egyptian-Qatari efforts with the United States to resume the ceasefire, secure the release of captives and detainees, prevent further bloodshed among the Palestinian people, and ensure the urgent and unimpeded flow of humanitarian aid into Gaza. The ministers also discussed the following steps to implement the Arab-Islamic plan for early recovery and reconstruction in Gaza, including preparations for the upcoming Cairo International Conference on Reconstruction, in cooperation with the Palestinian government and the United Nations. The statement further noted that the ministers agreed to continue consultations and coordination among themselves to advance mutual interests and support regional security and stability. Earlier in the day, FM Abdelatty delivered a speech at the conference highlighting its success in mobilizing a broad international consensus in support of an independent Palestinian state. Egypt's top diplomat praised the 'courageous' declaration by French President Emmanuel Macron to recognize the State of Palestine. He also held meetings with The Elders, a group founded by the late South African leader Nelson Mandela to promote peace worldwide. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
27 minutes ago
- Al-Ahram Weekly
Egypt car market reversed course after prices plunged, supply rebounded: Experts - Markets & Companies
After years of soaring prices, shortages, and market distortions, Egypt's automotive sector is witnessing a dramatic shift, with car prices falling across key segments. The notorious 'overprice' premiums have nearly vanished, and industry players are betting big on local manufacturing. Experts say the trend is not a passing phase but the start of a structural realignment that could reshape the market through 2026. For Egyptian consumers long burdened by inflated vehicle prices and limited options, the tide appears to be turning. According to leading industry figures, car prices in Egypt have dropped significantly since early 2025, with expectations of continued declines driven by currency stabilization, increased imports, stronger domestic production, and strategic policy interventions. 'Between 15 to 18 brands have lowered their prices, some by as much as 20 percent. This includes major players like Citroën, which slashed prices by over 10 percent, and SsangYong, which cut prices by nearly 23 percent,' Osama Abu El-Magd, head of the Egyptian Automotive Dealers Association, told Ahram Online. This downward trajectory coincides with a surge in investment from automotive companies. Five major manufacturers have announced plans to invest more than $600 million over the next year, aiming to triple domestic production capacity from 95,000 to around 260,000 vehicles annually. These expansions are expected to reduce reliance on imports and increase market competitiveness. Currency stability rebuilds confidence The easing of foreign currency restrictions and the stabilization of the Egyptian pound were pivotal in restoring market dynamics. 'The resumption of letters of credit and access to hard currency enabled importers to restock adequately,' said Amr Soliman, a member of the Automotive Committee at the Federation of Egyptian Chambers of Commerce. 'That was the turning point. We've since seen five new models launched, and with Nasr Automotive's plant coming online soon, supply is poised to grow further,' he added. Weakened demand drives price cuts While supply factors have played a significant role, a drop in consumer demand due to inflationary pressure also helped push prices downward. 'In the second quarter of 2025, demand softened considerably. This forced distributors to offer more competitive pricing to clear inventory, especially as new brands entered the market, intensifying competition,' Soliman said. Meanwhile, the normalization of maritime logistics through the Red Sea and falling shipping costs have eased price pressures. Previously, high transport costs were a major driver of car price inflation. Now, supply chains have recovered significantly, contributing to cost reductions. Additionally, domestic production has become a game-changer. Five new vehicle assembly plants were launched in the past seven months, according to Abu El-Magd, particularly impacting vehicles priced under EGP 1.5 million. 'This created a new layer of price competition, leading to price drops of up to 20 percent on some models. We're also seeing a significant increase in the availability of affordable vehicles, which has reshaped market expectations,' he explained. However, higher-end segments, those priced above EGP 1.5 million, remain less affected due to limited competition. The slump in new car prices has had a stark effect on used vehicles, which have seen a value decline of over 20 percent. 'When a brand-new 2025 model sells for EGP 720,000, and a 2016 used model is EGP 700,000, the choice is obvious. This dynamic has weakened demand for used cars considerably,' Abu El-Magd told Ahram Online. Government strategy: From burden to export At the heart of the transformation is Egypt's national strategy to localize the auto industry. Backed by direct presidential support, the plan aims to reduce the sector's drag on the trade balance and instead turn it into a net exporter of vehicles and components. The strategy includes production incentives starting from 10,000 vehicles annually, direct subsidies of up to EGP 50,000 per car, depending on price tier, support for feeder industries, and regulatory reforms to remove investment barriers. Still, structural hurdles persist, including customs duties on essential components, multi-stage value-added tax (VAT) collection, which burdens liquidity, and development fees of up to 8.5 percent on vehicles over 2,000cc. 'To make local manufacturing truly competitive, these burdens must be eased. Tying incentives to export performance would also raise the global profile of Egyptian-made vehicles,' Soliman stated. Outlook: Sustained price decline through 2026 Both Soliman and Abu El-Magd agree that current trends are not short-lived. With 10 new factories expected to be operational by the end of the year and local production capacity expanding, car prices are expected to continue their decline into 2026. 'We are entering a new era in Egypt's automotive market, defined by local manufacturing and fair competition. This is good news not only for consumers but for the broader economy,' said Abu El-Magd. 'Exchange rate stability, increased supply, stronger competition, and state support have eliminated overpricing and driven down costs. The key to sustaining this progress lies in deepening local industry incentives and removing remaining barriers to expansion,' Soliman concluded. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
an hour ago
- Al-Ahram Weekly
Egypt committed to hosting Gaza reconstruction conference once war ends - Foreign Affairs
Egypt is committed to organizing an international conference for the reconstruction of Gaza once the Israeli war on the Palestinian Strip ends, Foreign Minister Badr Abdelatty announced on Monday. Speaking at the United Nations High-Level International Conference on the Peaceful Settlement of the Palestinian Question and the Implementation of the Two-State Solution — co-organized by France and Saudi Arabia and currently taking place in New York — Abdelatty said the event had succeeded in mobilizing broad international consensus in support of an independent Palestinian state. The minister welcomed what he called the 'courageous' declaration by French President Emmanuel Macron to recognize the State of Palestine. Abdelatty emphasized that the conference is being held at a critical juncture, as Gaza faces an escalating humanitarian catastrophe. He noted that Egypt has intensified its efforts to deliver humanitarian aid to the enclave in an attempt to alleviate civilian suffering. He also revealed that Cairo is providing training to Palestinian Authority security forces to help them uphold the rule of law, in preparation for eventual governance responsibilities across Palestinian territories. Follow us on: Facebook Instagram Whatsapp Short link:
