Egyptian, Greek Chiefs of Naval Forces discuss ways of enhancing ties
Ashraf Ibrahim Atwa Megahed, Egyptian vice admiral and commander of the Egyptian Navy, met with Chief of the Hellenic Navy General Staff Dimitrios-Eleftherios Kataras on April 13, 2025- press photo
CAIRO – 13 April 2025: Ashraf Ibrahim Atwa Megahed, Egyptian vice admiral and commander of the Egyptian Navy, met with Chief of the Hellenic Navy General Staff Dimitrios-Eleftherios Kataras, who is leading a delegation visiting Egypt's Alexandria on Sunday.
Both sides tackled enhancing joint naval cooperation, according to a statement released by the Egyptian Ministry of Defense on Sunday.
The Greek delegation members toured some of the Egyptian naval units and were updated on the advanced system of training and weapons used in the units. They also toured the Alexandria Shipyard Co, which is considered one of the largest companies to maintain and build ships in the Middle East.
In December 2024, joint exercise 'Medusa-13' took place in Greece. It involved the participation of Air Forces, Navy, Air Defense, and special forces units from Egypt, Greece, Cyprus, France, and Saudi Arabia, with Italy, Bahrain, Rwanda, Bulgaria, and Morocco participating as observers.
The exercise included the execution of various training activities for the participating nations, joint planning for the management of naval and air combat operations against various threats, as well as the implementation of unconventional combat maneuvers and live-fire exercises, demonstrating the high level of competency achieved by the participating forces in various specializations, said the Egyptian Ministry of Defense in a statement.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
26 minutes ago
- See - Sada Elbalad
Gold Continues Global Rally Amid Inflation Anxiety and Trade Uncertainty
Waleed Farouk Gold prices declined in the local Egyptian market during Wednesday's trading, despite gains in global spot prices, which were supported by growing investor caution ahead of the release of key U.S. inflation data and persistent uncertainty surrounding the global trade outlook—particularly the future of U.S.-China relations. In Egypt, gold prices fell by EGP 5 compared to Tuesday's closing levels. The 21-karat gram opened at EGP 4665 and ended at EGP 4660. Meanwhile, global spot gold rose by $10 to reach $3,334 per ounce. Other local gold prices included: 24-karat gold at EGP 5,326 per gram 18-karat gold at EGP 3,994 per gram 14-karat gold at EGP 3,107 per gram The gold pound at EGP 37,280 On Tuesday, local gold prices also saw a decline of EGP 5, with the 21-karat gram dropping from EGP 4670 to EGP 4665 by the close. Globally, spot gold slipped by $3 that day, ending at $3,324 per ounce. The contradiction between global and local price movements is attributed to a drop in the exchange rate of the U.S. dollar against the Egyptian pound, which hovered around EGP 49.70. Additionally, domestic demand remained relatively subdued. The pound's strength is being supported by increased foreign currency inflows and a significant rise in remittances from Egyptians working abroad. This, combined with the U.S. dollar's broader weakness against other global currencies, is contributing to local market dynamics. Globally, the rise in gold prices is being driven by investor anticipation surrounding the release of the U.S. Consumer Price Index (CPI) later today. This data is expected to provide crucial guidance on the Federal Reserve's upcoming monetary policy decisions. Expectations point to continued price pressures, which may compel the Federal Reserve to maintain higher interest rates for an extended period. Such a scenario enhances gold's appeal as a hedge against inflation. On the geopolitical front, doubts continue to cloud the outlook of a potential trade agreement between Washington and Beijing. Despite recent positive signals, investors await official confirmation from the two nations' leaders, which is heightening market volatility and driving demand for safe-haven assets, led by gold. In this context, analysts at ANZ Research project that gold prices could climb toward $3,600 per ounce in the second half of the year. This forecast is underpinned by strong central bank purchases and growing investor interest in hedging against both political and economic risks. Although gold traditionally moves inversely with real yields, this correlation has weakened since early 2022. Increasingly, gold is being seen as a shield against geopolitical shocks—particularly in light of economic sanctions targeting key emerging-market economies. In summary, gold's current performance reflects a cautious equilibrium between risk aversion and moderate optimism about achieving relative economic stability in H2 2025. This trend is expected to persist until there is greater clarity regarding U.S. monetary policy and the direction of trade negotiations between the world's two largest economies. 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 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Egypt Independent
3 hours ago
- Egypt Independent
Investment opportunities in sectors of tourism, antiquities reviewed
Prime Minister Mostafa Madbouly said that the Egyptian government is actively formulating clear plans with specific targets aimed at promoting investment opportunities across various sectors. One of the most important of these sectors is tourism, where close monitoring is being undertaken by the ministries of tourism and investment. This came during a meeting held on Tuesday, June 10, 2025, at the New Administrative Capital to review investment opportunities in the tourism and antiquities sectors in presence of Minister of Tourism and Antiquities Sherif Fathy, Minister of Investment and Foreign Trade Hassan al-Khatib and senior officials from both ministries. Fathy explained that a specialized unit is being formed to manage investment opportunities, with the goal of establishing an 'investment opportunities bank' for the sector. This would help achieve strategic goals by presenting available projects and opportunities. The minister reviewed the investment map for tourism and antiquities, highlighting a target to attract 30 million tourists by 2031. This goal depends largely on the growth of Egypt's hotel capacity. In 2024, Egypt added 7,200 new hotel rooms (55% of which were new builds). In 2025, around 19,000 additional rooms are expected through new projects, expansions and national initiatives, he said. Planned investments include tourist restaurants, cafes and preservation/restoration of antiquities. Over the past 5 years, the Supreme Council of Antiquities has implemented an average of 36 projects per year, he added. The minister also reviewed planned investments across governorates between 2025–2031, covering hotels, restaurants, safari camps, amusement parks and the rehabilitation and operation of archaeological sites and museums in partnership with the private sector. Khatib said that this meeting marks the third consecutive sectoral review within Egypt's unified national investment strategy, which aims to increase FDI across all sectors. Tourism and antiquities are high-priority sectors due to Egypt's ambitious targets for tourist inflow. He said that opportunities in these sectors will be featured on the national investment map, accompanied by all necessary data for investors. The strategy is based on a comprehensive sectoral diagnosis, identification of priorities, reform and legislative recommendations, and development of a complete, executable investment roadmap.
CairoScene
8 hours ago
- CairoScene
WATCH: Egyptian Startups Secure $228M in First Five Months of 2025
In total, 16 deals were recorded during the period, with 11 of them publicly disclosing investment of $156 million altogether. Jun 11, 2025 Egyptian startups have attracted $228 million in venture capital and debt financing from January to May 2025, according to a statement from the Ministerial Group for Entrepreneurship. The figures mark a 130% year-on-year increase in disclosed investment volume, reflecting continued growth in Egypt's startup ecosystem despite ongoing economic challenges. In total, 16 deals were recorded during the period, with 11 of them publicly disclosing investment amounts that collectively reached $156 million. In addition to equity investments, two notable debt financing deals were secured: proptech platform Nawy raised $23 million, while fintech firm MNT-Halan secured $49 million.
