Egypt's PM reviews ongoing development of public business sector companies
Egypt - Prime Minister Mostafa Madbouly held a meeting at the government headquarters in the New Administrative Capital with Mohamed El-Shemy, Minister of the Public Enterprises Sector, to review the progress of development initiatives for state-owned companies.
In his opening remarks, Prime Minister Madbouly reaffirmed that maximizing the return on state-owned assets remains one of the government's top priorities for fostering economic growth. 'We are dedicated to improving the performance and development of companies and factories under the Ministry of the Public Business Sector,' he stated.
During the meeting, Minister El-Shemy provided a comprehensive update on several development projects underway in the sector, starting with the modernization efforts at companies under the Chemical Industries Holding Company.
El-Shemy outlined key projects, including the $278.3m and EGP 6.4bn investment in the rehabilitation of the Kima 1 plant, alongside a $53 million upgrade of the Ferrosilicon factory. The Minister also highlighted ongoing developments at the Delta Fertilizers and Chemical Industries Company in Talkha, with an estimated investment of €60 million for Phase 1 and €450m for Phase 2.
Additionally, El-Shemy discussed a €13.5 million project to establish an industrial wastewater treatment plant and efforts to develop the fertilizer sector, such as the creation of an ammonia production plant at El Nasr for Fertilizers and Chemical Industries (SEMADCO), which will produce 1,350 tons per day. A green ammonia production plant with a capacity of 1,000 tons per day is also part of the initiative.
The Minister further touched on the development of companies within the Holding Company for Metallurgical Industries, including a significant upgrade at El Nasr Automotive. He noted that the investment for Factory 4's production line upgrade is valued at EGP 675m and $3m. The cooperation with the Chinese company Dongfong was also discussed, with trial operations set to begin soon.
El-Shemy continued with updates on the ongoing modernization of El Nasr Mining Company, Delta Steel Company, and the Drug Holding Company – HoldiPharma. He also covered the development projects underway within the Holding Company for Tourism and Hotels (HOTAC) and the Holding Company for Construction and Development (HCCD), showcasing the broad scope of reform efforts across the sector.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
19 hours ago
- Gulf Today
Sharjah and China strengthen cooperation and partnership
Sharjah Asset Management, the investment arm of the Government of Sharjah, has concluded a strategic visit to the People's Republic of China. The visit aimed to strengthen international cooperation and expand partnership opportunities between the two countries in the areas of research and development, knowledge exchange, and the exploration of promising opportunities in new sectors. This initiative is part of the broader efforts to enhance bilateral relations between the UAE and China and contribute to driving sustainable development in the Emirate of Sharjah. During the visit, Sharjah Asset Management signed a Memorandum of Understanding (MoU) with (CICC), in the presence of Sheikh Saud Bin Mohammed Al Qasimi, Deputy Chairman of Sharjah Asset Management; Omar Al Mulla, CEO Ossol Investment; Saeed Sharar, CEO Ossol investments; along with a group of CEOs and directors from Sharjah Asset Management, and a delegation representing the Bank of China. Sheikh Saud Bin Mohammed Al Qasimi, stated:'This agreement marks a new starting point for a fruitful collaboration with CICC. This partnership will open new horizons for research, investment, innovation, and the exchange of expertise and knowledge between both parties. It will also pave the way for meaningful achievements across key sectors such as finance, technology, and sustainable development, ultimately contributing to long-term economic progress.' A spokesperson from (CICC) affirmed that the partnership with Sharjah Asset Management reflects the company's commitment to strengthening Acooperation between China and the UAE, and to exploring new opportunities that this partnership offers—particularly in the fields of research and development. 'By leveraging our mutual strengths, we can address challenges and seize opportunities within our respective markets, while expanding our reach across regional and international markets,' the spokesperson stated. The Memorandum of Understanding outlines a joint commitment to collaborate on innovative research projects aimed at delivering practical and sustainable solutions that benefit both the Emirati and Chinese economies. It further seeks to enhance growth opportunities in vital sectors such as technology, financial services, environmental sustainability, and sustainable investment strategies. The MoU establishes a solid framework for joint research initiatives designed to foster innovative solutions and drive long-term, sustainable growth. The Memorandum of Understanding is expected to result in a series of joint initiatives, including the organization of specialized workshops and seminars, as well as the implementation of applied research projects that align with the strategic priorities of both parties. The focus will be on sustainable investment practices and innovative solutions that generate long-term economic benefits. This partnership reflects the shared vision of both sides to enhance international cooperation, achieve sustainable economic growth, and build strong strategic relationships. It lays the foundation for future partnerships that will further strengthen the economic ties between China and the United Arab Emirates. The company's delegation visited 23 leading Chinese companies across various key sectors to explore investment and cooperation opportunities. Among the visits were the Beijing Opera House and Stadium, accompanied by the Dafa Industrial Group. The delegation also explored the latest LiDAR technologies by 'Seyond', a leader in this advanced field, and examined promising investment opportunities and applications in the automotive and transportation sectors. During visits to ' and ' the delegation was introduced to potential collaboration in the fields of artificial intelligence, autonomous mobility, and robotaxi technology. The delegation also visited 'Ding Dong Limited' in Shanghai, a company specializing in the delivery of fresh foods, where they explored best practices in logistics, warehouse management, facilities management, and e-retail. Additionally, they visited 'H World Group', which operates over 11,000 hotels across 19 countries, to gain insights into hotel operations and discuss potential expansion and partnership opportunities in the Emirate of Sharjah. The UAE and China enjoy strong economic and trade relations, with China being the UAE's largest trading partner and the UAE remaining China's largest partner in the Middle East and North Africa region. Nearly 15,500 Chinese companies have operated in the UAE markets so far. Separately, Ras Al Khaimah Economic Zone (RAKEZ) recently concluded a multi-city business mission across China, further solidifying its role in advancing UAE-China trade and investment relations. The delegation participated in several high-level B2B engagements, the prestigious 'UAE – China (Sichuan) Economic & Trade Cooperation Promotion Conference' event, hosted by the Embassy of the UAE in Beijing, as well as the Invest UAE Roadshow in Guangzhou led by the UAE Ministry of Investment. WAM
Sharjah 24
21 hours ago
- Sharjah 24
Sharjah Asset Management concludes visit to China
During the visit, Sharjah Asset Management signed a Memorandum of Understanding (MoU) with(CICC), in the presence of Sheikh Saud bin Mohammed Al Qasimi, Deputy Chairman of Sharjah Asset Management; Omar Al Mulla, CEO Ossol Investment; Saeed Sharar, CEO Ossol investments; along with a group of CEOs and directors from Sharjah Asset Management, and a delegation representing the Bank of China. Sheikh Saud bin Mohammed Al Qasimi, stated:'This agreement marks a new starting point for a fruitful collaboration with CICC. This partnership will open new horizons for research, investment, innovation, and the exchange of expertise and knowledge between both parties. It will also pave the way for meaningful achievements across key sectors such as finance, technology, and sustainable development, ultimately contributing to long-term economic progress.' A spokesperson from (CICC) affirmed that the partnership with Sharjah Asset Management reflects the company's commitment to strengthening Acooperation between China and the UAE, and to exploring new opportunities that this partnership offers—particularly in the fields of research and development. "By leveraging our mutual strengths, we can address challenges and seize opportunities within our respective markets, while expanding our reach across regional and international markets," the spokesperson stated. The Memorandum of Understanding outlines a joint commitment to collaborate on innovative research projects aimed at delivering practical and sustainable solutions that benefit both the Emirati and Chinese economies. It further seeks to enhance growth opportunities in vital sectors such as technology, financial services, environmental sustainability, and sustainable investment strategies. The MoU establishes a solid framework for joint research initiatives designed to foster innovative solutions and drive long-term, sustainable growth. The Memorandum of Understanding is expected to result in a series of joint initiatives, including the organization of specialized workshops and seminars, as well as the implementation of applied research projects that align with the strategic priorities of both parties. The focus will be on sustainable investment practices and innovative solutions that generate long-term economic benefits. This partnership reflects the shared vision of both sides to enhance international cooperation, achieve sustainable economic growth, and build strong strategic relationships. It lays the foundation for future partnerships that will further strengthen the economic ties between China and the United Arab Emirates. On the sidelines of the visit to China, Sheikh Saud bin Mohammed Al Qasimi, Vice Chairman of Sharjah Asset Management, met with His Excellency Hussain bin Ibrahim Al Hammadi, the UAE Ambassador to the People's Republic of China. The company's delegation visited 23 leading Chinese companies across various key sectors to explore investment and cooperation opportunities. Among the visits were the Beijing Opera House and Stadium, accompanied by the Dafa Industrial Group. The delegation also explored the latest LiDAR technologies by "Seyond", a leader in this advanced field, and examined promising investment opportunities and applications in the automotive and transportation sectors. During visits to " and " the delegation was introduced to potential collaboration in the fields of artificial intelligence, autonomous mobility, and robotaxi technology. The delegation also visited "Ding Dong Limited" in Shanghai, a company specializing in the delivery of fresh foods, where they explored best practices in logistics, warehouse management, facilities management, and e-retail. Additionally, they visited "H World Group", which operates over 11,000 hotels across 19 countries, to gain insights into hotel operations and discuss potential expansion and partnership opportunities in the Emirate of Sharjah.
Tourism Breaking News
a day ago
- Tourism Breaking News
Middle East travel spending set to soar 50% by 2030, driven by inbound tourism, luxury, and business travel boom
Post Views: 35 Travel spending in the Middle East is on course to surge by 50% by the end of the decade, reaching nearly USD 350 billion by 2030, according to the newly released ATM Travel Trends Report 2025. The report, developed by Arabian Travel Market (ATM) in partnership with Tourism Economics, highlights that the inbound travel to the Middle East is forecast to rise by 13% annually between 2025 and 2030, with Asia and Africa emerging as key source markets and outbound business travel forecast to surge at 9% per year. Danielle Curtis, Exhibition Director ME, Arabian Travel Market, said: 'The report's findings confirm that travel growth in the Middle East is incredibly strong, with annual growth averaging more than 7% through 2030. Bold national visions, game-changing developments, and enhanced connectivity are some of the key factors driving this momentum.' Leisure travel from Europe continues to dominate, accounting for half of all visitors, with India and the UK leading as top international source markets. China is also a rising force, with Chinese leisure spending projected to increase by an impressive 130% by 2030.
