logo

Egypt forms mini committee to tackle customs evasion, support local industry

Zawya24-06-2025
Egypt - Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel Al-Wazir has ordered the formation of a mini committee to develop effective solutions for combating customs evasion—a practice that poses a growing threat to local industry, state revenues, and product quality in the Egyptian market.
The committee, announced during the 26th meeting of the Ministerial Group for Industrial Development held Monday, will include representatives from the Ministry of Investment and Foreign Trade, the Egyptian Customs Authority, the Organization for Standards and Quality, the General Organization for Export and Import Control, the Federation of Egyptian Industries, and a private-sector company owner.
Its mandate is to formulate recommendations aimed at curbing customs evasion while safeguarding the interests of domestic manufacturers and improving market integrity.
At the start of the meeting, Minister Al-Wazir reviewed the outcomes of his recent visit to the Abu Rawash Industrial Zone, which currently hosts 800 facilities and is expected to expand to 1,000. He highlighted the zone's most pressing challenge: inadequate basic infrastructure, which is hampering production and hindering operational efficiency.
He called for urgent inter-ministerial cooperation—particularly from the Ministries of Housing and Irrigation—to upgrade infrastructure in the zone and expedite the establishment of a water and wastewater treatment plant. Approvals and permits for the plant have already been obtained, with financial allocations being finalised in coordination with the Giza Governorate.
Al-Wazir also urged authorities to boost the zone's utilities capacity, particularly given the presence of major labour-intensive factories with export capabilities. The Ministry of Housing and Urban Communities has been tasked with preparing a detailed plan for the plant, to be presented at the next ministerial group meeting.
The session also reviewed complaints from several Egyptian manufacturers of filtration systems regarding the negative impact of customs evasion on their operations. The discussion included a review of the automated classification and pricing mechanism currently employed by the Customs Authority, which determines reference prices for import valuation purposes.
The group also assessed the status of three companies previously granted single industrial licences to establish factories in animal feed production, rubber recycling, and food packaging. These companies had exceeded the designated timelines for setting up their operations. Consequently, the committee approved the withdrawal of the allocated land and its reallocation to more committed investors, particularly in cases where land hoarding was evident.
Minister Al-Wazir emphasised the need for a thorough evaluation of all future applicants for the single licence, ensuring that projects secure the necessary technical approvals and environmental clearances. He reaffirmed that such licences should be limited to strategic projects, and that all relevant agencies must issue approvals within specified timeframes. Additionally, the consolidated industrial committee will carry out regular inspections of projects granted the licence.
The meeting also reviewed progress by the Arab Organization for Industrialization to localise the production of water pumps at its Engine Factory. The organisation has successfully manufactured water lifting pumps with 78% local content and split-case pumps with 80% local content, both approved by the National Authority for Potable Water and Sewage.
Further advancements include the production of the first prototype of horizontal centrifugal pumps, and the assembly of additional pump types—such as submersible, horizontal, and vertical split-case pumps—in cooperation with international partners. These models incorporate local content ranging from 40% to 80%, marking a significant step towards import substitution and industrial self-reliance.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

NBK-Egypt reports EGP4.1bln net profit in 1H2025
NBK-Egypt reports EGP4.1bln net profit in 1H2025

Zawya

timean hour ago

  • Zawya

NBK-Egypt reports EGP4.1bln net profit in 1H2025

Al-Bahar: NBK Egypt delivered solid profit growth, underpinned by resilient operating performance amid challenging conditions The Bank continues to rank among the fastestgrowing financial institutions in Egypt, with a clearly defined and expanding presence in the local market Our financial indicators underscore the strength of our trajectory and affirm that we remain well positioned to further reinforce our market share Egypt remains a core strategic market contributing to the Group's growth El-Tayeb: NBK – Egypt continues to deliver strong performance, with solid growth across all key financial indicators The Bank remains focused on reinforcing its position in both the retail and corporate banking sectors We are fasttracking digital transformation by expanding our digital services Sustainable finance stands as a core strategic priority in line with our commitment to supporting environmentally responsible projects National Bank of Kuwait - Egypt (NBK-Egypt) has reported net profits of EGP 4.1 billion (Equivalent to KWD 25.65 million) for the first six months of 2025, a significant increase from the EGP 3.2 billion (Equivalent to KWD 24.9 million) reported in the corresponding period of 2024, showcasing an impressive growth rate of 30%. Net Operating Income stood at EGP 7.7 billion in 1H2025, recording a substantial increase of 28% from EGP 6.1 billion recorded in the corresponding period of 2024. In the meantime, Net Interest Income grew by 31%, reaching EGP 6.7 billion compared to EGP 5.2 billion in 1H2024. Meanwhile, Net Operating Income (excluding interests) increased to EGP 199 million in 1H2025, compared to EGP 147 million in 1H2024, up by 35%, while Cost to Net Operating Income grew by 1% in 1H2024 to 24% in 1H2025. Total assets reached EGP 206 billion by the end of 1H2025, up by 5% compared to EGP 196 billion by the end of 2024. Furthermore, total loans and credit facilities expanded to EGP 115 billion in 1H2025, reflecting a growth rate of 10% compared to EGP 104 billion recorded at the end of 2024. Additionally, customer deposits increased to EGP 166 billion by the end of 1H2025, up from EGP 160 billion at the end of 2024, representing a growth rate of 4%. The ratio of operating income to total net income increased to 87% as of 1H2025, compared to 85% in the corresponding period of 2024. Moreover, the Return on Average Assets (ROAA) improved to 4% in 1H2025, while the Return on Average Equity (ROAE) stood at 35%. Commenting on the financial results announced by NBK-Egypt, Ms. Shaikha Al-Bahar, Deputy Group Chief Executive Officer, National Bank of Kuwait, and Chairman of NBK-Egypt, said: 'The strong earnings growth achieved by NBK–Egypt in the first half of 2025 highlights the bank's solid financial standing and the enduring strength of its business model, which continues to generate sustainable profitability despite prevailing operational challenges. This performance stands as a testament to the Group's long-term strategic vision since its entry into the Egyptian market in 2007, reaffirming its confidence in the significant growth potential and strategic importance of one of the region's largest and most dynamic banking landscapes.' Al-Bahar affirmed that Egypt remains one of the Group's most prominent strategic markets, playing a role in driving growth, and is consistently regarded as its second home market. As the largest Kuwaiti investment in Egypt, NBK has established a clear and growing footprint within the Egyptian banking sector. The Bank ranks among the fastest-growing institutions in the market, a position reinforced by its robust financial indicators, which underscore its solid trajectory toward further expansion and enhanced market Al-Bahar emphasized that the Group views the Egyptian market as a long-term strategic investment and remains committed to expanding its presence. She noted that NBK's operations in Egypt continue to rank among the most profitable within the Group, consistently delivering high returns on equity and assets. Al-Bahar explained that the easing of geopolitical tensions in the region would significantly support the Egyptian economy and unlock greater investment opportunities. She also noted that the country's future outlook, continues to gain momentum from the ongoing reform efforts and the exceptional measures undertaken by the Egyptian government and the Central Bank of Egypt. Meanwhile, Vice Chairman, CEO, and Managing Director of National Bank of Kuwait-Egypt, Mr. Yasser El-Tayeb, said: 'The Bank's solid financial indicators in the first half of the year underscore its ability to sustain growth and deliver strong business results, despite the exceptional challenges facing the business environment on the local and global fronts due to ongoing political instability and its economic ramifications.' El-Tayeb emphasized that NBK–Egypt's growth remains well-balanced across all business lines, supported by efficiency and risk metrics aligned with both sustainable expansion and long-term resilience. He attributed this performance to the Bank's prudent policies and sound business model, which enable it to meet customer needs with agility and confidence. He added that the majority of NBK–Egypt's income is generated from credit operations, primarily through the corporate banking segment, while the retail banking sector has also witnessed notable growth in recent years. The Bank's credit portfolio spans a broad spectrum of clients, ranging from large corporations to medium and small enterprises, while its retail portfolio serves diverse customer segments. This breadth underscores the strength and diversification of NBK–Egypt's income sources. El-Tayeb emphasized the bank's commitment to further strengthening its position in the retail banking sector by offering advanced services and products tailored to diverse customer segments, aiming to establish itself as a comprehensive bank that fulfills all their financial needs. Furthermore, he also emphasized NBKE's firm belief in the pivotal role of technology and digital channels in shaping the future of the banking sector. Recognizing their importance in strengthening competitive advantage, NBK–Egypt has made substantial investments to upgrade its core banking systems and significantly expand its suite of digital services. These efforts are aimed at delivering a seamless and distinctive banking experience, enabling customers to carry out their transactions anytime, anywhere. In parallel, the Bank is committed to encouraging broader adoption of electronic payment methods, in alignment with the strategic direction of the Egyptian government and the Central Bank of Egypt. El-Tayeb emphasized that NBK–Egypt is committed to supporting the global shift toward sustainable finance and the transition to a green economy. The Bank actively backs environmentally responsible projects that promote sustainability and greater reliance on renewable energy sources. It also continues to explore viable solutions to mitigate the adverse impacts of climate change and reduce carbon emissions. Finally, El-Tayeb noted that sustainable finance has become one of the most critical instruments for promoting and preserving long-term financial stability. About the Bank: NBK-Egypt has a vast network of 52 branches spread over premium locations in various Egyptian governorates and cities, including Cairo, Giza, Alexandria, Delta, Red Sea, Port Said, Upper Egypt, and the industrial zones in 6th of October 10th of Ramadan cities. The Bank is also privileged to be among the elite banks within the Egyptian market that offer Islamic banking services in addition to its conventional products throughout its Islamic branches. Moreover, NBK-Egypt has a vast network of ATMs nationwide to service the Bank's clients around the clock. Furthermore, the bank offers a wide range of digital and electronic services, providing its customers with a unique banking experience. These services enable customers to conveniently conduct their banking transactions anytime and anywhere, eliminating the need to visit the bank for every transaction. National Bank of Kuwait (NBK) was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait and the Gulf region. NBK continues to enjoy collectively one of the highest ratings among all banks in the Middle East from the three international rating agencies Moody's (A1), Standard and Poor's (A), and Fitch Ratings (A+). The Bank's ratings are supported by its strong financial indicators, asset quality, and high capitalization, in addition to its highly recognized and very stable management team, as well as strategic vision and stable funding base. NBK enjoys the most comprehensive banking presence with a local and international network with international presence in the world's leading financial centers including China, Geneva, London, Paris, New York, and Singapore, in addition to its regional presence in Egypt, Lebanon, Bahrain, Saudi Arabia, Iraq, and the UAE.

Mitsubishi Power achieves landmark Hydrogen Fuel Conversion at Leading Egyptian Refinery ANRPC
Mitsubishi Power achieves landmark Hydrogen Fuel Conversion at Leading Egyptian Refinery ANRPC

Zawya

time3 hours ago

  • Zawya

Mitsubishi Power achieves landmark Hydrogen Fuel Conversion at Leading Egyptian Refinery ANRPC

Mitsubishi Power's Hydrogen Conversion Technology reduces 65,000 tons of CO2 annually at Egypt's key refinery Alexandria, Egypt - Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), announced today the successful completion and handover of a pioneering hydrogen fuel conversion project at the Alexandria National Refining and Petrochemicals Company (ANRPC) refinery in Egypt. This project is considered the first industrial application of hydrogen use as fuel in industrial boiler in Egypt and the MENA region. Under the terms of the full turnkey contract, announced in 2022, Mitsubishi Power undertook the design, engineering, supply and installation of the solutions, equipment, and control systems to rehabilitate and upgrade a 100-ton-per-hour main boiler, converting it from heavy fuel oil and natural gas to a 100% hydrogen fuel. The project also contributed to the utilization of 14,000 tons per year of hydrogen-rich gases available in the production units, reducing natural gas consumption by approximately 24,000 tons and contributing to a reduction of carbon emissions by approximately 65,000 tons per year. This project marks a significant step forward in Egypt's ambitious energy transition journey towards decarbonizing its energy sector and fulfilling its sustainable development goals, which reinforces its leadership in clean energy innovation. It also highlights the Japanese global leader's commitment to advancing carbon neutral power generation solutions and jointly reflects hydrogen's enormous potential as a clean energy source in Egypt's industrial sector. Mitsubishi Power's expertise in providing cutting-edge hydrogen technology solutions, coupled with ANRPC's operational leadership, contributed to the project's success, reinforcing its importance as a proven model for integrating hydrogen into Egypt's energy system and a replicable model that can catalyze further hydrogen adoption across Egypt and the MENA region. Mr. Sayed Al-Rawi, Chairman and Managing Director of ANRPC, said: "We are proud to be part of Egypt's journey towards a clean energy future and to contribute to achieving Egypt Vision 2030 with this pioneering milestone to using hydrogen as a fuel. This project represents an unprecedented achievement for ANRPC, Egypt, and the entire region. By integrating hydrogen into refining processes, we are contributing to reduce Egypt's carbon footprint and set a new standard for the country's industrial sector. We are proud of our partnership with Mitsubishi Power on this project, which is a true example of how international partnerships and advanced technology can bring about fundamental change toward a sustainable energy future. We are thrilled about the positive environmental impact of this project in reducing emissions, and we look forward to continuing our role in supporting Egypt's transition to clean energy. Together, we can help meet current energy needs and participate in shaping a sustainable energy future in Egypt and the region." The collaboration between Mitsubishi Power and ANRPC underscores a fundamental pillar of Egypt's clean energy strategy and contributes to consolidating the nation's growing role as a leader in the global hydrogen economy. Commenting on this recent milestone, Mr. Javier Cavada, President and CEO, Europe, Middle East and Africa at Mitsubishi Power, said: "The success of this first-of-a-kind hydrogen conversion project marks a milestone in Egypt's transition to clean energy and reflects Mitsubishi Power's global leadership in developing advanced, low-carbon power generation technologies. We are honored to partner with ANRPC and support Egypt's ambitious vision for a clean energy transition, providing our expertise to transition existing infrastructure to low-carbon commercially viable systems. This project will lay down the foundation to a commercial path for decarbonizing Egypt's industrial facilities with minimal downtime, in addition to demonstrating the tangible and positive impact of hydrogen in reducing emissions and developing sustainable energy solutions. Mitsubishi Power is committed to supporting Egypt's journey towards a cleaner and more sustainable energy future, and we look forward to strengthening our collaboration with ANRPC and other stakeholders to drive the transition to hydrogen across the region." The successful completion of this project heralds a new chapter in Egypt's energy transition, further strengthening its growing leadership in the region's low-carbon future. Building on a successful heritage that spans decades, Mitsubishi Power remains committed to supporting Egypt's ambitious energy goals and its efforts to drive the adoption of hydrogen and renewable energy technologies throughout the Middle East and North Africa. About Mitsubishi Power Mitsubishi Power is a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI). Across more than 30 countries worldwide, Mitsubishi Power designs, manufactures and maintains equipment and systems that drive decarbonization and ensure delivery of reliable power around the world. Among its solutions are a wide range of gas turbines including hydrogen and ammonia-fueled gas turbines. Committed to providing exemplary service and working with customers to imagine the future of energy, Mitsubishi Power is also spearheading the development of the digital power plant through its suite of AI-enabled TOMONI® solutions.

Mitsubishi Power, ANRPC complete MENA's first hydrogen boiler retrofit
Mitsubishi Power, ANRPC complete MENA's first hydrogen boiler retrofit

Gulf Business

time3 hours ago

  • Gulf Business

Mitsubishi Power, ANRPC complete MENA's first hydrogen boiler retrofit

Image: Supplied Mitsubishi Power, a brand of Mitsubishi Heavy Industries (MHI), has successfully completed and handed over a groundbreaking hydrogen fuel conversion project at the Alexandria National Refining and Petrochemicals Company (ANRPC) refinery in Egypt. The initiative marks the first industrial application of hydrogen as fuel in an industrial boiler in both Egypt and the wider MENA region. Announced in 2022 as a full turnkey contract, the project involved Mitsubishi Power managing the design, engineering, supply, and installation of equipment and control systems. The team rehabilitated and upgraded a 100-tonne-per-hour boiler, enabling it to operate entirely on hydrogen, transitioning from its previous use of heavy fuel oil and natural gas. The project enables the reuse of 14,000 tonnes of hydrogen-rich gases annually from production units, slashing natural gas consumption by an estimated 24,000 tonnes and cutting carbon emissions by roughly 65,000 tonnes per year. This milestone aligns with Egypt's broader energy transition and sustainable development objectives, positioning the country as a regional leader in clean energy. It also reflects Mitsubishi Power's dedication to delivering decarbonisation technologies, while spotlighting the role of hydrogen in transforming Egypt's industrial energy landscape. Sayed Al-Rawi, chairman and managing director of ANRPC, said: 'We are proud to be part of Egypt's journey towards a clean energy future and to contribute to achieving Egypt Vision 2030 with this pioneering milestone to using hydrogen as a fuel. This project represents an unprecedented achievement for ANRPC, Egypt, and the entire region. By integrating hydrogen into refining processes, we are contributing to reduce Egypt's carbon footprint and set a new standard for the country's industrial sector. We are proud of our partnership with Mitsubishi Power on this project, which is a true example of how international partnerships and advanced technology can bring about fundamental change toward a sustainable energy future. We are thrilled about the positive environmental impact of this project in reducing emissions, and we look forward to continuing our role in supporting Egypt's transition to clean energy. Together, we can help meet current energy needs and participate in shaping a sustainable energy future in Egypt and the region.' The collaboration also reinforces Egypt's strategy to emerge as a key player in the global hydrogen economy. Javier Cavada, president and CEO for Europe, Middle East and Africa at Mitsubishi Power, added: 'The success of this first-of-a-kind hydrogen conversion project marks a milestone in Egypt's transition to clean energy and reflects Mitsubishi Power's global leadership in developing advanced, low-carbon power generation technologies. We are honored to partner with ANRPC and support Egypt's ambitious vision for a clean energy transition, providing our expertise to transition existing infrastructure to low-carbon commercially viable systems. This project will lay down the foundation to a commercial path for decarbonizing Egypt's industrial facilities with minimal downtime, in addition to demonstrating the tangible and positive impact of hydrogen in reducing emissions and developing sustainable energy solutions. Mitsubishi Power is committed to supporting Egypt's journey towards a cleaner and more sustainable energy future, and we look forward to strengthening our collaboration with ANRPC and other stakeholders to drive the transition to hydrogen across the region.' With the successful handover complete, the project is expected to serve as a catalyst for future hydrogen adoption across Egypt and the MENA region, further enhancing the country's position in the low-carbon energy transition.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store