Emirates NBD Egypt Wins the Prestigious 'Best Bank for Cash Management - North Africa 2025' Award from The Digital Banker
Since entering the Egyptian market in 2013, Emirates NBD Egypt has firmly established itself as a trusted financial partner, leveraging its deep regional expertise and a forward-thinking strategy to drive economic growth. The bank offers an integrated suite of financial services tailored to meet the evolving needs of businesses in line with emerging industry trends. As of March 2025, the bank operates a robust network of 62 branches and approximately 338 ATMs across the country, ensuring accessibility to customers nationwide. As the financial sector continues to evolve, Emirates NBD Egypt remains steadfast in its mission to deliver innovative solutions that create tangible and positive impact for its customers, reaffirming its pivotal role as a leading banking institution actively contributing to Egypt's Vision 2030 and sustainable economic growth. Google News تابعونا على تابعونا على تطبيق نبض
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Al-Ahram Weekly
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Egypt seeks greater access to Chinese markets amid trade gap: PM Madbouly - Economy
Prime Minister Mostafa Madbouly stressed Thursday the need to address the trade imbalance between Egypt and China, calling for increased access for Egyptian exports to the Chinese market. According to the Chinese Foreign Ministry, the trade balance between Egypt and China in 2024 amounted to $17.378 billion. However, the ministry noted that the balance tilts sharply towards China, whose exports to Egypt in 2024 constituted 96 percent ($16.8 billion) of the trade balance as opposed to Egyptian exports, which comprised just 3.3 percent ($578 million). Madbouly's remarks came during a meeting in Cairo with his Chinese counterpart Li Qiang to discuss strengthening cooperation in various fields further. The Egyptian FM emphasised the high quality of Egyptian products and their strong presence in global markets in North America, Latin America, Europe, and Africa. According to the Egyptian cabinet, he also said he looked forward to seeing specific Chinese industries move their operations to Egypt to enhance local production of finished goods rather than fully importing them from China. Furthermore, Madbouly affirmed that the state stands ready to provide Chinese firms looking to set up manufacturing in Egypt with every form of support. He also hoped that Chinese companies and institutions in Egypt would expand their investments, benefiting from Egypt's free trade agreements with Arab countries, Africa, and Europe. Moreover, the Egyptian FM commended China's vital role in supporting Egypt's development efforts through Chinese companies' active involvement in implementing major national projects in Egypt. He also expressed Egypt's desire to enter a new era of partnership with China focused on localising industrial production, transferring Chinese technology, and utilising China's strong capabilities in these fields. Egypt-China strategic partnership During the talks, Chinese PM Li Qiang noted that his country was keen on increasing Egyptian exports' presence in the Chinese market. He also noted that several measures have already been implemented in that respect. Furthermore, Qiang affirmed China's commitment to enhancing financial and investment ties with Egypt in several sectors, including renewable energy, manufacturing, artificial intelligence, and digital economy. He also expressed China's desire to broaden cultural, humanitarian, and media cooperation with Egypt. Praising Egypt's remarkable progress, Qiang said he had personally witnessed Egyptians' significant development efforts in recent years. "We are fully prepared to support Egypt's development in every possible way," the Chinese premier said. Similarly, Qiang highlight that 2024 marked a decade since Egypt and China upgraded their relations to a comprehensive strategic partnership. He also noted that 2026 will commemorate 70 years since the two nations established diplomatic ties. In addition, the two sides witnessed the signing of several agreements to enhance cooperation in various fields. According to the Egyptian State Information Service (SIS), China is Egypt's third-largest trading partner globally. The Chinese Foreign Ministry stated that in 2024, the trade volume between Egypt and China reached $2.68 billion in the first quarter of the 2024/2025 fiscal year. Middle East crises According to the Egyptian cabinet, Madbouly and Qiang also discussed several issues of mutual interest and current regional and international geopolitical challenges. They underscored the need, amidst much global uncertainty, for the international community to actively encourage all parties to conflicts to resolve disputes through dialogue and diplomatic channels. Addressing the war in Gaza, the Egyptian PM commended China's consistent support for the legitimate rights of the Palestinian people, particularly at regional and international platforms such as the UN and the Security Council. He reaffirmed Egypt's ongoing commitment to close coordination with China—both bilaterally and in multilateral settings—to back the Palestinian people's legitimate right to an independent state over June 1967 borders, with East Jerusalem as its capital. Furthermore, the two sides underlined the pressing need to mobilise international support for implementing the Arab-Islamic plan for early recovery and reconstruction of Gaza. The Chinese PM, for his part, lauded Egypt's deeply rooted civilisation and extolled its historical role as a strong and leading country that wields significant influence in the Arab world, the region, and Africa. On Wednesday, Chinese Prime Minister Li Qiang arrived in Cairo on an official visit to Egypt, the first to Africa since he assumed office, where he met President Abdel-Fattah El-Sisi, Prime Minister Mostafa Madbouly, and senior Egyptian officials. Follow us on: Facebook Instagram Whatsapp Short link:
bnok24
2 days ago
- bnok24
Governor of the Central Bank of Egypt Signs Memorandum of Understanding with Chinese Counterpart to Promote Mutual Cooperation
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Middle East
2 days ago
- Middle East
OPEN// Egyptian PM, Chinese premier co-chair expanded session of talks
CAIRO, July 10 (MENA) - Prime Minister Mostafa Madbouli has affirmed that Egypt and China share strong historical ties, clearly reflected in the strong relationship between President Abdel Fattah El Sisi and Chinese President Xi Jinping. These distinguished relations are also evident in the regular high-level meetings between ministers and senior officials from both countries, he added. Madbouli's remarks came as he co-chaired with Chinese Premier Li Qiang, an expanded session of talks on Thursday at the cabinet headquarters in Egypt's New Administrative Capital. The session included discussions on several matters of mutual concern and explored ways to strengthen cooperation in various fields. Egyptian attendees included Minister of Planning, Economic Development and International Cooperation Rania el Mashat, Minister of Finance Ahmed Kouchouk, Minister of Investment and Foreign Trade Hassan El Khatib, CEO of the General Authority for Investment and Free Zones (GAFI) Hossam Heiba, and Assistant Foreign Minister for Asia, Australia, New Zealand and the Pacific Islands Affairs Ahmed Shahin. Chinese attendees included Minister of Finance Lan Fo'an, Minister of Commerce Wang Wentao, Vice Foreign Minister Ma Zhaoxu, and Chinese Ambassador to Egypt Liao Liqiang. Describing the Chinese premier's visit to Egypt as 'historic', Madbouli praised the meeting held earlier in the day between President Abdel Fattah El Sisi and Chinese Premier Li Qiang, during which the Egyptian president reaffirmed Cairo's firm support for the "One China policy". The prime minister commended China's pivotal role in supporting Egypt's development efforts, particularly through the participation of numerous Chinese companies in key infrastructure projects in the country, such as the Central Business District in the New Administrative Capital, the New Alamein City Towers, the light rail transit (LRT) project, as well as the development of China's TEDA area in the Suez Canal Economic Zone (SCZone). The TEDA area is a successful model of Egypt-China investment cooperation in SCZone, he said, expressing hope for increased Chinese investment in the TEDA. Madbouli also voiced aspiration that the visit would mark the start of a new stage of bilateral cooperation, particularly in localizing industry, and transferring Chinese technology to Egypt especially as regards solar energy project components, localizing electric vehicle (EV) manufacturing, and seawater desalination. He highlighted President Sisi's directives to the Egyptian government to purchase part of EV production from the companies operating in Egypt. Given China's global leadership in EV manufacturing, the prime minister urged Chinese companies to establish operations in Egypt and take advantage of the incentives offered by the government. He further called on Chinese companies and institutions to boost their investments in Egypt, leveraging Egypt's memberships in free trade zones with Arab, African, and European countries. Madbouli also stressed the importance of addressing the trade imbalance between the two countries by expanding Egyptian exports to China. He noted that Egyptian products are of high quality and already reach markets in North America, Europe, Latin America, and Africa. Additionally, he expressed hope for accelerated work on phases 3 and 4 of the LRT project, and the completion of the Central Business District, particularly since Egyptian government institutions began moving to the New Administrative Capital in 2024. The prime minister expressed thanks to the Chinese side for signing an MoU on the debt-for-development swap program, which was inked on October 19, 2023 on the sidelines of the third Belt and Road Forum in Beijing. Regarding regional issues, Madbouli praised China's supportive role for the Palestinian people's legitimate rights in regional and international forums, particularly at the United Nations and its Security Council. He also stressed the importance of Egypt-China coordination within the framework of the Forum on China–Africa Cooperation (FOCAC) and in following up on the implementation of the outcomes of the forum's 9th conference, especially the 10 partnership actions unveiled by Chinese President Xi Jinping during the opening session of the latest FOCAC summit held in September 2024. He noted that Egypt had submitted a list of priority projects to benefit from $51 billion in financial packages allocated for these partnership actions. Meanwhile, Chinese Premier Li Qiang described Egypt as a nation with a rich civilization and one that is witnessing unprecedented modern development, noting that he personally witnessed the scale of development efforts made by Egyptians under the 'new republic'. He affirmed that Egypt is a powerful and influential country in its regional, Arab, and African environments. Li also pointed out that 2024 marked the 10th anniversary of the elevation of Egypt-China relations to a comprehensive strategic partnership, and that 2026 will mark 70 years of diplomatic relations between the two countries. He noted that during his visit, he had seen Egypt's strong desire to strengthen bilateral ties, stating that Beijing also places high priority on enhancing its relations with Egypt. He further reiterated China's interest in fostering investment cooperation with Egypt in various sectors, including renewable energy, industry, artificial intelligence, digital economy, as well as the financial sector. Li highlighted China's efforts to increase Egyptian exports' access to the Chinese market, noting that significant measures have already been taken in this regard. He also expressed hope for expanding cultural, humanitarian and media cooperation with Egypt. (MENA) I S N/M R E
