Latest news with #AbdelHamid
Daily News Egypt
19-05-2025
- Business
- Daily News Egypt
Tharwa Petroleum 2024 results approved; Minister calls for new investment arm
Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, on Monday approved the 2024 operational results of Tharwa Petroleum Company during its General Assembly meeting. During the assembly, Badawi emphasised the importance of building on Tharwa Petroleum's recent achievements in exploration, production, and petroleum services. He called for leveraging the company's capabilities and skilled technical personnel to establish a technical arm for identifying new investment opportunities, both domestically and internationally, through partnerships with investors. He also highlighted the potential of Egypt's digital portal for exploration and production in achieving this. 'The ministry will continue to support Tharwa Petroleum in expanding its operations and enhancing its competitiveness in exploration and production activities, both in Egypt and abroad, especially as it is a 100% Egyptian joint-stock company,' Badawi added. Mahmoud Abdel Hamid, Chairperson of Tharwa Petroleum, reviewed the company's key achievements during the year. He explained that the company successfully increased its confirmed reserves by approximately 3.5m barrels in the West Kalabsha area in the South Desert and opened new development prospects to increase production rates. Abdel Hamid noted the company's adoption of a cost-rationalisation policy, particularly for direct operating expenses in its managed areas. This was achieved by starting to replace rented production facilities with permanent ones. Additionally, efforts were made to improve energy utilisation efficiency, reduce the gap between generated electrical capacity and actual loads, and optimise the use of associated gases as an alternative fuel to diesel. This contributed to a tangible saving in diesel consumption and had a positive environmental impact by reducing carbon dioxide emissions, he said. The chairperson added that in 2024, the company achieved 3.7m safe collective work hours without lost time incidents for the ninth consecutive year. This resulted from continuous efforts to promote a culture of occupational safety and health among employees, including numerous training courses and awareness seminars as part of sustainable development initiatives. Tharwa Petroleum also prioritised implementing training programmes to develop human resources, considered the cornerstone for continuous improvement and sustainability, aligning with the ministry's digital transformation HR management system was developed using SAP, Abdel Hamid stated. The General Assembly was attended by Ehab Ragaey, First Undersecretary of the Ministry for Production; Salah Abdel Kerim, CEO of the Egyptian General Petroleum Corporation (EGPC) and his deputies; Yassin Mohamed, Chairperson of the Egyptian Natural Gas Holding Company (EGAS); Ashraf Bahaa, Chairperson of the Ganoub El Wadi Petroleum Holding Company (Ganope); Samir Raslan, Undersecretary of the Ministry for Exploration and Agreements; Moataz Atef, Undersecretary of the Ministry for the Minister's Office, Technical Office, and Official Spokesperson; Accountant Ashraf Qotb, Undersecretary of the Ministry for Financial and Economic Affairs; Ahmed Randy, Head of the Central Administration for Communications; and representatives from the Central Auditing Organisation.
Zawya
03-03-2025
- Business
- Zawya
Mortgage finance in Egypt reaches $1.60bln, benefiting 617,500 citizens
Egypt- Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund (SHMFF), announced that total mortgage financing in Egypt has reached approximately EGP 81.22bn, benefiting 617,500 recipients through 22 banks and eight mortgage finance companies. She noted that direct cash subsidies granted to beneficiaries amounted to EGP 10.13bn, with an average mortgage loan of EGP 131,500 per client. Since June 1, 2014, a total of 19 housing announcements have been issued, attracting applications from 2.1 million citizens. Abdel Hamid shared these updates during a meeting of the Social Housing and Mortgage Finance Fund's Board of Directors, chaired by Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities. The meeting reviewed progress on housing projects for low- and middle-income citizens under the presidential initiative Housing for All Egyptians, the status of the initiative's fifth phase, and key performance indicators. El-Sherbiny stated that nearly one million housing units for low-income citizens have been completed or are under construction as part of the initiative. Of these, 721,000 units have been fully delivered, while 251,000 are still being developed. The initiative's fifth and sixth phases include the construction of 54,600 green housing units across nine cities. Additionally, 27,944 middle-income and investment housing units are under construction in 15 cities and governorates. Providing further details on the 'Housing for All Egyptians 5' announcement, Abdel Hamid revealed that 78,000 housing units are included in this phase. She noted that approximately 762,000 citizens have purchased application booklets, with 589,000 paying the reservation deposit. Around 571,000 applicants have submitted their requests online through the fund's official website. The government's continued efforts to expand affordable housing options reflect its commitment to addressing the growing demand for homeownership while ensuring access to mortgage financing for low- and middle-income citizens.
Zawya
24-02-2025
- Business
- Zawya
Egypt launches automated system for social housing reconciliation procedures
Egypt - Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund (SHMFF), has announced the launch of an automated system for handling reconciliation requests related to violations of the Social Housing Law. This system will process cases documented by judicial officers across the country against individuals found in breach of Social Housing Law No. 93 of 2018. The introduction of this system is part of SHMFF's broader efforts to digitize its services, aligning with the state's digital transformation strategy. This initiative aims to streamline service delivery, reduce bureaucracy, and enhance governance and transparency by eliminating direct interactions between service providers and applicants. It ensures efficient, high-quality service for citizens while reinforcing the legal framework governing Egypt's social housing program. Under the new system, individuals against whom judicial reports have been filed will receive SMS notifications containing a link to the reconciliation platform. Upon accessing the link, violators must enter their national ID number and password if they already have an account on the fund's website. If not, they must first create an account. Once logged in, they will be directed to the 'Reconciliation Request' section, where they can download the reconciliation request form. The next step requires them to visit an automated post office with their national ID card to pay the designated reconciliation fees. After completing this step, violators must fill out the reconciliation form and upload it along with the payment receipt to the system. They will then wait for an SMS confirmation indicating whether their reconciliation request has been accepted. Once approved, they must return to the post office to pay the fine. In cases where reports have already been transferred to the judicial authorities, the system will issue a formal statement for reconciled individuals. Abdel Hamid stressed the importance of ensuring that subsidized housing units are used by their rightful beneficiaries. She emphasized that residents must occupy their housing units continuously and regularly for a minimum of seven years. Any actions such as renting, selling, or altering the designated use of the unit constitute a violation, exposing the beneficiary to strict legal penalties. To reinforce compliance, the judicial control system will intensify field inspections in the coming period to crack down on violations and guarantee that subsidized housing reaches the people who need it most. The implementation of the new system has already produced significant results. Since its launch, a total of 10,087 reports have been processed. Out of these, 3,940 cases have been successfully reconciled, while 4,253 convictions have been issued against violators. Additionally, 1,756 cases remain under prosecution, and 372 reports have proceeded to court trials. Furthermore, judicial authorities have issued 2,231 court rulings mandating the retrieval of unlawfully occupied housing units. Of these, 1,389 rulings have been executed, with efforts ongoing to reclaim the remaining units in accordance with final court decisions. To strengthen deterrence and ensure compliance with social housing regulations, the penalties for violations have been substantially increased. If a subsidized housing unit is found to have been sold illegally, it will be permanently withdrawn from the violator. For cases involving rental violations, the reconciliation fee has been raised to EGP 50,000 if settled before court proceedings commence. If reconciliation is sought after legal proceedings have begun, the fee increases to EGP 75,000. It is important to note that reconciliation for rental violations will only be permitted once, and violators will be required to remove the infraction and pay the necessary fine to complete the process. Abdel Hamid urged citizens to stay informed about these new procedures and compliance requirements through SHMFF's official digital platforms and social media channels. She also encouraged individuals to reach out to customer service centers located in city authorities and housing directorates for further assistance. Additionally, citizens can submit inquiries and concerns via the fund's designated complaint and suggestion platform. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
