Latest news with #EGP
Daily News Egypt
9 hours ago
- Business
- Daily News Egypt
Finance minister unveils EGP 5bn cash payout for 2,000 exporters on 7 August
Ahmed Kouchouk, Minister of Finance, announced that around 2,000 exporting companies will receive approximately EGP 5bn in cash payments on 7 August. This payment represents the first instalment—equivalent to 50%—allocated under the new Cabinet-approved mechanism for settling overdue export support payments. Covering shipments up to the end of June 2024, these payments are made through the Export Development Fund as part of the government's plan to clear all arrears owed to exporters over four consecutive fiscal years starting from the current one. The initiative is designed to support the export sector by providing liquidity to help exporters boost their exports and enhance the global competitiveness of Egyptian products. In a statement issued by the Ministry of Finance on Wednesday, Kouchouk added that, due to strong demand from exporters, the ministry will reopen applications from 17 August to 4 September 2025. This window will allow companies holding certificates from the Export Development Fund to submit the required documents and benefit from the mechanism, with a second payment scheduled for 18 September. He further noted that the current fiscal year includes the largest-ever allocation for export support in the state budget, amounting to EGP 45bn. This will enable the reimbursement of export burdens for the current fiscal year within just three months of file completion, under the new mechanism adopted by the Cabinet to fully settle outstanding dues. This builds on earlier successful programmes launched since 2019, including the Immediate Cash Payment initiative in its seven phases, which benefited around 3,000 exporting companies with total payments of roughly EGP 70bn. Nevine Mansour, Advisor to the Minister of Finance for Economic Institutional Relations, clarified that the first instalment under the new mechanism will be disbursed through the National Bank of Egypt, Banque Misr, Banque du Caire, and the Export Development Bank of Egypt. She added that, in cooperation with the Central Bank and the banking sector, payments for companies that do not hold accounts at these four banks will be transferred to their accounts at other banks without any administrative fees, further streamlining the disbursement process.
Economic Key
10 hours ago
- Business
- Economic Key
Five Palm Developments Launches in Egypt's Real Estate Market with Landmark Projects in the New Capital and Fifth Settlement
Five Palm Developments has announced the launch of its operations and ambitious expansion plans in Egypt's real estate market, starting with a series of new projects in New Administrative Capital and Fifth Settlement, East Cairo, following the acquisition of prime land plots in key strategic locations. Mr. Islam Shahat, CEO of the company, stated that Five Palm aims to offer innovative real estate products aligned with Egypt's urban development boom. The company is committed to applying the highest global standards in design and constructions, while providing an integrated urban environment that meets the needs of both clients and investors. He added that the company is preparing to launch its first major project in the real estate market during the fourth quarter (Q4) of 2025, with investments exceeding EGP 4bn. The project will feature units designed according to the latest international models. For his part, Eng. Yasser Raslan, Chairman of the Board, stated that the company is focused on delivering a strong and tangible real estate product on the ground, with a firm commitment to construction schedules and early delivery timelines to ensure high-quality execution and maximum investment value. Similarly, Eng. Youssef Issa, Vice Chairman, said that the board has approved significant investments to launch mixed-use projects designed to meet customer needs. These projects will be developed in line with the highest standards of design, integrated healthy living environments, and promising investment opportunities across residential, commercial, and administrative properties. Founded in 2012 as a contracting company, Five Palm quickly built a strong reputation for its fast-track execution and high-quality work. In 2023, the company expanded into real estate development and asset management, with a vision to deliver innovative, high-value projects that reflect the evolving needs and aspirations of clients across diverse areas. تم نسخ الرابط
See - Sada Elbalad
13 hours ago
- Politics
- See - Sada Elbalad
Egypt, UAE Coordinate to Supply 2 Million Gallons of Water Daily to Gaza Residents
Taarek Refaat The United Arab Emirates and Egypt are intensifying their humanitarian coordination to deliver 2 million gallons of potable water daily to residents of the Gaza Strip, as part of a broader joint relief effort, UAE Deputy Minister of Foreign Affairs for International Organizations Sultan Al Shamsi announced on Wednesday. Speaking during a live phone interview with Egypt's Sada El-Balad TV, Al Shamsi highlighted the ongoing water desalination efforts aimed at serving over one million Gazans. Plans are underway to expand the water supply line deeper into central Gaza. Al Shamsi revealed that 5,000 tons of Emirati aid are currently staged in El Arish, Egypt, awaiting entry into Gaza. Additionally, 143 trucks loaded with food supplies, medical equipment, and water are part of the relief convoy. 'Providing safe drinking water is our top priority in Gaza right now,' said Al Shamsi, underlining that access to clean water remains one of the most critical challenges in the besieged enclave. He also confirmed the presence of a floating Emirati hospital stationed in El Arish, as well as a field hospital inside Gaza, which have together supported the treatment of over 2,600 patients and companions from Gaza in the UAE. Al Shamsi addressed circulating reports about the closure of the Rafah border crossing, categorically denying them: 'I have seen with my own eyes that the crossing is open on the Egyptian side,' he stated. He also dismissed what he described as "rumors" intended to undermine relief operations, affirming that no misinformation campaign would halt the humanitarian support being provided by both Egypt and the UAE. 'Whatever is being said, we will continue our mission. Egypt and the UAE are committed to helping the Palestinian people,' he said. The Gaza Strip has been grappling with acute shortages in water, electricity, fuel, and medical supplies due to ongoing conflict and restricted access points. The UAE and Egypt's joint efforts are seen as a vital humanitarian lifeline, offering both immediate relief and infrastructure-based solutions. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
See - Sada Elbalad
13 hours ago
- Business
- See - Sada Elbalad
Fire Aboard Container Ship "PUMBA" Near Gulf of Suez Successfully Extinguished: Petroleum Min.
Taarek Refaat Egypt's Ministry of Petroleum and Mineral Resources confirmed on Wednesday that a coordinated emergency response had successfully extinguished a fire aboard a container ship near Ras Gharib, averting a potential maritime disaster in the Gulf of Suez. The incident began late Tuesday evening when the container vessel 'PUMBA,' operated by global shipping giant MSC, sent out a distress signal after a fire broke out in its engine room while navigating the busy maritime corridor, approximately 3 nautical miles from the Southeast El-Hamra oil platform, operated by the General Petroleum Company. Upon receiving the distress alert from the Ras Gharib Marine Surveillance Room, the Petroleum Ministry swiftly coordinated with relevant authorities and dispatched specialized marine units from the oil sector to assist in firefighting and rescue operations. The vessels involved in the response included: Ocean Dahab tugboat, PMS-4 tugboat, and Misr-Gulf 15 tugboat. Thanks to the rapid joint efforts, the fire was fully contained without any loss of life. The vessel was then towed to a designated safe anchorage area, well clear of critical operations and maritime routes. Though the vessel is not affiliated with Egypt's petroleum sector, the ministry emphasized that its intervention was part of its national and professional commitment to maritime emergency response, offering logistical and technical support to safeguard lives, maritime infrastructure, and the marine environment. "The response reflects our sector's readiness and responsibility to act promptly in the face of maritime hazards," a ministry spokesperson said. The incident underscores the strategic importance of Egypt's petroleum sector not just in energy production, but also in ensuring safety and resilience in the Red Sea and Suez maritime zones, among the busiest in the world. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
Daily News Egypt
15 hours ago
- Business
- Daily News Egypt
35% rise in tax revenues for FY2024/2025 with no new burdens: ETA chief
Rasha Abdel Aal, Head of the Egyptian Tax Authority (ETA), announced that Egypt has emerged as a leading regional model for the digital transformation of tax administration. Within just a few years, the authority has successfully shifted from a paper-based system to a fully integrated digital ecosystem, now covering all aspects of tax operations. This transition, driven by comprehensive databases and advanced digital platforms, has significantly improved collection efficiency and voluntary compliance. Abdel Aal made these remarks at the African Tax Administration Forum (ATAF) held in Rabat, Morocco, attended by 22 heads of tax authorities from across the continent. The annual event is one of Africa's largest tax gatherings. Her speech received widespread praise from ATAF's chair and other participants, who commended Egypt's achievements in digitalisation and capacity building. She noted that in February 2025, the ETA introduced the first package of tax facilitation measures aimed at supporting the business community and fostering trust with taxpayers. This package focused on removing administrative obstacles and resolving tax disputes swiftly and transparently, reinforcing tax fairness. A central component of the reforms was Law No. 6 of 2025, which established a simplified tax system for businesses with annual turnover below EGP 20m. The law applies a tiered tax system based on turnover, helping to integrate informal economic activities into the formal economy. Abdel Aal outlined the ETA's digital transformation strategy, built around key pillars: the mandatory e-filing system launched in January 2021; the rollout of e-invoicing and e-receipt platforms, which have collectively processed over 1.5 billion digital documents; and the establishment of a dedicated e-commerce unit, which has registered over 225,000 business activities, including major international platforms. She also highlighted the adoption of a unified payroll tax system, which contributed to a 36% year-on-year increase in tax revenues. Meanwhile, the electronic tax risk management system enabled the recovery of more than EGP 12bn in previously unpaid taxes, supported by expanded data-sharing with other government entities. Abdel Aal confirmed that total tax revenues for fiscal year 2024/2025 rose by 35% without imposing any additional tax burdens on citizens or businesses. 'We aspire to work together based on shared goals to strengthen policies that combat tax evasion and avoidance, prevent profit shifting, and stop base erosion, ensuring sustainable development across all countries of our continent,' Abdel Aal concluded.
