Latest news with #EgyptVision2030
See - Sada Elbalad
4 days ago
- Business
- See - Sada Elbalad
Egypt Invests EGP 2.5 Bln to Increase High Dam's Capacity to 2,400 MW
Taarek Refaat The Hydro Plants Generation Company, affiliated with the Egyptian Ministry of Electricity and Energy, announced a new comprehensive project to develop the Aswan High Dam's power plants. The project aims to increase the plant's nominal capacity to 2,400 megawatts by 2028, up from the current 2,100 megawatts, with investments totaling approximately EGP 2.5 billion (equivalent to approximately €41 million). This is part of an integrated development plan encompassing various technical and operational sectors. Hesham Kamal, Chairman of the Hydro Plants Generation Company revealed during the Ordinary General Assembly held, Wednesday, that the project includes the replacement and renovation of 20 power transformers at the High Dam and Aswan Power Plants 1 and 2. The chairman added that four transformers will be installed during the 2025/26 fiscal year, with a total added capacity of 100 megawatts, gradually increasing the nominal capacity to a total increase of 300 megawatts. The project also includes replacing and renewing the stator coils of the Esna power plant units to improve operational efficiency; rehabilitating the excitation systems and voltage regulators of the main and auxiliary generators in both the High Dam and Aswan; supplying and installing 19 500 kV current transformers in the High Dam/Nagaa Hammadi circuits; and installing new 15.75 kV circuit breakers in the High Dam units. This project is part of the state's plan to achieve the goals of Egypt Vision 2030 in the field of sustainable energy and digital transformation, while enhancing reliance on local resources and modernizing the national electricity grid infrastructure. 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 Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Daily News Egypt
5 days ago
- Automotive
- Daily News Egypt
PM orders revival of El Nasr Automotive, launch of globally rated bus production initiative
Prime Minister Mostafa Madbouly held a meeting on Tuesday with Minister of Public Enterprises Sector Mohamed El-Shimy to review the latest developments across the ministry's portfolio, including efforts to revitalize strategic industries and expand cooperation with the private sector. At the beginning of the meeting, Madbouly reaffirmed the state's commitment to improving the performance and governance of public sector companies, enhancing their competitiveness, and maximizing the returns on state-owned assets. These priorities, he said, are aligned with Egypt's Vision 2030 and its goals for sustainable economic development. The Prime Minister specifically directed the re-launch of El Nasr Automotive, one of Egypt's historically significant industrial brands, as well as the launch of a new bus manufacturing initiative that meets international quality standards. These projects are part of a broader strategy to localize transportation manufacturing, attract investment, and boost exports. Madbouly also emphasized the importance of leveraging private-sector partnerships to improve operational efficiency and generate higher returns across state-owned enterprises. He called for offering a greater number of projects to private investment, allowing for more effective management while preserving state interests. Minister El-Shimy confirmed that the ministry's current strategy is grounded in comprehensive reform and modernization efforts to enhance the sustainability and economic contribution of affiliated companies. He noted that the ministry oversees six holding companies, which collectively manage 63 subsidiaries employing more than 100,000 workers. Additionally, the ministry holds equity in 106 joint-stock companies. Outlining the ministry's work plan for the 2024–2027 period, El-Shimy explained that it is guided by Egypt Vision 2030, the State Ownership Policy Document, and the Government Work Program. Under this framework, the government will reduce or exit investments in certain sectors, maintain a limited presence in others, and continue direct involvement in strategically important industries—many of which will be developed through joint public-private projects. El-Shimy presented the ministry's performance report, emphasizing that its overarching goal is to achieve the highest possible return on public investments by enhancing the competitiveness of affiliated companies both locally and internationally. He stressed that the ministry is committed to modernizing management systems, adopting advanced technologies, and investing in workforce development to meet global standards. He also noted that the ministry is currently overseeing 97 strategic projects across sectors such as textiles, pharmaceuticals, chemicals, metallurgy, tourism, and trade. These projects are designed to revive industrial production, expand export capacity, and integrate more deeply into global value chains. According to El-Shimy, financial performance across Public Enterprises Sector companies has shown consistent improvement over the past decade. From fiscal year 2014/2015 to the current fiscal year, revenues and net profits have steadily increased. He reported that the value of goods and services exported by these companies reached $860 million by the third quarter of fiscal year 2024/2025, compared to $668 million in the previous year. He added that over the past 10 years, non-tax revenues from Public Enterprises Sector companies have grown by more than 347%, largely due to increased investment returns and improved efficiency. In closing, the minister highlighted the role of public sector companies in supporting national development priorities, including the revival of manufacturing, the development of specialized industries such as pharmaceuticals and chemicals, the expansion of urban and tourism infrastructure, and the growth of local trade. The government, he said, remains committed to transforming these companies into dynamic, competitive entities that contribute meaningfully to the national economy. As part of the government's push to revive Egypt's industrial base, Minister El-Shimy provided a detailed update on the restructuring and development plans for companies affiliated with the cotton, spinning, and weaving sector. These efforts fall under the broader national strategy to modernize the spinning and weaving industry and enhance its competitiveness both locally and internationally. The minister noted that the first phase of the development plan—accounting for 18% of the total scope—has been fully completed. The second phase, representing 28% of the plan, has reached 70% completion and is expected to be finalized within the current year. The third and largest phase, covering 54% of the overall project, is currently 54% complete and on track for completion by 2026. These phases are not only focused on infrastructure and equipment upgrades but also address the supply chain for raw materials, including long- and short-staple cotton and polyester. Turning to the metallurgical industries, El-Shimy highlighted the successful revival of El Nasr Automotive Company, marking a milestone in Egypt's effort to localize the automotive industry. Bus production has resumed at international quality standards, with the factory now producing five buses per week, mainly for tourist transport firms. Additional deliveries are underway, including electric buses and minibuses. The infrastructure at Bus Factories 3 and 4, as well as at passenger car facilities, has been fully upgraded, including state-of-the-art painting, body assembly, and final assembly lines. Projects also include battery and chassis assembly operations. In the steel sector, Delta Steel Company completed construction of iron and steel foundries with an annual production capacity of 10,000 tonnes. New rolling mills have been acquired, while El Nasr Glass and Crystal Company has improved its embossed glass production. At the Mines and Quarries Company, modern crushing equipment and new production lines for raw materials have been installed. Further development projects are underway at Egyptalum in Naga Hammadi. These include the procurement and installation of a wire production machine with a monthly capacity of 6,000 tons, the construction of a 50,000-ton alumina storage silo, and the establishment of a new production line for pharmaceutical-grade aluminium discs. Additionally, Egyptian Ferroalloys Company in Aswan is undergoing a major overhaul of its fourth furnace, with future expansion plans already in the pipeline. A new industrial complex dedicated to phosphate ore concentration is also being established at Nasr Mining Company, aiming to increase value-added output from Egypt's mineral resources. The minister also addressed ongoing efforts to maximize the value of public business assets and strengthen private-sector participation in real estate and infrastructure projects. A key example is the development of New Heliopolis City by Misr El Gadida for Housing and Development. The 300-acre urban development includes a fully developed marketing strategy, with projected revenues from the first phase estimated at around EGP 4bn. These initiatives reflect a multi-sectoral approach to reform, designed to revitalize national industries, promote export-oriented production, and foster effective collaboration between the public and private sectors in line with Egypt's long-term economic goals.
See - Sada Elbalad
23-05-2025
- Business
- See - Sada Elbalad
Egypt Affirms Commitment to Energy Transition at BRICS Energy Ministers' Meeting
Taarek Refaat Egypt participated in the BRICS Energy Ministers' Meeting, held in Brasilia, Brazil, as part of its membership in the bloc and in line with the Ministry of Petroleum's strategy to enhance energy cooperation. Egypt was represented at the meeting by Alaa al Batal, First Undersecretary and Supervisor for Health, Occupational Safety and Environment (HSE), Energy Efficiency, and Climate Affairs. He praised the importance of the meeting and the member states' commitment to achieving sustainable development and global climate goals. Al Batal emphasized that this year witnessed the development of a roadmap for cooperation until 2030, achieving a balance between reliance on fossil fuels and the transition to sustainable energy systems. He also launched a dialogue between BRICS and the New Development Bank (NDB) to encourage investments in the energy transition and ensure energy access. He pointed out that the Egyptian Ministry of Petroleum has established six axes to guide its efforts in achieving sustainable transformation. The ministry aims to increase the percentage of electricity generated from renewable sources to 42% by 2030, as part of the updated energy strategy until 2040, while accelerating carbon reduction and diversifying sources in line with Egypt Vision 2030. He highlighted Egypt's expansion in sustainable fuel projects, such as the bioethanol project and Sustainable Aviation Fuel (SAF), in addition to its efforts to produce low-carbon hydrogen, having launched a national strategy and approved an incentive law, along with the Damietta project to produce green ammonia in partnership with (ECHEM) and (MOPCO). 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 Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Daily News Egypt
17-05-2025
- Business
- Daily News Egypt
Suez Canal Bank posts EGP 1.3bn in Q1 profits, doubling year-on-year
Suez Canal Bank reported net profits of EGP 1.3bn for the first quarter (Q1) of 2025, more than double the EGP 600m recorded in the same period last year—an impressive year-on-year growth of 114.4%. CEO and Managing Director Akef El Maghraby attributed the performance to a 54% rise in net interest income, which climbed to EGP 1.7bn from EGP 1.1bn in Q1 2024. The bank's total assets increased by 12.8% year-on-year, reaching EGP 203bn in March 2025, up from EGP 180bn. This was underpinned by an 11.7% increase in customer deposits, which rose to EGP 151bn from EGP 135bn. The bank's net loan and customer facilities portfolio also expanded, growing by 15.4% to EGP 86bn, compared to EGP 75bn in 2024. Corporate lending led the charge, up 15.7% to EGP 80.7bn, driven by diversified financing across sectors such as agriculture, construction, financial services, real estate, and tourism—an approach aimed at risk distribution and client diversification. Retail banking also maintained strong momentum, with net retail loans increasing by 13.3% to EGP 6bn, up from EGP 5.3bn. During its general assembly on March 16, 2025, the bank approved the distribution of EGP 3.5bn in bonus shares from its 2024 profits. The move raised the bank's paid-in capital to EGP 10bn, strengthening its capital base and expanding its capacity to support larger-scale investments and meet customer demand. Suez Canal Bank continued to build on its strategic pillars during Q1 2025, including expanding into key economic sectors, enhancing institutional and project finance, and supporting the Central Bank of Egypt's initiatives and Egypt Vision 2030. The bank also advanced its digital transformation strategy, introducing new solutions to better serve its growing and diverse customer base.
Zawya
13-05-2025
- Business
- Zawya
Cityscape Egypt 2025 kicks off with Steering Committee Meeting for Egypt Real Estate Summit
Cairo, Egypt: In a significant move to establish a unified and actionable vision for Egypt's real estate and urban development sector, Cityscape Egypt 2025 has officially launched with the formation of a high-level steering committee. The committee convened its inaugural meeting on May 6 in the New Administrative Capital, bringing together senior government leaders to discuss investment strategies and opportunities across Egypt. This milestone sets the stage for a structured dialogue to align national priorities with market needs and define the strategic roadmap for the Egypt Real Estate Summit 2025, scheduled for September. The committee will serve as the central decision-making body for the summit, ensuring it delivers policy-relevant outcomes to advance one of Egypt's most critical economic sectors. It is designed to foster long-term collaboration among ministries, regulators, investors, and developers, enabling cross-sector investment beyond just real estate. With Egypt undertaking some of the region's most ambitious urban transformation projects, from next-generation smart cities to climate-resilient infrastructure, the committee plays a pivotal role in aligning the summit with Egypt Vision 2030. Its mission includes developing a cross-sector roadmap that integrates real estate with investment, infrastructure, tourism, and sustainability. Committee members include: Eng. Khaled Abbas, Chairman and Managing Director, Administrative Capital for Urban Development Hossam Heiba, President, General Authority for FreeZones and Investment (GAFI) Eng. Fathallah Fawzy, Chairman, MENA for Real Estate Consultancy Shaimaa Shousha, General Manager – Strategic Department, Industrial Development Authority Dr. Mohamed Raghad, Environment Department, Tourism Development Authority The committee's first meeting focused on enhancing coordination between ministries and regulators and identifying investment opportunities across various real estate asset classes, including residential, commercial, industrial, and hospitality. Discussions focused on improving the investment climate, unlocking high-potential projects, and attracting both local and international capital. Robier Daniel, Cityscape Exhibition Director, stated: 'Cityscape Egypt has always been more than a real estate event. It's a platform for strategic dialogue, investment partnerships, and sustainable urban transformation. With the formation of the steering committee, Cityscape Egypt 2025 is emerging as a driving force behind policy innovation and integrated growth. We're creating a space where public and private sector leaders converge to shape the cities of tomorrow and unlock Egypt's full development potential.' Eng. Khaled Abbas, Chairman and Managing Director of Administrative Capital for Urban Development, stated: 'The Egypt Real Estate Summit comes at a pivotal moment that aligns with the country's unprecedented boom in urban development. The summit is a strategic platform, guided by a high-level steering committee of public and private sector leaders to ensure that policy directions are aligned with national priorities. By bringing together decision-makers, investors, and urban development leaders, we contribute to creating effective synergy between the national vision and emerging investment opportunities, while reinforcing the New Capital's position as a hub for smart, sustainable growth and a magnet for investment at the heart of Egypt's future.' Hossam Heiba, President of General Authority for Investment and Free Zones (GAFI), commented: 'The Egypt Real Estate Summit 2025 offers a practical opportunity to translate the national investment strategy into tangible outcomes. Through the steering committee that brings all key stakeholders to the table, we are accelerating mechanisms to attract quality investments aligned with Egypt's economic shifts, particularly in infrastructure and urban development. This platform goes beyond showcasing opportunities; it provides an effective coordination tool between public and private sectors, strengthening Egypt's competitiveness as a regional destination for smart and sustainable investment.'
