Latest news with #Egyptian-made
Daily News Egypt
29-05-2025
- Business
- Daily News Egypt
Egypt, US partner to launch global pharmaceutical manufacturing, export venture
Egypt has signed a major joint venture agreement with US-based Dawah Pharma to manufacture and export pharmaceutical products and nutritional supplements to global markets, with a strategic focus on North America and Europe. The deal marks a significant milestone in Egypt's push to expand its pharmaceutical exports and attract foreign investment to its health sector. Prime Minister Mostafa Madbouly witnessed the signing ceremony, which took place in the presence of Deputy Prime Minister for Human Development and Minister of Health and Population Khaled Abdel Ghaffar, Minister of Public Enterprise Sector Mohamed El-Shimy, Head of the Egyptian Drug Authority Ali El-Ghamrawy, and Hisham Setit, Head of the Unified Procurement Authority for Medical Supplies and Technology. The agreement was signed by Ashraf El-Khouly, Executive Managing Director of the Egyptian Holding Company for Pharmaceuticals—affiliated with the Ministry of Public Enterprise Sector—and Hossam Abdel Maksoud, Chairman of Dawah Pharma. Prime Minister Madbouly said the agreement reflects Egypt's broader strategy to enhance national industries, with the pharmaceutical sector identified as a key priority. He described the partnership as a strong vote of confidence in the quality and potential of Egyptian manufacturing, particularly in the medical field. Minister El-Shimy emphasized that the partnership follows major investments to modernize the holding company's infrastructure, upgrade production lines, and align operations with international Good Manufacturing Practices (GMP). He described the venture as a pivotal step in Egypt's plan to boost pharmaceutical exports, strengthen international collaboration, and increase foreign direct investment. Under the agreement, the new joint venture will manufacture and export a wide range of products including ampoules, nutritional supplements, sterile injections, ophthalmic preparations, and over-the-counter (OTC) medications. The first phase will focus on exporting six pre-approved dietary supplements to the US market—an unprecedented move for the Holding Company for Pharmaceuticals, after meeting all relevant international regulatory and quality benchmarks. The venture will leverage state-of-the-art manufacturing technologies for a diverse range of dosage forms including syrups, tablets, ampoules, pre-filled syringes, and transdermal patches. This is expected to accelerate global market entry for Egyptian-made products and support long-term growth for the company and its subsidiaries. El-Shimy affirmed that the new company will comply with the most stringent international regulations, particularly those set by the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA), to ensure the competitiveness of Egyptian products in North America, Europe, and emerging markets in Africa and Asia. As per the terms of the agreement, the Egyptian Holding Company for Pharmaceuticals will hold a 40% stake in the joint venture, while Dawah Pharma will own 60%. The partnership will also spearhead efforts to open new international markets for Egyptian pharmaceutical exports, solidifying Egypt's position as a regional hub for high-quality medical manufacturing.
Al-Ahram Weekly
28-04-2025
- Business
- Al-Ahram Weekly
Egypt state-owned food giant HCFI launches online sales on Amazon Egypt - Society
Egypt's Holding Company for Food Industries (HCFI), the country's largest state-owned food conglomerate, has begun selling its products via Amazon Egypt in a move that signals a broader push towards digital retail and public-private collaboration. The move marks a significant shift for the state-owned behemoth, which operates under the Ministry of Supply and oversees 22 specialized production firms, alongside stakes in several others. According to a statement reported by Ahram Arabic Gate, the initiative aims to increase accessibility to HCFI's wide-ranging product portfolio — including food items, personal care products, and other consumer goods — by tapping into the growing reach of e-commerce. 'The collaboration underscores the importance of private sector partnerships and the adoption of modern digital marketing strategies,' the company said. HCFI stressed its intention to deliver high-quality, Egyptian-made goods to a broader consumer base, and reiterated its commitment to future partnerships with major commercial players and global e-commerce platforms. The move also aligns with Egypt's wider digital transformation agenda, which includes modernizing distribution networks and promoting locally produced goods in online marketplaces. Online shopping has seen rapid growth in Egypt, driven by rising internet penetration and shifting consumer behaviour. The country's e-commerce market was valued at $9 billion in 2024 and is projected to reach $18.5 billion by 2029, according to Amazon Egypt CEO Omar El-Sahy in comments to Asharq Bloomberg. Follow us on: Facebook Instagram Whatsapp Short link:
Yahoo
17-04-2025
- Business
- Yahoo
Is the US going into a recession? 10 tips for navigating a choppy economy
Recessions aren't fun. These are the times during the economic cycle when layoffs rise, businesses struggle and bankruptcies proliferate. Cash becomes tight and investment accounts plummet. We aren't in a recession yet, but anxiety is rising as President Trump raises tariffs on imported goods, with the economic slowdown that these import taxes likely will bring. Even with a pause on some of the highest tariffs, prices are heading upward, especially on Chinese goods that enter this country. 'I wouldn't take any solace in the president's reversal of the reciprocal tariffs,' Mark Zandi, chief economist for Moody's Analytics, told USA TODAY. 'With the higher 125% tariff on Chinese goods, the effective tariff across all countries and goods didn't change appreciably. It is still above 20% and will result in big price increases for everything from clothing to cars to cell phones.' This thus might be the time to shore up your personal finances. The following 10 tips can help: This is a clear-cut move, on which financial advisers generally agree. 'It's an immediate return on investment by reducing interest costs and improving financial stability while also providing peace of mind and a sense of relief from financial stress,' said Sam Swift, a certified financial planner and CEO of TCI Wealth Advisors in Tucson. In a new survey by 47% of cardholders report carrying an ongoing balance. And once a balance accumulates, it becomes more difficult to eliminate, with 71% of respondents with balances hoping to pay it off, not imminently but within five years. While this contradicts the pay-down-debt advice, there could be reasons to buy certain items now if you know you'll need them in coming months, before tariffs kick in. As examples provided prior to the 90-day pause, the Center for American Progress cited the potential for toddler clothing sets made in Cambodia to jump from $24 now to nearly $36 once tariffs kick in. Egyptian-made jeans would rise from about $40 now to $44. A soccer ball manufactured in Pakistan would increase from $18 to more than $23. A 10% tariff on Brazilian coffee might add roughly $1 to the price of a standard container, while an SUV made in Mexico, now priced at $31,395, could surge to $39,244 with the new 25% tax on Mexican imports. These are estimates, as some of the price increases might be absorbed by middlemen and tariff rates have not been finalized. That said, pre-tariff vehicles now on dealer lots might offer relative bargains. 'We'll see across-the-board price increases,' predicted Jason Church, chief operating officer of Courtesy Automotive Group, with six dealerships in Arizona. Even cars and trucks made by U.S. manufacturers might rise by $3,000 or so, he estimates, as these vehicles typically include a lot of foreign components. If the economy weakens, retailers will be under pressure, and many might offer incentives to get you to buy. While these can be helpful, it's also important not to go overboard. That's why Steven Conners of Conners Wealth Management in Scottsdale suggests a self-imposed cooling-off period of perhaps a week or 10 days before making sizable spending decisions. Another option: Discuss a prospective big purchase with a friend or family member who might throw some cold water on the idea. More Trump tariffs: Supply issues could make spring and summer the worst times to buy a car Any debt on which you pay double-digit interest rates should be in your crosshairs, not just credit-card balances but also auto-title and payday loans. "Payday-loan interest rates or auto-title debt can be much higher" than the 22% or so average rate on credit cards, said Michael Sullivan, a personal-finance consultant at Take Charge America, a credit-counseling and debt-management company in Phoenix. 'These are the first debts to be attacked, with all available funds directed at the highest-interest debt,' he said. Financial advisers have been harping on this one for decades, yet many Americans still don't have money stashed in an account that they can tap in a pinch. The general advice is to compile tens of thousands of dollars, enough to see you through six to 12 months of a job loss or other setback. But that's unrealistic for many people, so Sullivan suggests a minimum of at least $1,000. 'Without (adequate) savings, emergencies turn into high-interest debt,' as people turn to credit cards instead, he said. Strive to earn at least 4% on emergency funds held in bank or credit union accounts, in money-market mutual funds and the like, suggests Conners. Some 47% of people carrying credit-card balances say they accumulated the debt because of a need to pay for emergencies or unexpected big purchases such as medical bills or car repairs, according to the survey. While it might be tempting to pull money from Individual Retirement Accounts and workplace 401(k) plans, this often isn't a wise move. For starters, depending on what investments you own, you could be cashing out near a stock-market trough. Another obstacle is taxes: Generally, you might face ordinary taxes on at least part of your withdrawal, along with a 10% early withdrawal penalty on Individual Retirement Accounts and workplace 401(k)-style plans if under age 59. A better option might be to take a loan against part of your 401(k) balance, if offered by your employer. Interest often is charged at modest single-digit rates, you often don't need to qualify for the loan, you usually can pay it back early if things improve and the interest expense goes to you, not some institutional lender. If possible, continue to contribute to your retirement account, especially if your employer offers matching funds. 'Always at least contribute up to the amount your company is matching — (it's) free money," Swift said. But if you have a loan out, your contributions and matching-fund eligibility might be suspended. If a recession arrives, millions of workers could lose their jobs and plenty more will be looking around for new employment. Now is the time to take actions that could pay off later. These include a variety of moves such as enrolling in online degree programs or even courses at community colleges in various areas, from computer skills to accounting basics. Consider joining a professional group or association in your field, which can be a great way to network and learn about employment opportunities as they arise. Other tips suggested by include finding and working with a mentor, seeking honest feedback about your strengths and weaknesses from colleagues and reviewing the job descriptions of positions you might like to fill, to see where you need to improve your skills. Most people probably have signed up for subscriptions and memberships they don't need. It's easy to forget about these services, but if they're tied to automatic payments, they will keep costing you money. The Federal Trade Commission last year finalized rules that, among other things, should make it easier for consumers to cancel by requiring businesses to offer simple options for doing so. Cleaning up unneeded subscriptions will take some work, but it could be worth the hassle in the end. In case you missed it: With 'click to cancel' rule, FTC wants to solve subscription headache Lenders and other businesses have compiled records on your spending history and ability to pay bills on time. These are summarized in reports issued by the three main credit bureaus — Experian, Equifax and TransUnion. You can review these reports periodically for free by visiting Credit reports sometimes contain errors, so it's important to look for those and dispute them if necessary. This also can be a good way to track where your money has been going. Plus, the information in credit reports will affect your credit scores, which will help determine how high of an interest rate you will pay, should you need to take out a mortgage or other loan. Drops to your income, while painful, could give you an opportunity to take advantage of tax breaks that weren't available before. For example, if your salary gets cut or employment temporarily suspended, your income might decline to the point where you could qualify for the federal tax credit, worth up to $4,000, when purchasing a used electric vehicle. Perhaps you might even qualify for the earned income tax credit, especially if you have young children, or even the little-appreciated retirement savers credit. Obviously, income reductions aren't advisable but can come with an income-tax silver lining. Thus, it can be wise to do some tax planning year-round, not just in the weeks leading up to April 15. Reach the writer at This article originally appeared on Arizona Republic: Is a recession ahead? 10 tips for navigating a choppy economy
USA Today
17-04-2025
- Business
- USA Today
Is the US going into a recession? 10 tips for navigating a choppy economy
Is the US going into a recession? 10 tips for navigating a choppy economy Show Caption Hide Caption Everything you need to know about a recession Economic downturns and falling stock markets can bring hardship and fear. Here's what you should — and shouldn't — do when a slump looms. The Republic Rising tariffs and economic slowdown are causing anxiety about a potential recession. Financial advisors recommend paying off debts, making necessary purchases before tariffs increase prices, and establishing an emergency fund. Improving job skills and reviewing credit reports are also suggested to prepare for potential economic hardship. Recessions aren't fun. These are the times during the economic cycle when layoffs rise, businesses struggle and bankruptcies proliferate. Cash becomes tight and investment accounts plummet. We aren't in a recession yet, but anxiety is rising as President Trump raises tariffs on imported goods, with the economic slowdown that these import taxes likely will bring. Even with a pause on some of the highest tariffs, prices are heading upward, especially on Chinese goods that enter this country. 'I wouldn't take any solace in the president's reversal of the reciprocal tariffs,' Mark Zandi, chief economist for Moody's Analytics, told USA TODAY. 'With the higher 125% tariff on Chinese goods, the effective tariff across all countries and goods didn't change appreciably. It is still above 20% and will result in big price increases for everything from clothing to cars to cell phones.' This thus might be the time to shore up your personal finances. The following 10 tips can help: Pay off, or at least pay down, credit-card and other debts This is a clear-cut move, on which financial advisers generally agree. 'It's an immediate return on investment by reducing interest costs and improving financial stability while also providing peace of mind and a sense of relief from financial stress,' said Sam Swift, a certified financial planner and CEO of TCI Wealth Advisors in Tucson. In a new survey by 47% of cardholders report carrying an ongoing balance. And once a balance accumulates, it becomes more difficult to eliminate, with 71% of respondents with balances hoping to pay it off, not imminently but within five years. Make purchases on items that might get marked up due to tariffs While this contradicts the pay-down-debt advice, there could be reasons to buy certain items now if you know you'll need them in coming months, before tariffs kick in. As examples provided prior to the 90-day pause, the Center for American Progress cited the potential for toddler clothing sets made in Cambodia to jump from $24 now to nearly $36 once tariffs kick in. Egyptian-made jeans would rise from about $40 now to $44. A soccer ball manufactured in Pakistan would increase from $18 to more than $23. A 10% tariff on Brazilian coffee might add roughly $1 to the price of a standard container, while an SUV made in Mexico, now priced at $31,395, could surge to $39,244 with the new 25% tax on Mexican imports. These are estimates, as some of the price increases might be absorbed by middlemen and tariff rates have not been finalized. That said, pre-tariff vehicles now on dealer lots might offer relative bargains. 'We'll see across-the-board price increases,' predicted Jason Church, chief operating officer of Courtesy Automotive Group, with six dealerships in Arizona. Even cars and trucks made by U.S. manufacturers might rise by $3,000 or so, he estimates, as these vehicles typically include a lot of foreign components. Consider placing guardrails on major purchase decisions If the economy weakens, retailers will be under pressure, and many might offer incentives to get you to buy. While these can be helpful, it's also important not to go overboard. That's why Steven Conners of Conners Wealth Management in Scottsdale suggests a self-imposed cooling-off period of perhaps a week or 10 days before making sizable spending decisions. Another option: Discuss a prospective big purchase with a friend or family member who might throw some cold water on the idea. More Trump tariffs: Supply issues could make spring and summer the worst times to buy a car Aim for paring your highest-cost debt first Any debt on which you pay double-digit interest rates should be in your crosshairs, not just credit-card balances but also auto-title and payday loans. "Payday-loan interest rates or auto-title debt can be much higher" than the 22% or so average rate on credit cards, said Michael Sullivan, a personal-finance consultant at Take Charge America, a credit-counseling and debt-management company in Phoenix. 'These are the first debts to be attacked, with all available funds directed at the highest-interest debt,' he said. Start or add to an emergency fund Financial advisers have been harping on this one for decades, yet many Americans still don't have money stashed in an account that they can tap in a pinch. The general advice is to compile tens of thousands of dollars, enough to see you through six to 12 months of a job loss or other setback. But that's unrealistic for many people, so Sullivan suggests a minimum of at least $1,000. 'Without (adequate) savings, emergencies turn into high-interest debt,' as people turn to credit cards instead, he said. Strive to earn at least 4% on emergency funds held in bank or credit union accounts, in money-market mutual funds and the like, suggests Conners. Some 47% of people carrying credit-card balances say they accumulated the debt because of a need to pay for emergencies or unexpected big purchases such as medical bills or car repairs, according to the survey. Beware retirement-account withdrawals While it might be tempting to pull money from Individual Retirement Accounts and workplace 401(k) plans, this often isn't a wise move. For starters, depending on what investments you own, you could be cashing out near a stock-market trough. Another obstacle is taxes: Generally, you might face ordinary taxes on at least part of your withdrawal, along with a 10% early withdrawal penalty on Individual Retirement Accounts and workplace 401(k)-style plans if under age 59. A better option might be to take a loan against part of your 401(k) balance, if offered by your employer. Interest often is charged at modest single-digit rates, you often don't need to qualify for the loan, you usually can pay it back early if things improve and the interest expense goes to you, not some institutional lender. If possible, continue to contribute to your retirement account, especially if your employer offers matching funds. 'Always at least contribute up to the amount your company is matching — (it's) free money," Swift said. But if you have a loan out, your contributions and matching-fund eligibility might be suspended. Improve your workplace skills If a recession arrives, millions of workers could lose their jobs and plenty more will be looking around for new employment. Now is the time to take actions that could pay off later. These include a variety of moves such as enrolling in online degree programs or even courses at community colleges in various areas, from computer skills to accounting basics. Consider joining a professional group or association in your field, which can be a great way to network and learn about employment opportunities as they arise. Other tips suggested by include finding and working with a mentor, seeking honest feedback about your strengths and weaknesses from colleagues and reviewing the job descriptions of positions you might like to fill, to see where you need to improve your skills. Look for ways to plug spending leaks Most people probably have signed up for subscriptions and memberships they don't need. It's easy to forget about these services, but if they're tied to automatic payments, they will keep costing you money. The Federal Trade Commission last year finalized rules that, among other things, should make it easier for consumers to cancel by requiring businesses to offer simple options for doing so. Cleaning up unneeded subscriptions will take some work, but it could be worth the hassle in the end. In case you missed it: With 'click to cancel' rule, FTC wants to solve subscription headache Check your credit reports from time to time Lenders and other businesses have compiled records on your spending history and ability to pay bills on time. These are summarized in reports issued by the three main credit bureaus — Experian, Equifax and TransUnion. You can review these reports periodically for free by visiting Credit reports sometimes contain errors, so it's important to look for those and dispute them if necessary. This also can be a good way to track where your money has been going. Plus, the information in credit reports will affect your credit scores, which will help determine how high of an interest rate you will pay, should you need to take out a mortgage or other loan. Keep your eyes open to new income-tax possibilities Drops to your income, while painful, could give you an opportunity to take advantage of tax breaks that weren't available before. For example, if your salary gets cut or employment temporarily suspended, your income might decline to the point where you could qualify for the federal tax credit, worth up to $4,000, when purchasing a used electric vehicle. Perhaps you might even qualify for the earned income tax credit, especially if you have young children, or even the little-appreciated retirement savers credit. Obviously, income reductions aren't advisable but can come with an income-tax silver lining. Thus, it can be wise to do some tax planning year-round, not just in the weeks leading up to April 15. Reach the writer at
Zawya
13-04-2025
- Business
- Zawya
Egyptian Unionaire Group participates in Electro Tech Exhibition
Youssef Othman: A Cooperation with the National Bank of Egypt to Provide Interest-Free Installments for Air Conditioners, Refrigerators, and Electrical Appliances Omar Othman: 2,000 Technical Workers Trained on the Latest Air Conditioning Technology to Enhance After-Sales Service Unionaire Launches Air Conditioners and Electrical Appliances Saving Up to 65% Energy Cairo: During its participation in Electrotech Exhibition in Cairo, the Egyptian Unionaire Group revealed details of the new products it will launch in the Egyptian market during the upcoming period, as well as targeted investment expansions and production plans for the next phase. The exhibition was attended by Youssef Othman, Vice Chairman of the Board of Directors of Unionaire Group, and Engineer Omar Othman, Vice Chairman of the Board of Directors for the Industrial Sector. Youssef Othman told reporters on the sidelines of the exhibition that Unionaire Group participates in major exhibitions with the goal of providing the best products on the market at the lowest prices that suit Egyptian consumers and with the highest quality, competing with European products. Unionaire Group also offers discounts and offers to consumers in cooperation with major banks and companies, including a new partnership with the National Bank of Egypt to provide interest-free installments of up to 24 months for the first time in the electrical appliances sector, providing buyers with more options. Youssef Othman pointed out that by providing the latest electrical appliances in the region, according to the highest standards and entirely Egyptian-made, Unionaire competes with international companies and gives the Egyptian market an advantage, emphasizing the long-standing quality and development of the Egyptian industry. At the exhibition, Omar Othman, Vice Chairman of the Board of Directors for the Industrial Sector, explained that the company is preparing to launch air conditioning models in the Egyptian market that are 65% more energy-efficient than traditional air conditioners. He added that the company relies on R32 Freon in the new air conditioners. Omar Othman stated that over the past six months, the company has trained approximately 2,000 air conditioning technicians on modern air conditioning technology to enhance after-sales services. He added that air conditioning prices will start at approximately 20% lower than competing products, thanks to the efforts of research and development engineers within the Unionaire Group. Omar Othman revealed that the company has invested heavily in the refrigerator industry in Egypt over the past period, providing refrigerators for the Egyptian market that compete with major European and international brands, and introducing products that meet international technical specifications and are exportable to European and American markets. He added that the company launched new refrigerators last month that operate on the environmentally friendly Freon 600, as well as a compressor from the world's largest compressor factory, which saves 40% of electricity compared to refrigerators that operate on Freon R134. Omar Othman explained that the company manufactures products according to advanced specifications, which Egypt's standards and quality authorities aim to implement by 2030. However, the company is already working on these specifications, which save electricity and extend the life of the refrigerators. Omar Othman stated that the company began offering combi refrigerators in October 2024 and has made several technological upgrades. He explained that these refrigerators are the highest-quality models on the market in terms of size, price, operational efficiency, and amenities. They operate on a separate operating circuit for both the cooling and freezer compartments, doubling the compressor life of the refrigerator. If the refrigerator is expected to operate for eight years, the expected lifespan increases to 15 years. He added that the company sells the combi refrigerator at a price 20% lower than its competitors, as a result of the company's investments in local manufacturing, not relying on imports of all production inputs, and increasing the percentage of direct manufacturing due to significant initial investments in the research and development sector. In the same context, Youssef Othman, Vice Chairman of the Board of Directors of Unionaire Group, revealed that the percentage of local components in the company's production is approximately 70%, which has contributed to reducing the prices of final products for consumers. The company is also working to establish a massive industrial complex with investments of $100 million. He added that the company has exported to more than 100 countries around the world since its inception and aims to enter the US market in the coming period after a proper market study, with 50% of production directed towards export in the coming years. Youssef Othman also mentioned that the new generation of refrigerators and stoves have great opportunities for export growth due to the development in the level of product technology, such as the new combi refrigerators (refrigerators with a bottom freezer) and autocook stoves (which operate with artificial intelligence and dual cooking with gas and electricity), adding that the company sells the combi refrigerator at a price 20% lower than competitors, thanks to what the industrial sector has achieved so far, which has made the bottom-freezer refrigerators produced in Unionaire's Egyptian factories the best-selling in Egypt of their kind, and it has a very broad plan for export and global spread, such as air conditioners and stoves.
