Latest news with #ElKhatib
Morocco World
05-05-2025
- Business
- Morocco World
Egypt-Morocco Investment Forum Kicks Off in Cairo to Boost Trade Relations
Rabat — Morocco and Egypt seem to be on track towards boosting their trade relations as the two countries held a significant Egypt-Morocco Investment and Trade Forum on Sunday in Cairo. The gathering brought together officials, economic players, and business leaders from Morocco and Egypt under the theme 'A Broad Economic Partnership.' The forum is part of the visit of a Moroccan economic delegation to Egypt from the 3rd to the 5th of this month, led by Morocco's Secretary of State for Foreign Trade, Omar Hejira. The General Confederation of Moroccan Enterprises (CGEM), in coordination with the State Secretariat for Foreign Trade, initiated the mission with the aim to strengthen the presence of Moroccan products in the Egyptian market. This includes both increasing avenues for exporters from both countries as well as creating investment opportunities. The delegation has set an ambitious target of reaching $500 million in Moroccan exports to Egypt by 2026. Meanwhile, the forum offers a chance to establish productive partnerships between the economies of both countries. Business leaders and Moroccan companies attended the event from various sectors, including agriculture, food and automotive industries, electricity, electronics, textiles, seafood products, energy and renewable energies, pharmaceuticals, medical and paramedical products, cosmetics, and construction. Both Hejira and the Egyptian Minister of Investment and Trade Hassan El Khatib co-chaired the forum, reflecting a shared commitment to explore significant potential for cooperation and complementarity between the two countries. The economic meeting sets the tone for a further deeper cooperation, not only between Morocco and Egypt, but potentially to develop partnerships with other African countries. This Moroccan economic mission to Cairo follows El Khatib's visit to Morocco on February 27, when he met with Moroccan officials. During El Khatib's visit, high-level officials met to agree on joining efforts to facilitate trade between Morocco and Egypt, one of them being the creation of the Egyptian 'Fast Track' system. The newfound system aims to increase the volume of Moroccan exports to Egypt — particularly in the automotive sector — and promote trade partnerships and business networks between private sector players from both countries.
Egypt Today
10-02-2025
- Business
- Egypt Today
InvestmentMin meets with Barceló Hotel Group to promote tourism investment opportunities in Egypt
Cairo – February 10, 2025: Hassan El Khatib, Minister of Investment and Foreign Trade, held a meeting with Raúl González, CEO of the Barceló Hotel Group, during his trip to Spain. The purpose of the meeting was to discuss possible investment opportunities in Egypt's tourism and hotel industries. According to an official statement, the conversation centered on Barceló's interest in expanding its investments in popular Egyptian tourist destinations such as Cairo, Sharm El-Sheikh, Hurghada, and Marsa Alam. El Khatib noted that these conversations align with Egypt's broader strategy to boost tourism, with the goal of attracting 30 million visitors. This ambitious goal requires a substantial increase in hotel capacity, aiming for around 230,000 hotel rooms, with a longer-term target of reaching 500,000 rooms. The meeting also covered various investment opportunities within Egypt's tourism sector, including those available through the Sovereign Wealth Fund, particularly in the hotel industry. El Khatib mentioned opportunities to convert historical and heritage buildings owned by several ministries in Cairo and Alexandria into tourist hotels, which could enhance Egypt's tourism infrastructure. As part of the country's efforts to stimulate private sector contribution to the economy, and reduce state liabilities, the government placed several historical and heritage buildings under the Sovereign Fund of Egypt, including the Tahrir Complex. The Minister further emphasized Egypt's commitment to attracting major international hotel chains to contribute their expertise and investments to the development of the hotel sector. He also highlighted Barceló's ownership of travel agencies and airlines, emphasizing the importance of partnering with a company of such scale. In response, González shared that Barceló Hotel Group, one of the global leaders in the hotel and travel sector with 66,000 hotel rooms under its management, is keen to expand its presence in Egypt. He mentioned that a delegation from the company is scheduled to visit Cairo to explore further investment opportunities. Barceló currently operates two hotels in Egypt and is in talks to acquire and participate in several new projects.
Egypt Today
29-01-2025
- Business
- Egypt Today
Remittances from Egyptian abroad soars, bringing in $26.3B during first 11 months of 2024
Cairo – January 29, 2025: Total remittances during the first 11 months of 2024 saw a significant surge, climbing by 47.1 percent, according to the Central Bank of Egypt's (CBE) latest numbers. The total remittances reached approximately $26.3 billion, compared to around $17.9 billion during the same period in 2023. This rise follows the implementation of economic reforms in March 2024. In November 2024, remittances surged by 65.4 percent, reaching about $2.6 billion, up from around $1.6 billion in November 2023. For the period from July to November 2024, remittances rose by 77 percent, totaling approximately $13.8 billion, compared to about $7.8 billion during the same months in 2023. Remittances have become one of Egypt's most important sources of foreign currency, contributing significantly to financial stability alongside revenues from tourism and the Suez Canal. Remittances have continued to rise after the central bank floated the Egyptian Pound last year, closing a significant gap between official and black-market exchange rates, which had previously driven many Egyptians abroad to rely on informal and unregulated methods to send money back home. This surge has positioned Egypt among the top seven countries globally in terms of remittance receipts, explained Hassan El Khatib, Minister of Investment and Foreign Trade, earlier this month. He emphasized the significant role Egyptians working abroad play in the country's economy, noting that much of the recent growth in remittances can be attributed to the country's reform measures, particularly those implemented in March 2024. These reforms helped address challenges faced in the previous year, particularly those related to exchange rates, he noted. Looking ahead, El Khatib expressed optimism about the future growth of remittances, noting that the outlook remains strong. He pointed out that Egypt's qualified, globally competitive workforce has the potential to help remittances double in the coming years. The remittances play a crucial role in improving the living standards of Egyptian families, particularly those in rural areas, where they serve as a lifeline for many households. For 2025, BMI Research projects that disposable incomes will increase to EGP 185.6k, up from EGP 155.1k in 2024.
