Latest news with #FederationofEgyptianChambersofCommerce
See - Sada Elbalad
24-03-2025
- Business
- See - Sada Elbalad
General Gold Division: Citizens' fears of a sharp decline in gold prices have affected sales.
Waleed Farouk Engineer Lotfy Mounib, Vice President of the Gold and Jewelry Division at the Federation of Egyptian Chambers of Commerce, said that the economic uncertainty in global markets, resulting from the US administration's imposition of tariffs at the beginning of April, has kept gold prices on the global stock exchange above $3,000 per ounce. He added that fears of a global trade war between the United States on the one hand and China, Brazil, and the European Union countries on the other, along with geopolitical tensions, have boosted gold purchases for hedging purposes. He noted that rising prices on the global stock exchange have consequently led to higher gold prices in local markets, negatively impacting purchasing activity. This has also increased citizens' fears of a sudden price collapse, as happened in March 2024, when prices suddenly fell from 4,200 to 2,600 Egyptian pounds, affected by the exchange rate. 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 Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) News Ireland Replaces Former Israeli Embassy with Palestinian Museum News Israeli PM Diagnosed with Stage 3 Prostate Cancer Lifestyle Maguy Farah Reveals 2025 Expectations for Pisces News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Mada
17-03-2025
- Business
- Mada
Ration card holders still waiting for Ramadan grant
Halfway through Ramadan, ration card holders across Egypt are still waiting for the exceptional grant announced by Finance Minister Ahmed Kouchouk in February. The grant — set at LE125 per card for households with one child and LE250 for those with two children — was meant to be distributed for two months starting in Ramadan, benefiting around 10 million families nationwide. But so far there is no sign of the funds. Two sources in the Federation of Egyptian Chambers of Commerce's General Grocery Divisions in Cairo and Luxor confirmed that the grant is yet to be released, telling Mada Masr they have not received any instructions on its disbursement. Earlier this month, MP Samira al-Gazzar asked Prime Minister Mostafa Madbuly and Supply Minister Sherif Farouk to explain the delay in the grant's disbursal, after receiving numerous complaints from her constituents. 'First, how can the prime minister announce increases without implementing them?' she asked. 'Second, failing to act on his statement is both an insult to his authority and a disregard for the public. Third, why didn't the government secure the necessary funds before making the announcement? And fourth, who will compensate these vulnerable families for the disappointment and embarrassment caused by the absence of the promised increase?' the MP concluded. The Supply Ministry previously denied responsibility for the grant's delay, telling Mada Masr that it was not the issuing authority. Meanwhile, Finance Ministry spokesperson Ibtisam Saad only said: 'The ministry has nothing to announce at this time.' The head of the Grocery Division in Giza told Mada Masr earlier this month that a ministry official had said they were working on adjusting the distribution system to facilitate the grant's payment 'without causing issues.' 'People accuse us [retailers] of stealing the funds,' the source added. 'The Finance Ministry should have coordinated with the Supply Ministry before announcing the grant to avoid fueling public frustration.'
Zawya
17-02-2025
- Business
- Zawya
Turkey prioritizes Egypt as key hub for textile manufacturing, investment: Ambassador
Egypt - Turkish Ambassador to Cairo, Salih Mutlu Şen, highlighted Türkiye's continued interest in Egypt's textile sector, emphasizing the vital role of spinning, weaving, and garment manufacturing in bolstering trade and economic cooperation between the two nations. The ambassador's remarks came at the opening of the 76th Cairo Fashion & Tex Exhibition that took place from 13 to 15 February 2025, at the Cairo International Convention Center, bringing together 90 leading textile and fashion companies, including 15 from Türkiye. Organized by Pyramids International Group, the event served as a key platform for industry promotion, attracting prominent officials such as Essam Ahmed El-Naggar, Chairperson of the Egyptian General Authority for Exhibitions and Conferences, and Alaa Ezz, Secretary-General of the Federation of Egyptian Chambers of Commerce. During the event, Alaa Ezz announced plans to establish a 5-million-square-meter industrial zone in collaboration with the Union of Chambers and Commodity Exchanges of Türkiye—a move set to further strengthen bilateral trade and investment ties. Ambassador Şen toured the pavilions of the 15 participating Turkish companies, representing the fabric, cotton, apparel, and spinning sectors. He engaged in discussions with company representatives about expanding production capacity and exploring new investment opportunities in Egypt. Turkish exhibitors at the event commended the Egyptian government's efforts in creating a favourable investment climate, which they said has paved the way for new business opportunities. Additionally, Ambassador Şen met with officials from the Turkish Textile Machinery Association, who outlined their plans to collaborate with Egyptian business leaders in supplying textile and apparel machinery to support Egypt's expanding textile industry. He affirmed that the association would maintain communication with Egypt's General Authority for Investment and the Ministry of Trade and Industry through its member machinery manufacturers. Among global markets for Turkish textile manufacturing machinery, Egypt ranks third, driven by its rapidly growing textile production. Concluding his remarks, Ambassador Şen reaffirmed that the textile sector—including yarns, fabrics, garments, equipment, and machinery—serves as the backbone of the shared growth strategy between Türkiye and Egypt, reinforcing their long-standing trade partnership. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
