Latest news with #HassanElKhatib
Zawya
5 days ago
- Business
- Zawya
EGX expected to welcome major IPOs in various sectors: El-Khatib
Arab Finance: The Egyptian Exchange (EGX) is set to witness unprecedented activity in the coming period, welcoming new attractive initial public offerings (IPOs) in various sectors, Minister of Investment and Foreign Trade Hassan El-Khatib announced. El-Khatib inaugurated Monday's trading session, marking the start of the meetings of the EGX's board of directors for its new term 2025-2029. He noted that the state is exerting efforts to launch legislative amendments aimed at alleviating financial burdens, expanding the scope of financial instruments, and encouraging investment in the stock market, while enhancing the Egyptian market's ability to attract foreign investment. The government is working to advance the IPO file with clear steps, through a new institutional vision to maximize returns, whether through a strategic investor or through an IPO on EGX. The minister noted that he had been handling this file, which represents a national priority for the next stage, whether in terms of targeting new companies for listing or deepening the market by expanding the investor base. Moreover, the General Authority for Investment and Free Zones (GAFI) plans to prepare a package of investment incentives and benefits for EGX-listed entities to expand the base of listed companies and promote the use of the stock exchange as a major financing tool for growth. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
7 days ago
- Business
- Zawya
PM reviews plan to unlock full potential of Egypt's kaolin sand resources
Egypt - Prime Minister Mostafa Madbouly chaired a meeting on Sunday at the government headquarters in the New Administrative Capital to review a project designed to harness Egypt's abundant kaolin sand deposits and maximise their added value. The meeting brought together Minister of Investment and Foreign Trade Hassan El-Khatib, Minister of Petroleum and Mineral Resources Karim Badawi, Chairperson of INCOM Egypt Hesham Sheta, along with several senior company officials. Madbouly stressed that the government remains committed to supporting investments across various sectors—including the mining industry—as part of its broader strategy to promote industrial development, innovation, and attract both domestic and foreign investment. The Minister of Petroleum underlined the ministry's focus on enhancing the economic return of mineral resources through local manufacturing and the localisation of downstream industries, aiming to build a competitive, industrialised economy. Cabinet Spokesperson Mohamed El-Homsany noted that the meeting featured a detailed presentation on Incom Company's project, outlining its key components and estimated investment value. He explained that the project is an integrated industrial and logistics venture situated in the Suez Canal Economic Zone in Ain Sokhna. It aims to maximise the added value of kaolin sand—a resource plentiful in Egypt and rich in alumina—by processing it into high-value industrial products. Total investments in the project are estimated at around €90 million. El-Homsany added that the facility will employ advanced technologies to physically, chemically, and thermally separate and refine the raw kaolin sand, helping to reduce Egypt's reliance on imports and create new export opportunities. 'This project will not only strengthen the national economy but also enhance Egypt's role as a regional industrial and logistics hub in this field,' he said. During the meeting, Hesham Sheta reaffirmed INCOM's commitment to sustainable industrial development and to maximising the economic potential of Egypt's natural resources. Kaolin sand, also known as kaolinite, is a clay mineral primarily composed of hydrated aluminium silicate. Recognised for its fine, soft, and light-coloured texture, kaolin is widely used in various industrial applications, including ceramics, paper, and refractories. © 2025 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
31-07-2025
- Automotive
- Zawya
Egypt ready to offer ‘Out-of-the-Box' incentives to localize EV industry: PM
Egypt - Prime Minister Mostafa Madbouly affirmed the government's readiness to offer 'out-of-the-box incentives' to localize electric vehicle (EV) manufacturing in Egypt, according to a statement. Madbouly highlighted the ongoing negotiations with major international companies specializing in EVs, batteries, and components. This aligns with the state's efforts to provide all possible incentives to support localization. His remarks came during a meeting with several ministers and officials, including Minister of Investment and Foreign Trade Hassan El-Khatib and Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir. Waleid Gamal El-Dien, the Chairman of the General Authority of the Suez Canal Economic Zone (SCZone), also attended the discussions. On his part, El-Wazir pointed out that wire harness production in Egypt is a highly distinguished and widely exported industry, as well as car lights and seats that are exported to European countries. He rolled out plans to attract manufacturers for EV batteries and the car body frames in Egypt. Meanwhile, El-Khatib listed the major EV battery producers and how to attract these companies to localize their manufacturing in Egypt and export to countries in the region. The minister highlighted the government's goals and the incentives offered to targeted companies to localize the EV industry. Gamal El-Dien said the batteries account for around 50% of an EV's cost, adding that the SCZone initiated talks with key battery manufacturers and is engaging relevant ministries to support the government's efforts. Minister of Finance Ahmed Kouchouk, who joined the meeting via video conference, affirmed his readiness to cooperate with his fellow relevant ministers to develop various incentives to attract the largest EV manufacturers. Kouchouk emphasized highly flexible negotiations with potential partners. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
07-07-2025
- Business
- Zawya
Egypt: El-Khatib witnesses laying foundation stone of KCG Textiles' spinning factory
Arab Finance: Minister of Investment and Foreign Trade Hassan El-Khatib witnessed the launch ceremony of KCG Textiles' new spinning factory in 10th of Ramadan City, according to a statement. El-Khatib affirmed that the Turkish company's new launch reflects the growing confidence of foreign investors in the Egyptian market, supporting the state's plans to expand exports. He also stressed the ministry's keenness to provide all forms of support to KCG Textiles to facilitate the implementation of its investments in Egypt, especially with the move to launch a POY production plant as part of the next phase of plans. These projects will create more job opportunities, provide high-quality products, and anchor Egypt's position as an industrial hub in the region. The company specializes in the production of ready-made curtains and furnishings, starting from the spinning stage. Its entire production is exported to Europe, the US, and China. Its annual exports amount to approximately $65 million, with total investments estimated at $75 million. The company also offers about 1,600 job opportunities and produces for major global brands. Meanwhile, the newly added expansion area spans 15,000 square meters and includes five main production lines, including a polyester thread production line, textile production line, and a dyeing line. KCG has been operating in Egypt since 2007 under the Free Zone system, located on an area of 220,000 square meters.
The Star
04-07-2025
- Business
- The Star
News Analysis: Egypt embraces Chinese yuan to attract investment, strengthen ties
CAIRO, July 4 (Xinhua) -- Egypt is set to allow Chinese firms to register and operate using the Chinese currency, the yuan -- an important step to facilitate investment and enhance economic relations between the two countries, according to Egyptian economic experts. Egyptian Minister of Investment and Foreign Trade, Hassan El Khatib, recently announced that "Egypt will allow Chinese companies to register using the yuan in financial transactions, under the Central Bank of Egypt's support." The Egyptian investment law generally permits 100 percent foreign ownership in most sectors, according to a statement by the ministry. Licensing Chinese companies to use yuan in Egypt means these firms can open bank accounts in Egyptian banks with the Chinese currency, Waleed Gaballah, a member of the Egyptian Association for Political Economy, Statistics and Legislation, told Xinhua. The move will encourage more Chinese companies to pump investments in Egypt, which will further expand bilateral economic relations by facilitating trade in local currencies, he added. He explained that now the Chinese companies don't have to use mediating currency, such as the U.S. dollars, during transactions. Instead, they can use yuan directly within Egypt and transfer their profits back to China in the same currency. "Yuan succeeded in making a large international presence in payments in recent years," he added. The Egyptian economist reiterated that Egypt took this decision to strengthen economic relations between the two countries and to encourage more Chinese companies to enter the Egyptian market and activate trading in local currencies. Injecting the Egyptian markets with yuan will reduce transaction costs and will help Cairo and Beijing to have direct cooperation, Gaballah added. He expressed hope that increased Chinese investment and local production would help narrow the trade deficit between the two countries and reduce Egypt's reliance on the U.S. dollar in an indirect way. Gamal Bayoumi, head of the Cairo-based Arab Investors Union, hailed the move, given that the yuan is one of the International Monetary Fund's currencies and China is a friendly country to Egypt. He pointed out that Egypt is an important station for the Chinese companies to enter the Arab, African, and European markets. Meanwhile, Diaa Helmy, a member of the Economic Committee of the Egyptian Council for Foreign Affairs, confirmed that using the yuan in Egypt backs strategic bilateral cooperation. Egypt seeks industrial development and localization, which could happen in partnership with China, Helmy said, adding that the new decision will ease the pressure on the U.S. dollar in Egypt and the Egyptian cash reserve.
