Latest news with #Helmy
Daily News Egypt
a day ago
- Business
- Daily News Egypt
Engineering exports hit record $3.1bn in H1 2025 — highest in sector's history
Egypt's engineering exports surged to an unprecedented $3.1 billion in the first half of 2025, marking a 15% increase compared to the same period in 2024, according to Sherif El-Sayyad, Chairperson of the Engineering Export Council of Egypt (EECE). This figure represents the highest six-month export value ever recorded by the sector. El-Sayyad noted that June alone saw a 7% year-on-year rise in export value, reaching $475m, up from $445m in June 2024. He highlighted that this growth reflects the sector's sustained export momentum despite global headwinds and slowing demand in certain international markets. Several sub-sectors contributed to this strong performance, particularly cables, automotive components, electrical and electronic industries, home appliances, and transportation equipment. Notably, the metals sector achieved exceptional growth of over 260%, underscoring the improved global competitiveness of Egyptian products in this field. El-Sayyad added that engineering exports expanded significantly in key markets, with remarkable increases to European destinations including the United Kingdom, Germany, Italy, France, Slovakia, the Czech Republic, Hungary, the Netherlands, and Spain. The sector also recorded growth in Asian markets such as the UAE, Iraq, Jordan, Lebanon, Azerbaijan, and China, alongside robust performance in African markets including Algeria, Kenya, Nigeria, Côte d'Ivoire, Tanzania, and the Central African Republic. The US market likewise witnessed notable gains. The Council Chairperson emphasised that these results reflect the competitiveness of Egyptian engineering industries on the global stage and support the sector's ability to meet its export targets for the second half of the year. He stressed the importance of maintaining export support programmes, expanding participation in trade missions and international exhibitions, and targeting new markets to sustain this positive trajectory. Mai Helmy, Executive Director of the Engineering Export Council of Egypt, expressed optimism about continued strong export performance through the end of 2025. She attributed this outlook to the council's efforts, including organising promotional events, participating in international exhibitions and trade missions, and implementing programmes to help small and medium-sized enterprises strengthen their export capacity. Helmy noted that the council's upcoming strategy will focus on expanding into promising African markets, especially where demand for Egyptian engineering products is growing. Additionally, the council aims to enter non-traditional markets in new regions worldwide to diversify the export base and reduce dependence on established destinations. She pointed out that current indicators remain encouraging, particularly given steady improvements across multiple sub-sectors within the engineering industries. These results, Helmy said, reflect the real capabilities of Egyptian companies and factories, which have demonstrated resilience and adaptability in response to global changes. Helmy concluded that the success of engineering exports is the product of close coordination between the government, the private sector, and export councils, highlighting the importance of continued collaboration to overcome challenges and unlock new opportunities in global markets.
The Age
2 days ago
- Business
- The Age
The yellow Mercedes, bundles of cash, and meeting near the Big Merino
A road contractor has claimed an allegedly corrupt Transport for NSW official hassled him relentlessly to pay bundles of cash of up to $120,000 for inflating work contracts, and even pressed him to buy a luxury Mercedes-Benz car. An anti-corruption inquiry heard that Capital Lines & Signs director Andrew Stewart met the then-Transport for NSW manager Ibrahim Helmy on at least 10 occasions between May 2020 and 2024, including in a McDonald's car park near the Big Merino at Goulburn, where he handed over $85,000 in cash. Stewart confirmed that he paid Helmy cash of between $20,000 and $110,000 on each of their eight meetings, including payments of $100,000 on two occasions. '[Helmy] was relentless. He'd ring me out of the blue, and he would always harass me for money,' he told the inquiry. He also said that Helmy pressed him to pay in cryptocurrency, and that he wanted him to buy him a yellow Mercedes-Benz CLA45-S class car and put it in his sister's name. The inquiry was shown a text message Helmy sent to Stewart on February 17, 2023, which contained a photo of a yellow Mercedes-Benz car. Stewart said that Helmy had told him in a conversation two days earlier that he wanted him to buy him the car worth about $130,000. 'All I said to him was I'll look at it,' Stewart recalled to the inquiry. 'He sent me the details … but I never purchased the car. I did look online.' The Independent Commission Against Corruption is investigating allegations Helmy was the mastermind behind corrupt relationships with nine companies, including Capital Lines & Signs, that were paid at least $343 million in contracts by Transport for NSW. Helmy, 38, is alleged to have pocketed $11.5 million in kickbacks – including bundles of cash, gold bullion and cryptocurrency – over 15 years from contractors, in return for them being awarded work. He failed to appear before the ICAC in May and police have a warrant out for his arrest.
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
The yellow Mercedes, bundles of cash and meeting near the Big Merino
A road contractor has claimed an allegedly corrupt Transport for NSW official hassled him relentlessly to pay bundles of cash of up to $120,000 for inflating work contracts, and even pressed him to buy a luxury Mercedes-Benz car. An anti-corruption inquiry heard that Capital Lines & Signs director Andrew Stewart met the then-Transport for NSW manager Ibrahim Helmy on at least 10 occasions between May 2020 and 2024, including in a McDonald's car park near the Big Merino at Goulburn, where he handed over $85,000 in cash. Stewart confirmed that he paid Helmy cash of between $20,000 and $110,000 on each of their eight meetings, including payments of $100,000 on two occasions. '[Helmy] was relentless. He'd ring me out of the blue, and he would always harass me for money,' he told the inquiry. He also said that Helmy pressed him to pay in cryptocurrency, and that he wanted him to buy him a yellow Mercedes-Benz CLA45-S class car and put it in his sister's name. The inquiry was shown a text message Helmy sent to Stewart on February 17, 2023, which contained a photo of a yellow Mercedes-Benz car. Stewart said that Helmy had told him in a conversation two days earlier that he wanted him to buy him the car worth about $130,000. 'All I said to him was I'll look at it,' Stewart recalled to the inquiry. 'He sent me the details … but I never purchased the car. I did look online.' The Independent Commission Against Corruption is investigating allegations Helmy was the mastermind behind corrupt relationships with nine companies, including Capital Lines & Signs, that were paid at least $343 million in contracts by Transport for NSW. Helmy, 38, is alleged to have pocketed $11.5 million in kickbacks – including bundles of cash, gold bullion and cryptocurrency – over 15 years from contractors, in return for them being awarded work. He failed to appear before the ICAC in May and police have a warrant out for his arrest.
Sydney Morning Herald
17-07-2025
- Business
- Sydney Morning Herald
Fugitive took bundles of cash at fast-food restaurant, inquiry told
A part-owner of a small Sydney line marking company has told an anti-corruption inquiry he handed over envelopes of cash at an Oporto fast-food restaurant and his Wetherill Park offices to an allegedly corrupt NSW transport department employee during work on the city's M4 motorway. Emails, text messages and spreadsheets in 2013 shown to the inquiry reveal that Complete Linemarking director Peco 'Peter' Jankulovski and Ibrahim Helmy, who was at that time an employee of Roads and Maritime Services (RMS), arranged to meet on numerous occasions at an Oporto restaurant and the company's premises, where cash would be handed over. In one exchange via text message in August 2013, Helmy asked Jankulovski if there were many people at his company's premises. Jankulovski confirmed to the inquiry on Thursday that Helmy was expressing a reluctance to meet there too often because it was where cash was handed over. Some of the withdrawals of cash for Helmy were made from the personal bank accounts of Jankulovski and his wife. The Independent Commission Against Corruption is investigating allegations Helmy was the mastermind behind corrupt relationships with companies, including Complete Linemarking, that were paid at least $343 million in contracts by Transport for NSW. Helmy, 38, failed to appear before the ICAC in May and police have a warrant out for his arrest. Helmy is alleged to have pocketed $11.5 million in kickbacks – including bundles of cash, gold bullion and cryptocurrency – over a 15-year period from contractors in return for them being awarded work on roads. The inquiry heard that as part of Complete Linemarking's arrangement with Helmy, which began in 2012, Jankulovski would send the then-RMS employee a breakdown of his company's costings. Helmy would respond by sending back revised figures to Jankulovski with instructions to invoice them to the roads agency. Another method was to falsely increase the quantities of materials, rather than inflating the cost of the work.
The Age
17-07-2025
- Business
- The Age
Fugitive took bundles of cash at fast-food restaurant, inquiry told
A part-owner of a small Sydney line marking company has told an anti-corruption inquiry he handed over envelopes of cash at an Oporto fast-food restaurant and his Wetherill Park offices to an allegedly corrupt NSW transport department employee during work on the city's M4 motorway. Emails, text messages and spreadsheets in 2013 shown to the inquiry reveal that Complete Linemarking director Peco 'Peter' Jankulovski and Ibrahim Helmy, who was at that time an employee of Roads and Maritime Services (RMS), arranged to meet on numerous occasions at an Oporto restaurant and the company's premises, where cash would be handed over. In one exchange via text message in August 2013, Helmy asked Jankulovski if there were many people at his company's premises. Jankulovski confirmed to the inquiry on Thursday that Helmy was expressing a reluctance to meet there too often because it was where cash was handed over. Some of the withdrawals of cash for Helmy were made from the personal bank accounts of Jankulovski and his wife. The Independent Commission Against Corruption is investigating allegations Helmy was the mastermind behind corrupt relationships with companies, including Complete Linemarking, that were paid at least $343 million in contracts by Transport for NSW. Helmy, 38, failed to appear before the ICAC in May and police have a warrant out for his arrest. Helmy is alleged to have pocketed $11.5 million in kickbacks – including bundles of cash, gold bullion and cryptocurrency – over a 15-year period from contractors in return for them being awarded work on roads. The inquiry heard that as part of Complete Linemarking's arrangement with Helmy, which began in 2012, Jankulovski would send the then-RMS employee a breakdown of his company's costings. Helmy would respond by sending back revised figures to Jankulovski with instructions to invoice them to the roads agency. Another method was to falsely increase the quantities of materials, rather than inflating the cost of the work.
