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Egypt Independent
4 days ago
- Science
- Egypt Independent
has Egypt entered a danger zone?
The professor of Geology at Benha University Zakaria Hamimi, discussed concerns of Egypt entering an earthquake zone following recent earthquakes off the Greek coast, felt by citizens in Egypt on May 14 and May 22. In a phone interview with TV host Amr Adib on the 'al-Hekaya' (The Story) show on MBC Masr on Saturday, Hamimi said that the source of the recent earthquakes is the Hellenic Arc region of Crete. This region is an active seismic belt, and earthquakes occur at great depth, he said, which mitigates their effects. The professor noted that 'The devastating 1992 (Cairo) earthquake had its epicenter in Dahshur, which is why its impact was so significant.' Hamimi emphasized that Egypt is completely isolated from seismic belts, assuring, 'Egypt is immune to dangerous earthquakes.' He explained that sometimes the delta's terrain amplifies the magnitude of an earthquake, which is why citizens feel it, but the earthquake's magnitude is less than that of its epicenter. Edited translation from Al-Masry Al-Youm
Egypt Independent
21-05-2025
- Politics
- Egypt Independent
Relations between Egypt and Saudi Arabia are solid: Official
Egyptian Cabinet Spokesperson Mohamed al-Homsany said that the visit of the Speaker of the Saudi Shura Council to Egypt and his meeting with Prime Minister Mostafa Madbouly comes as part of reciprocal visits between both countries. During a phone interview with TV host Sherif Amer on the program 'Yahdoth Fi Masr' (Happening in Egypt), broadcast on MBC Masr, Homsany emphasized that relations between the two countries are strong and solid, with ongoing communication at various levels. Telations between Egypt and Saudi Arabia, both at the official and popular levels, are very close, a point Madbouly emphasized during the meeting on Tuesday. Homsany indicated that an agreement was reached on Tuesday to form the joint Egyptian-Saudi Supreme Coordination Council. He assured that the visit is, 'Not a response to any rumors, but rather comes to strengthen cooperation between the two countries and as part of a series of ongoing visits that reflect the depth of bilateral relations.'
See - Sada Elbalad
13-05-2025
- Business
- See - Sada Elbalad
Al Mashat: Egyptian Economy Has Competitive Advantages That Enhance Its Investment Attractiveness
Basant Ahmed In a comprehensive interview with the privately-run TV channel of MBC Masr, H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, shared her deep insights on the rapid economic transformations taking place in Egypt. Dr. Al-Mashat provided an in-depth analysis of the government's strategy, underscoring the role of long-term reforms and the push toward making Egypt's economy more competitive on the global stage. One of the significant announcements made by Dr. Al-Mashat was the forthcoming launch of Egypt's national economic development narrative, which is scheduled for next month. This narrative is more than just a vision; it is a roadmap that will define Egypt's growth trajectory over the next several decades. It will integrate various sectors of the economy into a unified strategy aimed at achieving long-term sustainability, focusing on both the immediate and future needs of Egypt's diverse population. The narrative will prioritize sectors like manufacturing, trade, and innovation while also integrating the evolving needs of human development. By carefully crafting this strategy, the government aims to enhance the national growth framework, ensuring that all economic sectors are aligned to contribute to Egypt's economic progress. This plan is set to serve as a guiding light for the entire nation as it strives to meet its development targets while keeping pace with the dynamic global economy. As part of this transformation, Dr. Al-Mashat emphasized that Egypt's economic structure is shifting toward tradable and exportable sectors. These industries are poised to be the future drivers of economic growth and will serve as a strong foundation for the country's long-term economic success. She elaborated that these sectors—such as the manufacturing, agriculture, and technology industries—hold the potential to elevate Egypt's competitive edge in global markets. By increasing the volume of exportable goods, Egypt can diversify its sources of income, strengthen its foreign exchange reserves, and reduce its dependency on imports. With these shifts, the Egyptian economy is expected to become more resilient to external shocks and better positioned to engage in international trade. As part of this strategy, the Egyptian government is focusing on enhancing its trade relations with key global partners, expanding its share of international markets, and positioning Egypt as a hub for regional and global business activity. Dr. Al-Mashat also discussed the role of corrective policies introduced in March 2024, which have been instrumental in stabilizing the Egyptian economy and positioning it for sustainable growth. These policies were targeted at stabilizing Egypt's fiscal balance, improving inflation control measures, and strengthening monetary stability. By adopting more robust financial policies and reinforcing macroeconomic stability, the Egyptian government has managed to mitigate the impact of global uncertainties and economic fluctuations. These measures have also contributed to improving the investment climate, which is critical for attracting both local and foreign investments. According to Dr. Al-Mashat, the success of these policies has not only provided immediate relief but also set the stage for a more robust and balanced economic framework, which will pave the way for long-term prosperity. One of the most notable outcomes of these reforms has been the solid performance of Egypt's industrial sectors, particularly in non-petroleum manufacturing industries. Dr. Al-Mashat pointed out that in the first half of the current fiscal year, non-petroleum manufacturing industries led Egypt's economic growth, driving a significant portion of the national output. These industries, which include textiles, food processing, chemicals, and automotive manufacturing, are crucial to Egypt's strategy for economic diversification. The growth in these sectors is a direct result of government efforts to enhance domestic manufacturing capacity, improve supply chains, and offer better access to financing for manufacturers. This positive trend reflects Egypt's growing competitiveness in these industries, supported by enhanced production capabilities, innovative technological applications, and a more favorable business environment. In line with these achievements, Dr. Al-Mashat highlighted that a significant portion of Egypt's public investments for the 2025/2026 fiscal plan would be allocated to human development. The Minister revealed that 45% of the public investments in the upcoming fiscal plan will be directed toward sectors that focus on enhancing the quality of life for Egyptians, such as healthcare, education, and technical training. This is part of Egypt's broader strategy to ensure that its human capital is equipped with the necessary skills to thrive in an increasingly competitive and technology-driven global economy. By investing in human development, Egypt aims to foster a knowledgeable, skilled, and resilient workforce capable of meeting the demands of the modern economy. Dr. Al-Mashat noted that this emphasis on human development is central to Egypt's long-term growth, as it directly contributes to job creation, poverty alleviation, and improved social welfare outcomes. On the topic of Egypt's international relations, Dr. Al-Mashat reiterated that Egypt's approach to international cooperation has evolved significantly over recent years. The country is now focusing on building strategic partnerships rather than relying on traditional aid mechanisms. Dr. Al-Mashat explained that Egypt's international partnerships are based on mutual respect and shared goals, which include supporting economic stability, fostering development, and promoting sustainable growth. These partnerships have become more diversified, encompassing relationships with major international institutions such as the World Bank, the European Union, and the New Development Bank, as well as strong regional ties within the Arab world and Africa. Dr. Al-Mashat emphasized that these partnerships play a vital role in ensuring that Egypt can access the necessary financing, expertise, and technology required to support its economic transformation and meet its long-term objectives. In discussing concessional development financing, Dr. Al-Mashat highlighted the importance of this tool in bridging the development financing gap. Concessional financing, which involves favorable terms such as lower interest rates and extended repayment periods, has enabled Egypt to fund critical infrastructure and development projects without placing undue strain on its fiscal budget. Dr. Al-Mashat noted that concessional financing has been essential in supporting projects in key sectors such as renewable energy, transportation, and education. These projects not only contribute to Egypt's growth but also enhance its competitiveness and sustainability in the global economy. The Minister pointed out that concessional financing is one of the key tools in Egypt's development toolbox, helping to mitigate the costs of large-scale projects and facilitate the achievement of the country's ambitious goals. Finally, Dr. Al-Mashat spoke about the competitive advantages that make Egypt an attractive investment destination. She highlighted Egypt's strategic geographical location, which connects Europe, Asia, and Africa, making it an ideal hub for trade and commerce. In addition to its location, Egypt boasts a large and growing domestic market, which provides a ready-made base for businesses seeking to expand in the region. Egypt's improving infrastructure, which includes major upgrades to ports, roads, and logistics centers, further enhances its attractiveness as a business hub. Additionally, the government's ongoing efforts to streamline regulations, reduce bureaucratic red tape, and foster a more business-friendly environment have made Egypt increasingly appealing to investors. According to Dr. Al-Mashat, these competitive advantages are vital for positioning Egypt as a regional leader in sectors such as manufacturing, technology, and renewable energy. Dr. Al-Mashat expressed confidence in the future of Egypt's economy, stating that the country is well-positioned to achieve its growth targets and solidify its place as a global economic powerhouse. With its strategic focus on tradable sectors, human development, and international partnerships, Egypt is poised for a new era of economic prosperity. The Minister emphasized that Egypt's transformation is a collective effort, with public and private sector collaboration playing a pivotal role in realizing the country's vision for a brighter, more prosperous future. As Egypt continues its economic reform journey, it is clear that the country's best days lie ahead, supported by a resilient, diversified economy and a forward-looking, inclusive development strategy. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Egypt Independent
19-04-2025
- Business
- Egypt Independent
B.Laban CEO debunks rumors on food poisoning and money laundering
The CEO and Chairman of the Group Moamen Adel has responded to rumors spread on social media regarding the closure of the group's chain of stores. In a phone interview with TV host Amr Adib on the 'al-Hekaya' (The Story) show on MBC Masr on Friday, Adel assured that this was entirely untrue. He added, 'I haven't had any problems with anyone during this period, and no one has asked to partner with me and I've refused. Egypt has always supported us and stood by us. I reject these rumors.' Adel indicated that he still doesn't know the reason for the group's branch closures, but assured there are no food poisoning reports against the company. He also denied rumors surrounding the group's sources of funding and accusations of 'money laundering.' 'We are a brand that people queue for. This is God's generosity and provision. Our branches are crowded and under pressure, and we make a profit. We don't just hit numbers. We are hardworking people, and we grow,' he said. Edited translation from Al-Masry Al-Youm
Egypt Independent
07-04-2025
- Politics
- Egypt Independent
Israel pushing Palestinians to relocate to Hungary: Amr Adib
Egyptian TV host Amr Adib on Sunday said that Israel has begun making offers to starving Palestinians in Gaza Strip to leave their land and travel to Hungary. During his show 'al-Hekaya' (The Story) on MBC Masr channel, Adib added that Israel is working to encourage the voluntary displacement of Palestinians from Gaza Strip. He explained that Israeli Prime Minister Benjamin Netanyahu, during his recent visit to Hungary, held talks with the authorities there regarding the details of the plan to relocate Gaza residents to Budapest. Adib said that he could not blame any Palestinian who decided to leave Gaza, given the current circumstances. He continued, saying, 'All of us as Arabs are the ones to blame for the fate of the Palestinians if we are unable to do anything for them.' 'It is shameful that two billion Muslims are unable to support two million Palestinians,' he added. Edited translation from Al-Masry Al-Youm
