Latest news with #MinistryofPlanningandEconomicDevelopment
See - Sada Elbalad
26-03-2025
- Business
- See - Sada Elbalad
Egypt's Economy Grows at Fastest Pace in Seven Quarters, Driven by Industry
Ahmed Emam Egypt's economy recorded its fastest growth in seven quarters, expanding by 4.3% in the second quarter of the 2024-2025 fiscal year, driven by a surge in manufacturing and tourism, according to a statement from the Ministry of Planning and Economic Development on Wednesday. Despite a continued decline in Suez Canal activity, private sector investments showed improvement, contributing to the positive growth trend. The non-oil manufacturing sector grew by 17.7% year-on-year between October and December 2024, marking its third consecutive quarter of positive growth. This expansion was attributed to structural reforms aimed at boosting productivity and export-driven growth, according to the ministry's statement. Egypt's industrial sector received a boost from customs clearance facilitation for raw materials and inputs, leading to an increase in the manufacturing index—excluding crude oil and petroleum products. Growth was particularly strong in automobile production, ready-made garments, beverages, and textiles. 'The government is pushing forward with its transition toward tradeable sectors like manufacturing, aiming for a more diverse and sustainable economy that enhances Egypt's ability to withstand global economic challenges,' said Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation. Industrial expansion is a positive indicator for the government, which aims to attract $3.5 billion in new industrial investments in 2025, reflecting a 15% increase from the previous year, according to Yehia El-Watheq Bellah, head of the Egyptian Commercial Service. Egypt's tourism sector played a significant role in foreign currency inflows, growing by 18% year-on-year in Q2. The number of tourists reached 4.41 million, with an increase in tourist nights. This momentum helped offset a 70% decline in Suez Canal revenues, caused by ongoing Red Sea disruptions. In January, Yemen's Houthi rebels announced a halt to ship attacks following a Gaza ceasefire agreement. However, even before this, attacks had stopped for nearly a month, encouraging some shipping companies to return to the Red Sea route. However, recent threats from the Houthis have resurfaced after Israel blocked aid shipments to Gaza. Oil and gas extraction contracted, with petroleum output declining 7.5% and natural gas production dropping 19.6%. However, the ministry expects future growth as new exploration investments take effect. Private sector investments surged 35.4%, now accounting for more than 50% of total investments, reflecting Egypt's IMF-backed economic reform program. -Public sector investments shrank by 25.7%, comprising less than 40% of total investments. Egypt's latest economic performance highlights a shift toward private sector-driven growth, with industrial expansion and tourism playing crucial roles in stabilizing the economy despite global challenges. 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 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 Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers
CairoScene
13-02-2025
- Business
- CairoScene
Orange Corners to Assist Startups in Seven Egyptian Governorates
The programme, which aims to empower young entrepreneurs, will cover Luxor, Assiut, Alexandria, Menoufia, Dakaklia, Kafr El-Sheik and Beheira. Feb 13, 2025 The Ministry of Planning and Economic Development, and the Ministry of International Cooperation announced the expansion of the Orange Corners programme to support startups in seven governorates. The programme will now cover Luxor, Assiut, Alexandria, Menoufia, Dakaklia, Kafr El-Sheik and Beheira. A programme aiming to empower and assist young entrepreneurs, Orange Corners is a partnership between Egypt and the Netherlands, as well as private sector institutions such as the Bank of Alexandria and City Edge Developments. The programme has supported over 115 startups, 58% of which are female-led, across key sectors, including agriculture, waste management, health, education, e-commerce and financial technology. The ministry stated that the programme will aim to support 130 companies across a range of industries in 2025.
Jordan News
10-02-2025
- Business
- Jordan News
Egypt raises minimum wage for private sector to 7,000 pounds p...
Egypt announced on Sunday that it would raise the minimum wage for private sector employees to 7,000 Egyptian pounds per month (approximately $139.36), effective from March 1. This decision was made during a meeting of the National Wages Council, chaired by the Minister of Planning and Economic Development, Rania Al-Mashat. اضافة اعلان The council includes several ministers as well as representatives from labor unions and chambers of commerce. The Ministry of Planning and Economic Development stated in a press release that this decision, made based on the directives of President Abdel Fattah el-Sisi, aims to improve the standard of living for citizens and comes "in response to economic changes and their impact on the labor market." Since its introduction in January 2022, the minimum wage in Egypt has gradually increased, from 2,400 pounds, and will reach 6,000 pounds in March 2024. The minister said that this decision "reflects the government's efforts to respond to current economic developments, which will strengthen economic and social stability." She added that the review of the minimum wage "aligns with international standards, as the International Labour Organization emphasizes the need for periodic reviews of the minimum wage to protect the purchasing power of families and absorb gradual economic changes." Earlier, Egyptian Prime Minister Mostafa Madbouly discussed the government's intention to approve a new social protection package, which will include increases in salaries and pensions. (Exchange rate: 1 USD = 50.2300 Egyptian pounds)
