Latest news with #Mohamedal-Homsany
Egypt Independent
2 days ago
- General
- Egypt Independent
Egypt government announces relocation of Ras al-Hekma residents to Shams al-Hekma
The Egyptian Cabinet's spokesperson Mohamed al-Homsany said that work on Shams al-Hekma, the alternative area for Ras al-Hekma residents, is now nearing completion. During a phone interview with Al-Hayat TV channel, Homsany indicated that many services have already been completed, explaining that the relevant authorities have facilitated the relocation of citizens. Citizens residing in the first phase have been relocated to the Shams al-Hekma area, near Ras al-Hekma city, he stated. The Cabinet spokesperson noted that some facilities have reached 100 percent completion, while other work is nearly 98 percent complete. He noted to the construction of a new experimental school in the Shams al-Hekma area, comprising 28 classrooms, indicating that it will officially enter service during the next academic year.
Egypt Independent
23-06-2025
- Business
- Egypt Independent
Egypt is prepared for all scenarios: Cabinet spokesperson
The Egyptian Cabinet's spokesperson Mohamed al-Homsany said that the government is closely monitoring regional developments, especially in light of the recent US strikes on Iran, and is working to study all possible scenarios to minimize the impact on the Egyptian economy. During a Sunday telephone interview with the Extra News channel, Homsany explained that the Crisis Management Committee reviewed several potential economic challenges, including rising oil prices, increased shipping and insurance costs, and the potential impact on supply chains. These risks are not limited to Egypt, he said, but are faced by most countries around the world and therefore requires readiness to mitigate their repercussions on the Egyptian economy. Regarding basic commodities, Homsany assured that the strategic stock of food commodities is safe and secure, sufficient for several months, with some commodities having a stockpile exceeding six months. 'This stockpile was established last year under the direction of President Sisi, in anticipation of any regional developments, and we have succeeded in securing it in a manner that ensures citizens' needs are met for the long term.' Each ministry is developing detailed plans to address various scenarios, he emphasized, including the availability of petroleum and natural gas, the continuity of food supply chains, and the provision of essential goods even if the crisis extends for a long period. The Cabinet spokesperson further confirmed that the state has been working for months to ensure energy security, by equipping and connecting three liquefied natural gas (LNG) vessels to the national natural gas grid, and the arrival of a fourth vessel soon to enhance the capacity to import LNG, and modernizing the energy sector's infrastructure. Homsany added that 'The current plan was prepared in advance to meet summer needs, and according to the Prime Minister's statements, electricity needs during the summer are fully secured and there are no concerns about power outages.' The monetary policy adopted by the Central Bank of Egypt relies on a flexible exchange rate system, he noted, which allows for a natural balance in the market between ups and downs. He explained: 'The monetary policy has succeeded in eliminating the parallel market and providing the full need for foreign currency, as our foreign exchange resources have become consistent with our needs for the third consecutive month.' Edited translation from Al-Masry Al-Youm
Watani
19-06-2025
- Business
- Watani
Cabinet form Crisis Committee for Israel-Iran war
On 16 June, Prime Minister Mostafa Madbouly, issued a decision to form a Crisis Committee, to monitor the repercussions of the Iranian-Israeli military operations, and prepare for any potential developments across various sectors, announced Mohamed al-Homsany, official spokesperson for the Cabinet. The Crisis Committee will be headed by the Premier, and will include the Governor of the Central Bank and the Ministers of Industry; Planning, Economic Development and International Cooperation; Electricity and Renewable Energy; Finance; Supply and Internal Trade; and Petroleum and Mineral Resources. The Committee will also include representatives from the Ministries of Defence and Interior, the General Intelligence Service, and the Administrative Control Authority. The Prime Minister will meet regularly with the committee members, the official spokesperson for the Cabinet said, divulging that Dr Madbouly is currently in continuous meetings with various advisory committees to discuss the ramifications of the recent events, and their impact on various sectors in Egypt. Comments comments Tags: Egypt Crisis Committee for Israel Iran WarLillian Nabil
Egypt Independent
17-06-2025
- Business
- Egypt Independent
Egypt sets up crisis committee to monitor repercussions of Iran-Israel war
Egyptian Prime Minister Mostafa Madbouly issued a decision on Monday to form a Crisis Committee, headed by him, to monitor the repercussions of the Iranian-Israeli military operations and prepare for any further developments. The official spokesperson for the Cabinet, Mohamed al-Homsany, said that the committee includes the Governor of the Central Bank of Egypt, the Ministers of Industry, Planning, Electricity, Finance, Supply, and Petroleum, as well as representatives from the Ministries of Defense and Interior, the General Intelligence Service, and the Administrative Control Authority. He added that the Prime Minister will meet periodically with the committee's members and is currently intensifying his meetings with various advisory committees to discuss the repercussions of recent events and their impact on various sectors. The former Governor of the Central Bank of Egypt, Mahmoud Aboul-Eyoun, expressed his concerns about the impact on foreign exchange earnings due to the impact on Egyptian exports of fertilizers and pesticides, which may decline as a result of reduced natural gas supplies. Aboul-Eyoun said that the continuation of war could also impact tourism, as well as the movement of international capital, which would harm investment returns. A government source revealed that the Ministry of Petroleum has agreed to receive four additional shipments of liquefied natural gas (LNG) over the next two weeks, as part of an urgent plan to compensate for the shortage resulting from the halt in Israeli gas supplies amid the ongoing escalation with Iran. The additional shipments will amount to approximately 355,000 tons of LNG, providing 12 billion cubic feet over the course of an entire month, equivalent to 400 million cubic feet of gas per day. The repercussions of the mutual attack between Tehran and Tel Aviv were reflected in global oil prices, with prices jumping seven percent amid renewed military strikes between the two sides. This raised fears of a wider conflict in the region and the potential disruption of oil exports from the Middle East. A government source confirmed that Egypt, despite its potential impact from this conflict, may benefit temporarily from increased European demand for liquefied natural gas if Israeli gas exports decline as a result of the targeting of facilities such as Ashkelon or Tamar. Oil and energy expert Gamal al-Qalyoubi said that regional developments prompted the government to strengthen its daily monitoring mechanisms for global energy markets, noting that any sharp price increases will directly impact the cost of importing liquefied natural gas. Furthermore, fuel shipping costs have seen significant increases globally. The former Deputy Chairman of the Egyptian General Petroleum Corporation, Medhat Youssef, confirmed that the instability in the region has prompted insurance companies to raise the 'war premium' for ships transiting in areas of tension, especially tankers transporting petroleum products. Edited translation from Al-Masry Al-Youm
Egypt Independent
17-06-2025
- Business
- Egypt Independent
Egypt says committed to not raising fuel prices until October
Egyptian cabinet spokesperson Mohamed al-Homsany explained that the impact of the current Iran and Israel war on the Egyptian economy hinges on how the crisis continues to unfold, and whether it will be contained in the short term or persist for longer. During a telephone interview with TV host Lamis al-Hadidi on Monday, Homsany added that 'In principle, it is very likely that oil price fluctuations will affect the economies of the region and the world, not just Egypt, even if they fluctuate between ups and downs.' The government's promise not to raise fuel prices for six months was confirmed by the Prime Minister and the Minister of Petroleum, and the government is committed to it until October, he said. 'We hope that the crisis will be contained before that date,' Homsany added. 'It is very likely that it will have an impact on the efforts of various governments to reduce inflation rates.' 'Among the impacts, as many analysts have pointed out, if the crisis lasts a long time, global supply chains will be affected, and this will consequently be a factor influencing the economic conditions in various countries,' he said. He noted that the macroeconomic indicators of various countries around the world may be also affected, but 'the final extent of our impact from the crisis cannot be determined.' The government has generally decided to act proactively to address the situation by forming a committee and then making the appropriate decision at the highest possible level at the appropriate time, Homsany said. 'Specifically, with regard to providing the state's needs for petroleum products and natural gas, the government has anticipated any situation through a plan that has been developed over the past months to meet those needs,' he concluded.
