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Daily News Egypt
a day ago
- Business
- Daily News Egypt
Egypt, India discuss expanding industrial, investment partnerships
Mohamed El-Shimy, Minister of Public Enterprises Sector, held a meeting with Suresh Reddy, India's ambassador to Egypt, to enhance bilateral cooperation in economic and industrial fields and explore partnership opportunities with companies affiliated with the ministry. At the outset, El-Shimy praised the long-standing and historic ties between Egypt and India, expressing hope to elevate these relations to broader horizons of cooperation. He also highlighted the range of incentives and facilitations that Egypt offers to foreign investors, inviting Indian businessmen and investors to visit the ministry's factories and companies to see their capabilities and investment prospects up close—particularly in sectors identified as priorities for joint collaboration. The meeting discussed potential cooperation in several strategic sectors, including pharmaceuticals—especially active pharmaceutical ingredients and treatments for chronic and complex diseases—as well as textiles, ready-made garments, fertilisers, chemical industries, aluminium, vehicles, and mining. It also touched on the hospitality sector, where partnerships already exist with some Indian companies. El-Shimy and Ambassador Reddy reviewed the portfolio of companies affiliated with the ministry, detailing their areas of operation and the investment opportunities they present. This portfolio offers a solid foundation for potential industrial and commercial partnerships. For his part, Reddy affirmed the depth and strength of Egypt–India relations, describing them as 'historical and rooted in mutual respect and cooperation' across many domains. He expressed his country's interest in further strengthening ties with Egypt, particularly in economic and industrial sectors, noting Egypt's strategic geographic location, modern infrastructure, and significant investment potential. The meeting comes within the framework of the Public Enterprises Sector Ministry's broader strategy to expand international cooperation and global partnerships. This approach aims to enhance the performance of the ministry's affiliated companies, attract foreign direct investment, and increase the added value of Egyptian industries—supporting Egypt's path toward sustainable economic development.
Daily News Egypt
12-07-2025
- Business
- Daily News Egypt
New expansion projects, public-private partnerships to modernize, localise industry: El-Shimy
Mohamed El-Shimy, Minister of Public Enterprises Sector, announced that the ministry is implementing a comprehensive plan to modernise and develop its affiliated companies through ambitious expansion projects. These initiatives aim to introduce advanced technologies, promote local manufacturing, and reduce reliance on imports, thereby enhancing value-added production and improving the competitiveness of national products. He underscored the importance of adhering to project timelines with the highest standards of quality and efficiency, alongside efforts to strengthen marketing strategies, open new markets, invest in human capital, motivate workers, ensure environmental sustainability, and adopt best industrial practices. El-Shimy made these remarks during the ordinary and extraordinary general assembly meetings of the Chemical Industries Holding Company, held to approve the draft budget for the 2025/2026 fiscal year and review ongoing development and investment plans. The meetings were attended by members of the general assembly, representatives from the Central Auditing Organisation, and the company's board of directors, chaired by Saad Abu El-Maaty. The minister highlighted the pivotal role of the Chemical Industries Holding Company in supporting the national economy, citing its strong portfolio of subsidiaries, established brands, and diverse production capacities. He stressed the need to optimise the use of production assets, maximise returns, and expand strategic partnerships with the private sector in line with the State Ownership Policy Document. Such partnerships, he explained, will help unlock new opportunities for industrial growth, technology transfer, and local production. El-Shimy also reaffirmed the importance of complying with standards in occupational safety and health, environmental protection, preventive and routine maintenance, quality control, and sound governance. He noted that operational efficiency and sustainability are the main pillars underpinning the new budget. For his part, Emad El-Din Mostafa, Executive Managing Director of the Chemical Industries Holding Company, presented the draft budget, which targets revenues of EGP 22.4bn, net profits of EGP 7.1bn, and exports worth EGP 10.3bn. He emphasised that the budget aligns with the Ministry of Public Enterprises Sector's strategy, derived from Egypt's Vision 2030, the government's programme of action, and the State Ownership Policy Document. The focus remains on maximising economic returns from assets, improving operational efficiency, increasing value-added production, and expanding into export markets. The board's report detailed several major investment and expansion projects. In the fertiliser sector, these include building two new plants at KIMA for the production of nitric acid and ammonium nitrate, as well as restarting the ferrosilicon plant at KIMA, which had been idle for five years and has now been refurbished and brought back into operation. Additional projects include reviving Delta Fertilisers through urgent repairs and restarting the ammonia and urea plants; refurbishing the ammonia compressor at El Nasr Fertilisers to double production capacity; and developing a green ammonia production project in partnership with the private sector. Other ventures include the production of chlorine granules at Misr Chemical Industries, manufacturing pre-stressed concrete wire (PC Wire), and introducing new products by SIGOART and El Yayyat, such as railway sleepers and metro brake pads. The Naropeen conveyor belt factory will also undergo modernisation. These projects aim to achieve a qualitative leap in the industrial performance of the affiliated companies, increase their contribution to the national economy, support state efforts to substitute imports and boost exports, broaden the local production base, and promote sustainable industrial development. During the extraordinary general assembly, it was also agreed to raise the company's authorised capital from EGP 10bn to EGP 18bn and increase the issued and paid-up capital from EGP 9bn to EGP 17bn. This capital increase is intended to strengthen the company's financial position and support its development and investment plans.
Daily News Egypt
07-07-2025
- Business
- Daily News Egypt
Egyptalum signs agreement with Scatec to develop solar power plant in Nagaa Hammadi
Minister of Public Enterprises Sector Mohamed Shimi met with Norway's Ambassador to Egypt and Libya, Hilde Klemetsdal, and her accompanying delegation at the ministry's headquarters in the New Administrative Capital, as part of efforts to strengthen bilateral cooperation in renewable energy. During the meeting, the minister and ambassador witnessed the signing of an agreement between Egyptalum — a subsidiary of the Metallurgical Industries Holding Company — and a newly established project company affiliated with Norwegian renewable energy firm Scatec. The agreement marks the official launch of a solar power project to supply clean electricity to Egyptalum's aluminum complex in Nagaa Hammadi. The solar power plant, with a total capacity of 1,000 megawatt-hours, will be implemented over 24 months in two consecutive phases, each generating 500 megawatt-hours. The project will also include the installation of battery storage systems with a total capacity of up to 200 megawatts. With an estimated total investment of approximately $650 million, the project will be fully financed, built, and operated by Scatec under a Power Purchase Agreement (PPA). The plant will supply a significant share of Egyptalum's energy needs, reducing dependence on conventional power sources. Minister Shimi welcomed Ambassador Klemetsdal at the outset of the meeting and emphasized the importance of the strategic partnership between Egypt and Norway, particularly in the fields of green transition and clean energy. He expressed his hope for further cooperation with leading Norwegian companies, given Norway's global expertise in renewable energy and environmental technologies. He described the project as a major milestone for Egypt's aluminum industry, aligning with the state's strategy to expand renewable energy use and the political leadership's directives to promote environmental sustainability and improve resource efficiency. Shimi noted that the project exemplifies successful cooperation between the public and private sectors and international investors. Key objectives include reducing operational costs at the aluminum complex, boosting production efficiency, enhancing the competitiveness of Egyptian exports, cutting traditional energy use and carbon emissions, and meeting international sustainability standards. He added that these goals will enable Egyptalum to strengthen its position in global markets, where it already exports more than 50% of its production—primarily to the European Union. The minister also highlighted that the partnership with Scatec reflects international investors' growing confidence in the Egyptian market and their willingness to contribute to major national projects that deliver both environmental and economic value. He reaffirmed the Ministry's full support for partnerships with both domestic and international private sector players. Ambassador Klemetsdal praised the strength of Egyptian-Norwegian relations and described the solar project as a model of productive cooperation between the two nations. She stressed that the initiative supports Egypt's clean energy transition and reflects the growing interest of Norwegian companies in the Egyptian market, especially in key sectors such as renewable energy.
Daily News Egypt
25-06-2025
- Business
- Daily News Egypt
Egypt committed to strengthening partnerships with African nations: El-Shimy
Mohamed El-Shimy, Minister of the Public Enterprises Sector, held a series of high-level bilateral meetings on the sidelines of the 17th US-Africa Business Summit, currently taking place in Luanda, Angola, from 22 to 25 June. El-Shimy is participating as Egypt's official representative, accompanied by Nevine El-Husseiny, Egypt's Ambassador to Angola, as part of Cairo's ongoing efforts to deepen economic cooperation with African countries. During his meeting with Esperança da Costa, Vice President of Angola, both sides reaffirmed the strength of historic ties between Egypt and Angola and discussed avenues for expanding cooperation in key priority sectors. The meeting also highlighted the significance of the summit as a forum for dialogue between governments and the private sector, particularly as Angola holds the presidency of the African Union this year and celebrates 50 years of independence. El-Shimy also met with several African ministers and senior officials attending the summit, including Rui de Oliveira, Angola's Minister of Industry and Trade; Isaac Francisco, Minister of Agriculture; Sílvia Paula, Minister of Health; and Armando Manuel, Chairperson of Angola's Sovereign Wealth Fund. Other key meetings included discussions with Julien Paluku, Minister of Trade of the Democratic Republic of the Congo; Karim Zaidan, Morocco's Minister of Investment; and Mohamed Arkab, Algeria's Minister of Energy. The talks focused on boosting cooperation between Egypt and these countries in various fields including investment, joint industrial ventures, and trade exchange—contributing to deeper regional economic integration and advancing sustainable development objectives. El-Shimy stressed that Egypt, under the leadership of President Abdel Fattah El-Sisi, attaches great importance to enhancing partnerships with African nations on the basis of mutual interests and regional unity. He noted that the Ministry of Public Enterprises Sector is working actively to expand collaboration with African counterparts, especially in strategic productive sectors. He added that these engagements align with Egypt's broader strategy to open new markets for Egyptian companies across the continent, facilitate the transfer of industrial and technological expertise, and foster joint ventures with both public and private sector partners in African states. El-Shimy concluded by highlighting the wide-ranging opportunities available for cooperation across multiple sectors and reiterated the importance of the summit as a key platform for direct interaction between government leaders and private sector stakeholders across Africa.
Daily News Egypt
02-06-2025
- Business
- Daily News Egypt
Public Enterprises Ministry launches overhaul plan to modernize affiliated companies: El-Shimy
Minister of Public Enterprises Sector Mohamed El-Shimy has announced the implementation of a comprehensive modernization plan for companies affiliated with the ministry. The plan centers on digital transformation, technology localization, and advancing Egypt's industrial self-reliance by integrating smart manufacturing solutions and forging practical partnerships. El-Shimy made the announcement during a workshop on spare parts manufacturing using 3D printing and digital machining, held at the Digital Manufacturing Centre (DMC) inside the Engine Factory of the Arab Organization for Industrialization (AOI) in Helwan. The event was attended by AOI Chairperson Mokhtar Abdel Latif, Deputy Minister of Housing, Utilities, and Urban Communities Sayed Ismail, and representatives from Immensa, a company specialized in digital spare parts manufacturing using advanced 3D printing technologies. During the workshop, both El-Shimy and Abdel Latif emphasized the need to fully leverage national manufacturing capabilities and strengthen cooperation in the production of industrial spare parts through advanced technologies. These efforts are aligned with Egypt's Vision 2030 for sustainable development and industrial modernization. El-Shimy underscored the urgency of greater collaboration and integration across national industrial institutions. He stressed that adopting modern technologies—such as 3D printing—is now essential for enhancing Egypt's manufacturing competitiveness, reducing import dependency, and creating high-value employment opportunities. He also praised AOI's longstanding national role in supporting the state's strategy for modernization, renewal, and technology localization. El-Shimy described the workshop as a tangible step toward deepening industrial integration among government entities and promoting private sector cooperation in Egypt's digital transformation journey. AOI Chairperson Mokhtar Abdel Latif echoed these sentiments, highlighting that AOI had recognized the value of these emerging technologies early on and took proactive steps by establishing the DMC. The center is equipped with advanced global technologies and highly trained technical staff, aligning with Fourth Industrial Revolution standards. The DMC has successfully localized manufacturing technologies for pumps of various types and applications and is capable of meeting a wide range of industrial demands at globally competitive quality levels, Abdel Latif added. He affirmed AOI's readiness to enhance cooperation with both public and private sector entities, in coordination with academic and research institutions. The goal is to maximize the use of advanced capabilities at the DMC and across all AOI factories to address national industrial needs. A comprehensive inventory of spare part requirements is currently being compiled, with manufacturing plans already underway. Abdel Latif reaffirmed that AOI has all the capabilities needed to meet these demands using advanced manufacturing techniques, in line with President Abdel Fattah Al-Sisi's directives to raise the share of local manufacturing, localize strategic technologies, reduce imports, and promote the 'Made in Egypt' initiative. He explained that 3D printing and digital machining technologies enable on-demand, high-precision production of complex or obsolete spare parts that are often unavailable in the market. The technology has already proven effective across a wide range of sectors, including automotive, aerospace, industrial equipment, and medical devices.
