Latest news with #StateOwnershipPolicy
Middle East
2 days ago
- Business
- Middle East
OPEN// PM reviews steps to establish central unit for state-owned companies
NEW ALAMEIN, Egypt, July 28 (MENA) – Prime Minister Moustafa Madbouli affirmed that the government's submission of a bill to Parliament to establish a central unit for monitoring and regulating state-owned companies reflects Egypt's commitment to enhancing the governance and management of public assets. The initiative aims to boost efficiency and maximize returns in line with international best practices and the State Ownership Policy (SOP) document adopted in recent years. Madbouli's remarks came during a meeting held Monday evening in New Alamein to review the implementation steps for setting up the new unit. The meeting was attended by Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat, Finance Minister Ahmed Kouchouk, and Minister of Investment and Foreign Trade Hassan el-Khatib, who joined via video conference. The prime minister noted that the session was intended to review and initiate the executive steps necessary to establish the unit, following the Parliament's approval of the draft law regulating aspects of state ownership in companies. He underscored the unit's pivotal role, alongside the Sovereign Fund of Egypt (TSFE) and the Initial Public Offering (IPO) Unit, in managing this portfolio. Madbouli explained that the new unit will maintain a comprehensive database of state-owned assets, especially those slated for private-sector engagement, and will oversee all related decisions and procedures. It will also be responsible for implementation, in coordination with relevant ministries. Its decisions will be binding on all government entities to ensure the consistent and effective application of state asset policies. He added that this move represents a significant institutional milestone in public asset management and reflects the government's drive for greater transparency and fiscal discipline. It is expected to improve public spending efficiency and attract further investment while preserving state ownership of strategic assets. Participating ministers expressed their full support, affirming that the unit will serve as a key coordination mechanism across government agencies and play a vital role in restructuring underutilized assets to ensure their optimal use. Cabinet spokesman Mohamed el-Homsani said that the meeting also highlighted the importance of preparing the unit's organizational structure and developing a comprehensive work plan, pending the final approval of the law by Parliament. This step follows the government's earlier decision to transfer ownership of several companies and assets to the TSFE to boost returns and expand private-sector and investor participation, while safeguarding state control over strategic assets. (MENA) R R N/R E E
See - Sada Elbalad
3 days ago
- Entertainment
- See - Sada Elbalad
Elon Musk Plans AI-Powered Revival of Vine
Taarek Refaat Elon Musk is reportedly preparing to bring back the once-beloved short-form video platform Vine, but with a futuristic twist, and artificial intelligence at its core. In a recent post on X (formerly Twitter), Musk hinted at relaunching Vine, the defunct app known for its six-second comedic clips, as part of his broader vision to turn X into an all-encompassing 'everything app.' However, unlike its original standalone form, the new iteration of Vine appears poised to be integrated directly into the X platform, enriched with AI capabilities. We're bringing back Vine, but in AI form — Elon Musk (@elonmusk) July 24, 2025 While Musk has not provided concrete technical details, the reference to 'AI-powered video' has raised speculation that the reboot could go far beyond algorithmic recommendations. Some experts suggest that it may involve fully AI-generated videos, potentially created from text prompts or user inputs, merging entertainment and generative technology in a way not previously seen on social platforms. Fueling this speculation is Musk's recent announcement of 'Imagine,' a project from his AI company xAI that allows users to create creative videos by converting text into motion using advanced generative models. The technology closely parallels what companies like Google have introduced with platforms such as Veo, which turns text into dynamic visual storytelling. In March, X also quietly acquired Hotshot, a startup focused on producing AI-driven animation and video content. The acquisition signaled X's deeper ambitions to embed real-time video generation into its core experience — a move likely aimed at retaining creator interest and competing with platforms like TikTok and Instagram Reels. The promise of AI-generated short videos has sparked excitement, but also concern. Critics note that generative video tools have been controversial on other platforms, where low-quality or offensive content sometimes floods feeds. With Musk's X platform championing an expansive view of 'free speech,' some experts warn that it could become a chaotic space filled with controversial, algorithmically generated clips lasting just 10 seconds. 'AI-generated content has great potential for creativity, but without robust moderation, it could also amplify harmful stereotypes or misinformation,' said digital ethics researcher Dr. Kira Mahmoud. 'Especially on a platform like X, where oversight is minimal, the risks are real.' Although there's no official launch date or confirmed user interface design, what's clear is that this version of Vine won't resemble the looping video app that defined internet humor in the mid-2010s. Instead, Musk's revival effort appears to be part of a broader attempt to reinvent social media content using generative AI, automation, and monetization. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
4 days ago
- Business
- See - Sada Elbalad
Chaos at Israel's Ben Gurion Airport amid Unofficial Ground Staff Strike
Taarek Refaat Israel's main international gateway, Ben Gurion Airport, descended into disorder Friday morning as numerous flights were delayed due to what has been described as an unofficial strike by ground services personnel. The disruption has sparked widespread confusion and frustration among travelers, particularly at the height of the busy summer travel season. According to reports by Israeli daily Yedioth Ahronoth, passengers were informed by pilots that the delays were caused by a so-called "Italian strike", a form of protest where employees perform only the bare minimum required by their contracts. In this case, baggage was deliberately left unloaded, delaying aircraft departures. Despite mounting reports of disruption, the Israel Airports Authority denied the existence of any official labor strike. In a brief statement, it attributed the delays to "heavy traffic congestion" within the airport but provided no further details. However, Israel's Channel 12 quoted internal airport sources confirming a 'crippling crisis' triggered by protest actions from disgruntled ground staff. These employees are reportedly demanding better wages and immediate recruitment to address severe staffing shortages, issues exacerbated by the surge in air travel during the peak summer period. Ben Gurion Airport, the country's primary air travel hub, has long operated under heightened security constraints. That backdrop has intensified concerns, with aviation analysts warning that even minor logistical disruptions could have outsized ripple effects on flight schedules and traveler safety. Officials fear that unless the demands of airport workers are addressed promptly, the crisis could escalate. Dozens of flights have already been affected, with delays expected to continue into Friday evening. Passengers are advised to check their flight statuses before heading to the airport and to prepare for potential schedule changes. The Israeli aviation industry has only recently rebounded to pre-pandemic levels. The emerging labor unrest now poses a significant threat to the stability of air operations during what is traditionally one of the busiest travel periods of the year. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks
See - Sada Elbalad
21-07-2025
- Business
- See - Sada Elbalad
Turkish Amb. Highlights New Investment in Egypt's Textile Sector
Ahmed Emam Turkish Ambassador to Egypt, H.E. Salih Mutlu Şen, announced a new Turkish investment in Egypt's growing textile sector, emphasizing the deepening economic ties between the two nations. In a post on social media platform X, Ambassador Şen stated: 'We discussed the investment environment and opportunities in the country with Haluk Ceylan, the owner of Emaks, which decided to invest in textile accessories (buttons) in Egypt.' The investment by Emaks, a company specializing in textile accessories, particularly buttons, reflects increasing confidence among Turkish businesses in Egypt's industrial potential. The move also aligns with Egypt's broader strategy to attract foreign direct investment (FDI) into its manufacturing and textile industries. Ambassador Şen's remarks come amid a wave of renewed cooperation between Ankara and Cairo, as both countries continue to rebuild economic and diplomatic relations. In January, a number of Turkish firms announced that they are planning to pump new investments of not less than $300 million in Egypt during 2025, particularly in the textile sector. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Sports Get to Know 2025 WWE Evolution Results News Flights suspended at Port Sudan Airport after Drone Attacks
See - Sada Elbalad
18-07-2025
- Business
- See - Sada Elbalad
Egypt's Petroleum Min. Affirms Full Support for Exploration Plans in Nile Delta
Taarek Refaat Egypt's Minister of Petroleum and Mineral Resources Karim Badawi has reiterated the government's full support for Dana Gas and its exploration efforts in the onshore Nile Delta, during a high-level meeting with the company's CEO, Richard Hall, on Wednesday. The meeting, described as extensive and strategic, reviewed Dana Gas's current activities in Egypt and discussed its future development plans in its concession areas. Minister Badawi commended the company's performance and technical achievements, expressing appreciation for the efforts of its operational teams. He emphasized that the Ministry of Petroleum remains committed to supporting international partners through a coordinated and integrated framework, aimed at overcoming challenges and accelerating the production timeline for new discoveries. 'Supporting exploration and fast-tracking discoveries into production aligns with our national strategy to increase domestic output and meet market needs for gas and petroleum products,' Badawi said. On his part, Dana Gas CEO Richard Hall hailed Egypt as a strategic partner and a central pillar of the company's regional investment portfolio, citing the promising geological potential of the Nile Delta and other Egyptian basins. He confirmed the company's desire to intensify exploration and expedite development operations to bring newly discovered wells online more quickly. Hall also expressed appreciation for Minister Badawi's recent visit to the Begonia-2 well site in the New Mansoura onshore concession, operated by Wasco Petroleum in partnership with Dana Gas. He described the visit as a strong message of encouragement and motivation to the technical teams working on the ground. 'Minister Badawi's field visit was a significant morale boost that reaffirmed our joint commitment to sustainable growth in Egypt's upstream sector,' Hall said. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Sports Get to Know 2025 WWE Evolution Results
