Latest news with #StateOwnershipPolicyDocument
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Central Banks Slow Down Gold Purchases in April as Poland Continues to Lead
Waleed Farouk Data from the World Gold Council shows that central banks around the world added a net total of only 12 tonnes of gold to their reserves in April. This marks the second consecutive month of slowing purchases, down 12% from March, and well below the 12-month average monthly purchase of 28 tonnes. The report suggests that this slowdown may partly be due to the sharp rise in gold prices since the start of the year, prompting some banks to temporarily scale back purchases, even though central bank decisions are usually based on long-term strategic considerations. Poland Remains Top Buyer, with China and Turkey Among Key Additions Notable changes in central bank gold reserves during April included: Poland: The National Bank of Poland added 12 tonnes, raising its reserves to 509 tonnes—surpassing the European Central Bank's holdings of 507 tonnes. Since the beginning of the year, Poland has increased its reserves by 61 tonnes. Czech Republic: Continued its buying streak by adding 3 tonnes, marking the 26th consecutive month of purchases. China: Added 2 tonnes in April, bringing its total purchases for 2025 to 15 tonnes and its overall reserves to 2,294 tonnes. Turkey: Increased its gold reserves by 2 tonnes, reaching a total of 626 tonnes. Kyrgyzstan: Made its first purchase since December, adding 2 tonnes. However, it remains a net seller for the year, with total sales amounting to 2 tonnes. Kazakhstan and Jordan: Each added around 1 tonne to their reserves. Uzbekistan: Sold 11 tonnes in April, marking the third consecutive month of sales. Its total gold sales for the year now stand at 26 tonnes. India Updates Reserve Data and Increases Domestic Holdings India kept its gold reserves unchanged at 880 tonnes. However, in its semi-annual report, it clarified that 512 tonnes (58%) of those reserves are now stored domestically, compared to 510 tonnes (60%) six months ago. This reflects a broader effort by the Reserve Bank of India to enhance local storage, up from just 38% two years ago. Notable Moves by African Central Banks Toward Gold Several African central banks have announced plans to strengthen their gold reserves, including: Namibia: Plans to raise gold's share of total reserves to 3% for the first time. Rwanda: Approved the start of gold purchases beginning in July. Uganda: Announced it will use gold from artisanal mining to boost reserves and meet future financial obligations. Madagascar: Plans to purchase 4 tonnes as part of a strategy to expand its reserves and regulate gold exports. Kenya: Is considering adding gold to its reserves as a diversification measure, though no timeline has been set. 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 Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content News China Launches Largest Ever Aircraft Carrier 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 Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
See - Sada Elbalad
6 days ago
- Business
- See - Sada Elbalad
EU Seeks to Help Egypt Build Forests to Combat Climate Change
Taarek Refaat Hany El Kateb, Presidential Advisor for Agricultural Affairs said that several European countries are interested in helping establish forests in arid regions, particularly in Egypt. The presidential advisor explained that there are four major projects proposed to establish tree forests in Egypt. El-Kateb added, during a call-in on one of the TV channels, that planting trees and forests has many benefits, and that what has been established in Egypt has been wasted. He added that Egypt does not have the idea of establishing forests, calling for the establishment of tree forests, which would help combat climate change. He continued: In the mid-1990s, a pioneering project was implemented using wastewater to grow timber trees. It was one of the most successful projects, but it was wasted. El-Kateb pointed out that the trees were irrigated with wastewater, while at the same time we provided them with the necessary fertilizer through nutrients found in wastewater, such as nitrogen and phosphorus. "We now have very high biomass and high growth rates with the presence of sunlight, which led to a large production that no one expected," he concluded. 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 Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content 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 Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
Daily News Egypt
28-05-2025
- Automotive
- Daily News Egypt
PM orders revival of El Nasr Automotive, launch of globally rated bus production initiative
Prime Minister Mostafa Madbouly held a meeting on Tuesday with Minister of Public Enterprises Sector Mohamed El-Shimy to review the latest developments across the ministry's portfolio, including efforts to revitalize strategic industries and expand cooperation with the private sector. At the beginning of the meeting, Madbouly reaffirmed the state's commitment to improving the performance and governance of public sector companies, enhancing their competitiveness, and maximizing the returns on state-owned assets. These priorities, he said, are aligned with Egypt's Vision 2030 and its goals for sustainable economic development. The Prime Minister specifically directed the re-launch of El Nasr Automotive, one of Egypt's historically significant industrial brands, as well as the launch of a new bus manufacturing initiative that meets international quality standards. These projects are part of a broader strategy to localize transportation manufacturing, attract investment, and boost exports. Madbouly also emphasized the importance of leveraging private-sector partnerships to improve operational efficiency and generate higher returns across state-owned enterprises. He called for offering a greater number of projects to private investment, allowing for more effective management while preserving state interests. Minister El-Shimy confirmed that the ministry's current strategy is grounded in comprehensive reform and modernization efforts to enhance the sustainability and economic contribution of affiliated companies. He noted that the ministry oversees six holding companies, which collectively manage 63 subsidiaries employing more than 100,000 workers. Additionally, the ministry holds equity in 106 joint-stock companies. Outlining the ministry's work plan for the 2024–2027 period, El-Shimy explained that it is guided by Egypt Vision 2030, the State Ownership Policy Document, and the Government Work Program. Under this framework, the government will reduce or exit investments in certain sectors, maintain a limited presence in others, and continue direct involvement in strategically important industries—many of which will be developed through joint public-private projects. El-Shimy presented the ministry's performance report, emphasizing that its overarching goal is to achieve the highest possible return on public investments by enhancing the competitiveness of affiliated companies both locally and internationally. He stressed that the ministry is committed to modernizing management systems, adopting advanced technologies, and investing in workforce development to meet global standards. He also noted that the ministry is currently overseeing 97 strategic projects across sectors such as textiles, pharmaceuticals, chemicals, metallurgy, tourism, and trade. These projects are designed to revive industrial production, expand export capacity, and integrate more deeply into global value chains. According to El-Shimy, financial performance across Public Enterprises Sector companies has shown consistent improvement over the past decade. From fiscal year 2014/2015 to the current fiscal year, revenues and net profits have steadily increased. He reported that the value of goods and services exported by these companies reached $860 million by the third quarter of fiscal year 2024/2025, compared to $668 million in the previous year. He added that over the past 10 years, non-tax revenues from Public Enterprises Sector companies have grown by more than 347%, largely due to increased investment returns and improved efficiency. In closing, the minister highlighted the role of public sector companies in supporting national development priorities, including the revival of manufacturing, the development of specialized industries such as pharmaceuticals and chemicals, the expansion of urban and tourism infrastructure, and the growth of local trade. The government, he said, remains committed to transforming these companies into dynamic, competitive entities that contribute meaningfully to the national economy. As part of the government's push to revive Egypt's industrial base, Minister El-Shimy provided a detailed update on the restructuring and development plans for companies affiliated with the cotton, spinning, and weaving sector. These efforts fall under the broader national strategy to modernize the spinning and weaving industry and enhance its competitiveness both locally and internationally. The minister noted that the first phase of the development plan—accounting for 18% of the total scope—has been fully completed. The second phase, representing 28% of the plan, has reached 70% completion and is expected to be finalized within the current year. The third and largest phase, covering 54% of the overall project, is currently 54% complete and on track for completion by 2026. These phases are not only focused on infrastructure and equipment upgrades but also address the supply chain for raw materials, including long- and short-staple cotton and polyester. Turning to the metallurgical industries, El-Shimy highlighted the successful revival of El Nasr Automotive Company, marking a milestone in Egypt's effort to localize the automotive industry. Bus production has resumed at international quality standards, with the factory now producing five buses per week, mainly for tourist transport firms. Additional deliveries are underway, including electric buses and minibuses. The infrastructure at Bus Factories 3 and 4, as well as at passenger car facilities, has been fully upgraded, including state-of-the-art painting, body assembly, and final assembly lines. Projects also include battery and chassis assembly operations. In the steel sector, Delta Steel Company completed construction of iron and steel foundries with an annual production capacity of 10,000 tonnes. New rolling mills have been acquired, while El Nasr Glass and Crystal Company has improved its embossed glass production. At the Mines and Quarries Company, modern crushing equipment and new production lines for raw materials have been installed. Further development projects are underway at Egyptalum in Naga Hammadi. These include the procurement and installation of a wire production machine with a monthly capacity of 6,000 tons, the construction of a 50,000-ton alumina storage silo, and the establishment of a new production line for pharmaceutical-grade aluminium discs. Additionally, Egyptian Ferroalloys Company in Aswan is undergoing a major overhaul of its fourth furnace, with future expansion plans already in the pipeline. A new industrial complex dedicated to phosphate ore concentration is also being established at Nasr Mining Company, aiming to increase value-added output from Egypt's mineral resources. The minister also addressed ongoing efforts to maximize the value of public business assets and strengthen private-sector participation in real estate and infrastructure projects. A key example is the development of New Heliopolis City by Misr El Gadida for Housing and Development. The 300-acre urban development includes a fully developed marketing strategy, with projected revenues from the first phase estimated at around EGP 4bn. These initiatives reflect a multi-sectoral approach to reform, designed to revitalize national industries, promote export-oriented production, and foster effective collaboration between the public and private sectors in line with Egypt's long-term economic goals.
Daily News Egypt
25-05-2025
- Business
- Daily News Egypt
Over 1,800 US companies operate in Egypt with $47bn invested over two decades: Madbouly
Egyptian Prime Minister Mostafa Madbouly addressed on Sunday the opening session of the US–Egypt Policy Leaders Forum 2025, underlining the strength of bilateral economic relations and reaffirming Egypt's commitment to private sector-led growth. Madbouly began by expressing his pleasure in participating in this 'unique and important' forum, thanking the American Chamber of Commerce in Egypt and the United States for organizing the event. He extended a special welcome to Suzanne Clark, President and CEO of the US Chamber of Commerce, and John Christmann, CEO of Apache Corporation and Chairman of the US–Egypt Business Council, commending their leadership and efforts in bringing together top American business leaders. He also welcomed all representatives of the American business community, noting that many US companies continue to thrive in Egypt. 'Today, more than 1,800 American companies operate in Egypt, with total US investments exceeding $47bn over the past two decades,' Madbouly stated. He emphasized that these companies are active across vital sectors—including energy, industry, information technology, financial services, and healthcare—reflecting the depth and resilience of economic ties between the two countries. The Prime Minister underscored Egypt's consistent role as a reliable and engaged partner for the United States, particularly in the face of escalating regional challenges. He called for even stronger cooperation, noting that such partnerships are critical to addressing the complex political and security landscape of the Middle East. Madbouly emphasized that the forum illustrates Egypt's commitment to empowering the private sector as a central pillar of its economic transformation strategy. This vision seeks to foster a competitive, open, and innovation-driven economy capable of generating jobs and ensuring long-term sustainable growth. A key milestone in this strategy, he noted, is the implementation of the State Ownership Policy Document, which outlines sectors from which the state will reduce or exit its involvement. This policy sends a clear signal to investors regarding the government's shift toward enabling private enterprise. He highlighted the expansion of public-private partnerships (PPPs) in key areas such as transportation, renewable energy, education, and water infrastructure—sectors where the private sector now plays a leading role in executing strategic national projects. To support investment, Madbouly pointed to reforms like the launch of the 'Golden License' platform, which enables investors to establish and operate projects with a single Cabinet-issued approval. He added that Egypt has committed to financial and monetary reforms, the digitalization of government services, and the modernization of legal and regulatory frameworks—steps that have enhanced transparency, reduced bureaucracy, and improved the overall investment climate. Madbouly urged American business leaders to explore Egypt's abundant investment opportunities, noting that Egypt is not only a large domestic market of over 107 million people but also a strategic gateway to Africa, the Middle East, and beyond. Through a vast network of trade agreements, Egypt offers access to more than 1.5 billion consumers. At the heart of Egypt's economic transformation, the Prime Minister said, lies the development of its most valuable asset: its people. He highlighted the country's young, skilled, and innovative workforce as a driving force for growth and emphasized government investments in education, healthcare, and vocational training to prepare the population for future industries. He also pointed to digitalization and financial inclusion as key pillars of Egypt's modernization. Through the Digital Egypt Strategy, the country aims to become a regional leader in digital innovation by integrating advanced technologies—including artificial intelligence, blockchain, the Internet of Things (IoT), and big data—into its economic sectors. 'These reforms are just a glimpse of the unprecedented transformation taking place under the leadership of President Abdel Fattah Al-Sisi,' Madbouly said, 'one that is paving the way for a brighter, opportunity-rich future.' Before concluding his remarks, Madbouly made two significant announcements relevant to the American business community: Automotive Sector Reform He revealed that, following extensive discussions with US stakeholders, Egypt had taken steps to ease restrictions on importing fully US-origin vehicles. On May 11, 2025, Decree No. 112 was issued by the Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, canceling the requirement to comply with mandatory Egyptian standards listed in Catalogue No. 44 for engineering goods and products. This regulatory reform opens the Egyptian market to American vehicles without barriers, and the World Trade Organization (WTO) has been officially notified. Halal Certification for Dairy Products Madbouly also announced a permanent exemption for dairy products and derivatives from the requirement to obtain a halal certificate upon import. The exemption, officially notified to the WTO on March 12, 2025, under the Agreement on Technical Barriers to Trade, is a major step in boosting US–Egypt trade. Egypt's Ministry of Agriculture is also working to expand and diversify the entities authorized to issue halal certificates and is reviewing the fees associated with conformity assessments for goods requiring certification. Finally, the Prime Minister revealed that Egypt and the United States are in the final stages of concluding a mutual cooperation agreement between their respective customs administrations—a development that promises to further streamline bilateral trade and enhance regulatory coordination.
See - Sada Elbalad
25-05-2025
- Business
- See - Sada Elbalad
Red Sea Situation Suitable for Gradual Return of Ships to Suez Canal, Says SCA Chairman
Taarek Refaat Osama Rabie, Chairman of the Suez Canal Authority, participated on Saturday in a major symposium organized by the Egyptian Maritime Association under the title: "Challenges Facing the Suez Canal in Light of Regional and International Changes." In his opening remarks, Rabie noted that the escalating security tensions in the Red Sea and Bab el-Mandeb Strait have significantly impacted shipping traffic through the Suez Canal, forcing many shipping lines to change their routes and resort to the Cape of Good Hope route. This has led to increased travel times and higher operating costs, which has negatively impacted global inflation rates. The chairman of the authority explained that the Suez Canal has adopted a flexible approach to dealing with the repercussions of the crisis, through direct communication with international shipping companies to study the possibility of modifying their sailing schedules and coordinating the gradual return to transiting the Canal. He noted that the security situation has improved, allowing for the gradual resumption of shipping traffic through the Canal. He also added that the Authority has responded to requests from some shipping lines by offering incentives and discounts of up to 15% for vessels with a capacity exceeding 130,000 tons, for a period of three months. This step aims to ease their financial burdens and encourage them to re-include the Suez Canal in their shipping routes. He concluded by emphasizing that the current crisis has proven the importance of the Suez Canal as an indispensable shipping route, given the time and cost savings it provides, as well as the comprehensive maritime and logistical services it provides—advantages that the alternative route via the Cape of Good Hope lacks. In his speech, Major General Samir Farag emphasized that the Egyptian state's neutral stance regarding the situation in the Red Sea has strengthened confidence in the Suez Canal as a safe and neutral international passageway, contributing to the stability of global supply chains and trade. He emphasized that the Canal will remain the most efficient and feasible shipping route despite attempts to develop alternative routes. On his part, Khaled Abu Bakr, Advisor to the Chairman of the Authority for Legal and International Affairs emphasized that the Suez Canal is subject to international agreements that render it neutral regarding political disputes and conflicts, which strengthens its position as an international shipping lane that enjoys the trust of customers and international partners. 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 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 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 Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
